UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act File Number 811-10509

AXA PREMIER VIP TRUST

(Exact name of registrant as specified in charter)

1290 Avenue of the Americas

New York, New York 10104

(Address of principal executive offices)

PATRICIA LOUIE, ESQ.

Vice President and Associate General Counsel

AXA Equitable Life Insurance Company

1290 Avenue of the Americas

New York, New York 10104

(Name and Address of Agent for Service)

Copies to:

MARK C. AMOROSI, ESQ.

K&L Gates LLP

1601 K. Street, N.W.

Washington, D.C. 20036-1800

Telephone: (202) 778-9351

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

Date of fiscal year end: December 31

Date of reporting period: July 1, 2008 – September 30, 2008

Item 1. Schedule of Investments.

The following are schedules of investments of the registrant as of September 30, 2008. The schedules have not been audited.

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

September 30, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/AllianceBernstein Quality Bond Portfolio‡		1,936,876	$	18,576,800
EQ/AllianceBernstein Value Portfolio‡		1,451,939		15,526,636
EQ/BlackRock Basic Value Equity Portfolio‡		3,113,329		38,754,317
EQ/BlackRock International Value Portfolio‡		686,527		7,686,170
EQ/Davis New York Venture Portfolio‡		1,762,557		15,673,353
EQ/Evergreen International Bond Portfolio‡		7,348,631		77,116,395
EQ/International Core PLUS Portfolio‡		1,546,709		14,366,425
EQ/Large Cap Core PLUS Portfolio‡		460,950		3,354,370
EQ/Large Cap Growth PLUS Portfolio‡		1,530,710		22,010,785
EQ/Long Term Bond Portfolio‡		8,759,680		112,456,596
EQ/Marsico Focus Portfolio‡		1,542,186		21,167,520
EQ/Money Market Portfolio‡		95,018,448		95,022,728
EQ/PIMCO Real Return Portfolio‡		8,900,019		91,543,256
EQ/Short Duration Bond Portfolio‡		33,134,899		334,149,402
EQ/Van Kampen Emerging Markets Equity Portfolio‡		548,691		6,072,459
Multimanager Aggressive Equity Portfolio‡		641,471		14,753,988
Multimanager Core Bond Portfolio‡		12,776,399		126,538,584
Multimanager High Yield Portfolio‡		12,228,760		59,482,545
Multimanager International Equity Portfolio‡		1,546,430		17,371,672
Multimanager Large Cap Core Equity Portfolio‡		1,975,550		17,663,468
Multimanager Large Cap Value Portfolio‡		2,727,522		25,498,649
Multimanager Mid Cap Value Portfolio‡		1,610,335		12,093,779
Total Investment Companies (97.2%) (Cost $1,221,988,990)				1,146,879,897
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.6%)
JPMorgan Chase Nassau 0.58%, 10/1/08 (Amortized Cost $7,363,150)	$	7,363,150		7,363,150
Total Investments (97.8%) (Cost/Amortized Cost $1,229,352,140)				1,154,243,047
Other Assets Less Liabilities (2.2%)				26,311,101
Net Assets (100%)			$	1,180,554,148

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

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

1

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

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

Securities	Market Value December 31, 2007		Purchases at Cost		Sales at Cost		Market Value September 30, 2008		Dividend Income		Realized Gain/(Loss)
EQ/AllianceBernstein Quality Bond Portfolio	$	8,160,588	$	12,406,354	$	1,299,184	$	18,576,800	$	1,699	$	(25,195	)
EQ/AllianceBernstein Value Portfolio		25,109,754		6,791,995		13,584,354		15,526,636		—		(2,999,983	)
EQ/BlackRock Basic Value Equity Portfolio		16,736,479		31,132,776		3,151,436		38,754,317		4,333		(953	)
EQ/BlackRock International Value Portfolio		4,618,790		6,002,262		688,999		7,686,170		2,108		141,658
EQ/Davis New York Venture Portfolio		1,808,042		17,626,910		2,120,369		15,673,353		—		(136,566	)
EQ/Evergreen International Bond Portfolio		43,351,357		58,416,809		19,346,704		77,116,395		687,209		2,138,905
EQ/International Core PLUS Portfolio		4,796,956		13,631,591		1,155,540		14,366,425		17,803		91,331
EQ/JPMorgan Core Bond Portfolio		25,841,092		16,683,778		43,272,440		—		635		(1,960,061	)
EQ/Large Cap Core PLUS Portfolio		—		3,400,000		—		3,354,370		—		—
EQ/Large Cap Growth PLUS Portfolio		—		22,595,778		—		22,010,785		—		—
EQ/Long Term Bond Portfolio		73,442,724		89,482,151		41,975,344		112,456,596		852		261,746
EQ/Marsico Focus Portfolio		18,685,766		25,110,442		19,135,380		21,167,520		7,550		(2,345,984	)
EQ/Money Market Portfolio		22,250		95,000,478		—		95,022,728		268		—
EQ/PIMCO Real Return Portfolio		42,156,985		59,177,465		5,491,816		91,543,256		15,514		1,764,174
EQ/Short Duration Bond Portfolio		179,407,343		263,485,677		105,340,268		334,149,402		31,160		531,424
EQ/Van Kampen Emerging Markets Equity Portfolio		—		13,182,835		5,085,885		6,072,459		—		(952,154	)
Multimanager Aggressive Equity Portfolio		11,107,986		13,768,938		5,334,878		14,753,988		1,936		(410,062	)
Multimanager Core Bond Portfolio		65,612,941		78,620,439		11,842,071		126,538,584		3,545,358		267,347
Multimanager High Yield Portfolio		31,482,211		36,828,937		4,251,978		59,482,545		47,431		(243,470	)
Multimanager International Equity Portfolio		15,791,302		16,272,219		9,335,454		17,371,672		13,994		108,844
Multimanager Large Cap Core Equity Portfolio		4,661,572		17,585,423		2,051,060		17,663,468		1,794		(64,320	)
Multimanager Large Cap Value Portfolio		15,063,933		16,638,077		1,635,645		25,498,649		919		(47,203	)
Multimanager Mid Cap Value Portfolio		6,832,833		7,753,245		692,692		12,093,779		—		55,241
	$	594,690,904	$	921,594,579	$	296,791,497	$	1,146,879,897	$	4,380,563	$	(3,825,281	)

2

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 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 September 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	$	—	$	1,154,243,047	$	—	$	1,154,243,047
Other Investments*		—		—		—		—
Total	$	—	$	1,154,243,047	$	—	$	1,154,243,047
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 nine months ended September 30, 2008 were as follows:

Cost of Purchases:
Investment Companies	$	921,594,579
Net Proceeds of Sales and Redemptions:
Investment Companies	$	289,948,667
As of September 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		(77,786,179	)
Net unrealized depreciation	$	(77,786,179	)
Federal income tax cost of investments	$	1,232,029,226

See Notes to Portfolio of Investments.

3

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

September 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
INVESTMENT COMPANIES:
EQ/AllianceBernstein Quality Bond Portfolio‡	2,764,108	$	26,510,882
EQ/AllianceBernstein Value Portfolio‡	3,196,567		34,183,198
EQ/BlackRock Basic Value Equity Portfolio‡	7,126,976		88,715,672
EQ/BlackRock International Value Portfolio‡	1,946,760		21,795,397
EQ/Davis New York Venture Portfolio‡	4,148,303		36,888,356
EQ/Evergreen International Bond Portfolio‡	8,207,555		86,129,930
EQ/Franklin Small Cap Value Portfolio‡	2,500,758		23,026,688
EQ/GAMCO Small Company Value Portfolio‡	804,731		22,004,204
EQ/International Core PLUS Portfolio‡	4,288,095		39,829,462
EQ/Large Cap Core PLUS Portfolio‡	824,852		6,002,511
EQ/Large Cap Growth PLUS Portfolio‡	2,410,492		34,661,581
EQ/Long Term Bond Portfolio‡	8,566,200		109,972,701
EQ/Marsico Focus Portfolio‡	3,514,913		48,244,495
EQ/Money Market Portfolio‡	70,019,574		70,022,728
EQ/PIMCO Real Return Portfolio‡	8,905,553		91,600,171
EQ/Short Duration Bond Portfolio‡	28,150,807		283,887,254
EQ/Van Kampen Emerging Markets Equity Portfolio‡	67,681		749,038
Multimanager Aggressive Equity Portfolio‡	1,631,086		37,515,403
Multimanager Core Bond Portfolio‡	12,120,083		120,038,369
Multimanager High Yield Portfolio‡	12,796,485		62,244,050
Multimanager International Equity Portfolio‡	5,202,744		58,444,530
Multimanager Large Cap Core Equity Portfolio‡	4,034,470		36,072,346
Multimanager Large Cap Value Portfolio‡	6,461,789		60,408,996
Multimanager Mid Cap Growth Portfolio‡	1,195,074		8,367,117
Multimanager Mid Cap Value Portfolio‡	2,180,550		16,376,152
Multimanager Small Cap Value Portfolio‡	690,177		6,675,786
Total Investments (99.7%) (Cost $1,592,838,260)			1,430,367,017
Other Assets Less Liabilities (0.3%)			4,056,221
Net Assets (100%)		$	1,434,423,238

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

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

4

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

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

Securities	Market Value December 31, 2007		Purchases at Cost		Sales at Cost		Market Value September 30, 2008		Dividend Income		Realized Gain/(Loss)
EQ/AllianceBernstein Quality Bond Portfolio	$	22,100,724	$	8,150,234	$	2,712,490	$	26,510,882	$	2,895	$	(35,090	)
EQ/AllianceBernstein Value Portfolio		80,765,786		6,295,592		44,082,060		34,183,198		—		(7,490,696	)
EQ/BlackRock Basic Value Equity Portfolio		60,911,467		49,919,852		4,387,566		88,715,672		11,518		61,259
EQ/BlackRock International Value Portfolio		20,296,266		10,713,051		1,357,746		21,795,397		6,738		313,254
EQ/Davis New York Venture Portfolio		13,023,924		32,448,305		2,486,331		36,888,356		—		(327,522	)
EQ/Evergreen International Bond Portfolio		72,206,238		36,233,326		17,304,417		86,129,930		823,579		2,369,279
EQ/Franklin Small Cap Value Portfolio		15,235,270		10,019,627		681,735		23,026,688		—		(112,034	)
EQ/GAMCO Small Company Value Portfolio		11,737,817		13,498,969		1,005,912		22,004,204		3,091		325,650
EQ/International Core PLUS Portfolio		21,231,542		30,882,505		2,732,147		39,829,462		54,233		(62,374	)
EQ/JPMorgan Core Bond Portfolio		32,114,138		8,624,834		41,560,817		—		125		(2,220,494	)
EQ/Large Cap Core PLUS Portfolio		—		8,000,000		1,984,329		6,002,511		—		15,671
EQ/Large Cap Growth PLUS Portfolio		—		36,485,841		683,323		34,661,581		—		(39,881	)
EQ/Long Term Bond Portfolio		98,466,941		44,874,139		26,310,598		109,972,701		880		(820,535	)
EQ/Marsico Focus Portfolio		65,793,738		35,868,927		38,431,392		48,244,495		18,384		(1,969,252	)
EQ/Money Market Portfolio		22,250		70,000,478		—		70,022,728		268		—
EQ/PIMCO Real Return Portfolio		72,741,400		30,360,919		7,907,167		91,600,171		18,322		2,063,155
EQ/Short Duration Bond Portfolio		254,683,807		110,044,246		78,549,588		283,887,254		29,116		1,148,825
EQ/Van Kampen Emerging Markets Equity Portfolio		—		19,323,947		18,545,136		749,038		—		(4,423,420	)
Multimanager Aggressive Equity Portfolio		22,622,190		38,582,827		12,503,900		37,515,403		5,135		(1,113,703	)
Multimanager Core Bond Portfolio		87,734,958		54,944,536		16,829,289		120,038,369		3,980,035		257,628
Multimanager High Yield Portfolio		48,647,273		22,009,713		2,907,949		62,244,050		55,157		(282,180	)
Multimanager International Equity Portfolio		73,741,775		23,710,797		15,144,874		58,444,530		62,322		462,443
Multimanager Large Cap Core Equity Portfolio		17,389,427		27,991,755		1,578,519		36,072,346		4,888		(26,049	)
Multimanager Large Cap Value Portfolio		43,801,606		32,090,372		3,100,568		60,408,996		2,423		(93,561	)
Multimanager Mid Cap Growth Portfolio		4,997,559		5,171,193		216,963		8,367,117		—		41,898
Multimanager Mid Cap Value Portfolio		14,461,341		5,816,706		872,888		16,376,152		—		14,908
Multimanager Small Cap Value Portfolio		5,066,511		2,635,840		117,242		6,675,786		—		(16,335	)
	$	1,159,793,948	$	774,698,531	$	343,994,946	$	1,430,367,017	$	5,079,109	$	(11,959,156	)

5

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 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 September 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	$	—	$	1,430,367,017	$	—	$	1,430,367,017
Other Investments*		—		—		—		—
Total	$	—	$	1,430,367,017	$	—	$	1,430,367,017
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 nine months ended September 30, 2008 were as follows:

Cost of Purchases:
Investment Companies	$	774,698,531
Net Proceeds of Sales and Redemptions:
Investment Companies	$	325,566,595
As of September 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		(164,779,161	)
Net unrealized depreciation	$	(164,779,161	)
Federal income tax cost of investments	$	1,595,146,178

See Notes to Portfolio of Investments.

6

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

September 30, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/AllianceBernstein Quality Bond Portfolio‡		71,409,395	$	684,895,880
EQ/AllianceBernstein Value Portfolio‡		27,799,927		297,284,671
EQ/BlackRock Basic Value Equity Portfolio‡		60,585,670		754,162,594
EQ/BlackRock International Value Portfolio‡		15,696,548		175,734,306
EQ/Davis New York Venture Portfolio‡		27,437,656		243,986,546
EQ/Evergreen International Bond Portfolio‡		46,275,752		485,616,881
EQ/Franklin Small Cap Value Portfolio‡		13,187,109		121,425,374
EQ/GAMCO Small Company Value Portfolio‡		6,457,688		176,576,133
EQ/International Core PLUS Portfolio‡		32,346,400		300,445,684
EQ/Large Cap Core PLUS Portfolio‡		9,599,895		69,859,143
EQ/Large Cap Growth PLUS Portfolio‡		15,224,382		218,918,439
EQ/Long Term Bond Portfolio‡		34,267,253		439,922,317
EQ/Marsico Focus Portfolio‡		28,667,424		393,479,211
EQ/Money Market Portfolio‡		115,017,548		115,022,728
EQ/PIMCO Real Return Portfolio‡		44,947,247		462,315,547
EQ/Short Duration Bond Portfolio‡		89,727,830		904,861,700
EQ/Van Kampen Emerging Markets Equity Portfolio‡		13,613,141		150,659,107
Multimanager Aggressive Equity Portfolio‡		14,471,558		332,849,526
Multimanager Core Bond Portfolio‡		104,152,429		1,031,534,832
Multimanager High Yield Portfolio‡		86,536,019		420,924,345
Multimanager International Equity Portfolio‡		45,727,581		513,676,406
Multimanager Large Cap Core Equity Portfolio‡		26,215,901		234,397,367
Multimanager Large Cap Value Portfolio‡		40,080,747		374,700,832
Multimanager Mid Cap Growth Portfolio‡		10,011,241		70,092,065
Multimanager Mid Cap Value Portfolio‡		18,829,806		141,413,762
Multimanager Small Cap Growth Portfolio‡		18,515,573		130,655,019
Multimanager Small Cap Value Portfolio‡		4,629,791		44,781,973
Total Investment Companies (100.1%) (Cost $10,558,686,715)				9,290,192,388
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.1%)
JPMorgan Chase Nassau 0.58%, 10/1/08 (Amortized Cost $14,725,203)	$	14,725,203		14,725,203
Total Investments (100.2%) (Cost/Amortized Cost $10,573,411,918)				9,304,917,591
Other Assets Less Liabilities (-0.2%)				(23,096,861	)
Net Assets (100%)			$	9,281,820,730

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

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

7

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

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

Securities	Market Value December 31, 2007		Purchases at Cost		Sales at Cost		Market Value September 30, 2008		Dividend Income		Realized Gain/(Loss)
EQ/AllianceBernstein Quality Bond Portfolio	$	979,324,842	$	6,850,029	$	281,295,116	$	684,895,880	$	79,546	$	(5,022,840	)
EQ/AllianceBernstein Value Portfolio		468,688,742		47,125,102		125,765,161		297,284,671		—		(26,915,914	)
EQ/BlackRock Basic Value Equity Portfolio		875,037,477		127,172,547		63,082,530		754,162,594		104,698		4,082,478
EQ/BlackRock International Value Portfolio		221,997,464		28,209,003		1,648,288		175,734,306		56,657		4,514,137
EQ/Davis New York Venture Portfolio		58,207,628		234,072,596		3,466,045		243,986,546		—		(495,912	)
EQ/Evergreen International Bond Portfolio		474,161,279		115,845,597		78,589,307		485,616,881		4,889,049		10,547,470
EQ/Franklin Small Cap Value Portfolio		55,219,432		74,284,247		1,308,707		121,425,374		—		(188,528	)
EQ/GAMCO Small Company Value Portfolio		109,034,880		90,628,496		2,221,504		176,576,133		25,666		3,328,675
EQ/International Core PLUS Portfolio		233,108,046		158,304,837		3,876,266		300,445,684		475,132		3,132,238
EQ/JPMorgan Core Bond Portfolio		161,259,098		15,601,025		180,729,470		—		1,630		(9,304,677	)
EQ/Large Cap Core PLUS Portfolio		—		70,800,000		—		69,859,143		—		—
EQ/Large Cap Growth PLUS Portfolio		—		225,225,448		767,083		218,918,439		—		(3,837	)
EQ/Long Term Bond Portfolio		369,460,329		103,208,452		3,400,310		439,922,317		3,348		(91,260	)
EQ/Marsico Focus Portfolio		572,641,425		139,471,556		151,643,332		393,479,211		150,875		31,559,513
EQ/Money Market Portfolio		22,250		115,000,478		—		115,022,728		268		—
EQ/PIMCO Real Return Portfolio		271,166,479		213,938,156		4,096,565		462,315,547		90,107		7,641,556
EQ/Short Duration Bond Portfolio		857,589,739		182,010,544		130,638,191		904,861,700		86,814		2,142,960
EQ/Van Kampen Emerging Markets Equity Portfolio		281,877,025		56,204,893		65,769,033		150,659,107		—		2,242,252
Multimanager Aggressive Equity Portfolio		355,150,517		172,772,110		55,666,322		332,849,526		40,429		11,694,712
Multimanager Core Bond Portfolio		981,102,384		213,721,508		112,966,231		1,031,534,832		39,062,899		1,049,492
Multimanager High Yield Portfolio		437,909,725		57,426,051		33,689,058		420,924,345		389,356		(1,124,829	)
Multimanager International Equity Portfolio		637,174,887		95,705,285		2,042,709		513,676,406		557,380		10,125,215
Multimanager Large Cap Core Equity Portfolio		207,360,537		88,132,060		2,423,711		234,397,367		32,969		437,422
Multimanager Large Cap Value Portfolio		332,042,719		133,208,994		3,407,520		374,700,832		15,556		634,535
Multimanager Mid Cap Growth Portfolio		141,196,321		5,066,502		53,046,243		70,092,065		—		(2,934,106	)
Multimanager Mid Cap Value Portfolio		209,809,611		4,607,516		49,355,581		141,413,762		—		(9,396,928	)
Multimanager Small Cap Growth Portfolio		—		143,274,379		1,458,171		130,655,019		—		361,368
Multimanager Small Cap Value Portfolio		136,332,306		7,464,210		113,836,548		44,781,973		—		(29,021,201	)
	$	9,426,875,142	$	2,925,331,621	$	1,526,189,002	$	9,290,192,388	$	46,062,379	$	8,993,991

8

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 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 September 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	$	—	$	9,304,917,591	$	—	$	9,304,917,591
Other Investments*		—		—		—		—
Total	$	—	$	9,304,917,591	$	—	$	9,304,917,591
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 nine months ended September 30, 2008 were as follows:

Cost of Purchases:
Investment Companies	$	2,925,331,621
Net Proceeds of Sales and Redemptions:
Investment Companies	$	1,477,992,030
As of September 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	$	2,267,359
Aggregate gross unrealized depreciation		(1,275,639,154	)
Net unrealized depreciation	$	(1,273,371,795	)
Federal income tax cost of investments	$	10,578,289,386

See Notes to Portfolio of Investments.

9

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

September 30, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/AllianceBernstein Quality Bond Portfolio‡		24,103,905	$	231,183,373
EQ/AllianceBernstein Value Portfolio‡		49,927,132		533,906,829
EQ/BlackRock Basic Value Equity Portfolio‡		87,508,970		1,089,300,341
EQ/BlackRock International Value Portfolio‡		36,400,680		407,532,163
EQ/Davis New York Venture Portfolio‡		39,945,829		355,214,201
EQ/Franklin Small Cap Value Portfolio‡		17,049,857		156,993,111
EQ/GAMCO Small Company Value Portfolio‡		7,760,695		212,204,986
EQ/International Core PLUS Portfolio‡		49,799,692		462,558,517
EQ/Large Cap Core PLUS Portfolio‡		16,676,279		121,354,506
EQ/Large Cap Growth PLUS Portfolio‡		24,852,863		357,370,839
EQ/Long Term Bond Portfolio‡		35,075,369		450,296,884
EQ/Marsico Focus Portfolio‡		41,103,205		564,168,470
EQ/PIMCO Real Return Portfolio‡		32,720,038		336,549,688
EQ/Short Duration Bond Portfolio‡		87,311,010		880,489,237
EQ/Van Kampen Emerging Markets Equity Portfolio‡		18,672,471		206,651,629
Multimanager Aggressive Equity Portfolio‡		21,642,248		497,777,233
Multimanager Core Bond Portfolio‡		102,808,817		1,018,227,581
Multimanager International Equity Portfolio‡		70,120,178		787,688,301
Multimanager Large Cap Core Equity Portfolio‡		50,692,544		453,243,955
Multimanager Large Cap Value Portfolio‡		69,443,430		649,202,249
Multimanager Mid Cap Growth Portfolio‡		11,824,920		82,790,241
Multimanager Mid Cap Value Portfolio‡		24,217,795		181,878,109
Multimanager Small Cap Growth Portfolio‡		34,708,159		244,917,897
Multimanager Small Cap Value Portfolio‡		23,679,492		229,041,511
Total Investment Companies (100.0%) (Cost $12,701,198,141)				10,510,541,851
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.0%)
JPMorgan Chase Nassau 0.58%, 10/1/08 (Amortized Cost $52,485)	$	52,485		52,485
Total Investments (100.0%) (Cost/Amortized Cost $12,701,250,626)				10,510,594,336
Other Assets Less Liabilities (0.0%)				1,203,160
Net Assets (100%)			$	10,511,797,496

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

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

10

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

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

Securities	Market Value December 31, 2007		Purchases at Cost		Sales at Cost		Market Value September 30, 2008		Dividend Income		Realized Gain/(Loss)
EQ/AllianceBernstein Quality Bond Portfolio	$	251,497,643	$	13,473,776	$	26,019,495	$	231,183,373	$	24,102	$	(426,021	)
EQ/AllianceBernstein Value Portfolio		830,567,206		79,052,850		209,920,658		533,906,829		—		(39,708,530	)
EQ/BlackRock Basic Value Equity Portfolio		1,138,526,534		225,727,088		14,008,916		1,089,300,341		151,603		4,123,339
EQ/BlackRock International Value Portfolio		590,561,118		76,741,792		78,408,291		407,532,163		132,278		13,724,704
EQ/Davis New York Venture Portfolio		107,204,829		317,749,439		6,123,998		355,214,201		—		(1,060,504	)
EQ/Franklin Small Cap Value Portfolio		96,260,327		72,564,498		3,590,583		156,993,111		—		(668,637	)
EQ/GAMCO Small Company Value Portfolio		129,105,532		113,596,047		6,471,341		212,204,986		29,226		3,183,716
EQ/International Core PLUS Portfolio		337,841,820		267,452,772		6,825,240		462,558,517		723,417		6,664,599
EQ/JPMorgan Core Bond Portfolio		244,870,339		26,623,937		278,056,430		—		—		(14,907,929	)
EQ/Large Cap Core PLUS Portfolio		—		123,000,000		—		121,354,506		—		—
EQ/Large Cap Growth PLUS Portfolio		—		370,068,153		3,506,646		357,370,839		—		(13,490	)
EQ/Long Term Bond Portfolio		501,473,616		83,038,368		107,382,066		450,296,884		3,747		(6,105,356	)
EQ/Marsico Focus Portfolio		875,511,044		230,918,062		354,293,350		564,168,470		237,130		(17,198,875	)
EQ/PIMCO Real Return Portfolio		268,574,814		91,790,220		12,526,712		336,549,688		67,371		6,096,478
EQ/Short Duration Bond Portfolio		819,842,982		129,645,488		66,252,817		880,489,237		80,344		731,385
EQ/Small Company Index Portfolio		70,630,706		—		79,784,276		—		—		(16,172,236	)
EQ/Van Kampen Emerging Markets Equity Portfolio		500,818,775		112,460,163		205,536,100		206,651,629		—		15,168,661
Multimanager Aggressive Equity Portfolio		577,202,793		247,782,220		130,181,884		497,777,233		66,308		(6,385,608	)
Multimanager Core Bond Portfolio		832,367,061		318,678,985		85,521,269		1,018,227,581		36,404,929		(1,355,104	)
Multimanager International Equity Portfolio		1,031,554,889		142,255,580		37,086,471		787,688,301		866,654		25,900,052
Multimanager Large Cap Core Equity Portfolio		429,005,647		148,492,447		6,724,345		453,243,955		62,271		611,083
Multimanager Large Cap Value Portfolio		555,384,606		250,288,189		8,718,707		649,202,249		26,686		770,464
Multimanager Mid Cap Growth Portfolio		93,733,972		13,936,562		1,559,519		82,790,241		—		672,694
Multimanager Mid Cap Value Portfolio		225,390,950		18,814,091		27,854,362		181,878,109		—		(4,343,948	)
Multimanager Small Cap Growth Portfolio		—		267,069,611		2,096,217		244,917,897		—		667,708
Multimanager Small Cap Value Portfolio		340,107,411		5,898,668		100,710,489		229,041,511		—		(24,207,830	)
	$	10,848,034,614	$	3,747,119,006	$	1,859,160,182	$	10,510,541,851	$	38,876,066	$	(54,239,185	)

11

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 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 September 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	$	—	$	10,510,594,336	$	—	$	10,510,594,336
Other Investments*		—		—		—		—
Total	$	—	$	10,510,594,336	$	—	$	10,510,594,336
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 nine months ended September 30, 2008 were as follows:

Cost of Purchases:
Investment Companies	$	3,747,119,006
Net Proceeds of Sales and Redemptions:
Investment Companies	$	1,721,757,053
As of September 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		(2,193,285,527	)
Net unrealized depreciation	$	(2,193,285,527	)
Federal income tax cost of investments	$	12,703,879,863

See Notes to Portfolio of Investments.

12

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

September 30, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/AllianceBernstein Quality Bond Portfolio‡		3,873,310	$	37,149,375
EQ/AllianceBernstein Value Portfolio‡		16,490,504		176,344,858
EQ/BlackRock Basic Value Equity Portfolio‡		29,583,542		368,252,110
EQ/BlackRock International Value Portfolio‡		19,175,732		214,686,301
EQ/Davis New York Venture Portfolio‡		19,429,764		172,777,192
EQ/Franklin Small Cap Value Portfolio‡		7,881,083		72,568,101
EQ/GAMCO Small Company Value Portfolio‡		3,493,895		95,535,502
EQ/International Core PLUS Portfolio‡		17,406,381		161,677,100
EQ/Large Cap Core PLUS Portfolio‡		5,695,530		41,446,793
EQ/Large Cap Growth PLUS Portfolio‡		9,198,295		132,266,546
EQ/Marsico Focus Portfolio‡		16,307,417		223,829,998
EQ/PIMCO Real Return Portfolio‡		4,011,884		41,265,187
EQ/Van Kampen Emerging Markets Equity Portfolio‡		5,801,223		64,203,192
Multimanager Aggressive Equity Portfolio‡		8,645,947		198,858,996
Multimanager Core Bond Portfolio‡		13,339,233		132,112,937
Multimanager International Equity Portfolio‡		22,040,930		247,594,673
Multimanager Large Cap Core Equity Portfolio‡		17,002,919		152,023,741
Multimanager Large Cap Value Portfolio‡		27,240,849		254,665,136
Multimanager Mid Cap Growth Portfolio‡		4,131,093		28,923,168
Multimanager Mid Cap Value Portfolio‡		5,981,153		44,919,066
Multimanager Small Cap Growth Portfolio‡		12,475,209		88,031,232
Multimanager Small Cap Value Portfolio‡		4,230,819		40,922,883
Total Investment Companies (100.0%) (Cost $3,822,243,832)				2,990,054,087
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.3%)
JPMorgan Chase Nassau 0.58%, 10/1/08 (Amortized Cost $7,728,356)	$	7,728,356		7,728,356
Total Investments (100.3%) (Cost/Amortized Cost $3,829,972,188)				2,997,782,443
Other Assets Less Liabilities (-0.3%)				(9,162,650	)
Net Assets (100%)			$	2,988,619,793

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

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

13

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

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

Securities	Market Value December 31, 2007		Purchases at Cost		Sales at Cost		Market Value September 30, 2008		Dividend Income		Realized Gain/(Loss)
EQ/AllianceBernstein Quality Bond Portfolio	$	37,440,602	$	1,358,202	$	307,442	$	37,149,375	$	3,873	$	(16,036	)
EQ/AllianceBernstein Value Portfolio		324,173,884		25,822,873		119,523,042		176,344,858		—		(21,477,777	)
EQ/BlackRock Basic Value Equity Portfolio		373,050,328		91,812,993		9,092,889		368,252,110		51,560		928,807
EQ/BlackRock International Value Portfolio		304,216,093		37,629,913		30,339,646		214,686,301		70,524		9,425,300
EQ/Davis New York Venture Portfolio		56,209,996		163,268,738		16,059,190		172,777,192		—		(2,332,098	)
EQ/Franklin Small Cap Value Portfolio		61,755,001		16,954,153		2,036,217		72,568,101		—		(349,621	)
EQ/GAMCO Small Company Value Portfolio		73,590,462		38,038,560		4,160,596		95,535,502		13,744		1,381,815
EQ/International Core PLUS Portfolio		79,983,535		144,767,034		14,462,889		161,677,100		281,014		3,114,092
EQ/JPMorgan Core Bond Portfolio		34,410,967		2,257,980		37,600,013		—		764		(2,330,404	)
EQ/Large Cap Core PLUS Portfolio		—		42,000,000		—		41,446,793		—		—
EQ/Large Cap Growth PLUS Portfolio		—		140,248,823		4,696,831		132,266,546		—		(16,505	)
EQ/Marsico Focus Portfolio		357,649,623		97,015,839		158,131,685		223,829,998		91,748		(10,015,130	)
EQ/PIMCO Real Return Portfolio		36,806,250		6,257,366		577,305		41,265,187		8,157		703,368
EQ/Van Kampen Emerging Markets Equity Portfolio		141,789,592		43,755,540		70,070,899		64,203,192		—		(4,234,418	)
Multimanager Aggressive Equity Portfolio		215,700,402		108,663,224		51,549,729		198,858,996		24,588		(5,116,386	)
Multimanager Core Bond Portfolio		75,260,643		64,806,894		1,947,098		132,112,937		3,877,244		124,404
Multimanager International Equity Portfolio		360,799,589		65,525,588		55,229,768		247,594,673		280,896		16,683,886
Multimanager Large Cap Core Equity Portfolio		150,492,947		46,910,206		4,506,319		152,023,741		21,424		(39,830	)
Multimanager Large Cap Value Portfolio		236,104,203		83,535,692		6,540,318		254,665,136		10,557		(32,503	)
Multimanager Mid Cap Growth Portfolio		32,539,706		5,224,440		809,583		28,923,168		—		133,244
Multimanager Mid Cap Value Portfolio		44,946,093		10,307,918		1,150,069		44,919,066		—		318,598
Multimanager Small Cap Growth Portfolio		—		97,028,223		1,846,209		88,031,232		—		294,031
Multimanager Small Cap Value Portfolio		129,559,890		2,146,905		103,897,652		40,922,883		—		(26,473,125	)
	$	3,126,479,806	$	1,335,337,104	$	694,535,389	$	2,990,054,087	$	4,736,093	$	(39,326,288	)

14

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 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 September 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	$	—	$	2,997,782,443	$	—	$	2,997,782,443
Other Investments*		—		—		—		—
Total	$	—	$	2,997,782,443	$	—	$	2,997,782,443
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 nine months ended September 30, 2008 were as follows:

Cost of Purchases:
Investment Companies	$	1,335,337,104
Net Proceeds of Sales and Redemptions:
Investment Companies	$	625,989,725
As of September 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	$	290,703
Aggregate gross unrealized depreciation		(833,024,935	)
Net unrealized depreciation	$	(832,734,232	)
Federal income tax cost of investments	$	3,830,516,675

See Notes to Portfolio of Investments.

15

AXA PREMIER VIP TRUST

MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

September 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (14.3%)
Diversified Consumer Services (0.3%)
Apollo Global Management LLC, Class A*	450,000	$	5,737,500
Hotels, Restaurants & Leisure (4.6%)
Ctrip.com International Ltd. (ADR)^	177,187		6,841,190
Las Vegas Sands Corp.*	353,408		12,761,563
McDonald’s Corp.	899,466		55,497,052
Wynn Resorts Ltd.^	305,760		24,962,246
			100,062,051
Household Durables (0.8%)
D.R. Horton, Inc.	1,349,945		17,576,284
Internet & Catalog Retail (2.1%)
Amazon.com, Inc.*	546,380		39,754,609
Liberty Media Corp., Interactive, Class A*	456,230		5,889,929
			45,644,538
Media (4.2%)
Cablevision Systems Corp. - New York Group, Class A^	1,068,170		26,875,157
CBS Corp., Class B	58,480		852,638
Comcast Corp., Class A	115,680		2,270,798
Comcast Corp., Special Class A	1,542,034		30,408,911
Liberty Global, Inc., Class A*^	37,770		1,144,431
Liberty Media Corp., Capital Series, Class A*	301,210		4,030,190
Liberty Media Corp., Entertainment Series, Class A*	444,460		11,098,166
Sirius XM Radio, Inc.*^	1,904,790		1,085,730
Viacom, Inc., Class B*	57,400		1,425,816
Walt Disney Co.	383,040		11,755,498
			90,947,335
Multiline Retail (0.6%)
Kohl’s Corp.*	118,500		5,460,480
Target Corp.	134,011		6,573,240
			12,033,720
Specialty Retail (1.4%)
J. Crew Group, Inc.*^	197,200		5,634,004
Lowe’s Cos., Inc.	708,264		16,778,774
Tiffany & Co.	97,300		3,456,096
Ulta Salon Cosmetics & Fragrance, Inc.*^	285,645		3,793,366
			29,662,240
Textiles, Apparel & Luxury Goods (0.3%)
Polo Ralph Lauren Corp.	93,770		6,248,833
Total Consumer Discretionary			307,912,501
Consumer Staples (1.0%)
Food & Staples Retailing (1.0%)
CVS Caremark Corp.	556,634		18,736,301
Wal-Mart Stores, Inc.	26,991		1,616,491
Total Consumer Staples			20,352,792
Energy (9.0%)
Energy Equipment & Services (4.8%)
FMC Technologies, Inc.*	14,007		652,026
Halliburton Co.	273,300		8,852,187
Nabors Industries Ltd.*	342,145		8,526,253
National Oilwell Varco, Inc.*	398,513		20,017,308
Schlumberger Ltd.	129,243		10,092,586
Transocean, Inc.*	105,484		11,586,363
Weatherford International Ltd.*	1,727,000		43,416,780
			103,143,503
Oil, Gas & Consumable Fuels (4.2%)
Anadarko Petroleum Corp.	1,243,400		60,317,334
Denbury Resources, Inc.*	349,955		6,663,143
Petroleo Brasileiro S.A. (ADR)	289,574		12,726,777
XTO Energy, Inc.^	241,300		11,225,276
			90,932,530
Total Energy			194,076,033
Financials (12.8%)
Capital Markets (3.3%)
Goldman Sachs Group, Inc.^	196,847		25,196,416
Janus Capital Group, Inc.	262,200		6,366,216
Merrill Lynch & Co., Inc.	1,059,310		26,800,543
Riskmetrics Group, Inc.*^	215,800		4,223,206
TD Ameritrade Holding Corp.*	573,072		9,283,767
			71,870,148
Commercial Banks (3.1%)
Industrial & Commercial Bank of China Ltd., Class H	39,446,000		23,496,630
U.S. Bancorp	562,186		20,249,940
Wells Fargo & Co.	601,210		22,563,411
			66,309,981
Consumer Finance (1.0%)
American Express Co.	635,100		22,501,593
Diversified Financial Services (5.4%)
Bank of America Corp.	586,540		20,528,900
Citigroup, Inc.	847,100		17,374,021
CME Group, Inc.	32,505		12,075,933
Interactive Brokers Group, Inc., Class A*^	352,370		7,812,043
JPMorgan Chase & Co.	308,529		14,408,304
MarketAxess Holdings, Inc.*^	860,521		6,944,404
NASDAQ OMX Group, Inc.*	698,072		21,340,061
NYSE Euronext, Inc.	390,900		15,315,462
			115,799,128
Total Financials			276,480,850
Health Care (16.9%)
Biotechnology (10.8%)
Alnylam Pharmaceuticals, Inc.*^	313,545		9,077,128
Amgen, Inc.*	551,200		32,669,624
Biogen Idec, Inc.*	692,880		34,844,935
Celera Corp.*	1,096,191		16,936,151
Cepheid, Inc.*^	1,061,008		14,673,741
Combinatorx, Inc.*	719,215		2,323,064
Genentech, Inc.*	311,630		27,635,348
Genomic Health, Inc.*^	430,600		9,753,090
Genzyme Corp.*	520,000		42,062,800
Gilead Sciences, Inc.*	72,575		3,307,969
ImClone Systems, Inc.*	291,780		18,218,743
Memory Pharmaceuticals Corp.*	1,267,600		253,520
Myriad Genetics, Inc.*^	89,100		5,780,808
Sangamo BioSciences, Inc.*^	882,000		6,791,400
Senomyx, Inc.*^	969,950		4,393,874

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
Vertex Pharmaceuticals, Inc.*^	116,760	$	3,881,102
			232,603,297
Health Care Equipment & Supplies (1.7%)
Cerus Corp.*	149,900		619,087
Covidien Ltd.	335,500		18,036,480
Given Imaging Ltd.*	979,648		10,923,075
Insulet Corp.*^	464,200		6,461,664
			36,040,306
Health Care Providers & Services (1.4%)
UnitedHealth Group, Inc.	1,234,860		31,353,095
Life Sciences Tools & Services (0.7%)
Compugen Ltd.*‡^	1,527,350		2,535,401
Illumina, Inc.*^	185,460		7,516,694
Qiagen N.V.*	255,190		5,034,899
			15,086,994
Pharmaceuticals (2.3%)
Alexza Pharmaceuticals, Inc.*^	1,177,740		5,818,036
BioMimetic Therapeutics, Inc.*^	103,475		1,144,433
Forest Laboratories, Inc.*	947,390		26,792,189
Johnson & Johnson	88,010		6,097,333
King Pharmaceuticals, Inc.*	212,420		2,034,984
Teva Pharmaceutical Industries Ltd. (ADR)	39,340		1,801,378
Valeant Pharmaceuticals International*^	245,870		5,032,959
			48,721,312
Total Health Care			363,805,004
Industrials (13.8%)
Aerospace & Defense (3.3%)
General Dynamics Corp.	269,682		19,853,989
L-3 Communications Holdings, Inc.	247,840		24,367,628
Lockheed Martin Corp.	231,594		25,398,914
Precision Castparts Corp.	15,019		1,183,197
			70,803,728
Air Freight & Logistics (0.5%)
FedEx Corp.	130,100		10,283,104
Airlines (1.0%)
Continental Airlines, Inc., Class B*^	1,002,293		16,718,247
Delta Air Lines, Inc.*^	612,590		4,563,796
			21,282,043
Commercial Services & Supplies (0.1%)
EnergySolutions, Inc.	317,600		3,176,000
Construction & Engineering (2.8%)
Foster Wheeler Ltd.*^	227,500		8,215,025
Quanta Services, Inc.*^	884,565		23,892,101
Shaw Group, Inc.*	642,525		19,744,793
URS Corp.*	256,128		9,392,214
			61,244,133
Electrical Equipment (2.6%)
ABB Ltd. (ADR)	245,100		4,754,940
Baldor Electric Co.^	182,900		5,269,349
EnerSys*	193,225		3,808,465
First Solar, Inc.*	27,900		5,270,589
General Cable Corp.*^	407,200		14,508,536
GT Solar International Inc.*^	301,400		3,270,190
Thomas & Betts Corp.*^	488,200		19,073,974
			55,956,043
Industrial Conglomerates (0.8%)
Tyco International Ltd.	463,050		16,216,011
Machinery (0.8%)
Caterpillar, Inc.	195,600		11,657,760
Pall Corp.	183,180		6,299,560
			17,957,320
Road & Rail (1.9%)
Norfolk Southern Corp.	200,545		13,278,084
Union Pacific Corp.	390,218		27,767,913
			41,045,997
Total Industrials			297,964,379
Information Technology (23.6%)
Communications Equipment (5.7%)
Arris Group, Inc.*^	84,763		655,218
Cisco Systems, Inc.*	1,042,400		23,516,544
Corning, Inc.	425,300		6,651,692
JDS Uniphase Corp.*	1,176,702		9,954,899
Juniper Networks, Inc.*	1,068,048		22,503,772
Nokia Oyj (ADR)	1,483,020		27,658,323
QUALCOMM, Inc.	738,460		31,731,626
			122,672,074
Computers & Peripherals (2.7%)
Apple, Inc.*	174,170		19,796,162
EMC Corp.*	976,200		11,675,352
NetApp, Inc.*	844,630		15,397,605
SanDisk Corp.*^	399,355		7,807,390
Seagate Technology^	317,600		3,849,312
			58,525,821
Electronic Equipment, Instruments & Components (1.6%)
5N Plus, Inc.*	345,208		1,612,106
Dolby Laboratories, Inc., Class A*^	177,900		6,260,301
Itron, Inc.*^	93,830		8,306,770
Trimble Navigation Ltd.*^	165,400		4,277,244
Tyco Electronics Ltd.	517,010		14,300,496
			34,756,917
Internet Software & Services (4.2%)
eBay, Inc.*	1,032,500		23,107,350
Equinix, Inc.*^	146,130		10,150,190
Google, Inc., Class A*	58,700		23,510,524
MercadoLibre, Inc.*^	333,900		6,794,865
Move, Inc.*^	2,939,340		6,231,401
Yahoo!, Inc.*	1,239,000		21,434,700
			91,229,030
IT Services (1.9%)
Mastercard, Inc., Class A	85,482		15,158,523
Visa, Inc., Class A	399,538		24,527,638
			39,686,161
Semiconductors & Semiconductor Equipment (3.9%)
Advanced Micro Devices, Inc.*	1,195,661		6,277,220
Broadcom Corp., Class A*	641,370		11,948,723
Cree, Inc.*^	122,640		2,793,739
DSP Group, Inc.*^	77,220		590,733
Intel Corp.	187,690		3,515,434
International Rectifier Corp.*^	90,340		1,718,267
Lam Research Corp.*	389,580		12,267,874
Micron Technology, Inc.*^	753,420		3,051,351
Netlogic Microsystems, Inc.*^	419,507		12,685,892
Silicon Laboratories, Inc.*	320,723		9,846,196
Teradyne, Inc.*	86,540		675,877

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
Texas Instruments, Inc.		847,700	$	18,225,550
				83,596,856
Software (3.6%)
Activision Blizzard, Inc.*		332,150		5,125,074
Autodesk, Inc.*		164,930		5,533,402
Electronic Arts, Inc.*		468,500		17,329,815
Nuance Communications, Inc.*^		739,925		9,019,686
Red Hat, Inc.*^		1,528,250		23,030,727
Salesforce.com, Inc.*		137,665		6,662,986
Shanda Interactive Entertainment Ltd. (ADR)*^		210,446		5,376,895
VMware, Inc., Class A*^		230,690		6,145,582
				78,224,167
Total Information Technology				508,691,026
Materials (2.0%)
Chemicals (2.0%)
Air Products & Chemicals, Inc.		171,389		11,738,433
Monsanto Co.		275,421		27,261,170
Praxair, Inc.		23,700		1,700,238
Sociedad Quimica y Minera de Chile S.A. (ADR)		97,200		2,450,412
Total Materials				43,150,253
Telecommunication Services (0.3%)
Wireless Telecommunication Services (0.3%)
China Mobile Ltd. (ADR)^		132,542		6,637,703
Total Telecommunication Services				6,637,703
Utilities (0.6%)
Electric Utilities (0.2%)
ITC Holdings Corp.^		101,340		5,246,372
Independent Power Producers & Energy Traders (0.4%)
Reliant Energy, Inc.*		1,043,300		7,668,255
Total Utilities				12,914,627
Total Common Stocks (94.3%) (Cost $2,335,413,162)				2,031,985,168
	Number of Warrants		Value (Note 1)
WARRANT:
Health Care (0.0%)
Biotechnology (0.0%)
Curis, Inc., expiring 10/14/09(b)*† (Cost $—)		48,100		—
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Government Security (3.4%)
Federal Home Loan Bank
0.10%, 10/1/08 (p)(o)	$	75,200,000		75,199,791
Short-Term Investments of Cash Collateral for Securities Loaned (10.0%)
Alpine Securitization Corp.
6.50%, 10/1/08		9,998,194		9,998,194
Amstel Funding Corp.
2.71%, 10/9/08		9,977,500		9,977,500
Banco de Sabadell S.A.
2.84%, 4/23/09 (l)		5,470,000		5,470,000
Bank of Ireland
3.09%, 12/19/08 (l)		9,119,688		9,119,688
Barton Capital Corp.
2.51%, 10/10/08		9,977,778		9,977,778
BBVA Senior Finance S.A.
2.87%, 3/12/10 (l)		4,010,000		4,010,000
Cancara Asset Securitization LLC
2.61%, 10/2/08		9,979,056		9,979,056
Citigroup Funding, Inc.
2.11%, 3/16/09 (l)		5,470,000		5,470,000
Comerica Bank
2.51%, 3/16/09 (l)		1,819,946		1,819,946
Credit Suisse (USA) LLC, Repurchase Agreement
2.00%, 10/1/08 (r)		4,391,475		4,391,475
General Electric Capital Corp.
2.15%, 3/12/10 (l)		730,000		730,000
Goldman Sachs Group, Inc.
2.16%, 3/27/09 (l)		5,110,000		5,110,000
Hannover Funding Company LLC
8.00%, 10/1/08		9,997,778		9,997,778
Hartford Life, Inc.
2.62%, 2/2/09 (l)		1,460,000		1,460,000
K2 (USA) LLC
2.12%, 5/29/09 (l)		7,288,498		7,288,498
2.12%, 6/18/09 (l)		9,117,981		9,117,981
Lehman Brothers Holdings, Inc.
0.00%, 8/21/09 (h)†		4,559,970		2,279,984
Liberty Street Funding Co.
2.56%, 10/1/08		14,970,250		14,970,250
Links Finance LLC
2.12%, 6/25/09 (l)		2,729,490		2,729,490
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
3.29%, 2/9/09 (l)		14,193,431		14,193,431
7.15%, 5/7/09 (l)		9,120,000		9,120,000
Natixis/New York
2.90%, 11/13/08		11,000,000		11,000,000
Pricoa Global Funding I
2.15%, 6/25/10 (l)		5,469,044		5,469,044
Royal Bank of Scotland/New York
2.78%, 11/6/08		12,000,000		12,000,000
Standard Chartered Bank/New York
2.84%, 12/10/08		15,000,000		15,000,000
Sumitomo Mutsui Banking Corp./New York
2.74%, 10/14/08		10,000,000		10,000,000
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				215,630,093
Time Deposit (0.2%)
JPMorgan Chase Nassau
0.58%, 10/1/08		3,545,117		3,545,117
Total Short-Term Investments (13.6%) (Cost/Amortized Cost $296,655,195)				294,375,001
Total Investments (107.9%) (Cost/Amortized Cost $2,632,068,357)				2,326,360,169
Other Assets Less Liabilities (-7.9%)				(170,802,204	)
Net Assets (100%)			$	2,155,557,965

* Non-income producing.

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

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

† Securities (totaling $2,279,984 or 0.1% of net assets) at fair value.

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

(b) Illiquid Security.

(h) Security in default.

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

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

19

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 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 September 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	$	2,002,751,038	$	321,329,147	$	2,279,984	$	2,326,360,169
Other Investments*	$	—		—		—		—
Total	$	2,002,751,038	$	321,329,147	$	2,279,984	$	2,326,360,169
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		—			—
Purchases, sales, issuances, and settlements (net)		—			—
Transfers in and/or out of Level 3		2,279,984			—
Balance as of 9/30/08	$	2,279,984		$	—
The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 9/30/08.	$	(2,279,986	)	$	—

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

Investment security transactions for the nine months ended September 30, 2008 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,863,909,937
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,694,635,639
As of September 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	$	99,242,647
Aggregate gross unrealized depreciation		(447,269,391	)
Net unrealized depreciation	$	(348,026,744	)
Federal income tax cost of investments	$	2,674,386,913

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MULTIMANAGER AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

At September 30, 2008, the Portfolio had loaned securities with a total value of $219,725,197. This was secured by collateral of $215,630,093 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

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

For the nine months ended September 30, 2008, the Portfolio incurred approximately $40,747 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

See Notes to Portfolio of Investments.

21

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MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

September 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (18.5%)
Asset-Backed Securities (5.7%)
Aegis Asset Backed Securities Trust, Series 2006-1 A1
3.287%, 1/25/37(l)(b)	$	3,357,497	$	3,239,733
Ameriquest Mortgage Securities, Inc., Series 2004-R11 A1
3.509%, 11/25/34(l)(b)†		3,166,159		2,404,159
Amortizing Residential Collateral Trust, Series 2002-BC3M A
3.477%, 6/25/32(l)(b)		33,110		24,624
Series 2002-BC4 A
3.497%, 7/25/32(l)(b)		8,882		6,301
Asset Backed Funding Certificates, Series 2006-OPT3 A3A
3.267%, 11/25/36(l)(b)		3,134,353		3,014,205
Bank of America Credit Card Trust, Series 2008-A5 A5
3.688%, 12/16/13(l)		12,000,000		11,787,124
Series 2008-A9 A9
4.070%, 7/16/12		12,030,000		11,905,843
Bear Stearns Asset Backed Securities Trust, Series 2002-2 A1
3.867%, 10/25/32(l)(b)		20,609		18,096
Series 2003-2 A2
3.657%, 3/25/43(l)(b)		71,624		69,667
Cendant Mortgage Corp., Series 2003-A A1
5.988%, 7/25/43(l)(b)§		71,431		67,472
Chase Issuance Trust, Series 2007-A17 A
5.120%, 10/15/14		9,100,000		8,876,494
Series 2008-A7 A7
3.138%, 11/15/11(l)		1,800,000		1,785,153
Series 2008-A9 A9
4.260%, 5/15/13		11,260,000		10,971,401
Countrywide Asset-Backed Certificates, Series 2006-19 2A1
3.267%, 3/25/37(l)(b)		2,913,920		2,834,543
CS First Boston Mortgage Securities Corp., Series 2001-HE17 A1
3.827%, 1/25/32(l)(b)		27,772		22,723
Daimler Chrysler Auto Trust, Series 2006-B A3
5.330%, 8/8/10		2,838,313		2,826,056
Series 2006-C A3
5.020%, 7/8/10		6,224,251		6,238,759
Series 2006-D A4
4.940%, 2/8/12		9,900,000		9,697,722
Ford Credit Auto Owner Trust, Series 2006-B A3
5.260%, 10/15/10		8,663,961		8,679,233
GSAA Home Equity Trust, Series 2006-5 2A1
3.277%, 3/25/36(l)(b)		2,588,061		2,298,453
Home Equity Asset Trust, Series 2002-1 A4
3.807%, 11/25/32(l)(b)		4,106		2,976
Honda Auto Receivables Owner Trust, Series 2005-6 A3
4.850%, 10/19/09		660,546		661,172
Series 2008-1 A2
3.770%, 9/20/10		12,365,000		12,223,929
Mid-State Trust, Series 4 A
8.330%, 4/1/30		245,996		207,507
Nissan Auto Receivables Owner Trust, Series 2006-B A3
5.160%, 2/15/10		2,540,132		2,545,681
Series 2008-B A2
3.800%, 10/15/10		11,900,000		11,742,424
Renaissance Home Equity Loan Trust, Series 2003-2 A
3.647%, 8/25/33(l)(b)		38,841		30,314
Series 2003-3 A
3.707%, 12/25/33(l)(b)		241,374		200,971
Salomon Brothers Mortgage Securities VII, Inc., Series 2002-CIT1 A
3.507%, 3/25/32(l)(b)		39,753		37,912
Saxon Asset Securities Trust, Series 2002-1 AV2
3.747%, 1/25/32(l)(b)		2,757		2,746
SLM Student Loan Trust, Series 2008-5 A2
3.900%, 10/25/16(l)		14,040,000		14,040,000
Series 2008-5 A3
4.100%, 1/25/18(l)		3,550,000		3,534,469
Series 2008-5 A4
4.500%, 7/25/23(l)		9,560,000		9,534,609
Series 2008-9 A
4.173%, 4/25/23(l)		19,600,000		19,673,500
Structured Asset Receivables Trust, Series 2003-2A CTFS
3.186%, 1/21/09(l)†§		544,363		537,886
Structured Asset Securities Corp., Series 2002-HF1 A
3.497%, 1/25/33(l)(b)		99,101		81,816
Series 2003-AL2 A
3.357%, 1/25/31§		701,651		519,651
USAA Auto Owner Trust, Series 2005-1 A4
4.130%, 11/15/11		9,978,425		9,981,386
Series 2006-4 A3
5.010%, 6/15/11		10,920,557		10,928,217
Series 2007-1 A2
5.400%, 4/15/10		6,202,991		6,217,383
Wells Fargo Home Equity Trust, Series 2005-2 AII2
3.447%, 10/25/35(l)(b)§		270,148		265,313
				189,737,623
Non-Agency CMO (12.8%)
American Home Mortgage Assets, Series 2006-6 A1A
3.397%, 12/25/46(l)		1,430,929		868,643
Banc of America Alternative Loan Trust, Series 2004-5 4A1
5.000%, 6/25/19		1,278,381		1,216,368
Series 2004-6 4A1
5.000%, 7/25/19		1,268,123		1,170,240
Banc of America Commercial Mortgage, Inc., Series 2000-1 A2A
7.333%, 11/15/31(l)		5,696,695		5,727,302

22

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Series 2001-1 A2
6.503%, 4/15/36	$	3,998,799	$	4,015,109
Series 2002-PB2 A4
6.186%, 6/11/35#		5,320,000		5,310,843
Banc of America Funding Corp., Series 2006-A 1A1
4.625%, 2/20/36(l)		1,820,062		1,615,716
Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-10 A2
4.750%, 10/25/35(l)		2,700,000		2,351,174
Series 2007-4 22A1
5.998%, 6/25/47(l)		2,371,799		1,772,653
Bear Stearns Alt-A Trust, Series 2006-6 31A1
5.787%, 11/25/36(l)		4,279,241		2,864,111
Series 2006-6 32A1
5.775%, 11/25/36(l)		4,491,852		2,906,398
Bear Stearns Commercial Mortgage Securities, Inc., Series 2000-WF2 A2
7.320%, 10/15/32(l)		2,890,000		2,935,209
Series 2003-T12 A4
4.680%, 8/13/39(l)		6,825,000		6,322,713
Chase Commercial Mortgage Securities Corp., Series 1999-2 A2
7.198%, 1/15/32		493,993		498,079
Series 2000-3 A2
7.319%, 10/15/32		2,013,310		2,045,852
Citigroup Commercial Mortgage Trust, Series 2008-C7 A4
6.299%, 12/10/49(l)		7,559,313		6,643,311
Citigroup Commercial Mortgage Trust, Inc., Series 2005-EMG A2
4.221%, 9/20/51§		4,459,526		4,374,173
Series 2007 - C6 AM
5.889%, 12/10/49(l)		3,575,000		2,772,453
Citigroup Mortgage Loan Trust, Inc., Series 2005-4 A
5.343%, 8/25/35(l)		24,550,986		21,069,696
Series 2006-AR1 1A1
4.900%, 10/25/35(l)		7,785,044		7,113,912
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD5 A4
5.886%, 11/15/44(l)^		3,525,000		3,021,497
Citimortgage Alternative Loan Trust, Series 2007-A8 A1
6.000%, 10/25/37		8,980,317		6,662,272
Commercial Mortgage Pass Through Certificates, Series 2000-C1 A2
7.416%, 8/15/33(l)		4,915,680		4,977,190
Series 2007-C9 A4
6.010%, 12/10/49(l)		9,890,000		8,509,490
Countrywide Alternative Loan Trust, Series 2003-J3 2A1
6.250%, 12/25/33		196,086		190,612
Series 2006-OA10 1A1
3.815%, 8/25/46(l)		1,506,405		888,654
Series 2006-OA21 A1
3.378%, 3/20/47(l)		3,987,087		2,441,509
Series 2006-OC8 2A1A
3.297%, 11/25/36(l)		3,695,304		3,508,080
Countrywide Home Loan Mortgage Pass Through Trust, Series 2003-R4 1A3
6.000%, 11/25/26§		68,633		68,432
Series 2003-R4 2A
6.500%, 1/25/34(l)§		253,615		232,137
Series 2006-OA5 2A1
3.407%, 4/25/46(l)		1,732,931		1,045,518
Series 2007-16 A1
6.500%, 10/25/37		5,206,969		4,089,100
Credit Suisse Mortgage Capital Certificates, Series 2006-3 1A1A
3.297%, 4/25/36(l)		600,210		591,227
Series 2006-8 3A1
6.000%, 10/25/21		2,365,294		1,699,317
Series 2006-C5 A3
5.311%, 12/15/39		10,020,000		8,685,378
CS First Boston Mortgage Securities Corp., Series 1998-C2 A2
6.300%, 11/15/30		73,065		73,015
Series 2002-CKS4 A2
5.183%, 11/15/36		5,105,000		4,875,161
Series 2002-CP3 A3
5.603%, 7/15/35		7,210,000		6,986,221
Series 2002-CP5 A2
4.940%, 12/15/35		6,905,000		6,513,582
Series 2002-P1A A
3.076%, 3/25/32(l)§		19,817		18,074
Series 2003-C3 A5
3.936%, 5/15/38		7,430,000		6,658,521
Series 2005-C2 A4
4.832%, 4/15/37		4,760,000		4,263,900
CW Capital Cobalt Ltd., Series 2007-C3 A4
6.015%, 5/15/46(l)		1,867,500		1,590,347
Deutsche Alt-A Securities, Inc., Series 2006-OA1 A1
3.407%, 2/25/47(l)		1,818,327		1,081,803
DLJ Commercial Mortgage Corp., Series 1999-CG1 A1B
6.460%, 3/10/32		114,113		113,929
Series 1999-CG2 A1B
7.300%, 6/10/32(l)		3,099,576		3,109,336
Series 2000-CKP1 A1B
7.180%, 11/10/33		5,800,626		5,889,656
First Horizon Alternative Mortgage Securities Trust, Series 2006-FA2 1A5
6.000%, 5/25/36		6,900,083		5,947,477
First Republic Mortgage Loan Trust, Series 2001-FRB1 A
2.838%, 11/15/31(l)		500,446		464,893
First Union National Bank Commercial Mortgage Trust, Series 2001-C4 A2
6.223%, 12/12/33		6,520,000		6,483,627
GE Capital Commercial Mortgage Corp., Series 2002-3A A1
4.229%, 12/10/37		1,407,719		1,375,484
GMAC Commercial Mortgage Securities, Inc., Series 1999-C2 A2
6.945%, 9/15/33		261,696		261,666
Series 1999-C3 A2
7.179%, 8/15/36(l)		2,356,879		2,367,523
Series 2000-C1 A2
7.724%, 3/15/33(l)		3,713,213		3,763,075
Series 2000-C2 A2
7.455%, 8/16/33(l)		2,969,812		3,017,848
Series 2000-C3 A2
6.957%, 9/15/35		5,078,889		5,140,432

23

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Series 2002-C3 A2
4.930%, 7/10/39	$	6,925,000	$	6,545,945
Greenwich Capital Commercial Funding Corp., Series 2004-GG1 A4
4.755%, 6/10/36		1,205,000		1,185,109
Series 2007-GG9 A4
5.444%, 3/10/39		8,775,000		7,415,850
GS Mortgage Securities Corp. II, Series 2006-GG8 A4
5.560%, 11/10/39		5,360,000		4,741,986
GSR Mortgage Loan Trust, Series 2004-9 4A1
4.046%, 8/25/34(l)		5,119,626		4,471,781
Series 2005 - AR4 6A1
5.250%, 7/25/35(l)		22,462,563		20,612,540
Series 2005-AR6 2A1
4.539%, 9/25/35(l)		2,071,170		1,769,235
Series 2005-AR7 6A1
5.248%, 11/25/35(l)		4,419,155		3,798,144
Series 2006-OA1 2A1
3.397%, 8/25/46(l)		3,072,447		1,866,834
Harborview Mortgage Loan Trust, Series 2006-9 2A1A
3.240%, 11/19/36(l)		2,936,654		1,758,606
Heller Financial Commercial Mortgage Asset Corp., Series 1999-PH1 A2
6.847%, 5/15/31(l)		161,844		161,519
Homebanc Mortgage Trust, Series 2005-4 A1
3.477%, 10/25/35(l)		2,935,696		1,912,481
Impac CMB Trust, Series 2003-8 2A1
4.107%, 10/25/33(l)(b)		189,029		178,556
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2001-C1 A3
5.857%, 10/12/35		5,340,000		5,260,056
Series 2001-CIB2 A3
6.429%, 4/15/35		1,295,000		1,296,530
Series 2001-CIBC A3
6.260%, 3/15/33		4,913,919		4,911,977
Series 2004-CB8 A1A
4.158%, 1/12/39§		3,820,755		3,487,823
Series 2007-LD11 A2
5.992%, 6/15/49(l)		3,450,000		3,246,656
Series 2007-LD12 A2
5.827%, 2/15/51		2,810,000		2,632,708
JPMorgan Mortgage Trust, Series 2006-S2 2A2
5.875%, 7/25/36		1,112,007		1,043,549
Series 2007-S1 1A2
5.500%, 3/25/22		996,245		924,329
LB-UBS Commercial Mortgage Trust, Series 2002-C2 A4
5.594%, 6/15/31		6,949,000		6,761,149
Series 2003-C7 A2
4.064%, 9/15/27(l)		1,061,744		1,038,970
Series 2004-C7 A1A
4.475%, 10/15/29		8,597,780		8,072,775
Series 2006-C6 A4
5.372%, 9/15/39		3,295,000		2,884,178
Series 2007-C1 A4
5.424%, 2/15/40		4,000,000		3,359,001
Series 2007-C7 A3
5.866%, 9/15/45(l)		7,970,000		6,829,672
MASTR Alternative Loans Trust, Series 2004-4 1A1
5.500%, 5/25/34		2,958,360		2,595,038
Merrill Lynch Mortgage Investors, Inc., Series 2003-A1 3A
4.910%, 12/25/32(l)		438,752		419,652
Series 2005-A10 A
3.417%, 2/25/36(l)		2,201,676		1,785,888
Morgan Stanley Capital I, Inc., Series 1999-LIFE A2
7.110%, 4/15/33(l)		6,116,262		6,130,881
Series 2006-IQ12 A4
5.332%, 12/15/43		3,455,000		2,996,719
Series 2007-HQ12 A2
5.811%, 4/12/49(l)		1,250,000		1,168,903
Series 2007-HQ13 A1
5.357%, 12/15/44		11,877,786		11,349,811
Series 2007-IQ13 A4
5.364%, 3/15/44		2,000,000		1,665,303
Series 2007-IQ15 A4
6.077%, 6/11/49(l)		11,450,000		9,909,879
Series 2007-IQ15 AM
6.077%, 6/11/49(l)		5,075,000		3,981,921
Series 2007-T27 A4
5.803%, 6/13/42(l)		3,910,000		3,389,954
Morgan Stanley Dean Witter Capital I, Series 2002-IQ2 A4
5.740%, 12/15/35		6,865,000		6,737,739
Residential Accredit Loans, Inc., Series 2003-QR19 CB1
5.750%, 10/25/33		219,922		219,652
Series 2006-QS2 1A9
5.500%, 2/25/36		6,091,600		5,076,707
Salomon Brothers Mortgage Securities VII, Inc., Series 2001-C2 A3
6.499%, 11/13/36		8,285,755		8,302,558
Sequoia Mortgage Trust, Series 10 2A1
3.568%, 10/20/27(l)		91,355		80,666
Series 2003-4 2A1
3.538%, 7/20/33(l)		197,062		162,796
Structured Adjustable Rate Mortgage Loan Trust, Series 2005-19XS 1A1
3.527%, 10/25/35(l)		1,979,693		1,230,490
Structured Asset Mortgage Investments, Inc., Series 2002-AR3 A1
3.360%, 9/19/32(l)		54,666		49,937
Series 2005-AR5 A1
3.280%, 7/19/35(l)		443,010		275,532
Series 2005-AR5 A2
3.280%, 7/19/35(l)		2,251,058		2,048,702
Series 2006-AR3 12A1
3.427%, 5/25/36(l)		1,996,881		1,226,842
TIAA Real Estate CDO Ltd., Series 2001-C1A A4
6.680%, 6/19/31(l)§		6,658,942		6,668,478
Wachovia Bank Commercial Mortgage Trust, Series 2005-C17 APB
5.037%, 3/15/42		5,110,000		4,817,669
Series 2005-C20 A6A
5.110%, 7/15/42(l)		7,640,000		7,198,223
Series 2005-C22 A4
5.440%, 12/15/44(l)		4,400,000		3,978,710
Series 2006-C28 AJ
5.632%, 10/15/48(l)		1,030,000		749,439

24

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Series 2006-C29 AJ
5.368%, 11/15/48(l)	$	1,030,000	$	730,654
Series 2007-C33 A4
6.100%, 2/15/51(l)		5,875,000		5,054,739
WaMu Mortgage Pass-Through Certificates, Series 2002-AR6 A
4.255%, 6/25/42(l)		79,049		71,818
Series 2002-AR9 1A
4.255%, 8/25/42(l)		122,057		109,047
Series 2003-R1 A1
3.747%, 12/25/27(l)		1,163,573		1,000,918
Series 2005-AR7 A4
4.919%, 8/25/35(l)		3,335,229		3,071,325
Series 2007-HY3 4A1
5.348%, 3/25/37(l)		8,119,245		6,805,787
Series 2007-OA4 1A
3.625%, 5/25/47(l)		1,990,612		1,154,667
Series 2007-OA5 1A
3.605%, 6/25/47(l)		3,429,923		1,982,815
Wells Fargo Mortgage Backed Securities Trust, Series 2004-K 1A2
4.475%, 7/25/34(l)		5,133,568		4,640,375
Series 2006-AR12 2A1
6.100%, 9/25/36(l)		2,957,825		2,466,837
				429,674,968
Total Asset-Backed and Mortgage-Backed Securities				619,412,591
Corporate Bonds (21.9%)
Consumer Discretionary (0.5%)
Media (0.5%)
Cablevision Systems Corp., Term Loan
4.569%, 2/24/13		994,911		871,613
Comcast Cable Communications Holdings, Inc.
8.375%, 3/15/13		1,020,000		1,069,766
Comcast Cable Holdings LLC
7.875%, 8/1/13		130,000		135,092
Comcast Corp.
6.500%, 1/15/15		969,000		931,054
6.500%, 1/15/17		2,550,000		2,396,628
7.050%, 3/15/33		15,000		13,453
6.500%, 11/15/35		1,235,000		1,031,131
6.950%, 8/15/37		2,900,000		2,473,564
COX Communications, Inc.
7.125%, 10/1/12		115,000		117,170
Historic TW, Inc.
6.625%, 5/15/29		200,000		159,744
News America Holdings, Inc.
7.750%, 1/20/24		145,000		144,343
8.500%, 2/23/25		775,000		783,090
8.450%, 8/1/34		245,000		254,133
News America, Inc.
7.125%, 4/8/28		275,000		249,571
TCI Communications, Inc.
7.875%, 2/15/26		820,000		789,566
7.125%, 2/15/28		360,000		322,708
Time Warner Cable, Inc.
6.200%, 7/1/13		2,625,000		2,546,638
6.550%, 5/1/37		2,350,000		1,903,237
Time Warner Cos., Inc.
7.570%, 2/1/24		10,000		9,014
Time Warner, Inc.
6.750%, 4/15/11		135,000		134,698
7.700%, 5/1/32		598,000		522,496
Turner Broadcasting System, Inc.
8.375%, 7/1/13		65,000		67,103
Total Consumer Discretionary				16,925,812
Consumer Staples (0.5%)
Food & Staples Retailing (0.0%)
SUPERVALU, Inc.
7.500%, 11/15/14		700,000		679,000
Food Products (0.2%)
Kraft Foods, Inc.
6.500%, 8/11/17		3,270,000		3,146,404
6.125%, 2/1/18		3,500,000		3,278,719
				6,425,123
Household Products (0.3%)
Kimberly-Clark Corp.
2.899%, 7/30/10(l)		10,400,000		10,351,526
Total Consumer Staples				17,455,649
Energy (0.5%)
Energy Equipment & Services (0.1%)
Halliburton Co.
5.500%, 10/15/10		1,100,000		1,132,245
Transocean, Inc.
6.000%, 3/15/18		645,000		601,976
6.800%, 3/15/38		955,000		876,217
				2,610,438
Oil, Gas & Consumable Fuels (0.4%)
Anadarko Petroleum Corp.
5.950%, 9/15/16		3,525,000		3,239,880
6.450%, 9/15/36		1,735,000		1,360,323
Canadian Natural Resources Ltd.
5.700%, 5/15/17		4,000,000		3,496,760
ConocoPhillips
7.000%, 3/30/29		30,000		30,261
Devon Financing Corp. ULC
7.875%, 9/30/31		475,000		482,346
EnCana Holdings Finance Corp.
5.800%, 5/1/14		400,000		382,108
Gaz Capital S.A.
8.146%, 4/11/18§		1,800,000		1,575,000
XTO Energy, Inc.
6.250%, 8/1/17		900,000		849,218
6.750%, 8/1/37		1,675,000		1,486,256
				12,902,152
Total Energy				15,512,590
Financials (17.7%)
Capital Markets (3.7%)
Bear Stearns Cos., Inc.
2.901%, 8/21/09(l)		2,700,000		2,672,727
2.901%, 2/23/10(l)		7,000,000		6,890,660
3.186%, 7/19/10(l)		1,805,000		1,768,853
3.029%, 1/31/11(l)		1,500,000		1,465,446
6.950%, 8/10/12		4,965,000		5,015,266
6.400%, 10/2/17		5,250,000		4,902,959
7.250%, 2/1/18		2,000,000		1,924,750
Goldman Sachs Capital II
5.793%, 12/29/49(l)		3,650,000		1,603,482

25

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Goldman Sachs Group, Inc.
3.294%, 12/22/08(l)	$	100,000	$	98,574
3.250%, 12/23/08(l)		5,100,000		5,025,662
4.069%, 6/28/10(l)		10,000,000		8,920,880
5.250%, 10/15/13^		7,710,000		6,485,243
6.250%, 9/1/17		18,000,000		15,069,582
6.150%, 4/1/18		2,250,000		1,870,907
Lehman Brothers Holdings, Inc.
0.000%, 12/23/08(h)		10,200,000		1,275,000
5.625%, 1/24/13(h)		5,000,000		625,000
6.200%, 9/26/14(h)		5,330,000		666,250
6.750%, 12/28/17(h)		4,325,000		5,406
0.000%, 9/15/22(h)		2,175,000		271,875
Merrill Lynch & Co., Inc.
2.839%, 10/23/08(l)		8,500,000		8,481,632
3.234%, 12/22/08(l)		1,700,000		1,643,902
6.400%, 8/28/17		13,000,000		11,243,973
6.875%, 4/25/18		3,700,000		3,273,575
Morgan Stanley
3.228%, 11/21/08(l)		3,300,000		3,263,711
3.031%, 1/22/09(l)		600,000		577,898
5.050%, 1/21/11		2,315,000		1,666,951
6.750%, 4/15/11^		800,000		592,092
3.041%, 1/9/12(l)		8,575,000		5,671,213
5.625%, 1/9/12		1,935,000		1,349,119
5.300%, 3/1/13		300,000		206,040
6.000%, 4/28/15		10,300,000		7,006,338
5.550%, 4/27/17		2,825,000		1,751,302
6.625%, 4/1/18		15,000,000		9,926,865
				123,213,133
Certificates of Deposit (0.1%)
Nordea Bank Finland plc/New York
2.474%, 4/9/09(l)		2,300,000		2,298,553
SunTrust Bank
4.415%, 6/15/09		980,000		985,281
				3,283,834
Commercial Banks (5.7%)
Bank of Ireland
2.831%, 1/15/10(l)		4,000,000		3,960,884
Bank of Scotland plc
2.829%, 7/17/09(l)§		4,300,000		4,273,318
Barclays Bank plc
7.434%, 9/29/49(l)§		7,500,000		6,107,363
Charter One Bank N.A.
2.845%, 4/24/09(l)		5,600,000		5,587,798
Commonwealth Bank of Australia
4.150%, 6/8/09(l)§		600,000		599,857
Credit Suisse/New York
5.000%, 5/15/13		21,340,000		19,775,586
6.000%, 2/15/18		1,550,000		1,350,362
DnB NOR Bank ASA
2.858%, 10/13/09(l)§		6,100,000		6,090,197
HBOS plc
6.750%, 5/21/18§		1,400,000		1,173,868
HSBC Capital Funding LP/Jersey Channel Islands
4.610%, 12/29/49(l)§		550,000		469,306
ICICI Bank Ltd.
3.328%, 1/12/10(l)§		3,400,000		3,302,080
JPMorgan Chase Bank N.A.
6.000%, 7/5/17		5,400,000		4,931,372
6.000%, 10/1/17		4,110,000		3,767,173
Mizuho Financial Group, Inc./Aruba
1.815%, 10/27/49(l)†	JPY	300,000,000		2,830,332
National Australia Bank Ltd.
2.858%, 9/11/09(l)§	$	6,200,000		6,183,601
5.350%, 6/12/13§		9,100,000		8,743,371
National Westminster Bank plc
7.375%, 10/1/09		725,000		732,671
Rabobank Capital Funding II
5.260%, 12/31/49(l)§		780,000		722,062
Rabobank Nederland NV
2.488%, 2/1/10(l)§		14,500,000		14,462,213
Regions Bank
7.500%, 5/15/18§		6,600,000		5,280,000
Royal Bank of Scotland Group plc
7.640%, 3/31/49(l)		3,900,000		2,905,570
6.990%, 10/29/49(l)§		650,000		484,413
Santander U.S. Debt S.A.U.
2.846%, 10/21/08(l)§		8,900,000		8,897,343
Sumitomo Mitsui Banking Corp.
1.544%, 12/31/49(l)	JPY	200,000,000		1,896,859
1.718%, 12/31/49(l)		100,000,000		943,753
5.625%, 12/31/49(l)§	$	300,000		239,663
SunTrust Banks, Inc.
4.000%, 10/15/08		895,000		894,910
UBS AG/Connecticut
5.875%, 12/20/17		19,910,000		17,678,547
5.750%, 4/25/18		8,400,000		7,305,900
UniCredito Luxembourg Finance S.A.
2.846%, 10/24/08(l)§		8,200,000		8,198,639
Wachovia Bank N.A./North Carolina
3.250%, 3/23/09(l)		9,000,000		8,467,704
6.000%, 11/15/17		7,525,000		4,462,099
6.600%, 1/15/38		1,750,000		1,036,782
Wachovia Corp.
5.500%, 5/1/13		5,400,000		4,467,544
7.980%, 2/28/49(l)		8,000,000		3,343,520
Wells Fargo & Co.
3.552%, 5/1/09		1,700,000		1,700,000
4.625%, 8/9/10^		2,390,000		2,380,101
4.875%, 1/12/11^		460,000		458,555
4.375%, 1/31/13		15,200,000		13,972,174
				190,077,490
Consumer Finance (1.4%)
American Express Co.
7.000%, 3/19/18		15,700,000		13,856,475
American Honda Finance Corp.
3.954%, 6/20/11(l)§		18,000,000		17,951,472
Capital One Financial Corp.
6.750%, 9/15/17		2,300,000		2,024,683
Ford Motor Credit Co. LLC
7.250%, 10/25/11		1,250,000		794,866
HSBC Finance Corp.
2.954%, 12/5/08(l)		2,500,000		2,487,462
SLM Corp.
4.000%, 1/15/09^		3,250,000		2,665,000
2.940%, 7/27/09(l)^		5,900,000		5,193,251
2.960%, 7/26/10(l)		3,000,000		2,275,533
3.100%, 1/27/14(l)		2,950,000		1,682,987
				48,931,729
Diversified Financial Services (4.3%)
Allstate Life Global Funding Trusts
5.375%, 4/30/13^		1,880,000		1,814,847

26

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Bank of America Corp.
2.957%, 2/17/09(l)	$	9,055,000	$	9,034,472
5.625%, 10/14/16		3,050,000		2,552,633
6.000%, 9/1/17		2,740,000		2,363,538
5.750%, 12/1/17		6,900,000		5,851,117
5.650%, 5/1/18		8,335,000		7,020,504
8.000%, 12/29/49(l)		7,600,000		6,018,189
8.125%, 12/29/49(l)		2,000,000		1,615,880
Bank of America N.A.
3.404%, 5/12/10(l)		5,200,000		5,131,953
3.760%, 6/23/10(l)		9,700,000		9,525,332
6.100%, 6/15/17		1,275,000		1,126,454
Belvoir Land LLC, Series A-1
5.270%, 12/15/47§		825,000		615,046
BTM Curacao Holdings N.V.
1.588%, 12/31/49(l)	JPY	100,000,000		937,761
Caterpillar Financial Services Corp.
2.853%, 8/11/09(l)	$	6,100,000		6,089,984
Citigroup Global Markets Holdings, Inc.
2.916%, 3/17/09(l)		19,200,000		18,936,787
Citigroup, Inc.
3.799%, 12/28/09(l)		4,100,000		3,967,521
4.125%, 2/22/10		3,940,000		3,636,100
4.625%, 8/3/10		485,000		442,845
5.300%, 10/17/12		7,500,000		6,676,680
General Electric Capital Corp.
2.795%, 10/24/08(l)		3,000,000		3,000,180
2.919%, 6/15/09(l)		5,100,000		5,071,746
2.863%, 5/10/10(l)		3,700,000		3,606,253
5.000%, 11/15/11^		12,270,000		11,873,826
5.500%, 9/16/67(l)§	EUR	10,400,000		8,565,787
6.375%, 11/15/67(l)	$	4,725,000		3,823,338
Irwin Land LLC Series A-1
5.030%, 12/15/25§		725,000		597,248
Series A-2
5.300%, 12/15/35§		1,195,000		963,791
JP Morgan Chase Capital XXV
6.800%, 10/1/37		5,975,000		4,580,160
JPMorgan Chase & Co.
7.900%, 4/29/49		3,275,000		2,757,157
New York Life Global Funding
3.875%, 1/15/09§		775,000		773,684
Pemex Finance Ltd.
9.030%, 2/15/11#		50,000		52,618
Santander Perpetual S.A.U.
6.671%, 10/29/49(l)§		3,500,000		3,262,508
UFJ Finance Aruba AEC
6.750%, 7/15/13		310,000		325,037
ZFS Finance USA Trust I
6.500%, 5/9/37(l)§^		1,945,000		1,303,150
				143,914,126
Insurance (2.4%)
Allstate Corp.
6.125%, 5/15/37(l)		1,480,000		1,086,227
American International Group, Inc.
2.833%, 1/29/10(l)§		10,400,000		6,607,350
8.175%, 5/15/58(l)§		22,290,000		3,570,724
Berkshire Hathaway Finance Corp.
4.750%, 5/15/12		760,000		767,117
Chubb Corp.
5.750%, 5/15/18		1,000,000		926,707
6.375%, 3/29/67(l)		3,125,000		2,383,044
Hartford Life Global Funding Trusts
2.989%, 9/15/09(l)		3,610,000		3,541,782
Lincoln National Corp.
6.050%, 4/20/67(l)		2,025,000		1,336,500
MetLife, Inc.
6.400%, 12/15/36		4,390,000		2,736,884
Metropolitan Life Global Funding I
2.847%, 5/17/10(l)§		900,000		888,194
3.069%, 3/15/12(l)§		25,100,000		24,452,596
5.125%, 4/10/13§		5,250,000		5,100,249
Monumental Global Funding Ltd.
2.668%, 6/16/10(l)§		7,080,000		6,847,044
New York Life Global Funding
4.650%, 5/9/13§		15,000,000		14,990,475
Progressive Corp.
6.700%, 6/15/37(l)		2,390,000		1,947,286
Travelers Cos., Inc.
6.250%, 3/15/37(l)		3,375,000		2,595,827
				79,778,006
Real Estate Investment Trusts (REITs) (0.1%)
AvalonBay Communities, Inc.
6.625%, 9/15/11#		270,000		270,493
Ventas Realty LP/Ventas Capital Corp.
7.125%, 6/1/15		2,300,000		2,282,750
6.750%, 4/1/17		760,000		718,200
				3,271,443
Real Estate Management & Development (0.0%)
ERP Operating LP
6.625%, 3/15/12^		445,000		441,866
Total Financials				592,911,627
Health Care (0.5%)
Biotechnology (0.0%)
Amgen, Inc.
2.889%, 11/28/08(l)		2,355,000		2,348,984
Pharmaceuticals (0.5%)
Bristol-Myers Squibb Co.
5.875%, 11/15/36		1,925,000		1,696,401
6.875%, 8/1/97		150,000		137,680
GlaxoSmithKline Capital, Inc.
4.850%, 5/15/13		3,425,000		3,362,408
5.650%, 5/15/18		11,300,000		10,728,469
				15,924,958
Total Health Care				18,273,942
Industrials (0.1%)
Airlines (0.0%)
Continental Airlines, Inc. Series 99-2
7.056%, 9/15/09		850,000		835,125
UAL Pass Through Trust Series 01-1
6.602%, 9/1/13		75,966		73,687
				908,812
Industrial Conglomerates (0.1%)
General Electric Co.
5.000%, 2/1/13		1,081,000		995,619
Total Industrials				1,904,431

27

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Information Technology (0.2%)
Computers & Peripherals (0.1%)
International Business Machines Corp.
5.700%, 9/14/17	$	2,890,000	$	2,799,480
Software (0.1%)
Oracle Corp.
4.950%, 4/15/13		3,670,000		3,658,153
Total Information Technology				6,457,633
Materials (0.1%)
Metals & Mining (0.0%)
Teck Cominco Ltd.
6.125%, 10/1/35		1,075,000		811,063
Paper & Forest Products (0.1%)
Koch Forest Products, Inc.
4.219%, 12/20/12(l)		57,880		50,965
4.446%, 12/20/12(l)		70,238		61,846
4.567%, 12/20/12(l)		809,524		712,802
				825,613
Total Materials				1,636,676
Telecommunication Services (1.0%)
Diversified Telecommunication Services (0.9%)
AT&T Corp.
7.300%, 11/15/11		38,000		39,463
8.000%, 11/15/31		698,000		706,900
AT&T, Inc.
5.500%, 2/1/18		1,950,000		1,736,514
6.500%, 9/1/37		6,500,000		5,529,420
6.300%, 1/15/38		7,300,000		6,045,860
6.400%, 5/15/38		12,270,000		10,297,229
Frontier Communications Corp.
9.000%, 8/15/31		65,000		49,725
GTE Corp.
6.940%, 4/15/28		225,000		190,915
Qwest Communications International, Inc.
6.304%, 2/15/09(l)		667,000		658,663
Qwest Corp.
7.625%, 6/15/15^		1,580,000		1,374,600
Telecom Italia Capital S.A.
5.250%, 10/1/15		1,575,000		1,311,030
Telefonica Emisiones S.A.U.
6.421%, 6/20/16		1,050,000		985,855
Telefonica Europe B.V.
7.750%, 9/15/10		550,000		561,528
Verizon Communications, Inc.
5.350%, 2/15/11		600,000		602,922
7.750%, 6/15/32		425,000		398,857
Verizon Maryland, Inc. Series B
5.125%, 6/15/33^		465,000		314,596
Verizon New England, Inc.
7.875%, 11/15/29		25,000		22,579
Verizon New Jersey, Inc. Series A
5.875%, 1/17/12		1,040,000		1,020,729
				31,847,385
Wireless Telecommunication Services (0.1%)
Vodafone Group plc
7.750%, 2/15/10		1,985,000		2,045,900
Total Telecommunication Services				33,893,285
Utilities (0.8%)
Electric Utilities (0.7%)
Dayton Power & Light Co.
5.125%, 10/1/13		900,000		894,096
EDP Finance B.V.
6.000%, 2/2/18§		3,075,000		2,942,486
Enel Finance International S.A.
6.250%, 9/15/17§		7,200,000		7,163,208
Florida Power & Light Co.
4.950%, 6/1/35		875,000		704,366
5.950%, 2/1/38		1,030,000		956,345
Florida Power Corp.
5.900%, 3/1/33		275,000		248,473
6.400%, 6/15/38		1,300,000		1,231,009
MidAmerican Energy Holdings Co.
5.950%, 5/15/37		2,350,000		1,923,640
6.500%, 9/15/37^		2,000,000		1,754,720
Pepco Holdings, Inc.
6.450%, 8/15/12		2,130,000		2,120,756
PSEG Power LLC
6.950%, 6/1/12		400,000		407,996
Scottish Power Ltd.
4.910%, 3/15/10		1,100,000		1,104,950
Southern California Edison Co.
5.950%, 2/1/38		1,000,000		910,320
				22,362,365
Gas Utilities (0.1%)
CenterPoint Energy Resources Corp.
6.150%, 5/1/16^		1,000,000		921,599
Consolidated Natural Gas Co. Series A
5.000%, 3/1/14		250,000		233,918
Dynegy Holdings, Inc.
7.500%, 6/1/15		3,500,000		2,957,500
				4,113,017
Multi-Utilities (0.0%)
Dominion Resources, Inc. Series B
2.984%, 11/14/08(l)		1,500,000		1,498,861
Series D
5.125%, 12/15/09		150,000		151,275
				1,650,136
Total Utilities				28,125,518
Total Corporate Bonds				733,097,163
Government Securities (81.8%)
Agency ABS (0.4%)
Small Business Administration Series 2003-10A 1
4.628%, 3/10/13		505,507		494,105

28

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Small Business Administration Participation Certificates Series 2004-20A 1
4.930%, 1/1/24	$	625,460	$	612,119
Series 2004-20C 1
4.340%, 3/1/24		4,102,464		3,866,466
Series 2005-20B 1
4.625%, 2/1/25		360,706		344,796
Series 2008-20A 1
5.170%, 1/1/28		981,532		960,312
Series 2008-20C 1
5.490%, 3/1/28		3,642,069		3,630,052
Series 2008-20G
5.870%, 7/1/28		3,600,000		3,654,426
				13,562,276
Agency CMO (3.8%)
Federal Home Loan Mortgage Corp.
4.500%, 12/15/13		1,240,272		1,242,912
4.500%, 2/15/15		2,096,458		2,106,260
4.500%, 1/15/16		2,495,063		2,502,138
5.000%, 7/15/19		10,080,183		10,141,517
4.500%, 10/15/23		2,185,770		2,189,228
5.500%, 2/15/26		3,710,751		3,773,717
5.500%, 4/15/26		4,007,665		4,064,515
2.838%, 12/15/29(l)		21,140		20,830
5.500%, 1/15/31		2,267,258		2,315,520
4.063%, 10/15/33 IO(l)		71,091,202		6,608,155
5.500%, 8/1/35 IO		5,839,899		1,272,510
5.500%, 2/1/36 IO		8,824,223		1,921,979
6.500%, 7/25/43		669,439		686,384
Federal National Mortgage Association
4.500%, 2/25/17		1,588,480		1,591,261
4.500%, 3/25/17		1,262,817		1,265,205
5.500%, 9/25/24		3,977,812		4,002,186
5.500%, 10/25/24		4,653,082		4,684,823
5.500%, 3/25/25		13,080,641		13,169,362
5.500%, 1/25/26		12,142,473		12,242,485
5.500%, 5/25/27		3,107,408		3,150,318
6.000%, 8/25/28		1,164,744		1,175,141
6.000%, 9/25/30		12,684,856		12,742,959
6.000%, 1/25/32		11,494,605		11,686,169
8.796%, 6/25/32(l)		165,849		174,145
5.310%, 8/25/33		2,900,000		2,953,203
6.000%, 10/25/33		11,898,541		12,096,844
6.500%, 7/25/34		1,471,153		1,518,592
5.000%, 7/1/36 IO STRIPS		12,988,551		2,559,335
Government National Mortgage Association
6.500%, 6/20/32		185,830		191,026
Small Business Administration Series 2008-P10B 1
5.944%, 8/10/18†		3,100,000		3,114,086
				127,162,805
Foreign Governments (1.1%)
Emirate of Abu Dhabi
5.500%, 8/2/12§		10,400,000		10,936,072
Export-Import Bank of China
5.250%, 7/29/14§		3,700,000		3,658,490
Federative Republic of Brazil
12.500%, 1/5/22		1,900,000		1,035,919
10.250%, 1/10/28		29,300,000		13,656,088
Israel Government AID Bond
5.500%, 4/26/24		1,950,000		2,112,903
5.500%, 9/18/33		1,945,000		2,125,301
Republic of Croatia
3.938%, 7/30/10(l)		411,818		408,305
Republic of Panama
9.375%, 4/1/29		298,000		373,171
Republic of South Africa
7.375%, 4/25/12		60,000		62,091
6.500%, 6/2/14^		1,480,000		1,450,400
United Mexican States
6.750%, 9/27/34		1,775,000		1,783,875
				37,602,615
Municipal Bonds (0.9%)
Buckeye Tobacco Settlement Financing Authority
6.000%, 6/1/42		4,100,000		3,177,500
California Educational Facilities Authority
4.750%, 10/1/37		900,000		787,680
California State University
5.000%, 11/1/30		300,000		274,374
Chabot-Las Positas, California Community College District (Zero Coupon), 8/1/22		6,230,000		2,597,536
City of Chicago, Illinois
1.990%, 1/1/14(l)§		200,000		105,896
Golden State Tobacco Securitization Corp.
5.750%, 6/1/47		300,000		220,644
Los Angeles, California Community College District
5.000%, 8/1/27		1,100,000		1,058,376
5.000%, 8/1/31		200,000		190,316
5.000%, 8/1/32		1,000,000		944,100
Los Angeles, California Unified School District
4.500%, 7/1/22		1,500,000		1,350,480
4.500%, 7/1/24		1,300,000		1,136,239
4.500%, 7/1/25		1,700,000		1,473,764
4.500%, 1/1/28		1,500,000		1,271,910
Los Gatos, California Union School District
5.000%, 8/1/30		160,000		156,659
New York City Municipal Water Finance Authority
2.010%, 6/15/34(l)§		100,000		91,318
5.000%, 6/15/37		1,900,000		1,755,505
Puerto Rico Sales Tax Financing Corp. (Zero Coupon), 8/1/54		1,100,000		57,618
San Bernardino, California Community College District
5.000%, 8/1/31		1,500,000		1,403,490
State of California
4.500%, 8/1/28		2,200,000		1,830,774
5.000%, 11/1/37		600,000		542,220
5.000%, 12/1/37		1,200,000		1,084,308
State of Texas
4.750%, 4/1/37		6,500,000		5,666,115
Tobacco Settlement Financing Corp./New Jersey
5.000%, 6/1/29		1,010,000		694,224
5.000%, 6/1/41		400,000		249,396
				28,120,442
U.S. Government Agencies (74.0%)
Federal Home Loan Bank
4.000%, 4/20/09(e)		1,800,000		1,807,765
4.500%, 6/12/13		3,700,000		3,700,751
5.625%, 6/13/16		3,650,000		3,347,083
5.625%, 6/11/21^		17,610,000		18,666,389
Federal Home Loan Mortgage Corp.
4.000%, 6/1/10		856,999		855,868
6.000%, 6/15/11^		16,300,000		17,400,641
5.500%, 8/20/12		8,000,000		8,475,920
6.000%, 1/1/14		21,232		21,745

29

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
5.500%, 2/1/14	$	225,069	$	229,590
6.000%, 7/1/14		12,391		12,691
5.750%, 6/27/16		8,600,000		8,528,715
6.000%, 2/1/17		468,898		477,782
6.000%, 3/1/17		11,140		11,345
6.500%, 3/1/17		80,245		83,198
6.000%, 4/1/17		379,107		387,439
6.000%, 5/1/17		2,241		2,282
6.000%, 7/1/17		46,034		46,885
6.000%, 8/1/17		87,555		89,511
5.500%, 11/1/17		87,470		88,906
5.000%, 12/14/18^		3,600,000		3,383,842
5.500%, 3/1/23		58,628		58,813
6.500%, 4/1/31		680		703
6.831%, 11/1/31(l)		20,586		20,951
5.500%, 3/1/32		1,319,085		1,318,124
5.500%, 12/1/33		60,590		60,487
5.000%, 4/1/34		3,399,736		3,319,121
5.500%, 10/1/34		1,529,408		1,526,801
4.770%, 1/1/35(l)		4,292,478		4,285,935
5.500%, 10/1/35		684,378		681,715
5.311%, 4/1/36(l)		4,125,721		4,178,320
5.542%, 4/1/36(l)		6,396,040		6,511,470
5.000%, 5/1/36		591,119		576,364
5.675%, 1/1/37(l)		5,838,942		5,925,823
6.000%, 6/1/37		6,257,640		6,340,542
5.500%, 8/1/37		815,359		811,716
6.000%, 10/1/37		28,544,876		28,923,042
6.000%, 11/1/37		122,987,791		124,617,146
5.500%, 1/1/38		1,156,654		1,151,429
6.000%, 6/1/38		283,461		287,216
5.235%, 7/1/38(l)		8,889,903		8,902,446
5.308%, 8/1/38(l)		8,669,989		8,777,380
5.500%, 8/1/38		76,910,899		76,563,489
4.500%, 10/15/23 TBA		100,000		97,312
6.000%, 10/15/23 TBA		2,800,000		2,848,126
5.000%, 10/15/38 TBA		1,800,000		1,753,312
5.500%, 10/15/38 TBA		191,400,000		190,383,283
6.000%, 10/15/38 TBA		12,100,000		12,247,475
Federal National Mortgage Association
5.375%, 11/15/11		105,700,000		111,703,654
5.250%, 8/1/12^		24,223,000		24,503,018
4.625%, 5/1/13^		5,650,000		5,553,102
5.125%, 1/2/14^		2,575,000		2,564,262
4.000%, 5/1/14		4,874,908		4,803,413
7.000%, 4/1/15		51,502		54,328
6.000%, 2/1/16		1,574,741		1,618,804
6.000%, 3/1/16		266,844		274,337
7.000%, 4/1/16		64,521		68,022
5.500%, 2/1/17		392,499		399,555
5.500%, 6/1/17		124,079		126,309
5.500%, 8/1/17		102,946		104,797
5.500%, 10/1/17		107,400		109,330
5.500%, 12/1/17		5,775		5,879
5.500%, 1/1/18		369,752		376,399
5.000%, 3/1/18		3,314,607		3,325,514
5.500%, 4/1/18		622,334		632,355
5.000%, 10/1/18		14,485		14,532
5.500%, 10/1/18		12,181		12,377
5.500%, 11/1/18		4,003,848		4,075,829
5.000%, 1/1/19		476,571		478,139
5.500%, 3/1/19		395,728		402,374
5.500%, 5/1/19		1,016,757		1,035,036
5.500%, 7/1/19		113,620		115,219
5.500%, 8/1/19		631,940		640,536
5.500%, 9/1/19		357,950		362,819
5.500%, 11/1/19		349,824		354,583
5.000%, 12/1/19		6,578,463		6,579,846
5.500%, 6/1/20		3,418,496		3,477,142
5.500%, 10/1/20		638,313		645,201
5.500%, 1/1/21		701,344		708,036
5.500%, 2/1/21		253,846		256,268
4.000%, 4/1/23		6,372,912		6,066,099
4.000%, 6/1/23		3,732,033		3,552,360
5.953%, 1/1/28(l)		167,035		170,205
6.500%, 2/1/31		1,175		1,215
6.500%, 8/1/31		551		570
7.000%, 8/1/31		36,327		38,187
7.000%, 3/1/32		25,306		26,593
7.000%, 4/1/32		130,997		137,700
7.000%, 5/1/32		7,789		8,185
6.500%, 6/1/32		128,436		132,706
6.500%, 8/1/32		193,688		200,309
6.500%, 9/1/32		1,723,078		1,780,367
7.000%, 10/1/32		40,998		43,095
5.500%, 11/1/32		459,018		459,383
5.500%, 12/1/32		88,301		88,372
5.500%, 1/1/33		844,267		844,939
5.500%, 2/1/33		1,839,463		1,840,712
4.361%, 3/1/33(l)		189,793		189,830
5.500%, 3/1/33		3,958,418		3,950,857
5.500%, 6/1/33		25,789,042		25,794,850
5.500%, 7/1/33		95,133		95,149
5.000%, 8/1/33		5,837,422		5,706,301
5.500%, 8/1/33		111,937		111,956
5.500%, 10/1/33		854,092		854,238
6.500%, 10/1/33		6,959		7,177
5.500%, 11/1/33		846,320		846,465
5.500%, 12/1/33		345,396		345,454
5.500%, 2/1/34		1,209,213		1,208,285
6.000%, 2/1/34		3,495,619		3,557,223
5.500%, 3/1/34		6,005,052		6,000,445
5.500%, 4/1/34		9,986,342		9,988,072
5.500%, 5/1/34		12,526,331		12,520,544
5.500%, 6/1/34		13,852,227		13,841,877
5.500%, 7/1/34		12,948,636		12,939,897
5.500%, 8/1/34		360,552		360,613
6.000%, 8/1/34		2,148,393		2,186,254
5.500%, 9/1/34		15,793,335		15,781,221
6.500%, 9/1/34		355,002		365,474
5.500%, 11/1/34		35,801,849		35,774,386
5.500%, 12/1/34		344,535		344,270
5.500%, 1/1/35		47,898,629		47,861,888
5.500%, 2/1/35		31,762,159		31,760,993
5.500%, 3/1/35		9,199,296		9,187,306
6.000%, 3/1/35		16,026		16,256
4.862%, 4/1/35(l)		8,103,936		8,015,152
6.000%, 4/1/35		11,696,432		11,909,870
5.500%, 5/1/35		434,409		434,483
6.000%, 5/1/35		698,603		708,623
6.000%, 7/1/35		432,238		438,437
5.500%, 8/1/35		12,997,676		12,984,412
6.000%, 8/1/35		1,273,961		1,292,232
6.000%, 9/1/35		1,380,765		1,400,568
5.000%, 10/1/35		506,694		494,521
5.500%, 10/1/35		14,752,572		14,732,036
6.000%, 10/1/35		2,770,969		2,810,710
5.000%, 11/1/35		9,287,315		9,064,190
5.500%, 11/1/35		1,919,532		1,916,860
6.000%, 11/1/35		2,326,470		2,359,836

30

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
5.500%, 12/1/35	$	7,570,520	$	7,564,713
6.000%, 12/1/35		29,242		29,662
6.500%, 12/1/35		843,778		866,823
5.282%, 1/1/36(l)		2,974,473		2,993,744
6.000%, 1/1/36		785,291		796,553
5.000%, 2/1/36		24,654,920		24,062,595
6.000%, 2/1/36		755,376		766,210
6.000%, 3/1/36		540,082		547,821
5.500%, 4/1/36		51,310		51,215
6.000%, 4/1/36		79,490		80,605
6.000%, 5/1/36		2,484,244		2,519,097
5.500%, 6/1/36		1,556,265		1,554,162
6.000%, 6/1/36		4,624,591		4,689,470
6.500%, 6/1/36		26,124		26,817
5.000%, 7/1/36		62,186,425		60,653,554
5.500%, 7/1/36		405,844		405,089
6.000%, 7/1/36		4,784,521		4,851,646
6.500%, 7/1/36		43,479		44,633
6.000%, 8/1/36		11,806,896		11,972,539
6.500%, 8/1/36		298,431		306,349
6.000%, 9/1/36		20,733,195		21,024,070
6.000%, 10/1/36		12,798,415		12,977,966
5.500%, 11/1/36		439,514		438,696
6.000%, 11/1/36		3,602,995		3,653,542
5.500%, 12/1/36		4,458,947		4,450,650
6.000%, 12/1/36		7,750,522		7,859,257
5.500%, 1/1/37		11,941,240		11,918,995
6.000%, 1/1/37		2,540,026		2,575,660
7.000%, 1/1/37		67,402		70,399
5.000%, 2/1/37		965,705		941,695
5.500%, 2/1/37		2,777,550		2,772,231
6.000%, 2/1/37		2,506,854		2,541,968
5.500%, 3/1/37		76,206,962		76,060,869
6.500%, 3/1/37		411,918		422,823
5.500%, 4/1/37		19,460,974		19,423,668
6.000%, 4/1/37		21,125,758		21,420,951
6.500%, 4/1/37		1,337,161		1,372,560
7.000%, 4/1/37		6,740,278		7,040,008
5.500%, 5/1/37		16,181,092		16,150,373
6.500%, 5/1/37		444,827		456,603
5.500%, 6/1/37		24,174,966		24,128,622
6.000%, 6/1/37		493,575		500,472
5.000%, 7/1/37		3,327,989		3,245,248
5.500%, 7/1/37		32,589,084		32,526,608
6.000%, 7/1/37		23,737,791		24,069,482
6.500%, 7/1/37		12,865,551		13,206,143
5.500%, 8/1/37		1,140,671		1,138,485
6.000%, 8/1/37		2,869,296		2,909,397
6.500%, 8/1/37		553,476		568,128
5.000%, 9/1/37		474,614		462,815
5.500%, 9/1/37		16,960,860		16,928,345
6.000%, 9/1/37		6,209,186		6,278,473
6.500%, 9/1/37		3,069,956		3,151,227
5.500%, 10/1/37		1,023,064		1,021,160
6.000%, 10/1/37		2,973,324		2,990,910
6.500%, 10/1/37		1,836,535		1,885,154
5.000%, 11/1/37		295,713		288,361
5.500%, 11/1/37		518,490		517,496
6.000%, 11/1/37		6,142,391		6,228,219
5.500%, 12/1/37		993,933		992,027
6.500%, 12/1/37		22,066,160		22,650,320
5.000%, 1/1/38		2,199,410		2,144,508
5.500%, 1/1/38		390,859		390,109
6.000%, 1/1/38		495,721		502,599
5.000%, 2/1/38		57,944,907		56,541,330
6.000%, 2/1/38		36,911,079		37,426,841
6.500%, 2/1/38		412,018		422,884
5.000%, 3/1/38		15,565,395		15,177,223
6.000%, 3/1/38		281,253		285,155
6.500%, 3/1/38		742,811		762,401
5.000%, 4/1/38		20,956,858		20,433,761
5.500%, 4/1/38		44,716,822		44,626,642
6.500%, 4/1/38		470,098		482,496
5.000%, 5/1/38		6,022,908		5,872,565
6.000%, 5/1/38		55,209,149		55,975,065
5.000%, 6/1/38		1,854,029		1,807,748
5.500%, 6/1/38		65,014,373		64,889,590
6.000%, 6/1/38		692,725		702,335
5.000%, 7/1/38		71,248		69,469
5.500%, 7/1/38		2,449,760		2,444,819
6.000%, 7/1/38		2,282,705		2,314,373
6.000%, 8/1/38		5,906,391		5,988,332
6.000%, 9/1/38		7,270,000		7,370,857
6.142%, 12/1/40(l)		114,696		116,149
4.500%, 10/25/23 TBA		28,800,000		28,062,000
5.000%, 10/25/23 TBA		8,000,000		7,942,496
5.000%, 10/25/38 TBA		47,200,000		45,990,500
5.500%, 10/25/38 TBA		73,600,000		73,393,037
6.000%, 10/25/38 TBA		250,100,000		253,304,281
6.500%, 10/25/38 TBA		35,700,000		36,603,638
5.000%, 11/25/38 TBA		17,000,000		16,537,804
Government National Mortgage Association
5.625%, 7/20/27(l)		8,552		8,650
6.000%, 9/15/28		11,020		11,261
6.000%, 11/15/28		19,530		19,954
6.000%, 1/15/29		56,234		57,326
6.000%, 2/15/29		18,865		19,231
6.000%, 6/15/29		28,253		28,802
7.000%, 9/15/31		41,367		43,559
7.000%, 10/15/31		6,239		6,562
6.000%, 11/15/31		12,529		12,765
6.000%, 12/15/31		75,351		76,767
7.000%, 2/15/32		44,035		46,294
7.000%, 4/15/32		22,971		24,149
6.500%, 5/15/32		968,896		996,711
7.000%, 5/15/32		22,887		24,084
6.000%, 7/15/32		50,507		51,440
6.000%, 1/15/33		50,359		51,274
6.500%, 1/15/33		793,101		815,384
6.000%, 2/15/33		84,433		85,967
6.500%, 2/15/33		986,544		1,014,364
7.000%, 2/15/33		35,541		37,349
5.500%, 4/15/33		123,700		124,199
6.500%, 6/15/34		989,104		1,017,013
6.500%, 8/15/34		7,766,278		7,966,700
6.000%, 9/15/34		1,617,420		1,645,792
6.000%, 12/15/34		156,685		159,433
6.000%, 1/15/35		541,569		550,562
6.000%, 2/15/35		268,666		273,127
6.000%, 3/15/35		1,115,852		1,134,379
6.000%, 5/15/35		79,782		81,107
6.000%, 7/15/35		699,582		712,488
6.000%, 9/15/35		83,967		85,361
6.000%, 10/15/35		240,809		244,807
6.000%, 12/15/35		460,952		468,605
6.500%, 12/15/35		9,326,136		9,556,805
6.000%, 1/15/36		147,873		150,326
6.000%, 2/15/36		228,711		232,505
6.000%, 3/15/36		195,894		199,145
6.000%, 4/15/36		222,310		225,998

31

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Principal Amount			Value (Note 1)
6.000%, 5/15/36	$	1,302,345		$	1,323,953
6.000%, 6/15/36		1,750,052			1,779,087
6.000%, 7/15/36		3,426,469			3,483,320
6.000%, 8/15/36		3,450,882			3,507,323
6.000%, 9/15/36		2,576,449			2,619,197
6.000%, 10/15/36		4,347,962			4,420,101
6.000%, 7/20/37		369,730			375,141
5.500%, 10/15/38 TBA		13,400,000			13,402,817
6.000%, 10/15/38 TBA		34,600,000			35,036,876
6.500%, 10/15/38 TBA		21,400,000			21,884,843
Resolution Funding Corp.
0.000%, 7/15/18 IO STRIPS^		75,000			48,860
0.000%, 10/15/18 IO STRIPS		75,000			48,054
Small Business Administration Series P10A
4.504%, 2/1/14		503,014			479,715
Small Business Administration Participation Certificates
4.524%, 2/10/13		434,398			423,703
U.S. Department of Housing and Urban Development
5.380%, 8/1/18		1,660,000			1,679,414
					2,472,115,141
U.S. Treasuries (1.6%)
U.S. Treasury Bonds
2.375%, 1/15/25 TIPS		2,885,652			2,795,926
2.000%, 1/15/26 TIPS		3,764,786			3,437,427
1.750%, 1/15/28 TIPS		7,343,350			6,406,500
4.375%, 2/15/38		1,250,000			1,265,917
U.S. Treasury Notes
3.125%, 8/31/13		27,300,000			27,509,009
4.000%, 8/15/18		11,878,000			12,046,893
					53,461,672
Total Government Securities					2,732,024,951
Total Long-Term Debt Securities (122.2%) (Cost $4,265,462,179)					4,084,534,705
	Number of Shares			Value (Note 1)
CONVERTIBLE PREFERRED STOCK:
Financials (0.1%)
Commercial Banks (0.1%)
Wachovia Corp. Series L
7.500%
(Cost $5,000,000)		5,000			1,925,000
	Principal Amount			Value (Note 1)
SHORT-TERM INVESTMENTS:
Certificates of Deposit (0.2%)
UniCredito Italiano S.p.A./New York
3.09%, 5/15/09 (l)	$	8,400,000			8,388,392
Government Securities (0.3%)
Federal Home Loan Bank
2.36%, 10/16/08 (p)(o)		8,500,000			8,491,085
Short-Term Investments of Cash Collateral for Securities Loaned (1.0%)
Banco de Sabadell S.A.
2.84%, 4/23/09 (l)		430,000			430,000
Bank of Ireland
3.09%, 12/19/08 (l)		719,975			719,975
BBVA Senior Finance S.A.
2.87%, 3/12/10 (l)		320,000			320,000
Citigroup Funding, Inc.
2.11%, 3/16/09 (l)		430,000			430,000
Comerica Bank
2.51%, 3/16/09 (l)		139,996			139,996
Credit Suisse (USA) LLC, Repurchase Agreement
2.00%, 10/1/08 (r)		25,475,358			25,475,358
General Electric Capital Corp.
2.15%, 3/12/10 (l)		60,000			60,000
Goldman Sachs Group, Inc.
2.16%, 3/27/09 (l)		400,000			400,000
Hartford Life, Inc.
2.62%, 2/2/09 (l)		110,000			110,000
K2 (USA) LLC
2.12%, 5/29/09 (l)		569,883			569,883
2.12%, 6/18/09 (l)		719,841			719,841
Lehman Brothers Holdings, Inc.
0.00%, 8/21/09 (h)†		359,998			179,998
Links Finance LLC
2.12%, 6/25/09 (l)		209,961			209,961
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
3.29%, 2/9/09 (l)		1,117,908			1,117,908
7.15%, 5/7/09 (l)		720,000			720,000
Pricoa Global Funding I
2.15%, 6/25/10 (l)		429,925			429,925
Three Pillars Funding Corp.
6.50%, 10/1/08		999,819			999,819
Wachovia Bank N.A.
2.12%, 10/2/08 (l)		140,000			140,000
Total Short-Term Investments of Cash Collateral for Securities Loaned					34,202,664
Time Deposit (2.4%)
JPMorgan Chase Nassau
0.58%, 10/1/08		80,931,544			80,931,544
Total Short-Term Investments (3.9%) (Cost/Amortized Cost $132,205,849)					132,013,685
Total Investments Before Securities Sold Short (126.2%) (Cost/Amortized Cost $4,402,668,028)					4,218,473,390
SECURITIES SOLD SHORT:
U.S. Government Agencies (-1.9%)
Federal National Mortgage Association
5.500%, 10/25/23 TBA		(13,600,000	)		(13,706,243	)
6.000%, 10/25/38 TBA		(35,600,000	)		(36,056,107	)
6.500%, 10/25/38 TBA		(10,500,000	)		(10,765,776	)
Government National Mortgage Association
6.000%, 10/15/38 TBA		(3,600,000	)		(3,652,877	)
6.500%, 10/15/38 TBA		(200,000	)		(204,688	)
Total Securities Sold Short (-1.9%) (Proceeds Received $64,829,313)					(64,385,691	)
Total Investments after Securities Sold Short (124.3%) (Cost/Amortized Cost $4,337,838,715)					4,154,087,699
Other Assets Less Liabilities (-24.3%)					(812,549,672	)
Net Assets (100%)				$	3,341,538,027

32

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

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

† Securities (totaling $9,066,461 or 0.3% of net assets) at fair value.

§ Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At September 30, 2008, the market value of these securities amounted to $214,428,521 or 6.4% of net assets. Securities denoted with “§” but without “b” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

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

(b) Illiquid Security.

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

(h) Security in default.

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

(o) Discount Note Security. Effective rate calculated as of September 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:

BRL — Brazilian Real

CMO — Collateralized Mortgage Obligation

EUR — European Currency Unit

IO — Interest Only

JPY — Japanese Yen

STRIPS — Separate Trading of Registered Interest and Principal Securities

TBA — Security is subject to delayed delivery.

TIPS — Treasury Inflation Protected Security

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

Purchases	Number of Contracts	Expiration Date	Original Value		Value at 9/30/2008		Unrealized Appreciation/ (Depreciation)
90 Day Sterling	2,380	December-09	$	501,143,459	$	503,522,676	$	2,379,217
90 Day Sterling	200	September-10		42,090,606		42,250,605		159,999
EURODollar	469	June-09		112,589,313		113,685,600		1,096,287
EURODollar	4,503	September-09		1,080,095,263		1,090,570,313		10,475,050
EURODollar	4,908	December-09		1,175,934,787		1,184,791,200		8,856,413
U.S. 10 Year Treasury Notes	9	December-08		1,032,891		1,031,625		(1,266	)
U.S. 2 Year Treasury Notes	224	December-08		47,671,382		47,810,000		138,618
U.S. 5 Year Treasury Notes	1,397	December-08		157,949,247		156,791,422		(1,157,825	)
U.S. Long Bonds	283	December-08		33,741,546		33,159,641		(581,905	)
							$	21,364,588
Sales
EURODollar	109	June-09	$	26,438,980	$	26,421,600	$	17,380
EURODollar	53	June-10		12,745,910		12,740,538		5,372
U.S. 10 Year Treasury Notes	283	December-08		32,934,127		32,438,875		495,252
U.S. Treasury Bonds	2,112	December-08		248,399,703		247,467,000		932,703
UK Long Gilt	371	December-08		72,951,814		73,972,160		(1,020,346	)
							$	430,361
							$	21,794,949

33

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

At September 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 Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Foreign Currency Buy Contracts
European Union vs. U.S. Dollar, expiring 10/16/08	861	1,213	$	1,213,884	$	1,213,149	$	735
European Union vs. U.S. Dollar, expiring 11/5/08	2,984	4,314		4,213,965		4,314,285		(100,320	)
							$	(99,585	)
Foreign Currency Sell Contracts
Brazilian Real vs. U.S. Dollar, expiring 12/2/08	800	1,460	$	800,000	$	757,294	$	42,706
Brazilian Real vs. U.S. Dollar, expiring 12/2/08	1,200	2,187		1,199,999		1,134,696		65,303
Brazilian Real vs. U.S. Dollar, expiring 12/2/08	2,263	3,852		2,263,396		1,998,716		264,680
Brazilian Real vs. U.S. Dollar, expiring 12/2/08	7,320	13,590		7,320,226		7,050,994		269,232
Brazilian Real vs. U.S. Dollar, expiring 12/2/08	200	367		200,000		190,206		9,794
Brazilian Real vs. U.S. Dollar, expiring 12/2/08	1,400	2,554		1,400,000		1,324,902		75,098
European Union vs. U.S. Dollar, expiring 10/16/08	14,211	10,104		14,211,276		14,245,158		(33,882	)
Japanese Yen vs. U.S. Dollar, expiring 10/20/08	4,836	522,961		4,836,463		4,932,118		(95,655	)
Japanese Yen vs. U.S. Dollar, expiring 11/5/08	1,681	177,520		1,681,220		1,678,409		2,811
							$	600,087
							$	500,502

Options Written:

Options written through the nine months ended September 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	(798	)		(598,669	)
Options Expired	(5,219	)		(3,667,925	)
Options Exercised	—			—
Options Outstanding—September 30, 2008	—		$	—

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 September 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	$	1,925,000	$	4,207,481,929	$	9,066,461	$	4,218,473,390
Other Investments*		24,556,291		730,359		—		25,286,650
Total	$	26,481,291	$	4,208,212,288	$	9,066,461	$	4,243,760,040
Liabilities
Investments in Securities	$	—	$	64,385,691	$	—	$	64,385,691
Other Investments*		2,761,342		229,857		—		2,991,199
Total	$	2,761,342	$	64,615,548	$	—	$	67,376,890

34

AXA PREMIER VIP TRUST

MULTIMANAGER CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

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		(307,707	)		—
Purchases, sales, issuances, and settlements (net)		—			—
Transfers in and/or out of Level 3		(9,558,952	)		—
Balance as of 9/30/08	$	9,066,461		$	—
The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 9/30/08.	$	(468,686	)	$	—

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

Investment security transactions for the nine months ended September 30, 2008 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	11,191,246,740
Long-term U.S. Treasury securities		3,407,145,663
	$	14,598,392,403
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	10,455,321,365
Long-term U.S. Treasury securities		3,356,351,948
	$	13,811,673,313
As of September 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	$	21,384,721
Aggregate gross unrealized depreciation		(205,707,058	)
Net unrealized depreciation	$	(184,322,337	)
Federal income tax cost of investments	$	4,402,795,727

At September 30, 2008, the Portfolio had loaned securities with a total value of $44,609,417. This was secured by collateral of $34,202,664 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $11,702,861 was received in the form of short-term pooled securities, which the Portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities.

See Notes to Portfolio of Investments.

35

AXA PREMIER VIP TRUST

MULTIMANAGER HEALTH CARE PORTFOLIO

PORTFOLIO OF INVESTMENTS

September 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Staples (1.9%)
Food & Staples Retailing (1.7%)
CVS Caremark Corp.	179,085	$	6,028,001
Drogasil S.A.	95,486		509,319
Rite Aid Corp.*^	343,024		288,140
			6,825,460
Personal Products (0.2%)
Herbalife Ltd.^	15,464		611,137
Total Consumer Staples			7,436,597
Financials (0.3%)
Insurance (0.3%)
Amil Participacoes S.A.	165,800		993,284
Total Financials			993,284
Health Care (95.7%)
Biotechnology (22.9%)
3SBio, Inc. (ADR)*	53,303		343,804
Alexion Pharmaceuticals, Inc.*^	34,330		1,349,169
Altus Pharmaceuticals, Inc.*^	27,948		31,022
Amgen, Inc.*	339,036		20,094,664
Amylin Pharmaceuticals, Inc.*^	163,435		3,304,656
Array BioPharma, Inc.*^	51,715		397,171
Avigen, Inc.*	86,888		347,552
Biogen Idec, Inc.*	20,700		1,041,003
BioMarin Pharmaceutical, Inc.*^	58,584		1,551,890
Celera Corp.*^	210,550		3,252,997
Celgene Corp.*	134,776		8,528,625
Cephalon, Inc.*^	23,800		1,844,262
Cougar Biotechnology, Inc.(b)*†§^	26,100		784,331
Cytokinetics, Inc.*^	175,800		833,292
Genentech, Inc.*	73,631		6,529,597
Gentium S.p.A. (ADR)*	28,300		45,846
Genzyme Corp.*	75,930		6,141,978
Gilead Sciences, Inc.*	275,880		12,574,610
Human Genome Sciences, Inc.*^	318,536		2,022,704
ImClone Systems, Inc.*	13,640		851,682
Incyte Corp.*^	108,109		827,034
Keryx Biopharmaceuticals, Inc.*^	350,951		122,833
Onyx Pharmaceuticals, Inc.*^	23,181		838,689
OSI Pharmaceuticals, Inc.*^	60,503		2,982,193
Progenics Pharmaceuticals, Inc.*^	153,700		2,045,747
Regeneron Pharmaceuticals, Inc.*^	77,020		1,681,347
Rigel Pharmaceuticals, Inc.*^	29,855		697,114
Savient Pharmaceuticals, Inc.*^	23,900		356,349
Seattle Genetics, Inc.*^	124,977		1,337,254
United Therapeutics Corp.*^	37,579		3,952,183
Vertex Pharmaceuticals, Inc.*	68,465		2,275,777
			88,987,375
Health Care Distributors (2.5%)
Animal Health International, Inc.*^	81,977		675,491
Cardinal Health, Inc.	41,500		2,045,120
Celesio AG	23,328		1,023,430
McKesson Corp.	111,140		5,980,443
			9,724,484
Health Care Equipment (20.2%)
Abiomed, Inc.*^	57,100		1,013,525
American Medical Systems Holdings, Inc.*^	106,024		1,882,986
Baxter International, Inc.	162,885		10,690,143
Beckman Coulter, Inc.	39,800		2,825,402
Becton, Dickinson & Co.	48,000		3,852,480
China Medical Technologies, Inc. (ADR)^	41,500		1,352,070
Covidien Ltd.	222,133		11,941,870
DexCom, Inc.*^	88,061		545,098
DiaSorin S.p.A.	28,709		560,764
EnteroMedics, Inc.*	146,049		470,278
Hologic, Inc.*^	81,225		1,570,079
Hospira, Inc.*	33,672		1,286,270
Insulet Corp.*^	48,882		680,437
Intuitive Surgical, Inc.*	11,140		2,684,517
Medtronic, Inc.	367,596		18,416,560
Mindray Medical International Ltd. (ADR)^	19,035		642,051
Nobel Biocare Holding AG (Registered)	19,006		637,225
ResMed, Inc.*	26,917		1,157,431
Smith & Nephew plc	142,358		1,500,515
St. Jude Medical, Inc.*	95,810		4,166,777
Symmetry Medical, Inc.*^	70,000		1,299,200
Synthes, Inc.	12,154		1,678,794
Volcano Corp.*^	181,800		3,143,322
Wright Medical Group, Inc.*^	102,694		3,126,005
Zimmer Holdings, Inc.*	23,592		1,523,100
			78,646,899
Health Care Facilities (1.2%)
Assisted Living Concepts, Inc., Class A*^	111,866		712,586
Health Management Associates, Inc., Class A*	128,400		534,144
Rhoen-Klinikum AG	76,404		2,221,097
Tenet Healthcare Corp.*	239,100		1,327,005
			4,794,832
Health Care Services (3.7%)
DaVita, Inc.*	29,237		1,666,801
Express Scripts, Inc.*	20,762		1,532,651
HMS Holdings Corp.*^	24,438		585,534
Laboratory Corp. of America Holdings*^	14,745		1,024,777
Medco Health Solutions, Inc.*	172,870		7,779,150
Pediatrix Medical Group, Inc.*	12,943		697,887
Quest Diagnostics, Inc.	25,528		1,319,032
			14,605,832
Health Care Supplies (0.7%)
Align Technology, Inc.*^	60,983		660,446
Dentsply International, Inc.	29,330		1,101,048
TranS1, Inc.*^	74,794		739,713
Xtent, Inc.*	56,310		77,708
			2,578,915
Health Care Technology (0.4%)
Allscripts Healthcare Solutions, Inc.*^	64,759		805,602
Eclipsys Corp.*^	34,600		724,870
			1,530,472
Industrial Conglomerates (0.2%)
Teleflex, Inc.	13,060		829,179

36

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MULTIMANAGER HEALTH CARE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
Life Sciences Tools & Services (6.9%)
Affymetrix, Inc.*^		44,564	$	344,925
AMAG Pharmaceuticals, Inc.*^		17,688		685,056
Applied Biosystems, Inc.		29,507		1,010,615
Charles River Laboratories International, Inc.*		54,413		3,021,554
Covance, Inc.*		13,465		1,190,441
Exelixis, Inc.*^		52,800		321,024
Illumina, Inc.*^		46,986		1,904,342
Invitrogen Corp.*^		24,605		930,069
MDS, Inc.*		55,258		659,929
Pharmaceutical Product Development, Inc.		59,399		2,456,149
PharmaNet Development Group, Inc.*^		109,205		788,460
Qiagen N.V.*		84,001		1,657,340
Sequenom, Inc.*^		28,496		758,563
Thermo Fisher Scientific, Inc.*		143,595		7,897,725
Varian, Inc.*^		33,100		1,419,990
Waters Corp.*		30,415		1,769,545
				26,815,727
Managed Health Care (6.8%)
Aetna, Inc.		66,637		2,406,262
AMERIGROUP Corp.*^		45,700		1,153,468
CIGNA Corp.		26,933		915,183
Coventry Health Care, Inc.*		109,300		3,557,715
Health Net, Inc.*		196,881		4,646,392
Humana, Inc.*		74,800		3,081,760
UnitedHealth Group, Inc.		259,447		6,587,359
WellPoint, Inc.*		83,928		3,925,313
				26,273,452
Pharmaceuticals (30.2%)
Abbott Laboratories, Inc.		227,195		13,081,888
Allergan, Inc.		62,989		3,243,933
ARYx Therapeutics, Inc.*		56,309		344,611
Astellas Pharma, Inc.		75,300		3,163,859
AstraZeneca plc (ADR)^		38,300		1,680,604
Auxilium Pharmaceuticals, Inc.*		15,280		495,072
Barr Pharmaceuticals, Inc.*		77,600		5,067,280
Bayer AG		16,839		1,229,127
Biodel, Inc.*^		17,926		60,052
BioMimetic Therapeutics, Inc.*^		33,844		374,315
Cadence Pharmaceuticals, Inc.*^		67,327		597,864
Daiichi Sankyo Co., Ltd.		129,400		3,303,295
EastPharma Ltd. (GDR)*§†		74,814		143,718
Eisai Co., Ltd.		88,700		3,447,944
Elan Corp. plc (ADR)*^		155,000		1,653,850
Eli Lilly & Co.		93,490		4,116,365
Forest Laboratories, Inc.*		113,675		3,214,729
H. Lunbeck A/S		29,700		566,617
Hikma Pharmaceuticals plc		84,198		599,859
Ipsen S.A.		44,673		2,011,998
Johnson & Johnson		116,125		8,045,140
Laboratorios Almirall S.A.		59,237		545,771
MAP Pharmaceuticals, Inc.*		28,446		287,873
Medicines Co.*		113,995		2,646,964
Medicis Pharmaceutical Corp., Class A^		31,019		462,493
Merck & Co., Inc.		128,726		4,062,593
Merck KGaA		10,649		1,143,222
Novartis AG (ADR)		37,453		1,979,016
Pfizer, Inc.		73,236		1,350,472
Pharmstandard OJSC (GDR)*§†		15,400		240,471
Roche Holding AG		21,972		3,425,148
Sanofi-Aventis S.A. (ADR)		94,624		3,110,291
Schering-Plough Corp.		681,972		12,596,023
Shionogi & Co., Ltd.		196,000		3,965,873
Shire, Ltd. (ADR)^		18,180		868,095
Takeda Pharmaceutical Co., Ltd.		26,400		1,329,583
Teva Pharmaceutical Industries Ltd. (ADR)		176,870		8,098,877
UCB S.A. (Brussels Exchange)		73,559		2,615,016
UCB S.A. (Frankfurt Exchange)		9,800		343,521
Wyeth		309,764		11,442,682
XenoPort, Inc.*		11,867		575,431
				117,531,535
Total Health Care				372,318,702
Information Technology (0.3%)
Electronic Equipment, Instruments & Components (0.3%)
Agilent Technologies, Inc.*		38,442		1,140,190
Total Information Technology				1,140,190
Total Common Stocks (98.2%) (Cost $398,066,441)				381,888,773
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (10.1%)
Amstel Funding Corp.
8.00%, 10/1/08	$	999,778		999,778
Banco de Sabadell S.A.
2.84%, 4/23/09 (l)		1,130,000		1,130,000
Bank of Ireland
3.09%, 12/19/08 (l)		1,889,935		1,889,935
BBVA Senior Finance S.A.
2.87%, 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
2.51%, 3/16/09 (l)		379,989		379,989
Credit Suisse (USA) LLC, Repurchase Agreement
2.00%, 10/1/08 (r)		16,155,505		16,155,505
General Electric Capital Corp.
2.15%, 3/12/10 (l)		150,000		150,000
Goldman Sachs Group, Inc.
2.16%, 3/27/09 (l)		1,050,000		1,050,000
Hartford Life, Inc.
2.62%, 2/2/09 (l)		300,000		300,000
K2 (USA) LLC
2.12%, 5/29/09 (l)		1,509,689		1,509,689
2.12%, 6/18/09 (l)		1,889,582		1,889,582
Lehman Brothers Holdings, Inc.
0.00%, 8/21/09 (h)†		939,994		469,996
Links Finance LLC
2.12%, 6/25/09 (l)		569,894		569,894
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
3.29%, 2/9/09 (l)		2,934,507		2,934,507
7.15%, 5/7/09 (l)		1,890,000		1,890,000
Pricoa Global Funding I
2.15%, 6/25/10 (l)		1,129,802		1,129,802
Three Pillars Funding Corp.
6.50%, 10/1/08		999,819		999,819

37

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MULTIMANAGER HEALTH CARE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Tulip Funding Corp.
7.25%, 10/1/08	$	999,799	$	999,799
Wachovia Bank N.A.
2.12%, 10/2/08 (l)		380,000		380,000
Total Short-Term Investments of Cash Collateral for Securities Loaned				39,498,295
Time Deposit (4.3%)
JPMorgan Chase Nassau
0.58%, 10/1/08		16,628,249		16,628,249
Total Short-Term Investments (14.4%) (Cost/Amortized Cost $56,596,541)				56,126,544
	Number of Contracts (c)		Value (Note 1)
OPTION PURCHASED:
Call Option Purchased (0.3%)
Genentech, Inc.
January 2009 @ $80.00*		442		574,600
January 2009 @ $95.00*		795		397,500
January 2009 @ $100.00*		376		109,040
January 2009 @ $120.00*		1,423		14,230
Total Options Purchased (0.3%) (Cost $1,068,064)				1,095,370
Total Investments (112.9%) (Cost/Amortized Cost $455,731,046)				439,110,687
Other Assets Less Liabilities (-12.9%)				(50,265,914	)
Net Assets (100%)			$	388,844,773

* Non-income producing.

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

† Securities (totaling $1,638,516 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 September 30, 2008, the market value of these securities amounted to $1,168,520 or 0.3% 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.

(b) Illiquid Security.

(c) One contract relates to 100 shares.

(h) Security in default.

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

At September 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 Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Foreign Currency Buy Contract
Swiss Franc vs. U.S. Dollar, expiring 11/10/08	550	501	$	491,427	$	500,988	$	(9,561	)

38

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MULTIMANAGER HEALTH CARE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Local Contract Buy Amount (000’s)	Local Contract Sell Amount (000’s)	U.S. $ Current Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Foreign Currency Sell Contracts
British Pound vs. U.S. Dollar, expiring 11/10/08	133	72	$	132,691	$	128,321	$	4,370
British Pound vs. U.S. Dollar, expiring 11/10/08	1,585	818		1,584,539		1,457,872		126,667
European Union vs. U.S. Dollar, expiring 11/10/08	4,142	2,700		4,141,800		3,812,859		328,941
Swiss Franc vs. U.S. Dollar, expiring 11/10/08	3,857	4,080		3,857,244		3,645,498		211,746
							$	671,724
							$	662,163

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 September 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	$	346,502,965	$	90,969,206	$	1,638,516	$	439,110,687
Other Investments*		—		671,724		—		671,724
Total	$	346,502,965	$	91,640,930	$	1,638,516	$	439,782,411
Liabilities
Investments in Securities	$	—	$	—	$	—	$	—
Other Investments*		—		9,561		—		9,561
Total	$	—	$	9,561	$	—	$	9,561

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		(29,714	)		—
Purchases, sales, issuances, and settlements (net)		(1,135,988	)		—
Transfers in and/or out of Level 3		1,378,647			—
Balance as of 9/30/08	$	1,638,516		$	—
The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 9/30/08.	$	(1,085,532	)	$	—

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

39

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MULTIMANAGER HEALTH CARE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

Investment security transactions for the nine months ended September 30, 2008 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	366,896,125
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	343,760,104
As of September 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	$	15,760,279
Aggregate gross unrealized depreciation		(38,189,298	)
Net unrealized depreciation	$	(22,429,019	)
Federal income tax cost of investments	$	461,539,706

At September 30, 2008, the Portfolio had loaned securities with a total value of $39,138,522. This was secured by collateral of $39,498,295 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 $21,012, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

See Notes to Portfolio of Investments.

40

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MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS

September 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (1.0%)
Asset-Backed Securities (0.5%)
Pegasus Aviation Lease Securitization, Series 2001-1A A1
2.968%, 5/10/31(l)§	$	3,800,000	$	1,501,000
Triton Aviation Finance, Series 1A A1
3.258%, 6/15/25(l)(b)§		9,702,280		7,179,687
				8,680,687
Non-Agency CMO (0.5%)
American Home Mortgage Assets, Series 2006-2 2A1
3.397%, 9/25/46(l)		62,631		38,261
Series 2006-4 1A12
3.417%, 10/25/46(l)		155,455		60,321
Series 2006-5 A1
3.775%, 11/25/46(l)		2,477,981		1,247,475
Series 2007-1 A1
3.555%, 2/25/47(l)		85,438		42,974
Series 2007-3 22A1
6.250%, 6/25/37(e)		1,416,778		863,378
American Home Mortgage Assets Trust, Series 2006-1 2A1
3.397%, 5/25/46(l)		111,228		71,516
American Home Mortgage Investment Trust, Series 2005-2 4A1
5.660%, 9/25/45(l)		51,650		35,080
Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-3 1A1
5.474%, 5/25/47(l)		87,809		73,811
Chase Mortgage Finance Corp., Series 2007-A1 11M1
5.434%, 3/25/37(l)		76,333		65,273
Citigroup Mortgage Loan Trust, Inc., Series 2006-AR7 1A3A
5.666%, 7/25/46(l)		66,017		51,104
Series 2007-10 22AA
6.014%, 9/25/37(l)		180,744		126,033
Countrywide Alternative Loan Trust, Series 2005-59 1A1
3.537%, 11/20/35(l)		55,371		35,321
Series 2005-62 2A1
3.855%, 12/25/35(l)		43,464		31,379
Series 2006-HY13 4A1
5.898%, 2/25/37(l)		78,115		63,406
Series 2006-OA11 A1B
3.397%, 9/25/46(l)		90,544		49,989
Series 2006-OA17 1A1A
3.383%, 12/20/46(l)		232,496		141,227
Series 2006-OA9 2A1A
3.398%, 7/20/46(l)		139,085		85,531
GSR Mortgage Loan Trust, Series 2006-AR1 2A1
5.178%, 1/25/36(l)		74,247		65,118
Harborview Mortgage Loan Trust, Series 2006-5 2A1A
3.210%, 7/19/46(l)		71,717		44,585
Indymac Index Mortgage Loan Trust, Series 2006-AR12 A1
3.397%, 9/25/46(l)		68,243		41,375
Series 2006-AR6 2A1A
3.407%, 6/25/47(l)		65,476		39,653
Luminent Mortgage Trust, Series 2006-7 2A1
3.377%, 12/25/36(l)		82,185		50,010
MASTR Adjustable Rate Mortgages Trust, Series 2006-OA1 1A1
3.417%, 4/25/46(l)		47,416		29,881
Merrill Lynch Mortgage Backed Securities Trust, Series 2007-1 2A1
5.849%, 4/25/37(l)		76,524		54,726
Residential Accredit Loans, Inc., Series 2007-QS4 2A1
3.537%, 3/25/37(l)		1,687,479		917,195
Series 2007-QS9 A33
6.500%, 7/25/37		2,755,060		1,640,123
Structured Asset Mortgage Investments, Inc., Series 2006-AR5 4A1
3.427%, 5/25/46(l)		65,463		40,180
Series 2006-AR6 2A1
3.397%, 7/25/46(l)		80,007		49,225
Suntrust Alternative Loan Trust, Series 2006-1F 3A
3.557%, 4/25/36(l)		1,361,782		730,369
WaMu Mortgage Pass-Through Certificates, Series 2006-AR10 1A1
5.931%, 9/25/36(l)		66,265		51,430
Series 2006-AR17 1A
3.675%, 12/25/46(l)		71,179		37,716
Series 2007-HY1 1A1
5.711%, 2/25/37(l)		80,134		58,990
Series 2007-HY1 2A3
5.868%, 2/25/37(l)		78,564		66,173
Series 2007-HY1 4A1
5.469%, 2/25/37(l)		169,096		141,910
Series 2007-HY2 1A1
5.614%, 12/25/36(l)		83,252		65,183
Series 2007-HY5 2A1
5.668%, 5/25/37(l)		85,064		76,892
Series 2007-OA1 A1A
3.555%, 2/25/47(l)		149,693		78,836
Series 2007-OA2 1A
3.555%, 3/25/47(l)		79,385		41,836
Series 2007-OA3 2A1A
3.615%, 4/25/47(l)		80,108		46,350
Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR10 5A6
5.594%, 7/25/36(l)		77,629		62,573
				7,512,408
Total Asset-Backed and Mortgage-Backed Securities				16,193,095
Convertible Bonds (0.9%)
Consumer Discretionary (0.3%)
Specialty Retail (0.3%)
Sonic Automotive, Inc.
5.250%, 5/7/09		4,575,000		4,414,875
Total Consumer Discretionary				4,414,875

41

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MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Energy (0.2%)
Oil, Gas & Consumable Fuels (0.2%)
Chesapeake Energy Corp.
2.250%, 12/15/38	$	4,600,000	$	3,162,500
Total Energy				3,162,500
Financials (0.1%)
Capital Markets (0.0%)
Deutsche Bank AG/London (Zero Coupon), 10/24/08§		625,000		517,246
Insurance (0.1%)
Prudential Financial, Inc.
1.189%, 12/15/37(l)^		2,125,000		2,005,787
Total Financials				2,523,033
Health Care (0.1%)
Pharmaceuticals (0.1%)
Mylan, Inc.
1.250%, 3/15/12^		1,600,000		1,230,000
Total Health Care				1,230,000
Information Technology (0.1%)
Communications Equipment (0.1%)
Nortel Networks Corp.
1.750%, 4/15/12		350,000		178,500
2.125%, 4/15/14		1,725,000		825,844
				1,004,344
Semiconductors & Semiconductor Equipment (0.0%)
Advanced Micro Devices, Inc.
6.000%, 5/1/15		1,650,000		802,312
Total Information Technology				1,806,656
Telecommunication Services (0.1%)
Diversified Telecommunication Services (0.1%)
Qwest Communications International, Inc.
3.500%, 11/15/25		1,950,000		1,655,063
Total Telecommunication Services				1,655,063
Total Convertible Bonds				14,792,127
Corporate Bonds (90.1%)
Consumer Discretionary (21.9%)
Auto Components (2.5%)
Allison Transmission, Inc.
11.000%, 11/1/15§^		3,625,000		3,153,750
American Tire Distributors, Inc.
10.133%, 4/1/12(l)		4,500,000		3,780,000
10.133%, 4/1/12(l)§		4,300,000		3,612,000
ArvinMeritor, Inc.
8.750%, 3/1/12		5,195,000		4,363,800
8.125%, 9/15/15^		3,618,000		2,785,860
Cooper-Standard Automotive, Inc.
7.000%, 12/15/12^		3,655,000		2,942,275
Goodyear Tire & Rubber Co.
6.678%, 12/1/09(l)		175,000		171,500
9.000%, 7/1/15		4,530,000		4,484,700
Tenneco, Inc.
8.125%, 11/15/15		5,575,000		4,766,625
Series B
10.250%, 7/15/13		1,627,000		1,671,743
TRW Automotive, Inc.
7.000%, 3/15/14§^		2,340,000		1,930,500
7.250%, 3/15/17§		5,590,000		4,416,100
United Components, Inc.
9.375%, 6/15/13		4,090,000		3,394,700
				41,473,553
Automobiles (0.5%)
Ford Motor Co.
7.500%, 8/1/26^		5,000,000		2,075,000
General Motors Corp.
7.125%, 7/15/13^		1,000,000		460,000
7.700%, 4/15/16		1,375,000		550,000
8.250%, 7/15/23^		8,900,000		3,493,250
8.100%, 6/15/24		1,550,000		589,000
7.400%, 9/1/25^		3,550,000		1,278,000
				8,445,250
Distributors (0.4%)
SGS International, Inc.
12.000%, 12/15/13		7,035,000		5,698,350
Diversified Consumer Services (0.1%)
Service Corp. International
7.375%, 10/1/14		500,000		455,000
7.625%, 10/1/18		1,825,000		1,633,375
				2,088,375
Hotels, Restaurants & Leisure (2.8%)
Choctaw Resort Development Enterprise
7.250%, 11/15/19(b)§		2,303,000		1,727,250
Dave & Buster’s, Inc.
11.250%, 3/15/14		3,242,000		2,982,640
Downstream Development Authority of the Quapaw Tribe of Oklahoma
12.000%, 10/15/15§^		4,000,000		2,900,000
El Pollo Loco, Inc.
11.750%, 11/15/13^		4,000,000		3,820,000
Harrah’s Operating Co., Inc.
10.750%, 2/1/16§		2,600,000		1,326,000
Indianapolis Downs LLC & Capital Corp.
11.000%, 11/1/12§		4,400,000		2,992,000
Isle of Capri Casinos, Inc.
7.000%, 3/1/14^		3,500,000		2,345,000
Landry’s Restaurants, Inc.
9.500%, 12/15/14		4,551,000		4,118,655
Mirage Resorts, Inc.
7.250%, 8/1/17		3,060,000		2,111,400
Royal Caribbean Cruises Ltd.
7.250%, 3/15/18		2,500,000		2,000,000
Shingle Springs Tribal Gaming Authority
9.375%, 6/15/15§		4,750,000		3,420,000
Station Casinos, Inc.
7.750%, 8/15/16^		4,075,000		2,210,687
Travelport LLC
7.436%, 9/1/14(l)		1,000,000		770,000
9.875%, 9/1/14^		3,300,000		2,689,500
11.875%, 9/1/16^		5,207,000		3,736,022
Turning Stone Resort Casino Enterprise
9.125%, 12/15/10§		4,075,000		3,871,250
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
6.625%, 12/1/14		4,329,000		3,690,473
				46,710,877
Household Durables (1.0%)
Blyth, Inc.
5.500%, 11/1/13		8,050,000		6,641,250
Jarden Corp.
7.500%, 5/1/17^		3,000,000		2,497,500

42

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MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Sealy Mattress Co.
8.250%, 6/15/14^	$	4,000,000	$	3,140,000
Simmons Co.
7.875%, 1/15/14^		5,300,000		3,975,000
				16,253,750
Internet & Catalog Retail (0.1%)
Visant Corp.
7.625%, 10/1/12		1,710,000		1,568,925
Leisure Equipment & Products (0.1%)
Steinway Musical Instruments, Inc.
7.000%, 3/1/14§		2,200,000		1,903,000
Media (13.4%)
Allbritton Communications Co.
7.750%, 12/15/12^		4,533,000		3,875,715
AMC Entertainment, Inc.
11.000%, 2/1/16		6,000,000		5,910,000
Block Communications, Inc.
8.250%, 12/15/15§		5,000,000		4,500,000
CanWest Media, Inc.
8.000%, 9/15/12		7,550,000		6,304,250
CCH I LLC/CCH I Capital Corp.
11.000%, 10/1/15^		3,854,000		2,533,640
CCH II LLC/CCH II Capital Corp.
10.250%, 10/1/13§		4,848,000		4,023,840
CCO Holdings LLC/CCO Holdings Capital Corp.
8.750%, 11/15/13^		6,975,000		6,068,250
Cinemark, Inc.
0.000%, 3/15/14(e)		8,600,000		8,266,750
Clear Channel Communications, Inc.
4.250%, 5/15/09		6,750,000		6,345,000
CSC Holdings, Inc.
6.750%, 4/15/12^		4,264,000		3,906,890
8.500%, 6/15/15§^		125,000		116,094
7.625%, 7/15/18^		4,250,000		3,697,500
Series B
7.625%, 4/1/11		3,570,000		3,427,200
CW Media Holdings, Inc.
13.500%, 8/15/15 PIK§		6,025,000		5,422,500
Dex Media West LLC/Dex Media Finance Co., Series B
8.500%, 8/15/10		3,970,000		3,503,525
9.875%, 8/15/13		1,100,000		682,000
Dex Media, Inc.
0.000%, 11/15/13(e)		1,250,000		575,000
8.000%, 11/15/13		4,700,000		2,162,000
DirecTV Holdings LLC/DirecTV Financing Co.
8.375%, 3/15/13		3,852,000		3,803,850
7.625%, 5/15/16§		9,650,000		8,733,250
Echostar DBS Corp.
7.000%, 10/1/13		5,525,000		4,765,313
6.625%, 10/1/14		4,885,000		3,920,212
7.750%, 5/31/15		2,200,000		1,864,500
7.125%, 2/1/16		10,090,000		8,097,225
Gallery Capital S.A.
10.125%, 5/15/13§^		3,550,000		2,130,000
Intelsat Intermediate Holding Co., Ltd.
0.000%, 2/1/15(e)§^		4,500,000		3,600,000
Intelsat Jackson Holdings Ltd.
9.500%, 6/15/16§		10,250,000		9,532,500
Intelsat Subsidiary Holding Co., Ltd.
8.500%, 1/15/13§		3,725,000		3,445,625
Interpublic Group of Cos., Inc.
5.400%, 11/15/09		2,000,000		1,935,000
7.250%, 8/15/11		2,000,000		1,900,000
6.250%, 11/15/14		6,000,000		4,980,000
Kabel Deutschland GmbH
10.625%, 7/1/14		6,500,000		6,370,000
Lighthouse International Co. S.A.
8.000%, 4/30/14(b)§	EUR	3,205,000		2,729,759
8.000%, 4/30/14(m)(b)		75,000		63,879
Local Insight Regatta Holdings, Inc.
11.000%, 12/1/17§	$	4,500,000		2,520,000
Network Communications, Inc.
10.750%, 12/1/13		7,350,000		4,777,500
Quebecor Media, Inc.
7.750%, 3/15/16^		14,975,000		13,103,125
R.H. Donnelley Corp.
8.875%, 10/15/17^		5,625,000		1,912,500
Series A-3
8.875%, 1/15/16^		10,380,000		3,529,200
R.H. Donnelley, Inc.
11.750%, 5/15/15§		350,000		213,500
Reader’s Digest Association, Inc.
9.000%, 2/15/17		8,000,000		4,520,000
Stratos Global Corp.
9.875%, 2/15/13		7,075,000		6,898,125
Telesat Canada/Telesat LLC
11.000%, 11/1/15(b)§		1,375,000		1,155,000
Unitymedia GmbH
10.125%, 2/15/15§	EUR	1,750,000		2,241,922
10.375%, 2/15/15§	$	7,250,000		7,014,375
Unitymedia Hessen GmbH & Co. KG
7.836%, 4/15/13(l)§	EUR	1,000,000		1,245,903
UPC Holding B.V.
7.750%, 1/15/14(m)(b)		925,000		1,054,794
8.625%, 1/15/14(m)(b)		2,500,000		2,921,185
8.625%, 1/15/14§		11,000,000		12,853,214
Videotron Ltee
9.125%, 4/15/18§	$	10,000,000		10,100,000
WMG Holdings Corp.
0.000%, 12/15/14(e)		12,120,000		6,666,000
				221,917,610
Multiline Retail (0.1%)
Bon-Ton Department Stores, Inc.
10.250%, 3/15/14^		3,325,000		997,500
Saks, Inc.
8.250%, 11/15/08		714		714
				998,214
Specialty Retail (0.3%)
Penske Auto Group, Inc.
7.750%, 12/15/16		2,250,000		1,608,750
Rent-A-Center, Inc. Series B
7.500%, 5/1/10^		4,000,000		3,910,000
				5,518,750
Textiles, Apparel & Luxury Goods (0.6%)
Perry Ellis International, Inc. Series B
8.875%, 9/15/13		7,325,000		6,446,000
Rafaella Apparel Group, Inc. Series B
11.250%, 6/15/11		7,639,000		3,284,770
				9,730,770
Total Consumer Discretionary				362,307,424

43

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Consumer Staples (3.9%)
Food & Staples Retailing (1.7%)
American Stores Co.
8.000%, 6/1/26	$	2,690,000	$	2,521,619
General Nutrition Centers, Inc.
7.584%, 3/15/14 PIK(l)		3,075,000		2,559,938
Ingles Markets, Inc.
8.875%, 12/1/11^		8,723,000		8,744,808
New Albertsons, Inc.
6.950%, 8/1/09		500,000		492,500
7.750%, 6/15/26		2,500,000		2,297,920
6.570%, 2/23/28		100,000		80,375
7.450%, 8/1/29		4,250,000		3,780,073
8.000%, 5/1/31		600,000		556,052
Rite Aid Corp.
8.625%, 3/1/15^		2,500,000		1,312,500
9.375%, 12/15/15^		7,450,000		3,911,250
10.375%, 7/15/16		1,000,000		870,000
Roundy’s, Inc. Term Loan
5.220%, 10/27/11		1,369,913		1,245,479
				28,372,514
Household Products (1.6%)
American Achievement Corp.
8.250%, 4/1/12(b)§		9,035,000		9,012,413
Amscan Holdings, Inc.
8.750%, 5/1/14^		8,100,000		6,561,000
Prestige Brands, Inc.
9.250%, 4/15/12^		6,769,000		6,430,550
Visant Holding Corp.
0.000%, 12/1/13(e)		4,525,000		4,095,125
				26,099,088
Tobacco (0.6%)
Reynolds American, Inc.
7.750%, 6/1/18		2,040,000		2,012,507
Vector Group Ltd.
11.000%, 8/15/15		8,250,000		8,167,500
				10,180,007
Total Consumer Staples				64,651,609
Energy (8.6%)
Energy Equipment & Services (1.2%)
Cie Generale de Geophysique-Veritas
7.500%, 5/15/15		1,000,000		955,000
7.750%, 5/15/17		3,325,000		3,158,750
Dresser-Rand Group, Inc.
7.375%, 11/1/14		61,000		56,730
Forbes Energy Services Ltd.
11.000%, 2/15/15		4,900,000		4,581,500
Helix Energy Solutions Group, Inc.
9.500%, 1/15/16§		6,000,000		5,610,000
Stewart & Stevenson LLC
10.000%, 7/15/14		5,500,000		4,812,500
				19,174,480
Oil, Gas & Consumable Fuels (7.4%)
Atlas Pipeline Partners LP
8.750%, 6/15/18§		4,375,000		4,112,500
Chesapeake Energy Corp.
7.500%, 6/15/14^		4,175,000		3,997,563
7.000%, 8/15/14^		3,575,000		3,342,625
6.625%, 1/15/16		1,000,000		897,500
6.875%, 1/15/16^		1,150,000		1,049,375
7.250%, 12/15/18		150,000		138,000
Citic Resources Finance Ltd.
6.750%, 5/15/14§		425,000		323,000
Colorado Interstate Gas Co.
5.950%, 3/15/15		1,550,000		1,412,203
Connacher Oil and Gas Ltd.
10.250%, 12/15/15§		5,400,000		5,184,000
Copano Energy LLC/Copano Energy Finance Corp.
7.750%, 6/1/18§		5,000,000		4,375,000
El Paso Corp.
7.000%, 5/15/11		175,000		174,635
7.875%, 6/15/12^		175,000		172,225
6.875%, 6/15/14		200,000		184,454
7.000%, 6/15/17		4,925,000		4,399,813
7.250%, 6/1/18		250,000		232,500
8.050%, 10/15/30		3,700,000		3,208,721
Energy Partners Ltd.
9.750%, 4/15/14^		6,025,000		4,428,375
Energy XXI Gulf Coast, Inc.
10.000%, 6/15/13		6,400,000		4,800,000
Enterprise Products Operating LP
8.375%, 8/1/66(l)		5,375,000		4,982,464
Ferrellgas Escrow LLC/Ferrellgas Finance Escrow Corp.
6.750%, 5/1/14		5,060,000		4,123,900
Ferrellgas Partners LP
6.750%, 5/1/14§		2,000,000		1,630,000
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp.
7.240%, 8/1/10†		9,000,000		7,816,500
8.750%, 6/15/12^		3,000,000		2,565,000
Inergy LP/Inergy Finance Corp.
6.875%, 12/15/14		1,150,000		1,006,250
8.250%, 3/1/16^		4,790,000		4,406,800
James River Coal Co.
9.375%, 6/1/12^		6,975,000		5,928,750
KCS Energy, Inc.
7.125%, 4/1/12		2,500,000		2,200,000
Kinder Morgan Finance Co. ULC
5.700%, 1/5/16		7,210,000		6,200,600
Linn Energy LLC
9.875%, 7/1/18§		4,500,000		3,915,000
OPTI Canada, Inc.
8.250%, 12/15/14		2,020,000		1,807,900
PetroHawk Energy Corp.
9.125%, 7/15/13		4,725,000		4,441,500
Range Resources Corp.
7.250%, 5/1/18^		2,000,000		1,890,000
Sabine Pass LNG LP
7.500%, 11/30/16§		6,019,000		4,694,820
SandRidge Energy, Inc.
8.000%, 6/1/18§		8,090,000		6,957,400
Sonat, Inc.
7.625%, 7/15/11		2,925,000		2,960,202
Stone Energy Corp.
8.250%, 12/15/11		6,500,000		6,045,000
Williams Cos., Inc.
7.875%, 9/1/21		4,541,000		4,541,000
Series A
7.500%, 1/15/31		2,775,000		2,525,195
				123,070,770
Total Energy				142,245,250

44

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Financials (12.9%)
Capital Markets (1.0%)
Bear Stearns Cos., Inc.
7.250%, 2/1/18	$	600,000	$	577,425
Goldman Sachs Group, Inc.
6.150%, 4/1/18		2,100,000		1,746,179
Lehman Brothers Holdings, Inc.
5.625%, 1/24/13(h)		2,250,000		281,250
6.750%, 12/28/17(h)		2,450,000		3,063
Merrill Lynch & Co., Inc.
5.054%, 5/12/10(l)		1,800,000		1,736,206
6.875%, 4/25/18		4,125,000		3,649,594
Morgan Stanley
4.904%, 5/14/10(l)		8,000,000		5,840,328
UBS AG/Jersey
7.152%, 12/29/49(l)	EUR	2,200,000		2,023,994
				15,858,039
Commercial Banks (1.9%)
Barclays Bank plc
6.050%, 12/4/17§	$	1,625,000		1,511,359
7.700%, 4/29/49(l)§		850,000		746,955
5.926%, 9/29/49(l)§		2,700,000		1,877,631
7.434%, 9/29/49(l)§		2,000,000		1,628,630
Credit Agricole S.A.
4.130%, 11/29/49(l)	EUR	350,000		332,938
HBOS plc
6.750%, 5/21/18§^	$	2,000,000		1,676,954
Intesa Sanpaulo S.p.A.
8.047%, 12/31/49	EUR	1,000,000		1,175,231
Rabobank Capital Funding Trust III
5.254%, 12/29/49(l)§	$	1,100,000		948,138
Royal Bank of Scotland Group plc
7.640%, 3/31/49(l)		6,500,000		4,842,617
6.990%, 10/29/49(l)§		1,500,000		1,117,877
Societe Generale S.A.
6.999%, 12/29/49(l)	EUR	600,000		627,896
Wachovia Corp.
7.980%, 2/28/49(l)	$	15,000,000		6,269,100
Wells Fargo Capital XIII
7.700%, 12/29/49(l)		1,650,000		1,438,817
Wells Fargo Capital XV
9.750%, 12/29/49(l)		8,200,000		7,954,000
				32,148,143
Consumer Finance (2.7%)
American Express Co.
7.000%, 3/19/18		8,425,000		7,435,720
Ford Motor Credit Co. LLC
5.625%, 10/1/08		1,190,000		1,189,743
7.375%, 10/28/09		3,850,000		3,095,269
5.700%, 1/15/10		225,000		172,313
9.750%, 9/15/10		3,200,000		2,294,665
7.375%, 2/1/11		746,000		495,703
9.875%, 8/10/11		2,450,000		1,690,228
5.538%, 1/13/12(l)		1,750,000		1,119,552
7.241%, 4/15/12(l)		3,900,000		3,605,581
7.800%, 6/1/12		9,800,000		6,085,065
7.000%, 10/1/13^		5,585,000		3,432,301
GMAC Canada Ltd.
5.750%, 12/4/08	CAD	4,000,000		3,726,568
GMAC LLC
5.850%, 1/14/09^	$	175,000		149,567
4.054%, 5/15/09(l)		1,000,000		723,641
7.250%, 3/2/11		1,300,000		614,876
6.625%, 5/15/12		4,875,000		2,063,919
6.875%, 8/28/12		3,625,000		1,440,858
6.750%, 12/1/14		11,130,000		4,271,850
8.000%, 11/1/31		2,595,000		979,034
SLM Corp.
2.960%, 7/26/10(l)		800,000		606,809
5.125%, 8/27/12		725,000		471,250
				45,664,512
Diversified Financial Services (6.3%)
AES Ironwood LLC
8.857%, 11/30/25		6,066,226		6,066,226
AES Red Oak LLC Series A
8.540%, 11/30/19		1,585,134		1,577,209
Altra Industrial Motion, Inc.
9.000%, 12/1/11		4,525,000		4,660,750
Axcan Intermediate Holdings, Inc.
12.750%, 3/1/16§		6,350,000		6,286,500
Bank of America Corp.
8.000%, 12/29/49(l)		8,775,000		6,948,633
8.125%, 12/29/49(l)		740,000		597,876
C10 Capital SPV Ltd.
6.722%, 12/31/49(l)§^		1,000,000		925,480
Citigroup Capital XXI
8.300%, 12/21/57(l)		3,025,000		2,253,809
Citigroup, Inc.
5.500%, 4/11/13		4,625,000		4,036,982
6.125%, 5/15/18		1,200,000		993,605
El Paso Performance-Linked Trust
7.750%, 7/15/11§		3,250,000		3,291,054
Hexion US FinanceCorp./Hexion Nova Scotia Finance ULC
9.750%, 11/15/14		5,000,000		3,950,000
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
8.125%, 6/1/12^		1,100,000		935,000
7.125%, 2/15/13		9,275,000		7,095,375
JPMorgan Chase & Co.
7.900%, 4/29/49		6,350,000		5,345,938
KRATON Polymers LLC/KRATON Polymers Capital Corp.
8.125%, 1/15/14		3,200,000		1,856,000
Leucadia National Corp.
8.125%, 9/15/15		8,900,000		8,655,250
7.125%, 3/15/17		500,000		455,000
NSG Holdings LLC/NSG Holdings, Inc.
7.750%, 12/15/25(b)§		4,650,000		4,417,500
Rainbow National Services LLC
10.375%, 9/1/14§		11,620,000		11,852,400
SMFG Preferred Capital USD 3 Ltd.
9.500%, 7/25/49(l)§^		800,000		761,691
Smurfit Kappa Funding plc
7.750%, 4/1/15		350,000		291,375
Susser Holdings LLC
10.625%, 12/15/13		4,018,000		3,947,685
UBS Preferred Funding Trust V
6.243%, 5/29/49(l)		1,200,000		924,648
Universal City Development Partners Ltd.
11.750%, 4/1/10		10,025,000		9,686,656

45

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Universal City Florida Holding Co. I/II
7.551%, 5/1/10(l)	$	2,600,000	$	2,444,000
8.375%, 5/1/10		4,150,000		4,004,750
				104,261,392
Insurance (0.6%)
American International Group, Inc.
5.850%, 1/16/18		1,625,000		815,664
8.175%, 5/15/58(l)§		5,525,000		885,072
Series 1
2.895%, 10/18/11(l)		1,350,000		801,302
HUB International Holdings, Inc.
9.000%, 12/15/14§		3,250,000		2,892,500
10.250%, 6/15/15§		5,000,000		3,950,000
				9,344,538
Real Estate Investment Trusts (REITs) (0.3%)
Ventas Realty LP/Ventas Capital Corp.
6.750%, 6/1/10		2,500,000		2,487,500
9.000%, 5/1/12		1,200,000		1,251,000
6.625%, 10/15/14		225,000		216,000
7.125%, 6/1/15		1,000,000		992,500
6.750%, 4/1/17		405,000		382,725
				5,329,725
Real Estate Management & Development (0.1%)
Forest City Enterprises, Inc.
7.625%, 6/1/15		1,275,000		1,020,000
6.500%, 2/1/17		450,000		344,250
				1,364,250
Total Financials				213,970,599
Health Care (8.6%)
Health Care Equipment & Supplies (1.8%)
Accellent, Inc.
10.500%, 12/1/13		7,000,000		6,160,000
Biomet, Inc.
10.000%, 10/15/17		7,100,000		7,242,000
10.375%, 10/15/17 PIK		3,000,000		2,970,000
11.625%, 10/15/17^		11,300,000		11,356,500
Fresenius Medical Care Capital Trust IV
7.875%, 6/15/11		800,000		808,000
Fresenius SE
7.000%, 8/22/14(b)		1,500,000		1,470,000
				30,006,500
Health Care Providers & Services (4.4%)
Community Health Systems, Inc.
8.875%, 7/15/15		12,635,000		12,003,250
DaVita, Inc.
6.625%, 3/15/13		125,000		118,750
7.250%, 3/15/15^		3,895,000		3,700,250
HCA, Inc.
6.300%, 10/1/12		3,000,000		2,587,500
9.125%, 11/15/14^		4,100,000		3,987,250
9.250%, 11/15/16		22,355,000		21,740,237
9.625%, 11/15/16 PIK		5,950,000		5,652,500
7.500%, 12/15/23		410,000		300,346
Health Management Associates, Inc.
6.125%, 4/15/16		850,000		680,000
HealthSouth Corp., Term Loan
4.990%, 2/2/13		738,399		662,713
Skilled Healthcare Group, Inc.
11.000%, 1/15/14		3,795,000		3,908,850
Surgical Care Affiliates, Inc.
8.875%, 7/15/15 PIK§		1,950,000		1,696,500
10.000%, 7/15/17§		3,250,000		2,437,500
U.S. Oncology Holdings, Inc.
8.334%, 3/15/12 PIK(l)		5,212,388		3,987,477
U.S. Oncology, Inc.
10.750%, 8/15/14		10,000,000		10,050,000
				73,513,123
Pharmaceuticals (2.4%)
Angiotech Pharmaceuticals, Inc.
6.560%, 12/1/13(l)		6,300,000		4,536,000
7.750%, 4/1/14^		2,200,000		1,287,000
Argatroban Royalty Sub LLC
18.500%, 9/30/14†		5,333,296		4,693,301
Elan Finance plc/Elan Finance Corp.
6.804%, 11/15/11(l)		2,800,000		2,520,000
6.935%, 12/1/13(l)		2,075,000		1,701,500
8.875%, 12/1/13		6,475,000		5,439,000
Phibro Animal Health Corp.
13.000%, 8/1/14§		9,540,000		9,158,400
Royalty Pharma AG Term Loan
7.750%, 5/15/15(l)		10,000,000		9,412,500
				38,747,701
Total Health Care				142,267,324
Industrials (5.6%)
Aerospace & Defense (0.5%)
Alion Science and Technology Corp.
10.250%, 2/1/15		7,075,000		4,457,250
Bombardier, Inc.
8.000%, 11/15/14§^		445,000		440,550
L-3 Communications Corp.
7.625%, 6/15/12		2,570,000		2,531,450
				7,429,250
Airlines (0.2%)
Continental Airlines, Inc. Series 01-1
7.373%, 12/15/15		1,148,258		861,194
Delta Air Lines, Inc.
8.954%, 8/10/14^		3,581,852		2,596,842
UAL Pass-Through Trust Series 2000-2
7.032%, 10/1/10		532,225		518,920
				3,976,956
Commercial Services & Supplies (1.8%)
Allied Waste North America, Inc.
7.250%, 3/15/15		6,145,000		5,883,838
ARAMARK Corp.
6.301%, 2/1/15(l)		700,000		612,500
8.500%, 2/1/15^		8,275,000		7,778,500
Knowledge Learning Corp., Inc.
7.750%, 2/1/15§		6,610,000		5,849,850
MSX International UK/MXS International Business Services FR/MXS International GmBH
12.500%, 4/1/12§		5,620,000		3,653,000
Quintiles Transnational Corp., Term Loan
6.810%, 3/31/14(l)		1,500,000		1,290,000
Sheridan Group, Inc.
10.250%, 8/15/11		5,375,000		4,783,750
				29,851,438

46

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Construction & Engineering (0.4%)
Esco Corp.
8.625%, 12/15/13§	$	7,250,000	$	7,105,000
Electrical Equipment (0.2%)
Legrand France S.A.
8.500%, 2/15/25		3,000,000		3,010,542
Industrial Conglomerates (0.4%)
Harland Clarke Holdings Corp.
7.554%, 5/15/15(l)		8,845,000		5,749,250
Machinery (0.6%)
Actuant Corp.
6.875%, 6/15/17		2,730,000		2,607,150
Trimas Corp.
9.875%, 6/15/12^		9,278,000		7,863,105
				10,470,255
Road & Rail (1.5%)
Amadeus IT Group S.A. Term Loan
6.515%, 4/8/13	EUR	1,936,138		2,153,299
Hertz Corp.
8.875%, 1/1/14	$	8,620,000		7,434,750
Term B Loan
3.990%, 12/21/12		482,982		428,163
4.250%, 12/21/12		679,776		602,622
4.350%, 12/21/12(b)		3,065		2,717
Term DD Loan
4.230%, 12/21/12		60,071		53,253
Term Loan
2.801%, 12/21/12		222,222		197,000
Kansas City Southern de Mexico S.A. de C.V.
9.375%, 5/1/12		2,250,000		2,295,000
United Rentals North America, Inc.
6.500%, 2/15/12^		13,700,000		11,439,500
				24,606,304
Total Industrials				92,198,995
Information Technology (6.1%)
Communications Equipment (0.9%)
Nortel Networks Ltd.
7.041%, 7/15/11(l)		13,725,000		9,161,438
10.125%, 7/15/13^		8,925,000		5,689,687
10.750%, 7/15/16§		610,000		373,625
10.750%, 7/15/16		625,000		382,813
				15,607,563
Computers & Peripherals (0.3%)
Seagate Technology HDD Holdings, Inc.
4.723%, 10/1/09(l)		3,890,000		3,714,950
6.375%, 10/1/11		600,000		589,500
				4,304,450
Electronic Equipment, Instruments & Components (1.7%)
Celestica, Inc.
7.875%, 7/1/11		12,430,000		12,057,100
7.625%, 7/1/13		1,800,000		1,638,000
NXP B.V./NXP Funding LLC
7.713%, 10/15/13(l)	EUR	5,000,000		4,293,790
8.625%, 10/15/15		1,000,000		675,744
Sanmina-SCI Corp.
6.750%, 3/1/13	$	1,000,000		875,000
5.569%, 6/15/14(l)§		8,000,000		6,960,000
8.125%, 3/1/16		2,850,000		2,422,500
				28,922,134
IT Services (1.9%)
Compucom Systems, Inc.
12.500%, 10/1/15§		3,600,000		3,204,000
First Data Corp.
9.875%, 9/24/15§^		13,375,000		10,499,375
SunGard Data Systems, Inc.
9.125%, 8/15/13		14,625,000		13,162,500
10.625%, 5/15/15§^		4,000,000		3,760,000
				30,625,875
Semiconductors & Semiconductor Equipment (1.3%)
Amkor Technologies, Inc.
7.750%, 5/15/13		8,750,000		7,481,250
Freescale Semiconductor, Inc.
6.694%, 12/15/14(l)^		3,000,000		2,010,000
8.875%, 12/15/14		5,900,000		4,071,000
9.125%, 12/15/14 PIK^		3,175,000		2,000,250
Sensata Technologies B.V.
8.000%, 5/1/14^		6,975,000		5,893,875
				21,456,375
Total Information Technology				100,916,397
Materials (8.2%)
Chemicals (3.0%)
Chemtura Corp.
6.875%, 6/1/16		5,400,000		4,320,000
Hercules, Inc.
6.750%, 10/15/29		6,650,000		6,583,500
Huntsman LLC
11.625%, 10/15/10		2,800,000		2,856,000
11.500%, 7/15/12		5,698,000		5,811,960
Ineos Group Holdings plc
8.500%, 2/15/16§^		14,845,000		8,016,300
Momentive Performance Materials, Inc.
10.125%, 12/1/14 PIK		2,365,000		1,821,050
11.500%, 12/1/16^		4,675,000		3,179,000
Nalco Co.
8.875%, 11/15/13^		3,750,000		3,740,625
9.000%, 11/15/13	EUR	2,000,000		2,660,742
Nova Chemicals Corp.
5.953%, 11/15/13(l)	$	2,300,000		1,909,000
Reichhold Industries, Inc.
9.000%, 8/15/14§		4,745,000		4,555,200
Rockwood Specialties Group, Inc.
7.500%, 11/15/14		4,405,000		4,184,750
				49,638,127
Containers & Packaging (2.0%)
Berry Plastics Corp.
7.541%, 2/15/15(l)		6,275,000		5,584,750
Berry Plastics Holding Corp.
6.694%, 9/15/14(l)		200,000		140,000
8.875%, 9/15/14^		5,725,000		4,465,500
Cascades, Inc.
7.250%, 2/15/13		3,650,000		2,847,000
Crown Americas LLC/Crown Americas Capital Corp.
7.625%, 11/15/13		800,000		788,000
7.750%, 11/15/15^		3,355,000		3,271,125
Graham Packaging Co., Inc.
8.500%, 10/15/12^		1,550,000		1,433,750
9.875%, 10/15/14^		6,750,000		5,872,500
Impress Holdings B.V.
5.916%, 9/15/13(l)§		4,725,000		4,016,250
Norampac Industries, Inc.
6.750%, 6/1/13		1,675,000		1,256,250

47

AXA PREMIER VIP TRUST

MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Owens-Brockway Glass Container, Inc.
8.250%, 5/15/13^	$	3,550,000	$	3,532,250
Russell-Stanley Holdings, Inc.
9.000%, 11/30/08(b)(h)§†		729,508		—
				33,207,375
Metals & Mining (1.7%)
Compass Minerals International, Inc., Series B
12.000%, 6/1/13(e)		4,263,000		4,486,808
Freeport-McMoRan Copper & Gold, Inc.
7.084%, 4/1/15(l)		2,310,000		2,212,726
8.250%, 4/1/15		7,911,000		7,772,557
8.375%, 4/1/17		7,480,000		7,367,800
Noranda Aluminium Acquisition Corp.
6.828%, 5/15/15(l)		8,965,000		6,813,400
				28,653,291
Paper & Forest Products (1.5%)
Georgia-Pacific LLC
8.125%, 5/15/11		500,000		495,000
7.000%, 1/15/15§^		3,280,000		2,984,800
7.700%, 6/15/15^		525,000		480,375
7.125%, 1/15/17§		1,625,000		1,450,312
8.000%, 1/15/24^		8,825,000		7,766,000
7.375%, 12/1/25^		6,650,000		5,369,875
7.250%, 6/1/28		1,000,000		790,000
Newark Group, Inc.
9.750%, 3/15/14		5,660,000		1,981,000
Smurfit Kappa Treasury Funding Ltd.
7.500%, 11/20/25		300,000		249,000
Verso Paper Holdings LLC/Verso Paper, Inc. Series B
9.125%, 8/1/14		4,165,000		3,581,900
				25,148,262
Total Materials				136,647,055
Telecommunication Services (7.5%)
Diversified Telecommunication Services (6.6%)
Cincinnati Bell, Inc.
7.250%, 7/15/13^		2,650,000		2,385,000
Citizens Communications Co.
7.125%, 3/15/19		5,950,000		4,730,250
Fairpoint Communications, Inc.
13.125%, 4/1/18§		8,500,000		7,735,000
Frontier Communications Corp.
9.250%, 5/15/11		1,200,000		1,200,000
6.625%, 3/15/15		1,570,000		1,303,100
7.000%, 11/1/25		200,000		122,000
7.875%, 1/15/27		750,000		562,500
9.000%, 8/15/31		1,865,000		1,426,725
Hawaiian Telcom Communications, Inc. Series B
9.750%, 5/1/13		4,050,000		810,000
Level 3 Financing, Inc.
12.250%, 3/15/13		7,055,000		6,243,675
Nordic Telephone Co. Holdings ApS
6.386%, 11/30/14	EUR	729,576		936,526
6.636%, 11/30/14		873,529		1,121,312
8.250%, 5/1/16(b)§		3,500,000		4,089,659
8.875%, 5/1/16(b)§^	$	1,650,000		1,501,500
Qwest Capital Funding, Inc.
7.000%, 8/3/09		2,950,000		2,898,375
7.900%, 8/15/10		1,400,000		1,354,500
7.250%, 2/15/11		5,000,000		4,675,000
Qwest Communications International, Inc.
6.304%, 2/15/09(l)		666,000		657,675
7.250%, 2/15/11^		250,000		236,875
7.500%, 2/15/14		13,350,000		11,547,750
Series B
7.500%, 2/15/14		1,900,000		1,643,500
Qwest Corp.
8.875%, 3/15/12		6,050,000		5,929,000
6.069%, 6/15/13(l)		6,150,000		5,227,500
Sprint Capital Corp.
6.375%, 5/1/09		550,000		539,000
6.900%, 5/1/19		10,445,000		8,094,875
Telcordia Technologies, Inc.
6.541%, 7/15/12(l)§		9,900,000		8,316,000
10.000%, 3/15/13§^		2,000,000		1,610,000
Time Warner Telecom Holdings, Inc.
9.250%, 2/15/14		5,450,000		5,041,250
Virgin Media Finance plc
8.750%, 4/15/14	EUR	575,000		623,303
9.125%, 8/15/16	$	1,000,000		837,500
West Corp.
9.500%, 10/15/14^		8,355,000		6,391,575
11.000%, 10/15/16^		3,215,000		2,314,800
Wind Acquisition Finance S.A.
10.750%, 12/1/15(b)§		1,600,000		1,568,000
Windstream Corp.
8.625%, 8/1/16		5,300,000		4,889,250
				108,562,975
Wireless Telecommunication Services (0.9%)
Centennial Cellular Operating Co./Centennial Communications Corp.
10.125%, 6/15/13		4,700,000		4,653,000
iPCS, Inc.
6.051%, 5/1/14 PIK(l)		7,000,000		5,460,000
MetroPCS Wireless, Inc.
9.250%, 11/1/14		1,000,000		935,000
Sprint Nextel Corp.
6.000%, 12/1/16		5,905,000		4,546,850
				15,594,850
Total Telecommunication Services				124,157,825
Utilities (6.8%)
Electric Utilities (2.3%)
Edison Mission Energy
7.000%, 5/15/17		150,000		135,000
7.200%, 5/15/19		7,505,000		6,604,400
Energy Future Holdings Corp.
11.250%, 11/1/17 PIK§		625,000		528,125
Intergen N.V.
9.000%, 6/30/17(b)§		3,875,000		3,875,000
Ipalco Enterprises, Inc.
8.625%, 11/14/11		2,100,000		2,110,500
7.250%, 4/1/16§		1,850,000		1,766,750
Midwest Generation LLC Series B
8.560%, 1/2/16		4,340,961		4,471,190
PSEG Energy Holdings LLC
8.500%, 6/15/11		9,205,000		9,318,286
Tenaska Alabama Partners LP
7.000%, 6/30/21§		3,012,912		2,715,827

48

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MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Texas Competitive Electric Holdings Co. LLC
10.250%, 11/1/15§	$	7,250,000	$	6,543,125
10.500%, 11/1/16 PIK§^		225,000		190,688
				38,258,891
Gas Utilities (0.7%)
AmeriGas Partners LP
7.250%, 5/20/15		5,250,000		4,777,500
AmeriGas Partners LP/AmeriGas Eagle Finance Corp.
7.125%, 5/20/16		3,825,000		3,423,375
Knight, Inc.
6.500%, 9/1/12		1,223,000		1,152,677
SemGroup LP
8.750%, 11/15/15(h)§		6,485,000		648,500
Suburban Propane Partners LP/Suburban Energy Finance Corp.
6.875%, 12/15/13^		2,350,000		2,079,750
				12,081,802
Independent Power Producers & Energy Traders (3.1%)
AES Corp.
8.000%, 10/15/17		1,110,000		1,001,775
8.000%, 6/1/20§		100,000		87,500
Dynegy Holdings, Inc.
6.875%, 4/1/11		350,000		318,500
8.375%, 5/1/16^		1,360,000		1,183,200
7.125%, 5/15/18		750,000		566,250
Energy Future Holdings Corp.
10.875%, 11/1/17§		14,750,000		13,311,875
NRG Energy, Inc.
7.250%, 2/1/14		3,025,000		2,805,687
7.375%, 2/1/16		18,253,000		16,427,700
7.375%, 1/15/17		4,425,000		4,026,750
Reliant Energy Mid-Atlantic Power Holdings LLC Series B
9.237%, 7/2/17		2,546,394		2,638,701
Reliant Energy, Inc.
6.750%, 12/15/14		9,350,000		7,994,250
				50,362,188
Multi-Utilities (0.2%)
CMS Energy Corp.
8.500%, 4/15/11		2,000,000		2,046,384
2.875%, 12/1/24		1,875,000		1,942,969
				3,989,353
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		907,500
				8,596,146
Total Utilities				113,288,380
Total Corporate Bonds				1,492,650,858
Government Securities (5.8%)
Municipal Bonds (0.1%)
State of Texas
5.000%, 4/1/37		1,900,000		1,748,095
U.S. Government Agencies (5.7%)
Federal Home Loan Mortgage Corp.
5.000%, 12/14/18^		1,200,000		1,127,947
5.500%, 10/15/38 TBA		3,000,000		2,984,064
Federal National Mortgage Association
5.000%, 10/25/38 TBA		17,000,000		16,564,375
5.500%, 10/25/38 TBA		62,816,000		62,639,361
5.000%, 11/25/38 TBA		11,000,000		10,700,932
Government National Mortgage Association
6.000%, 10/15/38 TBA		1,000,000		1,014,688
				95,031,367
Total Government Securities				96,779,462
Total Long-Term Debt Securities (97.8%) (Cost $1,905,492,017)				1,620,415,542
	Number of Shares		Value (Note 1)
CONVERTIBLE PREFERRED STOCKS:
Consumer Discretionary (0.0%)
Automobiles (0.0%)
General Motors Corp. Series B
5.250%		81,000		718,875
Total Consumer Discretionary				718,875
Financials (0.4%)
Commercial Banks (0.0%)
Wachovia Corp. Series L
7.500%		1,400		539,000
Diversified Financial Services (0.4%)
Bank of America Corp. Series L
7.250%		7,185		5,999,475
Citigroup, Inc. Series T
6.500%^		18,550		760,550
				6,760,025
Total Financials				7,299,025
Materials (0.1%)
Metals & Mining (0.1%)
Freeport-McMoRan Copper & Gold, Inc.
6.750%		11,300		937,900
Total Materials				937,900
Total Convertible Preferred Stocks (0.5%) (Cost $12,334,600)				8,955,800
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Government Security (0.3%)
U.S. Treasury Bills
1.55%, 10/9/08 (p)^	$	4,400,000		4,398,298
Short-Term Investments of Cash Collateral for Securities Loaned (11.1%)
Alpine Securitization Corp.
6.50%, 10/1/08		6,998,736		6,998,736
Amstel Funding Corp.
8.00%, 10/1/08		6,998,444		6,998,444
Atlantis One Funding, Inc.
6.50%, 10/1/08		6,998,736		6,998,736
Banco de Sabadell S.A.
2.84%, 4/23/09 (l)		3,840,000		3,840,000
Bank of Ireland
3.09%, 12/19/08 (l)		6,399,781		6,399,781
Barton Capital Corp.
2.51%, 10/10/08		4,988,889		4,988,889
BBVA Senior Finance S.A.
2.87%, 3/12/10 (l)		2,820,000		2,820,000

49

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MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Citigroup Funding, Inc.
2.11%, 3/16/09 (l)	$	3,840,000	$	3,840,000
Comerica Bank
2.51%, 3/16/09 (l)		1,279,962		1,279,962
Credit Suisse (USA) LLC, Repurchase Agreement
2.00%, 10/1/08 (r)		34,990,226		34,990,226
General Electric Capital Corp.
6.50%, 10/1/08		6,998,736		6,998,736
2.15%, 3/12/10 (l)		510,000		510,000
Goldman Sachs Group, Inc.
2.16%, 3/27/09 (l)		3,580,000		3,580,000
Hannover Funding Company LLC
8.00%, 10/1/08		6,998,444		6,998,444
Hartford Life, Inc.
2.62%, 2/2/09 (l)		1,020,000		1,020,000
K2 (USA) LLC
2.12%, 5/29/09 (l)		5,118,945		5,118,945
2.12%, 6/18/09 (l)		6,398,583		6,398,583
Lehman Brothers Holdings, Inc.
0.00%, 8/21/09 (h)†		3,199,979		1,599,990
Liberty Street Funding Co.
2.56%, 10/1/08		6,986,117		6,986,117
Links Finance LLC
2.12%, 6/25/09 (l)		1,919,641		1,919,641
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
3.29%, 2/9/09 (l)		9,961,353		9,961,353
7.15%, 5/7/09 (l)		6,400,000		6,400,000
Natixis/New York
2.90%, 11/13/08		7,000,000		7,000,000
Pricoa Global Funding I
2.15%, 6/25/10 (l)		3,839,329		3,839,329
Royal Bank of Scotland/New York
2.78%, 11/6/08		4,500,000		4,500,000
Standard Chartered Bank/New York
2.84%, 12/10/08		5,000,000		5,000,000
Sumitomo Mutsui Banking Corp./New York
2.74%, 10/14/08		5,000,000		5,000,000
Three Pillars Funding Corp.
6.50%, 10/1/08		4,999,097		4,999,097
Tulip Funding Corp.
7.25%, 10/1/08		6,998,590		6,998,590
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				184,483,599
Time Deposit (3.9%)
JPMorgan Chase Nassau
0.58%, 10/1/08		64,129,902		64,129,902

Total Short-Term Investments (15.3%) (Cost/Amortized Cost $254,611,978)				253,011,799
Total Investments Before Options Written (113.6%) (Cost/Amortized Cost $2,172,438,595)				1,882,383,141
	Number of Contracts		Value (Note 1)
OPTIONS WRITTEN:
Call Option Written (0.0%)
U.S. 10 Year Treasury Notes Futures November 2008 @ $113.00*	(180	)		(230,625	)
				(230,625	)
Put Option Written (0.0%)
U.S. 10 Year Treasury Notes Futures November 2008 @ $119.00*	(180	)		(109,687	)
				(109,687	)
Total Options Written (0.0%) (Premiums Received $206,130)				(340,312	)
Total Investments after Options Written (113.6%) (Cost/Amortized Cost $2,172,232,465)				1,882,042,829
Other Assets Less Liabilities (-13.6%)				(225,964,613	)
Net Assets (100%)			$	1,656,078,216

* Non-income producing.

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

† Securities (totaling $14,109,791 or 0.9% of net assets) at fair value.

§ Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At September 30, 2008, the market value of these securities amounted to $343,259,350 or 20.7% 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 September 30, 2008. Maturity date disclosed is the ultimate maturity date.

(h) Security in default.

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

(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

CMO — Collateralized Mortgage Obligation

EUR — European Currency Unit

PIK — Payment-in Kind Security

TBA — Security is subject to delayed delivery.

50

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MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

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

Purchases	Number of Contracts	Expiration Date	Original Value		Value at 9/30/2008		Unrealized Appreciation/ (Depreciation)
90 Day Sterling	172	March-09	$	35,933,454	$	36,308,764	$	375,310
90 Day Sterling	5	September-09		1,044,647		1,059,265		14,618
EURODollar	52	December-08		12,571,650		12,550,850		(20,800	)
EURODollar	390	March-09		93,845,450		94,609,125		763,675
EURODollar	86	June-09		20,773,300		20,846,400		73,100
EURODollar	39	December-09		9,292,238		9,414,600		122,362
							$	1,328,265
Sales
U.S. Treasury Bonds	184	December-08	$	21,699,062	$	21,559,625	$	139,437
							$	1,467,702

At September 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 Buy Value		U.S. $ Current Sell Value		Unrealized Appreciation/ (Depreciation)
Foreign Currency Buy Contracts
British Pound vs. U.S. Dollar, expiring 10/24/08	4,625	8,935	$	8,237,140	$	8,934,806	$	(697,666	)
European Union vs. U.S. Dollar, expiring 10/16/08	59	83		83,181		83,131		50
European Union vs. U.S. Dollar, expiring 10/24/08	2,840	4,472		4,007,316		4,471,864		(464,548	)
European Union vs. U.S. Dollar, expiring 11/5/08	1,439	2,081		2,032,137		2,080,515		(48,378	)
European Union vs. U.S. Dollar, expiring 1/16/09	350	532		494,307		532,046		(37,739	)
							$	(1,248,281	)
Foreign Currency Sell Contracts
British Pound vs. U.S. Dollar, expiring 10/24/08	9,086	4,625	$	9,085,812	$	8,237,140	$	848,672
British Pound vs. U.S. Dollar, expiring 11/3/08	494	272		494,142		484,750		9,392
Canadian Dollar vs. U.S. Dollar, expiring 10/24/08	3,765	3,810		3,765,194		3,584,681		180,513
European Union vs. U.S. Dollar, expiring 10/16/08	23,941	17,022		23,941,442		23,998,523		(57,081	)
European Union vs. U.S. Dollar, expiring 10/24/08	2,648	1,675		2,648,209		2,363,470		284,739
European Union vs. U.S. Dollar, expiring 10/24/08	11,931	8,255		11,930,952		11,648,025		282,927
European Union vs. U.S. Dollar, expiring 10/24/08	12,253	7,900		12,253,295		11,147,111		1,106,184
European Union vs. U.S. Dollar, expiring 1/16/09	3,022	1,950		3,021,525		2,753,994		267,531
European Union vs. U.S. Dollar, expiring 1/16/09	1,492	960		1,492,099		1,355,812		136,287
European Union vs. U.S. Dollar, expiring 1/16/09	2,378	1,550		2,377,995		2,189,072		188,923
European Union vs. U.S. Dollar, expiring 1/16/09	233	150		232,875		211,846		21,029
							$	3,269,116
							$	2,020,835

Options Written:

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

	Total Number of Contracts	Total Premiums Received
Options Outstanding—January 1, 2008	—	$	—
Options Written	360		206,130
Options Terminated in Closing Purchase Transactions	—		—
Options Expired	—		—
Options Exercised	—		—
Options Outstanding—September 30, 2008	360	$	206,130

51

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MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 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 September 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	$	539,000	$	1,867,734,350	$	14,109,791	$	1,882,383,141
Other Investments*		1,488,502		3,326,247		—		4,814,749
Total	$	2,027,502	$	1,871,060,597	$	14,109,791	$	1,887,197,890
Liabilities
Investments in Securities	$	—	$	—	$	—	$	—
Other Investments*		361,112		1,305,412		—		1,666,524
Total	$	361,112	$	1,305,412	$	—	$	1,666,524

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		(1,869,100	)		—
Purchases, sales, issuances, and settlements (net)		(855,542	)		—
Transfers in and/or out of Level 3		1,599,990			—
Balance as of 9/30/08	$	14,109,791		$	—
The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 9/30/08.	$	(3,492,977	)	$	—

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

Investment security transactions for the nine months ended September 30, 2008 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	2,093,674,189
Long-term U.S. Treasury securities		6,078,516
	$	2,099,752,705
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	2,028,567,924
Long-term U.S. Treasury securities		19,920,555
	$	2,048,488,479

52

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MULTIMANAGER HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

As of September 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		(291,345,186	)
Net unrealized depreciation	$	(291,345,186	)
Federal income tax cost of investments	$	2,173,728,327

At September 30, 2008, the Portfolio had loaned securities with a total value of $180,200,170. This was secured by collateral of $184,483,599 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $1,529,924 was received in the form of short-term pooled securities, which the Portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities. Additionally, uninvested cash received as collateral on loaned securities was held in an interest bearing account in the amount of $3,690,400, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

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

See Notes to Portfolio of Investments.

53

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MULTIMANAGER INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

September 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Australia (2.6%)
BHP Billiton Ltd.	887,224	$	22,796,333
CSL Ltd.	720,061		21,691,760
Lend Lease Corp., Ltd.	376,600		2,786,763
Macquarie Airports	1,707,571		3,787,225
Macquarie Infrastructure Group	744,745		1,419,379
National Australia Bank Ltd.	126,221		2,565,279
OZ Minerals Ltd.	1,380,696		1,803,416
Rio Tinto Ltd.^	28,563		1,965,941
			58,816,096
Austria (0.1%)
Voestalpine AG	75,800		2,371,012
Belgium (0.5%)
Dexia S.A.^	183,031		2,010,812
Fortis (London International Exchange)^	315,809		2,032,057
Fortis (virt-x Exchange)^	358,732		2,254,875
Solvay S.A., Class A	35,800		4,398,560
			10,696,304
Brazil (3.0%)
All America Latina Logistica S.A.	527,861		3,625,594
Cia Vale do Rio Doce (ADR)	392,536		7,517,064
Gafisa S.A.	725,144		9,221,969
Petroleo Brasileiro S.A. (Mexico Exchange) (ADR)	580,017		25,491,747
Petroleo Brasileiro S.A. (New York Exchange) (ADR)	219,670		9,654,497
Unibanco-Uniao de Bancos Brasileiros S.A. (GDR)	124,923		12,607,229
			68,118,100
Canada (4.0%)
Canadian Imperial Bank of Commerce^	85,000		4,878,365
EnCana Corp.	73,400		4,687,117
Fairfax Financial Holdings Ltd.^	12,300		3,942,703
Gerdau Ameristeel Corp.	391,200		3,767,724
Imperial Oil Ltd.	104,800		4,488,404
Inmet Mining Corp.	29,200		1,359,786
National Bank of Canada	82,800		3,785,032
Nexen, Inc.	167,533		3,888,245
Nova Chemicals Corp.	95,100		2,090,100
Petro-Canada	263,100		8,751,459
Potash Corp. of Saskatchewan, Inc.	119,681		15,799,089
Research In Motion Ltd.*	181,971		12,428,619
Rogers Communications, Inc., Class B	638,200		20,700,647
Westjet Airlines Ltd. (Variable-Voting), Class A*	124,300		1,372,351
			91,939,641
Denmark (1.3%)
Vestas Wind Systems A/S*^	341,337		29,714,743
Egypt (0.0%)
Orascom Construction Industries SAE (GDR)	9,332		1,083,793
Finland (1.1%)
Nokia Oyj	1,026,125		19,129,753
Stora Enso Oyj, Class R	572,400		5,645,021
			24,774,774
France (10.6%)
Accor S.A.^	343,638		18,453,868
Air France-KLM	121,600		2,805,026
Alstom S.A.	222,896		16,808,561
BNP Paribas S.A.	373,194		35,876,382
Cie de Saint-Gobain S.A.^	96,126		5,024,058
Cie Generale de Geophysique-Veritas*^	264,492		8,327,026
Compagnie Generale des Etablissements Michelin, Class B	79,900		5,242,186
Credit Agricole S.A.	571,216		11,094,300
France Telecom S.A.	227,100		6,359,702
GDF Suez S.A.	100,485		5,257,933
Imerys S.A.^	60,001		3,470,378
J.C. Decaux S.A.^	256,359		5,675,052
Lafarge S.A.	84,205		8,885,371
Lagardere SCA	113,500		5,129,219
Pernod-Ricard S.A.^	114,100		10,031,154
Renault S.A.	132,000		8,529,526
Sanofi-Aventis S.A.	319,911		21,028,196
Societe Generale S.A.	140,218		12,728,232
Suez Environnement S.A.*	26,317		656,046
Total S.A.	754,132		45,497,450
Vallourec S.A.	22,800		4,958,896
			241,838,562
Germany (9.2%)
Allianz SE (Registered)	107,100		14,729,729
BASF SE	302,800		14,511,920
Bayer AG	164,760		12,026,307
Deutsche Bank AG (Registered)^	357,697		25,449,278
Deutsche Lufthansa AG (Registered)	260,900		5,132,060
Deutsche Post AG (Registered)	306,976		6,475,220
Deutsche Telekom AG (Registered)	586,500		9,000,445
E.ON AG	643,663		32,597,195
Fresenius Medical Care AG & Co. KGaA	58,500		3,011,982
Infineon Technologies AG*	472,200		2,668,528
Linde AG^	309,378		33,177,973
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)	78,800		11,896,280
RWE AG	102,120		9,818,857
SAP AG^	153,650		8,250,700
Siemens AG (Registered)	134,342		12,608,585
Symrise AG	264,212		4,521,767
TUI AG^	145,200		2,416,392
			208,293,218
Greece (0.2%)
Piraeus Bank S.A.	215,693		4,530,684
Hong Kong (1.1%)
China Mobile Ltd.	230,000		2,302,864
CNOOC Ltd.	6,861,100		7,873,321
Esprit Holdings Ltd.	1,772,858		10,892,314
Hang Lung Properties Ltd.	1,383,000		3,261,709
			24,330,208
India (0.4%)
ICICI Bank Ltd. (ADR)	373,912		8,794,410

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
Israel (1.9%)
Teva Pharmaceutical Industries Ltd. (ADR)	939,117	$	43,002,167
Italy (2.4%)
ENI S.p.A.	1,051,771		27,761,584
Fondiaria-Sai S.p.A.	112,595		2,639,106
Intesa Sanpaolo S.p.A.	2,186,821		11,937,315
Telecom Italia S.p.A.	3,370,200		5,028,770
Telecom Italia S.p.A. (RNC)	1,709,500		1,933,779
UniCredit S.p.A.	1,147,236		4,237,727
			53,538,281
Japan (16.3%)
Alps Electric Co., Ltd.^	341,600		2,681,923
Astellas Pharma, Inc.	198,400		8,336,116
Canon, Inc.	405,700		15,167,939
Daikin Industries Ltd.^	364,664		12,378,837
Daiwa Securities Group, Inc.	1,363,000		9,767,315
DIC Corp.	895,000		1,684,754
East Japan Railway Co.	1,346		10,033,806
Elpida Memory, Inc.*^	102,600		1,893,259
Fujitsu Ltd.	1,322,000		7,385,201
Hitachi High-Technologies Corp.^	115,000		2,289,177
Hitachi Ltd.	907,000		6,237,301
Honda Motor Co., Ltd.	703,000		20,879,384
Isuzu Motors Ltd.	1,595,000		4,406,255
Japan Tobacco, Inc.	2,441		9,189,993
JFE Holdings, Inc.	239,100		7,437,593
Komatsu Ltd.	403,000		6,523,297
Marubeni Corp.	2,518,000		11,375,517
Mitsubishi Chemical Holdings Corp.	767,000		4,061,062
Mitsubishi Corp.	811,200		16,880,874
Mitsubishi UFJ Financial Group, Inc.	620,700		5,380,623
Mitsui & Co., Ltd.	584,000		7,216,299
Mitsui Chemicals, Inc.	460,000		2,029,063
Mitsui Fudosan Co., Ltd.	258,000		4,966,945
Mitsui O.S.K. Lines Ltd.	687,000		5,944,909
Mizuho Financial Group, Inc.^	2,566		11,257,943
Murata Manufacturing Co., Ltd.	167,700		6,728,930
Nidec Corp.^	107,100		6,587,383
Nintendo Co., Ltd.	77,200		32,137,201
Nippon Mining Holdings, Inc.	753,500		3,061,401
Nippon Steel Corp.	1,748,000		6,618,105
Nippon Telegraph & Telephone Corp.	1,964		8,747,982
Nippon Yusen KK^	438,000		2,841,194
Nissan Motor Co., Ltd.^	1,487,300		9,978,675
Nomura Holdings, Inc.	255,800		3,301,241
ORIX Corp.	39,000		4,822,953
Sharp Corp.^	644,000		6,951,067
Shin-Etsu Chemical Co., Ltd.	190,300		9,060,112
SMC Corp.^	49,500		5,178,735
Sony Corp.^	480,200		14,850,552
Sumitomo Corp.^	522,000		4,864,005
Sumitomo Metal Mining Co., Ltd.^	290,000		2,885,317
Sumitomo Mitsui Financial Group, Inc.	2,891		18,111,749
Tokyo Electric Power Co., Inc.	356,000		8,773,472
Toshiba Corp.^	1,693,000		7,311,175
Toyota Motor Corp.	299,900		12,732,900
			370,949,534
Luxembourg (0.4%)
ArcelorMittal S.A.^	164,851		8,252,240
Mexico (1.4%)
America Movil S.A.B. de C.V. (Frankfurt Exchange) (ADR)	276,271		12,807,924
America Movil S.A.B. de C.V. (New York Exchange) (ADR)	83,879		3,888,630
Cemex S.A.B. de C.V. (ADR)*	439,010		7,559,752
Fomento Economico Mexicano S.A.B. de C.V. (ADR)	218,927		8,349,876
			32,606,182
Netherlands (5.4%)
Heineken N.V.	403,391		16,255,683
ING Groep N.V. (CVA)	1,514,606		32,947,490
Koninklijke Ahold N.V.	696,220		8,033,293
Koninklijke BAM Groep N.V.^	124,200		1,611,148
Koninklijke DSM N.V.	91,000		4,284,973
Koninklijke Philips Electronics N.V.^	275,732		7,549,843
Reed Elsevier N.V.	409,060		6,097,849
Royal Dutch Shell plc, Class A	1,254,511		36,337,520
Royal Dutch Shell plc, Class B	71,028		2,015,027
Wolters Kluwer N.V.	415,276		8,464,994
			123,597,820
New Zealand (0.1%)
Telecom Corp of New Zealand Ltd.^	1,828,700		3,366,139
Norway (0.6%)
Norsk Hydro ASA	657,600		4,441,340
StatoilHydro ASA	395,750		9,434,327
			13,875,667
Singapore (0.0%)
Neptune Orient Lines Ltd.^	378,000		482,899
South Africa (0.4%)
MTN Group Ltd.	613,326		8,686,028
South Korea (0.1%)
Samsung Electronics Co., Ltd.	5,660		2,606,284
Spain (2.8%)
Banco Bilbao Vizcaya Argentaria S.A.^	449,700		7,290,126
Banco Santander S.A.	417,400		6,318,421
Gamesa Corp. Tecnologica S.A.	376,032		12,917,415
Inditex S.A.^	172,272		7,349,014
Repsol YPF S.A.	293,700		8,676,427
Telefonica S.A.	863,430		20,640,625
			63,192,028
Sweden (1.0%)
Atlas Copco AB, Class A	272,380		3,120,392
Nordea Bank AB	328,000		3,936,318
Svenska Cellulosa AB, Class B	328,500		3,480,944
Tele2 AB, Class B	52,200		594,553
Telefonaktiebolaget LM Ericsson, Class B	863,000		8,135,731
Volvo AB, Class B	449,600		4,082,993
			23,350,931
Switzerland (11.3%)
ABB Ltd. (Registered)*	1,365,877		26,203,925
Actelion Ltd. (Registered)*^	168,267		8,603,286
Adecco S.A. (Registered)	162,720		7,109,974
Alcon, Inc.	50,600		8,172,406
Credit Suisse Group AG (Registered)	949,449		45,204,596
Holcim Ltd. (Registered)	101,655		7,438,175
Julius Baer Holding AG (Registered)	317,874		15,628,284
Lonza Group AG (Registered)	191,870		23,862,546

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
Nestle S.A. (Registered)		1,164,064	$	50,348,167
Novartis AG (Registered)		455,731		23,837,183
Roche Holding AG		96,817		15,092,505
UBS AG (Registered)*		501,366		8,667,277
Xstrata plc		129,880		4,020,368
Zurich Financial Services AG (Registered)		49,585		13,744,639
				257,933,331
Taiwan (2.0%)
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		4,776,294		44,753,875
United Kingdom (14.3%)
Associated British Foods plc		453,300		5,731,293
Aviva plc		649,781		5,651,432
Barclays plc		3,182,044		19,330,192
BG Group plc		1,552,291		28,125,950
BHP Billiton plc		285,659		6,461,725
BP plc		1,562,300		13,005,815
British Land Co. plc (REIT)		255,331		3,415,858
Burberry Group plc		909,077		6,370,458
Centrica plc		601,262		3,364,802
GlaxoSmithKline plc		1,230,229		26,578,342
HBOS plc		2,730,180		6,199,753
Home Retail Group plc		750,200		3,193,032
HSBC Holdings plc^		2,499,083		39,874,229
ICAP plc		1,111,992		7,187,413
ITV plc		1,200,860		899,273
Johnson Matthey plc		89,636		2,169,720
Kazakhmys plc		269,400		2,824,781
Man Group plc		1,158,304		7,107,189
Reckitt Benckiser Group plc		265,895		12,874,160
Rio Tinto plc		104,374		6,494,234
Royal Bank of Scotland Group plc		3,677,595		12,182,163
RSA Insurance Group plc		968,892		2,612,754
Standard Chartered plc		554,904		13,478,758
Tesco plc		5,142,986		35,766,657
Vodafone Group plc		15,384,243		33,986,839
Wm. Morrison Supermarkets plc		1,153,584		5,354,760
Wolseley plc		567,266		4,320,190
WPP Group plc		1,301,824		10,564,902
				325,126,674
United States (0.4%)
Las Vegas Sands Corp.*		235,806		8,514,955
Total Common Stocks (94.9%) (Cost $2,639,514,538)				2,159,136,580
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (7.1%)
Alpine Securitization Corp.
6.50%, 10/1/08	$	4,999,097		4,999,097
Amstel Funding Corp.
8.00%, 10/1/08		6,998,444		6,998,444
Atlantis One Funding, Inc.
6.50%, 10/1/08		5,998,917		5,998,917
Banco de Sabadell S.A.
2.84%, 4/23/09 (l)		2,530,000		2,530,000
Bank of Ireland
3.09%, 12/19/08 (l)		4,209,856		4,209,856
BBVA Senior Finance S.A.
2.87%, 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
2.51%, 3/16/09 (l)		839,975		839,975
Credit Suisse (USA) LLC, Repurchase Agreement
2.00%, 10/1/08 (r)		1,934,932		1,934,932
General Electric Capital Corp.
6.50%, 10/1/08		5,998,917		5,998,917
2.15%, 3/12/10 (l)		340,000		340,000
Goldman Sachs Group, Inc.
2.16%, 3/27/09 (l)		2,360,000		2,360,000
Hannover Funding Company LLC
8.00%, 10/1/08		5,998,667		5,998,667
Hartford Life, Inc.
2.62%, 2/2/09 (l)		670,000		670,000
ING Financial Markets LLC
1.75%, 10/1/08 (r)		70,000,000		70,000,000
K2 (USA) LLC
2.12%, 5/29/09 (l)		3,369,306		3,369,306
2.12%, 6/18/09 (l)		4,209,068		4,209,068
Lehman Brothers Holdings, Inc.
0.00%, 8/21/09 (h)†		2,109,986		1,054,993
Links Finance LLC
2.12%, 6/25/09 (l)		1,259,765		1,259,765
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
3.29%, 2/9/09 (l)		6,557,724		6,557,724
7.15%, 5/7/09 (l)		4,210,000		4,210,000
Pricoa Global Funding I
2.15%, 6/25/10 (l)		2,529,558		2,529,558
Three Pillars Funding Corp.
6.50%, 10/1/08		6,998,736		6,998,736
Tulip Funding Corp.
7.25%, 10/1/08		6,998,590		6,998,590
Wachovia Bank N.A.
2.12%, 10/2/08 (l)		840,000		840,000
Total Short-Term Investments of Cash Collateral for Securities Loaned				161,356,545
Time Deposit (3.5%)
JPMorgan Chase Nassau
0.58%, 10/1/08		79,423,503		79,423,503
Total Short-Term Investments (10.6%) (Cost/Amortized Cost $241,835,041)				240,780,048
Total Investments (105.5%) (Cost/Amortized Cost $2,881,349,579)				2,399,916,628
Other Assets Less Liabilities (-5.5%)				(126,046,897	)
Net Assets (100%)			$	2,273,869,731

56

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

Market Sector Diversification
As a Percentage of Total Net Assets
Consumer Discretionary	8.3	%
Consumer Staples	7.1
Energy	10.9
Financials	21.8
Health Care	9.4
Industrials	10.6
Information Technology	8.2
Materials	10.1
Telecommunication Services	6.0
Utilities	2.5
Cash and Other	5.1	%
	100.0	%

* Non-income producing.

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

† Securities (totaling $1,054,993 or 0.0% of net assets) at fair value.

(h) Security in default.

(l) Floating Rate Security. Rate disclosed is as of September 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 September 30, 2008 the Portfolio had the following futures contracts open: (Note 1)

Purchase	Number of Contracts	Expiration Date	Original Value		Value at 9/30/2008		Unrealized Depreciation
Dow Jones EURO Stoxx 50 Index	82	December-08	$	3,620,371	$	3,534,761	$	(85,610	)

57

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PORTFOLIO OF INVESTMENTS (Continued)

September 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 September 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	$	305,901,736	$	2,092,959,899	$	1,054,993	$	2,399,916,628
Other Investments*		—		—		—		—
Total	$	305,901,736	$	2,092,959,899	$	1,054,993	$	2,399,916,628
Liabilities
Investments in Securities	$	—	$	—	$	—	$	—
Other Investments*		85,610		—		—		85,610
Total	$	85,610	$	—	$	—	$	85,610

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		—			—
Purchases, sales, issuances, and settlements (net)		—			—
Transfers in and/or out of Level 3		1,054,993			—
Balance as of 9/30/08	$	1,054,993		$	—
The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 9/30/08.	$	(1,054,993	)	$	—

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

Investment security transactions for the nine months ended September 30, 2008 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,304,432,082
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,107,778,425

As of September 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	$	44,111,111
Aggregate gross unrealized depreciation		(529,288,050	)
Net unrealized depreciation	$	(485,176,939	)
Federal income tax cost of investments	$	2,885,093,567

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

At September 30, 2008, the Portfolio had loaned securities with a total value of $154,799,260. This was secured by collateral of $161,356,545 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $1,589,617 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 nine months ended September 30, 2008, the Portfolio incurred approximately $194 as brokerage commissions with Exane S.A., an affiliated broker/dealer.

See Notes to Portfolio of Investments.

59

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MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

September 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (11.2%)
Auto Components (0.1%)
Autoliv, Inc.	18,200	$	614,250
Lear Corp.*^	24,600		258,300
Magna International, Inc., Class A	12,800		655,232
			1,527,782
Automobiles (1.1%)
Daimler AG	17,000		858,500
Toyota Motor Corp.	216,700		9,200,465
Toyota Motor Corp. (ADR)^	17,900		1,535,820
			11,594,785
Hotels, Restaurants & Leisure (1.8%)
Life Time Fitness, Inc.*^	94,200		2,945,634
McDonald’s Corp.	158,140		9,757,238
Wyndham Worldwide Corp.^	90,000		1,413,900
Wynn Resorts Ltd.^	62,930		5,137,605
			19,254,377
Household Durables (0.2%)
Black & Decker Corp.^	16,600		1,008,450
Centex Corp.^	59,200		959,040
KB Home^	28,100		553,008
			2,520,498
Internet & Catalog Retail (1.0%)
Liberty Media Corp., Interactive, Class A*	391,270		5,051,296
priceline.com, Inc.*	86,954		5,950,262
			11,001,558
Leisure Equipment & Products (0.1%)
Brunswick Corp.^	50,700		648,453
Media (3.9%)
CBS Corp., Class B	134,000		1,953,720
Comcast Corp., Class A	25,300		496,639
Comcast Corp., Special Class A	717,180		14,142,789
DIRECTV Group, Inc.*	488,500		12,784,045
Gannett Co., Inc.^	90,900		1,537,119
News Corp., Class A^	189,700		2,274,503
Time Warner, Inc.	235,900		3,092,649
Viacom, Inc., Class B*^	83,200		2,066,688
Walt Disney Co.	94,700		2,906,343
			41,254,495
Multiline Retail (1.0%)
Family Dollar Stores, Inc.^	28,300		670,710
J.C. Penney Co., Inc.^	38,800		1,293,592
Macy’s, Inc.	99,200		1,783,616
Nordstrom, Inc.^	226,100		6,516,202
			10,264,120
Specialty Retail (0.6%)
Gap, Inc.^	76,300		1,356,614
Home Depot, Inc.^	112,700		2,917,803
Limited Brands, Inc.^	4,400		76,208
Lowe’s Cos., Inc.	87,700		2,077,613
			6,428,238
Textiles, Apparel & Luxury Goods (1.4%)
Jones Apparel Group, Inc.^	95,600		1,769,556
NIKE, Inc., Class B	198,340		13,268,946
			15,038,502
Total Consumer Discretionary			119,532,808
Consumer Staples (8.1%)
Beverages (1.6%)
Coca-Cola Co.	19,600		1,036,448
Coca-Cola Enterprises, Inc.	95,100		1,594,827
Dr. Pepper Snapple Group, Inc.*	278,790		7,382,359
Molson Coors Brewing Co., Class B	13,200		617,100
Pepsi Bottling Group, Inc.^	62,100		1,811,457
PepsiCo, Inc.	59,300		4,226,311
			16,668,502
Food & Staples Retailing (2.2%)
CVS Caremark Corp.	354,858		11,944,520
Kroger Co.	38,000		1,044,240
Rite Aid Corp.*^	2,798,200		2,350,488
Safeway, Inc.	80,700		1,914,204
SUPERVALU, Inc.	55,000		1,193,500
Wal-Mart Stores, Inc.	81,400		4,875,046
			23,321,998
Food Products (0.6%)
Del Monte Foods Co.	67,300		524,940
General Mills, Inc.	24,800		1,704,256
Kellogg Co.	26,100		1,464,210
Sara Lee Corp.^	112,400		1,419,612
Tyson Foods, Inc., Class A^	72,200		862,068
			5,975,086
Household Products (0.9%)
Colgate-Palmolive Co.	22,900		1,725,515
Kimberly-Clark Corp.^	23,700		1,536,708
Procter & Gamble Co.^	93,100		6,488,139
			9,750,362
Personal Products (0.8%)
Avon Products, Inc.	214,575		8,919,883
Tobacco (2.0%)
Altria Group, Inc.	326,935		6,486,390
Philip Morris International, Inc.	285,235		13,719,804
Reynolds American, Inc.^	36,800		1,789,216
			21,995,410
Total Consumer Staples			86,631,241
Energy (12.0%)
Energy Equipment & Services (0.8%)
Helmerich & Payne, Inc.	26,900		1,161,811
Nabors Industries Ltd.*	65,700		1,637,244
Schlumberger Ltd.	7,700		601,293
Transocean, Inc.*	46,050		5,058,132
			8,458,480
Oil, Gas & Consumable Fuels (11.2%)
Anadarko Petroleum Corp.	42,500		2,061,675
Apache Corp.	25,700		2,679,996
BP plc (ADR)^	33,200		1,665,644
Chevron Corp.	88,400		7,291,232
ConocoPhillips	388,920		28,488,390
Devon Energy Corp.	31,900		2,909,280
EOG Resources, Inc.	102,740		9,191,120
Exxon Mobil Corp.	353,240		27,432,618
Gazprom OAO (ADR)	215,700		6,931,663
Hess Corp.	127,260		10,445,501
Marathon Oil Corp.	258,700		10,314,369

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
Occidental Petroleum Corp.	50,300	$	3,543,635
Royal Dutch Shell plc (ADR)	26,700		1,575,567
Sunoco, Inc.^	15,500		551,490
Total S.A. (ADR)^	22,600		1,371,368
Valero Energy Corp.^	125,115		3,790,985
			120,244,533
Total Energy			128,703,013
Financials (11.3%)
Capital Markets (1.3%)
Deutsche Bank AG (Registered)^	17,900		1,302,941
Goldman Sachs Group, Inc.^	76,766		9,826,048
Morgan Stanley	82,800		1,904,400
optionsXpress Holdings, Inc.^	19,285		374,515
			13,407,904
Commercial Banks (1.6%)
Comerica, Inc.^	26,600		872,214
Fifth Third Bancorp^	354,496		4,218,502
KeyCorp	7,975		95,221
SunTrust Banks, Inc.^	19,000		854,810
U.S. Bancorp^	265,929		9,578,763
Wells Fargo & Co.^	32,200		1,208,466
			16,827,976
Consumer Finance (0.2%)
Discover Financial Services^	126,000		1,741,320
Diversified Financial Services (2.2%)
Bank of America Corp.	147,700		5,169,500
CIT Group, Inc.	153,900		1,071,144
Citigroup, Inc.	32,800		672,728
Hong Kong Exchanges and Clearing Ltd.	308,500		3,833,696
JPMorgan Chase & Co.	283,550		13,241,785
			23,988,853
Insurance (6.0%)
ACE Ltd.	244,845		13,253,460
Aflac, Inc.	5,000		293,750
Allstate Corp.	340,440		15,701,093
American International Group, Inc.	177,300		590,409
Assurant, Inc.	7,700		423,500
Chubb Corp.	40,700		2,234,430
Cincinnati Financial Corp.	251,100		7,141,284
Everest Reinsurance Group Ltd.^	8,100		700,893
Fidelity National Financial, Inc., Class A^	28,600		420,420
Genworth Financial, Inc., Class A	118,500		1,020,285
Hartford Financial Services Group, Inc.	193,990		7,951,650
MetLife, Inc.	51,500		2,884,000
Old Republic International Corp.^	76,600		976,650
PartnerReinsurance Ltd.^	900		61,281
Prudential Financial, Inc.	37,900		2,728,800
RenaissanceReinsurance Holdings Ltd.^	25,700		1,336,400
Torchmark Corp.^	16,100		962,780
Travelers Cos., Inc.	49,700		2,246,440
Unum Group	84,000		2,108,400
XL Capital Ltd., Class A	94,093		1,688,028
			64,723,953
Total Financials			120,690,006
Health Care (15.1%)
Biotechnology (5.4%)
Amgen, Inc.*	8,700		515,649
Celgene Corp.*	130,375		8,250,130
Genentech, Inc.*	283,685		25,157,186
Gilead Sciences, Inc.*	417,475		19,028,510
OSI Pharmaceuticals, Inc.*^	90,040		4,438,072
			57,389,547
Health Care Equipment & Supplies (1.9%)
Alcon, Inc.	43,559		7,035,214
Covidien Ltd.	20,125		1,081,920
Varian Medical Systems, Inc.*	123,500		7,055,555
Zimmer Holdings, Inc.*	84,870		5,479,207
			20,651,896
Health Care Providers & Services (1.6%)
Cardinal Health, Inc.	45,000		2,217,600
Coventry Health Care, Inc.*	186,855		6,082,130
McKesson Corp.^	28,100		1,512,061
UnitedHealth Group, Inc.	273,315		6,939,468
			16,751,259
Health Care Technology (0.6%)
Eclipsys Corp.*^	288,824		6,050,863
Pharmaceuticals (5.6%)
Abbott Laboratories, Inc.	6,300		362,754
Allergan, Inc.	108,605		5,593,158
Eli Lilly & Co.	285,600		12,574,968
GlaxoSmithKline plc (ADR)^	37,000		1,608,020
Johnson & Johnson^	69,300		4,801,104
Merck & Co., Inc.	405,595		12,800,578
Novartis AG (ADR)	34,500		1,822,980
Pfizer, Inc.	271,300		5,002,772
Roche Holding AG	18,500		2,883,908
Sanofi-Aventis S.A. (ADR)	47,700		1,567,899
Schering-Plough Corp.	131,300		2,425,111
Teva Pharmaceutical Industries Ltd. (ADR)^	133,600		6,117,544
Wyeth	82,200		3,036,468
			60,597,264
Total Health Care			161,440,829
Industrials (4.6%)
Aerospace & Defense (1.0%)
Boeing Co.	154,245		8,845,951
Northrop Grumman Corp.	24,500		1,483,230
			10,329,181
Air Freight & Logistics (0.0%)
United Parcel Service, Inc., Class B	600		37,734
Airlines (0.0%)
UAL Corp.^	48,000		421,920
Commercial Services & Supplies (0.3%)
Allied Waste Industries, Inc.*	150,400		1,670,944
Pitney Bowes, Inc.^	37,500		1,247,250
			2,918,194
Electrical Equipment (0.5%)
SunPower Corp., Class B*	70,496		4,867,775
Industrial Conglomerates (1.0%)
3M Co.	27,500		1,878,525
General Electric Co.	281,100		7,168,050
Tyco International Ltd.	57,100		1,999,642
			11,046,217
Machinery (1.4%)
Caterpillar, Inc.	41,300		2,461,480
Cummins, Inc.	7,500		327,900
Danaher Corp.	139,455		9,678,177

61

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
Dover Corp.	39,500	$	1,601,725
Illinois Tool Works, Inc.	8,000		355,600
			14,424,882
Road & Rail (0.4%)
Avis Budget Group, Inc.*^	58,000		332,920
Hertz Global Holdings, Inc.*	377,871		2,860,483
Ryder System, Inc.^	23,500		1,457,000
			4,650,403
Total Industrials			48,696,306
Information Technology (20.3%)
Communications Equipment (4.3%)
Cisco Systems, Inc.*^	94,600		2,134,176
Corning, Inc.	1,164,940		18,219,662
Motorola, Inc.	74,200		529,788
Nokia Oyj (ADR)	238,225		4,442,896
QUALCOMM, Inc.	227,205		9,762,999
Research In Motion Ltd.*	133,865		9,142,979
Telefonaktiebolaget LM Ericsson (ADR)^	171,100		1,613,473
			45,845,973
Computers & Peripherals (5.6%)
Apple, Inc.*^	136,817		15,550,620
Dell, Inc.*	792,500		13,060,400
EMC Corp.*	757,235		9,056,531
Hewlett-Packard Co.	307,200		14,204,928
International Business Machines Corp.	48,400		5,660,864
Lexmark International, Inc., Class A*^	45,600		1,485,192
Western Digital Corp.*	58,600		1,249,352
			60,267,887
Electronic Equipment, Instruments & Components (0.9%)
Arrow Electronics, Inc.*	57,000		1,494,540
AU Optronics Corp. (ADR)^	138,300		1,571,088
Avnet, Inc.*	66,100		1,628,043
Flextronics International Ltd.*^	142,511		1,008,978
Ingram Micro, Inc., Class A*	89,700		1,441,479
Sanmina-SCI Corp.*	46,300		64,820
Tech Data Corp.*	21,000		626,850
Tyco Electronics Ltd.	68,400		1,891,944
			9,727,742
Internet Software & Services (1.7%)
eBay, Inc.*	373,025		8,348,299
Google, Inc., Class A*	23,305		9,334,119
			17,682,418
IT Services (1.5%)
Accenture Ltd., Class A	21,200		805,600
Paychex, Inc.	111,500		3,682,845
Visa, Inc., Class A	106,765		6,554,303
Western Union Co.	197,240		4,865,911
			15,908,659
Semiconductors & Semiconductor Equipment (2.2%)
Cypress Semiconductor Corp.*^	257,035		1,341,723
Intel Corp.	693,710		12,993,188
NVIDIA Corp.*^	160,900		1,723,239
ON Semiconductor Corp.*^	466,774		3,155,392
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)^	169,551		1,588,693
Texas Instruments, Inc.	138,355		2,974,632
			23,776,867
Software (4.1%)
Microsoft Corp.	1,105,642		29,509,585
Oracle Corp.*	592,525		12,034,183
Symantec Corp.*	114,100		2,234,078
			43,777,846
Total Information Technology			216,987,392
Materials (2.7%)
Chemicals (2.0%)
Ashland, Inc.^	27,400		801,176
Dow Chemical Co.^	65,900		2,094,302
E.I. du Pont de Nemours & Co.	64,500		2,599,350
Eastman Chemical Co.^	32,700		1,800,462
Praxair, Inc.	83,995		6,025,802
Syngenta AG (ADR)	179,635		7,602,153
			20,923,245
Containers & Packaging (0.4%)
Ball Corp.	39,300		1,551,957
Owens-Illinois, Inc.*	67,700		1,990,380
Sonoco Products Co.^	25,000		742,000
			4,284,337
Metals & Mining (0.3%)
Alcoa, Inc.	85,000		1,919,300
ArcelorMittal (N.Y. Shares) (Registered)^	32,000		1,580,160
			3,499,460
Total Materials			28,707,042
Telecommunication Services (4.7%)
Diversified Telecommunication Services (3.4%)
AT&T, Inc.^	777,100		21,696,632
France Telecom S.A.	234,800		6,575,333
Level 3 Communications, Inc.*^	2,398,930		6,477,111
Verizon Communications, Inc.	42,000		1,347,780
			36,096,856
Wireless Telecommunication Services (1.3%)
China Mobile Ltd.	331,000		3,314,122
Crown Castle International Corp.*	274,000		7,937,780
Sprint Nextel Corp.^	371,500		2,266,150
Vodafone Group plc (ADR)	53,100		1,173,510
			14,691,562
Total Telecommunication Services			50,788,418
Utilities (1.5%)
Electric Utilities (1.3%)
American Electric Power Co., Inc.	61,100		2,262,533
Entergy Corp.^	126,605		11,269,111
			13,531,644
Independent Power Producers & Energy Traders (0.1%)
Reliant Energy, Inc.*	128,700		945,945
Multi-Utilities (0.1%)
CMS Energy Corp.^	74,500		929,015
Dominion Resources, Inc.	18,200		778,596
			1,707,611
Total Utilities			16,185,200
Total Common Stocks (91.5%) (Cost $1,120,708,345)			978,362,255
PREFERRED STOCK:
Financials (0.1%)
Diversified Financial Services (0.1%)
CIT Group, Inc.
8.750%^	23,400		770,562
Total Preferred Stocks (0.1%) (Cost $1,170,000)			770,562

62

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Government Security (0.7%)
Federal Home Loan Bank
0.10%, 10/1/08 (p)(o)	$	8,000,000	$	7,999,978
Short-Term Investments of Cash Collateral for Securities Loaned (7.3%)
Alpine Securitization Corp.
6.50%, 10/1/08		2,999,459		2,999,459
Amstel Funding Corp.
8.00%, 10/1/08		2,999,333		2,999,333
Atlantis One Funding, Inc.
6.50%, 10/1/08		2,999,458		2,999,458
Banco de Sabadell S.A.
2.84%, 4/23/09 (l)		1,580,000		1,580,000
Bank of Ireland
3.09%, 12/19/08 (l)		2,649,909		2,649,909
BBVA Senior Finance S.A.
2.87%, 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
2.51%, 3/16/09 (l)		529,984		529,984
Credit Suisse (USA) LLC, Repurchase Agreement
2.00%, 10/1/08 (r)		28,736,600		28,736,600
General Electric Capital Corp.
6.50%, 10/1/08		2,999,458		2,999,458
2.15%, 3/12/10 (l)		210,000		210,000
Goldman Sachs Group, Inc.
2.16%, 3/27/09 (l)		1,480,000		1,480,000
Hannover Funding Company LLC
8.00%, 10/1/08		2,999,334		2,999,334
Hartford Life, Inc.
2.62%, 2/2/09 (l)		420,000		420,000
K2 (USA) LLC
2.12%, 5/29/09 (l)		2,119,564		2,119,564
2.12%, 6/18/09 (l)		2,649,413		2,649,413
Lehman Brothers Holdings, Inc.
0.00%, 8/21/09 (h)†		1,319,991		659,996
Links Finance LLC
2.12%, 6/25/09 (l)		789,853		789,853
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
3.29%, 2/9/09 (l)		4,122,283		4,122,283
7.15%, 5/7/09 (l)		2,650,000		2,650,000
Pricoa Global Funding I
2.15%, 6/25/10 (l)		1,589,722		1,589,722
Three Pillars Funding Corp.
6.50%, 10/1/08		2,999,458		2,999,458
Tulip Funding Corp.
7.25%, 10/1/08		2,999,396		2,999,396
Wachovia Bank N.A.
2.12%, 10/2/08 (l)		530,000		530,000
Total Short-Term Investments of Cash Collateral for Securities Loaned				78,283,220
Time Deposit (7.4%)
JPMorgan Chase Nassau
0.58%, 10/1/08		78,963,208		78,963,208
Total Short-Term Investments (15.4%) (Cost/Amortized Cost $165,906,424)				165,246,406
Total Investments (107.0%) (Cost/Amortized Cost $1,287,784,769)				1,144,379,223
Other Assets Less Liabilities (-7.0%)				(74,503,298	)
Net Assets (100%)			$	1,069,875,925

* Non-income producing.

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

† Securities (totaling $659,996 or 0.1% of net assets) at fair value.

(h) Security in default.

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

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

63

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MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 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 September 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	$	946,393,630	$	197,325,597	$	659,996	$	1,144,379,223
Other Investments*	$	—		—		—		—
Total	$	946,393,630	$	197,325,597	$	659,996	$	1,144,379,223
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		—			—
Purchases, sales, issuances, and settlements (net)		—			—
Transfers in and/or out of Level 3		659,996			—
Balance as of 9/30/08	$	659,996		$	—
The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 9/30/08.	$	(659,995	)	$	—

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

Investment security transactions for the nine months ended September 30, 2008 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	603,065,380
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	336,382,265

64

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MULTIMANAGER LARGE CAP CORE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

As of September 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	$	31,339,470
Aggregate gross unrealized depreciation		(179,667,850	)
Net unrealized depreciation	$	(148,328,380)
Federal income tax cost of investments	$	1,292,707,603

At September 30, 2008, the Portfolio had loaned securities with a total value of $78,917,888. This was secured by collateral of $78,283,220 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

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

See Notes to Portfolio of Investments.

65

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MULTIMANAGER LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

September 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (13.1%)
Diversified Consumer Services (2.0%)
Apollo Group, Inc., Class A*	92,250	$	5,470,425
Hotels, Restaurants & Leisure (1.7%)
International Game Technology^	50,300		864,154
Las Vegas Sands Corp.*^	20,900		754,699
Marriott International, Inc., Class A^	61,200		1,596,708
MGM MIRAGE*^	18,397		524,315
Yum! Brands, Inc.	35,800		1,167,438
			4,907,314
Internet & Catalog Retail (3.6%)
Amazon.com, Inc.*	126,300		9,189,588
Expedia, Inc.*	59,200		894,512
			10,084,100
Media (0.1%)
Sirius XM Radio, Inc.*^	400,200		228,114
Multiline Retail (1.2%)
Kohl’s Corp.*	72,650		3,347,712
Specialty Retail (4.5%)
Aeropostale, Inc.*	131,000		4,206,410
Bed Bath & Beyond, Inc.*^	101,100		3,175,551
Urban Outfitters, Inc.*	169,200		5,392,404
			12,774,365
Total Consumer Discretionary			36,812,030
Consumer Staples (4.1%)
Food & Staples Retailing (2.6%)
CVS Caremark Corp.	78,100		2,628,846
Wal-Mart Stores, Inc.	77,700		4,653,453
			7,282,299
Food Products (1.5%)
Bunge Ltd.	31,600		1,996,488
Nestle S.A. (Registered) (ADR)	51,200		2,199,040
			4,195,528
Total Consumer Staples			11,477,827
Energy (6.3%)
Energy Equipment & Services (3.9%)
Halliburton Co.	94,900		3,073,811
National Oilwell Varco, Inc.*	53,000		2,662,190
Schlumberger Ltd.	44,800		3,498,432
Weatherford International Ltd.*	78,100		1,963,434
			11,197,867
Oil, Gas & Consumable Fuels (2.4%)
EOG Resources, Inc.^	9,300		831,978
Occidental Petroleum Corp.	40,000		2,818,000
Suncor Energy, Inc.	72,600		3,059,364
			6,709,342
Total Energy			17,907,209
Financials (5.8%)
Capital Markets (3.6%)
BlackRock, Inc.	5,050		982,225
Charles Schwab Corp.	102,900		2,675,400
Franklin Resources, Inc.	12,500		1,101,625
Goldman Sachs Group, Inc.	17,580		2,250,240
Morgan Stanley	49,000		1,127,000
State Street Corp.	33,800		1,922,544
			10,059,034
Commercial Banks (0.6%)
Banco Bradesco S.A. (ADR)	108,800		1,751,680
Diversified Financial Services (1.6%)
Bank of America Corp.	68,800		2,408,000
JPMorgan Chase & Co.	44,650		2,085,155
			4,493,155
Total Financials			16,303,869
Health Care (21.5%)
Biotechnology (8.9%)
Biogen Idec, Inc.*	62,300		3,133,067
Celgene Corp.*	138,250		8,748,460
Cephalon, Inc.*	37,500		2,905,875
Genentech, Inc.*	24,200		2,146,056
Gilead Sciences, Inc.*	80,300		3,660,074
Myriad Genetics, Inc.*	70,100		4,548,088
			25,141,620
Health Care Equipment & Supplies (5.2%)
Alcon, Inc.	8,400		1,356,684
Baxter International, Inc.	15,600		1,023,828
Intuitive Surgical, Inc.*	13,700		3,301,426
Masimo Corp.*	136,600		5,081,520
Medtronic, Inc.	34,700		1,738,470
St. Jude Medical, Inc.*	16,400		713,236
Stryker Corp.	21,300		1,326,990
			14,542,154
Health Care Providers & Services (1.4%)
Humana, Inc.*	31,700		1,306,040
McKesson Corp.	22,000		1,183,820
Medco Health Solutions, Inc.*	36,300		1,633,500
			4,123,360
Life Sciences Tools & Services (4.1%)
Illumina, Inc.*	196,600		7,968,198
Thermo Fisher Scientific, Inc.*	63,300		3,481,500
			11,449,698
Pharmaceuticals (1.9%)
Allergan, Inc.	34,900		1,797,350
Elan Corp. plc (ADR)*	194,400		2,074,248
Wyeth	37,600		1,388,944
			5,260,542
Total Health Care			60,517,374
Industrials (9.7%)
Aerospace & Defense (0.7%)
Boeing Co.	32,600		1,869,610
Air Freight & Logistics (0.4%)
Expeditors International of Washington, Inc.	34,600		1,205,464
Construction & Engineering (1.1%)
Foster Wheeler Ltd.*	39,100		1,411,901
Jacobs Engineering Group, Inc.*	29,800		1,618,438
			3,030,339
Electrical Equipment (4.1%)
First Solar, Inc.*	34,200		6,460,722
SunPower Corp., Class A*^	69,500		4,929,635

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
SunPower Corp., Class B*		2,400	$	165,720
				11,556,077
Industrial Conglomerates (0.2%)
McDermott International, Inc.*		22,500		574,875
Machinery (3.2%)
Danaher Corp.		82,200		5,704,680
Deere & Co.		29,800		1,475,100
ITT Corp.		33,500		1,862,935
				9,042,715
Total Industrials				27,279,080
Information Technology (34.0%)
Communications Equipment (7.5%)
Cisco Systems, Inc.*		43,700		985,872
Juniper Networks, Inc.*		302,600		6,375,782
Nokia Oyj (ADR)		86,500		1,613,225
QUALCOMM, Inc.		272,650		11,715,771
Research In Motion Ltd.*		5,600		382,480
				21,073,130
Computers & Peripherals (6.9%)
Apple, Inc.*		101,470		11,533,080
EMC Corp.*		171,200		2,047,552
Hewlett-Packard Co.		62,300		2,880,752
International Business Machines Corp.		8,420		984,803
NetApp, Inc.*		105,100		1,915,973
				19,362,160
Electronic Equipment, Instruments & Components (1.5%)
Amphenol Corp., Class A		108,700		4,363,218
Internet Software & Services (2.5%)
Google, Inc., Class A*		16,000		6,408,320
VeriSign, Inc.*^		22,100		576,368
				6,984,688
IT Services (2.0%)
Accenture Ltd., Class A		68,300		2,595,400
Automatic Data Processing, Inc.		30,500		1,303,875
Cognizant Technology Solutions Corp., Class A*		69,800		1,593,534
				5,492,809
Semiconductors & Semiconductor Equipment (3.4%)
ASML Holding N.V. (N.Y. Shares)^		62,402		1,098,899
Broadcom Corp., Class A*		67,900		1,264,977
Intel Corp.		182,800		3,423,844
Marvell Technology Group Ltd.*		210,200		1,954,860
Xilinx, Inc.^		78,000		1,829,100
				9,571,680
Software (10.2%)
Activision Blizzard, Inc.*		256,000		3,950,080
Adobe Systems, Inc.*		77,600		3,062,872
Autodesk, Inc.*		85,000		2,851,750
Electronic Arts, Inc.*		52,000		1,923,480
Microsoft Corp.		209,100		5,580,879
Nintendo Co., Ltd. (ADR)		16,200		852,930
Oracle Corp.*		285,100		5,790,381
Salesforce.com, Inc.*^		16,600		803,440
Symantec Corp.*		200,500		3,925,790
				28,741,602
Total Information Technology				95,589,287
Materials (3.0%)
Chemicals (2.5%)
Monsanto Co.		8,500		841,330
Mosaic Co.		20,310		1,381,486
Potash Corp. of Saskatchewan, Inc.		5,300		699,653
Praxair, Inc.		58,100		4,168,094
				7,090,563
Metals & Mining (0.5%)
Freeport-McMoRan Copper & Gold, Inc.^		25,900		1,472,415
Total Materials				8,562,978
Telecommunication Services (2.0%)
Wireless Telecommunication Services (2.0%)
American Tower Corp., Class A*		92,400		3,323,628
Crown Castle International Corp.*		41,100		1,190,667
MetroPCS Communications, Inc.*^		72,400		1,012,876
Total Telecommunication Services				5,527,171
Utilities (0.3%)
Independent Power Producers & Energy Traders (0.3%)
NRG Energy, Inc.*^		40,900		1,012,275
Total Utilities				1,012,275
Total Common Stocks (99.8%) (Cost $326,388,176)				280,989,100
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (2.2%)
Banco de Sabadell S.A.
2.84%, 4/23/09 (l)	$	260,000		260,000
Bank of Ireland
3.09%, 12/19/08 (l)		419,985		419,985
BBVA Senior Finance S.A.
2.87%, 3/12/10 (l)		180,000		180,000
Citigroup Funding, Inc.
2.11%, 3/16/09 (l)		270,000		270,000
Comerica Bank
2.51%, 3/16/09 (l)		99,997		99,997
Credit Suisse (USA) LLC, Repurchase Agreement
2.00%, 10/1/08 (r)		1,530,068		1,530,068
General Electric Capital Corp.
2.15%, 3/12/10 (l)		20,000		20,000
Goldman Sachs Group, Inc.
2.16%, 3/27/09 (l)		250,000		250,000
Hartford Life, Inc.
2.62%, 2/2/09 (l)		100,000		100,000
K2 (USA) LLC
2.12%, 5/29/09 (l)		349,928		349,928
2.12%, 6/18/09 (l)		419,907		419,907
Lehman Brothers Holdings, Inc.
0.00%, 8/21/09 (h)†		209,998		104,999
Links Finance LLC
2.12%, 6/25/09 (l)		139,974		139,974
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
3.29%, 2/9/09 (l)		688,711		688,711
7.15%, 5/7/09 (l)		420,000		420,000
Pricoa Global Funding I
2.15%, 6/25/10 (l)		269,953		269,953

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Wachovia Bank N.A.
2.12%, 10/2/08 (l)	$	90,000	$	90,000
Total Short-Term Investments of Cash Collateral for Securities Loaned				6,233,522
Time Deposit (2.4%)
JPMorgan Chase Nassau
0.58%, 10/1/08		6,644,191		6,644,191
Total Short-Term Investments (4.6%) (Cost/Amortized Cost $12,982,713)				12,877,713
Total Investments (104.4%) (Cost/Amortized Cost $339,370,889)				293,866,813
Other Assets Less Liabilities (-4.4%)				(12,411,042	)
Net Assets (100%)			$	281,455,771

* Non-income producing.

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

† Securities (totaling $104,999 or 0.0% of net assets) at fair value.

(h) Security in default.

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

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PORTFOLIO OF INVESTMENTS (Continued)

September 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 September 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	$	280,989,100	$	12,772,714	$	104,999	$	293,866,813
Other Investments*	$	—		—		—		—
Total	$	280,989,100	$	12,772,714	$	104,999	$	293,866,813
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		—			—
Purchases, sales, issuances, and settlements (net)		—			—
Transfers in and/or out of Level 3		104,999			—
Balance as of 9/30/08	$	104,999		$	—
The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 9/30/08.	$	(104,999	)	$	—

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

Investment security transactions for the nine months ended September 30, 2008 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	405,157,599
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	420,796,380

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

As of September 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	$	3,037,354
Aggregate gross unrealized depreciation		(50,095,438	)
Net unrealized depreciation	$	(47,058,084	)
Federal income tax cost of investments	$	340,924,897

At September 30, 2008, the Portfolio had loaned securities with a total value of $6,520,336. This was secured by collateral of $6,233,522 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 $19,733, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the nine months ended September 30, 2008, the Portfolio incurred approximately $1,229 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS

September 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (10.1%)
Auto Components (0.5%)
Autoliv, Inc.	63,500	$	2,143,125
Johnson Controls, Inc.	155,080		4,703,576
Magna International, Inc., Class A	33,800		1,730,222
TRW Automotive Holdings Corp.*	57,700		918,007
			9,494,930
Automobiles (0.2%)
Toyota Motor Corp. (ADR)^	35,200		3,020,160
Hotels, Restaurants & Leisure (0.7%)
Intercontinental Hotels Group plc (ADR)	724,638		8,963,772
Royal Caribbean Cruises Ltd.^	244,670		5,076,903
			14,040,675
Household Durables (0.3%)
Centex Corp.^	78,800		1,276,560
D.R. Horton, Inc.	181,400		2,361,828
KB Home^	55,600		1,094,208
Lennar Corp., Class B^	15,000		182,700
Toll Brothers, Inc.*^	22,660		571,712
			5,487,008
Leisure Equipment & Products (0.1%)
Brunswick Corp.^	96,600		1,235,514
Media (4.2%)
CBS Corp., Class B	275,500		4,016,790
Gannett Co., Inc.^	166,000		2,807,060
News Corp., Class A	1,522,750		18,257,772
Omnicom Group, Inc.^	246,600		9,508,896
Time Warner, Inc.	579,600		7,598,556
Viacom, Inc., Class B*	910,300		22,611,852
Walt Disney Co.	532,020		16,327,694
WPP Group plc	466,700		3,787,486
			84,916,106
Multiline Retail (1.6%)
Family Dollar Stores, Inc.	86,200		2,042,940
J.C. Penney Co., Inc.	128,700		4,290,858
Macy’s, Inc.	458,170		8,237,897
Target Corp.^	373,350		18,312,817
			32,884,512
Specialty Retail (1.8%)
AutoNation, Inc.*^	145,100		1,630,924
Gap, Inc.	184,100		3,273,298
Home Depot, Inc.	205,300		5,315,217
Lowe’s Cos., Inc.	671,350		15,904,282
Sherwin-Williams Co.^	106,190		6,069,820
Staples, Inc.	167,930		3,778,425
			35,971,966
Textiles, Apparel & Luxury Goods (0.7%)
Jones Apparel Group, Inc.	170,600		3,157,806
NIKE, Inc., Class B	163,340		10,927,446
			14,085,252
Total Consumer Discretionary			201,136,123
Consumer Staples (11.2%)
Beverages (4.4%)
Coca-Cola Co.	486,750		25,739,340
Coca-Cola Enterprises, Inc.	194,800		3,266,796
Diageo plc	504,828		8,545,727
Molson Coors Brewing Co., Class B	129,690		6,063,008
Pepsi Bottling Group, Inc.	129,060		3,764,680
PepsiAmericas, Inc.	49,400		1,023,568
PepsiCo, Inc.	548,140		39,065,938
			87,469,057
Food & Staples Retailing (2.3%)
CVS Caremark Corp.	1,062,872		35,776,272
Safeway, Inc.	171,500		4,067,980
SUPERVALU, Inc.	121,900		2,645,230
Wal-Mart Stores, Inc.	55,000		3,293,950
			45,783,432
Food Products (1.3%)
Del Monte Foods Co.	128,700		1,003,860
Kellogg Co.	156,630		8,786,943
Kraft Foods, Inc., Class A	39,200		1,283,800
Nestle S.A. (Registered)	226,039		9,776,653
Sara Lee Corp.	217,600		2,748,288
Tyson Foods, Inc., Class A	162,600		1,941,444
			25,540,988
Household Products (1.1%)
Procter & Gamble Co.	327,970		22,856,229
Tobacco (2.1%)
Altria Group, Inc.	397,120		7,878,861
Lorillard, Inc.^	53,830		3,830,004
Philip Morris International, Inc.	542,150		26,077,415
Reynolds American, Inc.	82,100		3,991,702
			41,777,982
Total Consumer Staples			223,427,688
Energy (13.7%)
Energy Equipment & Services (1.1%)
Baker Hughes, Inc.	304,400		18,428,376
Nabors Industries Ltd.*	137,500		3,426,500
			21,854,876
Oil, Gas & Consumable Fuels (12.6%)
Anadarko Petroleum Corp.	96,100		4,661,811
Apache Corp.	157,010		16,373,003
BP plc (ADR)^	65,200		3,271,084
Chevron Corp.	426,219		35,154,543
ConocoPhillips	332,420		24,349,765
Devon Energy Corp.	195,740		17,851,488
EOG Resources, Inc.	70,270		6,286,354
Exxon Mobil Corp.	708,960		55,057,834
Hess Corp.	111,930		9,187,214
Marathon Oil Corp.	760,980		30,340,273
Occidental Petroleum Corp.	307,632		21,672,674
Royal Dutch Shell plc (ADR)	48,000		2,832,480
Sunoco, Inc.	29,700		1,056,726
Total S.A. (ADR)	333,910		20,261,659
Valero Energy Corp.	76,500		2,317,950
Williams Cos., Inc.	66,900		1,582,185
			252,257,043
Total Energy			274,111,919
Financials (22.5%)
Capital Markets (5.2%)
Bank of New York Mellon Corp.	1,005,238		32,750,654
Deutsche Bank AG (Registered)	34,300		2,496,697
Franklin Resources, Inc.	77,770		6,853,870
Goldman Sachs Group, Inc.^	289,090		37,003,520
Invesco Ltd.^	57,530		1,206,979
Merrill Lynch & Co., Inc.	277,570		7,022,521

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
Morgan Stanley	192,800	$	4,434,400
State Street Corp.	204,660		11,641,061
			103,409,702
Commercial Banks (2.1%)
BB&T Corp.^	46,600		1,761,480
Fifth Third Bancorp^	287,100		3,416,490
KeyCorp	100,400		1,198,776
PNC Financial Services Group, Inc.	95,290		7,118,163
SunTrust Banks, Inc.^	428,650		19,284,963
U.S. Bancorp	103,000		3,710,060
Wells Fargo & Co.	176,900		6,639,057
			43,128,989
Consumer Finance (1.4%)
Capital One Financial Corp.^	484,300		24,699,300
Discover Financial Services	242,300		3,348,586
			28,047,886
Diversified Financial Services (6.5%)
Bank of America Corp.	1,416,753		49,586,355
Citigroup, Inc.	566,700		11,623,017
Deutsche Boerse AG	7,640		696,516
JPMorgan Chase & Co.	1,440,640		67,277,888
			129,183,776
Insurance (7.3%)
ACE Ltd.	504,850		27,327,530
Allstate Corp.	583,380		26,905,486
American International Group, Inc.	413,700		1,377,621
Aon Corp.	55,710		2,504,722
Assurant, Inc.	22,800		1,254,000
Chubb Corp.	191,610		10,519,389
Cincinnati Financial Corp.	23,000		654,120
Everest Reinsurance Group Ltd.	14,400		1,246,032
Fidelity National Financial, Inc., Class A^	127,700		1,877,190
Genworth Financial, Inc., Class A	593,030		5,105,988
Hartford Financial Services Group, Inc.	129,630		5,313,534
Lincoln National Corp.	53,900		2,307,459
MetLife, Inc.	471,070		26,379,920
Old Republic International Corp.^	131,400		1,675,350
PartnerReinsurance Ltd.^	43,800		2,982,342
Progressive Corp.	254,000		4,419,600
Prudential Financial, Inc.	144,970		10,437,840
RenaissanceReinsurance Holdings Ltd.	52,700		2,740,400
Travelers Cos., Inc.	134,600		6,083,920
Unum Group	169,400		4,251,940
XL Capital Ltd., Class A	70,800		1,270,152
			146,634,535
Total Financials			450,404,888
Health Care (10.5%)
Biotechnology (0.2%)
Amgen, Inc.*	67,900		4,024,433
Health Care Providers & Services (0.6%)
AmerisourceBergen Corp.	46,900		1,765,785
Cardinal Health, Inc.	75,500		3,720,640
UnitedHealth Group, Inc.	107,260		2,723,331
WellPoint, Inc.*	66,100		3,091,497
			11,301,253
Pharmaceuticals (9.7%)
Abbott Laboratories, Inc.	61,900		3,564,202
Eli Lilly & Co.	30,000		1,320,900
GlaxoSmithKline plc	220,210		4,757,502
GlaxoSmithKline plc (ADR)^	66,600		2,894,436
Johnson & Johnson	827,940		57,359,683
Merck & Co., Inc.	584,030		18,431,987
Novartis AG (ADR)	70,900		3,746,356
Pfizer, Inc.	1,027,110		18,939,908
Sanofi-Aventis S.A. (ADR)	99,500		3,270,565
Schering-Plough Corp.	1,456,950		26,909,867
Wyeth	1,444,210		53,349,117
			194,544,523
Total Health Care			209,870,209
Industrials (9.3%)
Aerospace & Defense (3.0%)
Lockheed Martin Corp.	252,300		27,669,741
Northrop Grumman Corp.	289,900		17,550,546
Raytheon Co.	34,340		1,837,533
United Technologies Corp.	214,700		12,894,882
			59,952,702
Building Products (0.8%)
Masco Corp.^	871,950		15,642,783
Commercial Services & Supplies (0.2%)
Allied Waste Industries, Inc.*	303,200		3,368,552
Industrial Conglomerates (3.6%)
3M Co.	110,910		7,576,262
General Electric Co.	1,945,591		49,612,571
Textron, Inc.	372,450		10,905,336
Tyco International Ltd.	126,100		4,416,022
			72,510,191
Machinery (0.8%)
Caterpillar, Inc.	24,600		1,466,160
Danaher Corp.	20,600		1,429,640
Dover Corp.	78,400		3,179,120
Eaton Corp.	66,820		3,753,948
Illinois Tool Works, Inc.	33,300		1,480,185
Ingersoll-Rand Co., Ltd., Class A	106,650		3,324,280
Timken Co.	47,100		1,335,285
			15,968,618
Road & Rail (0.5%)
Avis Budget Group, Inc.*	72,900		418,446
Burlington Northern Santa Fe Corp.	62,370		5,764,859
Ryder System, Inc.	48,300		2,994,600
			9,177,905
Trading Companies & Distributors (0.4%)
W.W. Grainger, Inc.^	103,870		9,033,574
Total Industrials			185,654,325
Information Technology (9.6%)
Communications Equipment (2.1%)
Cisco Systems, Inc.*	1,473,010		33,231,106
Motorola, Inc.	258,200		1,843,548
Nokia Oyj (ADR)	167,700		3,127,605
Telefonaktiebolaget LM Ericsson (ADR)^	330,400		3,115,672
			41,317,931
Computers & Peripherals (2.5%)
Hewlett-Packard Co.	700,500		32,391,120
International Business Machines Corp.	106,900		12,503,024
Lexmark International, Inc., Class A*^	87,700		2,856,389

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
Western Digital Corp.*		137,100	$	2,922,972
				50,673,505
Electronic Equipment, Instruments & Components (1.0%)
Arrow Electronics, Inc.*		113,600		2,978,592
AU Optronics Corp. (ADR)^		253,900		2,884,304
Avnet, Inc.*		127,300		3,135,399
Flextronics International Ltd.*		382,434		2,707,633
Ingram Micro, Inc., Class A*		136,000		2,185,520
Sanmina-SCI Corp.*		310,100		434,140
Tech Data Corp.*		37,500		1,119,375
Tyco Electronics Ltd.		162,000		4,480,920
Vishay Intertechnology, Inc.*		20,100		133,062
				20,058,945
IT Services (0.9%)
Accenture Ltd., Class A		350,200		13,307,600
Automatic Data Processing, Inc.		38,450		1,643,738
Visa, Inc., Class A		24,200		1,485,638
Western Union Co.		111,750		2,756,872
				19,193,848
Semiconductors & Semiconductor Equipment (2.0%)
Intel Corp.		631,450		11,827,058
NVIDIA Corp.*		287,400		3,078,054
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)^		348,850		3,268,725
Texas Instruments, Inc.		1,006,750		21,645,125
				39,818,962
Software (1.1%)
Oracle Corp.*		820,760		16,669,635
Symantec Corp.*		256,500		5,022,270
				21,691,905
Total Information Technology				192,755,096
Materials (3.8%)
Chemicals (3.1%)
Air Products & Chemicals, Inc.		59,040		4,043,650
Ashland, Inc.		44,100		1,289,484
Dow Chemical Co.^		173,800		5,523,364
E.I. du Pont de Nemours & Co.		838,550		33,793,565
Eastman Chemical Co.		64,600		3,556,876
PPG Industries, Inc.		217,160		12,664,771
				60,871,710
Containers & Packaging (0.4%)
Ball Corp.		68,900		2,720,861
Bemis Co., Inc.^		58,300		1,528,043
Owens-Illinois, Inc.*		139,700		4,107,180
				8,356,084
Metals & Mining (0.3%)
Alcoa, Inc.		175,200		3,956,016
ArcelorMittal (N.Y. Shares) (Registered)^		52,300		2,582,574
				6,538,590
Total Materials				75,766,384
Telecommunication Services (4.4%)
Diversified Telecommunication Services (2.5%)
AT&T, Inc.		1,377,340		38,455,333
Embarq Corp.		22,982		931,920
Verizon Communications, Inc.		315,090		10,111,238
				49,498,491
Wireless Telecommunication Services (1.9%)
Rogers Communications, Inc., Class B		91,800		2,977,623
Sprint Nextel Corp.		779,100		4,752,510
Vodafone Group plc		2,632,137		5,814,912
Vodafone Group plc (ADR)		1,086,350		24,008,335
				37,553,380
Total Telecommunication Services				87,051,871
Utilities (2.5%)
Electric Utilities (1.1%)
American Electric Power Co., Inc.		132,100		4,891,663
Entergy Corp.		56,850		5,060,219
FPL Group, Inc.^		101,410		5,100,923
Pinnacle West Capital Corp.		84,600		2,911,086
PPL Corp.		123,550		4,573,821
				22,537,712
Independent Power Producers & Energy Traders (0.1%)
Reliant Energy, Inc.*		225,500		1,657,425
Multi-Utilities (1.3%)
Ameren Corp.		64,400		2,513,532
CMS Energy Corp.^		75,700		943,979
Dominion Resources, Inc.^		285,548		12,215,743
PG&E Corp.		123,060		4,608,597
Public Service Enterprise Group, Inc.^		141,610		4,643,392
				24,925,243
Total Utilities				49,120,380
Total Common Stocks (97.6%) (Cost $2,262,054,240)				1,949,298,883
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Commercial Paper (0.3%)
Toyota Motor Corp.
5.00%, 10/1/08	$	7,252,000		7,250,993
Short-Term Investments of Cash Collateral for Securities Loaned (4.1%)
Alpine Securitization Corp.
6.50%, 10/1/08		2,999,458		2,999,458
Amstel Funding Corp.
8.00%, 10/1/08		3,999,111		3,999,111
Atlantis One Funding, Inc.
6.50%, 10/1/08		2,999,458		2,999,458
Banco de Sabadell S.A.
2.84%, 4/23/09 (l)		2,450,000		2,450,000
Bank of Ireland
3.09%, 12/19/08 (l)		4,069,861		4,069,861
BBVA Senior Finance S.A.
2.87%, 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
2.51%, 3/16/09 (l)		809,976		809,976
Credit Suisse (USA) LLC, Repurchase Agreement
2.00%, 10/1/08 (r)		15,382,898		15,382,898
General Electric Capital Corp.
6.50%, 10/1/08		2,999,458		2,999,458
2.15%, 3/12/10 (l)		330,000		330,000
Goldman Sachs Group, Inc.
2.16%, 3/27/09 (l)		2,280,000		2,280,000
Hannover Funding Company LLC
8.00%, 10/1/08		2,999,333		2,999,333
Hartford Life, Inc.
2.62%, 2/2/09 (l)		650,000		650,000

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
K2 (USA) LLC
2.12%, 5/29/09 (l)	$	3,259,329	$	3,259,329
2.12%, 6/18/09 (l)		4,069,099		4,069,099
Lehman Brothers Holdings, Inc.
0.00%, 8/21/09 (h)†		2,039,987		1,019,994
Links Finance LLC
2.12%, 6/25/09 (l)		1,219,772		1,219,772
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
3.29%, 2/9/09 (l)		6,338,135		6,338,135
7.15%, 5/7/09 (l)		4,070,000		4,070,000
Pricoa Global Funding I
2.15%, 6/25/10 (l)		2,439,574		2,439,574
Three Pillars Funding Corp.
6.50%, 10/1/08		2,999,458		2,999,458
Tulip Funding Corp.
7.25%, 10/1/08		3,999,194		3,999,194
Wachovia Bank N.A.
2.12%, 10/2/08 (l)		810,000		810,000
Total Short-Term Investments of Cash Collateral for Securities Loaned				82,294,108
Time Deposit (1.3%)
JPMorgan Chase Nassau
0.58%, 10/1/08		25,316,197		25,316,197
Total Short-Term Investments (5.7%) (Cost/Amortized Cost $115,882,298)				114,861,298
Total Investments (103.3%) (Cost/Amortized Cost $2,377,936,538)				2,064,160,181
Other Assets Less Liabilities (-3.3%)				(66,088,677	)
Net Assets (100%)			$	1,998,071,504

* Non-income producing.

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

† Securities (totaling $1,019,994 or 0.1% of net assets) at fair value.

(h) Security in default.

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

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PORTFOLIO OF INVESTMENTS (Continued)

September 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 September 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	$	1,915,920,087	$	147,220,100	$	1,019,994	$	2,064,160,181
Other Investments*	$	—		—		—		—
Total	$	1,915,920,087	$	147,220,100	$	1,019,994	$	2,064,160,181
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		—			—
Purchases, sales, issuances, and settlements (net)		—			—
Transfers in and/or out of Level 3		1,019,994			—
Balance as of 9/30/08	$	1,019,994		$	—
The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 9/30/08.	$	(1,019,993	)	$	—

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

Investment security transactions for the nine months ended September 30, 2008 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,402,358,432
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	861,729,486
As of September 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	$	52,871,502
Aggregate gross unrealized depreciation		(371,578,782	)
Net unrealized depreciation	$	(318,707,280	)
Federal income tax cost of investments	$	2,382,867,461

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

At September 30, 2008, the Portfolio had loaned securities with a total value of $87,358,072. This was secured by collateral of $82,294,108 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 $188,750, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the nine months ended September 30, 2008, the Portfolio incurred approximately $20,936 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

See Notes to Portfolio of Investments.

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PORTFOLIO OF INVESTMENTS

September 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (13.5%)
Auto Components (0.5%)
BorgWarner, Inc.	9,000	$	294,930
Drew Industries, Inc.*^	91,600		1,567,276
Tenneco, Inc.*^	89,800		954,574
			2,816,780
Diversified Consumer Services (2.8%)
Capella Education Co.*^	36,400		1,560,104
Corinthian Colleges, Inc.*^	173,800		2,607,000
ITT Educational Services, Inc.*	34,900		2,823,759
K12, Inc.*^	37,000		980,500
Strayer Education, Inc.	35,000		7,009,100
Universal Technical Institute, Inc.*^	126,500		2,158,090
			17,138,553
Hotels, Restaurants & Leisure (2.6%)
Burger King Holdings, Inc.	141,700		3,480,152
Chipotle Mexican Grill, Inc., Class B*	12,600		589,050
Ctrip.com International Ltd. (ADR)	56,400		2,177,604
Orient-Express Hotels Ltd., Class A^	53,650		1,294,575
Panera Bread Co., Class A*^	79,600		4,051,640
Red Robin Gourmet Burgers, Inc.*^	78,680		2,108,624
Shuffle Master, Inc.*	421,100		2,143,399
			15,845,044
Internet & Catalog Retail (0.8%)
Gaiam, Inc., Class A*^	71,500		757,900
Netflix, Inc.*^	124,800		3,853,824
Shutterfly, Inc.*^	23,322		224,125
			4,835,849
Media (2.1%)
Central European Media Enterprises Ltd., Class A*	7,600		497,040
DreamWorks Animation SKG, Inc., Class A*	84,400		2,654,380
Focus Media Holding Ltd. (ADR)*	113,400		3,233,034
Lions Gate Entertainment Corp.*^	261,600		2,380,560
Marvel Entertainment, Inc.*	41,800		1,427,052
National CineMedia, Inc.^	224,700		2,482,935
			12,675,001
Multiline Retail (0.6%)
Big Lots, Inc.*	122,800		3,417,524
Nordstrom, Inc.^	13,900		400,598
			3,818,122
Specialty Retail (3.0%)
Abercrombie & Fitch Co., Class A	2,900		114,405
Aeropostale, Inc.*	86,500		2,777,515
American Eagle Outfitters, Inc.	38,700		590,175
Childrens Place Retail Stores, Inc.*	18,200		606,970
Dick’s Sporting Goods, Inc.*^	285,100		5,582,258
Guess?, Inc.	15,600		542,724
Hibbett Sports, Inc.*^	177,100		3,545,542
Men’s Wearhouse, Inc.	14,800		314,352
PetSmart, Inc.	8,700		214,977
Tractor Supply Co.*^	52,347		2,201,191
Zumiez, Inc.*	93,000		1,532,640
			18,022,749
Textiles, Apparel & Luxury Goods (1.1%)
Carter’s, Inc.*	83,900		1,655,347
FGX International Holdings Ltd.*	178,400		1,974,888
Under Armour, Inc., Class A*	79,100		2,512,216
Wolverine World Wide, Inc.	15,690		415,157
			6,557,608
Total Consumer Discretionary			81,709,706
Consumer Staples (1.0%)
Beverages (0.5%)
Hansen Natural Corp.*^	92,500		2,798,125
Food Products (0.5%)
Hain Celestial Group, Inc.*^	123,000		3,386,190
Total Consumer Staples			6,184,315
Energy (7.9%)
Energy Equipment & Services (3.8%)
Cameron International Corp.*	6,900		265,926
Complete Production Services, Inc.*^	132,200		2,661,186
Dril-Quip, Inc.*	146,000		6,334,940
FMC Technologies, Inc.*	7,600		353,780
Helix Energy Solutions Group, Inc.*^	66,100		1,604,908
Oceaneering International, Inc.*	37,300		1,988,836
Oil States International, Inc.*	27,400		968,590
Seadrill Ltd.	137,700		2,830,192
Smith International, Inc.	12,800		750,592
Superior Energy Services, Inc.*	134,600		4,191,444
Tesco Corp.*^	41,400		866,916
			22,817,310
Oil, Gas & Consumable Fuels (4.1%)
Bill Barrett Corp.*^	116,800		3,750,448
Carrizo Oil & Gas, Inc.*	75,300		2,731,131
Chesapeake Energy Corp.	62,400		2,237,664
Consol Energy, Inc.	36,300		1,665,807
Forest Oil Corp.*	93,400		4,632,640
Mariner Energy, Inc.*	126,500		2,593,250
Newfield Exploration Co.*	54,700		1,749,853
Penn Virginia Corp.	36,700		1,961,248
Petrohawk Energy Corp.*	1,500		32,445
Plains Exploration & Production Co.*	17,700		622,332
Range Resources Corp.	27,300		1,170,351
Southwestern Energy Co.*	18,980		579,649
Whiting Petroleum Corp.*	19,300		1,375,318
			25,102,136
Total Energy			47,919,446
Financials (4.5%)
Capital Markets (2.9%)
Affiliated Managers Group, Inc.*	37,700		3,123,445
Greenhill & Co., Inc.^	41,624		3,069,770
Julius Baer Holding AG (Registered)	38,600		1,897,770
KBW, Inc.*^	11,000		362,340
Lazard Ltd., Class A^	88,500		3,784,260
optionsXpress Holdings, Inc.^	153,370		2,978,445
Stifel Financial Corp.*	34,800		1,736,520
Waddell & Reed Financial, Inc., Class A	18,900		467,775
			17,420,325
Diversified Financial Services (0.5%)
MSCI, Inc., Class A*	60,900		1,461,600
NASDAQ OMX Group, Inc.*	52,100		1,592,697
			3,054,297
Insurance (0.8%)
ACE Ltd.	30,200		1,634,726
Assurant, Inc.	40,500		2,227,500

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
Assured Guaranty Ltd.	56,500	$	918,690
			4,780,916
Real Estate Investment Trusts (REITs) (0.3%)
FelCor Lodging Trust, Inc. (REIT)^	188,100		1,346,796
iStar Financial, Inc. (REIT)^	162,800		423,280
			1,770,076
Total Financials			27,025,614
Health Care (20.4%)
Biotechnology (4.4%)
Acorda Therapeutics, Inc.*^	80,400		1,917,540
Alexion Pharmaceuticals, Inc.*^	139,000		5,462,700
Amylin Pharmaceuticals, Inc.*	42,400		857,328
BioMarin Pharmaceutical, Inc.*^	93,400		2,474,166
Cephalon, Inc.*	39,000		3,022,110
Cepheid, Inc.*	46,700		645,861
Incyte Corp.*^	165,100		1,263,015
Myriad Genetics, Inc.*^	55,000		3,568,400
Onyx Pharmaceuticals, Inc.*	32,700		1,183,086
OSI Pharmaceuticals, Inc.*	46,700		2,301,843
Savient Pharmaceuticals, Inc.*^	89,600		1,335,936
United Therapeutics Corp.*	24,700		2,597,699
			26,629,684
Health Care Equipment & Supplies (6.0%)
Abiomed, Inc.*	37,400		663,850
American Medical Systems Holdings, Inc.*^	244,900		4,349,424
Beckman Coulter, Inc.	55,200		3,918,648
C.R. Bard, Inc.	4,240		402,249
DexCom, Inc.*^	214,600		1,328,374
Gen-Probe, Inc.*	50,300		2,668,415
Hansen Medical, Inc.*^	55,200		741,888
Immucor, Inc.*	91,600		2,927,536
Intuitive Surgical, Inc.*	6,600		1,590,468
Masimo Corp.*^	84,400		3,139,680
Meridian Bioscience, Inc.^	103,800		3,014,352
NuVasive, Inc.*^	72,600		3,581,358
St. Jude Medical, Inc.*	87,400		3,801,026
Stereotaxis, Inc.*^	9,500		57,475
TomoTherapy, Inc.*^	31,638		144,902
Varian Medical Systems, Inc.*	72,300		4,130,499
			36,460,144
Health Care Providers & Services (3.1%)
Community Health Systems, Inc.*^	10,815		316,988
Express Scripts, Inc.*	7,300		538,886
HealthExtras, Inc.*	85,300		2,228,036
Henry Schein, Inc.*	8,500		457,640
McKesson Corp.	72,800		3,917,368
MWI Veterinary Supply, Inc.*^	36,800		1,445,872
Psychiatric Solutions, Inc.*^	197,500		7,495,125
VCA Antech, Inc.*	86,000		2,534,420
			18,934,335
Health Care Technology (0.6%)
Allscripts Healthcare Solutions, Inc.*^	14,100		175,404
Cerner Corp.*^	9,800		437,472
MedAssets, Inc.*^	181,900		3,128,680
Phase Forward, Inc.*	400		8,364
			3,749,920
Life Sciences Tools & Services (4.7%)
AMAG Pharmaceuticals, Inc.*^	22,300		863,679
Charles River Laboratories International, Inc.*	80,900		4,492,377
ICON plc (ADR)*	204,000		7,803,000
Illumina, Inc.*^	3,800		154,014
PAREXEL International Corp.*^	86,900		2,490,554
Pharmaceutical Product Development, Inc.	130,400		5,392,040
Qiagen N.V.*	18,600		366,978
Sequenom, Inc.*^	155,450		4,138,079
Varian, Inc.*	44,900		1,926,210
Waters Corp.*	9,500		552,710
			28,179,641
Pharmaceuticals (1.6%)
Angiotech Pharmaceuticals, Inc.*^	507,500		400,925
Auxilium Pharmaceuticals, Inc.*	123,300		3,994,920
Cadence Pharmaceuticals, Inc.*^	107,600		955,488
Impax Laboratories, Inc.(b)*†	52,200		417,652
KV Pharmaceutical Co., Class A*^	104,900		2,382,279
Penwest Pharmaceuticals Co.*^	128,100		263,886
XenoPort, Inc.*	21,200		1,027,988
			9,443,138
Total Health Care			123,396,862
Industrials (16.1%)
Aerospace & Defense (2.3%)
Applied Signal Technology, Inc.	16,400		285,032
Axsys Technologies, Inc.*	43,500		2,563,890
BE Aerospace, Inc.*	124,100		1,964,503
Hexcel Corp.*^	328,100		4,491,689
Orbital Sciences Corp.*^	90,500		2,169,285
Precision Castparts Corp.	8,000		630,240
Rockwell Collins, Inc.	6,000		288,540
Stanley, Inc.*^	38,900		1,435,799
			13,828,978
Air Freight & Logistics (0.2%)
C.H. Robinson Worldwide, Inc.	11,600		591,136
Expeditors International of Washington, Inc.	5,300		184,652
Pacer International, Inc.	40,300		663,741
			1,439,529
Airlines (0.5%)
Allegiant Travel Co.*^	81,900		2,892,708
Ryanair Holdings plc (ADR)*^	11,500		257,945
			3,150,653
Commercial Services & Supplies (2.1%)
Covanta Holding Corp.*	73,100		1,750,014
Iron Mountain, Inc.*^	131,085		3,199,785
Mobile Mini, Inc.*^	118,400		2,288,672
Republic Services, Inc.	78,500		2,353,430
Stericycle, Inc.*	54,560		3,214,129
			12,806,030
Construction & Engineering (0.7%)
Chicago Bridge & Iron Co. N.V. (N.Y. Shares)^	133,300		2,564,692
Foster Wheeler Ltd.*	7,100		256,381
Granite Construction, Inc.^	33,360		1,194,955
			4,016,028
Electrical Equipment (2.8%)
Ametek, Inc.	118,950		4,849,592
Baldor Electric Co.^	83,000		2,391,230
EnerSys*	87,600		1,726,596
Polypore International, Inc.*^	72,800		1,565,928
SunPower Corp., Class A*^	23,400		1,659,762
SunPower Corp., Class B*	27,200		1,878,160
Vestas Wind Systems A/S*	24,900		2,167,644

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
Yingli Green Energy Holding Co., Ltd. (ADR)*^	67,000	$	738,340
			16,977,252
Machinery (5.3%)
Actuant Corp., Class A^	83,100		2,097,444
Astec Industries, Inc.*^	40,300		1,242,449
Bucyrus International, Inc.	88,100		3,936,308
Chart Industries, Inc.*	80,200		2,290,512
Colfax Corp.*	60,600		1,012,626
Flowserve Corp.	36,500		3,240,105
Force Protection, Inc.*^	229,300		614,524
IDEX Corp.	93,925		2,913,554
Joy Global, Inc.	76,600		3,457,724
Kaydon Corp.	35,300		1,590,618
Lincoln Electric Holdings, Inc.	54,700		3,517,757
Manitowoc Co., Inc.	89,700		1,394,835
Pall Corp.	32,300		1,110,797
Titan International, Inc.	115,625		2,465,125
Valmont Industries, Inc.	13,200		1,091,508
			31,975,886
Professional Services (2.0%)
Duff & Phelps Corp., Class A*^	40,600		853,818
FTI Consulting, Inc.*^	69,600		5,027,904
Huron Consulting Group, Inc.*^	97,800		5,572,644
Robert Half International, Inc.	12,600		311,850
			11,766,216
Transportation Infrastructure (0.2%)
Aegean Marine Petroleum Network, Inc.	57,000		1,273,950
Total Industrials			97,234,522
Information Technology (28.3%)
Communications Equipment (2.7%)
F5 Networks, Inc.*	112,000		2,618,560
Foundry Networks, Inc.*	62,600		1,139,946
Harris Corp.	11,100		512,820
Ixia*^	346,000		2,550,020
Nice Systems Ltd. (ADR)*	160,356		4,368,097
Riverbed Technology, Inc.*^	154,000		1,928,080
ViaSat, Inc.*	143,200		3,376,656
			16,494,179
Computers & Peripherals (1.0%)
Compellent Technologies, Inc.*	121,500		1,506,600
Logitech International S.A. (Registered)*^	11,018		256,940
NCR Corp.*	145,200		3,201,660
Xyratex Ltd.*	93,300		1,038,429
			6,003,629
Electronic Equipment, Instruments & Components (4.5%)
Amphenol Corp., Class A	49,320		1,979,705
Coherent, Inc.*	92,400		3,284,820
FARO Technologies, Inc.*	100,200		2,041,074
Flir Systems, Inc.*	263,500		10,123,670
Itron, Inc.*	50,300		4,453,059
Kingboard Chemical Holdings Ltd.	186,000		630,173
Mettler-Toledo International, Inc.*	5,700		558,600
National Instruments Corp.	47,850		1,437,893
Trimble Navigation Ltd.*^	100,600		2,601,516
			27,110,510
Internet Software & Services (4.4%)
Ariba, Inc.*	272,000		3,843,360
comScore, Inc.*^	153,400		2,704,442
DealerTrack Holdings, Inc.*^	102,300		1,722,732
Digital River, Inc.*^	72,500		2,349,000
Equinix, Inc.*^	68,000		4,723,280
Netease.com (ADR)*	121,300		2,765,640
Omniture, Inc.*^	79,530		1,460,171
VistaPrint Ltd.*^	135,800		4,459,672
Websense, Inc.*	105,100		2,348,985
			26,377,282
IT Services (2.9%)
Alliance Data Systems Corp.*	10,300		652,814
CyberSource Corp.*^	311,400		5,016,654
Global Payments, Inc.	9,500		426,170
Heartland Payment Systems, Inc.^	75,200		1,922,112
SAIC, Inc.*	781		15,800
Sapient Corp.*	418,099		3,106,475
VeriFone Holdings, Inc.*^	80,700		1,334,778
Western Union Co.	191,500		4,724,305
			17,199,108
Semiconductors & Semiconductor Equipment (7.7%)
Advanced Analogic Technologies, Inc.*^	204,700		951,855
Atheros Communications, Inc.*^	250,600		5,909,148
Cavium Networks, Inc.*	117,600		1,655,808
FormFactor, Inc.*^	149,500		2,604,290
Hittite Microwave Corp.*^	86,300		2,899,680
Integrated Device Technology, Inc.*	130,600		1,016,068
Intersil Corp., Class A	55,300		916,874
Lam Research Corp.*	6,800		214,132
Maxim Integrated Products, Inc.	11,600		209,960
MEMC Electronic Materials, Inc.*	52,200		1,475,172
Microsemi Corp.*^	274,600		6,996,808
Microtune, Inc.*^	439,900		1,178,932
Netlogic Microsystems, Inc.*^	108,300		3,274,992
ON Semiconductor Corp.*	422,800		2,858,128
PMC-Sierra, Inc.*^	297,800		2,209,676
Power Integrations, Inc.*^	110,700		2,667,870
Silicon Laboratories, Inc.*	160,200		4,918,140
Varian Semiconductor Equipment Associates, Inc.*	100,425		2,522,676
Verigy Ltd.*	135,700		2,209,196
			46,689,405
Software (5.1%)
Activision Blizzard, Inc.*	34,766		536,439
ANSYS, Inc.*	49,200		1,863,204
Autonomy Corp.*	139,100		2,557,401
Bottomline Technologies, Inc.*	269,900		2,806,960
Commvault Systems, Inc.*^	163,100		1,965,355
Concur Technologies, Inc.*^	65,500		2,506,030
EPIQ Systems, Inc.*^	90,600		1,232,160
FactSet Research Systems, Inc.^	8,100		423,225
Informatica Corp.*	86,170		1,119,348
McAfee, Inc.*	108,800		3,694,848
Nuance Communications, Inc.*^	204,100		2,487,979
Quest Software, Inc.*	243,900		3,095,091
Red Hat, Inc.*	111,200		1,675,784
Salesforce.com, Inc.*	3,000		145,200
Solera Holdings, Inc.*	36,700		1,054,024
SuccessFactors, Inc.*^	160,707		1,751,706
UBISOFT Entertainment S.A.*	30,100		2,088,062
			31,002,816
Total Information Technology			170,876,929
Materials (1.7%)
Chemicals (1.4%)
FMC Corp.	112,200		5,765,958

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MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
Terra Industries, Inc.		93,700	$	2,754,780
				8,520,738
Metals & Mining (0.3%)
Cleveland-Cliffs, Inc.		27,400		1,450,556
Total Materials				9,971,294
Telecommunication Services (1.6%)
Wireless Telecommunication Services (1.6%)
Crown Castle International Corp.*		8,300		240,451
MetroPCS Communications, Inc.*^		288,000		4,029,120
NII Holdings, Inc.*		12,400		470,208
SBA Communications Corp., Class A*^		191,700		4,959,279
Total Telecommunication Services				9,699,058
Total Common Stocks (95.0%) (Cost $637,526,943)				574,017,746
INVESTMENT COMPANIES:
Exchange Traded Funds (ETFs)(1.2%)
Midcap SPDR Trust Series 1		32,400		4,270,320
Oil Service HOLDRs Trust		19,200		2,816,640
Total Investment Companies (1.2%) (Cost $8,078,948)				7,086,960
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (18.9%)
Alpine Securitization Corp.
6.50%, 10/1/08	$	4,999,097		4,999,097
Amstel Funding Corp.
8.00%, 10/1/08		4,998,889		4,998,889
Atlantis One Funding, Inc.
6.50%, 10/1/08		4,999,097		4,999,097
Banco de Sabadell S.A.
2.84%, 4/23/09 (l)		2,900,000		2,900,000
Bank of Ireland
3.09%, 12/19/08 (l)		4,839,834		4,839,834
BBVA Senior Finance S.A.
2.87%, 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
2.51%, 3/16/09 (l)		969,971		969,971
Credit Suisse (USA) LLC, Repurchase Agreement
2.00%, 10/1/08 (r)		26,584,987		26,584,987
General Electric Capital Corp.
6.50%, 10/1/08		4,999,097		4,999,097
2.15%, 3/12/10 (l)		390,000		390,000
Goldman Sachs Group, Inc.
2.16%, 3/27/09 (l)		2,710,000		2,710,000
Hannover Funding Company LLC
8.00%, 10/1/08		4,998,889		4,998,889
Hartford Life, Inc.
2.62%, 2/2/09 (l)		770,000		770,000
K2 (USA) LLC
2.12%, 5/29/09 (l)		3,869,203		3,869,203
2.12%, 6/18/09 (l)		4,838,928		4,838,928
Lehman Brothers Holdings, Inc.
0.00%, 8/21/09 (h)†		2,419,984		1,209,993
Links Finance LLC
2.12%, 6/25/09 (l)		1,449,729		1,449,729
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
3.29%, 2/9/09 (l)		7,535,893		7,535,893
7.15%, 5/7/09 (l)		4,840,000		4,840,000
Pricoa Global Funding I
2.15%, 6/25/10 (l)		2,899,493		2,899,493
Three Pillars Funding Corp.
6.50%, 10/1/08		4,999,097		4,999,097
Tulip Funding Corp.
7.25%, 10/1/08		4,998,993		4,998,993
Wachovia Bank N.A.
2.12%, 10/2/08 (l)		970,000		970,000
Total Short-Term Investments of Cash Collateral for Securities Loaned				113,771,190
Time Deposit (5.9%)
JPMorgan Chase Nassau
0.58%, 10/1/08		35,814,708		35,814,708
Total Short-Term Investments (24.8%) (Cost/Amortized Cost $150,795,890)				149,585,898
Total Investments (121.0%) (Cost/Amortized Cost $796,401,781)				730,690,604
Other Assets Less Liabilities (-21.0%)				(126,713,787	)
Net Assets (100%)			$	603,976,817

* Non-income producing.

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

† Securities (totaling $1,627,645 or 0.3% of net assets) at fair value.

(b) Illiquid Security.

(h) Security in default.

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

80

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MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 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 September 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	$	568,515,812	$	160,547,147	$	1,627,645	$	730,690,604
Other Investments*	$	—		—		—		—
Total	$	568,515,812	$	160,547,147	$	1,627,645	$	730,690,604
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		1,627,645			—
Balance as of 9/30/08	$	1,627,645		$	—
The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 9/30/08.	$	(1,371,759	)	$	—

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

Investment security transactions for the nine months ended September 30, 2008 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	694,735,951
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	772,424,374

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MULTIMANAGER MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

As of September 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	$	26,426,083
Aggregate gross unrealized depreciation		(95,796,799	)
Net unrealized depreciation	$	(69,370,716	)
Federal income tax cost of investments	$	800,061,320

At September 30, 2008, the Portfolio had loaned securities with a total value of $116,177,879. This was secured by collateral of $113,771,190 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. Additionally, uninvested cash received as collateral on loaned securities was held in an interest bearing account in the amount of $1,023,971, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the nine months ended September 30, 2008, the Portfolio incurred approximately $280 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

See Notes to Portfolio of Investments.

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MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

September 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (10.3%)
Auto Components (1.5%)
Autoliv, Inc.	16,561	$	558,934
Exide Technologies, Inc.*^	132,230		975,857
Motorcar Parts of America, Inc.*	16,530		99,841
Spartan Motors, Inc.	14,459		45,980
Standard Motor Products, Inc.	29,560		183,863
Stoneridge, Inc.*^	26,400		297,000
TRW Automotive Holdings Corp.*	250,624		3,987,428
WABCO Holdings, Inc.	165,675		5,888,090
			12,036,993
Diversified Consumer Services (0.7%)
Regis Corp.	220,469		6,062,897
Hotels, Restaurants & Leisure (0.6%)
Ark Restaurants Corp.	590		9,464
Bluegreen Corp.*^	38,700		267,417
Bob Evans Farms, Inc.^	5,013		136,805
Burger King Holdings, Inc.	100,350		2,464,596
Carrols Restaurant Group, Inc.*	29,200		87,600
CBRL Group, Inc.^	19,200		504,960
CEC Entertainment, Inc.*^	9,330		309,756
Dover Downs Gaming & Entertainment, Inc.^	23,500		182,830
Frisch’s Restaurants, Inc.	4,870		110,549
J. Alexander’s Corp.	5,260		28,404
Jack in the Box, Inc.*	8,300		175,130
Landry’s Restaurants, Inc.^	19,200		298,560
Speedway Motorsports, Inc.^	25,230		491,480
Town Sports International Holdings, Inc.*^	2,300		14,030
			5,081,581
Household Durables (3.0%)
American Greetings Corp., Class A	84,199		1,287,403
Cavco Industries, Inc.*^	4,700		169,905
CSS Industries, Inc.^	5,671		145,972
Dixie Group, Inc.*^	4,510		33,149
Ethan Allen Interiors, Inc.^	23,136		648,271
Flexsteel Industries, Inc.	9,663		99,915
Lennar Corp., Class A	177,700		2,699,263
M.D.C. Holdings, Inc.^	149,500		5,470,205
Meritage Homes Corp.*	51,700		1,276,990
National Presto Industries, Inc.^	6,020		448,490
Newell Rubbermaid, Inc.	191,800		3,310,468
Snap-On, Inc.	100,593		5,297,227
Stanley Works	130		5,426
Toll Brothers, Inc.*^	156,100		3,938,403
Tupperware Brands Corp.	350		9,670
			24,840,757
Internet & Catalog Retail (0.0%)
Systemax, Inc.	15,194		213,628
Leisure Equipment & Products (0.2%)
JAKKS Pacific, Inc.*^	44,810		1,116,217
RC2 Corp.*	7,630		152,600
			1,268,817
Media (0.5%)
Fisher Communications, Inc.^	11,400		449,160
Journal Communications, Inc., Class A	57,722		281,683
Saga Communications, Inc., Class A*	26,750		152,475
Valassis Communications, Inc.*^	43,700		378,442
Virgin Media, Inc.^	413,700		3,268,230
			4,529,990
Multiline Retail (1.1%)
Big Lots, Inc.*^	138,440		3,852,785
Fred’s, Inc., Class A^	2,419		34,398
Macy’s, Inc.	263,030		4,729,279
Tuesday Morning Corp.*^	53,550		221,162
			8,837,624
Specialty Retail (2.0%)
Aaron Rents, Inc.^	2,670		72,277
American Eagle Outfitters, Inc.	221,800		3,382,450
Appliance Recycling Centers of America, Inc.*	1,787		7,756
Asbury Automotive Group, Inc.	47,000		541,440
Books-A-Million, Inc., Class A^	31,300		156,500
Build-A-Bear Workshop, Inc.*	12,007		87,411
Childrens Place Retail Stores, Inc.*^	26,504		883,908
Conn’s, Inc.*^	12,897		241,303
Finish Line, Inc., Class A	50,101		500,509
Franklin Covey Co.*	26,100		188,964
Gap, Inc.	158,400		2,816,352
Hastings Entertainment, Inc.*	15,914		92,142
Jo-Ann Stores, Inc.*^	6,380		133,852
New York & Co., Inc.*	4,920		46,937
RadioShack Corp.	219,500		3,792,960
Rent-A-Center, Inc.*^	123,499		2,751,558
REX Stores Corp.*^	15,520		179,256
Sonic Automotive, Inc., Class A^	13,100		110,826
Stage Stores, Inc.^	59,300		810,038
Zale Corp.*^	8,095		202,375
			16,998,814
Textiles, Apparel & Luxury Goods (0.7%)
Culp, Inc.*	14,430		85,426
Delta Apparel, Inc.*	8,475		70,766
LaCrosse Footwear, Inc.	2,572		41,152
Man Sang Holdings, Inc.*	920		2,990
Perry Ellis International, Inc.*	5,120		76,339
RG Barry Corp.*	2,570		17,527
VF Corp.	50,600		3,911,886
Warnaco Group, Inc.*	9,950		450,636
Wolverine World Wide, Inc.	52,680		1,393,913
			6,050,635
Total Consumer Discretionary			85,921,736
Consumer Staples (3.8%)
Food & Staples Retailing (0.2%)
Andersons, Inc.^	120		4,226
Ingles Markets, Inc., Class A^	3,800		86,754
Nash Finch Co.^	8,280		357,034
Winn-Dixie Stores, Inc.*^	58,222		809,286
			1,257,300
Food Products (3.5%)
Cal-Maine Foods, Inc.^	3,200		87,808
Chaoda Modern Agriculture (Holdings) Ltd.	2,388,000		2,003,517
Chiquita Brands International, Inc.*^	9,220		145,768
Corn Products International, Inc.	92,976		3,001,265
Cosan Ltd., Class A*	94,000		750,120
Dean Foods Co.*	172,800		4,036,608
Diamond Foods, Inc.^	21,940		614,978
First Pacific Co.	4,104,000		2,144,339
Fresh Del Monte Produce, Inc.*^	55,100		1,223,220

83

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MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
JM Smucker Co.	110	$	5,576
Marfrig Frigorificos e Comercio de Alimentos S.A.*	233,200		2,120,111
Marine Harvest ASA*	6,753,000		3,364,180
Omega Protein Corp.*^	26,220		308,347
Overhill Farms, Inc.*	12,910		66,487
Perdigao S.A.*	65,300		1,237,093
Seneca Foods Corp., Class A*	3,410		64,756
Seneca Foods Corp., Class B*	60		1,198
Smithfield Foods, Inc.*^	156,300		2,482,044
Tyson Foods, Inc., Class A	487,120		5,816,213
Zapata Corp.*	3,100		20,708
			29,494,336
Household Products (0.0%)
Oil-Dri Corp. of America	9,725		164,547
Personal Products (0.1%)
Elizabeth Arden, Inc.*^	20,770		407,715
Inter Parfums, Inc.^	3,510		47,596
Nutraceutical International Corp.*	1,910		21,105
Parlux Fragrances, Inc.*	1,500		7,710
Schiff Nutrition International, Inc.*^	23,130		157,978
			642,104
Tobacco (0.0%)
Alliance One International, Inc.*^	15,411		58,562
Total Consumer Staples			31,616,849
Energy (7.6%)
Energy Equipment & Services (3.9%)
Cameron International Corp.*	107,000		4,123,780
Cie Generale de Geophysique-Veritas (ADR)*^	91,200		2,899,248
Complete Production Services, Inc.*	55,600		1,119,228
Gulf Island Fabrication, Inc.^	6,124		211,094
GulfMark Offshore, Inc.*^	13,700		614,856
Helix Energy Solutions Group, Inc.*^	78,062		1,895,345
Helmerich & Payne, Inc.	100		4,319
Lufkin Industries, Inc.^	3,940		312,639
Oil States International, Inc.*	44,900		1,587,215
Rowan Cos., Inc.	70,099		2,141,525
SBM Offshore N.V.	54,333		1,169,911
SEACOR Holdings, Inc.*	37,290		2,944,046
Solar Cayman Ltd.(b)*§†	141,300		1,821,993
Superior Energy Services, Inc.*	44,653		1,390,494
Tidewater, Inc.^	59,300		3,282,848
Trico Marine Services, Inc.*^	24,200		413,336
Union Drilling, Inc.*^	10,344		109,543
Unit Corp.*	25,800		1,285,356
Weatherford International Ltd.*	164,200		4,127,988
Willbros Group, Inc.*^	24,250		642,625
			32,097,389
Oil, Gas & Consumable Fuels (3.7%)
Adams Resources & Energy, Inc.	6,300		143,514
ATP Oil & Gas Corp.*^	23,140		412,123
Brasil Ecodiesel Industria e Comercio de Biocombustiveis e Oleos Vegetais S.A. (ADR)*§	367,100		260,714
Callon Petroleum Co.*^	37,091		668,751
Cimarex Energy Co.	100,910		4,935,508
Comstock Resources, Inc.*	17,381		869,919
Consol Energy, Inc.	54,400		2,496,416
Foundation Coal Holdings, Inc.	2		71
International Coal Group, Inc.*^	129,583		808,598
James River Coal Co.*^	34,500		758,655
Mariner Energy, Inc.*	79,290		1,625,445
McMoRan Exploration Co.*	42,790		1,011,556
Murphy Oil Corp.	80,110		5,138,255
Newfield Exploration Co.*	109,900		3,515,701
Noble Energy, Inc.	18,600		1,033,974
Overseas Shipholding Group, Inc.	5,830		339,947
PrimeEnergy Corp.*^	200		14,800
St. Mary Land & Exploration Co.	4,578		163,206
Stone Energy Corp.*^	45,138		1,910,691
Swift Energy Co.*	51,707		2,000,544
Teton Energy Corp.*^	35,516		110,100
Uranium One, Inc.*	444,600		960,846
USEC, Inc.*^	184,600		998,686
VAALCO Energy, Inc.*	10,477		71,663
W&T Offshore, Inc.^	18,537		505,875
Whiting Petroleum Corp.*	1,640		116,866
			30,872,424
Total Energy			62,969,813
Financials (22.1%)
Capital Markets (1.9%)
Affiliated Managers Group, Inc.*^	38,900		3,222,865
Calamos Asset Management, Inc., Class A^	20,173		361,500
Federated Investors, Inc., Class B	138,300		3,989,955
Invesco Ltd.	143,905		3,019,127
Knight Capital Group, Inc., Class A*	379,580		5,640,559
Paulson Capital Corp.*	297		668
			16,234,674
Commercial Banks (3.9%)
Alliance Financial Corp./New York	1,410		32,430
Banco Latinoamericano de Exportaciones S.A., Class E^	45,000		648,900
Bancorpsouth, Inc.^	34,600		973,298
Bank of Hawaii Corp.	18,300		978,135
BOK Financial Corp.	7,100		343,711
Britton & Koontz Capital Corp.	1,752		22,776
C&F Financial Corp.	1,238		25,379
Cascade Financial Corp.^	7,296		54,647
Central Virginia Bankshares, Inc.	280		2,296
Centrue Financial Corp.	5,743		80,172
Century Bancorp, Inc./Massachusetts, Class A	2,512		37,605
City Bank/Washington^	13,798		215,249
City National Corp./California	6,200		336,660
Codorus Valley Bancorp, Inc.	1,813		23,061
Colonial BancGroup, Inc.	125,500		986,430
Columbia Bancorp/Oregon^	1,991		12,125
Comerica, Inc.^	49,000		1,606,710
Commerce Bancshares, Inc./Kansas	28,800		1,336,320
Community Capital Corp.	4,552		43,517
Cullen/Frost Bankers, Inc.	19,600		1,176,000
Evans Bancorp, Inc.^	850		14,399
Fifth Third Bancorp	252,770		3,007,963
First California Financial Group, Inc.*	1,290		11,094
First Community Corp./South Carolina	1,060		10,865
First Horizon National Corp.	250,130		2,341,218
First M&F Corp.	12,900		147,447
First Merchants Corp.^	2,315		52,782
First United Corp.	9,072		180,533
FirstMerit Corp.^	26,400		554,400
FNB United Corp.	16,289		119,073
Gateway Financial Holdings, Inc.^	600		3,210

84

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
Glacier Bancorp, Inc.	29,390	$	727,990
Horizon Bancorp/Indiana	4,550		100,145
Huntington Bancshares, Inc./Ohio^	548,219		4,380,270
Intervest Bancshares Corp., Class A	11,500		87,745
Landmark Bancorp, Inc.	3,194		68,671
M&T Bank Corp.^	30,100		2,686,425
Northrim BanCorp, Inc.	6,569		107,732
Oriental Financial Group, Inc.^	40,800		728,688
Parke Bancorp, Inc.*^	1,179		10,022
Peoples Bancorp of North Carolina, Inc.	7,308		82,434
Popular, Inc.^	396,400		3,286,156
Premier Financial Bancorp, Inc.	6,787		66,173
Prosperity Bancshares, Inc.	19,400		659,406
Renasant Corp.	280		6,079
Rurban Financial Corp.	2,484		22,356
Southwest Bancorp, Inc./Oklahoma	19,670		347,569
Summit Financial Group, Inc.^	1,400		16,450
SVB Financial Group*	12,000		695,040
Tamalpais Bancorp	2,700		31,725
TCF Financial Corp.^	37,900		682,200
UMB Financial Corp.	6,800		357,136
United Bancshares, Inc./Ohio	2,649		27,205
Valley National Bancorp^	61,882		1,297,047
Westamerica Bancorp	6,300		362,439
Wilmington Trust Corp.^	12,080		348,266
			32,563,774
Consumer Finance (0.0%)
White River Capital, Inc.*	5,250		72,188
Diversified Financial Services (1.5%)
California First National Bancorp	2,716		27,133
CIT Group, Inc.	307,600		2,140,896
Encore Capital Group, Inc.*^	9,771		133,863
Interactive Brokers Group, Inc., Class A*^	50,285		1,114,818
MicroFinancial, Inc.	2,700		10,719
Moody’s Corp.	145,600		4,950,400
PHH Corp.*^	284,200		3,777,018
			12,154,847
Insurance (8.2%)
Allied World Assurance Co. Holdings Ltd./Bermuda	28,740		1,020,845
American Equity Investment Life Holding Co.^	9,960		74,700
American Financial Group, Inc./Ohio	120,620		3,558,290
American Physicians Service Group, Inc.	10,140		214,664
American Safety Insurance Holdings Ltd.*	12,960		195,826
Arch Capital Group Ltd.*	129,305		9,443,144
Aspen Insurance Holdings Ltd.^	133,610		3,674,275
Assurant, Inc.	111,090		6,109,950
Baldwin & Lyons, Inc., Class B	162		3,883
Endurance Specialty Holdings Ltd.^	69,600		2,152,032
Everest Reinsurance Group Ltd.	37,600		3,253,528
Fidelity National Financial, Inc., Class A	116,300		1,709,610
First American Corp.	53,500		1,578,250
Hilltop Holdings, Inc.*^	51,490		531,377
IPC Holdings Ltd.^	40,527		1,224,321
Max Capital Group Ltd.^	84,132		1,954,386
Montpelier Reinsurance Holdings Ltd.^	17,203		284,021
National Security Group, Inc.	680		9,289
National Western Life Insurance Co., Class A^	80		19,365
Odyssey Reinsurance Holdings Corp.^	7,100		310,980
PartnerReinsurance Ltd.^	37,079		2,524,709
Platinum Underwriters Holdings Ltd.^	211,975		7,520,873
Presidential Life Corp.	11,995		189,401
Reinsurance Group of America, Inc., Class A^	113,600		6,134,400
RenaissanceReinsurance Holdings Ltd.	46,610		2,423,720
Unico American Corp.*^	4,190		34,358
United America Indemnity Ltd., Class A*^	4,040		57,489
Universal Insurance Holdings, Inc.^	50,720		176,506
Unum Group	174,000		4,367,400
Willis Group Holdings Ltd.	224,999		7,258,468
			68,010,060
Real Estate Investment Trusts (REITs) (3.2%)
AmREIT, Inc. (REIT), Class A^	8,938		60,332
Annaly Capital Management, Inc. (REIT)	271,500		3,651,675
Associated Estates Realty Corp. (REIT)^	6,410		83,522
CBL & Associates Properties, Inc. (REIT)^	109,830		2,205,386
Cedar Shopping Centers, Inc. (REIT)^	44,752		591,621
DiamondRock Hospitality Co. (REIT)^	27,010		245,791
Extra Space Storage, Inc. (REIT)^	85,997		1,320,914
Hersha Hospitality Trust (REIT)^	77,290		575,038
Hospitality Properties Trust (REIT)	134,856		2,767,245
HRPT Properties Trust (REIT)^	381,444		2,628,149
Investors Real Estate Trust (REIT)^	1,090		12,197
Kite Realty Group Trust (REIT)^	38,600		424,600
LaSalle Hotel Properties (REIT)^	55,300		1,289,596
Lexington Realty Trust (REIT)^	34,286		590,405
Liberty Property Trust (REIT)^	87,600		3,298,140
Medical Properties Trust, Inc. (REIT)^	111,908		1,270,156
MHI Hospitality Corp. (REIT)	10,900		57,116
Mission West Properties, Inc. (REIT)^	35,183		342,682
Monmouth Reit (REIT), Class A^	10,073		78,469
National Retail Properties, Inc. (REIT)^	99,800		2,390,210
One Liberty Properties, Inc. (REIT)	18,100		319,827
Ramco-Gershenson Properties Trust (REIT)	29,337		657,736
Strategic Hotels & Resorts, Inc. (REIT)	18,700		141,185
Sunstone Hotel Investors, Inc. (REIT)	85,189		1,150,051
Supertel Hospitality, Inc. (REIT)^	25,781		104,413
Transcontinental Realty Investors, Inc.*^	11,310		122,148
Urstadt Biddle Properties, Inc. (REIT), Class A	2,590		48,563
			26,427,167
Real Estate Management & Development (0.0%)
Avatar Holdings, Inc.*^	6,099		201,267
Thrifts & Mortgage Finance (3.4%)
Astoria Financial Corp.	54,260		1,124,810
Berkshire Hills Bancorp, Inc.^	21,300		681,600

85

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
Camco Financial Corp.	1,695	$	16,458
Community Financial Corp./Virginia	4,560		26,676
ESB Financial Corp.	7,194		67,480
Fidelity Bancorp, Inc./Pennsylvania	1,110		13,875
First Capital, Inc.	380		5,890
First Defiance Financial Corp.	13,100		144,231
First Financial Service Corp.	140		2,586
First Niagara Financial Group, Inc.^	24,500		385,875
First Place Financial Corp./Ohio^	30,823		396,076
Guaranty Federal Bancshares, Inc.	4,104		46,786
Harleysville Savings Financial Corp.	2,450		30,674
HF Financial Corp.^	7,656		99,528
Hingham Institution for Savings	900		24,300
HMN Financial, Inc.	6,900		85,422
Hudson City Bancorp, Inc.	233,155		4,301,710
Imperial Capital Bancorp, Inc.	8,524		73,903
Indiana Community Bancorp	3,237		48,231
LSB Financial Corp.	1,963		32,684
Meta Financial Group, Inc.	410		6,970
Monarch Community Bancorp, Inc.	2,800		25,900
MutualFirst Financial, Inc.^	5,685		55,486
New Hampshire Thrift Bancshares, Inc.	5,480		49,320
New York Community Bancorp, Inc.	419,572		7,044,614
North Central Bancshares, Inc.	1,692		26,226
OceanFirst Financial Corp.^	3,860		69,943
Ocwen Financial Corp.*^	63,200		508,760
Parkvale Financial Corp.	4,252		66,969
People’s United Financial, Inc.	522,017		10,048,827
Pulaski Financial Corp.	3,325		27,564
Severn Bancorp, Inc./Maryland^	6,110		36,965
Southern Missouri Bancorp, Inc.	2,002		26,126
Sovereign Bancorp, Inc.^	407,200		1,608,440
Teche Holding Co.^	1,262		40,068
TF Financial Corp.	3,881		89,263
Timberland Bancorp, Inc./Washington^	200		1,600
United Western Bancorp, Inc.	11,000		137,500
WSFS Financial Corp.	11,520		691,200
			28,170,536
Total Financials			183,834,513
Health Care (11.6%)
Biotechnology (0.3%)
Celsion Corp.*^	11,040		34,334
Emergent Biosolutions, Inc.*^	11,700		153,153
ImClone Systems, Inc.*	120		7,493
Theravance, Inc.*^	180,800		2,252,768
Trimeris, Inc.^	31,900		125,048
			2,572,796
Health Care Equipment & Supplies (4.3%)
Allied Healthcare Products, Inc.*	4,000		22,840
Atrion Corp.^	440		45,333
Beckman Coulter, Inc.	63,900		4,536,261
Cardiac Science Corp.*	4,182		43,325
CONMED Corp.*	47,170		1,509,440
Datascope Corp.	2,500		129,075
Edwards Lifesciences Corp.*	137,200		7,924,672
Hospira, Inc.*	91,290		3,487,278
Invacare Corp.^	47,011		1,134,846
Kewaunee Scientific Corp.	3,700		41,625
National Dentex Corp.*	8,410		51,301
Osteotech, Inc.*	1,639		6,982
Span-America Medical Systems, Inc.	4,200		49,980
Teleflex, Inc.	170,379		10,817,363
Theragenics Corp.*	33,142		103,403
West Pharmaceutical Services, Inc.^	116,600		5,692,412
Zoll Medical Corp.*	7,341		240,198
			35,836,334
Health Care Providers & Services (3.1%)
Advocat, Inc.*	6,975		34,736
AMERIGROUP Corp.*^	7,463		188,366
Apria Healthcare Group, Inc.*	50,100		913,824
Dynacq Healthcare, Inc.*	5,450		20,982
Five Star Quality Care, Inc.*^	600		2,250
Hanger Orthopedic Group, Inc.*	33,645		587,105
Health Net, Inc.*	96,790		2,284,244
HealthSouth Corp.*	251,240		4,630,353
Humana, Inc.*	101,900		4,198,280
Kindred Healthcare, Inc.*	51,560		1,421,509
Laboratory Corp. of America Holdings*^	53,500		3,718,250
Pediatrix Medical Group, Inc.*	134,565		7,255,745
RehabCare Group, Inc.*^	30,840		558,204
			25,813,848
Health Care Technology (0.3%)
ADAM, Inc.*	60		326
Cerner Corp.*	64,400		2,874,816
			2,875,142
Life Sciences Tools & Services (2.0%)
Albany Molecular Research, Inc.*	9,106		164,728
Bio-Rad Laboratories, Inc., Class A*	1,100		109,032
Cambrex Corp.*^	11,964		73,579
Harvard Bioscience, Inc.*	520		2,418
Invitrogen Corp.*^	94,400		3,568,320
PAREXEL International Corp.*^	24,412		699,648
PerkinElmer, Inc.	15,640		390,531
PharmaNet Development Group, Inc.*^	570		4,115
Thermo Fisher Scientific, Inc.*	121,700		6,693,500
Varian, Inc.*	117,595		5,044,825
			16,750,696
Pharmaceuticals (1.6%)
Barr Pharmaceuticals, Inc.*	72,300		4,721,190
Endo Pharmaceuticals Holdings, Inc.*	61,300		1,226,000
Impax Laboratories, Inc.*†	437,900		3,503,638
King Pharmaceuticals, Inc.*	361,440		3,462,595
ViroPharma, Inc.*^	13,700		179,744
			13,093,167
Total Health Care			96,941,983
Industrials (14.3%)
Aerospace & Defense (2.5%)
Alliant Techsystems, Inc.*^	110,340		10,365,339
Edac Technologies Corp.*	7,140		23,348
Esterline Technologies Corp.*	1,210		47,904
Hexcel Corp.*	305,400		4,180,926
Rockwell Collins, Inc.	109,000		5,241,810
Teledyne Technologies, Inc.*	13,700		783,092
Triumph Group, Inc.^	1,820		83,192
			20,725,611
Air Freight & Logistics (0.1%)
Pacer International, Inc.	37,800		622,566
Park-Ohio Holdings Corp.*^	14,422		258,010
			880,576
Airlines (0.7%)
Northwest Airlines Corp.*	511,200		4,616,136
Republic Airways Holdings, Inc.*	66,600		678,654

86

AXA PREMIER VIP TRUST

MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
SkyWest, Inc.	43,640	$	697,367
			5,992,157
Building Products (0.5%)
Armstrong World Industries, Inc.^	38,900		1,124,210
Gibraltar Industries, Inc.^	17,090		319,754
Griffon Corp.*^	49,970		450,729
Insteel Industries, Inc.^	17,180		233,476
NCI Building Systems, Inc.*	32,400		1,028,700
Universal Forest Products, Inc.^	30,100		1,050,791
			4,207,660
Commercial Services & Supplies (1.8%)
ABM Industries, Inc.^	820		17,909
Allied Waste Industries, Inc.*	357,554		3,972,425
AT Cross Co., Class A*^	1,900		12,787
Champion Industries, Inc.	6,918		24,766
Comfort Systems USA, Inc.^	56,446		754,119
Copart, Inc.*^	58,700		2,230,600
Deluxe Corp.^	86,780		1,248,764
Ecology And Environment, Inc., Class A	5,428		53,194
GeoEye, Inc.*^	10,200		225,726
Intersections, Inc.*	400		3,252
Nashua Corp.*	7,000		56,210
National Technical Systems, Inc.	6,385		33,457
North American Galvanizing & Coatings, Inc.*^	11,888		60,629
R.R. Donnelley & Sons Co.	136,600		3,350,798
RCM Technologies, Inc.*	12,453		21,668
United Stationers, Inc.*^	57,900		2,769,357
Virco Manufacturing Corp.^	11,560		39,651
VSE Corp.^	7,668		258,642
			15,133,954
Construction & Engineering (1.0%)
EMCOR Group, Inc.*	75,000		1,974,000
Granite Construction, Inc.^	55,400		1,984,428
MasTec, Inc.*^	7,910		105,124
Meadow Valley Corp.*	9		89
Michael Baker Corp.*^	10,580		368,184
Perini Corp.*	31,565		814,061
Sterling Construction Co., Inc.*^	1,500		24,300
URS Corp.*	87,000		3,190,290
			8,460,476
Electrical Equipment (0.7%)
Acuity Brands, Inc.^	22,020		919,555
Allied Motion Technologies, Inc.*	5,050		26,310
Espey Manufacturing & Electronics Corp.^	320		5,872
Preformed Line Products Co.^	4,112		239,894
Regal-Beloit Corp.^	55,900		2,376,868
SL Industries, Inc.*	7,300		96,725
SunPower Corp., Class B*	34,281		2,367,121
			6,032,345
Industrial Conglomerates (0.2%)
Seaboard Corp.^	570		716,490
Standex International Corp.^	25,200		699,300
United Capital Corp.*	1,720		45,563
			1,461,353
Machinery (4.4%)
AGCO Corp.*	21,900		933,159
Barnes Group, Inc.^	10,300		208,266
Crane Co.	86,680		2,575,263
Dover Corp.	182,695		7,408,282
Eastern Co.	4,659		62,896
EnPro Industries, Inc.*^	17,183		638,520
Federal Signal Corp.^	11,800		161,660
Harsco Corp.	37,080		1,379,005
Hurco Cos., Inc.*^	11,281		333,579
Joy Global, Inc.	79,625		3,594,273
Kadant, Inc.*^	1,510		34,383
Kennametal, Inc.	84,400		2,288,928
K-Tron International, Inc.*^	3,800		489,554
L.S. Starrett Co., Class A	9,720		179,140
Lydall, Inc.*	21,320		205,312
Manitowoc Co., Inc.	19,510		303,381
Mueller Industries, Inc.	64,100		1,474,941
NACCO Industries, Inc., Class A	10,470		989,624
Navistar International Corp.*	25,580		1,385,924
NN, Inc.^	5,200		66,820
Pentair, Inc.	114,700		3,965,179
Robbins & Myers, Inc.^	43,720		1,352,260
SPX Corp.	61,020		4,698,540
Tecumseh Products Co., Class A*	2,406		60,246
Timken Co.	51,800		1,468,530
Trinity Industries, Inc.	240		6,175
Twin Disc, Inc.^	13,560		186,586
Watts Water Technologies, Inc., Class A	300		8,205
			36,458,631
Marine (0.2%)
B&H Ocean Carriers Ltd.*	7,100		57,865
Genco Shipping & Trading Ltd.	33,100		1,100,244
Horizon Lines, Inc., Class A	42,596		420,423
International Shipholding Corp.*^	10,400		227,760
TBS International Ltd., Class A*^	13,646		183,675
			1,989,967
Professional Services (0.5%)
CDI Corp.^	17,020		380,057
Heidrick & Struggles International, Inc.^	1,499		45,195
Hudson Highland Group, Inc.*	1,800		12,510
ICF International, Inc.*^	2,432		48,032
Kelly Services, Inc., Class A^	36,510		695,515
Manpower, Inc.	22,660		978,006
MPS Group, Inc.*^	186,680		1,881,734
On Assignment, Inc.*^	9,600		75,648
Spherion Corp.*^	33,053		160,968
Volt Information Sciences, Inc.*^	3,904		35,058
			4,312,723
Road & Rail (1.2%)
Con-way, Inc.	75,400		3,325,894
Kansas City Southern*	950		42,142
Ryder System, Inc.	87,800		5,443,600
Saia, Inc.*	15,396		204,459
Werner Enterprises, Inc.^	30,700		666,497
			9,682,592
Trading Companies & Distributors (0.5%)
Applied Industrial Technologies, Inc.^	81,965		2,207,317
H&E Equipment Services, Inc.*^	2,900		28,014
Rush Enterprises, Inc., Class A*^	99,600		1,274,880
Rush Enterprises, Inc., Class B*	11,850		148,836
Willis Lease Finance Corp.*	11,591		129,472
			3,788,519
Total Industrials			119,126,564
Information Technology (14.4%)
Communications Equipment (1.1%)
ADC Telecommunications, Inc.*	312,200		2,638,090
Black Box Corp.	32,000		1,104,960

87

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
Communications Systems, Inc.	13,200	$	140,448
Digi International, Inc.*^	13,659		139,322
Emulex Corp.*	86,000		917,620
JDS Uniphase Corp.*^	318,500		2,694,510
Tekelec*	102,150		1,429,078
			9,064,028
Computers & Peripherals (0.4%)
Astro-Med, Inc.	2,650		24,883
Datalink Corp.*	4,000		17,440
Key Tronic Corp.*	960		2,189
Lexmark International, Inc., Class A*	3,800		123,766
NCR Corp.*	52,500		1,157,625
Seagate Technology	190,700		2,311,284
Super Micro Computer, Inc.*	8,700		78,387
			3,715,574
Electronic Equipment, Instruments & Components (3.3%)
Agilent Technologies, Inc.*	133,600		3,962,576
Arrow Electronics, Inc.*	289,991		7,603,564
Avnet, Inc.*	269,290		6,632,613
Coherent, Inc.*	3,366		119,661
CTS Corp.^	45,600		582,768
Data I/O Corp.*	1,610		6,746
Flextronics International Ltd.*	539,700		3,821,076
Gerber Scientific, Inc.*	200		1,828
Insight Enterprises, Inc.*	77,300		1,036,593
IntriCon Corp.*	2,811		11,075
Kingboard Laminates Holdings Ltd.	4,856,000		2,141,579
LeCroy Corp.*^	15,440		118,734
LoJack Corp.*	3,900		26,091
Measurement Specialties, Inc.*^	28,799		502,254
Mesa Laboratories, Inc.	600		12,750
O.I. Corp.	4,500		50,400
Perceptron, Inc.*	8,960		48,922
Richardson Electronics Ltd.	2,453		15,209
Spectrum Control, Inc.*	17,470		130,501
Technitrol, Inc.	1,840		27,214
TESSCO Technologies, Inc.*	6,635		84,928
TTM Technologies, Inc.*^	2,864		28,411
Vicon Industries, Inc.*	7,120		36,668
Zygo Corp.*^	12,282		154,507
			27,156,668
Internet Software & Services (0.3%)
EarthLink, Inc.*^	206,900		1,758,650
Internet Gold-Golden Lines Ltd.*^	10,945		62,934
ModusLink Global Solutions, Inc.*	380		3,652
United Online, Inc.^	44,811		421,671
			2,246,907
IT Services (2.0%)
CACI International, Inc., Class A*^	135,900		6,808,590
CIBER, Inc.*	104,680		731,713
Computer Task Group, Inc.*	15,081		98,027
Convergys Corp.*	109,480		1,618,114
CSG Systems International, Inc.*	29,100		510,123
Edgewater Technology, Inc.*	8,800		42,768
Gevity HR, Inc.^	32,245		234,744
Hewitt Associates, Inc., Class A*	107,041		3,900,574
MAXIMUS, Inc.^	30,790		1,134,304
Ness Technologies, Inc.*	25,100		287,897
Perot Systems Corp., Class A*	87,734		1,522,185
Pfsweb, Inc.*	2,125		5,121
TechTeam Global, Inc.*	9,194		68,219
			16,962,379
Office Electronics (0.6%)
Zebra Technologies Corp., Class A*	180,570		5,028,875
Semiconductors & Semiconductor Equipment (5.0%)
Actel Corp.*	9,290		115,939
Amkor Technology, Inc.*^	193,900		1,235,143
Analog Devices, Inc.	202,400		5,333,240
Broadcom Corp., Class A*	281,000		5,235,030
Cirrus Logic, Inc.*^	38,400		209,280
Cypress Semiconductor Corp.*	124,992		652,458
Fairchild Semiconductor International, Inc.*	9,900		88,011
FEI Co.*^	25,283		601,988
Integrated Device Technology, Inc.*	214,800		1,671,144
Integrated Silicon Solution, Inc.*	3,830		8,847
IXYS Corp.*	18,290		166,256
Kulicke & Soffa Industries, Inc.*	700		3,157
LSI Corp.*	237,800		1,274,608
Maxim Integrated Products, Inc.	414,775		7,507,427
MKS Instruments, Inc.*^	71,090		1,415,402
OmniVision Technologies, Inc.*	3,280		37,425
Pericom Semiconductor Corp.*^	27,166		285,243
PMC-Sierra, Inc.*	93,456		693,444
Skyworks Solutions, Inc.*^	216,100		1,806,596
Standard Microsystems Corp.*^	21,971		548,836
Teradyne, Inc.*	229,200		1,790,052
TriQuint Semiconductor, Inc.*^	1,768		8,469
Ultratech, Inc.*^	960		11,616
Varian Semiconductor Equipment Associates, Inc.*^	221,225		5,557,172
Verigy Ltd.*	353,850		5,760,678
White Electronic Designs Corp.*	942		4,710
			42,022,171
Software (1.7%)
Dynamics Research Corp.*	4,500		34,560
JDA Software Group, Inc.*	31,979		486,401
Lawson Software, Inc.*^	16,300		114,100
McAfee, Inc.*	128,900		4,377,444
Mentor Graphics Corp.*	53,070		602,344
Novell, Inc.*	70,474		362,236
Soapstone Networks, Inc.*	22,200		74,370
SPSS, Inc.*	15,647		459,396
SumTotal Systems, Inc.*	22,110		90,430
Sybase, Inc.*^	37,200		1,139,064
Synopsys, Inc.*	12,343		246,243
THQ, Inc.*	479,200		5,769,568
Wind River Systems, Inc.*	12,520		125,200
			13,881,356
Total Information Technology			120,077,958
Materials (7.9%)
Chemicals (4.2%)
Agrium, Inc.	56,000		3,140,480
American Pacific Corp.*	10,440		136,347
Arch Chemicals, Inc.	24,015		847,730
Celanese Corp., Class A	126,500		3,530,615
Cytec Industries, Inc.	112,030		4,359,087
Ferro Corp.	6,151		123,635
FMC Corp.	153,000		7,862,670
Innophos Holdings, Inc.	20,400		497,352
Innospec, Inc.	23,586		284,447
International Flavors & Fragrances, Inc.	142,800		5,634,888

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
JSR Corp.		21,000	$	275,934
LSB Industries, Inc.*^		8,931		123,694
Minerals Technologies, Inc.		3,450		204,792
Olin Corp.^		119,883		2,325,730
OM Group, Inc.*^		32,102		722,295
Penford Corp.^		11,964		211,643
Rhodia S.A.		182,547		2,839,824
Rockwood Holdings, Inc.*		47,311		1,214,000
Stepan Co.		8,579		468,156
				34,803,319
Construction Materials (0.0%)
United States Lime & Minerals, Inc.*^		2,070		79,716
Containers & Packaging (2.7%)
AEP Industries, Inc.*^		8,600		172,000
Greif, Inc., Class A		71,700		4,704,954
Owens-Illinois, Inc.*		118,200		3,475,080
Pactiv Corp.*		458,600		11,387,038
Rock-Tenn Co., Class A^		60,400		2,414,792
UFP Technologies, Inc.*		7,913		53,888
				22,207,752
Metals & Mining (1.0%)
Cleveland-Cliffs, Inc.		42,900		2,271,126
Commercial Metals Co.		211,200		3,567,168
Compass Minerals International, Inc.		18,000		943,020
Friedman Industries, Inc.		4,340		28,861
Olympic Steel, Inc.^		6,600		194,634
Reliance Steel & Aluminum Co.		4,238		160,917
Schnitzer Steel Industries, Inc., Class A		23,436		919,629
Steel Dynamics, Inc.		3,105		53,064
				8,138,419
Paper & Forest Products (0.0%)
Buckeye Technologies, Inc.*		64,346		526,994
Glatfelter		450		6,093
KapStone Paper and Packaging Corp.*		2,121		13,468
Schweitzer-Mauduit International, Inc.^		100		1,899
				548,454
Total Materials				65,777,660
Telecommunication Services (0.9%)
Diversified Telecommunication Services (0.9%)
CenturyTel, Inc.		130,400		4,779,160
D&E Communications, Inc.		20,166		152,253
Embarq Corp.		35,900		1,455,745
HickoryTech Corp.		9,424		54,754
Hungarian Telephone & Cable Corp.*^		3,377		67,202
Premiere Global Services, Inc.*		35,830		503,770
SureWest Communications^		9,108		92,902
Total Telecommunication Services				7,105,786
Utilities (5.5%)
Electric Utilities (2.7%)
El Paso Electric Co.*		1,360		28,560
Maine & Maritimes Corp.*		2,600		85,670
Northeast Utilities		196,900		5,050,485
Pepco Holdings, Inc.		181,100		4,149,001
Pinnacle West Capital Corp.		121,500		4,180,815
Portland General Electric Co.		54,000		1,277,640
Sierra Pacific Resources		501,100		4,800,538
UIL Holdings Corp.^		41,100		1,410,963
Unisource Energy Corp.		60,110		1,754,611
Westar Energy, Inc.^		9,671		222,820
				22,961,103
Gas Utilities (0.6%)
Delta Natural Gas Co., Inc.		358		9,168
Energy West, Inc.		5,726		48,671
RGC Resources, Inc.		1,290		36,494
UGI Corp.		179,900		4,637,822
				4,732,155
Multi-Utilities (2.2%)
Alliant Energy Corp.		123,960		3,992,752
MDU Resources Group, Inc.		71,550		2,074,950
NorthWestern Corp.		12,210		306,837
TECO Energy, Inc.		146,800		2,309,164
Wisconsin Energy Corp.		214,580		9,634,642
				18,318,345
Water Utilities (0.0%)
Artesian Resources Corp., Class A		1,467		24,836
Total Utilities				46,036,439
Total Common Stocks (98.4%)
(Cost $909,221,651)				819,409,301
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (14.3%)
Alpine Securitization Corp.
6.50%, 10/1/08	$	4,999,097		4,999,097
Amstel Funding Corp.
8.00%, 10/1/08		4,998,889		4,998,889
Atlantis One Funding, Inc.
6.50%, 10/1/08		4,999,097		4,999,097
Banco de Sabadell S.A.
2.84%, 4/23/09 (l)		3,470,000		3,470,000
Bank of Ireland
3.09%, 12/19/08 (l)		5,779,802		5,779,802
BBVA Senior Finance S.A.
2.87%, 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
2.51%, 3/16/09 (l)		1,149,966		1,149,966
Credit Suisse (USA) LLC, Repurchase Agreement
2.00%, 10/1/08 (r)		21,372,653		21,372,653
General Electric Capital Corp.
6.50%, 10/1/08		4,999,097		4,999,097
2.15%, 3/12/10 (l)		460,000		460,000
Goldman Sachs Group, Inc.
2.16%, 3/27/09 (l)		3,240,000		3,240,000
Hannover Funding Company LLC
8.00%, 10/1/08		4,998,889		4,998,889
Hartford Life, Inc.
2.62%, 2/2/09 (l)		920,000		920,000
K2 (USA) LLC
2.12%, 5/29/09 (l)		4,619,049		4,619,049
2.12%, 6/18/09 (l)		5,778,720		5,778,720
Lehman Brothers Holdings, Inc.
0.00%, 8/21/09 (h)†		2,889,981		1,444,991
Links Finance LLC
2.12%, 6/25/09 (l)		1,729,677		1,729,677
MBIA Global Funding LLC
2.12%, 3/30/09 (l)		2,890,000		2,890,000

89

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Monumental Global Funding II
2.18%, 5/26/10 (l)	$	5,430,000	$	5,430,000
Morgan Stanley
3.29%, 2/9/09 (l)		8,993,165		8,993,165
7.15%, 5/7/09 (l)		5,780,000		5,780,000
Pricoa Global Funding I
2.15%, 6/25/10 (l)		3,469,393		3,469,393
Three Pillars Funding Corp.
6.50%, 10/1/08		4,999,097		4,999,097
Tulip Funding Corp.
7.25%, 10/1/08		4,998,993		4,998,993
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				118,690,575
Time Deposit (3.4%)
JPMorgan Chase Nassau
0.58%, 10/1/08		28,415,295		28,415,295
Total Short-Term Investments (17.7%) (Cost/Amortized Cost $148,550,860)				147,105,870
Total Investments (116.1%) (Cost/Amortized Cost $1,057,772,511)				966,515,171
Other Assets Less Liabilities (-16.1%)				(134,362,855	)
Net Assets (100%)			$	832,152,316

* Non-income producing.

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

† Securities (totaling $6,770,622 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 September 30, 2008, the market value of these securities amounted to $2,082,707 or 0.3% 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.

(b) Illiquid Security.

(h) Security in default.

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

90

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MULTIMANAGER MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 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 September 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	$	799,883,672	$	159,860,877	$	6,770,622	$	966,515,171
Other Investments*	$	—		—		—		—
Total	$	799,883,672	$	159,860,877	$	6,770,622	$	966,515,171
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		20,418			—
Purchases, sales, issuances, and settlements (net)		—			—
Transfers in and/or out of Level 3		4,948,629			—
Balance as of 9/30/08	$	6,770,622		$	—
The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 9/30/08.	$	(2,735,866	)	$	—

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

Investment security transactions for the nine months ended September 30, 2008 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	406,333,151
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	448,874,380

91

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

As of September 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	$	38,640,356
Aggregate gross unrealized depreciation		(146,839,516	)
Net unrealized depreciation	$	(108,199,160	)
Federal income tax cost of investments	$	1,074,714,331

At September 30, 2008, the Portfolio had loaned securities with a total value of $122,465,770. This was secured by collateral of $118,690,575 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 $157,855, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the nine months ended September 30, 2008, the Portfolio incurred approximately $82 as brokerage commissions with BNP Paribas S.A., $2,028 as brokerage commissions with Sanford C. Bernstein & Co., Inc. and $6,795 as brokerage commissions with Williams Capital Group, affiliated broker/dealers.

See Notes to Portfolio of Investments.

92

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PORTFOLIO OF INVESTMENTS

September 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (14.3%)
Distributors (0.3%)
LKQ Corp.*^	150,400	$	2,552,288
Diversified Consumer Services (2.3%)
American Public Education, Inc.*	146,385		7,067,468
Capella Education Co.*^	58,700		2,515,882
K12, Inc.*	173,110		4,587,415
New Oriental Education & Technology Group (ADR)*	43,990		2,825,918
			16,996,683
Hotels, Restaurants & Leisure (5.9%)
Bally Technologies, Inc.*	204,895		6,204,221
BJ’s Restaurants, Inc.*^	274,425		3,276,634
Burger King Holdings, Inc.	220,100		5,405,656
Carrols Restaurant Group, Inc.*	215,230		645,690
Cheesecake Factory, Inc.*^	239,620		3,503,244
Great Wolf Resorts, Inc.*^	498,665		1,825,114
Jack in the Box, Inc.*	58,800		1,240,680
Red Robin Gourmet Burgers, Inc.*^	90,535		2,426,338
Shuffle Master, Inc.*	889,349		4,526,786
Texas Roadhouse, Inc., Class A*^	154,900		1,392,551
Vail Resorts, Inc.*^	72,605		2,537,545
WMS Industries, Inc.*^	373,345		11,413,157
			44,397,616
Household Durables (1.1%)
Universal Electronics, Inc.*	322,311		8,051,329
Internet & Catalog Retail (0.9%)
Orbitz Worldwide, Inc.*^	326,166		1,914,594
priceline.com, Inc.*	35,200		2,408,736
Shutterfly, Inc.*^	268,895		2,584,081
U.S. Auto Parts Network, Inc.*	67,590		142,615
			7,050,026
Leisure Equipment & Products (0.3%)
Polaris Industries, Inc.^	47,700		2,169,873
Media (1.2%)
Cinemark Holdings, Inc.^	135,186		1,838,530
Entravision Communications Corp., Class A*	493,425		1,327,313
Lions Gate Entertainment Corp.*^	100,030		910,273
Live Nation, Inc.*^	147,600		2,401,452
LodgeNet Interactive Corp.*^	122,959		249,607
National CineMedia, Inc.	241,930		2,673,326
			9,400,501
Specialty Retail (1.7%)
Aeropostale, Inc.*^	17,700		568,347
Buckle, Inc.^	11,200		622,048
Genesco, Inc.*^	301,994		10,110,759
hhgregg, Inc.*^	151,900		1,481,025
			12,782,179
Textiles, Apparel & Luxury Goods (0.6%)
Deckers Outdoor Corp.*^	10,400		1,082,432
True Religion Apparel, Inc.*^	45,900		1,186,515
Volcom, Inc.*^	45,190		780,883
Warnaco Group, Inc.*^	35,700		1,616,853
			4,666,683
Total Consumer Discretionary			108,067,178
Consumer Staples (0.4%)
Beverages (0.2%)
Central European Distribution Corp.*^	31,900		1,448,579
Food Products (0.1%)
TreeHouse Foods, Inc.*	31,400		932,580
Personal Products (0.1%)
Physicians Formula Holdings, Inc.*	54,900		326,655
Total Consumer Staples			2,707,814
Energy (6.1%)
Energy Equipment & Services (3.3%)
Atwood Oceanics, Inc.*	13,300		484,120
Core Laboratories N.V.^	41,200		4,174,384
IHS, Inc., Class A*	19,470		927,551
Lufkin Industries, Inc.^	151,398		12,013,431
OYO Geospace Corp.*^	167,690		6,586,863
Willbros Group, Inc.*^	46,400		1,229,600
			25,415,949
Oil, Gas & Consumable Fuels (2.8%)
Arena Resources, Inc.*	93,600		3,636,360
Brigham Exploration Co.*^	125,500		1,379,245
Carrizo Oil & Gas, Inc.*^	27,650		1,002,866
CNX Gas Corp.*	26,400		591,096
Concho Resources, Inc.*	97,500		2,691,975
Goodrich Petroleum Corp.*^	47,800		2,083,602
James River Coal Co.*^	230,710		5,073,313
Penn Virginia Corp.^	11,500		614,560
Petroleum Development Corp.*^	56,777		2,519,195
Rex Energy Corp.*^	42,700		672,952
Venoco, Inc.*^	67,400		876,200
			21,141,364
Total Energy			46,557,313
Financials (4.8%)
Capital Markets (1.9%)
Evercore Partners, Inc., Class A^	109,096		1,961,546
FCStone Group, Inc.*	297,765		5,356,792
GFI Group, Inc.^	251,100		1,182,681
Investment Technology Group, Inc.*	130,520		3,971,724
Riskmetrics Group, Inc.*^	98,410		1,925,884
			14,398,627
Commercial Banks (1.1%)
Signature Bank/New York*	33,751		1,177,235
SVB Financial Group*^	118,640		6,871,629
			8,048,864
Consumer Finance (0.8%)
Cash America International, Inc.	114,385		4,122,435
Dollar Financial Corp.*^	108,800		1,674,432
			5,796,867
Diversified Financial Services (0.1%)
MSCI, Inc., Class A*	50,300		1,207,200
Insurance (0.9%)
First Mercury Financial Corp.*^	92,400		1,316,700

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
Navigators Group, Inc.*^	32,541	$	1,887,378
ProAssurance Corp.*	10,300		576,800
Tower Group, Inc.^	127,028		2,992,780
			6,773,658
Total Financials			36,225,216
Health Care (21.9%)
Biotechnology (2.7%)
Alexion Pharmaceuticals, Inc.*^	104,800		4,118,640
BioMarin Pharmaceutical, Inc.*^	75,790		2,007,677
Celera Corp.*	177,923		2,748,911
Cubist Pharmaceuticals, Inc.*^	169,365		3,764,984
Martek Biosciences Corp.*^	68,400		2,149,128
Myriad Genetics, Inc.*^	29,090		1,887,359
Senomyx, Inc.*^	217,093		983,431
United Therapeutics Corp.*	23,600		2,482,012
			20,142,142
Health Care Equipment & Supplies (10.0%)
Align Technology, Inc.*^	98,600		1,067,838
American Medical Systems Holdings, Inc.*^	563,950		10,015,752
CONMED Corp.*^	74,200		2,374,400
CryoLife, Inc.*	56,200		737,344
Cutera, Inc.*^	300,600		3,189,366
ev3, Inc.*^	227,700		2,286,108
Greatbatch, Inc.*^	72,100		1,769,334
Hansen Medical, Inc.*^	65,220		876,557
Idexx Laboratories, Inc.*	54,100		2,964,680
Inverness Medical Innovations, Inc.*^	52,450		1,573,500
Masimo Corp.*^	119,300		4,437,960
Mentor Corp.^	113,160		2,699,998
Natus Medical, Inc.*^	37,800		856,548
NuVasive, Inc.*^	105,930		5,225,527
SenoRx, Inc.*	139,013		686,724
Sirona Dental Systems, Inc.*^	142,987		3,328,737
SonoSite, Inc.*^	100,137		3,144,302
Spectranetics Corp.*	328,023		1,518,746
STERIS Corp.	14,400		541,152
SurModics, Inc.*^	125,389		3,948,500
Symmetry Medical, Inc.*^	171,580		3,184,525
Thoratec Corp.*^	396,735		10,414,294
Volcano Corp.*	274,702		4,749,597
West Pharmaceutical Services, Inc.	14,300		698,126
Wright Medical Group, Inc.*^	110,800		3,372,752
			75,662,367
Health Care Providers & Services (3.5%)
Air Methods Corp.*	6,230		176,371
Almost Family, Inc.*	28,600		1,131,130
Animal Health International, Inc.*	385,474		3,176,306
Brookdale Senior Living, Inc.^	193,625		4,257,814
CardioNet, Inc.*	89,810		2,241,658
Centene Corp.*^	396,045		8,122,883
Genoptix, Inc.*	47,100		1,538,757
inVentiv Health, Inc.*^	175,028		3,090,994
MWI Veterinary Supply, Inc.*^	61,300		2,408,477
PharMerica Corp.*^	33,800		760,162
			26,904,552
Health Care Technology (2.3%)
Eclipsys Corp.*^	557,175		11,672,816
MedAssets, Inc.*	40,700		700,040
Phase Forward, Inc.*^	159,400		3,333,054
Vital Images, Inc.*^	125,975		1,889,625
			17,595,535
Life Sciences Tools & Services (3.0%)
Bio-Rad Laboratories, Inc., Class A*	7,100		703,752
Bruker Corp.*^	191,900		2,558,027
ICON plc (ADR)*	440,775		16,859,644
Sequenom, Inc.*	17,400		463,188
Varian, Inc.*	48,485		2,080,006
			22,664,617
Pharmaceuticals (0.4%)
Eurand N.V.*	41,100		746,376
Noven Pharmaceuticals, Inc.*^	169,200		1,976,256
			2,722,632
Total Health Care			165,691,845
Industrials (18.5%)
Aerospace & Defense (1.1%)
Aerovironment, Inc.*	47,800		1,527,210
Axsys Technologies, Inc.*^	56,200		3,312,428
Esterline Technologies Corp.*	58,300		2,308,097
Stanley, Inc.*	30,000		1,107,300
			8,255,035
Air Freight & Logistics (0.2%)
Hub Group, Inc., Class A*	39,400		1,483,410
Building Products (1.0%)
Ameron International Corp.^	93,985		6,734,025
Apogee Enterprises, Inc.	77,995		1,172,265
			7,906,290
Commercial Services & Supplies (4.7%)
Clean Harbors, Inc.*^	40,700		2,749,285
Copart, Inc.*	69,800		2,652,400
Corrections Corp. of America*^	183,605		4,562,584
GEO Group, Inc.*	310,650		6,278,237
Innerworkings, Inc.*^	315,010		3,493,461
Sykes Enterprises, Inc.*	285,280		6,264,749
Waste Connections, Inc.*^	272,590		9,349,837
			35,350,553
Construction & Engineering (0.6%)
Northwest Pipe Co.*^	110,091		4,802,169
Electrical Equipment (2.2%)
Acuity Brands, Inc.^	54,400		2,271,744
Energy Conversion Devices, Inc.*	32,700		1,904,775
GrafTech International Ltd.*	108,400		1,637,924
J.A. Solar Holdings Co., Ltd. (ADR)*^	74,000		782,920
Polypore International, Inc.*	256,846		5,524,758
Regal-Beloit Corp.	49,900		2,121,748
Woodward Governor Co.^	60,320		2,127,486
			16,371,355
Machinery (3.8%)
Actuant Corp., Class A^	166,398		4,199,886
Bucyrus International, Inc.^	64,355		2,875,381
Chart Industries, Inc.*	54,300		1,550,808
CIRCOR International, Inc.	96,680		4,198,812
Colfax Corp.*	51,600		862,236
Gardner Denver, Inc.*	128,853		4,473,776
Kaydon Corp.^	31,690		1,427,951
Middleby Corp.*^	26,700		1,450,077
RBC Bearings, Inc.*^	138,775		4,675,330

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
Sauer-Danfoss, Inc.	139,140	$	3,435,367
			29,149,624
Marine (0.1%)
Ultrapetrol Bahamas Ltd.*	82,345		646,408
Professional Services (4.2%)
Advisory Board Co.*^	55,491		1,673,609
FTI Consulting, Inc.*	89,613		6,473,643
Monster Worldwide, Inc.*	192,495		2,870,100
Navigant Consulting, Inc.*	64,951		1,291,875
On Assignment, Inc.*	428,678		3,377,983
Resources Connection, Inc.*	380,385		8,570,074
School Specialty, Inc.*	134,077		4,181,862
Watson Wyatt Worldwide, Inc., Class A	70,100		3,486,073
			31,925,219
Road & Rail (0.5%)
Kansas City Southern*	82,400		3,655,264
Trading Companies & Distributors (0.1%)
Houston Wire & Cable Co.	49,154		843,974
Total Industrials			140,389,301
Information Technology (26.6%)
Communications Equipment (1.8%)
EMS Technologies, Inc.*^	317,743		7,088,846
F5 Networks, Inc.*	13,600		317,968
Harmonic, Inc.*^	370,500		3,130,725
Ixia*	409,273		3,016,342
			13,553,881
Computers & Peripherals (1.8%)
Compellent Technologies, Inc.*	471,826		5,850,642
Data Domain, Inc.*^	86,200		1,919,674
Netezza Corp.*	341,845		3,626,976
Novatel Wireless, Inc.*^	63,762		386,398
Synaptics, Inc.*^	58,432		1,765,815
			13,549,505
Electronic Equipment, Instruments & Components (2.1%)
Coherent, Inc.*	322,574		11,467,506
Dolby Laboratories, Inc., Class A*^	98,537		3,467,517
Universal Display Corp.*^	121,440		1,330,982
			16,266,005
Internet Software & Services (6.8%)
Bankrate, Inc.*^	69,586		2,707,591
DealerTrack Holdings, Inc.*^	82,737		1,393,291
Digital River, Inc.*^	43,200		1,399,680
Equinix, Inc.*^	46,200		3,209,052
GSI Commerce, Inc.*^	387,333		5,995,915
Internet Capital Group, Inc.*^	212,860		1,726,295
Knot, Inc.*^	138,207		1,154,028
Marchex, Inc., Class B^	296,626		3,052,282
MercadoLibre, Inc.*^	50,400		1,025,640
Omniture, Inc.*^	139,000		2,552,040
SkillSoft plc (ADR)*^	843,170		8,819,558
Switch & Data Facilities Co., Inc.*^	146,425		1,822,991
ValueClick, Inc.*^	79,172		809,930
VistaPrint Ltd.*^	360,339		11,833,533
Vocus, Inc.*^	131,900		4,479,324
			51,981,150
IT Services (3.3%)
CyberSource Corp.*^	159,300		2,566,323
Forrester Research, Inc.*^	74,800		2,193,136
Gartner, Inc.*^	133,682		3,031,908
Global Cash Access Holdings, Inc.*^	471,249		2,384,520
iGATE Corp.*^	55,700		482,919
Information Services Group, Inc.*^	374,717		1,836,113
ManTech International Corp., Class A*	17,900		1,061,291
Mastech Holdings, Inc.*	3,713		28,222
Sapient Corp.*	248,000		1,842,640
SI International, Inc.*^	10,180		305,909
TeleTech Holdings, Inc.*^	198,103		2,464,401
Wright Express Corp.*	222,540		6,642,819
			24,840,201
Semiconductors & Semiconductor Equipment (3.7%)
Advanced Energy Industries, Inc.*^	238,810		3,266,921
Diodes, Inc.*^	19,800		365,310
Eagle Test Systems, Inc.*^	249,587		3,821,177
Microsemi Corp.*	291,752		7,433,841
Monolithic Power Systems, Inc.*	159,700		2,773,989
PMC-Sierra, Inc.*	609,700		4,523,974
Power Integrations, Inc.*^	151,257		3,645,293
Silicon Laboratories, Inc.*	68,800		2,112,160
			27,942,665
Software (7.1%)
ANSYS, Inc.*^	255,060		9,659,122
Concur Technologies, Inc.*^	139,700		5,344,922
FactSet Research Systems, Inc.^	105,550		5,514,987
FalconStor Software, Inc.*^	123,400		661,424
Giant Interactive Group, Inc. (ADR)*^	151,985		1,012,220
Lawson Software, Inc.*^	413,827		2,896,789
Macrovision Solutions Corp.*^	226,657		3,485,985
Quality Systems, Inc.^	185,165		7,825,073
Shanda Interactive Entertainment Ltd. (ADR)*^	29,200		746,060
Solera Holdings, Inc.*	313,996		9,017,965
Synchronoss Technologies, Inc.*^	183,350		1,725,324
TIBCO Software, Inc.*^	789,165		5,776,688
			53,666,559
Total Information Technology			201,799,966
Materials (1.4%)
Chemicals (1.0%)
FMC Corp.	10,700		549,873
Quaker Chemical Corp.^	107,030		3,046,074
Terra Industries, Inc.	129,005		3,792,747
			7,388,694
Construction Materials (0.4%)
Texas Industries, Inc.^	82,315		3,363,391
Total Materials			10,752,085
Telecommunication Services (0.8%)
Diversified Telecommunication Services (0.5%)
Cbeyond, Inc.*^	166,700		2,398,813
PAETEC Holding Corp.*^	598,640		1,287,076
			3,685,889
Wireless Telecommunication Services (0.3%)
Centennial Communications Corp.*	405,500		2,530,320
Total Telecommunication Services			6,216,209
Total Common Stocks (94.8%) (Cost $768,732,307)			718,406,927

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANY:
Exchange Traded Fund (ETF) (0.3%)
iShares Russell 2000 Growth Index Fund^ (Cost $2,422,258)		30,800	$	2,178,176
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (21.7%)
Alpine Securitization Corp.
6.50%, 10/1/08	$	5,998,917		5,998,917
Amstel Funding Corp.
8.00%, 10/1/08		1,999,556		1,999,556
2.71%, 10/9/08		4,988,750		4,988,750
Atlantis One Funding, Inc.
6.50%, 10/1/08		5,998,917		5,998,917
Banco de Sabadell S.A.
2.84%, 4/23/09 (l)		3,230,000		3,230,000
Bank of Ireland
3.09%, 12/19/08 (l)		5,389,815		5,389,815
Barton Capital Corp.
2.51%, 10/10/08		4,988,889		4,988,889
BBVA Senior Finance S.A.
2.87%, 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
2.51%, 3/16/09 (l)		1,079,968		1,079,968
Credit Suisse (USA) LLC, Repurchase Agreement
2.00%, 10/1/08 (r)		34,650,018		34,650,018
General Electric Capital Corp.
6.50%, 10/1/08		5,998,917		5,998,917
2.15%, 3/12/10 (l)		430,000		430,000
Goldman Sachs Group, Inc.
2.16%, 3/27/09 (l)		3,010,000		3,010,000
Hannover Funding Company LLC
8.00%, 10/1/08		5,998,667		5,998,667
Hartford Life, Inc.
2.62%, 2/2/09 (l)		860,000		860,000
K2 (USA) LLC
2.12%, 5/29/09 (l)		4,309,112		4,309,112
2.12%, 6/18/09 (l)		5,388,807		5,388,807
Lehman Brothers Holdings, Inc.
0.00%, 8/21/09 (h)†		2,689,982		1,344,990
Liberty Street Funding Co.
2.56%, 10/1/08		6,986,117		6,986,117
Links Finance LLC
2.12%, 6/25/09 (l)		1,619,697		1,619,697
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
3.29%, 2/9/09 (l)		8,384,305		8,384,305
7.15%, 5/7/09 (l)		5,390,000		5,390,000
Natixis/New York
2.90%, 11/13/08		7,000,000		7,000,000
Pricoa Global Funding I
2.15%, 6/25/10 (l)		3,229,435		3,229,435
Royal Bank of Scotland/New York
2.78%, 11/6/08		4,500,000		4,500,000
Standard Chartered Bank/New York
2.84%, 12/10/08		5,000,000		5,000,000
Sumitomo Mutsui Banking Corp./New York
2.74%, 10/14/08		5,000,000		5,000,000
Three Pillars Funding Corp.
6.50%, 10/1/08		4,999,097		4,999,097
Tulip Funding Corp.
7.25%, 10/1/08		1,999,597		1,999,597
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				164,203,571
Time Deposit (9.0%)
JPMorgan Chase Nassau
0.58%, 10/1/08		68,058,170		68,058,170
Total Short-Term Investments (30.7%) (Cost/Amortized Cost $233,606,732)				232,261,741
Total Investments (125.8%) (Cost/Amortized Cost $1,004,761,297)				952,846,844
Other Assets Less Liabilities (-25.8%)				(195,379,175	)
Net Assets (100%)			$	757,467,669

* Non-income producing.

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

† Securities (totaling $1,344,990 or 0.2% of net assets) at fair value.

(h) Security in default.

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

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PORTFOLIO OF INVESTMENTS (Continued)

September 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 September 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	$	720,585,103	$	230,916,751	$	1,344,990	$	952,846,844
Other Investments*	$	—		—		—		—
Total	$	720,585,103	$	230,916,751	$	1,344,990	$	952,846,844
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		—			—
Purchases, sales, issuances, and settlements (net)		—			—
Transfers in and/or out of Level 3		1,344,990			—
Balance as of 9/30/08	$	1,344,990		$	—
The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 9/30/08.	$	(1,344,992	)	$	—

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

Investment security transactions for the nine months ended September 30, 2008 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	873,534,224
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	422,381,391
As of September 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	$	33,789,439
Aggregate gross unrealized depreciation		(89,930,279	)
Net unrealized depreciation	$	(56,140,840	)
Federal income tax cost of investments	$	1,008,987,684

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PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

At September 30, 2008, the Portfolio had loaned securities with a total value of $165,884,563. This was secured by collateral of $164,203,571 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 $59,706, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the nine months ended September 30, 2008, the Portfolio incurred approximately $3,478 as brokerage commissions with Raymond James & Associates, Inc. and $5,575 as brokerage commissions with Sanford C. Bernstein & Co., Inc., affiliated broker/dealers.

See Notes to Portfolio of Investments.

98

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

September 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (16.6%)
Auto Components (2.3%)
American Axle & Manufacturing Holdings, Inc.^	540,000	$	2,894,400
Amerigon, Inc.*	570,000		3,750,600
ArvinMeritor, Inc.	84,855		1,106,509
ATC Technology Corp.*	187,700		4,455,998
Autoliv, Inc.	55,000		1,856,250
Federal Mogul Corp.*	45,800		574,790
Gentex Corp.^	114,050		1,630,915
Lear Corp.*^	249,600		2,620,800
Noble International Ltd.	800,000		4,792,000
Tenneco, Inc.*	31,000		329,530
			24,011,792
Automobiles (0.9%)
Monaco Coach Corp.	391,000		762,450
Thor Industries, Inc.^	243,000		6,031,260
Winnebago Industries, Inc.^	234,700		3,032,324
			9,826,034
Diversified Consumer Services (0.7%)
Hillenbrand, Inc.	49,200		991,872
Regis Corp.	230,000		6,325,000
			7,316,872
Hotels, Restaurants & Leisure (0.8%)
Bally Technologies, Inc.*	61,000		1,847,080
Choice Hotels International, Inc.	15,000		406,500
Ruby Tuesday, Inc.*	167,900		972,141
Texas Roadhouse, Inc., Class A*	148,500		1,335,015
Wendy’s/Arby’s Group, Inc., Class A^	841,500		4,426,290
			8,987,026
Household Durables (2.5%)
Bassett Furniture Industries, Inc.	19,600		167,580
D.R. Horton, Inc.	200,000		2,604,000
Ethan Allen Interiors, Inc.^	173,300		4,855,866
Hooker Furniture Corp.^	246,400		4,373,600
La-Z-Boy, Inc.^	450,300		4,196,796
M.D.C. Holdings, Inc.	119,500		4,372,505
M/I Homes, Inc.^	220,000		5,011,600
Russ Berrie & Co., Inc.*^	32,094		246,161
Tempur-Pedic International, Inc.	82,700		972,552
			26,800,660
Leisure Equipment & Products (0.6%)
Brunswick Corp.^	370,600		4,739,974
Polaris Industries, Inc.	31,908		1,451,495
			6,191,469
Media (0.6%)
Entravision Communications Corp., Class A*	921,970		2,480,099
Lions Gate Entertainment Corp.*	393,200		3,578,120
			6,058,219
Multiline Retail (0.8%)
Fred’s, Inc., Class A^	258,700		3,678,714
Saks, Inc.*^	317,500		2,936,875
Tuesday Morning Corp.*^	521,300		2,152,969
			8,768,558
Specialty Retail (5.3%)
Brown Shoe Co., Inc.^	790,076		12,941,445
Charlotte Russe Holding, Inc.*	278,807		2,857,772
Christopher & Banks Corp.^	510,200		3,913,234
Collective Brands, Inc.*^	293,610		5,375,999
Conn’s, Inc.*	295,000		5,519,450
Group 1 Automotive, Inc.^	145,600		3,163,888
HOT Topic, Inc.*	286,200		1,891,782
J. Crew Group, Inc.*	124,000		3,542,680
Men’s Wearhouse, Inc.^	192,200		4,082,328
Pier 1 Imports, Inc.*^	472,000		1,949,360
Sonic Automotive, Inc., Class A	390,000		3,299,400
West Marine, Inc.*^	335,300		1,998,388
Zale Corp.*^	227,400		5,685,000
			56,220,726
Textiles, Apparel & Luxury Goods (2.1%)
Iconix Brand Group, Inc.*^	661,400		8,651,112
Liz Claiborne, Inc.	103,400		1,698,862
Phillips-Van Heusen Corp.	100,000		3,791,000
Timberland Co., Class A*	135,100		2,346,687
True Religion Apparel, Inc.*	10,800		279,180
Warnaco Group, Inc.*	126,000		5,706,540
			22,473,381
Total Consumer Discretionary			176,654,737
Consumer Staples (2.5%)
Beverages (0.2%)
Dr. Pepper Snapple Group, Inc.*	67,100		1,776,808
Food & Staples Retailing (1.2%)
Casey’s General Stores, Inc.	180,000		5,430,600
Pantry, Inc.*^	345,704		7,325,468
			12,756,068
Food Products (0.5%)
Omega Protein Corp.*	400,000		4,704,000
Personal Products (0.6%)
Bare Escentuals, Inc.*	40,500		440,235
Chattem, Inc.*	41,687		3,259,089
Prestige Brands Holdings, Inc.*^	350,600		3,113,328
			6,812,652
Total Consumer Staples			26,049,528
Energy (8.6%)
Energy Equipment & Services (6.3%)
Atwood Oceanics, Inc.*	61,000		2,220,400
Boots & Coots International Control, Inc.*	2,050,000		3,956,500
Bristow Group, Inc.*^	113,000		3,823,920
CARBO Ceramics, Inc.^	8,500		438,685
Dril-Quip, Inc.*	23,200		1,006,648
Global Industries Ltd.*^	135,000		936,900
Helix Energy Solutions Group, Inc.*	119,000		2,889,320
Hercules Offshore, Inc.*	63,500		962,660
Hornbeck Offshore Services, Inc.*	160,000		6,179,200
ION Geophysical Corp.*	215,000		3,050,850
Key Energy Services, Inc.*^	295,400		3,426,640
Matrix Service Co.*	389,800		7,445,180
Mitcham Industries, Inc.*	310,000		3,127,900
Oceaneering International, Inc.*	26,000		1,386,320
Oil States International, Inc.*	132,900		4,698,015
Parker Drilling Co.*	610,000		4,892,200
Pioneer Drilling Co.*	66,800		888,440
Rowan Cos., Inc.	85,200		2,602,860
Superior Energy Services, Inc.*	87,900		2,737,206
Tidewater, Inc.^	117,200		6,488,192
Trico Marine Services, Inc.*	56,200		959,896

99

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
Unit Corp.*	60,800	$	3,029,056
			67,146,988
Oil, Gas & Consumable Fuels (2.3%)
Alpha Natural Resources, Inc.*	17,900		920,597
Arch Coal, Inc.	80,000		2,631,200
Denbury Resources, Inc.*	115,000		2,189,600
Forest Oil Corp.*	97,000		4,811,200
Foundation Coal Holdings, Inc.	1,700		60,486
General Maritime Corp.^	110,700		2,156,436
Overseas Shipholding Group, Inc.^	55,500		3,236,205
Quest Resource Corp.*	600,000		1,596,000
Rex Energy Corp.*	91,900		1,448,344
Teekay Corp.^	85,800		2,263,404
TXCO Resources, Inc.*	285,974		2,871,179
			24,184,651
Total Energy			91,331,639
Financials (20.7%)
Capital Markets (1.1%)
Knight Capital Group, Inc., Class A*	343,202		5,099,982
Stifel Financial Corp.*	98,171		4,898,733
Waddell & Reed Financial, Inc., Class A	63,100		1,561,725
			11,560,440
Commercial Banks (5.4%)
AMCORE Financial, Inc.	76,500		707,625
Bank of the Ozarks, Inc.	38,736		1,045,872
Cascade Bancorp	143,588		1,276,497
Cathay General Bancorp	196,927		4,686,863
Chemical Financial Corp.^	188,000		5,854,320
City National Corp./California	77,700		4,219,110
Colonial BancGroup, Inc.^	540,300		4,246,758
East West Bancorp, Inc.	538,200		7,373,340
IBERIABANK Corp.	48,300		2,552,655
PacWest Bancorp	83,976		2,400,874
Peoples Bancorp, Inc./Ohio	88,500		1,926,645
Prosperity Bancshares, Inc.	40,600		1,379,994
Signature Bank/New York*	49,700		1,733,536
South Financial Group, Inc.^	416,200		3,050,746
Sterling Bancshares, Inc./Texas	78,500		820,325
TCF Financial Corp.	88,800		1,598,400
UCBH Holdings, Inc.	427,891		2,742,781
Umpqua Holdings Corp.	25,745		378,709
Webster Financial Corp.^	188,200		4,752,050
Wintrust Financial Corp.^	138,400		4,062,040
			56,809,140
Consumer Finance (1.3%)
Dollar Financial Corp.*^	259,450		3,992,936
EZCORP, Inc., Class A*	330,000		6,204,000
First Cash Financial Services, Inc.*	156,700		2,350,500
United PanAm Financial Corp.*	358,161		1,318,032
			13,865,468
Diversified Financial Services (0.3%)
KKR Financial Holdings LLC	468,900		2,982,204
Insurance (7.6%)
Ambac Financial Group, Inc.	215,100		501,183
American National Insurance Co.	30,400		2,624,432
Arthur J. Gallagher & Co.	137,500		3,528,250
Aspen Insurance Holdings Ltd.^	400,700		11,019,250
Castlepoint Holdings Ltd.^	657,459		7,317,519
Delphi Financial Group, Inc., Class A	168,700		4,730,348
Erie Indemnity Co., Class A	58,500		2,472,795
Flagstone Reinsurance Holdings Ltd.	17,492		179,643
HCC Insurance Holdings, Inc.	234,400		6,328,800
IPC Holdings Ltd.^	225,700		6,818,397
Max Capital Group Ltd.^	219,300		5,094,339
Montpelier Reinsurance Holdings Ltd.	300,000		4,953,000
Old Republic International Corp.	574,000		7,318,500
Protective Life Corp.	126,700		3,612,217
RLI Corp.	70,900		4,402,181
StanCorp Financial Group, Inc.	88,100		4,581,200
Syncora Holdings Ltd.^	477,600		625,656
Unitrin, Inc.	177,200		4,419,368
Zenith National Insurance Corp.	18,800		688,832
			81,215,910
Real Estate Investment Trusts (REITs) (2.5%)
Arbor Realty Trust, Inc. (REIT)^	130,500		1,305,000
Digital Realty Trust, Inc. (REIT)	43,900		2,074,275
Extra Space Storage, Inc. (REIT)	280,800		4,313,088
Healthcare Realty Trust, Inc. (REIT)	180,600		5,264,490
LaSalle Hotel Properties (REIT)	50,100		1,168,332
MFA Mortgage Investments, Inc. (REIT)	717,300		4,662,450
Sunstone Hotel Investors, Inc. (REIT)	167,707		2,264,044
Tanger Factory Outlet Centers (REIT)	37,100		1,624,609
Washington Real Estate Investment Trust (REIT)^	105,400		3,860,802
			26,537,090
Thrifts & Mortgage Finance (2.5%)
Brookline Bancorp, Inc.^	365,300		4,672,187
Corus Bankshares, Inc.^	262,061		1,061,347
NewAlliance Bancshares, Inc.	474,000		7,124,220
PMI Group, Inc.^	204,200		602,390
Trustco Bank Corp./New York^	677,400		7,932,354
WSFS Financial Corp.	86,649		5,198,940
			26,591,438
Total Financials			219,561,690
Health Care (5.0%)
Biotechnology (0.1%)
Cubist Pharmaceuticals, Inc.*	39,900		886,977
Health Care Equipment & Supplies (1.7%)
American Medical Systems Holdings, Inc.*	74,300		1,319,568
HealthTronics, Inc.*	955,000		2,788,600
Hill-Rom Holdings, Inc.^	60,200		1,824,662
STERIS Corp.	79,000		2,968,820
Symmetry Medical, Inc.*	171,400		3,181,184
Teleflex, Inc.^	49,400		3,136,406
West Pharmaceutical Services, Inc.^	70,000		3,417,400
			18,636,640
Health Care Providers & Services (2.2%)
Air Methods Corp.*	36,422		1,031,107
Amedisys, Inc.*	5,600		272,552
America Service Group, Inc.*‡	500,000		4,760,000
AMERIGROUP Corp.*	179,300		4,525,532
Emergency Medical Services Corp., Class A*	80,500		2,405,340
Five Star Quality Care, Inc.*^	780,468		2,926,755
inVentiv Health, Inc.*	82,200		1,451,652
Magellan Health Services, Inc.*	12,900		529,674
Pediatrix Medical Group, Inc.*	8,100		436,752
PSS World Medical, Inc.*	140,800		2,745,600

100

AXA PREMIER VIP TRUST

MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
Skilled Healthcare Group, Inc., Class A*	128,600	$	2,043,454
			23,128,418
Life Sciences Tools & Services (1.0%)
Kendle International, Inc.*^	101,500		4,538,065
Nektar Therapeutics*	636,700		2,285,753
Varian, Inc.*	90,300		3,873,870
			10,697,688
Total Health Care			53,349,723
Industrials (19.3%)
Aerospace & Defense (0.6%)
AAR Corp.*^	280,552		4,654,358
Stanley, Inc.*	54,000		1,993,140
			6,647,498
Air Freight & Logistics (0.9%)
Air Transport Services Group, Inc.*^	1,254,620		928,419
Atlas Air Worldwide Holdings, Inc.*	84,272		3,397,004
UTi Worldwide, Inc.	300,420		5,113,149
			9,438,572
Airlines (0.8%)
Continental Airlines, Inc., Class B*^	242,600		4,046,568
SkyWest, Inc.	267,500		4,274,650
			8,321,218
Building Products (3.0%)
American Woodmark Corp.^	132,300		2,970,135
Apogee Enterprises, Inc.	551,000		8,281,530
Gibraltar Industries, Inc.	414,000		7,745,940
Simpson Manufacturing Co., Inc.^	143,800		3,895,542
Trex Co., Inc.*	22,200		402,042
Universal Forest Products, Inc.^	240,600		8,399,346
			31,694,535
Commercial Services & Supplies (2.6%)
ABM Industries, Inc.	196,900		4,300,296
Knoll, Inc.	75,400		1,140,048
Mine Safety Appliances Co.^	267,800		10,208,536
Mobile Mini, Inc.*	243,500		4,706,855
Team, Inc.*	40,000		1,444,800
Viad Corp.	150,900		4,344,411
Waste Connections, Inc.*	39,748		1,363,356
			27,508,302
Construction & Engineering (1.4%)
Chicago Bridge & Iron Co. N.V. (N.Y. Shares)	176,700		3,399,708
Dycom Industries, Inc.*	144,200		1,877,484
Furmanite Corp.*	113,186		1,170,343
Orion Marine Group, Inc.*	295,000		3,094,550
URS Corp.*	138,400		5,075,128
			14,617,213
Electrical Equipment (1.6%)
A.O. Smith Corp.	65,200		2,555,188
Brady Corp., Class A^	190,600		6,724,368
Franklin Electric Co., Inc.	101,700		4,530,735
Polypore International, Inc.*	22,550		485,051
Powell Industries, Inc.*	29,000		1,183,490
Regal-Beloit Corp.	45,300		1,926,156
			17,404,988
Industrial Conglomerates (0.5%)
Carlisle Cos., Inc.	160,000		4,795,200
Machinery (4.6%)
Altra Holdings, Inc.*	39,210		578,740
Briggs & Stratton Corp.^	237,400		3,841,132
CIRCOR International, Inc.	50,100		2,175,843
Graco, Inc.^	151,700		5,402,037
Kennametal, Inc.	316,600		8,586,192
Lincoln Electric Holdings, Inc.	1,800		115,758
Middleby Corp.*	38,700		2,101,797
Mueller Industries, Inc.	241,500		5,556,915
Nordson Corp.^	146,300		7,184,793
RBC Bearings, Inc.*	13,550		456,499
Timken Co.	43,100		1,221,885
Trinity Industries, Inc.^	127,000		3,267,710
Wabash National Corp.^	541,300		5,115,285
Watts Water Technologies, Inc., Class A^	135,800		3,714,130
			49,318,716
Marine (0.4%)
Kirby Corp.*	115,000		4,363,100
Professional Services (0.4%)
Duff & Phelps Corp., Class A*	100,881		2,121,527
Watson Wyatt Worldwide, Inc., Class A	40,579		2,017,994
			4,139,521
Road & Rail (2.0%)
Dollar Thrifty Automotive Group, Inc.*^	141,500		273,095
Genesee & Wyoming, Inc., Class A*	253,600		9,515,072
Kansas City Southern*	75,900		3,366,924
Saia, Inc.*	300,000		3,984,000
Vitran Corp., Inc.*	300,000		4,041,000
			21,180,091
Trading Companies & Distributors (0.5%)
Applied Industrial Technologies, Inc.^	100		2,693
Beacon Roofing Supply, Inc.*	111,900		1,747,878
Genesis Lease Ltd. (ADR)	119,300		1,042,682
Houston Wire & Cable Co.	42,000		721,140
Kaman Corp.	54,621		1,555,606
			5,069,999
Total Industrials			204,498,953
Information Technology (10.4%)
Communications Equipment (2.3%)
Avocent Corp.*	220,000		4,501,200
Comtech Telecommunications Corp.*^	125,116		6,160,712
F5 Networks, Inc.*	46,500		1,087,170
Finisar Corp.*	2,036,800		2,057,168
Foundry Networks, Inc.*	271,070		4,936,184
Harmonic, Inc.*^	309,900		2,618,655
Hughes Communications, Inc.*	67,300		2,469,910
Polycom, Inc.*	49,600		1,147,248
			24,978,247
Computers & Peripherals (0.2%)
Diebold, Inc.	51,100		1,691,921
Electronic Equipment, Instruments & Components (2.4%)
Benchmark Electronics, Inc.*	681,100		9,589,888
CPI International, Inc.*	206,379		2,988,368
Mettler-Toledo International, Inc.*	52,000		5,096,000
Plexus Corp.*	34,600		716,220
Rofin-Sinar Technologies, Inc.*^	119,300		3,651,773
TTM Technologies, Inc.*^	386,929		3,838,336
			25,880,585
Internet Software & Services (0.4%)
Ariba, Inc.*	49,200		695,196

101

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
United Online, Inc.	392,400	$	3,692,484
			4,387,680
IT Services (1.7%)
CACI International, Inc., Class A*	91,500		4,584,150
Ness Technologies, Inc.*^	354,500		4,066,115
NeuStar, Inc., Class A*^	161,800		3,218,202
TeleTech Holdings, Inc.*	282,300		3,511,812
TNS, Inc.*^	112,443		2,178,021
			17,558,300
Semiconductors & Semiconductor Equipment (2.0%)
ChipMOS TECHNOLOGIES Bermuda Ltd.*^	1,086,800		1,847,560
Cohu, Inc.	246,300		3,896,466
Integrated Device Technology, Inc.*	98,800		768,664
Mattson Technology, Inc.*^	481,200		2,276,076
Microsemi Corp.*	42,663		1,087,053
Monolithic Power Systems, Inc.*	170,400		2,959,848
OmniVision Technologies, Inc.*	126,900		1,447,929
ON Semiconductor Corp.*	169,600		1,146,496
Teradyne, Inc.*	276,800		2,161,808
Varian Semiconductor Equipment Associates, Inc.*	126,300		3,172,656
			20,764,556
Software (1.4%)
ACI Worldwide, Inc.*^	87,299		1,529,478
Lawson Software, Inc.*^	537,400		3,761,800
Mentor Graphics Corp.*	261,234		2,965,006
MicroStrategy, Inc., Class A*	47,400		2,821,722
Secure Computing Corp.*	786,010		4,307,335
			15,385,341
Total Information Technology			110,646,630
Materials (9.1%)
Chemicals (4.3%)
Airgas, Inc.	106,900		5,307,585
Cabot Corp.	116,200		3,692,836
Cytec Industries, Inc.	109,100		4,245,081
Flotek Industries, Inc.*	98,800		1,086,800
H.B. Fuller Co.	180,000		3,756,600
Hercules, Inc.	341,100		6,750,369
Innospec, Inc.	271,500		3,274,290
Rockwood Holdings, Inc.*	180,300		4,626,498
RPM International, Inc.	272,000		5,260,480
Solutia, Inc.*	85,700		1,199,800
Westlake Chemical Corp.^	323,900		6,811,617
			46,011,956
Construction Materials (0.4%)
Eagle Materials, Inc.^	151,050		3,378,989
Headwaters, Inc.*	75,618		1,009,500
			4,388,489

Containers & Packaging (1.3%)
AptarGroup, Inc.		91,000	3,559,010
Packaging Corp. of America		236,500	5,482,070
Silgan Holdings, Inc.		82,700	4,225,143
			13,266,223
Metals & Mining (2.6%)
Century Aluminum Co.*		67,200	1,860,768
Commercial Metals Co.		190,000	3,209,100
Gerdau Ameristeel Corp.^		336,800	3,314,112
Haynes International, Inc.*^		87,722	4,108,021
Kaiser Aluminum Corp.		106,100	4,556,995
Reliance Steel & Aluminum Co.		148,700	5,646,139
Steel Dynamics, Inc.		297,700	5,087,693
			27,782,828
Paper & Forest Products (0.5%)
AbitibiBowater, Inc.*^		37,700	145,899
Glatfelter^		324,300	4,391,022
Mercer International, Inc.*^		260,600	953,796
			5,490,717
Total Materials			96,940,213
Telecommunication Services (0.8%)
Diversified Telecommunication Services (0.4%)
Alaska Communications Systems Group, Inc.		233,400	2,854,482
NTELOS Holdings Corp.		75,200	2,022,128
			4,876,610
Wireless Telecommunication Services (0.4%)
Syniverse Holdings, Inc.*		231,500	3,845,215
Total Telecommunication Services			8,721,825
Utilities (4.1%)
Electric Utilities (1.2%)
El Paso Electric Co.*		190,300	3,996,300
IDACORP, Inc.^		138,100	4,017,329
Sierra Pacific Resources		463,900	4,444,162
			12,457,791
Gas Utilities (1.6%)
Atmos Energy Corp.		90,800	2,417,096
Energen Corp.		50,000	2,264,000
Northwest Natural Gas Co.		21,700	1,128,400
South Jersey Industries, Inc.		199,600	7,125,720
UGI Corp.		169,000	4,356,820
			17,292,036
Multi-Utilities (1.3%)
Avista Corp.		176,000	3,820,960
CMS Energy Corp.		491,300	6,126,511
Vectren Corp.^		152,500	4,247,125
			14,194,596
Total Utilities			43,944,423
Total Common Stocks (97.1%) (Cost $1,215,862,512)			1,031,699,361
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (7.4%)
Alpine Securitization Corp.
6.50%, 10/1/08	$	2,999,458	2,999,458
Amstel Funding Corp.
8.00%, 10/1/08		2,999,333	2,999,333
Atlantis One Funding, Inc.
6.50%, 10/1/08		2,999,458	2,999,458
Banco de Sabadell S.A.
2.84%, 4/23/09 (l)		1,690,000	1,690,000
Bank of Ireland
3.09%, 12/19/08 (l)		2,819,904	2,819,904
BBVA Senior Finance S.A.
2.87%, 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
2.51%, 3/16/09 (l)		559,983	559,983

102

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Principal Amount		Value (Note 1)
Credit Suisse (USA) LLC, Repurchase Agreement
2.00%, 10/1/08 (r)	$	26,871,079	$	26,871,079
General Electric Capital Corp.
6.50%, 10/1/08		2,999,458		2,999,458
2.15%, 3/12/10 (l)		230,000		230,000
Goldman Sachs Group, Inc.
2.16%, 3/27/09 (l)		1,580,000		1,580,000
Hannover Funding Company LLC
8.00%, 10/1/08		2,999,333		2,999,333
Hartford Life, Inc.
2.62%, 2/2/09 (l)		450,000		450,000
K2 (USA) LLC
2.12%, 5/29/09 (l)		2,259,534		2,259,534
2.12%, 6/18/09 (l)		2,819,376		2,819,376
Lehman Brothers Holdings, Inc.
0.00%, 8/21/09 (h)†		1,409,991		704,997
Links Finance LLC
2.12%, 6/25/09 (l)		849,841		849,841
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
3.29%, 2/9/09 (l)		4,391,779		4,391,779
7.15%, 5/7/09 (l)		2,820,000		2,820,000
Pricoa Global Funding I
2.15%, 6/25/10 (l)		1,689,705		1,689,705
Three Pillars Funding Corp.
6.50%, 10/1/08		2,999,458		2,999,458
Tulip Funding Corp.
7.25%, 10/1/08		2,999,396		2,999,396
Wachovia Bank N.A.
2.12%, 10/2/08 (l)		560,000		560,000
Total Short-Term Investments of Cash Collateral for Securities Loaned				78,282,092
Time Deposit (4.0%)
JPMorgan Chase Nassau
0.58%, 10/1/08		42,343,600		42,343,600
Total Short-Term Investments (11.4%) (Cost/Amortized Cost $121,330,687)				120,625,692
Total Investments (108.5%) (Cost/Amortized Cost $1,337,193,199)				1,152,325,053
Other Assets Less Liabilities (-8.5%)				(89,805,012	)
Net Assets (100%)			$	1,062,520,041

* Non-income producing.

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

† Securities (totaling $704,997 or 0.1% of net assets) at fair value.

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

(h) Security in default.

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

103

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

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

Securities	Market Value December 31, 2007		Purchases at Cost		Sales at Cost		Market Value September 30, 2008		Dividend Income		Realized Loss
America Service Group, Inc.	$	—	$	5,121,513	$	—	$	4,760,000	$	—	$	—
Five Star Quality Care, Inc.		13,534,594		111,469		6,727,308		2,926,755		—		(2,893,021	)
	$	13,534,594	$	5,232,982	$	6,727,308	$	7,686,755	$	—	$	(2,893,021	)

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 September 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	$	1,031,699,361	$	119,920,695	$	704,997	$	1,152,325,053
Other Investments*		—		—		—		—
Total	$	1,031,699,361	$	119,920,695	$	704,997	$	1,152,325,053
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		—			—
Purchases, sales, issuances, and settlements (net)		—			—
Transfers in and/or out of Level 3		704,997			—
Balance as of 9/30/08	$	704,997		$	—
The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 9/30/08.	$	(704,994	)	$	—

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

Investment security transactions for the nine months ended September 30, 2008 were as follows:

104

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MULTIMANAGER SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

Cost of Purchases:
Stocks and long-term corporate debt securities	$	929,745,434
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,266,086,113
As of September 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	$	41,337,101
Aggregate gross unrealized depreciation		(232,586,366	)
Net unrealized depreciation	$	(191,249,265	)
Federal income tax cost of investments	$	1,343,574,318

At September 30, 2008, the Portfolio had loaned securities with a total value of $78,583,674. This was secured by collateral of $78,282,092 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

See Notes to Portfolio of Investments.

105

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MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

September 30, 2008 (Unaudited)

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (2.0%)
Diversified Consumer Services (0.3%)
ITT Educational Services, Inc.*^	18,200	$	1,472,562
Internet & Catalog Retail (0.7%)
Amazon.com, Inc.*	43,390		3,157,057
Media (1.0%)
Comcast Corp., Class A	155,350		3,049,520
DIRECTV Group, Inc.*	73,451		1,922,213
			4,971,733
Total Consumer Discretionary			9,601,352
Energy (0.0%)
Energy Equipment & Services (0.0%)
Diamond Offshore Drilling, Inc.^	425		43,800
Weatherford International Ltd.*	2,576		64,761
Total Energy			108,561
Industrials (4.3%)
Electrical Equipment (3.0%)
ABB Ltd. (Registered)*	73,015		1,400,770
Energy Conversion Devices, Inc.*^	6,080		354,160
First Solar, Inc.*	9,392		1,774,243
SunPower Corp., Class A*^	10,673		757,036
Suntech Power Holdings Co., Ltd. (ADR)*^	278,000		9,971,860
			14,258,069
Industrial Conglomerates (0.8%)
Koninklijke Philips Electronics N.V. (ADR)	147,015		4,006,159
Professional Services (0.5%)
Manpower, Inc	50,400		2,175,264
Total Industrials			20,439,492
Information Technology (85.6%)
Communications Equipment (17.3%)
Cisco Systems, Inc.*	1,468,510		33,129,586
CommScope, Inc.*^	23,045		798,279
Corning, Inc	730,464		11,424,457
Juniper Networks, Inc.*	76,985		1,622,074
Nice Systems Ltd. (ADR)*^	207,330		5,647,669
Nokia Corp. (ADR)	394,100		7,349,965
Nokia Oyj	91,718		1,709,872
QUALCOMM, Inc	201,570		8,661,463
Research In Motion Ltd.*^	135,985		9,287,775
Riverbed Technology, Inc.*^	175,390		2,195,883
			81,827,023
Computers & Peripherals (15.9%)
Apple, Inc.*	165,080		18,762,993
Dell, Inc.*	267,220		4,403,786
EMC Corp.*	834,700		9,983,012
Hewlett-Packard Co	424,475		19,627,724
International Business Machines Corp.	88,860		10,393,065
NetApp, Inc.*	75,200		1,370,896
Seagate Technology	882,324		10,693,767
			75,235,243
Electronic Equipment, Instruments & Components (3.9%)
Avnet, Inc.*	143,300		3,529,479
Hon Hai Precision Industry Co., Ltd.	1,329,562		4,730,578
Hon Hai Precision Industry Co., Ltd. (GDR)(m)	188,830		1,306,703
L-1 Identity Solutions, Inc.*^	583,364		8,913,802
			18,480,562
Internet Software & Services (7.5%)
Baidu.com (ADR)*	8,685		2,155,878
Equinix, Inc.*^	28,400		1,972,664
Google, Inc., Class A*	57,885		23,184,100
Tencent Holdings Ltd.	602,600		4,341,201
VeriSign, Inc.*^	93,000		2,425,440
Yahoo!, Inc.*	76,565		1,324,575
			35,403,858
IT Services (5.9%)
Accenture Ltd., Class A	171,905		6,532,390
Automatic Data Processing, Inc.	91,100		3,894,525
Cognizant Technology Solutions Corp., Class A*	158,225		3,612,277
DST Systems, Inc.*^	39,100		2,189,209
Visa, Inc., Class A	31,500		1,933,785
Western Union Co.	389,400		9,606,498
			27,768,684
Semiconductors & Semiconductor Equipment (14.5%)
Analog Devices, Inc.	79,105		2,084,417
ASM Pacific Technology Ltd.	273,900		1,573,740
ASML Holding N.V. (N.Y. Shares)	28,945		509,721
Atheros Communications, Inc.*^	65,360		1,541,189
Broadcom Corp., Class A*	429,583		8,003,131
Fairchild Semiconductor International, Inc.*	165,800		1,473,962
Infineon Technologies AG (ADR)*^	53,200		297,388
Intel Corp.	755,570		14,151,826
Intersil Corp., Class A	43,615		723,137
Lam Research Corp.*	141,300		4,449,537
Linear Technology Corp.^	53,945		1,653,954
Maxim Integrated Products, Inc.	224,600		4,065,260
ON Semiconductor Corp.*^	1,126,075		7,612,267
Samsung Electronics Co., Ltd. (GDR)§^	25,565		5,869,901
Skyworks Solutions, Inc.*^	322,700		2,697,772
Taiwan Semiconductor Manufacturing Co., Ltd.	2,419,102		3,977,526
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)^	142,515		1,335,365
Texas Instruments, Inc.	240,712		5,175,308
Varian Semiconductor Equipment Associates, Inc.*^	64,200		1,612,704
			68,808,105
Software (20.6%)
Activision Blizzard, Inc.*	507,740		7,834,428
Adobe Systems, Inc.*	22,420		884,917
BMC Software, Inc.*	54,600		1,563,198
CA, Inc.	54,950		1,096,802
Electronic Arts, Inc.*	271,015		10,024,845
Longtop Financial Technologies Ltd. (ADR)*^	8,207		115,637
McAfee, Inc.*	175,525		5,960,829
Microsoft Corp.	1,555,910		41,527,238
Nintendo Co., Ltd.	7,500		3,122,137
Oracle Corp.*	835,490		16,968,802
Red Hat, Inc.*^	144,400		2,176,108

106

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MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
Salesforce.com, Inc.*		131,640	$	6,371,376
				97,646,317
Total Information Technology				405,169,792
Telecommunication Services (2.1%)
Wireless Telecommunication Services (2.1%)
American Tower Corp., Class A*		72,520		2,608,544
China Mobile Ltd. (ADR)^		147,900		7,406,832
Total Telecommunication Services				10,015,376
Total Common Stocks (94.0%) (Cost $539,000,326)				445,334,573
INVESTMENT COMPANY:
Exchange Traded Fund (ETF) (0.1%)
iShares S&P North American Technology Sector Index Fund (Cost $290,398)		5,600		254,968
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (7.7%)
Amstel Funding Corp.
8.00%, 10/1/08	$	999,778		999,778
Banco de Sabadell S.A.
2.84%, 4/23/09 (l)		1,020,000		1,020,000
Bank of Ireland
3.09%, 12/19/08 (l)		1,689,942		1,689,942
BBVA Senior Finance S.A.
2.87%, 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
2.51%, 3/16/09 (l)		339,990		339,990
Credit Suisse (USA) LLC, Repurchase Agreement
2.00%, 10/1/08 (r)		16,225,340		16,225,340
General Electric Capital Corp.
2.15%, 3/12/10 (l)		140,000		140,000
Goldman Sachs Group, Inc.
2.16%, 3/27/09 (l)		950,000		950,000
Hartford Life, Inc.
2.62%, 2/2/09 (l)		270,000		270,000
K2 (USA) LLC
2.12%, 5/29/09 (l)		1,349,722		1,349,722
2.12%, 6/18/09 (l)		1,689,626		1,689,626
Lehman Brothers Holdings, Inc.
0.00%, 8/21/09 (h)†		849,994		424,997
Links Finance LLC
2.12%, 6/25/09 (l)		509,905		509,905
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
3.29%, 2/9/09 (l)		2,635,067		2,635,067
7.15%, 5/7/09 (l)		1,690,000		1,690,000
Pricoa Global Funding I
2.15%, 6/25/10 (l)		1,009,823		1,009,823
Tulip Funding Corp.
7.25%, 10/1/08		999,799		999,799
Wachovia Bank N.A.
2.12%, 10/2/08 (l)		340,000		340,000
Total Short-Term Investments of Cash Collateral for Securities Loaned				36,483,989
Time Deposit (8.8%)
JPMorgan Chase Nassau
0.58%, 10/1/08		41,817,070		41,817,070
Total Short-Term Investments (16.5%) (Cost/Amortized Cost $78,726,056)				78,301,059
Total Investments (110.6%) (Cost/Amortized Cost $618,016,780)				523,890,600
Other Assets Less Liabilities (-10.6%)				(50,314,674	)
Net Assets (100%)			$	473,575,926

* Non-income producing.

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

† Securities (totaling $424,997 or 0.1% of net assets) at fair value.

§ Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At September 30, 2008, the market value of these securities amounted to $5,869,901 or 1.2% 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.

(h) Security in default.

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

GDR — Global Depositary Receipt

107

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MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 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 September 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	$	418,863,816	$	104,601,787	$	424,997	$	523,890,600
Other Investments*	$	—		—		—		—
Total	$	418,863,816	$	104,601,787	$	424,997	$	523,890,600
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		424,997			—
Balance as of 9/30/08	$	424,997		$	—
The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at period ending 9/30/08.	$	(424,997	)	$	—

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

Investment security transactions for the nine months ended September 30, 2008 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	613,675,252
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	646,551,599

108

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MULTIMANAGER TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

As of September 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		(101,699,917	)
Net unrealized depreciation	$	(101,699,917	)
Federal income tax cost of investments	$	625,590,517

At September 30, 2008, the Portfolio had loaned securities with a total value of $38,562,692. This was secured by collateral of $36,483,989 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the nine months ended September 30, 2008, the Portfolio incurred approximately $680 as brokerage commissions with BNP Paribas S.A. and $1,883 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 which $38,752,806 expires in the year 2009, and $25,653,017 expires in the year 2010. Included in the capital loss carryforward amounts are $64,405,823 of losses acquired from EQ/Technology Portfolio as a result of a tax free reorganization. Certain capital loss carryforwards may be subject to limitation pursuant to applicable U.S. Federal Income Tax Law. Therefore, it is possible not all of these capital losses will be available for use.

See Notes to Portfolio of Investments.

109

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TARGET 2015 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

September 30, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/Bond Index Portfolio‡		1,680,781	$	17,094,075
EQ/Equity 500 Index Portfolio‡		788,594		16,457,598
EQ/International ETF Portfolio‡		1,319,571		11,324,790
EQ/PIMCO Real Return Portfolio‡		49,850		512,748
EQ/Small Company Index Portfolio‡		349,046		3,586,745
EQ/Van Kampen Emerging Markets Equity Portfolio‡		280,493		3,104,264
Multimanager Aggressive Equity Portfolio‡		163,323		3,756,479
Multimanager High Yield Portfolio‡		833,222		4,052,916
Multimanager Large Cap Value Portfolio‡		432,643		4,044,631
Multimanager Mid Cap Growth Portfolio‡		29,997		210,017
Multimanager Mid Cap Value Portfolio‡		239,382		1,797,784
Total Investment Companies (99.6%) (Cost $77,469,474)				65,942,047
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.2%)
JPMorgan Chase Nassau 0.58%, 10/1/08 (Amortized Cost $128,597)	$	128,597		128,597
Total Investments (99.8%) (Cost/Amortized Cost $77,598,071)				66,070,644
Other Assets Less Liabilities (0.2%)				127,413
Net Assets (100%)			$	66,198,057

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

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

110

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TARGET 2015 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

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

Securities	Market Value December 31, 2007		Purchases at Cost		Sales at Cost		Market Value September 30, 2008		Dividend Income		Realized Gain/(Loss)
EQ/Bond Index Portfolio	$	3,488,698	$	18,278,048	$	4,474,881	$	17,094,075	$	—	$	7,201
EQ/Equity 500 Index Portfolio		3,577,893		18,646,968		2,770,562		16,457,598		—		(305,276	)
EQ/International ETF Portfolio		2,251,786		14,273,251		1,771,504		11,324,790		29,036		(160,790	)
EQ/PIMCO Real Return Portfolio		—		602,271		66,845		512,748		—		(636	)
EQ/Small Company Index Portfolio		832,473		3,456,742		470,887		3,586,745		—		(40,650	)
EQ/Van Kampen Emerging Markets Equity Portfolio		756,449		4,738,685		716,951		3,104,264		—		57,081
Multimanager Aggressive Equity Portfolio		1,242,657		4,457,945		781,620		3,756,479		433		(58,883	)
Multimanager High Yield Portfolio		772,941		4,210,706		579,259		4,052,916		3,765		(54,221	)
Multimanager Large Cap Value Portfolio		425,904		4,966,728		586,366		4,044,631		170		(101,601	)
Multimanager Mid Cap Growth Portfolio		69,169		217,233		37,983		210,017		—		(4,452	)
Multimanager Mid Cap Value Portfolio		310,044		2,073,895		290,454		1,797,784		—		(38,728	)
	$	13,728,014	$	75,922,472	$	12,547,312	$	65,942,047	$	33,404	$	(700,955	)

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 September 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	$	—	$	66,070,644	$	—	$	66,070,644
Other Investments*		—		—		—		—
Total	$	—	$	66,070,644	$	—	$	66,070,644
Liabilities
Investments in Securities	$	—	$	—	$	—	$	—
Other Investments*		—		—		—		—
Total	$	—	$	—	$	—	$	—

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

111

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TARGET 2015 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

Investment security transactions for the nine months ended September 30, 2008 were as follows:

Cost of Purchases:
Investment Companies	$	75,922,472
Net Proceeds of Sales and Redemptions:
Investment Companies	$	11,483,660
As of September 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		(11,530,312	)
Net unrealized depreciation	$	(11,530,312	)
Federal income tax cost of investments	$	77,600,956

See Notes to Portfolio of Investments.

112

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TARGET 2025 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

September 30, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/Bond Index Portfolio‡		988,451	$	10,052,863
EQ/Equity 500 Index Portfolio‡		999,345		20,855,882
EQ/International ETF Portfolio‡		1,379,840		11,842,026
EQ/PIMCO Real Return Portfolio‡		34,666		356,567
EQ/Small Company Index Portfolio‡		425,400		4,371,348
EQ/Van Kampen Emerging Markets Equity Portfolio‡		310,792		3,439,595
Multimanager Aggressive Equity Portfolio‡		161,894		3,723,596
Multimanager High Yield Portfolio‡		505,016		2,456,473
Multimanager Large Cap Value Portfolio‡		423,011		3,954,583
Multimanager Mid Cap Growth Portfolio‡		21,178		148,277
Multimanager Mid Cap Value Portfolio‡		265,449		1,993,546
Total Investment Companies (100.1%) (Cost $76,661,318)				63,194,756
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.2%)
JPMorgan Chase Nassau 0.58%, 10/1/08 (Amortized Cost $106,264)	$	106,264		106,264
Total Investments (100.3%) (Cost/Amortized Cost $76,767,582)				63,301,020
Other Assets Less Liabilities (-0.3%)				(178,630	)
Net Assets (100%)			$	63,122,390

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

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

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TARGET 2025 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

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

	Market Value December 31, 2007		Purchases at Cost		Sales at Cost		Market Value September 30, 2008		Dividend Income		Realized Gain/(Loss)
Securities
EQ/Bond Index Portfolio	$	2,903,739	$	9,115,615	$	1,849,725	$	10,052,863	$	—	$	20,405
EQ/Equity 500 Index Portfolio		5,775,058		20,882,005		1,741,089		20,855,882		—		(64,460	)
EQ/International ETF Portfolio		3,419,898		13,272,463		1,004,051		11,842,026		32,145		(43,355	)
EQ/PIMCO Real Return Portfolio		—		398,773		26,050		356,567		—		34
EQ/Small Company Index Portfolio		1,310,528		3,710,225		305,323		4,371,348		—		8,084
EQ/Van Kampen Emerging Markets Equity Portfolio		1,111,291		4,634,995		366,325		3,439,595		—		176,120
Multimanager Aggressive Equity Portfolio		1,661,127		3,626,409		364,662		3,723,596		424		(9,061	)
Multimanager High Yield Portfolio		544,225		2,323,750		180,563		2,456,473		2,266		(15,935	)
Multimanager Large Cap Value Portfolio		572,952		4,482,452		334,032		3,954,583		164		(59,671	)
Multimanager Mid Cap Growth Portfolio		135,182		69,223		21,341		148,277		—		(1,685	)
Multimanager Mid Cap Value Portfolio		422,590		2,089,698		157,598		1,993,546		—		(3,493	)
	$	17,856,590	$	64,605,608	$	6,350,759	$	63,194,756	$	34,999	$	6,983

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 September 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	$	—	$	63,301,020	$	—	$	63,301,020
Other Investments*		—				—		—
Total	$	—	$	63,301,020	$	—	$	63,301,020
Liabilities
Investments in Securities	$	—	$	—	$	—	$	—
Other Investments*		—		—		—		—
Total	$	—	$	—	$	—	$	—

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

114

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TARGET 2025 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

Investment security transactions for the nine months ended September 30, 2008 were as follows:

Cost of Purchases:
Investment Companies	$	64,605,608
Net Proceeds of Sales and Redemptions:
Investment Companies	$	5,943,272
As of September 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		(13,469,081	)
Net unrealized depreciation	$	(13,469,081	)
Federal income tax cost of investments	$	76,770,101

See Notes to Portfolio of Investments.

115

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TARGET 2035 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

September 30, 2008 (Unaudited)

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/Bond Index Portfolio‡		218,313	$	2,220,314
EQ/Equity 500 Index Portfolio‡		525,079		10,958,163
EQ/International ETF Portfolio‡		662,648		5,686,963
EQ/PIMCO Real Return Portfolio‡		8,704		89,531
EQ/Small Company Index Portfolio‡		202,121		2,076,963
EQ/Van Kampen Emerging Markets Equity Portfolio‡		157,492		1,742,990
Multimanager Aggressive Equity Portfolio‡		72,624		1,670,363
Multimanager High Yield Portfolio‡		140,383		682,844
Multimanager Large Cap Value Portfolio‡		186,164		1,740,385
Multimanager Mid Cap Growth Portfolio‡		19,557		136,926
Multimanager Mid Cap Value Portfolio‡		97,357		731,164
Total Investment Companies (100.2%) (Cost $34,243,982)				27,736,606
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.3%)
JPMorgan Chase Nassau 0.58%, 10/1/08
(Amortized Cost $78,762)	$	78,762		78,762
Total Investments (100.5%) (Cost/Amortized Cost $34,322,744)				27,815,368
Other Assets Less Liabilities (-0.5%)				(146,331	)
Net Assets (100%)			$	27,669,037

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

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

116

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TARGET 2035 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

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

	Market Value December 31, 2007		Purchases at Cost		Sales at Cost		Market Value September 30, 2008		Dividend Income		Realized Gain/(Loss)
Securities
EQ/Bond Index Portfolio	$	725,876	$	1,629,611	$	118,477	$	2,220,314	$	—	$	(195	)
EQ/Equity 500 Index Portfolio		3,867,742		9,480,177		277,481		10,958,163		—		44,113
EQ/International ETF Portfolio		2,273,602		5,443,769		150,302		5,686,963		15,967		9,578
EQ/PIMCO Real Return Portfolio		—		95,232		1,662		89,531		—		6
EQ/Small Company Index Portfolio		831,159		1,471,758		43,559		2,076,963		—		21,654
EQ/Van Kampen Emerging Markets Equity Portfolio		739,064		2,020,126		49,973		1,742,990		—		103,829
Multimanager Aggressive Equity Portfolio		965,925		1,293,563		56,518		1,670,363		184		5,438
Multimanager High Yield Portfolio		221,099		542,106		16,699		682,844		614		(1,470	)
Multimanager Large Cap Value Portfolio		320,396		1,801,221		36,980		1,740,385		70		(1,247	)
Multimanager Mid Cap Growth Portfolio		103,739		70,657		5,890		136,926		—		773
Multimanager Mid Cap Value Portfolio		224,760		659,845		18,127		731,164		—		6,089
	$	10,273,362	$	24,508,065	$	775,668	$	27,736,606	$	16,835	$	188,568

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 September 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	$	—	$	27,815,368	$	—	$	27,815,368
Other Investments*		—		—		—		—
Total	$	—	$	27,815,368	$	—	$	27,815,368
Liabilities
Investments in Securities	$	—	$	—	$	—	$	—
Other Investments*		—		—		—		—
Total	$	—	$	—	$	—	$	—

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

117

AXA PREMIER VIP TRUST

TARGET 2035 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 30, 2008 (Unaudited)

Investment security transactions for the nine months ended September 30, 2008 were as follows:

Cost of Purchases:
Investment Companies	$	24,508,065
Net Proceeds of Sales and Redemptions:
Investment Companies	$	764,220
As of September 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		(6,508,225	)
Net unrealized depreciation	$	(6,508,225	)
Federal income tax cost of investments	$	34,323,593

See Notes to Portfolio of Investments.

118

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TARGET 2045 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

September 30, 2008 (Unaudited)

	Number of		Value
	Shares		(Note 1)
INVESTMENT COMPANIES:
EQ/Equity 500 Index Portfolio‡		276,127	$	5,762,653
EQ/International ETF Portfolio‡		357,554		3,068,589
EQ/Small Company Index Portfolio‡		114,175		1,173,249
EQ/Van Kampen Emerging Markets Equity Portfolio‡		83,162		920,371
Multimanager Aggressive Equity Portfolio‡		37,021		851,502
Multimanager Large Cap Value Portfolio‡		83,810		783,511
Multimanager Mid Cap Growth Portfolio‡		15,647		109,549
Multimanager Mid Cap Value Portfolio‡		49,425		371,188
Total Investment Companies (100.1%)
(Cost $16,569,327)				13,040,612
	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Time Deposit (0.2%)
JPMorgan Chase Nassau 0.58%, 10/1/08
(Amortized Cost $25,704)	$	25,704		25,704
Total Investments (100.3%)
(Cost/Amortized Cost $16,595,031)				13,066,316
Other Assets Less Liabilities (-0.3%)				(42,866	)
Net Assets (100%)			$	13,023,450

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

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

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

Securities	Market Value December 31, 2007		Purchases at Cost		Sales at Cost		Market Value September 30, 2008		Dividend Income		Realized Gain/(Loss)
EQ/Equity 500 Index Portfolio	$	3,063,876	$	4,000,367	$	182,893	$	5,762,653	$	—	$	14,010
EQ/International ETF Portfolio		1,777,561		2,397,458		98,067		3,068,589		8,553		2,561
EQ/Small Company Index Portfolio		637,834		673,271		30,759		1,173,249		—		11,493
EQ/Van Kampen Emerging Markets Equity Portfolio		580,850		888,001		32,296		920,371		—		53,007
Multimanager Aggressive Equity Portfolio		678,524		484,624		31,574		851,502		94		1,298
Multimanager Large Cap Value Portfolio		222,816		736,637		23,302		783,511		31		(2,673	)
Multimanager Mid Cap Growth Portfolio		91,060		48,119		3,252		109,549		—		802
Multimanager Mid Cap Value Portfolio		154,389		296,546		12,274		371,188		—		2,550
	$	7,206,910	$	9,525,023	$	414,417	$	13,040,612	$	8,678	$	83,048

119

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TARGET 2045 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

September 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 September 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	$	—	$	13,066,316	$	—	$	13,066,316
Other Investments*		—		—		—		—
Total	$	—	$	13,066,316	$	—	$	13,066,316
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 nine months ended September 30, 2008 were as follows:

Cost of Purchases:
Investment Companies	$	9,525,023
Net Proceeds of Sales and Redemptions:
Investment Companies	$	391,873
As of September 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		(3,528,791	)
Net unrealized depreciation	$	(3,528,791	)
Federal income tax cost of investments	$	16,595,107

See Notes to Portfolio of Investments.

120

AXA PREMIER VIP TRUST

NOTES TO PORTFOLIO OF INVESTMENTS

September 30, 2008 (Unaudited)

Note 1 Valuation

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

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

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

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

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

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

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

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.

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.

121

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NOTES TO PORTFOLIO OF INVESTMENTS — (Continued)

September 30, 2008 (Unaudited)

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.

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, security payables/receivables, 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 and foreign currency translations in the realized and unrealized gains and losses section, respectively, of the Portfolio’s financial statements. Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from forward foreign currency contracts, disposition of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on a Portfolio’s books and the U.S. dollar equivalent of amounts actually received or paid.

Securities Lending:

For all Portfolios, the Board of Trustees has approved the lending of portfolio securities, through its custodian bank, JPMorgan Chase Bank (“JPMorgan”), acting as lending agent, to certain approved broker-dealers in exchange for negotiated lenders’ fees. By lending investment securities, a Portfolio attempts to increase its net investment income through the 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. Generally, 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. At September 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.

122

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NOTES TO PORTFOLIO OF INVESTMENTS — (Continued)

September 30, 2008 (Unaudited)

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 Portfolio’s financial statements. The Portfolio bears the risk of potential inability of the broker to meet their obligation to perform.

123

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NOTES TO PORTFOLIO OF INVESTMENTS — (Continued)

September 30, 2008 (Unaudited)

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 Portfolio’s financial statements. 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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AXA PREMIER VIP TRUST

NOTES TO PORTFOLIO OF INVESTMENTS — (Concluded)

September 30, 2008 (Unaudited)

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 Portfolio’s financial statements. 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 Portfolio’s financial statements. 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 September 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 Subsequent Events

At a meeting held on September 24, 2008, the Board of Trustees approved the following:

An Investment Advisory Agreement between AXA Equitable and Tradewinds Global Investors, LLC (“Tradewinds”) for the purpose of appointing Tradewinds as a new sub-adviser to an allocated portion of the Multimanager Mid Cap Value Portfolio. Tradewinds will be added as a sub-adviser effective December 1, 2008.

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Item 2. Controls and Disclosures.

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

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

Item 3. Exhibits.

Certifications required by Item 3 are filed herewith.

SIGNATURES

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

AXA Premier VIP Trust
BY:	/s/ Steven M. Joenk
Steven M. Joenk President November 26, 2008

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

BY:	/s/ Steven M. Joenk
Steven M. Joenk Chief Executive Officer November 26, 2008

BY:	/s/ Brian Walsh
Brian Walsh Chief Financial Officer and Treasurer November 26, 2008