UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number 811-10509

AXA PREMIER VIP TRUST

(Exact name of registrant as specified in charter)

1290 Avenue of the Americas

New York, New York 10104

(Address of principal executive offices)

PATRICIA LOUIE, ESQ.

Vice President and Associate General Counsel

AXA Equitable Life Insurance Company

1290 Avenue of the Americas

New York, New York 10104

(Name and Address of Agent for Service)

Copies to:

ARTHUR J. BROWN, ESQ.

Kirkpatrick & Lockhart Nicholson Graham LLP

1800 Massachusetts Ave., N.W., 2^nd Floor

Washington, D.C. 20036-1800

Telephone: (202) 778-9000

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

Date of fiscal year end: December 31

Date of reporting period: January 1, 2004 - December 31, 2004

Item 1. Reports to Stockholders.

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

AXA Premier VIP Trust

2004 Certified

Annual Report

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

AXA Premier VIP Trust Annual Report

December 31, 2004

Table of Contents

Chairman’s Letter	2
2004 Market Overview	3
Notes on Performance	4
Portfolio Results and Commentary
AXA Allocation Portfolios
AXA Conservative Allocation	5
AXA Conservative-Plus Allocation	7
AXA Moderate Allocation	9
AXA Moderate-Plus Allocation	11
AXA Aggressive Allocation	13
AXA Premier VIP Portfolios
AXA Premier VIP Aggressive Equity	15
AXA Premier VIP Core Bond	17
AXA Premier VIP Health Care	19
AXA Premier VIP High Yield	21
AXA Premier VIP International Equity	23
AXA Premier VIP Large Cap Core Equity	25
AXA Premier VIP Large Cap Growth	27
AXA Premier VIP Large Cap Value	29
AXA Premier VIP Small/Mid Cap Growth	31
AXA Premier VIP Small/Mid Cap Value	33
AXA Premier VIP Technology	35
Portfolio of Investments	37
Financial Statements	110
Notes to Financial Statements	143
Report of Independent Registered Public Accounting Firm	158
Federal Income Tax Information	159
Management of the Trust	160
Proxy Voting Policies and Procedures	163

A Message from the Chairman of AXA Premier VIP Trust

Dear Policyholder,

We are pleased to provide this annual report to investors of AXA Premier VIP Trust. The report summarizes investment trends and results for 2004, which concluded with a strong rally in global stock markets and better than expected bond market performance, given a series of rate increases by the Federal Reserve.

The U.S. stock market extended the rally that began in 2003 for a second straight year as the S&P 500 Index returned 10.9% for 2004. However, most of the total return was contributed in a strong fourth quarter. For yet another year, value stocks were stronger than growth and small-cap stocks beat large-cap. Among top-performing major U.S. stock market indexes, the Russell 2000 Index of small-cap stocks returned 18.3% for the year, while the Russell 2000 Value Index earned 22.3%.

Another major theme in global investment markets was the weakness of the U.S. dollar. Over the past two years, the dollar has declined against the euro from near parity to an all-time low of just 0.74 euro per dollar on December 27, 2004. The fading dollar boosted returns in international equities (when measured in dollars) and the MSCI EAFE benchmark of developed foreign markets returned 20.3% for all of 2004. The MSCI Emerging Markets Index performed even better for the year, up 26.0%.

The Federal Reserve raised rates five times from July through December after four years of no rate increases. Bond investors were justifiably anxious about the impact on prices and performance, but bonds survived the year in relatively good shape. The Lehman Brothers Aggregate Bond Index returned 4.3% for the full year, while the Lehman Brothers High Yield U.S. Corporate Index, which measures the performance of below investment grade securities, was up 11.1% for the year.

In this report, you can learn about the performance and recent strategies of the Trust’s portfolios. As you evaluate this information, keep in mind the ability to diversify your assets by combining several choices with the help of your financial professional. As always, you should look to your financial professional for personal assistance and answers to any questions you may have about your investment options. In addition, please refer to the prospectus supplement(s) included in this report for important information about the investment options offered under your policy.

We appreciate the confidence you have placed in us and wish you great investment success in 2005.

Sincerely,

Steven M. Joenk

Chairman, President and Chief Executive Officer

AXA Premier VIP Trust

GE-31100 (1/05)

Past performance is not indicative of future results.

2

2004 Market Overview

DOMESTIC EQUITIES

The U.S. equity market erupted in the fourth quarter with stocks finishing 2004 on a high note. Led by Technology, Consumer, and Utility stocks, the benchmark S&P 500 rallied 8.7% in the final three months of the year, accounting for most of the total return for the year. Receding energy prices combined with stable long-term interest rates and strong third quarter profit reports underpinned equities’ advance, despite ongoing short-term interest rate hikes by the Federal Reserve. Steady employment trends, resilient consumer demand, and the definitive outcome of the Presidential election lent additional support.

The strong fourth quarter masked an otherwise challenging and sometimes frustrating nine months of see-sawing, during which stocks essentially consolidated the strong gains registered in 2003. After starting 2004 with solid upward momentum, gains eroded steadily beginning in February, as investors began to anticipate rising interest rates following two exceptionally strong quarters of GDP growth. Fueled by a spike in bond yields that pushed the ten year Treasury note to 4.87% from 4.25% at the end of 2003, weakness in equities persisted into the third quarter, by which time oil was soaring towards $50 per barrel and the Federal Reserve began a series of interest rate hikes. Despite mounting headwinds, including considerable election uncertainty and an unexpected slowdown in job creation, consumers continued to spend, businesses continued to invest, and GDP growth remained solid. Both bonds and stocks regained their footing in the third quarter. The yield on the ten year Treasury note fell to 4.00% and the S&P 500 Index managed to close the September quarter 1.27% to the plus side on the year.

On the equity side, growth stocks staged a comeback in the year’s final month, but value trounced growth in 2004. The S&P/Barra Value Index returned 15.3%, more than two and one-half times the 5.8% return for the S&P/Barra Growth Index. In terms of size, smaller was clearly better in 2004 across the board. The Russell 2000 Index gained 18.3% for the year versus 11.5% for the large capitalization Russell 1000 Index, while the small-cap S&P 600 doubled the return on the S&P 500 (22.8% versus 10.7%).

INTERNATIONAL EQUITIES

International equity markets ended 2004 on a high note, posting solid returns for the fourth quarter and the year. Softer oil prices and a definitive result to the U.S. Presidential election helped market sentiment. Exchange rate fluctuations played a major role, as the dollar fell against the euro and other major currencies. The strongest sectors were Utilities and Energy, while the weakest were Information Technology and Health Care. In dollar-terms, two relatively minor countries in the index were the top performers for the year: Austria and Norway. On the other end of the spectrum, Finland and the Netherlands were the bottom performing developed market countries for the year.

FIXED INCOME

Bonds gained ground in the first quarter of 2004 as concerns about the durability of the U.S. economic recovery pushed low interest rates even lower. Demand for relatively safe assets such as bonds rose amid renewed fears of terrorist attacks after the Madrid bombing. Lifted by the tailwind of falling rates, every fixed income sector was in positive territory for the quarter. Market optimism was revived during the second quarter after a series of robust non-farm payroll growth releases suggested to investors that the economy indeed was on track. Short-term rates increased over 100 basis points during the quarter and fixed income markets sold off, giving back all the gains of the first quarter.

The third quarter was essentially a reversal of the previous three months. Economic data releases suggested moderate economic growth, as job numbers, inflation and consumer confidence fell short of analyst expectations, again throwing doubts on the strength of the recovery. Bonds subsequently rallied as the weak employment growth and lower inflation prints prompted a fall in interest rates. The rally of the third quarter continued into the last three months of the year where all major fixed income sectors posted gains, capping a year in which bonds showed unexpected strength. The Lehman Brothers Aggregate Bond Index, a widely used index for the high-grade bond market, returned 4.34 percent for the year, despite a tightening cycle by the Federal Reserve that began in May. The central bank raised the federal funds rate five times during the year for a total of 125 basis points. Investors understood that the Fed was lifting rates from unusually low levels that had been set to ward off deflation.

3

NOTES ON PERFORMANCE

Total Returns

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

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

Growth of $10,000 Investment

The charts shown on the following pages illustrate the total value of an assumed investment in both Class A and Class B shares of each Portfolio of the AXA Premier VIP Trust. The periods illustrated are from the inception dates shown through December 31, 2004. These results assume reinvestment of dividends and capital gains. The total value shown for each Portfolio reflects management fees and operating expenses of the Portfolios and 12b-1 fees which are applicable only to Class B shares. They have not been adjusted for insurance-related charges and expenses associated with life insurance policies or annuity contracts, which would lower the total values shown. Results should not be considered representative of future gains or losses.

The Benchmarks

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

Conservative Allocation Index

The Conservative Allocation Index is a hypothetical combination of unmanaged indices. The composite index combines the total return of the S&P 500 and the Lehman Brothers Aggregate Bond Index at a weighting of 20% and 80%, respectively.

Conservative-Plus Allocation Index

The Conservative-Plus Allocation Index is a hypothetical combination of unmanaged indices. The composite index combines the total return of the S&P 500 and the Lehman Brothers Aggregate Bond Index at a weighting of 40% and 60%, respectively.

Moderate Allocation Index

The Moderate Allocation Index is a hypothetical combination of unmanaged indices. The composite index combines the total return of the S&P 500 and the Lehman Brothers Aggregate Bond Index at a weighting of 50% and 50%, respectively.

Moderate-Plus Allocation Index

The Moderate-Plus Allocation Index is a hypothetical combination of unmanaged indices. The composite index combines the total return of the S&P 500, the Morgan Stanley Capital International EAFE Index and the Lehman Brothers Aggregate Bond Index at a weighting of 60%, 15% and 25%, respectively.

Aggressive Allocation Index

The Aggressive Allocation Index is a hypothetical combination of unmanaged indices. The composite index combines the total return of the S&P 500, the Morgan Stanley Capital International EAFE Index and the Lehman Brothers Aggregate Bond Index at a weighting of 75%, 15% and 10%, respectively.

Credit Suisse First Boston High Yield Index

An unmanaged trader-priced index that mirrors the public high-yield debt market.

Lehman Brothers Aggregate Bond Index

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

Morgan Stanley Capital International (MSCI) EAFE Index

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

Russell 1000® Index

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

Russell 1000® Growth Index

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

Russell 1000® Value Index

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

Russell 1000® Technology Index

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

Russell 1000® Health Care Index

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

Russell 3000® Index

An unmanaged index which measures the performance of the 3,000 largest U.S. companies, based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

Russell 3000® Growth Index

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

Russell 2500^™ Growth Index

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

Russell 2500^™ Value Index

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

Standard & Poor’s (S&P) 500 Index

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

4

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PERFORMANCE RESULTS

Total Returns as of 12/31/04

	1 Year		Since Inception*
Portfolio - A Shares	6.29	%	8.69	%
Portfolio - B Shares	6.02		8.42
Conservative Allocation Index	5.67		7.53

* Date of inception 7/31/03

Returns for less than one year are not annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 6.29% for the year ending December 31, 2004. The Portfolio’s composite benchmark, the Conservative Allocation Index, returned 5.67% over the same period.

How the Portfolio Invests

This portfolio is designed as a “fund of funds,” meaning that it seeks to invest only in shares of other funds to achieve its principal investment objective. The underlying funds in which the portfolio invests emphasize different asset classes, such as large cap and small cap stocks and high yield and investment grade bonds. All of the underlying funds are actively managed by different teams of portfolio managers with expertise in various investment disciplines such as growth stocks, value stocks, and fixed income securities of all kinds. The underlying funds are selected from a large universe of portfolios that are offered through AXA Equitable’s variable fund series, EQ Advisors Trust and AXA Premier VIP Trust.

Portfolio Adviser

A team of professionals within AXA’s Funds Management Group, a unit of AXA Equitable Life Insurance Company, determines the target allocations and underlying fund selections for the portfolio. The team is responsible for rebalancing the portfolio as necessary to keep the portfolio’s pre-arranged target allocations. The team also regularly monitors the performance of the underlying funds and the overall investment process and performance for the portfolio.

Portfolio Highlights

For the year ending December 31, 2004

The target allocation for the portfolio is 80% fixed income investments and 20% equity investments. The fixed income portion of the portfolio currently consists of two investment grade bond funds and one high yield fund. The equity portion currently consists of three funds that invest in large-size companies and three funds that invest in small to medium-size companies. The equity funds represent a combination of both value and growth investment styles.

During 2004, all of the underlying funds contributed positively to the overall performance of the portfolio. On an absolute basis, the strongest contribution came from holding AXA Premier VIP Core Bond, which accounted for a significant share of the portfolio’s total return. The portfolio’s equity investments also added positively to performance across all market capitalizations and styles.

5

AXA CONSERVATIVE ALLOCATION PORTFOLIO

Portfolio Allocation (as a percentage of Total Investment Companies)

As of December 31, 2004

AXA Premier VIP Core Bond Portfolio	51.3	%
EQ/Alliance Quality Bond Portfolio	17.1
AXA Premier VIP High Yield Portfolio	10.1
AXA Premier VIP Aggressive Equity Portfolio	6.9
EQ/Marsico Focus Portfolio	5.1
AXA Premier VIP Small/Mid Cap Value Portfolio	4.0
AXA Premier VIP Small/Mid Cap Growth Portfolio	2.7
EQ/Alliance Premier Growth Portfolio	1.4
EQ/Lazard Small Cap Value Portfolio	1.4

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class A
Actual	$	1,000.00	$	1,052.70	$	0.52
Hypothetical (5% average annual return before expenses)		1,000.00		1,024.63		0.51
Class B
Actual		1,000.00		1,052.00		1.81
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.38		1.78

* Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.10% and 0.35%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

6

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PERFORMANCE RESULTS

Total Returns as of 12/31/04

	1 Year		Since Inception*
Portfolio - A Shares	7.96	%	11.44	%
Portfolio - B Shares	7.68		11.16
Conservative-Plus Allocation Index	6.99		10.03

* Date of inception 7/31/03

Returns for less than one year are not annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 7.96% for the year ending December 31, 2004. The Portfolio’s composite benchmark, the Conservative-Plus Allocation Index, returned 6.99% over the same period.

How the Portfolio Invests

This portfolio is designed as a “fund of funds,” meaning that it seeks to invest only in shares of other funds to achieve its principal investment objective. The underlying funds in which the portfolio invests emphasize different asset classes, such as large cap and small cap stocks and high yield and investment grade bonds. All of the underlying funds are actively managed by different teams of portfolio managers with expertise in various investment disciplines such as growth stocks, value stocks, and fixed income securities of all kinds. The underlying funds are selected from a large universe of portfolios that are offered through AXA Equitable’s variable fund series, EQ Advisors Trust and AXA Premier VIP Trust.

Portfolio Adviser

A team of professionals within AXA’s Funds Management Group, a unit of AXA Equitable Life Insurance Company, determines the target allocations and underlying fund selections for the portfolio. The team is responsible for rebalancing the portfolio as necessary to keep the portfolio’s pre-arranged target allocations. The team also regularly monitors the performance of the underlying funds and the overall investment process and performance for the portfolio.

Portfolio Highlights

For the year ending December 31, 2004

The target allocation for the portfolio is 60% fixed income investments and 40% equity investments. The fixed income portion of the portfolio currently consists of two investment grade bond funds and one high yield fund. The equity portion currently consists of four funds that invest in large-size companies and three funds that invest in small to medium-size companies. The equity funds represent a combination of both value and growth investment styles.

During 2004, all of the underlying funds contributed positively to the overall performance of the portfolio. On an absolute basis, the strongest contribution came from holding AXA Premier VIP Core Bond. The portfolio’s investment in AXA Premier VIP High Yield also contributed significantly to performance. The portfolio’s equity investments added positively to performance across all market capitalizations and styles. The largest equity contributors, on an absolute basis, came from two of the portfolio’s large cap growth holdings, EQ/Marsico Focus and AXA Premier VIP Aggressive Equity.

7

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

Portfolio Allocation (as a percentage of Total Investment Companies)

As of December 31, 2004

AXA Premier VIP Core Bond Portfolio	36.1	%
EQ/Alliance Quality Bond Portfolio	12.0
AXA Premier VIP Aggressive Equity Portfolio	10.7
AXA Premier VIP High Yield Portfolio	10.0
EQ/Marsico Focus Portfolio	8.0
AXA Premier VIP Small/Mid Cap Value Portfolio	7.9
AXA Premier VIP Small/Mid Cap Growth Portfolio	5.3
EQ/Mercury Basic Value Equity Portfolio	5.1
EQ/Lazard Small Cap Value Portfolio	2.6
EQ/Alliance Premier Growth Portfolio	2.3

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class A
Actual	$	1,000.00	$	1,060.50	$	0.52
Hypothetical (5% average annual return before expenses)		1,000.00		1,024.63		0.51
Class B
Actual		1,000.00		1,059.70		1.81
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.38		1.78

* Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.10% and 0.35%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

8

AXA MODERATE ALLOCATION PORTFOLIO

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/04

	1 Year		5 Years		10 Years		Since Incept.
Portfolio – A Shares	8.99	%	1.98	%	8.96	%	10.04	%*
Portfolio – B Shares	8.75		1.72		8.75		9.78	**
Moderate Allocation Index†	7.65		3.00		10.24		10.59	*

* Date of inception 1/27/86

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

† In 2003, the Portfolio changed its benchmark index to the Moderate Allocation Index, which the Investment Manager believes more closely reflects the market sectors in which the Portfolio invests.

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

On August 15, 2003, the EQ/Balanced Portfolio was reorganized into the AXA Moderate Allocation Portfolio.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 8.99% for the year ending December 31, 2004. The Portfolio’s composite benchmark, the Moderate Allocation Index, returned 7.65% over the same period.

How the Portfolio Invests

This portfolio is designed as a “fund of funds,” meaning that it seeks to invest only in shares of other funds to achieve its principal investment objective. The underlying funds in which the portfolio invests emphasize different asset classes, such as large cap and small cap stocks and high yield and investment grade bonds. All of the underlying funds are actively managed by different teams of portfolio managers with expertise in various investment disciplines such as growth stocks, value stocks, and fixed income securities of all kinds. The underlying funds are selected from a large universe of portfolios that are offered through AXA Equitable variable fund series, EQ Advisors Trust and AXA Premier VIP Trust.

Portfolio Adviser

A team of professionals within AXA’s Funds Management Group, a unit of AXA Equitable Life Insurance Company, determines the target allocations and underlying fund selections for the portfolio. The team is responsible for rebalancing the portfolio as necessary to keep the portfolio’s pre-arranged target allocations. The team also regularly monitors the performance of the underlying funds and the overall investment process and performance for the portfolio.

Portfolio Highlights

For the year ending December 31, 2004

The target allocation for the portfolio is 52.5% equity investments and 47.5% fixed income investments. The equity portion currently consists of four funds that invest in large-size companies and three funds that invest in small- to medium-size companies. The equity funds represent a combination of both value and growth investment styles. The fixed income portion of the portfolio currently consists of two investment grade bond funds and one high yield fund.

During 2004, all of the underlying funds contributed positively to the overall performance of the portfolio. On an absolute basis, the strongest contribution came from AXA Premier VIP Small/Mid Cap Value, followed by AXA Premier VIP Aggressive Equity. The portfolio’s fixed income investments also added value in both investment grade and below investment grade sectors. In particular, the strongest contributor to performance came from the portfolio’s investment in AXA Premier VIP Core Bond.

9

AXA MODERATE ALLOCATION PORTFOLIO

Portfolio Allocation (as a percentage of Total Investment Companies)

As of December 31, 2004

EQ/Alliance Quality Bond Portfolio	23.0	%
AXA Premier VIP Small/Mid Cap Value Portfolio	12.5
AXA Premier VIP Core Bond Portfolio	11.8
AXA Premier VIP Aggressive Equity Portfolio	10.9
AXA Premier VIP High Yield Portfolio	9.9
EQ/Mercury Basic Value Equity Portfolio	7.9
EQ/Marsico Focus Portfolio	7.8
EQ/Alliance Premier Growth Portfolio	6.7
AXA Premier VIP Small/Mid Cap Growth Portfolio	5.3
EQ/Lazard Small Cap Value Portfolio	4.2

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class A
Actual	$	1,000.00	$	1,064.40	$	0.52
Hypothetical (5% average annual return before expenses)		1,000.00		1,024.63		0.51
Class B
Actual		1,000.00		1,063.30		1.82
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.38		1.78

* Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.10% and 0.35%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

10

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PERFORMANCE RESULTS

Total Returns as of 12/31/04

	1 Year		Since Inception*
Portfolio - A Shares	12.00	%	17.77	%
Portfolio - B Shares	11.71		17.47
Moderate-Plus Allocation Index	10.63		16.46

* Date of inception 7/31/03

Returns for less than one year are not annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 12.00% for the year ending December 31, 2004. The Portfolio’s composite benchmark, the Moderate-Plus Allocation Index, returned 10.63% over the same period.

How the Portfolio Invests

This portfolio is designed as a “fund of funds,” meaning that it seeks to invest only in shares of other funds to achieve its principal investment objective. The underlying funds in which the portfolio invests emphasize different asset classes, such as large cap and small cap stocks and high yield and investment grade bonds. The portfolio also invests in international equities. All of the underlying funds are actively managed by different teams of portfolio managers with expertise in various investment disciplines such as growth stocks, value stocks, and fixed income securities of all kinds. The underlying funds are selected from a large universe of portfolios that are offered through AXA Equitable variable fund series, EQ Advisors Trust and AXA Premier VIP Trust.

Portfolio Adviser

A team of professionals within AXA’s Funds Management Group, a unit of AXA Equitable Life Insurance Company, determines the target allocations and underlying fund selections for the portfolio. The team is responsible for rebalancing the portfolio as necessary to keep the portfolio’s prearranged target allocations. The team also regularly monitors the performance of the underlying funds and the overall investment process and performance for the portfolio.

Portfolio Highlights

For the year ending December 31, 2004

The target allocation for the portfolio is 77.5% equity investments and 22.5% fixed income investments. The equity portion currently consists of four funds that invest in large-size companies and three funds that invest in small- to medium-size companies. The portfolio also allocates a portion of its equity investments to international stocks, which currently include two diversified international funds. The fixed income portion of the portfolio currently consists of two investment grade bond funds and one high yield fund.

During the year, all of the underlying funds contributed positively to the overall performance of the portfolio. On an absolute basis, the strongest contribution to performance came from the portfolio’s holding in AXA Premier VIP International Equity, followed by AXA Premier VIP Small/Mid Cap Value and EQ/Mercury Basic Value Equity. The portfolio’s fixed income investments also added value in both investment grade and below investment grade sectors.

11

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

Portfolio Allocation (as a percentage of Total Investment Companies)

As of December 31, 2004

AXA Premier VIP International Equity Portfolio	19.4	%
EQ/Mercury Basic Value Equity Portfolio	14.8
AXA Premier VIP Core Bond Portfolio	12.3
AXA Premier VIP Aggressive Portfolio	10.7
AXA Premier VIP Small/Mid Cap Value Portfolio	9.5
EQ/Marsico Focus Portfolio	7.9
EQ/Capital Guardian International Portfolio	6.4
AXA Premier VIP Small/Mid Cap Growth Portfolio	5.1
AXA Premier VIP High Yield Portfolio	4.9
EQ/Alliance Quality Bond Portfolio	4.1
EQ/Lazard Small Cap Value Portfolio	3.2
EQ/Alliance Premier Growth Portfolio	1.7

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class A
Actual	$	1,000.00	$	1,084.00	$	0.52
Hypothetical (5% average annual return before expenses)		1,000.00		1,024.63		0.51
Class B
Actual		1,000.00		1,082.20		1.83
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.38		1.78

* Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.10% and 0.35%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

12

AXA AGGRESSIVE ALLOCATION PORTFOLIO

PERFORMANCE RESULTS

Total Returns as of 12/31/04

	1 Year		Since Inception*
Portfolio - A Shares	12.15	%	18.22	%
Portfolio - B Shares	11.78		17.87
Aggressive Allocation Index	11.61		18.39

* Date of inception 7/31/03

Returns for less than one year are not annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 12.15% for the year ending December 31, 2004. The Portfolio’s composite benchmark, the Aggressive Allocation Index, returned 11.61% over the same period.

How the Portfolio Invests

This portfolio is designed as a “fund of funds,” meaning that it seeks to invest only in shares of other funds to achieve its principal investment objective. The underlying funds in which the portfolio invests emphasize different asset classes, such as large cap and small cap stocks and high yield and investment grade bonds. The portfolio also invests in international equities. All of the underlying funds are actively managed by different teams of portfolio managers with expertise in various investment disciplines such as growth stocks, value stocks, and fixed income securities of all kinds. The underlying funds are selected from a large universe of portfolios that are offered through AXA Equitable variable fund series, EQ Advisors Trust and AXA Premier VIP Trust.

Portfolio Adviser

A team of professionals within AXA’s Funds Management Group, a unit of AXA Equitable Life Insurance Company, determines the target allocations and underlying fund selections for the portfolio. The team is responsible for rebalancing the portfolio as necessary to keep the portfolio’s prearranged target allocations. The team also regularly monitors the performance of the underlying funds and the overall investment process and performance for the portfolio.

Portfolio Highlights

For the year ending December 31, 2004

The target allocation for the portfolio is 90% equity investments and 10% fixed income investments. The equity portion currently consists of four funds that invest in large-sized companies and three funds that invest in small- to medium-size companies. The portfolio also allocates a portion of its equity investments to international stocks, which currently include two diversified international funds. The fixed income portion of the portfolio currently consists of two investment grade bond funds.

During 2004, all of the underlying funds contributed positively to the overall performance of the portfolio. On an absolute basis, the strongest contribution to performance came from the portfolio’s holding in AXA Premier VIP International Equity. The portfolio’s holdings in U.S. large cap stocks also added value, led by AXA Premier VIP Aggressive Equity and EQ/ Mercury Basic Value Equity. The portfolio’s exposure to small and mid cap value stocks was a positive and the top contributor in this sector came from holding AXA Premier VIP Small/Mid Cap Value. The portfolio’s fixed income investments also contributed to the portfolio’s positive return over the year.

13

AXA AGGRESSIVE ALLOCATION PORTFOLIO

Portfolio Allocation (as a percentage of Total Investment Companies)

As of December 31, 2004

AXA Premier VIP Aggressive Equity Portfolio	19.4	%
EQ/Mercury Basic Value Equity Portfolio	14.7
EQ/Marsico Focus Portfolio	14.5
AXA Premier VIP International Equity Portfolio	11.5
AXA Premier VIP Small/Mid Cap Growth Portfolio	10.1
AXA Premier VIP Small/Mid Cap Value Portfolio	9.5
AXA Premier VIP Core Bond Portfolio	7.0
EQ/Alliance Premier Growth Portfolio	3.9
EQ/Capital Guardian International Portfolio	3.9
EQ/Lazard Small Cap Value Portfolio	3.2
EQ/Alliance Quality Bond Portfolio	2.3

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class A
Actual	$	1,000.00	$	1,083.00	$	0.52
Hypothetical (5% average annual return before expenses)		1,000.00		1,024.63		0.51
Class B
Actual		1,000.00		1,080.30		1.83
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.38		1.78

* Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.10% and 0.35%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

14

AXA PREMIER VIP AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO ADVISERS

• Alliance Capital Management L.P.

• Marsico Capital Management LLC

• MFS Investment Management

• Provident Investment Counsel, Inc.

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/04

	1 Year		5 Years		10 Years		Since Incept.
Portfolio – A Shares	12.38	%	(6.36	)%	4.34	%	10.92	%*
Portfolio – B Shares	12.11		(6.60	)	4.17		10.70	**
Russell 3000 Growth Index	6.93		(8.87	)	9.30		10.60	*

* Date of inception 1/27/86

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

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

On August 15, 2003, the EQ/Aggressive Stock Portfolio was reorganized into the AXA Premier VIP Aggressive Equity Portfolio.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 12.38% for the year ending December 31, 2004. The Portfolio’s benchmark, the Russell 3000 Growth Index, returned 6.93% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

• Strong stock selection in the Consumer Discretionary, Health Care, Financials and Information Technology sectors added to the portfolio’s result over the year.

• In the Consumer Discretionary area, holdings such as eBay and Wynn Resorts were among the list of top performers. In Health Care, UnitedHealth Group contributed positively to results, while an underweight in Pfizer helped performance relative to the benchmark. Countrywide Financial and Sallie Mae were solid performers in the Financials sector. In Information Technology, a relative underweight in Intel helped as the stock declined over the year. Shanda Interactive and Network Appliance were notable performers on an absolute basis.

• A relative overweight in the Energy and Telecommunication Service sectors also helped the portfolio’s return in the year.

• Another positive for the portfolio was its holding in Sprint, a stock that made solid gains over the year.

What hurt performance during the year

• Stock selection in the Industrials and Energy sectors hurt the portfolio relative to the benchmark.

• A relative overweight in the Information Technology sector, and a relative underweight in the Industrials sector, also negatively impacted the portfolio’s results.

• Individual stocks that detracted most from the portfolio on a relative basis included: Nortel Networks, Tiffany & Co., Forest Labs and Agilent Technology. The portfolio’s underweight in Johnson & Johnson, which rose over the year, also hurt performance.

15

AXA PREMIER VIP AGGRESSIVE EQUITY PORTFOLIO

Sector Weightings as of 12/31/04	% of Net Assets
Information Technology	27.9	%
Health Care	24.4
Consumer Discretionary	19.8
Financials	11.2
Industrials	6.6
Telecommunication Services	3.1
Consumer Staples	2.3
Energy	2.1
Materials	0.7
Utilities	0.6
Cash and Other	1.3
Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class A
Actual	$	1,000.00	$	1,074.10	$	4.07
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.22		3.96
Class B
Actual		1,000.00		1,072.30		5.37
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.96		5.23

* Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.78% and 1.03%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

16

AXA PREMIER VIP CORE BOND PORTFOLIO

PORTFOLIO ADVISERS

• BlackRock Advisors, Inc.

• Pacific Investment Management Company LLC (PIMCO)

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/04

	1 Year		Since Inception*
Portfolio - A Shares	4.13	%	5.53	%
Portfolio - B Shares	3.87		5.25
Lehman Brothers Aggregate Bond Index	4.34		6.19

* Date of inception 12/31/01

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 4.13% for the year ending December 31, 2004. The Portfolio’s benchmark, the Lehman Brothers Aggregate Bond Index, returned 4.34% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

• The portfolio’s exposure to emerging markets was a positive as fundamentals such as trade surpluses and currency reserves continued to improve.

• Non-U.S. positions, primarily short to intermediate German maturities, added value in the midst of slower growth and lower inflation in Europe.

• The portfolio’s duration positioning had a positive impact on performance as rates rose in general.

• Security selection within the investment grade corporate sector contributed positively to performance.

What hurt performance during the year

• An emphasis on short to intermediate maturities was negative for performance as rates increased most in this part of the yield curve.

• The portfolio’s underweight in the mortgage sector hurt returns as low volatility and strong bank demand supported these assets.

• An underweight to corporate bonds contributed negatively to performance as that sector outperformed Treasuries by 151 basis points over the year.

Portfolio Characteristics As of December 31, 2004
Weighted Average Life (Years)	5.8
Weighted Average Coupon	3.8
Weighted Average Modified Duration (Years)*	3.7
Weighted Average Rating	AAA

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

17

AXA PREMIER VIP CORE BOND PORTFOLIO

Distribution of Assets by Sector as of 12/31/04	% of Net Assets
U.S. Government and Agency	61.6	%
Asset Backed Securities	12.4
Corporate Bonds	13.5
Foreign Government Securities	5.1
Municipal Securities	1.2
Commercial Paper	8.6
Cash and Other	(2.4	)
Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class A
Actual	$	1,000.00	$	1,040.50	$	3.59
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.62		3.56
Class B
Actual		1,000.00		1,038.20		4.87
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.36		4.82

* Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.70% and 0.95%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

18

AXA PREMIER VIP HEALTH CARE PORTFOLIO

PORTFOLIO ADVISERS

• A I M Capital Management, Inc.

• RCM Capital Management LLC

• Wellington Management Company, LLP

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/04

	1 Year		Since Inception*
Portfolio - A Shares	12.32	%	5.02	%
Portfolio - B Shares	12.09		4.78
Russell 1000 Health Care Index†	2.98		(0.98	)
Russell 1000 Index	11.40		4.27

* Date of inception 12/31/01

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

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 12.32% for the year ending December 31, 2004. The Portfolio’s benchmark, the Russell 1000 Health Care Index, returned 2.98% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

• Strong stock selection in the Pharmaceuticals industry significantly contributed to relative performance over the year. The portfolio’s underweight in Pfizer and Merck, relative to its benchmark, was helpful as these companies performed poorly over the year. Strong performance by Elan Corp. plc and Fujisawa contributed positively to results.

• Overall stock selection in Health Care Provider & Services and Health Care Equipment & Supplies was a plus to the portfolio’s performance on a relative basis. Top performers in Health Care Provider & Services included HMS Holdings and Pacificare Health System. One of the top contributors in the Health Care Equipment & Supplies area was Becton Dickinson.

• In the Biotechnology area, OSI Pharmaceuticals was among the top contributors to performance.

What hurt performance during the year

• On the negative side, an underweight in Health Care Provider & Services and Health Care Equipment & Supplies detracted from relative performance over the year. Also an overweight in Biotechnology worked against the portfolio.

• An underweight in Johnson & Johnson and an underweight in UnitedHealth Group hurt performance as these stocks advanced over the year. Key detractors also included the portfolio’s holdings in AstraZeneca, Watson Pharmaceuticals and Shionogi.

19

AXA PREMIER VIP HEALTH CARE PORTFOLIO

Sector Weightings as of 12/31/04	% of Net Assets
Pharmaceuticals	52.4	%
Biotechnology	15.0
Health Care Equipment	14.2
Managed Health Care	6.1
Health Care Services	3.5
Health Care Distributors	1.9
Health Care Supplies	1.7
Health Care Facilities	0.7
Materials	0.4
Industrials	0.3
Consumer Staples	0.3
Cash and Other	3.5
Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class A
Actual	$	1,000.00	$	1,070.30	$	8.33
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.09		8.11
Class B
Actual		1,000.00		1,069.80		9.63
Hypothetical (5% average annual return before expenses)		1,000.00		1,015.84		9.37

* Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.60% and 1.85%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

20

AXA PREMIER VIP HIGH YIELD PORTFOLIO

PORTFOLIO ADVISERS

• Alliance Capital Management L.P.

• Pacific Investment Management Company LLC (PIMCO)

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/04

	1 Year		5 Years		10 Years		Since Incept.
Portfolio – A Shares	9.02	%	3.74	%	6.76	%	7.77	%*
Portfolio – B Shares	8.75		3.46		6.51		7.52	**
Credit Suisse First Boston High Yield Index	11.95		8.17		8.62		9.52	*

* Date of inception 1/2/87

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

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 9.02% for the year ending December 31, 2004. The Portfolio’s benchmark, the Credit Suisse First Boston High Yield Index, returned 11.95% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

• An overweight to Energy bonds was a boost to performance.

• The portfolio’s investments in emerging markets were a positive as fundamentals such as trade surpluses and currency reserves continued to improve.

• The portfolio’s exposure to higher quality Gaming and Lodging issues contributed to relative performance.

• Security selection within the Cable and Health Care sectors added value over the year.

• Performance also benefited from an underweight in the Technology and Retail sectors.

What hurt performance during the year

• The largest detractor from performance came from some of the portfolio’s holdings in the Wireless, Consumer and Utility sectors.

• An underweight in the Chemical sector, which outperformed over the year, also detracted from performance.

• An underweight in the Building Products sector hurt performance as low interest rates benefited the sector.

• The portfolio’s emphasis on higher quality issues hurt performance as the lowest rated issuers led the sector over the year.

Portfolio Characteristics As of December 31, 2004
Weighted Average Life (Years)	5.6
Weighted Average Coupon	7.9
Weighted Average Modified Duration (Years)*	4.3
Weighted Average Rating	B

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

21

AXA PREMIER VIP HIGH YIELD PORTFOLIO

Distribution of Assets by Sector as of 12/31/04	% of Net Assets
Corporate Bonds	88.4	%
Foreign Government Securities	3.9
Commercial Paper	1.0
Equities	0.6
Asset Backed Securities	0.3
Cash and Other	5.8
Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class A
Actual	$	1,000.00	$	1,086.10	$	3.83
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.47		3.71
Class B
Actual		1,000.00		1,085.30		5.14
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.21		4.98

* Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.73% and 0.98%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

22

AXA PREMIER VIP INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO ADVISERS *

• Alliance Capital Management L.P. (Bernstein Unit)

• JPMorgan Investment Management Inc.

• Marsico Capital Management LLC

* Effective December 13, 2004, JPMorgan Investment Management Inc. replaced Bank of Ireland Asset Management (U.S.) Limited as one of the subadvisers to the Portfolio.

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/04

	1 Year		Since Inception*
Portfolio - A Shares	18.18	%	8.06	%
Portfolio - B Shares	17.91		7.82
MSCI EAFE Index	20.25		11.89

* Date of inception 12/31/01

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 18.18% for the year ending December 31, 2004. The Portfolio’s benchmark, the MSCI EAFE Index, returned 20.25% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

• With the exception of the Industrials sector, stock selection was positive across all sectors. In particular, the Portfolio’s Consumer Discretionary holdings, EMI Group and Wynn Resorts, were strong performers over the year.

• A relative underweight in the Health Care and Telecommunication Service sectors also benefited the Portfolio over the year.

• Top contributors to performance, relative to benchmark, included OTP Bank, Mobile Telesystems and Erste Bank. The Portfolio’s underweight in AstraZeneca also helped on a relative basis, as the stock declined over the year.

What hurt performance during the year

• Stock selection in the Industrials sector detracted from performance. One of the top detractors in this sector was Ryanair Holdings, which declined over the year.

• A relative underweight in the Utilities sector, and a relative overweight in the Information Technology sector, detracted from performance.

• Top detractors in the Portfolio, relative to benchmark, included: Nissan Motor, Bayer Moteren Werk and Yamaha. The Portfolio’s underweight in Ericsson (LM), which advanced over the year, was a drag on the Portfolio’s relative performance.

About the Portfolio’s New Adviser

As one of the subadvisers to the Portfolio, JP Morgan Investment Management Inc. invests primarily in equity securities of foreign companies to achieve the Portfolio’s objective of long-term capital growth. The management team employs a bottom-up, active approach that focuses on proprietary research at the local and global sector level. Their investment process is driven by stock selection and not by a single style, country, sector or currency bias. The JP Morgan portion of the Portfolio is managed by a team of investment professionals, who have on average over 18 years of investment experience.

23

AXA PREMIER VIP INTERNATIONAL EQUITY PORTFOLIO

Sector Weightings as of 12/31/04	% of Net Assets
Financials	24.4	%
Consumer Discretionary	20.7
Information Technology	11.0
Energy	7.3
Health Care	6.5
Industrials	6.5
Materials	6.5
Consumer Staples	6.2
Telecommunication Services	3.7
Utilities	2.0
Cash and Other	5.2
Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class A
Actual	$	1,000.00	$	1,134.50	$	8.32
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.34		7.86
Class B
Actual		1,000.00		1,132.90		9.65
Hypothetical (5% average annual return before expenses)		1,000.00		1,016.09		9.12

* Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.55% and 1.80%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

24

AXA PREMIER VIP LARGE CAP CORE EQUITY PORTFOLIO

PORTFOLIO ADVISERS

• Alliance Capital Management L.P. (Bernstein Unit)

• Janus Capital Management LLC

• Thornburg Investment Management, Inc.

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/04

	1 Year		Since Inception*
Portfolio - A Shares	9.92	%	3.11	%
Portfolio - B Shares	9.75		2.89
S&P 500 Index	10.88		3.59

* Date of inception 12/31/01

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 9.92% for the year ending December 31, 2004. The Portfolio’s benchmark, the S&P 500 Index, returned 10.88% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

• Strong stock selection in the Health Care sector significantly contributed to relative performance over the year. Two notable performers in the Health Care sector included OSI Pharmaceuticals and UnitedHealth.

• Stock selection was also positive in the Energy, Industrials, and Telecommunication Service sectors.

• The portfolio’s underweight in Intel was beneficial as the stock declined over the year.

• Individual contributors to performance included Amerada Hess, Fedex and Eclipsys.

What hurt performance during the year

• Stock selection and a relative overweight in the Information Technology sector hurt performance over the year. In particular, the portfolio’s investments in Nokia and Texas Instruments were a negative.

• In the Consumer Discretionary area, not holding eBay, a strong performer over the year, hurt performance relative to benchmark.

• Other top detractors in the portfolio, relative to benchmark, included Pfizer, Hewlett-Packard, Doubleclick and Applied Materials.

25

AXA PREMIER VIP LARGE CAP CORE EQUITY PORTFOLIO

Sector Weightings as of 12/31/04	% of Net Assets
Financials	19.4	%
Consumer Discretionary	16.8
Information Technology	15.9
Health Care	15.8
Industrials	11.3
Consumer Staples	5.5
Energy	5.3
Telecommunication Services	2.7
Materials	1.9
Utilities	1.2
Cash and Other	4.2
Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class A
Actual	$	1,000.00	$	1,071.00	$	5.73
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.61		5.58
Class B
Actual		1,000.00		1,070.40		7.03
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.35		6.85

* Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.10% and 1.35%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

26

AXA PREMIER VIP LARGE CAP GROWTH PORTFOLIO

PORTFOLIO ADVISERS

• Alliance Capital Management L.P.

• RCM Capital Management LLC

• TCW Investment Management Company

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/04

	1 Year		Since Inception*
Portfolio - A Shares	6.98	%	(1.15	)%
Portfolio - B Shares	6.56		(1.42	)
Russell 1000 Growth Index	6.30		(0.18	)

* Date of inception 12/31/01

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 6.98% for the year ending December 31, 2004. The Portfolio’s benchmark, the Russell 1000 Growth Index, returned 6.30% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

• Strong stock selection and a modest overweight in the Consumer Discretionary sector benefited the portfolio over the year. In particular, holdings in eBay, Starbucks and XM Satellite Radio were among the top contributors to performance.

• In Information Technology, top contributors to performance included the portfolio’s holdings in Yahoo, Network Appliance and Marvell Technology.

What hurt performance during the year

• On the negative side, stock selection in the Financials and Industrials sectors detracted from the portfolio’s results relative to its benchmark.

• Another detractor from performance was a relative overweight in the Information Technology sector and a relative underweight in the Industrials and Telecommunication Service sectors.

• Individual stocks that hurt performance included Veritas Software, Amazon, Maxim Integrated and Xilinx. A relative underweight in Johnson & Johnson, which made solid gains over the year, detracted from performance.

27

AXA PREMIER VIP LARGE CAP GROWTH PORTFOLIO

Sector Weightings as of 12/31/04	% of Net Assets
Information Technology	33.1	%
Consumer Discretionary	19.3
Health Care	17.3
Financials	12.8
Industrials	7.4
Consumer Staples	5.7
Energy	1.6
Materials	0.3
Cash and Other	2.5
Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class A
Actual	$	1,000.00	$	1,030.90	$	5.62
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.61		5.58
Class B
Actual		1,000.00		1,029.00		6.89
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.35		6.85

* Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.10% and 1.35%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

28

AXA PREMIER VIP LARGE CAP VALUE PORTFOLIO

PORTFOLIO ADVISERS

• Alliance Capital Management L.P.

• MFS Investment Management

• Institutional Capital Corporation

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/04

	1 Year		Since Inception*
Portfolio - A Shares	14.71	%	6.61	%
Portfolio - B Shares	14.42		6.34
Russell 1000 Value Index	16.49		8.57

* Date of inception 12/31/01

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 14.71% for the year ending December 31, 2004. The Portfolio’s benchmark, the Russell 1000 Value Index, returned 16.49% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

• Stock selection in the Health Care and Consumer Staples sectors positively contributed to performance over the year. In the Health Care sector, holding Aventis was additive to performance, while an underweight in Merck helped performance on a relative basis. Among the portfolio’s Consumer Staples holdings, Archer Daniels Midland was a notable contributor to performance.

• Other individual stock contributors included ConocoPhillips, Motorola, Tyco International and BP Plc.

What hurt performance during the year

• Stock selection in the Financials and the Consumer Discretionary sectors were the major detractors to relative performance over the year.

• In Financials, the portfolio’s holdings in Fannie Mae and St. Paul Travelers were a drag on results. Weakness in selected Consumer Discretionary stocks, including Viacom, Clear Channel Communication and Koninklijke Philips also hurt results.

• Other holdings that detracted from results, relative to benchmark, included Pfizer and Exxon Mobil.

29

AXA PREMIER VIP LARGE CAP VALUE PORTFOLIO

Sector Weightings as of 12/31/04	% of Net Assets
Financials	25.5	%
Consumer Discretionary	13.0
Industrials	12.1
Energy	11.8
Consumer Staples	9.1
Health Care	8.1
Materials	6.1
Information Technology	5.4
Utilities	3.7
Telecommunication Services	2.4
Cash and Other	2.8
Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class A
Actual	$	1,000.00	$	1,096.40	$	5.80
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.61		5.58
Class B
Actual		1,000.00		1,094.60		7.11
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.35		6.85

* Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.10% and 1.35%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

30

AXA PREMIER VIP SMALL/MID CAP GROWTH PORTFOLIO

PORTFOLIO ADVISERS

• Alliance Capital Management L.P.

• Franklin Advisers, Inc.

• Provident Investment Counsel, Inc..

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/04

	1 Year		Since Inception*
Portfolio - A Shares	12.04	%	(0.25	)%
Portfolio - B Shares	11.76		(0.53	)
Russell 2500 Growth Index	14.59		5.93

* Date of inception 12/31/01

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 12.04% for the year ending December 31, 2004. The Portfolio’s benchmark, the Russell 2500 Growth Index, returned 14.59% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

• Strong stock selection in the Information Technology sector added value to the portfolio relative to its benchmark over the year. Top contributors in the Information Technology sector included Macromedia, Cognizant Technology, Verisign and Navteq Corp.

• Other stocks that boosted the portfolio’s performance, relative to benchmark, included Kinetic Concepts, Nextel Partners, Royal Caribbean Cruise and Tom Brown.

What hurt performance during the year

• Overall stock selection in the Health Care sector detracted from performance in the year. In particular, performance was hurt by holding Omnicare. Performance also was negatively impacted on a relative basis by an underweight in Sepracor and Imclone.

• An underweight in the Financials and Health Care sectors, and a relative overweight in the Information Technology sector, also hurt the portfolio’s results over the year.

• Individual stocks that generated disappointing returns over the year included Amkor Technology, Navistar International, Qlogic and Corinthian Colleges.

31

AXA PREMIER VIP SMALL/MID CAP GROWTH PORTFOLIO

Sector Weightings as of 12/31/04	% of Net Assets
Information Technology	29.9	%
Health Care	17.3
Industrials	16.0
Consumer Discretionary	14.1
Financials	7.6
Energy	6.6
Materials	3.3
Telecommunication Services	2.9
Consumer Staples	0.3
Cash and Other	2.0
Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class A
Actual	$	1,000.00	$	1,081.50	$	7.06
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.35		6.85
Class B
Actual		1,000.00		1,079.80		8.36
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.09		8.11

* Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.35% and 1.60%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

32

AXA PREMIER VIP SMALL/MID CAP VALUE PORTFOLIO

PORTFOLIO ADVISERS

• AXA Rosenberg Investment Management LLC

• Wellington Management Company, LLP

• TCW Investment Management Company

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/04

	1 Year		Since Inception*
Portfolio - A Shares	15.47	%	6.82	%
Portfolio - B Shares	15.16		6.56
Russell 2500 Value Index	21.58		16.67

* Date of inception 12/31/01

Returns for periods greater than one year are annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 15.47% for the year ending December 31, 2004. The Portfolio’s benchmark, the Russell 2500 Value Index, returned 21.58% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

• Overall stock selection in the Energy, Consumer Staples and Utilities sectors were beneficial to performance over the year. In the Energy sector, the strong performance of Frontline and Transocean added to the portfolio’s return. Bunge Limited was a top performer in the Consumer Staples sector, while TXU Corp. was a top contributor in the Utilities sector.

• A relative overweight in the Energy sector also worked in favor of the portfolio.

• Individual stocks that contributed to the portfolio’s return, relative to benchmark, included American Eagle Outfitters, McAfee and JC Penney.

What hurt performance during the year

• Overall stock selection in the Materials, Financials, and Information Technology sectors was a negative.

• A relative overweight in the Information Technology sector, and a relative underweight in the Materials and Financials sectors, also hurt performance.

• Individual stocks that detracted from the portfolio’s results included: Vishay Intertechnology, Teradyne, Maxtor, Agere System and Unisys.

33

AXA PREMIER VIP SMALL/MID CAP VALUE PORTFOLIO

Sector Weightings as of 12/31/04	% of Net Assets
Financials	21.1	%
Consumer Discretionary	18.4
Information Technology	14.7
Health Care	11.4
Industrials	11.3
Materials	6.7
Energy	6.6
Utilities	4.3
Consumer Staples	2.5
Telecommunication Services	0.8
Cash and Other	2.2
Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class A
Actual	$	1,000.00	$	1,083.20	$	7.07
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.35		6.85
Class B
Actual		1,000.00		1,082.00		8.37
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.09		8.11

* Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.35% and 1.60%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

34

AXA PREMIER VIP TECHNOLOGY PORTFOLIO

PORTFOLIO ADVISERS

• Firsthand Capital Management, Inc.

• RCM Capital Management LLC

• Wellington Management Company, LLP

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/04

	1 Year		Since Inception*
Portfolio - A Shares	5.25	%	(1.43	)%
Portfolio - B Shares	5.05		(1.68	)
Russell 1000 Technology Index†	1.44		(2.44	)
Russell 1000 Index	11.40		4.27

* Date of inception 12/31/01

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

Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 5.25% for the year ending December 31, 2004. The Portfolio’s benchmark, the Russell 1000 Technology Index, returned 1.44% over the same period.

Portfolio Highlights

For the year ending December 31, 2004

What helped performance during the year

• Stock selection was particularly strong in the Internet Software & Service, Semiconductor & Semi-equipment, and Communication Equipment industries. In the Internet Software & Service area, holdings in Yahoo and Verisign, which advanced by more than 50% over the year, added to results. In the Semiconductor area, the portfolio benefited by holding an underweight in Intel, which declined over the year. In the Communication Equipment area, a relative underweight in Cisco Systems, and holding Research in Motion, yielded favorable results.

• A relative overweight in the Media and IT Services industries also added value over the year.

What hurt performance during the year

• A relative underweight in Computers & Peripherals, and an overweight in the Internet Software & Services industries, significantly detracted from the portfolio’s performance relative to its benchmark.

• Our relative underweight in selected stocks also detracted from the portfolio’s performance relative to its benchmark over the year. These stocks included Dell, Qualcomm and Microsoft. Additionally, the portfolio’s holdings in Veritas Software and BEA Systems also proved disappointing.

35

AXA PREMIER VIP TECHNOLOGY PORTFOLIO

Sector Weightings as of 12/31/04	% of Net Assets
Software	19.6	%
Semiconductor & Semiconductor Equipment	18.0
Communications Equipment	14.9
Computers & Peripherals	13.6
Internet Software & Services	9.7
Consumer Discretionary	6.5
IT Services	6.5
Electronic Equipment & Instruments	2.6
Industrials	2.1
Health Care	1.9
Energy	1.9
Telecommunication Services	0.6
Cash and Other	2.1
Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2004 and held for the entire six-month period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

EXAMPLE

	Beginning Account Value 7/1/04		Ending Account Value 12/31/04		Expenses Paid During Period* 7/1/04 - 12/31/04
Class A
Actual	$	1,000.00	$	1,042.70	$	8.22
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.09		8.11
Class B
Actual		1,000.00		1,041.90		9.50
Hypothetical (5% average annual return before expenses)		1,000.00		1,015.84		9.37

* Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.60% and 1.85%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

36

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
AXA Premier VIP Aggressive Equity Portfolio*‡		302,144	$	7,621,719
AXA Premier VIP Core Bond Portfolio‡		5,463,888		56,972,353
AXA Premier VIP High Yield Portfolio‡		1,961,236		11,268,478
AXA Premier VIP Small/Mid Cap Growth Portfolio‡		311,406		2,997,882
AXA Premier VIP Small/Mid Cap Value Portfolio‡		389,220		4,468,790
EQ/Alliance Premier Growth Portfolio*‡		224,363		1,527,924
EQ/Alliance Quality Bond Portfolio‡		1,860,668		18,985,955
EQ/Lazard Small Cap Value Portfolio‡		107,052		1,500,434
EQ/Marsico Focus Portfolio*‡		388,149		5,693,384
Total Investment Companies (99.7%) (Cost $109,462,749)				111,036,919
	Principal Amount
SHORT-TERM DEBT SECURITIES:
Time Deposit (0.8%)
JPMorgan Chase Nassau, 1.74%, 1/3/05 (Amortized Cost $905,859)	$	905,859		905,859
Total Investments (100.5%) (Cost/Amortized Cost $110,368,608)				111,942,778
Other Assets Less Liabilities (-0.5%)				(515,378	)
Net Assets (100%)			$	111,427,400

* Non-income producing.

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

The holdings in Investment Companies are all Class A shares.

Investments in companies which were affiliates for the year ended December 31, 2004, were as follows:

Securities	Market Value December 31, 2003		Purchases at Cost		Sales at Cost		Market Value December 31, 2004		Dividend Income		Realized Gain (Loss)
AXA Premier VIP Aggressive Equity Portfolio	$	265,740	$	7,147,498	$	623,508	$	7,621,719	$	—	$	(589	)
AXA Premier VIP Core Bond Portfolio		2,708,368		59,176,915		4,706,078		56,972,353		713,714		752,186
AXA Premier VIP High Yield Portfolio		521,786		11,671,409		873,437		11,268,478		672,791		29,002
AXA Premier VIP Small/Mid Cap Growth Portfolio		131,268		2,768,367		228,252		2,997,882		1		16,070
AXA Premier VIP Small/Mid Cap Value Portfolio		199,808		4,326,602		322,507		4,468,790		—		218,029
EQ/Alliance Premier Growth Portfolio		197,971		1,249,732		36,751		1,527,924		—		2,187
EQ/Alliance Quality Bond Portfolio		903,509		19,982,949		1,554,378		18,985,955		449,318		310,941
EQ/Lazard Small Cap Value Portfolio		66,411		1,508,653		107,042		1,500,434		4,649		134,940
EQ/Marsico Focus Portfolio		197,505		5,351,041		460,997		5,693,384		—		5,194
	$	5,192,366					$	111,036,919	$	1,840,473	$	1,467,960

37

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

Investment security transactions for the year ended December 31, 2004 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	113,183,166
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		9,024,389

As of December 31, 2004, 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	$	2,180,855
Aggregate gross unrealized depreciation		(641,712	)
Net unrealized appreciation	$	1,539,143
Federal income tax cost of investments	$	110,403,635

See Notes to Financial Statements.

38

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004

	Number of Shares	Value (Note 1)
INVESTMENT COMPANIES:
AXA Premier VIP Aggressive Equity Portfolio*‡	918,243	$	23,163,107
AXA Premier VIP Core Bond Portfolio‡	7,490,328		78,102,188
AXA Premier VIP High Yield Portfolio‡	3,756,486		21,583,266
AXA Premier VIP Small/Mid Cap Growth Portfolio‡	1,184,234		11,400,533
AXA Premier VIP Small/Mid Cap Value Portfolio‡	1,485,656		17,057,420
EQ/Alliance Premier Growth Portfolio*‡	714,619		4,866,593
EQ/Alliance Quality Bond Portfolio‡	2,550,358		26,023,444
EQ/Lazard Small Cap Value Portfolio‡	408,463		5,724,992
EQ/Marsico Focus Portfolio*‡	1,171,788		17,187,837
EQ/Mercury Basic Value Equity Portfolio‡	712,358		11,024,944
Total Investment Companies (99.9%) (Cost $210,163,968)			216,134,324

	Principal Amount		Value (Note 1)
SHORT-TERM DEBT SECURITIES:
Time Deposit (0.3%)
JPMorgan Chase Nassau, 1.74%, 1/3/05 (Amortized Cost $597,462)	$	597,462	$	597,462
Total Investments (100.2%) (Cost/Amortized Cost $210,761,430)				216,731,786
Other Assets Less Liabilities (-0.2%)				(358,935	)
Net Assets (100%)			$	216,372,851

* Non-income producing.

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

The holdings in Investment Companies are all Class A shares.

Investments in companies which were affiliates for the year ended December 31, 2004, were as follows:

Securities	Market Value December 31, 2003		Purchases at Cost		Sales at Cost		Market Value December 31, 2004		Dividend Income		Realized Gain (Loss)
AXA Premier VIP Aggressive Equity Portfolio	$	731,903	$	20,617,114	$	463,996	$	23,163,107	$	—	$	32,885
AXA Premier VIP Core Bond Portfolio		3,306,818		76,843,700		1,779,957		78,102,188		950,768		980,533
AXA Premier VIP High Yield Portfolio		895,201		21,270,434		465,739		21,583,266		1,296,854		5,857
AXA Premier VIP Small/Mid Cap Growth Portfolio.		451,101		10,063,139		230,090		11,400,533		—		82,057
AXA Premier VIP Small/Mid Cap Value Portfolio		689,895		15,759,451		320,001		17,057,420		—		812,962
EQ/Alliance Premier Growth Portfolio		542,770		4,032,862		76,074		4,866,593		—		1,848
EQ/Alliance Quality Bond Portfolio		1,103,735		25,983,521		590,209		26,023,444		619,953		395,879
EQ/Lazard Small Cap Value Portfolio		229,720		5,508,501		106,551		5,724,992		17,840		508,614
EQ/Marsico Focus Portfolio		541,565		15,297,184		356,077		17,187,837		—		12,312
EQ/Mercury Basic Value Equity Portfolio		466,860		10,513,502		210,621		11,024,944		100,839		451,050
	$	8,959,568					$	216,134,324	$	2,986,254	$	3,283,997

39

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

Investment security transactions for the year ended December 31, 2004 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	205,889,408
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		4,715,958

As of December 31, 2004, 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	$	6,851,411
Aggregate gross unrealized depreciation		(907,698	)
Net unrealized appreciation	$	5,943,713
Federal income tax cost of investments	$	210,788,073

See Notes to Financial Statements.

40

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004

	Number of Shares	Value (Note 1)
INVESTMENT COMPANIES:
AXA Premier VIP Aggressive Equity Portfolio*‡	23,806,215	$	600,522,546
AXA Premier VIP Core Bond Portfolio‡	62,570,721		652,429,423
AXA Premier VIP High Yield Portfolio‡	94,535,028		543,160,414
AXA Premier VIP Small/Mid Cap Growth Portfolio‡	30,207,457		290,804,855
AXA Premier VIP Small/Mid Cap Value Portfolio‡	59,835,109		686,991,200
EQ/Alliance Premier Growth Portfolio*‡	54,367,838		370,247,784
EQ/Alliance Quality Bond Portfolio‡	123,863,199		1,263,879,974
EQ/Lazard Small Cap Value Portfolio‡	16,337,277		228,982,245
EQ/Marsico Focus Portfolio*‡	29,374,458		430,865,642
EQ/Mercury Basic Value Equity Portfolio‡	27,935,406		432,347,390
Total Investment Companies (100.0%) (Cost $4,926,386,557)			5,500,231,473

	Principal Amount		Value (Note 1)
SHORT-TERM DEBT SECURITIES:
Time Deposit (0.0%)
JPMorgan Chase Nassau, 1.74%, 1/3/05 (Amortized Cost $2,276,192)	$	2,276,192	$	2,276,192
Total Investments (100.0%) (Cost/Amortized Cost $4,928,662,749)				5,502,507,665
Other Assets Less Liabilities (0.0%)				(886,545	)
Net Assets (100%)			$	5,501,621,120

* Non-income producing.

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

The holdings in Investment Companies are all Class A shares.

Investments in companies which were affiliates for the year ended December 31, 2004, were as follows:

Securities	Market Value December 31, 2003		Purchases at Cost		Sales at Cost		Market Value December 31, 2004		Dividend Income		Realized Gain
AXA Premier VIP Aggressive Equity Portfolio	$	459,216,735	$	77,723,455	$	1,322,691	$	600,522,546	$	—	$	236,958
AXA Premier VIP Core Bond Portfolio		413,030,663		243,040,999		3,596,664		652,429,423		13,432,966		9,161,847
AXA Premier VIP High Yield Portfolio		441,650,877		94,050,138		1,211,797		543,160,414		34,065,044		97,762
AXA Premier VIP Small/Mid Cap Growth Portfolio		230,375,299		34,271,022		569,425		290,804,855		—		4,363,830
AXA Premier VIP Small/Mid Cap Value Portfolio		533,590,497		102,706,137		3,069,599		686,991,200		—		35,925,409
EQ/Alliance Premier Growth Portfolio		327,685,328		13,685,831		485,141		370,247,784		—		55,693
EQ/Alliance Quality Bond Portfolio		1,144,012,349		127,168,942		1,190,797		1,263,879,974		31,524,081		22,170,890
EQ/Lazard Small Cap Value Portfolio		174,832,387		45,107,067		1,042,255		228,982,245		742,062		22,085,707
EQ/Marsico Focus Portfolio		331,392,745		58,553,449		1,056,531		430,865,642		—		116,884
EQ/Mercury Basic Value Equity Portfolio		347,287,772		66,543,468		828,278		432,347,390		4,161,224		17,547,314
	$	4,403,074,652					$	5,500,231,473	$	83,925,377	$	111,762,294

41

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

Investment security transactions for the year ended December 31, 2004 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	862,850,508
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		16,710,953

As of December 31, 2004, the gross unrealized appreciation of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	573,844,905
Aggregate gross unrealized depreciation		—
Net unrealized appreciation	$	573,844,905
Federal income tax cost of investments	$	4,928,662,760

The Portfolio has a net capital loss carryforward of $694,643,770, of which $149,303,967 expires in the year 2008, $174,204,506 expires in the year 2009, $273,667,511 expires in the year 2010, and $97,467,786 expires in the year 2011.

The Portfolio utilized net capital loss carryforward of $44,420,724 during 2004.

Included in the capital loss carryforward amounts at December 31, 2004 are $323,508,473 of losses acquired from EQ/Alliance Growth Investors Portfolio as a result of a tax free reorganization. Certain capital loss carryforwards may be subject to limitations on use pursuant to applicable U.S. Federal Income Tax Law. Therefore, it is possible not all of these capital losses will be available for use.

See Notes to Financial Statements.

42

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004

	Number of Shares	Value (Note 1)
INVESTMENT COMPANIES:
AXA Premier VIP Aggressive Equity Portfolio*‡	4,277,152	$	107,893,094
AXA Premier VIP Core Bond Portfolio‡	11,967,631		124,787,357
AXA Premier VIP High Yield Portfolio‡	8,545,943		49,101,566
AXA Premier VIP International Equity Portfolio‡	16,149,054		196,038,731
AXA Premier VIP Small/Mid Cap Growth Portfolio‡	5,372,491		51,720,557
AXA Premier VIP Small/Mid Cap Value Portfolio‡	8,416,342		96,631,447
EQ/Alliance Premier Growth Portfolio*‡	2,574,670		17,533,638
EQ/Alliance Quality Bond Portfolio‡	4,075,333		41,584,041
EQ/Capital Guardian International Portfolio‡	6,001,999		64,827,210
EQ/Lazard Small Cap Value Portfolio‡	2,311,867		32,402,986
EQ/Marsico Focus Portfolio*‡	5,457,257		80,047,249
EQ/Mercury Basic Value Equity Portfolio‡	9,703,037		150,170,817

	Principal Amount		Value (Note 1)
Total Investment Companies (99.6%) (Cost $959,651,795)			$	1,012,738,693
SHORT-TERM DEBT SECURITIES:
Time Deposit (0.6%)
JPMorgan Chase Nassau, 1.74%, 1/3/05 (Amortized Cost $6,134,717)	$	6,134,717		6,134,717
Total Investments (100.2%) (Cost/Amortized Cost $965,786,512)				1,018,873,410
Other Assets Less Liabilities (-0.2%)				(1,985,481	)
Net Assets (100%)			$	1,016,887,929

* Non-income producing.

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

The holdings in Investment Companies are all Class A shares.

Investments in companies which were affiliates for the year ended December 31, 2004, were as follows:

Securities	Market Value December 31, 2003		Purchases at Cost		Sales at Cost		Market Value December 31, 2004		Dividend Income		Realized Gain (Loss)
AXA Premier VIP Aggressive Equity Portfolio	$	2,345,263	$	95,414,142	$	2,776	$	107,893,094	$	—	$	367
AXA Premier VIP Core Bond Portfolio		3,731,596		121,441,603		5,208		124,787,357		1,372,746		1,529,787
AXA Premier VIP High Yield Portfolio		1,438,383		48,044,400		1,943		49,101,566		2,886,676		21
AXA Premier VIP International Equity Portfolio		7,441,275		172,719,663		8,410		196,038,731		1,617,963		3,764,503
AXA Premier VIP Small/Mid Cap Growth Portfolio		1,448,863		45,438,590		1,752		51,720,557		—		281,082
AXA Premier VIP Small/Mid Cap Value Portfolio		2,756,985		88,940,684		3,234		96,631,447		—		4,270,435
EQ/Alliance Premier Growth Portfolio		1,744,483		14,483,338		2,161		17,533,638		—		196
EQ/Alliance Quality Bond Portfolio		1,245,094		41,092,835		1,740		41,584,041		968,983		610,822
EQ/Capital Guardian International Portfolio		—		59,347,165		—		64,827,210		897,166		—
EQ/ Lazard Small Cap Value Portfolio		917,816		31,054,115		1,073		32,402,986		98,908		2,731,782
EQ/ Marsico Focus Portfolio		1,741,373		70,733,399		2,147		80,047,249		—		210
EQ/Mercury Basic Value Equity Portfolio		4,464,152		142,494,114		5,142		150,170,817		1,342,368		5,679,338
	$	29,275,283					$	1,012,738,693	$	9,184,810	$	18,868,543

43

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

Investment security transactions for the year ended December 31, 2004 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	931,204,048
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		39,284

As of December 31, 2004, 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	$	54,647,947
Aggregate gross unrealized depreciation		(1,561,121	)
Net unrealized appreciation	$	53,086,826
Federal income tax cost of investments	$	965,786,584

See Notes to Financial Statements.

44

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004

	Number of Shares	Value (Note 1)
INVESTMENT COMPANIES:
AXA Premier VIP Aggressive Equity Portfolio*‡	1,889,334	$	47,659,302
AXA Premier VIP Core Bond Portfolio‡	1,652,891		17,234,814
AXA Premier VIP International Equity Portfolio‡	2,339,495		28,399,907
AXA Premier VIP Small/Mid Cap Growth Portfolio‡	2,593,601		24,968,393
AXA Premier VIP Small/Mid Cap Value Portfolio‡	2,036,732		23,384,547
EQ/Alliance Premier Growth Portfolio*‡	1,420,827		9,675,906
EQ/Alliance Quality Bond Portfolio‡	562,702		5,741,720
EQ/Capital Guardian International Portfolio‡	879,426		9,498,624
EQ/Lazard Small Cap Value Portfolio‡	560,132		7,850,773
EQ/Marsico Focus Portfolio*‡	2,429,333		35,633,546
EQ/Mercury Basic Value Equity Portfolio‡	2,344,691		36,288,037
Total Investment Companies (99.6%) (Cost $230,017,090)			246,335,569

	Principal Amount		Value (Note 1)
SHORT-TERM DEBT SECURITIES:
Time Deposit (0.1%)
JPMorgan Chase Nassau, 1.74%, 1/3/05 (Amortized Cost $349,232)	$	349,232	$	349,232
Total Investments (99.7%) (Cost/Amortized Cost $230,366,322)				246,684,801
Other Assets Less Liabilities (0.3%)				642,495
Net Assets (100%)			$	247,327,296

* Non-income producing.

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

The holdings in Investment Companies are all Class A shares.

Investments in companies which were affiliates for the year ended December 31, 2004, were as follows:

Securities	Market Value December 31, 2003		Purchases at Cost		Sales at Cost		Market Value December 31, 2004		Dividend Income		Realized Gain (Loss)
AXA Premier VIP Aggressive Equity Portfolio	$	1,191,354	$	42,406,777	$	424,795	$	47,659,302	$	—	$	19,963
AXA Premier VIP Core Bond Portfolio		580,798		16,860,828		159,621		17,234,814		214,011		218,923
AXA Premier VIP International Equity Portfolio		1,210,795		25,074,849		220,797		28,399,907		241,494		584,244
AXA Premier VIP Small/Mid Cap Growth Portfolio		786,434		22,065,959		212,945		24,968,393		—		161,984
AXA Premier VIP Small/Mid Cap Value Portfolio		747,991		21,603,825		183,212		23,384,547		—		1,085,272
EQ/Alliance Premier Growth Portfolio		887,150		8,111,572		21,051		9,675,906		—		1,431
EQ/Alliance Quality Bond Portfolio		193,787		5,700,796		53,103		5,741,720		137,268		87,668
EQCapital Guardian International Portfolio		—		8,715,856		73,372		9,498,624		135,278		(1,026	)
EQ/Lazard Small Cap Value Portfolio		248,989		7,552,109		60,680		7,850,773		24,535		688,446
EQ/Marsico Focus Portfolio		885,111		31,621,412		324,219		35,633,546		—		6,938
EQ/Mercury Basic Value Equity Portfolio		1,209,049		34,594,686		289,223		36,288,037		332,801		1,436,115
	$	7,941,458					$	246,335,569	$	1,085,387	$	4,289,958

45

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

Investment security transactions for the year ended December 31, 2004 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	224,308,669
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		2,129,058

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	16,455,089
Aggregate gross unrealized depreciation		(149,925	)
Net unrealized appreciation	$	16,305,164
Federal income tax cost of investments	$	230,379,637

See Notes to Financial Statements.

46

AXA PREMIER VIP TRUST

AXA PREMIER VIP AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (19.8%)
Automobiles (0.6%)
Harley-Davidson, Inc.	270,600	$	16,438,950
Hotels, Restaurants & Leisure (4.6%)
Carnival Corp.	159,520		9,193,138
Cheesecake Factory, Inc.*^	49,210		1,597,849
Four Seasons Hotels, Inc.^	298,182		24,388,306
International Game Technology	74,960		2,577,125
MGM Mirage, Inc.*	167,575		12,189,405
Royal Caribbean Cruises Ltd.^	159,420		8,678,825
Starbucks Corp.*	335,273		20,907,624
WMS Industries, Inc.*^	57,110		1,915,469
Wynn Resorts Ltd.*^	661,787		44,286,786
			125,734,527
Household Durables (1.6%)
D.R. Horton, Inc.	380,550		15,339,971
Harman International Industries, Inc.	70,680		8,976,360
Lennar Corp., Class A	375,765		21,298,360
			45,614,691
Internet & Catalog Retail (4.6%)
Amazon.com, Inc.*	726,920		32,195,287
Audible, Inc.*^	299,400		7,799,370
eBay, Inc.*	634,216		73,746,636
IAC/InterActiveCorp.*^	103,042		2,846,020
Shanda Interactive Entertainment Ltd. (ADR)*^	222,200		9,443,500
			126,030,813
Media (3.5%)
Citadel Broadcasting Corp.*^	177,260		2,868,067
DreamWorks Animation SKG, Inc., Class A*	40,920		1,534,909
EchoStar Communications Corp., Class A	843,761		28,046,616
Getty Images, Inc.*^	187,470		12,907,309
Grupo Televisa S.A. (ADR)	86,480		5,232,040
News Corp., Class A	194,610		3,631,423
NTL, Inc.*^	129,587		9,454,668
Playboy Enterprises, Inc., Class B*^	85,050		1,045,264
Publishing & Broadcasting Ltd	160,890		2,207,129
Walt Disney Co	163,488		4,544,966
Westwood One, Inc.*	191,240		5,150,093
XM Satellite Radio Holdings, Inc., Class A*^	491,290		18,482,330
			95,104,814
Multiline Retail (1.7%)
Family Dollar Stores, Inc.	152,080		4,749,458
Kohl’s Corp.*	480,900		23,645,853
Target Corp.	358,713		18,627,966
			47,023,277
Specialty Retail (2.3%)
Home Depot, Inc.	137,030		5,856,662
Lowe’s Cos., Inc.^	918,483		52,895,436
Tiffany & Co.	152,271		4,868,104
			63,620,202
Textiles, Apparel & Luxury Goods (0.9%)
Coach, Inc.*	38,620		2,178,168
Nike, Inc., Class B	246,137		22,322,165
			24,500,333
Total Consumer Discretionary			544,067,607
Consumer Staples (2.3%)
Beverages (0.3%)
Anheuser-Busch Cos., Inc.	63,720		3,232,516
PepsiCo, Inc.	95,610		4,990,842
			8,223,358
Food & Staples Retailing (1.0%)
CVS Corp	103,870		4,681,421
Wal-Mart de Mexico S.A. de C.V., Series V	468,880		1,611,026
Walgreen Co.	140,779		5,401,690
Whole Foods Market, Inc.^	164,122		15,649,033
			27,343,170
Household Products (1.0%)
Procter & Gamble Co.	516,157		28,429,927
Total Consumer Staples			63,996,455
Energy (2.1%)
Energy Equipment & Services (2.1%)
BJ Services Co.	698,525		32,509,354
FMC Technologies, Inc.*	249,880		8,046,136
GlobalSantaFe Corp.	164,830		5,457,521
Nabors Industries Ltd.* .	174,460		8,948,053
Smith International, Inc.*	73,760		4,013,282
Total Energy			58,974,346
Financials (11.2%)
Capital Markets (3.7%)
Ameritrade Holding Corp.*	1,258,120		17,890,466
Goldman Sachs Group, Inc.	580,008		60,344,032
Investors Financial Services Corp.^	70,220		3,509,596
Janus Capital Group, Inc.	397,360		6,679,622
Legg Mason, Inc.	141,640		10,376,546
Lehman Brothers Holdings, Inc.	38,220		3,343,486
			102,143,748
Consumer Finance (3.6%)
American Express Co.	151,630		8,547,383
Capital One Financial Corp.^	247,900		20,875,659
SLM Corp.	1,289,678		68,855,908
			98,278,950
Diversified Financial Services (1.3%)
Calamos Asset Management, Inc., Class A*	343,000		9,261,000
Chicago Mercantile Exchange^	43,968		10,055,482
Citigroup, Inc.	363,769		17,526,390
			36,842,872
Thrifts & Mortgage Finance (2.6%)
Countrywide Financial Corp.	1,892,658		70,047,273
Total Financials			307,312,843
Health Care (24.4%)
Biotechnology (7.5%)
Affymetrix, Inc.*^	442,560		16,175,568
Amgen, Inc.*	77,890		4,996,644
Applera Corp.- Celera Genomics Group*	1,207,240		16,599,550
Celgene Corp.*^	103,640		2,749,569
Cepheid, Inc.*^	1,904,090		18,926,655
Compugen Ltd.*	1,378,450		7,071,449
Curis, Inc.*‡	2,801,090		14,621,690
Gen-Probe, Inc.*	93,110		4,209,503
Genentech, Inc.*^	1,219,344		66,381,087
Genzyme Corp.*	180,892		10,504,398
Gilead Sciences, Inc.*	411,810		14,409,232

47

AXA PREMIER VIP TRUST

AXA PREMIER VIP AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Number of Shares	Value (Note 1)
Human Genome Sciences, Inc.*	811,870	$	9,758,677
ImClone Systems, Inc.*^	117,030		5,392,742
MedImmune, Inc.*	181,790		4,928,327
Memory Pharmaceuticals Corp.*	1,157,750		6,158,072
Neurocrine Biosciences, Inc.*^	60,370		2,976,241
			205,859,404
Health Care Equipment & Supplies (8.1%)
Applied Biosystems Group	937,460		19,602,289
Bard (C.R.), Inc.	43,480		2,781,850
Baxter International, Inc.	151,530		5,233,846
Cytyc Corp.*	612,230		16,879,181
Dentsply International, Inc.	58,010		3,260,162
Fisher Scientific International, Inc.*^	163,529		10,200,939
Guidant Corp.	456,796		32,934,992
Kinetic Concepts, Inc.*^	108,000		8,240,400
Medtronic, Inc.	399,351		19,835,764
Millipore Corp.*	136,820		6,815,004
St. Jude Medical, Inc.*	673,600		28,244,048
Synthes, Inc.*	14,530		1,629,210
Varian Medical Systems, Inc.*	318,000		13,750,320
Waters Corp.*	178,340		8,344,529
Zimmer Holdings, Inc.*	546,997		43,825,400
			221,577,934
Health Care Providers & Services (4.4%)
Community Health Systems, Inc.*	96,050		2,677,874
HCA, Inc.	149,640		5,979,614
UnitedHealth Group, Inc.	1,259,992		110,917,096
			119,574,584
Pharmaceuticals (4.4%)
Allergan, Inc.	92,800		7,523,296
Endo Pharmaceuticals Holdings, Inc.*	85,540		1,798,051
Forest Laboratories, Inc.*^	851,800		38,211,748
Johnson & Johnson	97,250		6,167,595
Medicis Pharmaceutical Corp., Class A^	209,850		7,367,834
Novartis AG (Registered)	96,510		4,863,269
Pfizer, Inc.	505,762		13,599,940
Roche Holding AG	56,950		6,555,936
Teva Pharmaceutical Industries Ltd. (ADR)^	994,154		29,685,438
Watson Pharmaceuticals, Inc.*	41,580		1,364,240
Wyeth	98,690		4,203,207
			121,340,554
Total Health Care			668,352,476
Industrials (6.6%)
Air Freight & Logistics (1.0%)
Expeditors International of Washington, Inc.	41,080		2,295,551
FedEx Corp.	260,662		25,672,600
			27,968,151
Airlines (0.1%)
JetBlue Airways Corp.*^	123,425		2,865,929
Commercial Services & Supplies (2.3%)
Apollo Group, Inc., Class A*	591,010		47,700,417
Career Education Corp.*	163,110		6,524,400
Corporate Executive Board Co.^	41,140		2,753,911
Manpower, Inc.	61,250		2,958,375
Strayer Education, Inc.^	18,530		2,034,409
			61,971,512
Industrial Conglomerates (1.8%)
General Electric Co.	933,230		34,062,895
Tyco International Ltd.^	420,246		15,019,592
			49,082,487
Machinery (1.4%)
Caterpillar, Inc.	251,079		24,482,713
Illinois Tool Works, Inc.	62,020		5,748,014
Pall Corp.	277,870		8,044,336
			38,275,063
Total Industrials			180,163,142
Information Technology (27.9%)
Communications Equipment (6.5%)
AudioCodes Ltd.*^	61,510		1,021,681
Cisco Systems, Inc.*	1,889,392		36,465,266
Comverse Technology, Inc.*	296,320		7,245,024
Corning, Inc.*	1,702,520		20,038,660
Harris Corp.	54,920		3,393,507
JDS Uniphase Corp.*^	5,070,770		16,074,341
Juniper Networks, Inc.*	1,321,345		35,927,371
Motorola, Inc.	964,500		16,589,400
QUALCOMM, Inc.	985,541		41,786,938
			178,542,188
Computers & Peripherals (3.1%)
Apple Computer, Inc.*	42,076		2,709,694
Dell, Inc.*	647,382		27,280,677
EMC Corp.*	250,940		3,731,478
Lexmark International, Inc., Class A*	41,920		3,563,200
Network Appliance, Inc.*	737,420		24,497,092
PalmOne, Inc.*^	527,550		16,644,203
Sun Microsystems, Inc.*	1,463,870		7,875,621
			86,301,965
Electronic Equipment & Instruments (0.6%)
Itron, Inc.*	396,210		9,473,381
Mechanical Technology, Inc.*^	634,150		3,899,388
National Instruments Corp.^	67,790		1,847,278
Symbol Technologies, Inc	104,420		1,806,466
			17,026,513
Internet Software & Services (4.1%)
Akamai Technologies, Inc.*^	447,020		5,824,671
CNET Networks, Inc.*^	2,787,980		31,309,015
Google, Inc., Class A*^	47,140		9,102,734
RealNetworks, Inc.*^	3,441,040		22,779,685
SINA Corp.*	419,950		13,463,597
Softbank Corp	67,800		3,301,669
VeriSign, Inc.*	207,360		6,950,707
Yahoo!, Inc.*	523,230		19,715,306
			112,447,384
IT Services (1.4%)
Alliance Data Systems Corp.*	145,410		6,904,067
Ceridian Corp.*	161,440		2,951,123
Cognizant Technology Solutions Corp., Class A*^	323,300		13,685,289
DST Systems, Inc.*^	176,360		9,191,883
Hewitt Associates, Inc., Class A*^	43,500		1,392,435
Paychex, Inc.	82,370		2,807,170
			36,931,967
Semiconductors & Semiconductor Equipment (6.0%)
Advanced Micro Devices, Inc.*	628,960		13,849,699
Analog Devices, Inc.	116,830		4,313,364
Broadcom Corp., Class A*	1,322,928		42,704,116
Freescale Semiconductor, Inc., Class B*	4		73

48

AXA PREMIER VIP TRUST

AXA PREMIER VIP AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Number of Shares		Value (Note 1)
Integrated Circuit Systems, Inc.*		54,840	$	1,147,253
KLA-Tencor Corp.*		477,508		22,242,323
Marvell Technology Group Ltd.*		111,370		3,950,294
Maxim Integrated Products, Inc.		290,617		12,319,255
Novellus Systems, Inc.*		396,770		11,065,915
PMC-Sierra, Inc.*^		943,902		10,618,897
Samsung Electronics Co., Ltd. (GDR)§(b)		20,660		4,524,540
Silicon Laboratories, Inc.*^		946,682		33,427,341
Xilinx, Inc.		128,890		3,821,589
				163,984,659
Software (6.2%)
Activision, Inc.*		119,610		2,413,730
Amdocs Ltd.*		392,660		10,307,325
Business Objects S.A. (ADR)*^		39,890		1,010,813
Check Point Software Technologies Ltd.*		161,150		3,969,124
Citrix Systems, Inc.*		145,370		3,565,926
Electronic Arts, Inc.*		722,777		44,580,885
Macromedia, Inc.* .		77,030		2,397,174
Mercury Interactive Corp.*^		189,100		8,613,505
NAVTEQ Corp.*		209,580		9,716,129
Nintendo Co., Ltd.		42,900		5,388,143
Oracle Corp.*		649,350		8,909,082
Red Hat, Inc.*^		127,450		1,701,458
SAP AG (ADR)		551,100		24,364,131
Symantec Corp.*^		1,335,244		34,395,885
VERITAS Software Corp.*		323,104		9,224,619
				170,557,929
Total Information Technology				765,792,605
Materials (0.7%)
Chemicals (0.6%)
Monsanto Co.		246,000		13,665,300
Nalco Holding Co.*		54,720		1,068,134
				14,733,434
Metals & Mining (0.1%)
Aber Diamond Corp.		19,700		697,964
Aber Diamond Corp.§(b)		4,800		170,062
Cia Vale do Rio Doce (ADR)^		93,390		2,709,244
				3,577,270
Total Materials				18,310,704
Telecommunication Services (3.1%)
Diversified Telecommunication Services (1.5%)
Covad Communications Group, Inc.*^		1,991,540		4,281,811
Level 3 Communications, Inc.*^		8,592,160		29,127,422
Sprint Corp.		214,350		5,326,598
Telewest Global, Inc.*		143,430		2,521,499
				41,257,330
Wireless Telecommunication Services (1.6%)
America Movil S.A. de C.V. (ADR)		157,280		8,233,608
American Tower Corp., Class A*^		760,630		13,995,592
Crown Castle International Corp.*		244,850		4,074,304
Spectrasite, Inc.*		172,960		10,014,384
Vodafone Group plc (ADR)^		287,013		7,858,416
				44,176,304
Total Telecommunication Services				85,433,634
Utilities (0.6%)
Electric Utilities (0.6%)
TXU Corp.		264,991		17,107,819
Total Utilities				17,107,819
Total Common Stocks (98.7%) (Cost $2,258,374,120)				2,709,511,631
	Number of Warrants
WARRANTS:
Health Care (0.0%)
Biotechnology (0.0%)
Curis, Inc., $4.45, expiring 4/24/05*†‡		48,100		31,265
Total Warrants (0.0%) (Cost $—)				31,265
	Principal Amount
SHORT-TERM DEBT SECURITIES:
Government Security (1.0%)
Federal National Mortgage Association
1.25%, 1/3/05 (o)	$	27,472,000		27,469,139
	Number of Shares
Short-Term Fund of Cash Collateral for Securities Loaned (0.2%)
JPMorgan Securities Lending Collateral Investment Fund		6,132,340		6,132,340
	Principal Amount
Short-Term Investments of Cash Collateral for Securities Loaned (11.6%)
Banca Intesa S.p.A.
2.34%, 2/2/05	$	9,018,147		9,018,147
Capital One Corp., Series 02-A2 A2
2.40%, 9/15/05		7,225,107		7,225,107
Citigroup Global Markets, Inc.
2.38%, 1/7/05		9,018,147		9,018,147
Deutsche Bank Securities, Inc.
2.31%, 2/1/05		17,314,841		17,314,841
Fortis Bank
2.39%, 2/16/05		9,018,146		9,018,146
Greenwich Capital Holdings, Inc.
2.38%, 1/3/05		186,925,120		186,925,120
Halogen Funding Co. LLC
2.44%, 1/14/05		7,214,715		7,214,715
Hartford Life, Inc.
2.41%, 1/2/06		2,885,807		2,885,807
Lehman Brothers, Inc.
2.49%, 3/31/05		1,262,541		1,262,541
Monte dei Paschi
2.42%, 2/22/05		9,018,147		9,018,147
Monumental Global Funding II
1.98%, 7/1/05		3,972,914		3,972,914
New York Life Insurance Co.
2.39%, 3/31/05		9,018,147		9,018,147
Nordea Bank N.Y.
2.35%, 9/6/05		9,014,907		9,014,907
Raiffeisen Zentralbank Oesterreich AG
2.36%, 2/2/05		9,018,147		9,018,147
Skandinaviska Enskilda Banken AB
2.35%, 1/31/05		9,018,147		9,018,147

49

AXA PREMIER VIP TRUST

AXA PREMIER VIP AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

	Principal Amount		Value (Note 1)
Sun Trust Bank/Atlanta, Georgia
2.30%, 5/17/06	$	9,018,147	$	9,018,147
WestLB Covered Bond Bank plc
2.35%, 2/7/05		8,982,976		8,982,976
Total Short-Term Investments of Cash Collateral for Securities Loaned				316,944,103
Time Deposit (0.9%)
JPMorgan Chase Nassau, 1.74%, 1/3/05		24,043,653		24,043,653
Total Short-Term Debt Securities (13.7%) (Amortized Cost $374,589,235)				374,589,235
Total Investments (112.4%) (Cost/Amortized Cost $2,632,963,355)				3,084,132,131
Other Assets Less Liabilities (-12.4%)				(340,311,248	)
Net Assets (100%)			$	2,743,820,883

* Non-income producing.

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

† Securities (totaling $31,265 or 0.00% of net assets) valued at fair value.

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

§ Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2004, the market value of these securities amounted to $4,694,602 or 0.17% 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 security might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(b) Illiquid Security.

(o) Discount Note Security. Effective Rate calculated as of December 31, 2004.

Glossary:

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

Investments in companies which were affiliates for the year ended December 31, 2004, were as follows:

Securities	Market Value December 31, 2003		Purchases at Cost		Sales at Cost		Market Value December 31, 2004		Dividend Income		Realized Gain (Loss)
Curis, Inc.	$	6,217,110	$	6,320,781	$	—	$	14,621,690	$	—	$	—
Curis, Inc. (Warrant), expiring 4/24/05		—		—		—		31,265		—		—
	$	6,217,110					$	14,652,955	$	—	$	—

Investment security transactions for the year ended December 31, 2004 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	2,736,124,720
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		2,681,132,099

As of December 31, 2004, 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	$	457,151,143
Aggregate gross unrealized depreciation		(30,499,867	)
Net unrealized appreciation	$	426,651,276
Federal income tax cost of investments	$	2,657,480,855

At December 31, 2004, the Portfolio had loaned securities with a total value $316,170,583. This was secured by collateral of $323,076,443 which was received in cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2004, the Portfolio incurred approximately $23,576 as brokerage commissions with Bernstein (Sanford C.) & Co. and $696 with Advest, Inc., affiliated broker/dealers.

The Portfolio has a net capital loss carryforward of $1,115,426,409 of which $530,983,481 expires in the year 2009, $517,239,587 expires in the year 2010, and $67,203,341 expires in the year 2011.

The Portfolio utilized net capital loss carryforward of $236,363,281 during 2004.

See Notes to Financial Statements.

50

AXA PREMIER VIP TRUST

AXA PREMIER VIP CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004

	Number of Shares		Value (Note 1)
PREFERRED STOCKS:
Government Securities (0.4%)
U.S. Government Agency (0.4%)
Fannie Mae
7.000%(l) (Cost $6,600,000)		132,000	$	7,482,750
	Principal Amount
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (12.4%)
Asset Backed Securities (6.6%)
American Express Credit Account Master Trust,
Series 00-3 A 2.563%, 11/15/07 (l)	$	1,275,000		1,275,593
Ameriquest Mortgage Securities, Inc.,
Series 03-1 A2 2.828%, 2/25/33 (l)		148,185		148,478
Series 03-2 A 2.828%, 3/25/33 (l)		125,683		125,892
Amortizing Residential Collateral Trust,
Series 02-BC3M A 2.688%, 6/25/32 (l)		147,038		147,192
Series 02-BC4 A 2.708%, 7/25/32 (l)		71,823		71,722
Argent Securities, Inc.,
Series 03-W3 AV1B 2.868%, 9/25/33 (l)		592,420		593,890
Asset Backed Securities Corp. Home Equity,
Series 04-HE10 1A 2.530%, 9/25/34 (l)		2,500,000		2,500,000
Bear Stearns Asset Backed Securities, Inc.,
Series 02-2 A1 2.748%, 10/25/32 (l)		42,486		42,529
Series 03-2 A2 2.868%, 3/25/43 (l)		521,080		521,905
Capital Auto Receivables Asset Trust,
Series 02-5 A4 2.920%, 4/15/08		4,000,000		3,992,795
CDC Mortgage Capital Trust,
Series 02-HE2 A 2.708%, 1/25/33 (l)		34,243		34,260
Cendant Mortgage Corp.,
Series 03-A A1 6.000%, 7/25/43§ (l)		556,815		570,949
Centex Home Equity,
Series 03-C AV 2.718%, 9/25/33 (l)		350,750		351,188
Chase Funding Loan Acquisition Trust,
Series 01-FF1 A2 2.658%, 4/25/31 (l)		24,872		24,895
Series 03-C1 2A2 2.748%, 1/25/33 (l)		3,187,397		3,192,334
Chase Issuance Trust,
Series 04-A9 A9 3.220%, 6/15/10		6,025,000		5,970,835
Citibank Credit Card Issuance Trust,
Series 00-A1 A1 6.900%, 10/15/07		5,200,000		5,355,400
Series 02-A5 A5 2.530%, 9/17/07 (l)		7,800,000		7,800,821
Series 03-A6 A6 2.900%, 5/17/10		2,475,000		2,409,669
Series 04-A1 A1 2.550%, 1/20/09		4,650,000		4,570,873
Series 04-A4 A4 3.200%, 8/24/09		7,200,000		7,131,504
Countrywide Asset-Backed Certificates,
Series 04-12 2AV1 2.568%, 1/25/24 (l)		3,862,398		3,865,063
Credit Suisse First Boston Mortgage Securities Corp.,
Series 01-HE17 A1 2.728%, 1/25/32 (l)		84,273		84,521
Series 02-9 2X 2.478%, 3/25/32§†		201,289		201,855
Series 02-HE4 A2 2.858%, 8/25/32 (l)		27,734		27,767
Series 02-P2A-A21 2.170%, 3/25/32§†		292,856		292,217
Series 02-P3 A 2.213%, 8/25/33§†(l)		462,645		459,123
Discover Card Master Trust I,
Series 00-1 A 2.573%, 8/16/07 (l)^		4,200,000		4,200,805
First Franklin Mortgage Loan Asset Backed Certificates,
Series 03-FF5 A2 2.820%, 3/25/34 (l)		603,229		600,698
Fremont Home Loan Trust,
Series 03-1 A2 2.758%, 2/25/33 (l)		348,491		349,091
GMAC Mortgage Corp. Loan Trust,
Series 99-HLTV A1 2.800%, 11/18/25 (l)		27,334		27,389
Goldman Sachs AMP Trust,
Series 02-NC1 A2 2.738%, 7/25/32 (l)		137,109		137,780
Home Equity Asset Trust,
Series 02-1 A4 2.718%, 11/25/32 (l)		70,818		70,793
Series 02-4 A2 2.828%, 3/25/33 (l)		147,133		147,393
Home Equity Mortgage Trust,
Series 03-5 A1 2.838%, 1/25/34 (l)		151,220		151,509
Household Mortgage Loan Trust,
Series 02-HC1 A 2.710%, 5/20/32 (l)		150,785		151,050
Irwin Home Equity,
Series 03-C 2A 2.938%, 6/25/28 (l)		215,889		215,625
MBNA Credit Card Master Note Trust,
Series 03-A6 A6 2.750%, 10/15/10		2,250,000		2,181,572
Series 03-A7 A7 2.650%, 11/15/10		6,150,000		5,935,631
Series 04-A4 A4 2.700%, 9/15/09		4,950,000		4,867,013
MBNA Master Credit Card Trust,
Series 96-M A 2.406%, 4/15/09 (l)		7,055,000		7,068,911
Merrill Lynch Mortgage Investors, Inc.,
Series 02-AFC1 AV1 2.551%, 4/25/31 (l)		22,514		22,673
Series 04-WMC4 A2B1 2.558%, 4/25/35 (l)		1,651,550		1,651,724
Morgan Stanley ABS Capital I,
Series 03-HE2 A2 2.758%, 8/25/33 (l)		377,844		378,463
Series 04-HE1 A3 2.578%, 1/25/34 (l)		381,925		381,975
Series 04-HE9 A3A 2.568%, 11/25/34 (l)		3,941,031		3,940,416

51

AXA PREMIER VIP TRUST

AXA PREMIER VIP CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Principal Amount		Value (Note 1)
Morgan Stanley Dean Witter Capital I,
Series 02-HE1 A2 2.748%, 7/25/32 (l)	$	74,336	$	74,502
Quest Trust,
Series 03-X3 A1 2.898%, 2/25/34§†(l)		513,311		509,893
Renaissance Home Equity Loan Trust,
Series 03-2A 2.858%, 8/25/33 (l)		208,636		208,640
Series 03-3 A 2.918%, 12/25/33 (l)		834,011		834,234
Residential Asset Mortgage Products, Inc.,
Series 03-RS11 AIIB 2.748%, 12/25/33 (l)		832,333		832,671
Residential Asset Securities Corp.,
Series 01-KS3 AII 2.648%, 9/25/31 (l)		194,323		194,497
Salomon Brothers Mortgage Securities VII,
Series 02-CIT1 A 2.718%, 3/25/32 (l)		377,068		376,838
Saxon Asset Securities Trust,
Series 02-1 AV2 2.688%, 1/25/32 (l)		81,656		81,598
Series 02-3 AV 2.818%, 12/25/32 (l)		89,583		89,711
SLM Student Loan Trust,
Series 02-4 A3 2.570%, 6/15/11 (l)		5,656,416		5,666,294
Series 04-6 A2 2.140%, 1/25/13 (l)		7,250,000		7,257,294
Series 04-9 A1 1.970%, 10/26/09 (l)		7,600,000		7,597,644
Structured Asset Securities Corp.,
Series 03-AL2 A 3.356%, 1/25/31§		1,249,360		1,191,180
Terwin Mortgage Trust,
Series 03-1SL A1 2.998%, 9/25/33§†(l)		8,485		8,493
Whole Auto Loan Trust,
Series 03-1 A3A 1.840%, 10/15/06		4,000,000		3,972,018
				113,139,288
Non-Agency CMO (5.8%)
Banc of America Alternative Loan Trust,
Series 04-5 4A1 5.000%, 6/25/19		2,231,536		2,263,983
Series 04-6 4A1 5.000%, 7/25/19		2,287,772		2,271,059
Bank of America Mortgage Securities,
Series 02-K 2A1 5.597%, 10/20/32 (l)		187,851		190,463
Bear Stearns Adjustable Rate Mortgage Trust,
Series 02-2 IIIA 6.936%, 6/25/31 (l)		4,236		4,456
Bear Stearns Alt-A Trust,
Series 03-7 IIA2 2.698%, 2/25/34 (l)		647,873		647,885
Bear Stearns Commercial Mortgage Securities,
Series 00-WF2 A2 7.320%, 10/15/32		2,890,000		3,297,970
Chase Commercial Mortgage Securities Corp.,
Series 00-1 A2 7.757%, 4/15/32^		890,000		1,008,802
Series 99-2 A2 7.198%, 1/15/32		530,000		596,957
Countrywide Alternative Loan Trust,
Series 03-J3 2A1 6.250%, 12/25/33		883,152		904,410
Countrywide Home Loan Mortgage Pass Through Trust,
Series 02-HYB2 6A1 4.973%, 9/19/32 (l)		68,119		68,251
Series 03-R4 2A 6.500%, 1/25/34§		733,235		760,268
Credit Suisse First Boston Mortgage Securities Corp.,
Series 02-AR2 2A1 2.818%, 2/25/32 (l)		8,890		8,896
Series 98-C2 A2 6.300%, 11/11/30		1,155,000		1,245,912
Credit-Based Asset Servicing and Securitization,
Series 02-CB1 A2A 2.758%, 8/25/29 (l)		54,225		54,278
DLJ Commercial Mortgage Corp.,
Series 98-CF1 A1B 6.410%, 2/18/31		3,520,000		3,759,594
Series 99-CG1 A1B 6.460%, 3/10/32		275,000		298,296
Series 99-CG2 A1B 7.300%, 6/10/32		3,770,000		4,240,034
First Horizon Asset Securities, Inc.,
Series 00-H 1A 7.000%, 9/25/30		18,771		18,727
First Republic Mortgage Loan Trust,
Series 01-FRB1 A 2.753%, 11/15/31 (l)		2,112,560		2,124,506
GMAC Commercial Mortgage Securities, Inc.,
Series 99-2 A2 6.945%, 9/15/33^		325,000		359,518
Series 99-C3 A2 7.179%, 8/15/36		3,645,443		4,070,390
Series 00-C1 A2 7.724%, 3/15/33		3,900,000		4,461,810
Series 00-C2 A2 7.455%, 8/16/33		3,430,000		3,940,320
Series 00-C3 A2 6.957%, 9/15/35		5,125,000		5,793,314
Greenwich Capital Commercial Funding Corp.,
Series 04-GG1 A4 4.755%, 6/10/36		3,180,000		3,250,748
GS Mortgage Securities Corp. II,
Series 03-GSFL VI A1 2.553%, 11/15/15^§ (l)		1,106,248		1,106,008
GSR Mortgage Loan Trust,
Series 04-9 4A1 4.072%, 8/25/34 (l)		9,023,511		8,939,413
Heller Financial Commercial Mortgage Asset Trust,
Series 99-PH1 A1 6.500%, 5/15/31		107,316		111,433
Series 99-PH1 A2 6.847%, 5/15/31		475,000		520,907
Impac CMB Trust,
Series 03-8 2A1 2.868%, 10/25/33 (l)		640,323		642,089
JPMorgan Chase Commercial Mortgage Securities Corp.,
Series 01-CIB2 A3 6.429%, 4/15/35		1,295,000		1,437,907
LB Commercial Conduit Mortgage Trust,
Series 98-C4 A1B 6.210%, 10/15/35		1,425,000		1,529,089
LB-UBS Commercial Mortgage Trust,
Series 03-C7 A2 4.064%, 9/15/27 (l)		1,730,000		1,730,747
Series 04-C8 A2 4.201%, 12/15/29^		4,020,000		4,031,939

52

AXA PREMIER VIP TRUST

AXA PREMIER VIP CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Principal Amount		Value (Note 1)
MASTR Alternative Loans Trust,
Series 04-4 1A1 5.500%, 5/25/34	$	2,154,889	$	2,149,848
Merrill Lynch Mortgage Investors, Inc.,
Series 03-A1 3A 4.910%, 12/25/32 (l)		936,411		934,565
Morgan Stanley Capital I,
Series 03-T11 A2 4.340%, 6/13/41		2,050,000		2,062,793
Series 98-WF1 A2 6.550%, 3/15/30		3,831,954		4,087,506
Paine Webber Mortgage Acceptance Corp.,
Series 99-C1 A2 6.820%, 4/15/09		283,500		310,322
Residential Accredit Loans, Inc.,
Series 03-QR19 CB1 5.750%, 10/25/33		2,157,340		2,211,648
Salomon Brothers Mortgage Securities VII,
Series 01-C2 A3 6.499%, 10/13/11		3,600,000		4,010,601
Sequoia Mortgage Trust,
Series 03-4 2A1 2.760%, 7/20/33 (l)		769,511		757,610
Series 10-2A1 2.790%, 10/20/27 (l)		719,633		721,465
Structured Asset Mortgage Investments, Inc.,
Series 02-AR3 A1 2.740%, 9/19/32 (l)		427,146		427,210
Structured Asset Securities Corp.,
Series 00-2A 7 2.066%, 1/21/09§ (l)		3,323,521		3,323,521
Series 01-3A 1A1 2.660%, 3/25/31 (l)		5,242		5,310
Series 02-9 A2 2.718%, 10/25/27 (l)		257,465		257,494
Series 02-HF1 A 2.708%, 1/25/33 (l)		292,896		292,796
Series 02-HF2 A1 2.918%, 7/25/32 (l)		198,866		199,281
Series 02-HF2 A3 2.918%, 7/25/32 (l)		379,735		380,528
Washington Mutual, Inc.,
Series 00-3A 3.095%, 12/25/40 (l)		370,418		369,572
Series 02-AR10 A6 4.816%, 10/25/32 (l)		615,919		616,966
Series 02-AR6 A 2.995%, 6/25/42 (l)		831,621		839,596
Series 02-AR9 1A 2.994%, 8/25/42 (l)		1,138,145		1,147,993
Series 03-R1 A1 2.688%, 12/25/27 (l)		2,613,603		2,610,769
Wells Fargo Mortgage Backed Securities Trust,
Series 04-K 1A2 4.487%, 7/25/34 (l)		7,394,394		7,247,774
				100,655,547
Total Asset-Backed and Mortgage-Backed Securities				213,794,835
Consumer Discretionary (1.8%)
Automobiles (0.9%)
DaimlerChrysler AG
7.450%, 3/1/27		330,000		366,913
DaimlerChrysler NA Holdings Corp.
2.750%, 9/26/05 (l)		1,490,000		1,496,696
2.940%, 9/10/07 (l)		725,000		727,375
4.050%, 6/4/08^		200,000		199,587
6.500%, 11/15/13^		165,000		178,962
Ford Motor Co.
7.450%, 7/16/31^		649,000		652,724
Ford Motor Credit Co.
7.500%, 3/15/05		2,290,000		2,309,559
7.600%, 8/1/05		7,495,000		7,669,918
6.875%, 2/1/06		1,000,000		1,030,200
General Motors Corp.
8.250%, 7/15/23^		630,000		656,253
				15,288,187
Hotels, Restaurants & Leisure (0.1%)
Caesars Entertainment, Inc.
7.875%, 12/15/05		900,000		933,750
7.500%, 9/1/09		500,000		556,250
Harrah’s Operating Co., Inc.
7.500%, 1/15/09		100,000		110,815
MGM Mirage, Inc.
6.625%, 2/1/05		790,000		792,072
				2,392,887
Media (0.8%)
AOL Time Warner, Inc.
6.125%, 4/15/06		415,000		429,716
Comcast Cable Communications, Inc.
6.375%, 1/30/06		190,000		196,259
Comcast Corp.
6.500%, 1/15/15		969,000		1,077,102
7.050%, 3/15/33^		560,000		640,768
Continental Cablevision, Inc.
8.300%, 5/15/06		770,000		817,978
Cox Communications, Inc.
4.625%, 1/15/10§		2,000,000		1,995,388
7.125%, 10/1/12^		115,000		128,899
Historic TW, Inc.
6.625%, 5/15/29^		200,000		215,502
News America Holdings, Inc.
7.750%, 1/20/24		145,000		171,953
News America, Inc.
5.300%, 12/15/14^§		1,125,000		1,138,274
7.125%, 4/8/28		275,000		309,107
7.300%, 4/30/28		425,000		486,986
7.280%, 6/30/28		525,000		599,981
Rogers Cablesystems Ltd.
10.000%, 3/15/05		350,000		354,812
TCI Communications, Inc.
7.875%, 8/1/13		130,000		155,869
7.875%, 2/15/26		1,070,000		1,313,987
7.125%, 2/15/28		360,000		406,824
Time Warner Cos., Inc.
8.180%, 8/15/07		300,000		333,172
7.570%, 2/1/24		10,000		11,763
6.950%, 1/15/28		1,505,000		1,679,342
Time Warner, Inc.
6.750%, 4/15/11		135,000		151,856
7.700%, 5/1/32		598,000		731,425
Turner Broadcasting System, Inc.
8.375%, 7/1/13		65,000		80,090
				13,427,053
Total Consumer Discretionary				31,108,127

53

AXA PREMIER VIP TRUST

AXA PREMIER VIP CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Principal Amount		Value (Note 1)
Consumer Staples (0.2%)
Beverages (0.1%)
Diageo Capital plc
3.375%, 3/20/08^	$	895,000	$	886,522
Food & Staples Retailing (0.1%)
Delhaize America, Inc.
7.375%, 4/15/06		750,000		787,482
Kroger Co.
6.800%, 4/1/11^		275,000		309,916
5.500%, 2/1/13^		1,078,000		1,130,158
				2,227,556
Food Products (0.0%)
General Mills, Inc.
5.125%, 2/15/07		750,000		770,038
Total Consumer Staples				3,884,116
Energy (0.3%)
Oil & Gas (0.3%)
Anadarko Finance Co.
7.500%, 5/1/31		455,000		563,720
Conoco Funding Co.
6.350%, 10/15/11		200,000		223,235
Conoco, Inc.
8.350%, 8/1/06		280,000		299,916
6.950%, 4/15/29		290,000		342,448
ConocoPhillips
7.000%, 3/30/29		30,000		35,529
Devon Financing Corp.
7.875%, 9/30/31		320,000		402,906
EnCana Corp.
6.500%, 8/15/34		375,000		411,676
Enterprise Products Operating LP
4.000%, 10/15/07§		575,000		573,596
Occidental Petroleum Corp.
8.450%, 2/15/29		155,000		209,968
Pioneer Natural Resources Co.
5.875%, 7/15/16^		400,000		417,885
Statoil ASA
5.125%, 4/30/14§		760,000		778,505
Suncor Energy, Inc.
5.950%, 12/1/34		260,000		272,573
Tosco Corp.
7.250%, 1/1/07		400,000		426,709
Total Energy				4,958,666
Financials (8.5%)
Capital Markets (0.3%)
Lehman Brothers Holdings, Inc.
7.000%, 2/1/08		340,000		371,480
Morgan Stanley
5.300%, 3/1/13		300,000		308,918
UBS AG/Connecticut
1.93%, 7/5/05 (l)		4,000,000		3,999,200
				4,679,598
Commercial Banks (3.2%)
American Express Bank FSB
2.493%, 11/21/07 (l)		2,750,000		2,750,798
American Express Centurion Bank
4.375%, 7/30/09		1,000,000		1,015,924
Bank of America Corp.
5.250%, 2/1/07^		375,000		388,203
3.875%, 1/15/08		1,175,000		1,184,164
6.250%, 4/1/08		425,000		456,933
4.375%, 12/1/10		275,000		275,819
7.400%, 1/15/11		1,660,000		1,922,907
5.375%, 6/15/14		380,000		396,559
Bank One NA/Illinois
3.700%, 1/15/08#		1,250,000		1,250,017
Bank One NA/Texas
6.250%, 2/15/08		1,000,000		1,066,080
BankBoston NA
6.375%, 4/15/08		625,000		673,832
Depfa ACS Bank
3.625%, 10/29/08		2,000,000		1,994,361
HBOS plc
3.125%, 1/12/07§		950,000		942,998
HBOS Treasury Services plc
3.600%, 8/15/07§		780,000		780,441
3.500%, 11/30/07§		1,285,000		1,280,545
HSBC Bank USA N.A.
2.590%, 9/21/07 (l)		2,325,000		2,325,986
3.875%, 9/15/09		2,300,000		2,279,949
HSBC Capital Funding LP
4.610%, 12/31/49§ (l)		550,000		530,896
National City Bank/Indiana
3.300%, 5/15/07		500,000		499,224
National City Bank/Ohio
3.375%, 10/15/07		1,575,000		1,566,399
National Westminster Bank plc
7.375%, 10/1/09^		725,000		825,367
Rabobank Capital Funding II
5.260%, 12/31/49§ (l)		1,080,000		1,098,889
State Street Bank & Trust Co.
2.410%, 12/11/06^ (l)		1,800,000		1,798,920
Suntrust Bank
2.530%, 6/2/09 (l)		650,000		651,580
4.415%, 6/15/09		980,000		996,364
SunTrust Banks, Inc.
3.625%, 10/15/07		1,610,000		1,606,228
4.000%, 10/15/08		895,000		903,249
U.S. Bancorp
3.950%, 8/23/07^		100,000		100,961
U.S. Bank NA
2.870%, 2/1/07		555,000		550,196
2.400%, 3/12/07		825,000		809,582
2.590%, 10/1/07 (l)		4,225,000		4,224,725
Wachovia Corp.
6.300%, 4/15/08 (l)		1,165,000		1,249,906
3.625%, 2/17/09		510,000		504,128
Wells Fargo & Co.
5.125%, 2/15/07		1,435,000		1,484,463
4.000%, 8/15/08		4,175,000		4,202,914
2.590%, 9/15/09 (l)		5,490,000		5,483,516
4.200%, 1/15/10		4,400,000		4,417,882
Wells Fargo Bank N.A.
7.800%, 6/15/10 (l)		200,000		204,186
				54,695,091
Consumer Finance (1.2%)
General Motors Acceptance Corp.
4.438%, 3/4/05 (l)		1,000,000		1,002,153
7.500%, 7/15/05^		2,450,000		2,500,470
3.329%, 10/20/05^(l)		2,630,000		2,639,694
6.750%, 1/15/06		3,600,000		3,693,168
5.625%, 5/15/09		555,000		555,020
7.250%, 3/2/11^		2,000,000		2,093,924
6.875%, 9/15/11		1,100,000		1,127,272
8.000%, 11/1/31		1,181,000		1,213,932
HSBC Finance Corp.
4.125%, 12/15/08		1,525,000		1,531,236
6.450%, 2/1/09		65,000		70,645
4.125%, 11/16/09		660,000		656,451
6.750%, 5/15/11		45,000		50,500
6.375%, 10/15/11		640,000		706,813
7.000%, 5/15/12		515,000		588,118
6.375%, 11/27/12^		225,000		248,599

54

AXA PREMIER VIP TRUST

AXA PREMIER VIP CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Principal Amount		Value (Note 1)
SLM Corp.
4.000%, 1/15/10	$	2,475,000	$	2,455,836
				21,133,831
Diversified Financial Services (2.7%)
Associates Corp. of North America
6.250%, 11/1/08		650,000		704,597
6.875%, 11/15/08		4,100,000		4,525,502
Bank One Corp.
6.000%, 8/1/08		715,000		765,252
Citicorp
7.750%, 6/15/06		25,000		26,548
Citigroup, Inc.
3.500%, 2/1/08^		3,580,000		3,564,037
3.625%, 2/9/09		980,000		971,597
6.200%, 3/15/09		905,000		983,591
2.590%, 6/9/09 (l)		6,450,000		6,459,791
Eksportfinans A/S
3.375%, 1/15/08		4,070,000		4,050,990
General Electric Capital Corp.
3.450%, 7/16/07		700,000		698,101
4.250%, 1/15/08		4,745,000		4,820,128
2.219%, 7/28/08 (l)		4,250,000		4,253,663
3.600%, 10/15/08		4,385,000		4,347,081
JPMorgan Chase & Co.
5.250%, 5/30/07		435,000		452,223
4.000%, 2/1/08		740,000		744,904
6.375%, 2/15/08^		775,000		829,841
3.625%, 5/1/08		1,100,000		1,092,204
MassMutual Global Funding II
2.550%, 7/15/08§		850,000		815,736
Nationwide Building Society
3.500%, 7/31/07§		1,975,000		1,966,035
New York Life Global Funding
3.875%, 1/15/09§		775,000		770,762
Pemex Finance Ltd.
9.030%, 2/15/11#		100,000		115,301
Racers,
Series 97-R-8-3 2.590%, 8/15/07§† (b)(l)		800,000		771,837
TIAA Global Markets
3.875%, 1/22/08§		1,895,000		1,906,749
UFJ Finance Aruba AEC
6.750%, 7/15/13		330,000		367,742
USAA Capital Corp.
4.000%, 12/10/07§		975,000		986,139
				46,990,351
Insurance (0.7%)
Allstate Financial Global Funding
6.150%, 2/1/06§		1,350,000		1,391,762
ASIF Global Financing
3.900%, 10/22/08^§		4,790,000		4,787,883
Aspen Insurance Holdings Ltd.
6.000%, 8/15/14^§		555,000		558,498
Berkshire Hathaway Finance Corp.
3.400%, 7/2/07§		2,140,000		2,134,941
Marsh & McLennan Cos., Inc.
5.375%, 3/15/07^		525,000		535,500
Metropolitan Life Global Funding I
4.750%, 6/20/07§		200,000		205,195
4.250%, 7/30/09§		800,000		805,247
Monumental Global Funding II
4.375%, 7/30/09§		800,000		803,362
Protective Life Secured Trust
3.700%, 11/24/08		730,000		727,857
XL Capital Ltd.
6.375%, 11/15/24		535,000		563,154
				12,513,399
Real Estate (0.4%)
Archstone-Smith Operating Trust (REIT)
5.625%, 8/15/14		725,000		753,211
AvalonBay Communities, Inc. (REIT)
6.625%, 9/15/11#		270,000		298,816
EOP Operating LP
7.000%, 7/15/11^		680,000		766,865
4.750%, 3/15/14		605,000		585,258
7.250%, 6/15/28		400,000		453,146
ERP Operating LP
6.625%, 3/15/12		445,000		496,360
5.200%, 4/1/13^		500,000		510,282
Rouse Co. (REIT)
3.625%, 3/15/09		1,160,000		1,093,583
Simon Property Group LP (REIT)
4.900%, 1/30/14^		270,000		265,984
7.375%, 6/15/18		505,000		580,613
				5,804,118
Total Financials				145,816,388
Government Securities (67.5%)
Agency CMO (2.1%)
Federal Home Loan Mortgage Corp.
5.000%, 11/15/17		2,660,000		2,708,341
2.753%, 12/15/29 (l)		60,204		60,342
6.000%, 12/15/29		168,627		169,699
5.500%, 1/15/31		3,900,000		4,037,551
6.500%, 7/25/43		1,786,809		1,868,332
Federal National Mortgage Association
6.000%, 12/25/08		68,859		69,403
3.000%, 8/25/09		500,000		498,246
3.500%, 4/25/17		1,380,638		1,377,705
5.000%, 3/25/18		1,190,000		1,196,468
4.500%, 9/25/18		1,500,000		1,461,602
6.000%, 8/25/28		4,264,967		4,395,647
5.310%, 8/25/33		2,900,000		2,919,437
5.500%, 1/25/34		4,240,000		4,364,571
6.500%, 7/25/34		2,740,000		2,872,150
Government National Mortgage Association
6.500%, 6/20/32		176,390		182,785
Small Business Administration
4.628%, 3/10/13		1,100,000		1,102,630
Small Business Administration Participation Certificates
4.930%, 1/1/24		947,763		958,857
4.340%, 3/1/24		5,893,127		5,746,678
				35,990,444
Foreign Governments (4.9%)
Bundesrepublik Deutschland
4.000%, 7/4/09	EUR	1,600,000		2,266,406
5.000%, 7/4/12	EUR	3,800,000		5,702,484
Federative Republic of Brazil
3.063%, 4/15/06 (l)	$	825,600		826,591
11.500%, 3/12/08		730,000		858,954
3.125%, 4/15/09 (l)		704,155		695,916
8.299%, 6/29/09 (l)		2,000,000		2,367,300
11.000%, 1/11/12		2,100,000		2,549,400
3.125%, 4/15/12 (l)		1,537,072		1,464,061
8.000%, 4/15/14		5,013,592		5,129,406
8.875%, 4/15/24		150,000		155,888
Government of Chile
5.500%, 1/15/13		1,000,000		1,050,700
Government of Croatia
2.813%, 7/31/06 (l)		41,305		41,305
2.813%, 7/31/10 (l)		1,235,455		1,235,455

55

AXA PREMIER VIP TRUST

AXA PREMIER VIP CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Principal Amount		Value (Note 1)
Israel Government AID Bond
5.500%, 4/26/24	$	1,950,000	$	2,034,178
5.500%, 9/18/33		1,945,000		2,042,098
Province of Ontario
3.375%, 1/15/08^		560,000		556,541
Quebec Province
5.000%, 7/17/09		550,000		574,514
Republic of Bulgaria
2.750%, 7/28/11 (l)		182,000		181,891
2.750%, 7/28/12 (l)		723,810		723,231
Republic of Italy
3.800%, 3/27/08	JPY	364,000,000		3,948,226
Republic of Panama
8.250%, 4/22/08	$	100,000		111,000
9.625%, 2/8/11		350,000		413,000
Republic of Peru
9.125%, 1/15/08		500,000		568,750
9.125%, 2/21/12		1,493,000		1,739,345
4.500%, 3/7/17 (l)		100,000		93,500
5.000%, 3/7/17 (l)		1,716,000		1,638,780
Republic of South Africa
7.375%, 4/25/12		60,000		68,724
6.500%, 6/2/14		1,480,000		1,620,600
Russian Federation
10.000%, 6/26/07 (m)		2,800,000		3,164,280
8.250%, 3/31/10 (m)		3,250,000		3,605,225
5.000%, 3/31/30 (e)(m)		5,220,000		5,399,568
Swedish Export Credit AB
2.875%, 1/26/07		850,000		841,474
Swedish Government
8.000%, 8/15/07	SEK	128,100,000		21,792,074
United Mexican States
2.753%, 1/13/09 (l)	$	950,000		962,825
10.375%, 2/17/09		2,550,000		3,127,192
8.375%, 1/14/11		565,000		663,593
5.875%, 1/15/14		915,000		937,417
8.125%, 12/30/19		1,180,000		1,384,730
8.000%, 9/24/22		1,175,000		1,355,363
				83,891,985
Municipal Bonds (1.2%)
California State Department Water Reserves Power Supply, Series E
3.975%, 5/1/05		250,000		250,785
California State Economic Recovery, Series A
5.000%, 7/1/09		4,000,000		4,386,840
5.000%, 7/1/12		1,600,000		1,783,664
5.250%, 7/1/13		250,000		281,108
Clark County, Nevada School District, Series C
5.375%, 6/15/13		1,010,000		1,144,512
Cook County, Illinois, Series B
5.000%, 11/15/12		1,245,000		1,378,638
Energy NorthWest Washington Electric
5.500%, 7/1/14		1,000,000		1,137,780
Florida State Board of Education
5.000%, 6/1/33		320,000		329,424
Florida State Turnpike Authority
5.000%, 7/1/33		80,000		82,066
Golden State Tobacco Securitization Corp./CA
6.750%, 6/1/39		730,000		732,270
7.900%, 6/1/42		230,000		249,828
Honolulu, Hawaii City & County Board
5.000%, 7/1/10		700,000		771,106
Los Gatos, California Union School District
5.000%, 8/1/30		160,000		164,829
Michigan State Building Authority
5.250%, 10/15/12		1,550,000		1,751,236
New York City Municipal Water Finance Authority
5.000%, 6/15/29		300,000		306,156
5.000%, 6/15/34		520,000		530,031
5.125%, 6/15/34		200,000		207,828
New York State Environmental Facilities Corp.
5.000%, 6/15/32		210,000		216,707
Salt River Project Agricultural Improvement & Power District/ Arizona
5.000%, 1/1/31		350,000		359,506
San Francisco/CA City & County Public Utilities Commission
5.000%, 11/1/32		300,000		306,999
South Carolina Transportation Infrastructure
5.000%, 10/1/33		190,000		195,406
State of New Jersey Transportation Trust Fund Authority
5.000%, 6/15/11		1,550,000		1,694,290
Tobacco Settlement Financing Corp./NJ
6.000%, 6/1/37		250,000		228,165
6.750%, 6/1/39		795,000		794,944
6.250%, 6/1/43		1,930,000		1,813,158
				21,097,276
Supranational (0.2%)
Export-Import Bank of China
5.250%, 7/29/14§		3,700,000		3,776,009
U.S. Government Agencies (25.7%)
Federal Home Loan Bank
1.958%, 1/5/05 (l)		24,400,000		24,399,405
2.450%, 3/21/05 (l)		10,000,000		9,999,570
Federal Home Loan Mortgage Corp.
2.090%, 2/4/05 (l)		9,800,000		9,798,009
3.500%, 4/1/08		1,125,000		1,118,609
6.875%, 7/15/08		13,450		14,088
3.875%, 1/12/09^		2,875,000		2,863,138
4.000%, 6/1/10		1,725,806		1,718,847
4.750%, 12/8/10^		4,415,000		4,437,309
4.500%, 12/16/10^		12,260,000		12,248,292
4.125%, 2/24/11^		3,325,000		3,273,748
4.625%, 5/28/13		850,000		844,606
6.000%, 1/1/14		65,605		68,818
5.500%, 2/1/14		662,993		686,687
6.000%, 7/1/14		37,272		39,082
6.000%, 2/1/17		1,550,929		1,624,512
6.000%, 3/1/17		12,291		12,874
6.500%, 3/1/17		130,268		137,954
6.000%, 4/1/17		1,086,208		1,137,744
6.000%, 5/1/17		10,727		11,236
6.000%, 7/1/17		158,067		165,569
6.000%, 8/1/17		213,824		223,970
5.500%, 11/1/17		234,409		242,410
4.000%, 5/1/18		935,237		916,128
4.500%, 4/1/19		400,383		399,294
4.000%, 5/1/19		471,182		460,987
4.500%, 5/1/19		2,420,710		2,414,125
4.500%, 6/1/19		848,172		846,521
6.500%, 4/1/31		3,676		3,858
5.639%, 11/1/31 (l)		216,783		222,599
5.500%, 9/1/33		335,970		341,620
5.500%, 12/1/33		1,179,614		1,199,450
5.000%, 4/1/34		7,113,683		7,069,007
6.000%, 5/1/34		520,236		537,673
5.500%, 1/15/20 TBA		300,000		309,750
5.500%, 1/15/35 TBA		4,000,000		4,062,500

56

AXA PREMIER VIP TRUST

AXA PREMIER VIP CORE BOND

PORTFOLIO PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Principal Amount		Value (Note 1)
Federal National Mortgage Association
2.350%, 4/29/06	$	5,065,000	$	5,015,601
2.710%, 1/30/07		12,775,000		12,630,655
2.350%, 4/5/07		6,220,000		6,090,039
3.125%, 3/16/09^		2,180,000		2,118,308
6.625%, 9/15/09^		1,300,000		1,451,546
7.125%, 6/15/10		5,935,000		6,821,820
6.000%, 5/15/11^		1,295,000		1,424,755
5.500%, 7/18/12		625,000		632,534
4.750%, 2/21/13^		775,000		770,326
6.000%, 4/1/14		1,118,710		1,173,000
7.000%, 4/1/15		170,986		181,293
6.000%, 3/1/16		29,902		31,363
6.000%, 4/1/16		3,756		3,938
7.000%, 4/1/16		202,277		214,470
6.000%, 8/1/16		143,777		150,754
6.000%, 11/1/16		735,159		770,836
5.500%, 2/1/17		930,303		962,490
6.000%, 2/1/17		725,471		760,677
6.000%, 5/1/17		31,294		32,811
5.500%, 6/1/17		247,152		255,627
6.000%, 7/1/17		318,396		333,830
5.500%, 8/1/17		208,815		215,975
6.000%, 8/1/17		477,670		500,824
6.000%, 9/1/17		1,370,706		1,437,147
5.500%, 10/1/17		599,961		620,717
6.000%, 10/1/17		149,129		156,358
6.000%, 11/1/17		838,531		879,177
5.500%, 12/1/17		15,563		16,101
5.000%, 1/1/18		3,186,354		3,238,929
5.500%, 1/1/18		870,369		900,264
6.000%, 1/1/18		815,983		855,536
5.500%, 2/1/18		11,499		11,894
6.000%, 2/1/18		261,848		274,556
5.000%, 3/1/18		6,375,160		6,483,295
6.000%, 3/1/18		13,950		14,625
4.500%, 4/1/18		521,892		521,406
5.500%, 4/1/18		3,233,810		3,344,889
4.500%, 5/1/18		866,550		866,717
5.000%, 6/1/18		901,090		916,374
5.500%, 6/1/18		662,925		685,696
4.000%, 8/1/18		2,922,561		2,858,430
6.000%, 8/1/18		513,992		538,881
4.000%, 10/1/18		89,391		87,429
4.500%, 10/1/18		457,732		457,306
5.500%, 10/1/18		22,178		22,940
5.500%, 11/1/18		838,770		867,581
5.500%, 12/1/18		670,674		693,711
4.500%, 2/1/19		1,085,572		1,082,082
4.500%, 3/1/19		415,438		414,102
5.500%, 3/1/19		892,725		923,504
4.500%, 4/1/19		3,715,619		3,703,670
5.500%, 4/1/19		1,410,607		1,459,411
4.500%, 5/1/19		268,480		267,617
5.000%, 5/1/19		727,745		739,865
5.500%, 5/1/19		378,549		391,478
6.000%, 5/1/19		158,310		165,993
5.000%, 6/1/19		93,402		94,958
5.500%, 6/1/19		924,871		956,640
5.500%, 7/1/19		3,350,310		3,465,050
4.500%, 8/1/19		466,152		464,961
5.500%, 8/1/19		7,262,550		7,510,599
5.500%, 9/1/19		11,944,855		12,352,826
3.839%, 1/1/28 (l)		411,864		425,545
6.500%, 9/1/30		1,312		1,378
6.500%, 2/1/31		2,926		3,072
6.500%, 8/1/31		1,853		1,944
7.000%, 8/1/31		108,155		114,689
6.500%, 2/1/32		1,934,434		2,030,421
6.500%, 3/1/32		929,258		975,368
7.000%, 3/1/32		192,510		204,075
7.000%, 4/1/32		401,899		426,107
6.500%, 6/1/32		716,197		751,735
7.000%, 7/1/32		119,377		126,551
6.500%, 8/1/32		530,381		556,780
6.500%, 9/1/32		4,563,667		4,790,116
7.000%, 10/1/32		121,692		129,023
6.500%, 11/1/32		503,067		528,028
6.500%, 12/1/32		155,178		162,878
6.500%, 2/1/33		165,805		173,934
3.066%, 3/1/33 (l)		393,233		395,682
5.156%, 4/1/33 (l)		516,664		527,807
5.500%, 6/1/33		414,707		421,376
5.500%, 8/1/33		2,178,890		2,213,253
6.500%, 10/1/33		291,660		305,960
5.500%, 1/1/34		279,725		284,223
5.000%, 2/1/34		979,362		972,194
5.500%, 2/1/34		2,002,209		2,033,857
5.000%, 3/1/34		13,641,814		13,538,655
5.500%, 3/1/34		8,117,014		8,245,316
5.000%, 4/1/34		3,737,153		3,711,233
5.500%, 4/1/34		5,458,050		5,544,323
5.000%, 5/1/34		3,136,588		3,113,632
5.500%, 5/1/34		12,035,416		12,225,654
5.000%, 6/1/34		25,903		25,713
5.500%, 6/1/34		8,717,879		8,855,678
5.000%, 7/1/34		1,098,677		1,090,636
5.500%, 7/1/34		9,204,914		9,350,412
6.500%, 7/1/34		234,317		245,808
5.000%, 8/1/34		1,951,409		1,937,127
5.500%, 8/1/34		485,211		492,880
5.000%, 9/1/34		4,263,512		4,232,309
6.500%, 9/1/34		874,693		917,590
7.000%, 9/1/34		181,601		192,438
5.000%, 10/1/34		5,499,895		5,459,644
5.000%, 11/1/34		10,253,753		10,178,712
5.000%, 12/1/34		773,959		768,295
5.194%, 12/1/40 (l)		581,647		603,404
4.000%, 1/25/20 TBA		3,200,000		3,124,000
5.000%, 1/25/20 TBA		16,400,000		16,656,250
4.500%, 1/25/35 TBA		3,300,000		3,188,625
5.000%, 1/25/35 TBA		1,800,000		1,785,375
5.500%, 1/25/35 TBA		38,030,000		38,681,913
6.000%, 1/25/35 TBA		15,900,000		16,436,625
6.500%, 1/25/35 TBA		15,700,000		16,460,477
Government National Mortgage Association
3.750%, 7/20/27 (l)		26,121		26,423
6.000%, 11/15/28		44,322		45,968
6.000%, 1/15/29		105,580		109,731
6.000%, 2/15/29		41,795		43,347
6.500%, 5/15/29		43,881		46,202
6.000%, 6/15/29		55,936		58,013
7.000%, 4/15/31		87,586		93,094
6.500%, 6/15/31		200,020		210,740
7.000%, 9/15/31		123,469		131,266
7.000%, 10/15/31		13,780		14,647
6.000%, 11/15/31		28,570		29,660
6.000%, 12/15/31		181,478		188,404
7.000%, 2/15/32		110,015		116,924
7.000%, 4/15/32		82,945		88,154
6.000%, 5/15/32		16,362		16,978
7.000%, 5/15/32		77,598		82,482
6.000%, 11/15/32		522,897		542,578
5.000%, 12/15/32		192,446		192,839
5.500%, 12/15/32		2,675,363		2,737,067

57

AXA PREMIER VIP TRUST

AXA PREMIER VIP CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Principal Amount		Value (Note 1)
Government National Mortgage Association
5.500%, 1/15/33	$	355,700	$	363,474
6.000%, 1/15/33		823,249		853,772
5.000%, 2/15/33		273,287		273,877
7.000%, 2/15/33		148,069		157,352
6.000%, 3/15/33		2,102,203		2,180,146
5.000%, 4/15/33		177,364		177,747
5.500%, 4/15/33		280,457		286,586
5.000%, 6/15/33		252,248		252,792
5.000%, 7/15/33		1,078,327		1,080,382
5.500%, 7/15/33		295,583		302,176
5.000%, 8/15/33		5,873,951		5,886,630
5.000%, 9/15/33		6,107,385		6,120,567
5.500%, 9/15/33		179,855		183,867
6.000%, 11/15/33		252,770		262,142
5.500%, 12/15/33		2,712,278		2,774,683
5.500%, 2/15/34		4,009,378		4,101,627
6.000%, 1/15/35 TBA		4,400,000		4,558,127
6.500%, 1/15/35 TBA		1,500,000		1,577,813
Housing Urban Development
5.380%, 8/1/18		1,660,000		1,679,792
Resolution Funding Corp.
(Zero Coupon), 7/15/18		75,000		38,207
(Zero Coupon), 10/15/18		75,000		37,630
Small Business Administration
4.524%, 2/10/13		1,347,136		1,347,500
4.504%, 2/1/14		1,078,257		1,069,942
				443,096,244
U.S. Treasuries (33.4%)
U.S. Treasury Bonds
10.375%, 11/15/12^		6,280,000		7,487,430
12.000%, 8/15/13^		5,785,000		7,455,870
8.125%, 8/15/19^		5,585,000		7,623,089
8.500%, 2/15/20^		5,255,000		7,416,529
8.000%, 11/15/21^		7,570,000		10,391,301
6.250%, 8/15/23^		5,850,000		6,848,841
6.000%, 2/15/26^		7,415,000		8,493,942
6.750%, 8/15/26^		2,490,000		3,105,886
6.125%, 11/15/27^		5,795,000		6,768,154
5.500%, 8/15/28^		3,040,000		3,290,326
5.375%, 2/15/31^		31,015,000		33,537,388
Inflation Indexed
2.375%, 1/15/25^		11,442,154		12,235,507
U.S. Treasury Notes
2.500%, 5/31/06^		17,720,000		17,618,252
2.750%, 6/30/06^		1,020,000		1,017,251
2.375%, 8/31/06^		21,790,000		21,572,950
2.500%, 9/30/06^		43,855,000		43,476,400
2.500%, 10/31/06^		56,715,000		56,185,509
2.875%, 11/30/06		275,850,000		274,987,969
3.000%, 11/15/07^		3,705,000		3,682,133
3.500%, 11/15/09^		6,915,000		6,882,582
3.500%, 12/15/09^		1,030,000		1,025,011
Inflation Indexed
0.875%, 4/15/10^		21,963,718		21,750,077
3.500%, 1/15/11^		6,579,960		7,472,880
3.375%, 1/15/12^		6,481,768		7,378,073
				577,703,350
Total Government Securities				1,165,555,308
Health Care (0.3%)
Health Care Equipment & Supplies (0.0%)
Boston Scientific Corp.
5.450%, 6/15/14		490,000		509,034
Health Care Providers & Services (0.2%)
HCA, Inc.
6.910%, 6/15/05		2,000,000		2,029,308
WellPoint, Inc.
5.950%, 12/15/34§		930,000		938,147
				2,967,455
Pharmaceuticals (0.1%)
Bristol-Myers Squibb Co.
6.875%, 8/1/97		150,000		172,059
Merck & Co., Inc.
4.375%, 2/15/13^		905,000		883,157
Wyeth
6.500%, 2/1/34^		615,000		656,139
				1,711,355
Total Health Care				5,187,844
Industrials (0.6%)
Aerospace & Defense (0.2%)
Lockheed Martin Corp.
8.500%, 12/1/29		545,000		745,710
7.200%, 5/1/36		170,000		206,400
Northrop Grumman Corp.
4.079%, 11/16/06		1,105,000		1,116,166
7.125%, 2/15/11		255,000		292,641
7.750%, 2/15/31		275,000		352,085
				2,713,002
Airlines (0.1%)
Continental Airlines, Inc.
7.056%, 3/15/11		850,000		873,314
Delta Air Lines, Inc.,
Series 00-1 7.570%, 11/18/10^		500,000		493,202
United Air Lines, Inc.,
Series 00-2 7.186%, 4/1/11 (h)		515,328		468,238
Series 01-1 6.602%, 9/1/13 (h)		475,000		446,598
				2,281,352
Industrial Conglomerates (0.3%)
General Electric Co.
5.000%, 2/1/13		1,081,000		1,109,068
Tyco International Group S.A.
6.375%, 6/15/05		2,900,000		2,942,311
6.125%, 11/1/08		500,000		538,700
				4,590,079
Road & Rail (0.0%)
Burlington Northern Santa Fe Corp.
4.875%, 1/15/15		550,000		547,973
Canadian National Railway Co.
4.400%, 3/15/13		100,000		97,860
				645,833
Total Industrials				10,230,266
Materials (0.0%)
Paper & Forest Products (0.0%)
Georgia-Pacific Corp.
7.500%, 5/15/06		465,000		487,087
Total Materials				487,087
Telecommunication Services (1.0%)
Diversified Telecommunication Services (0.9%)
AT&T Corp.
9.050%, 11/15/11		80,000		92,100
9.750%, 11/15/31		698,000		833,237
BellSouth Corp.
4.200%, 9/15/09		650,000		651,698
6.550%, 6/15/34^		350,000		381,376

58

AXA PREMIER VIP TRUST

AXA PREMIER VIP CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Principal Amount		Value (Note 1)
British Telecommunications plc
8.875%, 12/15/30	$	15,000	$	20,085
Citizens Communications Co.
9.000%, 8/15/31		65,000		74,263
Deutsche Telekom International Finance BV
8.250%, 6/15/05		375,000		383,739
8.250%, 6/15/30		15,000		19,807
France Telecom S.A.
9.250%, 3/1/31		150,000		203,339
MCI, Inc.
6.908%, 5/1/07		12,000		12,285
7.688%, 5/1/09		12,000		12,420
New England Telephone & Telegraph
7.875%, 11/15/29		25,000		30,184
Qwest Corp.
6.625%, 9/15/05		800,000		816,000
SBC Communications, Inc.
4.206%, 6/5/05§		3,150,000		3,168,112
4.125%, 9/15/09		305,000		304,443
6.450%, 6/15/34^		325,000		348,194
Telecom Italia Capital S.A.
4.000%, 1/15/10§		410,000		402,000
4.950%, 9/30/14^§		300,000		293,922
6.000%, 9/30/34§		1,275,000		1,246,510
Telefonica Europe BV
8.218%, 8/1/15		550,000		644,980
Verizon Global Funding Corp.
7.750%, 12/1/30^		210,000		261,098
Verizon Maryland, Inc.
5.125%, 6/15/33		465,000		417,114
Verizon New Jersey, Inc.
5.875%, 1/17/12		2,460,000		2,613,666
Verizon Wireless Capital LLC
2.415%, 5/23/05§ (l)		2,350,000		2,349,373
				15,579,945
Wireless Telecommunication Services (0.1%)
Vodafone Group plc
7.750%, 2/15/10		1,985,000		2,303,507
Total Telecommunication Services				17,883,452
Utilities (0.8%)
Electric Utilities (0.6%)
Appalachian Power Co.
3.600%, 5/15/08		650,000		642,238
Dayton Power & Light Co.
5.125%, 10/1/13 (b)(m)		900,000		893,342
Entergy Gulf States, Inc.
3.600%, 6/1/08		900,000		885,424
Exelon Corp.
6.750%, 5/1/11		225,000		251,690
FirstEnergy Corp.
7.375%, 11/15/31		635,000		725,160
Florida Power Corp.
5.900%, 3/1/33		275,000		285,243
Jersey Central Power & Light Co.
7.500%, 5/1/23		1,620,000		1,672,229
Ohio Edison Co.
5.450%, 5/1/15		150,000		152,152
Pacific Gas & Electric Co.
3.260%, 4/3/06 (l)		213,000		213,175
Pepco Holdings, Inc.
6.450%, 8/15/12		2,130,000		2,353,595
Progress Energy, Inc.
7.750%, 3/1/31		705,000		846,096
TXU Corp.
6.500%, 11/15/24^§		1,100,000		1,101,836
Virginia Electric & Power Co.
5.750%, 3/31/06		345,000		355,161
				10,377,341
Multi-Utilities & Unregulated Power (0.2%)
Consolidated Natural Gas Co.
6.850%, 4/15/11		100,000		112,853
5.000%, 3/1/14		250,000		250,584
Dominion Resources, Inc.
5.125%, 12/15/09		150,000		155,205
5.700%, 9/17/12		400,000		423,522
Illinova Corp.
6.750%, 3/15/05		800,000		805,790
Ipalco Enterprises, Inc.
8.375%, 11/14/08		190,000		213,750
PSEG Power LLC
6.950%, 6/1/12^		400,000		450,736
Texas Eastern Transmission LP
5.250%, 7/15/07		120,000		124,117
				2,536,557
Total Utilities				12,913,898
Total Long-Term Debt Securities (93.4%) (Cost $1,600,835,460)				1,611,819,987
SHORT-TERM DEBT SECURITIES:
Certificates of Deposit (0.5%)
Citibank N.A.
2.03%, 1/24/05		8,400,000		8,398,777
Commercial Paper (8.6%)
CDC Commercial Paper Corp.
2.26%, 2/7/05 (n)		21,700,000		21,648,360
2.23%, 2/23/05 (n)		1,700,000		1,694,326
Ford Motor Credit Co.
2.69%, 4/8/05		1,600,000		1,588,384
Fortis Funding LLC
2.18%, 1/25/05§		12,000,000		11,981,852
General Electric Capital Corp.
2.28%, 3/11/05		15,500,000		15,431,490
2.40%, 3/15/05		9,900,000		9,851,418
HBOS Treasury Services plc
2.12%, 1/26/05		3,700,000		3,694,354
Rabobank USA Finance Corp.
2.17%, 1/3/05		20,900,000		20,896,221
2.16%, 1/27/05		4,200,000		4,193,215
Santander Central Hispano International Ltd.
2.16%, 1/14/05		2,200,000		2,198,157
Skandinaviska Enskilda Banken AB
2.19%, 1/27/05 (n)		22,200,000		22,163,643
Spintab AB
2.15%, 1/26/05		11,800,000		11,781,744
UBS Finance Delaware LLC
2.20%, 1/3/05		200,000		199,963
2.39%, 1/5/05		6,400,000		6,397,875
2.14%, 1/24/05		200,000		199,715
2.18%, 1/25/05		100,000		99,849
2.40%, 4/14/05		15,100,000		14,996,112
Total Commercial Paper				149,016,678
Government Securities (14.2%)
Federal Home Loan Bank
1.03%, 1/3/05 (o)		150,800,000		150,787,034
Federal National Mortgage Association
1.99%, 1/3/05 (o)		15,000,000		14,997,514
2.20%, 3/9/05 (o)		16,900,000		16,828,597
2.22%, 3/16/05 (o)		17,100,000		17,019,972

59

AXA PREMIER VIP TRUST

AXA PREMIER VIP CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Principal Amount			Value (Note 1)
2.23%, 3/23/05 (o)	$	8,600,000		$	8,555,839
2.24%, 3/30/05 (o)		23,600,000			23,468,076
2.46%, 5/4/05 (o)^		6,300,000			6,246,639
U.S. Treasury Bills
1.94%, 3/3/05^#(a)		7,420,000			7,394,824
1.98%, 3/17/05		300,000			298,727
Total Government Securities					245,597,222
	Number of Shares
Short-Term Funds of Cash Collateral for Securities Loaned (0.1%)
JPMorgan Securities Lending Collateral Investment Fund		1,386,590			1,386,590
	Principal Amount
Short-Term Investments of Cash Collateral for Securities Loaned (4.2%)
Banca Intesa S.p.A.
2.34%, 2/2/05	$	2,039,102			2,039,102
Capital One Corp., Series 02-A2 A2
2.40%, 9/15/05 (l)		1,633,676			1,633,676
Citigroup Global Markets, Inc.
2.38%, 1/7/05 (l)		2,039,102			2,039,102
Deutsche Bank Securities, Inc.
2.31%, 2/1/05		3,915,076			3,915,076
Fortis Bank
2.39%, 2/16/05		2,039,102			2,039,102
Greenwich Capital Holdings, Inc.
2.38%, 1/3/05		42,265,828			42,265,828
Halogen Funding Co. LLC
2.44%, 1/14/05		1,631,327			1,631,327
Hartford Life, Inc.
2.41%, 1/2/06 (l)		652,513			652,513
Lehman Brothers, Inc.
2.49%, 3/31/05 (l)		285,474			285,474
Monte dei Paschi
2.42%, 2/22/05		2,039,102			2,039,102
Monumental Global Funding II
1.98%, 7/1/05 (l)		898,320			898,320
New York Life Insurance Co.
2.39%, 3/31/05 (l)		2,039,102			2,039,102
Nordea Bank N.Y.
2.35%, 9/6/05 (l)		2,038,370			2,038,370
Raiffeisen Zentralbank Oesterreich AG
2.36%, 2/2/05		2,039,102			2,039,102
Skandinaviska Enskilda Banken AB
2.35%, 1/31/05		2,039,102			2,039,102
Sun Trust Bank/Atlanta, Georgia
2.30%, 5/17/06 (l)		2,039,102			2,039,102
WestLB Covered Bond Bank plc
2.35%, 2/7/05		2,031,150			2,031,150
Total Short-Term Investments of Cash Collateral for Securities Loaned					71,664,550
Time Deposit (4.4%)
JPMorgan Chase Nassau, 1.74%, 1/3/05		75,727,260			75,727,260
Total Short-Term Debt Securities (32.0%) (Amortized Cost $551,791,077)					551,791,077
	Number of Contracts(c)			Value (Note 1)
OPTIONS PURCHASED:
Call Options Purchased (0.0%)
U.S. Treasury Bonds
March-2005@ $115.00*		20		$	10,937
March-2005@ $116.00*		9			3,094
Total Options Purchased (0.0%) (Cost $25,259)					14,031
Total Investments before Options Written and Securities Sold Short (125.8%) (Cost/Amortized Cost $ 2,159,251,796)					2,171,107,845
OPTIONS WRITTEN:
Call Options Written (-0.0%)
U.S. 10 Year Treasury Notes Futures
March-2005@ $113.00*		(35	)		(17,500	)
March-2005@ $114.00*		(601	)		(140,860	)
					(158,360	)
Put Options Written (-0.0%)
U.S. 10 Year Treasury Notes Futures
March-2005@ $108.00*		(404	)		(37,876	)
March-2005@ $109.00*		(181	)		(31,109	)
					(68,985	)
Total Options Written (-0.0%) (Premiums Received $ 448,072)					(227,345	)
Total Investments before Securities Sold Short (125.8%) (Cost/Amortized Cost $ 2,158,803,724)					2,170,880,500
	Principal Amount
SECURITIES SOLD SHORT:
U.S. Government Agencies (-3.6%)
Federal Home Loan Mortgage Corp.
4.500%, 1/15/20 TBA	$	(200,000	)		(199,250	)
5.000%, 1/15/35 TBA		(900,000	)		(893,531	)
5.500%, 1/15/35 TBA		(1,500,000	)		(1,523,437	)
6.000%, 1/15/35 TBA		(500,000	)		(516,406	)
Federal National Mortgage Association
4.500%, 1/25/20 TBA		(7,400,000	)		(7,374,559	)
5.500%, 1/25/20 TBA		(11,600,000	)		(11,984,250	)
6.000%, 1/25/20 TBA		(4,100,000	)		(4,294,750	)
5.500%, 1/25/35 TBA		(28,200,000	)		(28,623,000	)
Government National Mortgage Association
5.500%, 1/15/35 TBA		(6,300,000	)		(6,427,966	)
Total Securities Sold Short (-3.6%) (Proceeds Received $ 61,819,413)					(61,837,149	)
Total Investments after Options Written (122.2%) (Cost/Amortized Cost $ 2,096,984,311)					2,109,043,351
Other Assets Less Liabilities (-22.2%)					(382,736,332	)
Net Assets (100%)				$	1,726,307,019

60

AXA PREMIER VIP TRUST

AXA PREMIER VIP CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

* Non-income producing.

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

† Securities (totaling $2,243,418 or 0.13% of net assets) valued at fair value.

§ Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2004, the market value of these securities amounted to $60,704,946 or 3.52% 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 security 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.

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

(b) Illiquid security.

(c) One contract relates to 100 shares.

(d) Covered call option contracts written in connection with securities held.

(e) Step Bond - Coupon rate increases in increments to maturity. Rate disclosed is as of December 31, 2004. Maturity date disclosed is the ultimate maturity date.

(h) Security in default. Non-income producing.

(l) Floating Rate Security. Rate disclosed is as of December 31, 2004.

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

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

(o) Discount Note Security. Effective rate calculated as of December 31, 2004.

Glossary:

CMO — Collaterized Mortgage Obligation

EUR — European Currency Unit

JPY — Japanese Yen

REIT — Real Estate Investment Trust

SEK — Swedish Krona

TBA — Security is subject to delayed delivery.

At December 31, 2004 the Portfolio had the following futures contracts open: (Note 1)

	Number of Contracts	Expiration Date	Original Value		Value at 12/31/04		Unrealized Appreciation/ (Depreciation)
Purchases
EURO-BOBL	179	March-05	$	27,410,863	$	27,469,220	$	58,357
U.S. Treasury Bonds	251	March-05		27,881,569		28,237,500		355,931
U.S. 5 Year Treasury Notes	1,061	March-05		116,031,756		116,212,656		180,900
U.S. 10 Year Treasury Notes	752	March-05		84,240,203		84,177,000		(63,203	)
EURODollar	898	September-05		216,412,985		216,889,450		476,465
EURODollar	292	December-05		69,994,225		70,401,200		406,975
							$	1,415,425
Sales
U.S. 2 Year Treasury Notes	14	March-05	$	2,938,012	$	2,934,313	$	3,699
U.S. 5 Year Treasury Notes	571	March-05		62,213,593		62,542,344		(328,751	)
U.S. 10 Year Treasury Notes	49	March-05		5,467,009		5,484,937		(17,928	)
							$	(342,980	)

At December 31, 2004 the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)

	Local Contract Amount (000’s)	Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation/ (Depreciation)
Foreign Currency Buy Contracts
European Union, expiring 1/10/05	743	$	984,776	$	1,009,953	$	25,177
Foreign Currency Sell Contracts
European Union, expiring 1/10/05	3,552		4,733,941		4,828,198		(94,257	)
Japanese Yen, expiring 1/27/05	52,163		502,761		509,906		(7,145	)
						$	(101,402	)

61

AXA PREMIER VIP TRUST

AXA PREMIER VIP CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

Options written for the year ended December 31, 2004, were as follows:

	Total Number of Contracts		Total Premiums Received
Options Outstanding—January 1, 2004	5,620,052		$	109,703
Options Written	4,403,697			2,268,069
Options Terminated in Closing Purchase Transactions	(5,620,388	)		(483,494	)
Options Expired	(4,402,116	)		(1,422,657	)
Options Exercised	(24	)		(23,549	)
Options Outstanding—December 31, 2004	1,221		$	448,072

Investment security transactions for the year ended December 31, 2004 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	3,219,800,536
U.S. Government securities		5,203,679,190
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		2,913,459,298
U.S. Government securities		4,903,622,009

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	14,945,338
Aggregate gross unrealized depreciation		(4,609,026	)
Net unrealized appreciation	$	10,336,312
Federal income tax cost of investments	$	2,160,771,533

At December 31, 2004, the Portfolio had loaned securities with a total value $346,837,813. This was secured by collateral of $353,645,815 of which $73,051,140 was received in cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $280,594,675 was received in the form of short-term pooled securities, which the Portfolio cannot sell or repledge and accordingly are not reflected in the Portfolio’s assets and liabilities.

See Notes to Financial Statements.

62

AXA PREMIER VIP TRUST

AXA PREMIER VIP HEALTH CARE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Staples (0.3%)
Food & Staples Retailing (0.3%)
Rite Aid Corp.*	247,400	$	905,484
Total Consumer Staples			905,484
Health Care (95.5%)
Biotechnology (15.0%)
Abgenix, Inc.*	26,600		275,044
Amgen, Inc.*	104,340		6,693,411
Amylin Pharmaceuticals, Inc.*^	65,710		1,534,986
Anadys Pharmaceuticals, Inc.*	100		741
Applera Corp.- Celera Genomics Group*	91,800		1,262,250
Biogen Idec, Inc.*	69,130		4,604,749
Cephalon, Inc.*^	16,000		814,080
Ciphergen Biosystems, Inc.*^	75,100		322,930
Cubist Pharmaceuticals, Inc.*^	115,500		1,366,365
CV Therapeutics, Inc.*^	43,900		1,009,700
Cytokinetics, Inc.*^	11,400		116,850
Exelixis, Inc.*^	84,900		806,550
Gen-Probe, Inc.*	33,080		1,495,547
Genentech, Inc.*	8,700		473,628
Genzyme Corp.*	84,400		4,901,108
Gilead Sciences, Inc.*	155,000		5,423,450
Human Genome Sciences, Inc.*	80,200		964,004
ICOS Corp.*^	14,800		418,544
Indevus Pharmaceuticals, Inc.*^	73,000		435,080
Isis Pharmaceuticals, Inc.*^	170,000		1,003,000
Martek Biosciences Corp.*^	1,500		76,800
Millennium Pharmaceuticals, Inc.*	102,600		1,243,512
NPS Pharmaceuticals, Inc.*^	23,600		431,408
Onyx Pharmaceuticals, Inc.*^	8,900		288,271
OSI Pharmaceuticals, Inc.*^	48,300		3,615,255
Protein Design Labs, Inc.*	45,700		944,162
Regeneron Pharmaceuticals, Inc.*^	54,600		502,866
Telik, Inc.*^	5,000		95,700
Vertex Pharmaceuticals, Inc.*	20,100		212,457
Vion Pharmaceuticals, Inc.*^	94,300		442,267
Zymogenetics, Inc.*^	19,200		441,600
			42,216,315
Health Care Distributors (1.9%)
McKesson Corp.	100,379		3,157,923
QLT, Inc.*.	138,000		2,219,040
			5,376,963
Health Care Equipment (14.2%)
ATS Medical, Inc.*	90,000		419,400
Bard (C.R.), Inc.	39,240		2,510,575
Baxter International, Inc.	84,560		2,920,702
Beckman Coulter, Inc.	29,110		1,950,079
Becton, Dickinson & Co.	33,000		1,874,400
Biomet, Inc.	20,000		867,800
Boston Scientific Corp.*	62,850		2,234,318
Bruker BioSciences Corp.*	122,100		492,063
CTI Molecular Imaging, Inc.*	51,000		723,690
Dentsply International, Inc	3,400		191,080
Fisher Scientific International, Inc.*	22,810		1,422,888
Foxhollow Technologies, Inc.*	13,700		336,883
Guidant Corp.	61,900		4,462,990
Hospira, Inc.*.	27,960		936,660
Idexx Laboratories, Inc.*	8,600		469,474
Intralase Corp.*^	14,000		328,720
Kinetic Concepts, Inc.*^	11,630		887,369
Medtronic, Inc.	204,230		10,144,104
Nektar Therapeutics*^	43,130		872,951
Olympus Corp.	38,000		810,286
SonoSite, Inc.*^	29,000		984,550
St. Jude Medical, Inc.*	68,000		2,851,240
Terumo Corp.	18,000		484,825
Varian Medical Systems, Inc.*	14,600		631,304
Varian, Inc.*	3,900		159,939
			39,968,290
Health Care Facilities (0.7%)
Community Health Systems, Inc.*	70,000		1,951,600
Health Care Services (3.5%)
Caremark Rx, Inc.*	47,390		1,868,588
Covance, Inc.*	12,490		483,987
DaVita, Inc.*	12,000		474,360
Gambro AB, Class A	9,380		133,740
HMS Holdings Corp.*	215,000		1,932,850
Medco Health Solutions, Inc.*	65,200		2,712,320
NDCHealth Corp.^	112,600		2,093,234
PRA International*	3,700		91,686
			9,790,765
Health Care Supplies (1.7%)
Alcon, Inc.	11,010		887,406
Cooper Cos., Inc.^	6,000		423,540
Edwards Lifesciences Corp.*	20,100		829,326
Smith & Nephew plc	172,500		1,765,205
Sola International, Inc.*	3,000		82,620
Symmetry Medical, Inc.*	28,000		589,400
Vnus Medical Technologies, Inc.*^	17,900		242,008
			4,819,505
Managed Health Care (6.1%)
Aetna, Inc.	32,250		4,023,188
PacifiCare Health Systems, Inc.*^	150,450		8,503,433
UnitedHealth Group, Inc.	26,460		2,329,274
WellPoint, Inc.*.	19,280		2,217,200
			17,073,095
Pharmaceuticals (52.4%)
Abbott Laboratories	228,810		10,673,986
Altana AG	2,500		158,149
Array Biopharma, Inc.*	29,400		279,888
AstraZeneca plc (ADR)	139,200		5,065,488
AtheroGenics, Inc.*^	19,218		452,776
Barr Pharmaceuticals, Inc.*	1,000		45,540
Bristol-Myers Squibb Co.	77,200		1,977,864
Daiichi Pharmaceutical Co., Ltd.	85,000		1,837,367
Eisai Co., Ltd.	211,000		6,939,299
Elan Corp. plc (ADR)*^	234,040		6,377,590
Eli Lilly & Co.	127,600		7,241,300
Forest Laboratories, Inc.*	158,700		7,119,282
Fujisawa Pharmaceutical Co., Ltd.	198,000		5,420,025
GlaxoSmithKline plc	184,610		4,331,172
Impax Laboratories, Inc.*^	32,000		508,160
IVAX Corp.*	115,777		1,831,592
Johnson & Johnson	107,620		6,825,260
King Pharmaceuticals, Inc.*	129,200		1,602,080
Kyorin Pharmaceutical Co., Ltd.	48,000		730,282
Medicines Co.*	43,800		1,261,440
Medicis Pharmaceutical Corp., Class A^	18,700		656,557
Merck & Co., Inc.	74,920		2,407,929
NitroMed, Inc.*^	18,000		479,700
Novartis AG (ADR)	21,500		1,086,610
Novartis AG (Registered)	152,440		7,681,657
Novo-Nordisk A/S, Class B	1,300		71,027
Pfizer, Inc.	657,080		17,668,881
Roche Holding AG	20,330		2,340,337
Sankyo Co., Ltd.	49,800		1,125,081
Sanofi-Aventis	105,814		8,457,065
Sanofi-Aventis (ADR)	101,024		4,046,011

63

AXA PREMIER VIP TRUST

AXA PREMIER VIP HEALTH CARE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Number of Shares		Value (Note 1)
Santen Pharmaceutical Co., Ltd.		6,000	$	131,160
Schering-Plough Corp.		403,800		8,431,343
Schwarz Pharma AG		29,000		1,310,657
Sepracor, Inc.*		4,100		243,417
Shionogi & Co., Ltd.		144,000		1,991,295
Shire Pharmaceuticals Group plc (ADR)		33,400		1,067,130
Takeda Pharmaceutical Co., Ltd.		26,700		1,344,511
Teva Pharmaceutical Industries Ltd. (ADR)		22,600		674,836
Theravance, Inc.*		2,200		39,380
UCB S.A.		18,471		938,991
Watson Pharmaceuticals, Inc.*		37,900		1,243,499
Wyeth		240,990		10,263,764
Yamanouchi Pharmaceutical Co., Ltd.		76,200		2,967,093
				147,346,471
Total Health Care				268,543,004
Industrials (0.3%)
Industrial Conglomerates (0.3%)
Tyco International Ltd.		25,490		911,013
Total Industrials				911,013
Materials (0.4%)
Chemicals (0.4%)
Akzo Nobel N.V.		3,000		127,960
Akzo Nobel N.V. (ADR)		1,000		42,490
Bayer AG		23,626		799,629
Total Materials				970,079
Total Common Stocks (96.5%) (Cost $244,437,428)				271,329,580
	Principal Amount
SHORT-TERM DEBT SECURITIES:
Government Security (1.4%)
Federal Home Loan Bank
1.25%, 1/3/05 (o)	$	3,989,000		3,988,584
	Number of Shares
Short-Term Fund of Cash Collateral for Securities Loaned (0.2%)
JPMorgan Securities Lending Collateral Investment Fund		448,606		448,606
	Principal Amount		Value (Note 1)
Short-Term Investments of Cash Collateral for Securities Loaned (8.3%)
Banca Intesa S.p.A.
2.34%, 2/2/05	$	659,714		659,714
Capital One Corp.,
Series 02-A2 A2 2.40%, 9/15/05(l)		528,546		528,546
Citigroup Global Markets, Inc.
2.38%, 1/7/05(l)		659,714		659,714
Deutsche Bank Securities, Inc.
2.31%, 2/1/05		1,266,652		1,266,652
Fortis Bank
2.39%, 2/16/05		659,715		659,715
Greenwich Capital Holdings, Inc.
2.38%, 1/3/05		13,674,337		13,674,337
Halogen Funding Co. LLC
2.44%, 1/14/05		527,786		527,786
Hartford Life, Inc.
2.41%, 1/2/06		211,109		211,109
Lehman Brothers, Inc.
2.49%, 3/31/05(l)		92,360		92,360
Monte dei Paschi
2.42%, 2/22/05		659,714		659,714
Monumental Global Funding II
1.98%, 7/1/05(l)		290,635		290,635
New York Life Insurance Co.
2.39%, 3/31/05(l)		659,714		659,714
Nordea Bank N.Y.
2.35%, 9/6/05(l)		659,477		659,477
Raiffeisen Zentralbank Oesterreich AG
2.36%, 2/2/05		659,714		659,714
Skandinaviska Enskilda Banken AB
2.35%, 1/31/05		659,714		659,714
Sun Trust Bank/Atlanta, Georgia
2.30%, 5/17/06(l)		659,714		659,714
WestLB Covered Bond Bank plc
2.35%, 2/7/05		657,141		657,141
Total Short-Term Investments of Cash Collateral for Securities Loaned				23,185,756
Time Deposit (1.8%)
JPMorgan Chase Nassau, 1.74%, 1/3/05		5,138,537		5,138,537
Total Short-Term Debt Securities (11.7%) (Amortized Cost $32,761,483)				32,761,483
Total Investments (108.2%) (Cost/Amortized Cost $277,198,911)				304,091,063
Other Assets Less Liabilities (-8.2%)				(22,932,674	)
Net Assets (100%)			$	281,158,389

  * Non-income producing.

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

(l) Floating Rate Security. Rate disclosed is as of December 31, 2004.

(o) Discount Note Security. Effective rate calculated as of December 31, 2004.

Glossary:

ADR — American Depositary Receipt

64

AXA PREMIER VIP TRUST

AXA PREMIER VIP HEALTH CARE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

Investment security transactions for the year ended December 31, 2004 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	366,176,860
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		278,986,440

As of December 31, 2004, 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	$	30,361,078
Aggregate gross unrealized depreciation		(7,019,439	)
Net unrealized appreciation	$	23,341,639
Federal income tax cost of investments	$	280,749,424

At December 31, 2004, the Portfolio had loaned securities with a total value $23,227,891. This was secured by collateral of $23,634,362 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2004, the Portfolio incurred approximately $1,135 as brokerage commissions with Bernstein (Sanford C.) & Co., an affiliated broker/dealer.

See Notes to Financial Statements.

65

AXA PREMIER VIP TRUST

AXA PREMIER VIP HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004

	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (0.3%)
Asset Backed Securities (0.2%)
Invensys plc,
Term B Loan Senior Credit 5.648%, 8/5/09 (b)(l)	$	86,538	$	87,728
Qwest Corp.,
Term B Loan 6.950%, 6/30/10 (b)		4,500,000		4,603,500
				4,691,228
Non-Agency CMO(0.1%)
Centennial,
Term B Loan 3.910%, 1/20/11 (b)		1,354,167		1,370,883
Total Asset-Backed and Mortgage-Backed Securities				6,062,111
Consumer Discretionary (21.8%)
Auto Components (1.7%)
Arvin Capital I
9.500%, 2/1/27		2,000,000		2,070,000
ArvinMeritor, Inc.
8.750%, 3/1/12		3,160,000		3,649,800
Cooper Standard Auto
7.000%, 12/15/12§		2,970,000		3,014,550
Dura Operating Corp.
8.625%, 4/15/12		3,325,000		3,458,000
HLI Operating Co., Inc.
10.500%, 6/15/10		4,474,000		4,798,365
Keystone Automotive Operations, Inc.
9.750%, 11/1/13		3,174,000		3,396,180
Meritor Automotive, Inc.
6.800%, 2/15/09		500,000		525,000
Tenneco Automotive, Inc.
10.250%, 7/15/13		3,800,000		4,484,000
8.625%, 11/15/14§		1,275,000		1,326,000
TRW Automotive, Inc.
9.375%, 2/15/13		5,438,000		6,308,080
11.000%, 2/15/13		652,000		785,660
				33,815,635
Distributors (0.2%)
AmeriGas Partners LP
10.000%, 4/15/06		750,000		806,250
8.875%, 5/20/11		1,000,000		1,090,000
National Waterworks, Inc.
10.500%, 12/1/12		1,740,000		1,957,500
				3,853,750
Hotels, Restaurants & Leisure (6.9%)
Ameristar Casinos, Inc.
10.750%, 2/15/09		1,770,000		1,973,550
Argosy Gaming Co.
9.000%, 9/1/11		1,878,000		2,093,970
Boyd Gaming Corp.
7.750%, 12/15/12		4,170,000		4,550,512
Caesars Entertainment, Inc.
9.375%, 2/15/07		4,190,000		4,619,475
8.875%, 9/15/08		900,000		1,019,250
7.875%, 3/15/10		5,180,000		5,833,975
8.125%, 5/15/11		1,255,000		1,449,525
7.000%, 4/15/13		3,475,000		3,831,187
Choctaw Resort Development Enterprise
7.250%, 11/15/19§		1,000,000		1,010,000
Gaylord Entertainment Co.
8.000%, 11/15/13		2,555,000		2,759,400
Harrah’s Operating Co., Inc.
7.875%, 12/15/05		1,815,000		1,887,600
Intrawest Corp.
7.500%, 10/15/13		5,125,000		5,451,719
Kerzner International Ltd.
8.875%, 8/15/11		1,609,000		1,757,833
Mandalay Resort Group
6.500%, 7/31/09		1,000,000		1,055,000
9.375%, 2/15/10		3,050,000		3,553,250
6.375%, 12/15/11		1,500,000		1,567,500
7.625%, 7/15/13		2,000,000		2,190,000
Series B 3.410%, 11/15/31		3,368,000		3,805,840
MGM Mirage, Inc.
9.750%, 6/1/07		1,500,000		1,665,000
6.750%, 8/1/07		2,000,000		2,100,000
6.000%, 10/1/09		6,150,000		6,303,750
8.375%, 2/1/11		4,948,000		5,578,870
Mohegan Tribal Gaming Authority
6.375%, 7/15/09		2,815,000		2,892,413
7.125%, 8/15/14§		4,280,000		4,504,700
NCL Corp.
10.625%, 7/15/14§		5,890,000		5,890,000
Riviera Casinos Corp.
11.000%, 6/15/10		3,828,000		4,277,790
Royal Caribbean Cruises Ltd.
8.000%, 5/15/10		1,390,000		1,570,700
8.750%, 2/2/11		7,350,000		8,682,187
Sbarro, Inc.
11.000%, 9/15/09		2,924,000		2,953,240
Seneca Gaming Corp.
7.250%, 5/1/12		7,840,000		8,251,600
Six Flags, Inc.
9.500%, 2/1/09		1,430,000		1,487,200
9.750%, 4/15/13		4,322,000		4,386,830
9.625%, 6/1/14		1,530,000		1,537,650
Starwood Hotels & Resorts Worldwide, Inc.
7.375%, 5/1/07		3,800,000		4,051,750
7.875%, 5/1/12		5,900,000		6,740,750
Station Casinos, Inc.
6.000%, 4/1/12		3,200,000		3,260,000
6.500%, 2/1/14		775,000		796,313
Turning Stone Casino Resort Enterprise
9.125%, 12/15/10§		2,050,000		2,219,125
Vail Resorts, Inc.
6.750%, 2/15/14		3,190,000		3,245,825
Venetian Casino Resort LLC
11.000%, 6/15/10		3,370,000		3,846,012
Wynn Las Vegas LLC/Corp.
6.625%, 12/1/14§		2,725,000		2,697,750
				139,349,041
Household Durables (1.1%)
D.R. Horton, Inc.
6.875%, 5/1/13		2,555,000		2,765,788
KB Home
7.750%, 2/1/10		2,815,000		3,047,237
Legrand Holding S.A.
10.500%, 2/15/13		2,950,000		3,495,750
Meritage Homes Corp.
9.750%, 6/1/11		2,703,000		2,986,815
Schuler Homes, Inc.
10.500%, 7/15/11		3,195,000		3,634,312

66

AXA PREMIER VIP TRUST

AXA PREMIER VIP HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Principal Amount		Value (Note 1)
William Lyon Homes, Inc.
10.750%, 4/1/13	$	4,900,000	$	5,506,375
				21,436,277
Leisure Equipment & Products (0.2%)
Bombardier Recreational Products, Inc.
8.375%, 12/15/13		750,000		800,625
K2, Inc.
7.375%, 7/1/14§		3,395,000		3,717,525
				4,518,150
Media (10.6%)
American Media Operations, Inc.
10.250%, 5/1/09		8,026,000		8,457,397
8.875%, 1/15/11		425,000		452,094
Cablevision Systems Corp.
8.000%, 4/15/12§		9,435,000		10,071,862
Canwest Media, Inc.
10.625%, 5/15/11		4,195,000		4,708,888
8.000%, 9/15/12§		1,463,456		1,569,557
CCO Holdings LLC/CCO Holdings Capital Corp.
8.750%, 11/15/13		5,400,000		5,575,500
CF Cable TV, Inc.
9.125%, 7/15/07		1,400,000		1,438,538
Charter Communications Holdings LLC
0.000%, 5/15/11 (e)		22,323,000		16,407,405
0.000%, 1/15/12 (e)		1,835,000		1,247,800
Term Loan 11.750%, 1/15/10 (b)		1,745,625		1,746,534
Charter Communication Operating LLC/Charter Communications Operating Capital Corp.
8.000%, 4/30/12§		1,800,000		1,872,000
Corus Entertainment, Inc.
8.750%, 3/1/12		1,520,000		1,668,200
CSC Holdings, Inc.
7.250%, 7/15/08		3,765,000		3,972,075
8.125%, 7/15/09		3,980,000		4,353,125
8.125%, 8/15/09		1,185,000		1,296,094
7.625%, 4/1/11		4,650,000		5,010,375
6.750%, 4/15/12§		800,000		824,000
10.500%, 5/15/16		5,350,000		6,072,250
Dex Media East LLC Finance Co.
9.875%, 11/15/09		1,035,000		1,178,606
12.125%, 11/15/12		1,464,000		1,784,250
Dex Media West LLC/Dex Media Finance Co.
8.500%, 8/15/10		4,315,000		4,800,437
9.875%, 8/15/13		8,757,000		10,092,442
Dex Media, Inc.
8.000%, 11/15/13		3,655,000		3,956,538
DirecTV Holdings LLC
8.375%, 3/15/13		4,427,000		4,963,774
Echostar DBS Corp.
5.750%, 10/1/08		4,525,000		4,581,563
6.375%, 10/1/11		4,640,000		4,744,400
Emmis Operating Co.
6.875%, 5/15/12		2,920,000		3,055,050
Inmarsat Finance plc
7.625%, 6/30/12		4,555,000		4,737,200
0.000%, 11/15/12 §(e)		3,590,000		2,584,800
Inmarsat plc,
Term B Loan 4.111%, 10/10/10 (b)(l)		1,833,396		1,840,214
Term C Loan 4.611%, 10/10/11 (b)(l)		1,837,676		1,850,253
Innova S. de R.L.
12.875%, 4/1/07		930,688		933,015
9.375%, 9/19/13		5,255,000		5,977,562
Insight Communications Co., Inc.
5.500%, 10/15/19 (e)		3,475,000		3,379,438
Iridium LLC/Capital Corp.
10.875%, 7/15/05 (h)		5,000,000		862,500
14.000%, 7/15/05 (h)		12,000,000		2,070,000
Lighthouse International Co. S.A.
8.000%, 4/30/14§(b)		4,405,000		6,333,758
Mediacom Broadband LLC
11.000%, 7/15/13		6,065,000		6,519,875
PanAmSat Corp.
0.000%, 8/20/09 (l)		2,548,389		2,557,945
9.000%, 8/15/14§		4,230,000		4,721,737
PanAmSat Holding Corp.
0.000%, 11/1/14 §(e)		8,030,000		5,520,625
Paxson Communications Corp.
10.750%, 7/15/08		2,824,000		2,965,200
0.000%, 1/15/09 (e)		1,970,000		1,841,950
PEI Holdings, Inc.
11.000%, 3/15/10		539,000		627,935
Primedia, Inc.
7.665%, 5/15/10 (l)		400,000		424,000
8.875%, 5/15/11		2,090,000		2,210,175
8.000%, 5/15/13		6,395,000		6,578,856
Quebecor Media, Inc.
11.125%, 7/15/11		3,795,000		4,335,788
Radio One, Inc.
8.875%, 7/1/11		1,395,000		1,518,806
Rogers Cable, Inc.
6.750%, 3/15/15§		5,370,000		5,490,825
Sinclair Broadcast Group, Inc.
8.750%, 12/15/11		4,140,000		4,507,425
8.000%, 3/15/12		1,500,000		1,593,750
Telenet Communications N.V.
9.000%, 12/15/13§	EUR	2,500,000		3,771,918
WDAC Subsidiary Corp.
8.375%, 12/1/14§	$	3,375,000		3,328,594
WMG Holdings Corp.
0.000%, 12/15/14 §(e)		6,170,000		3,941,088
Young Broadcasting, Inc.
8.500%, 12/15/08		4,150,000		4,440,500
10.000%, 3/1/11		213,000		227,378
				213,593,864
Multiline Retail (0.1%)
J.C. Penney Co., Inc.
8.000%, 3/1/10		2,300,000		2,627,750
Saks, Inc.
8.250%, 11/15/08		714		782
				2,628,532
Specialty Retail (0.5%)
Office Max, Inc.
7.000%, 11/1/13		3,560,000		4,118,454
Toys R Us, Inc.
7.625%, 8/11/11		2,925,000		2,910,375
7.875%, 4/15/13		1,100,000		1,091,750
United Auto Group, Inc.
9.625%, 3/15/12		1,068,000		1,180,140
				9,300,719
Textiles, Apparel & Luxury Goods (0.5%)
Broder Brothers Co.
11.250%, 10/15/10		3,570,000		3,730,650
11.250%, 10/15/10§		1,328,000		1,387,760
Simmons Bedding Co.
7.875%, 1/15/14		1,645,000		1,702,575
0.000%, 12/15/14 §(b)(e)		3,510,000		2,141,100

67

AXA PREMIER VIP TRUST

AXA PREMIER VIP HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Principal Amount		Value (Note 1)
St. John Knits International, Inc.
12.500%, 7/1/09	$	1,245,000	$	1,327,481
				10,289,566
Total Consumer Discretionary				438,785,534
Consumer Staples (3.3%)
Food & Staples Retailing (1.9%)
Ahold Finance USA, Inc.
8.250%, 7/15/10		4,200,000		4,756,500
Delhaize America, Inc.
8.125%, 4/15/11		5,175,000		6,032,622
Domino’s, Inc.
8.250%, 7/1/11		1,082,000		1,182,085
Duane Reade, Inc.
9.750%, 8/1/11 §		7,105,000		6,465,550
Ingles Markets, Inc.
8.875%, 12/1/11		2,500,000		2,675,000
Rite Aid Corp.
11.250%, 7/1/08		1,919,000		2,082,115
9.500%, 2/15/11		2,110,000		2,315,725
9.250%, 6/1/13		540,000		545,400
Roundy’s, Inc.
8.875%, 6/15/12		6,510,000		7,112,175
Stater Brothers Holdings
8.125%, 6/15/12		4,995,000		5,282,212
				38,449,384
Food Products (0.3%)
Del Monte Corp.
8.625%, 12/15/12		1,700,000		1,904,000
Series B 9.250%, 5/15/11		1,355,000		1,483,725
Dole Foods Co.
8.625%, 5/1/09		1,415,000		1,538,812
8.875%, 3/15/11		530,000		576,375
Merisant Co.
9.750%, 7/15/13§		1,440,000		1,281,600
				6,784,512
Household Products (0.5%)
Johnsondiversey, Inc.
9.625%, 5/15/12		1,735,000		1,938,863
Jostens, Inc.
12.750%, 5/1/10		3,065,000		3,344,681
Rayovac Corp.
8.500%, 10/1/13		1,500,000		1,665,000
Vitro Envases Norteamerica
10.750%, 7/23/11 §		2,520,000		2,614,500
				9,563,044
Personal Products (0.2%)
Playtex Products, Inc.
8.000%, 3/1/11		2,865,000		3,130,013
Tobacco (0.4%)
Commonwealth Brands, Inc.
9.750%, 4/15/08§		750,000		787,500
10.625%, 9/1/08§(b)		2,750,000		2,887,500
Dimon, Inc.
9.625%, 10/15/11		2,185,000		2,392,575
7.750%, 6/1/13		2,140,000		2,247,000
North Atlantic Trading Co.
9.250%, 3/1/12		750,000		633,750
				8,948,325
Total Consumer Staples				66,875,278
Energy (6.8%)
Energy Equipment & Services (0.9%)
Grant Prideco, Inc.
9.000%, 12/15/09		1,640,000		1,816,300
Hanover Compressor Co.
9.000%, 6/1/14		1,500,000		1,668,750
Hanover Equipment Trust,
Series 01-A 8.500%, 9/1/08		5,520,000		5,934,000
Newpark Resources, Inc.
8.625%, 12/15/07		2,000,000		2,030,000
Pride International, Inc.
7.375%, 7/15/14§		3,325,000		3,632,562
SESI LLC
8.875%, 5/15/11		2,160,000		2,365,200
Universal Compression, Inc.
7.250%, 5/15/10		1,085,000		1,158,238
				18,605,050
Oil & Gas (5.9%)
Amerada Hess Corp.
7.125%, 3/15/33		8,500,000		9,346,277
Belden & Blake Corp.
8.750%, 7/15/12§		4,230,000		4,293,450
Chesapeake Energy Corp.
8.125%, 4/1/11		505,714		547,435
9.000%, 8/15/12		630,000		719,775
7.500%, 9/15/13		1,300,000		1,415,375
7.750%, 1/15/15		765,000		831,938
6.875%, 1/15/16		2,570,000		2,692,075
El Paso Corp.
6.750%, 5/15/09		1,200,000		1,218,000
5.012%, 11/22/09 (l)		1,500,000		1,509,609
5.242%, 11/22/09 (l)		2,500,000		2,519,445
7.875%, 6/15/12		3,900,000		4,080,375
7.375%, 12/15/12		4,700,000		4,758,750
El Paso Natural Gas Co.
7.625%, 8/1/10		5,175,000		5,666,625
Encore Acquisition Co.
6.250%, 4/15/14		1,900,000		1,909,500
Evergreen Resources, Inc.
5.875%, 3/15/12		325,000		339,581
Exco Resources, Inc.
7.250%, 1/15/11		3,760,000		4,023,200
Ferrellgas LP
6.750%, 5/1/14 .		4,210,000		4,325,775
Ferrellgas Partners LP
8.750%, 6/15/12		1,950,000		2,125,500
Gaz Capital S.A.
8.625%, 4/28/34§		375,000		438,750
Hilcorp Energy I LP/Hilcorp Finance Co.
10.500%, 9/1/10§		6,795,000		7,678,350
Pemex Project Funding Master Trust
7.375%, 12/15/14		840,000		933,660
Petro Stopping Centers LP/Petro Financial Corp.
9.000%, 2/15/12		2,222,000		2,349,765
Plains Exploration & Production Co.
7.125%, 6/15/14		2,075,000		2,261,750
Premcor Refining Group, Inc.
9.500%, 2/1/13		1,045,000		1,212,200
6.750%, 5/1/14		850,000		903,125
7.500%, 6/15/15		780,000		844,350
Tengizchevroil Finace Co.
6.124%, 11/15/14§		2,360,000		2,365,900
Transmontaigne, Inc.
9.125%, 6/1/10		2,930,000		3,179,050

68

AXA PREMIER VIP TRUST

AXA PREMIER VIP HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Principal Amount		Value (Note 1)
Valero Energy Corp.
7.800%, 6/14/10	$	1,000,000	$	1,116,250
Vintage Petroleum, Inc.
7.875%, 5/15/11		3,550,000		3,780,750
8.250%, 5/1/12		950,000		1,047,375
Williams Cos., Inc.
8.130%, 3/15/12		750,000		866,250
7.625%, 7/15/19		9,805,000		10,785,500
7.875%, 9/1/21		18,935,000		21,112,525
8.750%, 3/15/32		3,200,000		3,676,000
				116,874,235
Total Energy				135,479,285
Financials (10.6%)
Capital Markets (0.5%)
BCP Caylux Holdings Luxembourg SCA
9.625%, 6/15/14§		6,525,000		7,356,937
Refco Finance Holdings LLC
9.000%, 8/1/12§		1,900,000		2,080,500
				9,437,437
Commercial Banks (0.7%)
Mizuho JGB Investment LLC
9.870%, 12/31/49§(l)		5,000,000		5,849,255
Mizuho Prefered Capital Co. LLC
8.790%, 12/31/49§(l)		990,000		1,121,313
Riggs Capital Trust
8.625%, 12/31/26§		1,000,000		1,020,000
Series A 8.625%, 12/31/26		2,735,000		2,789,700
Riggs Capital Trust II,
Series C 8.875%, 3/15/27		1,900,000		1,938,000
Western Financial Bank
9.625%, 5/15/12		1,400,000		1,596,000
				14,314,268
Diversified Financial Services (6.6%)
AES Ironwood LLC
8.857%, 11/30/25		6,798,877		7,716,725
Affinia Group, Inc.
9.000%, 11/30/14§		1,520,000		1,584,600
Bluewater Finance Ltd.
10.250%, 2/15/12		4,025,000		4,397,312
Borden U.S. Finance Corp./ Nova Scotia Finance ULC
9.000%, 7/15/14§		500,000		555,000
Couche-Tard U.S. LP/ Couche-Tard Finance Corp.
7.500%, 12/15/13		2,373,000		2,545,043
Dow Jones & Co., Inc.
7.750%, 12/29/09§		23,851,000		24,521,818
Eircom Funding
8.250%, 8/15/13		4,290,000		4,740,450
8.250%, 8/15/13	EUR	3,000,000		4,628,245
H&E Equipment Services LLC
11.125%, 6/15/12	$	4,443,000		4,887,300
Huntsman Advanced Materials LLC
11.000%, 7/15/10§		2,555,000		3,040,450
Jostens IH Corp.
7.625%, 10/1/12§		4,565,000		4,747,600
JSG Funding plc
10.125%, 10/1/12		1,350,000		2,091,885
KRATON Polymers LLC/ Capital Corp.
8.125%, 1/15/14§		1,875,000		1,954,688
MagnaChip Semiconductor S.A./ MagnaChip Semiconductor Finance Co.
5.780%, 12/15/11§(b)(l)		2,505,000		2,573,888
8.000%, 12/15/14§(b)		2,200,000		2,293,500
MDP Acquisitions plc
9.625%, 10/1/12		8,845,000		9,862,175
Milacron Escrow Corp.
11.500%, 5/15/11		4,075,000		4,319,500
Rainbow National Services LLC
8.750%, 9/1/12§		4,355,000		4,779,612
10.375%, 9/1/14§		12,765,000		14,392,537
Sensus Metering Systems, Inc.
8.625%, 12/15/13		5,410,000		5,545,250
Target Return Index Securities Trust, Series HY-04-1
8.211%, 8/1/15 §(l)		7,627,977		8,343,176
UGS Corp.
10.000%, 6/1/12§		1,550,000		1,763,125
Universal City Development Partners
11.750%, 4/1/10		7,260,000		8,575,875
Universal City Florida Holding Co. I/II
8.375%, 5/1/10§		1,105,000		1,146,438
				131,006,192
Insurance (1.3%)
Crum & Forster Holdings Corp.
10.375%, 6/15/13		1,445,000		1,611,175
Fairfax Financial Holdings Ltd.
7.750%, 4/26/12		5,815,000		5,931,300
8.250%, 10/1/15		3,263,000		3,328,260
7.375%, 4/15/18		453,000		430,350
7.750%, 7/15/37		508,000		457,200
Markel Capital Trust I,
Series B 8.710%, 1/1/46		4,880,000		5,280,526
PXRE Capital Trust I
8.850%, 2/1/27		2,202,000		2,235,030
Royal & Sun Alliance Insurance Group plc
8.950%, 10/15/29		4,770,000		6,023,632
				25,297,473
Real Estate (1.5%)
Forest City Enterprises, Inc.
7.625%, 6/1/15		1,650,000		1,749,000
General Growth Properties, Inc.
0.000%, 11/12/07 (l)		6,500,000		6,497,043
0.000%, 11/12/08§(b)(l)		1,000,000		1,002,500
HMH Properties,
Series B (REIT) 7.875%, 8/1/08		278,000		285,645
Host Marriott LP (REIT)
8.375%, 2/15/06		1,625,000		1,698,125
9.500%, 1/15/07		7,470,000		8,179,650
9.250%, 10/1/07		860,000		958,900
iStar Financial, Inc. (REIT)
7.000%, 3/15/08		915,000		985,277
8.750%, 8/15/08		1,340,000		1,528,034
6.000%, 12/15/10		1,700,000		1,793,206
La Quinta Properties, Inc. (REIT)
8.875%, 3/15/11		2,645,000		2,949,175
7.000%, 8/15/12		1,500,000		1,586,250
Ventas Realty LP Capital Corp. (REIT)
8.750%, 5/1/09		1,850,000		2,074,312
				31,287,117
Total Financials				211,342,487

69

AXA PREMIER VIP TRUST

AXA PREMIER VIP HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Principal Amount		Value (Note 1)
Government Securities (3.9%)
Foreign Governments (3.9%)
Federative Republic of Brazil
3.063%, 4/15/06 (l)	$	2,376,000	$	2,378,852
8.299%, 6/29/09 (l)		1,025,000		1,213,421
10.000%, 8/7/11		1,600,000		1,854,400
11.000%, 1/11/12		400,000		485,600
3.125%, 4/15/12 (l)		11,426,562		10,883,800
8.000%, 4/15/14		14,221,882		14,550,407
10.500%, 7/14/14		1,250,000		1,482,500
Republic of Guatemala
9.250%, 8/1/13		525,000		597,975
Republic of Panama
9.625%, 2/8/11		3,400,000		4,012,000
9.375%, 7/23/12		2,000,000		2,370,000
9.375%, 7/23/12		3,005,000		3,543,947
10.750%, 5/15/20		205,000		266,377
9.375%, 4/1/29		150,000		174,630
Republic of Peru
9.125%, 1/15/08		525,000		597,187
9.125%, 2/21/12		7,175,000		8,358,875
9.875%, 2/6/15		235,000		287,875
4.500%, 3/7/17 (l)		1,500,000		1,402,500
5.000%, 3/7/17 (l)		374,000		357,170
Republic of Turkey
11.000%, 1/14/13		275,000		349,938
Russian Federation
8.250%, 3/31/10		2,000,000		2,218,600
11.000%, 7/24/18		2,000,000		2,796,400
5.000%, 3/31/30 (e)(m)		12,065,000		12,480,036
Ukraine Government International Bond
11.000%, 3/15/07		1,390,706		1,491,810
6.875%, 3/4/11§		1,200,000		1,224,000
6.875%, 3/4/11(b)		1,300,000		1,332,760
7.650%, 6/11/13		525,000		562,669
Total Government Securities				77,273,729
Health Care (5.7%)
Health Care Equipment & Supplies (1.4%)
Fisher Scientific International, Inc.
6.750%, 8/15/14§		2,800,000		3,003,000
Fresenius Medical Care
Capital Tranche II 7.875%, 2/1/08		8,120,000		8,810,200
Capital Tranche V 7.375%, 6/15/11		1,000,000		1,556,341
Rotech Healthcare, Inc.
9.500%, 4/1/12		6,000,000		6,600,000
Universal Hospital Services, Inc.
10.125%, 11/1/11		3,445,000		3,582,800
VWR International, Inc.
6.875%, 4/15/12 §		3,850,000		4,023,250
				27,575,591
Health Care Providers & Services (4.3%)
Alderwoods Group, Inc.
12.250%, 1/2/09		63		67
7.750%, 9/15/12§		925,000		999,000
Concentra Operating Corp.
9.500%, 8/15/10		1,130,000		1,276,900
9.125%, 6/1/12§		2,280,000		2,576,400
Extendicare Health Services, Inc.
9.500%, 7/1/10		3,694,000		4,137,280
Genesis HealthCare Corp.
8.000%, 10/15/13		2,430,000		2,636,550
Hanger Orthopedic Group, Inc.
10.375%, 2/15/09		4,625,000		4,775,312
HCA, Inc.
5.500%, 12/1/09		625,000		625,204
7.875%, 2/1/11		3,575,000		3,937,866
6.300%, 10/1/12		776,000		787,023
6.250%, 2/15/13		3,500,000		3,530,688
6.750%, 7/15/13		3,325,000		3,455,756
6.375%, 1/15/15		6,545,000		6,571,501
7.500%, 11/6/33		3,500,000		3,570,466
IASIS Healthcare Capital Corp.
8.750%, 6/15/14		4,130,000		4,501,700
PacifiCare Health Systems, Inc.
10.750%, 6/1/09		2,716,000		3,136,980
Select Medical Corp.
7.500%, 8/1/13		5,645,000		6,378,850
Service Corp. International
6.500%, 3/15/08		5,886,000		6,077,295
7.700%, 4/15/09		1,212,000		1,308,960
6.750%, 4/1/16		2,185,000		2,261,475
Tenet Healthcare Corp.
6.375%, 12/1/11		850,000		788,375
6.500%, 6/1/12		1,900,000		1,757,500
7.375%, 2/1/13		6,625,000		6,426,250
9.875%, 7/1/14 §		1,850,000		2,016,500
Triad Hospitals, Inc.
7.000%, 5/15/12		700,000		736,750
7.000%, 11/15/13		6,700,000		6,850,750
Vanguard Health Holding Co. I LLC
0.000%, 10/1/15 §(e)		7,800,000		5,109,000
				86,230,398
Total Health Care				113,805,989
Industrials (8.1%)
Aerospace & Defense (1.0%)
Armor Holdings, Inc.
8.250%, 8/15/13		1,500,000		1,680,000
Aviall, Inc.
7.625%, 7/1/11		3,300,000		3,514,500
Bombardier, Inc.
6.300%, 5/1/14§		3,600,000		3,123,000
DRS Technologies, Inc.
6.875%, 11/1/13		2,400,000		2,508,000
L-3 Communications Corp.
5.875%, 1/15/15§		3,495,000		3,486,262
Sequa Corp.
8.875%, 4/1/08		200,000		219,000
9.000%, 8/1/09		3,998,000		4,507,745
				19,038,507
Airlines (0.8%)
ATA Airlines, Inc.
6.990%, 4/15/16§ (h)		4,135,201		3,535,597
Continental Airlines, Inc.
7.056%, 3/15/11		1,800,000		1,849,371
6.545%, 2/2/19		2,107,968		2,094,227
Series 01-1 7.373%, 12/15/15		1,559,289		1,316,329
Delta Air Lines, Inc.,
Series 00-1
7.379%, 5/18/10		456,995		451,427
7.570%, 11/18/10		1,900,000		1,874,168
Northwest Airlines Corp.
6.841%, 4/1/11		1,000,000		1,006,601
6.810%, 2/1/20		1,317,500		1,232,666
United Air Lines, Inc.
7.730%, 7/1/10 (h)		1,299,668		1,155,140
7.783%, 1/1/14 (h)		846,318		749,940

70

AXA PREMIER VIP TRUST

AXA PREMIER VIP HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Principal Amount		Value (Note 1)
United Air Lines, Inc.,
Series 00-2 7.186%, 4/1/11 (h)	$	981,577	$	891,881
				16,157,347
Building Products (1.0%)
Associated Materials, Inc.
0.000%, 3/1/14 (e)		10,020,000		7,214,400
Dayton Superior Corp.
10.750%, 9/15/08		3,045,000		3,258,150
13.000%, 6/15/09		2,210,000		2,298,400
Goodman Global Holdings Co., Inc.
7.875%, 12/15/12§		4,815,000		4,766,850
THL Buildco, Inc.
8.500%, 9/1/14§		3,035,000		3,171,575
				20,709,375
Commercial Services & Supplies (1.0%)
Allied Waste North America
6.500%, 11/15/10		1,500,000		1,470,000
6.375%, 4/15/11		6,985,000		6,757,987
7.875%, 4/15/13		925,000		948,125
Series B
8.875%, 4/1/08		2,062,000		2,206,340
8.500%, 12/1/08		1,987,000		2,106,220
5.750%, 2/15/11		1,250,000		1,175,000
9.250%, 9/1/12		1,125,000		1,217,813
Cenveo Corp.
9.625%, 3/15/12		2,495,000		2,738,262
Corrections Corp. of America
9.875%, 5/1/09		1,335,000		1,481,850
7.500%, 5/1/11		250,000		267,188
				20,368,785
Electrical Equipment (0.5%)
Dresser, Inc.
9.375%, 4/15/11		4,800,000		5,256,000
Term Loan
5.420%, 3/1/10 (b)(l)		2,000,000		2,020,626
Trimas Corp.
9.875%, 6/15/12		3,265,000		3,460,900
				10,737,526
Industrial Conglomerates (1.1%)
Amsted Industries, Inc.
10.250%, 10/15/11§		2,830,000		3,197,900
Reddy Ice Group, Inc.
8.875%, 8/1/11		3,200,000		3,456,000
SCG Holding Corp.
(Zero Coupon), 8/4/11§		3,063,969		1,410,750
Transdigm, Inc.
8.375%, 7/15/11		3,300,000		3,539,250
Trinity Industries, Inc.
6.500%, 3/15/14		9,290,000		9,290,000
				20,893,900
Machinery (1.8%)
Case New Holland, Inc.
6.000%, 6/1/09§		2,295,000		2,237,625
9.250%, 8/1/11§		5,320,000		5,918,500
Dresser-Rand Group, Inc.
7.375%, 11/1/14§		1,125,000		1,147,500
FastenTech, Inc.
12.500%, 5/1/11§		2,875,000		3,306,250
Flowserve Corp.
12.250%, 8/15/10		2,050,000		2,265,250
Invensys plc
9.875%, 3/15/11§		2,000,000		2,150,000
Term B Loan 5.520%, 9/5/09 (b)(l)		911,384		923,916
Term C Loan 6.778%, 12/5/09 (b)(l)		1,000,000		1,026,250
Mueller Group, Inc.
10.000%, 5/1/12		2,955,000		3,220,950
NMHG Holding Co.
10.000%, 5/15/09		1,378,000		1,522,690
Ormat Funding Corp.
8.250%, 12/30/20§		3,286,272		3,286,272
SPX Corp.
7.500%, 1/1/13		4,973,000		5,395,705
Terex Corp.
10.375%, 4/1/11		3,000,000		3,360,000
				35,760,908
Marine (0.1%)
Horizon Lines LLC
9.000%, 11/1/12§		2,360,000		2,537,000
Road & Rail (0.8%)
Quality Distribution LLC/ QD Capital Corp.
9.000%, 11/15/10 §		6,150,000		6,134,625
United Rentals North America, Inc.
6.500%, 2/15/12		3,791,000		3,696,225
Williams Scotsman, Inc.
9.875%, 6/1/07		6,003,000		6,003,000
				15,833,850
Total Industrials				162,037,198
Information Technology (1.3%)
Communications Equipment (0.1%)
American Towers, Inc.
7.250%, 12/1/11		1,650,000		1,749,000
Electronic Equipment & Instruments (0.5%)
Celestica, Inc.
7.875%, 7/1/11		5,535,000		5,936,288
Flextronics International Ltd.
6.500%, 5/15/13		4,435,000		4,545,875
				10,482,163
IT Services (0.1%)
Unisys Corp.
6.875%, 3/15/10		2,380,000		2,546,600
Semiconductors & Semiconductor Equipment (0.6%)
Amkor Technologies, Inc.
7.750%, 5/15/13		10,680,000		10,039,200
Freescale Semiconductor, Inc.
4.820%, 7/15/09 (l)		950,000		989,187
7.125%, 7/15/14		600,000		651,000
				11,679,387
Total Information Technology				26,457,150
Materials (9.2%)
Chemicals (3.3%)
Airgas, Inc.
6.250%, 7/15/14		4,225,000		4,309,500
Arco Chemical Co.
10.250%, 11/1/10		100,000		115,000
Brenntag AG
3.821%, 2/28/12 (b)		3,500,000		3,520,272
Equistar Chemicals LP
10.125%, 9/1/08		5,335,000		6,148,587
8.750%, 2/15/09		4,850,000		5,432,000
10.625%, 5/1/11		3,115,000		3,613,400
Huntsman International Holdings LLC
(Zero Coupon), 12/31/09		3,250,000		1,820,000
Huntsman International LLC
9.875%, 3/1/09		65,000		71,338
10.125%, 7/1/09		3,487,000		3,670,068

71

AXA PREMIER VIP TRUST

AXA PREMIER VIP HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Principal Amount		Value (Note 1)
Huntsman LLC
11.750%, 7/15/12§	$	4,125,000	$	4,877,812
Idacorp, Inc.
0.000%, 4/30/11 (l)		3,915,584		3,962,896
IMC Global, Inc.
10.875%, 6/1/08		93,000		111,600
ISP ChemCo
10.250%, 7/1/11		4,400,000		4,972,000
ISP Holdings, Inc.
10.625%, 12/15/09		1,200,000		1,329,000
Lyondell Chemical Co.
9.875%, 5/1/07 .		250,000		261,875
Millennium America, Inc.
9.250%, 6/15/08		23		26
Nalco Co.
7.750%, 11/15/11		4,100,000		4,428,000
8.875%, 11/15/13		1,650,000		1,810,875
Pliant Corp.
11.125%, 9/1/09		515,000		561,350
13.000%, 6/1/10		10,537,000		10,248,175
Westlake Chemical Corp.
8.750%, 7/15/11		3,947,000		4,460,110
				65,723,884
Containers & Packaging (2.7%)
Amtrol, Inc.
10.625%, 12/31/06		2,968,000		2,619,260
Berry Plastics Corp.
10.750%, 7/15/12		1,630,000		1,866,350
Crown European Holdings S.A.
9.500%, 3/1/11		8,195,000		9,342,300
10.875%, 3/1/13		1,200,000		1,419,000
Graphic Packaging International Corp.
9.500%, 8/15/13		4,890,000		5,562,375
Greif Brothers Corp.
8.875%, 8/1/12		1,905,000		2,119,312
Jefferson Smurfit Corp.
8.250%, 10/1/12		130,000		141,700
7.500%, 6/1/13		300,000		320,250
Kappa Beheer BV
10.625%, 7/15/09		2,150,000		2,279,000
Owens-Brockway Glass Containers
8.875%, 2/15/09		8,430,000		9,157,087
7.750%, 5/15/11		1,760,000		1,905,200
8.750%, 11/15/12		4,150,000		4,679,125
8.250%, 5/15/13		1,550,000		1,705,000
6.750%, 12/1/14§		2,000,000		2,020,000
Russell-Stanley Holdings, Inc. (PIK)
9.000%, 11/30/08§†		1,747,448		174,745
Smurfit-Stone Container Corp.
9.250%, 2/1/08		1,440,000		1,591,200
9.750%, 2/1/11		5,273,000		5,773,935
8.375%, 7/1/12		1,000,000		1,090,000
Stone Container Finance
7.375%, 7/15/14		1,350,000		1,437,750
				55,203,589
Metals & Mining (1.5%)
AK Steel Corp.
7.875%, 2/15/09		3,075,000		3,132,656
Compass Minerals Group, Inc.
10.000%, 8/15/11		1,270,000		1,428,750
Foundation PA Coal Co.
7.250%, 8/1/14§		450,000		479,250
Freeport-McMoRan Copper & Gold, Inc.
10.125%, 2/1/10		1,170,000		1,336,725
International Steel Group, Inc.
6.500%, 4/15/14		4,411,000		4,730,798
Ispat Inland ULC
9.750%, 4/1/14		3,200,000		3,952,000
Peabody Energy Corp.
6.875%, 3/15/13		5,850,000		6,332,625
5.875%, 4/15/16		6,150,000		6,119,250
Russel Metals, Inc.
6.375%, 3/1/14		2,830,000		2,872,450
				30,384,504
Paper & Forest Products (1.7%)
Abitibi-Consolidated Finance LP
7.875%, 8/1/09		50,000		52,875
Abitibi-Consolidated, Inc.
6.950%, 12/15/06		1,250,000		1,296,875
6.950%, 4/1/08		900,000		927,000
5.250%, 6/20/08		825,000		807,469
8.550%, 8/1/10		2,475,000		2,682,281
7.750%, 6/15/11		1,000,000		1,060,000
7.500%, 4/1/28		1,000,000		876,250
8.850%, 8/1/30		3,100,000		3,115,500
Boise Cascade LLC
7.125%, 10/15/14§		1,950,000		2,062,125
Crown Paper Co.
11.000%, 9/1/05 †(b)(h)		5,735,000		—
Georgia-Pacific Corp.
9.375%, 2/1/13		4,175,000		4,863,875
8.000%, 1/15/14		2,000,000		2,275,000
7.700%, 6/15/15		1,900,000		2,170,750
8.000%, 1/15/24		5,080,000		5,892,800
7.375%, 12/1/25		1,500,000		1,638,750
7.250%, 6/1/28		1,000,000		1,070,000
8.875%, 5/15/31		2,220,000		2,775,000
				33,566,550
Total Materials				184,878,527
Telecommunication Services (11.8%)
Diversified Telecommunication Services (7.9%)
AT&T Corp.
9.050%, 11/15/11		9,200,000		10,591,500
9.750%, 11/15/31		3,525,000		4,207,969
Cincinnati Bell, Inc.
7.250%, 7/15/13		4,310,000		4,428,525
8.375%, 1/15/14		8,970,000		9,082,125
Citizens Communications Co.
6.250%, 1/15/13		9,775,000		9,848,312
Dresdner Bank (Kyivstar)
7.375%, 11/1/14§		8,270,000		9,097,000
Fairpoint Communications, Inc.
11.875%, 3/1/10		650,000		741,813
Insight Midwest LP/ Insight Capital, Inc.
9.750%, 10/1/09		5,015,000		5,253,212
10.500%, 11/1/10		4,605,000		5,042,475
5.500%, 10/15/34		475,000		497,563
MCI, Inc.
6.908%, 5/1/07		8,175,000		8,369,156
7.688%, 5/1/09		11,519,000		11,922,165
8.735%, 5/1/14		2,780,000		2,988,500
MobiFon Holdings BV
12.500%, 7/31/10		7,895,000		9,365,444
Northwestern Bell Telephone
6.250%, 1/1/07		750,000		778,125
Qwest Capital Funding, Inc.
7.900%, 8/15/10		2,000,000		2,020,000
7.250%, 2/15/11		7,947,000		7,788,060
Qwest Communications International, Inc.
5.790%, 2/15/09 §(l)		3,000,000		3,037,500

72

AXA PREMIER VIP TRUST

AXA PREMIER VIP HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Principal Amount		Value (Note 1)
Qwest Communications International, Inc.
7.250%, 2/15/11§	$	7,900,000	$	8,097,500
7.500%, 2/15/14§		7,455,000		7,529,550
Qwest Corp.
9.125%, 3/15/12§		10,590,000		12,231,450
Qwest Services Corp.
14.000%, 12/15/10§		15,177,000		18,250,342
Time Warner Telecom Holdings, Inc.
9.250%, 2/15/14		1,200,000		1,224,000
Time Warner Telecom, Inc.
10.125%, 2/1/11		4,293,000		4,217,873
Time Warner Telecommunications LLC
9.750%, 7/15/08		1,500,000		1,518,750
				158,128,909
Wireless Telecommunication Services (3.9%)
ACC Escrow Corp.
10.000%, 8/1/11		8,490,000		7,280,175
Centennial, Term B Loan
3.850%, 1/20/11 (b)		202,083		204,578
3.910%, 2/9/11 (b)(l)		937,500		949,073
Crown Castle International Corp.
9.375%, 8/1/11		650,000		728,000
10.750%, 8/1/11		1,700,000		1,844,500
Dobson Cellular Systems
8.375%, 11/1/11§		3,150,000		3,252,375
Nextel Communications, Inc.
9.500%, 2/1/11		555,714		619,621
6.875%, 10/31/13		14,265,000		15,477,525
5.950%, 3/15/14		2,555,000		2,644,425
7.375%, 8/1/15		3,950,000		4,345,000
Nextel Partners, Inc.
8.125%, 7/1/11		2,020,000		2,242,200
Oskar Mobil
7.500%, 10/15/11§		3,160,000		4,692,537
Rogers Wireless, Inc.
7.250%, 12/15/12§		3,100,000		3,286,000
8.000%, 12/15/12§		1,640,000		1,734,300
6.375%, 3/1/14		2,300,000		2,277,000
7.500%, 3/15/15§		950,000		1,002,250
Rural Cellular Corp.
9.750%, 1/15/10		8,361,000		7,566,705
9.875%, 2/1/10		1,990,000		2,024,825
8.250%, 3/15/12§		2,420,000		2,519,825
8.250%, 3/15/12		3,090,000		3,267,675
Triton PCS, Inc.
9.375%, 2/1/11		1,660,000		1,328,000
8.750%, 11/15/11		1,868,000		1,475,720
8.500%, 6/1/13		4,685,000		4,521,025
Western Wireless Corp.
9.250%, 7/15/13		2,945,000		3,202,687
				78,486,021
Total Telecommunication Services				236,614,930
Utilities (9.6%)
Electric Utilities (3.4%)
Allegheny Energy, Inc.
7.750%, 8/1/05		3,385,000		3,440,006
Term C Loan 6.600%, 6/8/11 (b)(l)		362,695		368,589
CMS Energy Corp.
7.000%, 1/15/05		2,575,000		2,575,000
9.875%, 10/15/07		300,000		335,250
8.900%, 7/15/08		1,800,000		1,986,750
7.500%, 1/15/09		3,700,000		3,940,500
7.750%, 8/1/10		2,300,000		2,515,625
2.875%, 12/1/24		700,000		701,750
Senior Notes 8.500%, 4/15/11		2,450,000		2,783,812
DPL Capital Trust II
8.125%, 9/1/31		3,175,000		3,596,951
DPL, Inc.
6.875%, 9/1/11		4,265,000		4,657,943
Homer City Funding LLC
8.137%, 10/1/19		588,000		665,910
Midwest Generation LLC
8.750%, 5/1/34		1,000,000		1,135,000
Series A 8.300%, 7/2/09		7,700,000		8,277,500
Series B 8.560%, 1/2/16		5,600,000		6,216,000
Term B Loan
4.380%, 4/27/11 (b)(l)		746,250		756,356
4.570%, 4/27/11 (b)		746,250		756,356
MSW Energy Holdings II LLC/ MSW Energy Finance Co. II, Inc.
7.375%, 9/1/10		2,365,000		2,483,250
Nevada Power Co.
5.875%, 1/15/15§		475,000		478,563
Sierra Pacific Power Co.
6.250%, 4/15/12		2,950,000		3,079,062
TECO Energy, Inc.
10.500%, 12/1/07		4,000,000		4,610,000
7.500%, 6/15/10		4,110,000		4,541,550
Texas Genco Financing Corp. LLC
6.875%, 12/15/14§		4,585,000		4,739,744
Tucson Electric Power Co.,
Term B Loan 4.800%, 3/25/09 (b)(l) .		1,000,000		1,008,333
TXU Corp.
5.550%, 11/15/14§		3,390,000		3,367,660
				69,017,460
Gas Utilities (0.2%)
SEMCO Energy, Inc.
7.125%, 5/15/08		320,000		342,487
7.750%, 5/15/13		935,000		1,026,747
Suburban Propane Partners LP
6.875%, 12/15/13		2,575,000		2,626,500
				3,995,734
Multi-Utilities & Unregulated Power (6.0%)
AES Corp.
9.375%, 9/15/10		1,850,000		2,150,625
8.875%, 2/15/11		2,900,000		3,313,250
8.750%, 5/15/13§		8,740,000		9,930,825
9.000%, 5/15/15§		935,000		1,070,575
Calpine Corp.
8.500%, 7/15/10 §		6,885,000		5,903,887
Coastal Corp.
7.750%, 6/15/10		450,000		470,250
Colorado Interstate Gas Co.
6.850%, 6/15/37		1,000,000		1,050,340
Dynegy Holdings, Inc.
9.875%, 7/15/10§		750,000		838,125
10.125%, 7/15/13§		6,070,000		6,950,150
Dynegy-Roseton Danskamme
7.270%, 11/8/10		7,100,000		7,171,000
7.670%, 11/8/16		6,320,000		6,067,200
El Paso CGP Co.
7.625%, 9/1/08		3,500,000		3,657,500
6.375%, 2/1/09		300,000		298,875

73

AXA PREMIER VIP TRUST

AXA PREMIER VIP HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Principal Amount		Value (Note 1)
El Paso Production Holding Co.
7.750%, 6/1/13	$	7,375,000	$	7,725,312
Ipalco Enterprises, Inc.
8.375%, 11/14/08		1,700,000		1,912,500
7.625%, 11/14/11		2,050,000		2,296,000
Northwest Pipeline Corp.
8.125%, 3/1/10		1,505,000		1,664,906
NRG Energy, Inc.
8.000%, 12/15/13§		13,095,000		14,273,550
PSEG Energy Holdings, Inc.
7.750%, 4/16/07		1,925,000		2,035,688
8.625%, 2/15/08		4,500,000		4,938,750
8.500%, 6/15/11		4,480,000		5,112,800
Reliant Energy Mid-Atlantic Power Holdings LLC
9.237%, 7/2/17		3,153,976		3,627,072
Reliant Energy, Inc.
9.250%, 7/15/10		1,250,000		1,393,750
9.500%, 7/15/13		6,010,000		6,828,862
6.750%, 12/15/14		5,310,000		5,276,813
Sonat, Inc.
7.625%, 7/15/11		3,000,000		3,105,000
South Point Energy Center LLC/ Broad River Energy
8.400%, 5/30/12§		3,433,222		3,244,395
Southern Natural Gas Co.
8.875%, 3/15/10		1,030,000		1,153,600
7.350%, 2/15/31		2,100,000		2,178,750
8.000%, 3/1/32		3,275,000		3,573,844
				119,214,194
Total Utilities				192,227,388
Total Long-Term Debt Securities (92.4%) (Cost $1,770,114,405)				1,851,839,606
CONVERTIBLE BONDS:
Consumer Discretionary (0.1%)
Media (0.1%)
Rogers Communications, Inc.
2.000%, 11/26/05		1,100,000		1,080,750
Total Consumer Discretionary				1,080,750
Telecommunication Services (0.0%)
Wireless Telecommunication Services (0.0%)
Nextel Communications, Inc.
5.250%, 1/15/10		1,050,000		1,074,938
Total Telecommunication Services				1,074,938
Utilities (0.1%)
Multi-Utilities & Unregulated Power (0.1%)
AES Corp.
4.500%, 8/15/05		1,500,000		1,507,500
Total Utilities				1,507,500
Total Convertible Bonds (0.2%) (Cost $3,569,519)				3,663,188
	Number of Shares		Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (0.0%)
Media (0.0%)
RCN Corp*†		1,867	$	—
Total Consumer Discretionary				—
Materials (0.0%)
Containers & Packaging (0.0%)
Russell-Stanley Holdings, Inc.*†(b)		200,000		—
Total Materials				—
Telecommunication Services (0.0%)
Diversified Telecommunication Services (0.0%)
Versatel Telecom International N.V.*		92,251		267,085
Total Telecommunication Services				267,085
Total Common Stocks (0.0%) (Cost $—)				267,085
PREFERRED STOCKS:
Consumer Discretionary (0.1%)
Media (0.1%)
Paxson Communications Corp. (PIK), 14.250%		336		2,524,200
Total Consumer Discretionary				2,524,200
Financials (0.5%)
Real Estate (0.5%)
Sovereign Real Estate Investment Corp.
(REIT), 12.000%§		6,005		9,097,575
Total Financials.				9,097,575
Total Preferred Stocks (0.6%) (Cost $10,470,127)				11,621,775
	Number of Warrants
WARRANTS:
Materials (0.0%)
Chemicals (0.0%)
Pliant Corp., $0.01, expiring 6/1/10*§(b)		200		2
Total Materials				2
Total Warrants (0.0%) (Cost $—)				2
	Principal Amount
SHORT-TERM DEBT SECURITIES:
Commercial Paper (1.0%)
Barclays U.S. Funding Corp.
2.06%, 2/1/05	$	3,200,000		3,194,144
Rabobank USA Financials Corp.
2.17%, 1/3/05		2,700,000		2,700,000
Skandinaviska Enskilda Banken AB
2.06%, 1/27/05 (m)		4,800,000		4,792,608
2.00%, 1/25/05		9,100,000		9,087,351
Total Commercial Paper				19,774,103

74

AXA PREMIER VIP TRUST

AXA PREMIER VIP HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Principal Amount			Value (Note 1)
Government Securities (3.7%)
Federal Home Loan Bank
0.00%, 1/3/05 (o)	$	45,100,000		$	45,100,000
Federal Home Loan Mortgage Corp.
2.21%, 3/14/05 (o)		2,500,000			2,488,625
Federal National Mortgage Association
2.20%, 2/23/05 (o)		6,500,000			6,478,914
2.24%, 3/2/05 (o)		200,000			199,230
2.20%, 3/9/05 (o)		1,700,000			1,692,817
2.21%, 3/15/05 (o)		300,000			298,616
2.22%, 3/16/05 (o)		5,700,000			5,673,324
2.24%, 3/30/05 (o)		9,100,000			9,049,131
2.37%, 4/15/05 (o)		3,200,000			3,177,878
U.S. Treasury Bills
1.98%, 3/17/05#		775,000			771,711
Total Government Securities					74,930,246
Time Deposit (0.4%)
JPMorgan Chase Nassau, 1.74%, 1/3/05		7,496,853			7,496,853
Total Short-Term Debt Securities (5.1%) (Amortized Cost $102,201,202)					102,201,202
Total Investments before Options Written (98.3%) (Cost/Amortized Cost $1,886,355,253)					1,969,592,858
	Number of Contracts (c)
OPTIONS WRITTEN:
Call Options (0.0%)(d)*
U.S. Treasury 10 Year Futures
February-2005@ $114.00.		(256	)		(60,000	)
Put Options (0.0%)*
U.S. Treasury 10 Year Futures
February-2005@ $109.00.		(256	)		(44,000	)
Total Options Written (0.0%) (Premiums Received $226,080)					(104,000	)
Total Investments (98.3%) (Cost/Amortized Cost $1,886,129,173)					1,969,488,858
Other Assets Less Liabilities (1.7%)					34,169,027
Net Assets (100%)				$	2,003,657,885

* Non-income producing.

† Securities (totaling $174,745 or 0.01% of net assets) valued at fair value.

§ Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2004, the market value of these securities amounted to $413,112,341 or 20.62% 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 security 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.

(c) One contract relates to 100 shares.

(d) Covered call option contracts written in connection with securities held.

(e) Step Bond - Coupon rate increases in increments to maturity. Rate disclosed is as of December 31, 2004. Maturity date disclosed is the ultimate maturity date.

(h) Security in default, non-income producing.

(l) Floating Rate Security. Rate disclosed is as of December 31, 2004.

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

(o) Discount Note Security. Effective rate calculated as of December 31, 2004.

Glossary:

CMO — Collateralized Mortgage Obligation

EUR — European Currency Unit

PIK — Payment-in-Kind Security

REIT — Real Estate Investment Trust

At December 31, 2004 the Portfolio had the following futures contracts open: (Note 1)

Purchase	Number of Contracts	Expiration Date	Original Value		Value at 12/31/04		Unrealized Depreciation
EURODollar	227	September-05	$	55,075,875	$	54,826,175	$	(249,700	)

At December 31, 2004 the Portfolio had outstanding foreign currency contracts to sell foreign currencies as follows: (Note 1)

	Local Contract Amount (000’s)	Cost on Origination Date		U.S. $ Current Value		Unrealized Depreciation
Foreign Currency Sell Contracts
European Union, expiring 01/07/05	3,245	$	4,270,360	$	4,410,401	$	(140,041	)
European Union, expiring 01/10/05	747,952		17,747,353		17,979,051		(231,698	)
						$	(371,739	)

75

AXA PREMIER VIP TRUST

AXA PREMIER VIP HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

Options written for the year ended December 31, 2004, were as follows:

	Total Number of Contracts	Total Premiums Received
Options Outstanding—January 1, 2004	—	$	—
Options Written	512		226,080
Options Terminated in Closing Purchase Transactions	—		—
Options Expired	—		—
Options Exercised	—		—
Options Outstanding—December 31, 2004	512	$	226,080

Investment security transactions for the year ended December 31, 2004 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,658,805,344
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		1,301,569,335

As of December 31, 2004, 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	$	109,525,964
Aggregate gross unrealized depreciation		(28,481,777	)
Net unrealized appreciation	$	81,044,187
Federal income tax cost of investments	$	1,888,548,671

The Portfolio has a net capital loss carryforward of $328,196,144 of which $53,413,585 expires in the year 2007, $68,279,453 expires in the year 2008, $114,524,895 expires in the year 2009 and $91,978,211 expires in the year 2010.

The Portfolio utilized net capital loss carryforward of $25,060,592 during 2004.

See Notes to Financial Statements.

76

AXA PREMIER VIP TRUST

AXA PREMIER VIP INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Australia (0.7%)
BHP Billiton Ltd.	142,034	$	1,707,963
BlueScope Steel Ltd.	182,070		1,177,479
Qantas Airways Ltd.	422,600		1,229,034
			4,114,476
Austria (0.9%)
Erste Bank der Oesterreichischen Sparkassen AG	74,389		3,973,751
OMV AG	4,400		1,325,861
			5,299,612
Belgium (1.7%)
Delhaize Group^	33,500		2,547,676
Dexia (London Exchange)	64,600		1,486,582
Dexia (Swiss Exchange)	100,415		2,309,395
Fortis*	76,059		2,105,916
KBC Bancassurance Holding^	15,700		1,205,723
			9,655,292
Bermuda (1.1%)
Tyco International Ltd.	182,065		6,507,003
Brazil (0.9%)
Cia Vale do Rio Doce (ADR)	79,600		2,309,196
Natura Cosmeticos S.A.	26,234		765,488
Natura Cosmeticos S.A.§	7,000		204,254
Uniao de Bancos Brasileiros S.A. (GDR)	59,486		1,886,896
			5,165,834
Canada (3.4%)
Alcan, Inc.^	56,000		2,748,237
Bank of Nova Scotia^	78,600		2,669,966
Manulife Financial Corp.^	59,900		2,769,653
Nexen, Inc.	21,300		865,760
Research In Motion Ltd.*	53,789		4,433,289
Shoppers Drug Mart Corp.*	122,839		3,821,066
Talisman Energy, Inc.	65,973		1,781,268
TELUS Corp.	9,700		293,231
			19,382,470
Denmark (0.3%)
Danske Bank A/S	54,800		1,679,784
Finland (0.6%)
Nokia OYJ	213,950		3,379,230
France (8.2%)
Assurances Generales de France^.	55,100		4,115,462
BNP Paribas S.A.^	54,535		3,950,953
Cie De Saint-Gobain.	49,526		2,983,543
Credit Agricole S.A.^	68,114		2,055,364
Dassault Systems S.A.	32,947		1,661,456
France Telecom S.A.	40,105		1,327,930
Imerys SA.	24,101		2,022,885
JC Decaux S.A.*^	97,374		2,842,999
Lafarge S.A.	17,105		1,650,748
Renault S.A.^	79,020		6,610,958
Sanofi-Aventis^	48,791		3,899,567
Societe Generale^	26,200		2,651,340
Thomson	15,300		404,492
Total S.A.^	49,204		10,747,703
			46,925,400
Germany (5.0%)
BASF AG	20,786		1,495,168
Bayerische Hypo-und Vereinsbank AG*	77,939		1,772,353
Bayerische Motoren Werke (BMW) AG	55,463		2,499,115
Continental AG	54,400		3,456,845
Deutsche Post AG	72,726		1,666,659
E.On AG .	28,000		2,556,804
Epcos AG*^	48,200		720,674
Fraport AG	9,510		405,245
Fresenius Medical Care AG	19,500		1,567,793
HeidelbergCement AG	28,808		1,745,631
MAN AG	49,000		1,880,210
Merck KGaA	23,400		1,599,864
SAP AG.	15,109		2,694,442
Schering AG	20,749		1,550,605
Siemens AG	31,542		2,673,589
Volkswagen AG	11,700		530,373
			28,815,370
Hong Kong (1.3%)
ASM Pacific Technology^	515,000		1,855,211
CNOOC Ltd. (ADR)	34,800		1,885,812
Shangri-La Asia Ltd.^	2,300,973		3,300,764
Shangri-La Asia Ltd.^§	356,000		510,685
			7,552,472
India (0.4%)
ICICI Bank Ltd. (ADR)	122,655		2,471,498
Ireland (0.6%)
Bank of Ireland	97,500		1,623,455
Depfa Bank plc	112,200		1,886,522
			3,509,977
Italy (2.2%)
Banca Intesa S.p.A.	263,939		1,270,007
ENI S.p.A.	379,171		9,493,451
Telecom Italia S.p.A. (RNC)	526,553		1,710,564
			12,474,022
Japan (19.6%)
Acom Co., Ltd.	4,630		346,561
Aiful Corp.	23,600		2,595,608
Canon, Inc.	203,700		10,993,081
Chugai Pharmaceutical Co., Ltd.	58,600		968,756
Circle K Sunkus Co., Ltd.*^	43,500		1,118,596
Credit Saison Co., Ltd.	26,600		968,264
Daikin Industries Ltd.	55,000		1,588,758
Daito Trust Construction Co., Ltd.^	11,000		522,787
Daiwa House Industry Co., Ltd.	55,000		625,305
Fanuc Ltd.	19,100		1,248,853
Hirose Electric Co., Ltd.	7,200		841,768
Hitachi Ltd.	245,000		1,697,570
Honda Motor Co., Ltd.	121,200		6,280,589
Hoya Corp.	18,400		2,077,564
Itochu Corp.*	155,000		716,990
Japan Tobacco, Inc.	143		1,632,771
JFE Holdings, Inc.^	81,500		2,326,413
Kao Corp.	48,000		1,227,286
Keyence Corp.	13,500		3,024,885
Kobe Steel Ltd.^	1,018,000		1,559,735
Matsushita Electric Industrial Co., Ltd.	68,000		1,079,028
Millea Holdings, Inc.	194		2,877,720
Mitsubishi Corp.	123,200		1,591,849
Mitsubishi Tokyo Financial Group, Inc.	509		5,166,000
Mitsui Chemicals, Inc.	61,000		332,175
NET One Systems Co., Ltd.^	445		1,854,348
Nikko Cordial Corp.	241,000		1,277,086
Nintendo Co., Ltd.	10,700		1,343,896

77

AXA PREMIER VIP TRUST

AXA PREMIER VIP INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Number of Shares	Value (Note 1)
Nippon Electric Glass Co., Ltd.	44,000	$	1,125,012
Nippon Meat Packers, Inc.	47,000		637,094
Nippon Mining Holdings, Inc.	278,500		1,310,013
Nippon Telegraph & Telephone Corp.	177		794,574
Nissan Motor Co., Ltd.	601,600		6,540,279
Nitto Denko Corp.	25,100		1,376,618
Oji Paper Co., Ltd.	41,000		235,269
Promise Co., Ltd.	35,700		2,550,249
Sankyo Co. Ltd./Gunma	9,900		500,459
Sanyo Shinpan Finance Co., Ltd.	20,800		1,477,740
Secom Co., Ltd.	30,500		1,220,357
Sega Sammy Holdings, Inc.*^	28,600		1,571,367
Sharp Corp.	63,000		1,028,584
Shin-Etsu Chemical Co., Ltd.	35,500		1,455,060
SMC Corp.	9,700		1,110,384
Sony Corp.	13,400		517,849
Sumitomo Corp.	263,000		2,268,879
Sumitomo Heavy Industries Ltd.*^	372,000		1,383,156
Sumitomo Metal Industries Ltd.	546,000		740,646
Sumitomo Mitsui Financial Group, Inc^.	483		3,511,613
Takeda Pharmaceutical Co., Ltd.	27,700		1,394,867
Takefuji Corp.	13,680		925,172
Tanabe Seiyaku Co., Ltd.	126,000		1,298,487
Tokyo Electric Power Co., Inc .	78,100		1,916,868
Tokyo Gas Co., Ltd.	260,000		1,065,678
Toyota Motor Corp.	96,400		3,922,982
Trend Micro, Inc.	56,000		3,022,153
UFJ Holdings, Inc.*	275		1,666,585
Uny Co., Ltd.	44,000		502,820
Yamada Denki Co., Ltd.^	88,600		3,795,784
Yamanouchi Pharmaceutical Co., Ltd.	61,000		2,375,232
Yamato Transport Co., Ltd.^	107,000		1,587,196
			112,713,268
Luxembourg (0.8%)
Arcelor	180,240		4,157,501
SES Global (FDR)	39,500		510,059
			4,667,560
Mexico (1.8%)
America Movil S.A. de C.V. (ADR)	92,070		4,819,864
Fomento Economico Mexicano S.A. de C.V. (ADR).	16,200		852,282
Grupo Televisa S.A. (ADR)	77,589		4,694,135
			10,366,281
Netherlands (3.1%)
ABN AMRO Holding N.V.	132,196		3,502,108
ING Groep N.V. (CVA)	217,920		6,593,585
Koninklijke (Royal) Philips Electronics N.V.	133,932		3,551,738
Reed Elsevier N.V.	110,893		1,511,835
Royal Dutch Petroleum Co.	12,600		725,309
Unilever N.V. (CVA).	6,400		429,132
Wolters Kluwer N.V., Class C (CVA)	80,476		1,615,646
			17,929,353
Norway (0.4%)
Golar LNG Ltd.*	130,000		1,894,199
Yara International ASA	18,000		237,012
			2,131,211
Singapore (1.4%)
CapitaLand Ltd.^	2,839,000		3,704,404
Flextronics International Ltd.*	120,200		1,661,164
Singapore Telecommunications Ltd.	1,906,785		2,780,047
			8,145,615
South Korea (1.2%)
Samsung Electronics Co., Ltd.	13,140		5,718,286
SK Telecom Co., Ltd. (ADR)	38,400		854,400
			6,572,686
Spain (1.8%)
Altadis S.A.	59,065		2,705,574
Banco Popular Espanol	39,461		2,601,412
Banco Santander Central Hispano S.A.	48,100		596,919
Endesa S.A.^.	70,300		1,652,151
Repsol YPF S.A.^	108,600		2,828,295
			10,384,351
Sweden (1.8%)
Nordea Bank AB	97,500		983,011
Svenska Cellulosa AB, Class B	46,600		1,988,007
Telefonaktiebolaget LM Ericsson (ADR)*	191,429		6,028,099
Telefonaktiebolaget LM Ericsson, Class B*	431,000		1,374,966
			10,374,083
Switzerland (8.7%)
Adecco S.A	44,520		2,241,465
Baloise Holding AG.	19,200		886,466
Credit Suisse Group*	67,000		2,816,463
Givaudan S.A. (Registered)	505		332,640
Holcim Ltd. (Registered)	40,215		2,422,590
Micronas Semiconductor Holding AG (Registered)*	24,900		1,220,803
Nestle S.A. (Registered)	16,031		4,194,198
Novartis AG (Registered)	81,641		4,114,000
Roche Holding AG	79,636		9,167,490
Swiss Life Holdings*	27,286		3,971,360
Syngenta AG*	31,047		3,298,283
UBS AG (Registered)	135,507		11,362,758
Xstrata plc	115,680		2,069,916
Zurich Financial Services AG*	12,885		2,148,444
			50,246,876
Taiwan (0.3%)
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)	214,825		1,823,864
United Kingdom (23.5%)
Allied Domecq plc	128,864		1,269,193
ARM Holdings plc	2,097,250		4,449,294
Associated British Foods plc	89,300		1,338,144
Aviva plc	382,344		4,609,911
Barclays plc	449,694		5,059,334
BG Group plc	356,562		2,423,354
Boots Group plc	140,858		1,772,690
BP plc	588,400		5,738,719
British American Tobacco plc	66,700		1,149,315
British Land Co. plc.	106,131		1,825,698
Carnival plc	122,778		7,491,229
Centrica plc	316,939		1,437,560
EMI Group plc	875,219		4,452,882
Enterprise Inns plc	495,199		7,558,324
GlaxoSmithKline plc	334,046		7,837,113
HBOS plc	196,500		3,199,168
HSBC Holdings plc (Hong Kong Exchange)	294,400		5,037,529

78

AXA PREMIER VIP TRUST

AXA PREMIER VIP INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Number of Shares		Value (Note 1)
HSBC Holdings plc (Swiss Exchange)		220,844	$	3,726,946
Intercontinental Hotels Group plc		782,148		9,723,153
International Power plc*		471,100		1,397,398
Kingfisher plc		295,669		1,758,311
Lloyds TSB Group plc		111,600		1,013,454
Mitchells & Butlers plc		149,700		977,191
Morrison (Wm) Supermarkets		663,284		2,636,019
National Grid Transco plc		185,092		1,762,576
Old Mutual plc		260,000		661,406
Persimmon plc		29,100		386,055
Punch Taverns plc		114,700		1,520,567
Reckitt Benckiser plc		52,308		1,580,707
Reuters Group plc		515,011		3,732,605
RMC Group plc		106,800		1,740,835
Royal & Sun Alliance Insurance Group plc		474,400		705,870
Royal Bank of Scotland Group plc		221,822		7,461,349
SABMiller plc		67,100		1,113,050
Sainsbury (J) plc		293,412		1,523,785
Schroders plc		80,320		1,158,090
Shell Transport & Trading Co. plc (Registered)		140,500		1,197,672
Shire Pharmaceuticals Group plc		26,500		278,299
Smith & Nephew plc		127,946		1,309,280
Standard Chartered plc		81,604		1,517,364
Taylor Woodward plc		277,500		1,449,141
Tesco plc		568,199		3,509,923
Trinity Mirror plc		65,300		797,350
Vodafone Group plc		3,280,825		8,897,134
Whitbread plc		46,730		759,454
Wimpey (George) plc		132,500		1,028,994
Wolseley plc		154,866		2,894,481
				134,867,916
United States (3.1%)
News Corp., Class A		405,080		7,558,793
NTL, Inc.*		91,411		6,669,346
Wynn Resorts Ltd.*		56,689		3,793,628
				18,021,767
Total Common Stocks (94.8%) (Cost $474,515,751)				545,177,271
SHORT-TERM DEBT SECURITIES:
Short-Term Fund of Cash Collateral for Securities Loaned (0.1%)
JPMorgan Securities Lending Collateral Investment Fund		889,746		889,746
	Principal Amount
Short-Term Investments of Cash Collateral for Securities Loaned (8.0%)
Banca Intesa S.p.A.
2.34%, 2/2/05	$	1,308,450		1,308,450
Capital One Corp., Series 02-A2 A2
2.40%, 9/15/05 (l)		1,048,297		1,048,297
Citigroup Global Markets, Inc.
2.38%, 1/7/05 (l)		1,308,450		1,308,450
Deutsche Bank Securities, Inc.
2.31%, 2/1/05		2,512,224		2,512,224
Fortis Bank
2.39%, 2/16/05		1,308,450		1,308,450
Greenwich Capital Holdings, Inc.
2.38%, 1/3/05		27,121,114		27,121,114
Halogen Funding Co. LLC
2.44%, 1/14/05		1,046,789		1,046,789
Hartford Life, Inc.
2.41%, 1/2/06 (l)		418,704		418,704
Lehman Brothers, Inc.
2.49%, 3/31/05 (l)		183,183		183,183
Monte dei Paschi
2.42%, 2/22/05		1,308,450		1,308,450
Monumental Global Funding II
1.98%, 7/1/05 (l)		576,433		576,433
New York Life Insurance Co.
2.39%, 3/31/05 (l)		1,308,450		1,308,450
Nordea Bank N.Y.
2.35%, 9/6/05 (l)		1,307,980		1,307,980
Raiffeisen Zentralbank Oesterreich AG
2.36%, 2/2/05		1,308,450		1,308,450
Skandinaviska Enskilda Banken AB
2.35%, 1/31/05		1,308,450		1,308,450
Sun Trust Bank/Atlanta, Georgia
2.30%, 5/17/06 (l)		1,308,450		1,308,450
WestLB Covered Bond Bank plc
2.35%, 2/7/05		1,303,347		1,303,347
Total Short-Term Investments of Cash Collateral for Securities Loaned				45,985,671
Time Deposit (4.0%)
JPMorgan Chase Nassau, 1.74%, 1/3/05		23,120,471		23,120,471
Total Short-Term Debt Securities (12.1%) (Amortized Cost $69,995,888)				69,995,888
Total Investments (106.9%) (Cost/Amortized Cost $544,511,639)				615,173,159
Other Assets Less Liabilities (-6.9%)				(39,912,964	)
Net Assets (100%)			$	575,260,195
Market Sector Diversification
As a Percentage of Total Equity Investments
Consumer Discretionary				21.9	%
Consumer Staples				6.5
Energy				7.7
Financials
Capital Markets		3.0
Commercial Banks		14.3
Consumer Finance		1.6
Diversified Financial Services		1.6
Insurance		4.2
Real Estate		1.0
Total Financials				25.7
Health Care				6.9
Industrials				6.8
Information Technology				11.6
Materials				6.8
Telecommunication Services				3.9
Utilities				2.2
				100.0	%

79

AXA PREMIER VIP TRUST

AXA PREMIER VIP INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

* Non-income producing.

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

§ Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2004, the market value of these securities amounted to $714,939 or 0.12% 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 security might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(l) Floating Rate Security. Rate disclosed is as of December 31, 2004.

Glossary:

ADR — American Depositary Receipt

CVA — Dutch Certification

FDR — Finnish Depositary Receipt

GDR — Global Depositary Receipt

RNC — Risparmio Non-Convertible Savings Shares

At December 31, 2004 the Portfolio had the following futures contracts open: (Note 1)

Purchase	Number of Contracts	Expiration Date	Original Value		Value at 12/31/04		Unrealized Appreciation
Dow Jones Euro Stoxx 50 Index	45	March-05	$	1,787,888	$	1,803,181	$	15,293

At December 31, 2004 the Portfolio had outstanding foreign currency contracts to buy/sell foreign currencies as follows: (Note 1)

	Local Contract Amount (000’s)	Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation/ (Depreciation)
Foreign Currency Buy Contracts
European Union, expiring 3/16/05	6,983	$	9,300,000	$	9,497,609	$	197,609
Foreign Currency Sell Contracts
European Union, expiring 3/16/05	6,983	$	9,332,369	$	9,497,609	$	(165,240	)

Investment security transactions for the year ended December 31, 2004 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	577,364,603
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		270,341,379

As of December 31, 2004, 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.	$	69,263,277
Aggregate gross unrealized depreciation.		(1,592,422	)
Net unrealized appreciation	$	67,670,855
Federal income tax cost of investments	$	547,502,304

At December 31, 2004, the Portfolio had loaned securities with a total value $44,520,316. This was secured by collateral of $46,875,417 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2004, the Portfolio incurred approximately $125 as brokerage commissions with Bernstein (Sanford C.) & Co., an affiliated broker/dealer.

The Portfolio utilized capital loss carryforward of $412,895 during 2004.

See Notes to Financial Statements.

80

AXA PREMIER VIP TRUST

AXA PREMIER VIP LARGE CAP CORE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (16.8%)
Auto Components (0.6%)
American Axle & Manufacturing Holdings, Inc.	4,300	$	131,838
Autoliv, Inc.^	5,925		286,177
BorgWarner, Inc.^	4,200		227,514
Johnson Controls, Inc.	850		53,924
Lear Corp.	1,825		111,343
Magna International, Inc., Class A	2,850		235,268
			1,046,064
Automobiles (0.1%)
General Motors Corp.^	7,000		280,420
Hotels, Restaurants & Leisure (2.1%)
Hilton Hotels Corp.	42,490		966,223
McDonald’s Corp.	46,985		1,506,339
Royal Caribbean Cruises Ltd.^	23,330		1,270,085
			3,742,647
Household Durables (0.7%)
American Greetings Corp., Class A^	38,400		973,440
Newell Rubbermaid, Inc.^	14,200		343,498
			1,316,938
Internet & Catalog Retail (0.2%)
Shanda Interactive Entertainment Ltd. (ADR)*^	7,400		314,500
Media (5.8%)
Comcast Corp., Class A*	16,755		557,607
Comcast Corp., Special Class A*	44,220		1,452,185
DIRECTV Group, Inc.*	87,823		1,470,157
Fox Entertainment Group, Inc., Class A*	46,700		1,459,842
Gemstar-TV Guide International, Inc.*	72,245		427,690
Interpublic Group of Cos., Inc.*	17,600		235,840
Liberty Media Corp., Class A*	45,682		501,588
Sirius Satellite Radio, Inc.*^	46,020		352,053
Time Warner, Inc.*	184,680		3,590,179
Viacom, Inc., Class B.	200		7,278
XM Satellite Radio Holdings, Inc., Class A*	11,470		431,502
			10,485,921
Multiline Retail (2.0%)
Federated Department Stores, Inc	6,525		377,080
Nordstrom, Inc.	3,200		149,536
Target Corp.	58,625		3,044,396
			3,571,012
Specialty Retail (4.4%)
AutoZone, Inc.*	13,365		1,220,358
Best Buy Co., Inc.	19,530		1,160,473
Gap, Inc.	18,200		384,384
Home Depot, Inc.	53,205		2,273,982
Limited Brands.	15,800		363,716
Linens ‘N Things, Inc.*	39,958		990,958
Office Depot, Inc.*	16,300		282,968
Staples, Inc.	32,635		1,100,126
TJX Cos., Inc.	4,000		100,520
			7,877,485
Textiles, Apparel & Luxury Goods (0.9%)
Jones Apparel Group, Inc.	7,200		263,304
Nike, Inc., Class B	12,005		1,088,733
V.F. Corp.	5,300		293,514
			1,645,551
Total Consumer Discretionary			30,280,538
Consumer Staples (5.5%)
Beverages (1.3%)
Adolph Coors Co., Class B^	3,300		249,711
Coca-Cola Co.	12,475		519,334
PepsiCo, Inc.	31,255		1,631,511
			2,400,556
Food & Staples Retailing (0.8%)
Albertson’s, Inc.^	3,200		76,416
Kroger Co.*	19,500		342,030
Safeway, Inc.*	17,500		345,450
Wal-Mart Stores, Inc.	14,575		769,852
			1,533,748
Food Products (0.6%)
Archer-Daniels-Midland Co.	2,300		51,313
Kraft Foods, Inc., Class A^	8,800		313,368
Sara Lee Corp.	16,800		405,552
Unilever N.V. (N.Y. Shares)	4,000		266,840
			1,037,073
Household Products (2.0%)
Colgate-Palmolive Co.	27,000		1,381,320
Kimberly-Clark Corp.	6,300		414,603
Procter & Gamble Co.	32,460		1,787,897
			3,583,820
Tobacco (0.8%)
Altria Group, Inc.	16,250		992,875
UST, Inc.	8,100		389,691
			1,382,566
Total Consumer Staples			9,937,763
Energy (5.3%)
Energy Equipment & Services (0.4%)
Halliburton Co.	18,540		727,510
Oil & Gas (4.9%)
BP plc (ADR)	5,300		309,520
ChevronTexaco Corp.	16,350		858,538
ConocoPhillips	6,891		598,346
Exxon Mobil Corp.	84,925		4,353,255
Marathon Oil Corp.	8,500		319,685
Occidental Petroleum Corp.	7,000		408,520
Unocal Corp.	45,800		1,980,392
			8,828,256
Total Energy			9,555,766
Financials (19.4%)
Capital Markets (4.0%)
Bank of New York Co., Inc.	57,200		1,911,624
E*Trade Financial Corp.*	47,805		714,685
Goldman Sachs Group, Inc.	18,725		1,948,149
Lehman Brothers Holdings, Inc.	5,125		448,335
Mellon Financial Corp.	12,000		373,320
Merrill Lynch & Co., Inc.	4,600		274,942
Morgan Stanley	25,805		1,432,694
T. Rowe Price Group, Inc.	3,000		186,600
			7,290,349
Commercial Banks (4.9%)
Bank of America Corp.	63,300		2,974,467
Comerica, Inc.	6,050		369,171
Huntington Bancshares, Inc./Ohio	13,450		333,291
KeyCorp	7,975		270,353
Lloyds TSB Group plc	161,500		1,466,603
National City Corp.	10,250		384,888
PNC Financial Services Group, Inc.	5,100		292,944
SunTrust Banks, Inc.	6,125		452,515
U.S. Bancorp.	15,350		480,762
Wachovia Corp.	10,900		573,340
Wells Fargo & Co.	20,350		1,264,752
			8,863,086

81

AXA PREMIER VIP TRUST

AXA PREMIER VIP LARGE CAP CORE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Number of Shares	Value (Note 1)
Consumer Finance (1.5%)
American Express Co.	32,330	$	1,822,442
Capital One Financial Corp.	1,000		84,210
SLM Corp.	15,600		832,884
			2,739,536
Diversified Financial Services (1.4%)
Citigroup, Inc.	41,400		1,994,652
JPMorgan Chase & Co.	11,500		448,615
			2,443,267
Insurance (5.9%)
ACE Ltd.	5,400		230,850
Allstate Corp.	14,475		748,647
American International Group, Inc.	52,275		3,432,899
Chubb Corp.	4,350		334,515
Genworth Financial, Inc., Class A	12,800		345,600
Hartford Financial Services Group, Inc.	6,300		436,653
Manulife Financial Corp.	9,008		416,170
Marsh & McLennan Cos., Inc.	38,400		1,263,360
MBIA, Inc.	4,700		297,416
Metlife, Inc.	8,750		354,462
PartnerReinsurance Ltd.^	900		55,746
Prudential Financial, Inc.	5,800		318,768
St. Paul Travelers Cos., Inc.	56,599		2,098,125
XL Capital Ltd., Class A	4,400		341,660
			10,674,871
Thrifts & Mortgage Finance (1.7%)
Astoria Financial Corp.	5,500		219,835
Countrywide Financial Corp.	21,400		792,014
Fannie Mae	9,425		671,154
Freddie Mac	8,100		596,970
MGIC Investment Corp.	4,400		303,204
Washington Mutual, Inc.	11,725		495,733
			3,078,910
Total Financials			35,090,019
Health Care (15.8%)
Biotechnology (2.4%)
Amgen, Inc.*	30,635		1,965,235
Genentech, Inc.*	42,080		2,290,835
			4,256,070
Health Care Equipment & Supplies (2.3%)
Biomet, Inc.	18,365		796,858
Guidant Corp.	18,800		1,355,480
Medtronic, Inc.	38,675		1,920,987
			4,073,325
Health Care Providers & Services (6.5%)
Cardinal Health, Inc.	31,200		1,814,280
Caremark Rx, Inc.*	24,105		950,460
Eclipsys Corp.*	57,000		1,164,510
HCA, Inc.	2,500		99,900
Health Management Associates, Inc., Class A	61,400		1,395,008
Medco Health Solutions, Inc.*	10,100		420,160
UnitedHealth Group, Inc.	49,520		4,359,246
WellPoint, Inc.*	14,200		1,633,000
			11,836,564
Pharmaceuticals (4.6%)
Abbott Laboratories	8,900		415,185
AstraZeneca plc (ADR)	6,000		218,340
Bristol-Myers Squibb Co.	20,075		514,322
Eli Lilly & Co.	7,170		406,898
GlaxoSmithKline plc (ADR)^	6,400		303,296
Johnson & Johnson	20,875		1,323,892
Merck & Co., Inc.	17,775		571,288
Pfizer, Inc.	100,600		2,705,134
Sanofi-Aventis (ADR).	39,970		1,600,798
Wyeth	6,300		268,317
			8,327,470
Total Health Care			28,493,429
Industrials (11.3%)
Aerospace & Defense (1.0%)
Boeing Co.	10,000		517,700
General Dynamics Corp.	1,000		104,600
Goodrich Corp.	10,200		332,928
Honeywell International, Inc.	10,600		375,346
Raytheon Co.	11,170		433,731
			1,764,305
Air Freight & Logistics (1.4%)
FedEx Corp.	24,330		2,396,262
United Parcel Service, Inc./Georgia, Class B	600		51,276
			2,447,538
Airlines (0.9%)
Southwest Airlines Co.	103,358		1,682,668
Commercial Services & Supplies (1.0%)
Apollo Group, Inc., Class A*	14,165		1,143,257
FTI Consulting, Inc.*^	32,300		680,561
			1,823,818
Electrical Equipment (0.2%)
Cooper Industries Ltd., Class A	2,225		151,055
Hubbell, Inc., Class B^	3,800		198,740
			349,795
Industrial Conglomerates (4.9%)
General Electric Co.	174,265		6,360,672
Textron, Inc.	5,300		391,140
Tyco International Ltd.	60,925		2,177,460
			8,929,272
Machinery (0.6%)
Crane Co.	2,300		66,332
Eaton Corp.	5,450		394,362
Ingersoll-Rand Co., Class A	3,800		305,140
Parker-Hannifin Corp.	5,450		412,783
			1,178,617
Road & Rail (1.3%)
Burlington Northern Santa Fe Corp.	6,000		283,860
CSX Corp.^	7,300		292,584
Norfolk Southern Corp.	6,200		224,378
Union Pacific Corp.	22,900		1,540,025
			2,340,847
Total Industrials			20,516,860
Information Technology (15.9%)
Communications Equipment (3.6%)
ADC Telecommunications, Inc.*^	66,200		177,416
Cisco Systems, Inc.*	149,130		2,878,209
Corning, Inc.*	32,200		378,994
Ditech Communications Corp.*^	22,500		336,375
Motorola, Inc.	105,985		1,822,942
Nortel Networks Corp.*	47,800		166,822
QUALCOMM, Inc.	12,600		534,240
Tellabs, Inc.*	29,450		252,975
			6,547,973
Computers & Peripherals (2.3%)
Dell, Inc.*	24,780		1,044,229
Hewlett-Packard Co.	28,700		601,839
International Business Machines Corp.	10,675		1,052,342
Lexmark International, Inc., Class A*	18,290		1,554,650
			4,253,060
Electronic Equipment & Instruments (0.9%)
Arrow Electronics, Inc.*	5,100		123,930
Avnet, Inc.*^	6,300		114,912

82

AXA PREMIER VIP TRUST

AXA PREMIER VIP LARGE CAP CORE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Number of Shares		Value (Note 1)
Celestica, Inc.*		16,400	$	231,404
Flextronics International Ltd.*		14,900		205,918
Ingram Micro, Inc., Class A*		4,300		89,440
Sanmina-SCI Corp.*		13,300		112,651
Solectron Corp.*		53,100		283,023
Tech Data Corp.*^		5,875		266,725
Vishay Intertechnology, Inc.*		10,900		163,718
				1,591,721
Internet Software & Services (1.2%)
Yahoo!, Inc.*		58,075		2,188,266
IT Services (0.8%)
Affiliated Computer Services, Inc., Class A*		17,550		1,056,335
Electronic Data Systems Corp.		16,100		371,910
				1,428,245
Semiconductors & Semiconductor Equipment (3.1%)
Agere Systems, Inc., Class A*^		65,000		89,050
Applied Materials, Inc.*		33,580		574,218
Freescale Semiconductor, Inc., Class B*		11,702		214,849
Intel Corp.		20,600		481,834
Samsung Electronics Co., Ltd. (GDR)§		3,488		758,956
Texas Instruments, Inc.		138,945		3,420,826
				5,539,733
Software (4.0%)
Intuit, Inc.*		11,755		517,338
Microsoft Corp.		246,975		6,596,702
Oracle Corp.*		5,100		69,972
				7,184,012
Total Information Technology				28,733,010
Materials (1.9%)
Chemicals (0.3%)
DuPont (E.I.) de Nemours & Co.		6,600		323,730
Eastman Chemical Co.		1,300		75,049
Monsanto Co.		2,200		122,210
PPG Industries, Inc.		1,800		122,688
				643,677
Construction Materials (0.1%)
Martin Marietta Materials, Inc.		3,800		203,908
Containers & Packaging (0.2%)
Smurfit-Stone Container Corp.*		14,300		267,124
Temple-Inland, Inc.		1,000		68,400
				335,524
Metals & Mining (0.9%)
Rio Tinto plc (ADR)^		7,875		938,779
United States Steel Corp.		10,000		512,500
Worthington Industries, Inc.		7,600		148,808
				1,600,087
Paper & Forest Products (0.4%)
Georgia-Pacific Corp.		8,900		333,572
MeadWestvaco Corp.		11,000		372,790
				706,362
Total Materials				3,489,558
Telecommunication Services (2.7%)
Diversified Telecommunication Services (1.5%)
ALLTEL Corp.		25,000		1,469,000
SBC Communications, Inc.		5,200		134,004
Sprint Corp.		31,650		786,502
Verizon Communications, Inc.		8,000		324,080
				2,713,586
Wireless Telecommunication Services (1.2%)
Crown Castle International Corp.*		31,500		524,160
NII Holdings, Inc.*^		34,700		1,646,515
				2,170,675
Total Telecommunication Services				4,884,261
Utilities (1.2%)
Electric Utilities (0.9%)
Alliant Energy Corp.^		6,900		197,340
American Electric Power Co., Inc.		9,475		325,371
Entergy Corp.		4,300		290,637
Exelon Corp.		10,000		440,700
FirstEnergy Corp.		7,400		292,374
PPL Corp.		2,050		109,224
Xcel Energy, Inc.^		2,000		36,400
				1,692,046
Multi-Utilities & Unregulated Power (0.3%)
Constellation Energy Group, Inc.		2,625		114,739
Sempra Energy		9,100		333,788
				448,527
Total Utilities				2,140,573
Total Common Stocks (95.8%) (Cost $148,453,967)				173,121,777
	Principal Amount
SHORT-TERM DEBT SECURITIES:
Government Security (2.2%)
Federal National Mortgage Association 1.65%, 1/3/05 (o)	$	4,000,000		3,999,450
	Number of Shares
Short-Term Fund of Cash Collateral for Securities Loaned (0.1%)
JPMorgan Securities Lending Collateral Investment Fund		158,163		158,163
	Principal Amount
Short-Term Investments of Cash Collateral for Securities Loaned (4.5%)
Banca Intesa S.p.A.
2.34%, 2/2/05	$	232,593		232,593
Capital One Corp., Series 02-A2 A2
2.40%, 9/15/05 (l)		186,348		186,348
Citigroup Global Markets, Inc.
2.38%, 1/7/05 (l)		232,593		232,593
Deutsche Bank Securities, Inc.
2.31%, 2/1/05		446,579		446,579
Fortis Bank
2.39%, 2/16/05		232,593		232,593
Greenwich Capital Holdings, Inc.
2.38%, 1/3/05		4,821,110		4,821,110
Halogen Funding Co. LLC
2.44%, 1/14/05		186,080		186,080
Hartford Life, Inc.
2.41%, 1/2/06 (l)		74,430		74,430
Lehman Brothers, Inc.
2.49%, 3/31/05 (l)		32,563		32,563
Monte dei Paschi
2.42%, 2/22/05		232,593		232,593
Monumental Global Funding II
1.98%, 7/1/05 (l)		102,468		102,468
New York Life Insurance Co.
2.39%, 3/31/05 (l)		232,593		232,593
Nordea Bank N.Y.
2.35%, 9/6/05 (l)		232,510		232,510

83

AXA PREMIER VIP TRUST

AXA PREMIER VIP LARGE CAP CORE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

	Principal Amount		Value (Note 1)
Raiffeisen Zentralbank Oesterreich AG
2.36%, 2/2/05	$	232,593	$	232,593
Skandinaviska Enskilda Banken AB
2.35%, 1/31/05		232,593		232,593
Sun Trust Bank/Atlanta, Georgia
2.30%, 5/17/06 (l)		232,593		232,593
WestLB Covered Bond Bank plc
2.35%, 2/7/05		231,686		231,686
Total Short-Term Investments of Cash Collateral for Securities Loaned .				8,174,518
Time Deposit (2.5%)
JPMorgan Chase Nassau, 1.74%, 1/3/05		4,558,514		4,558,514
Total Short-Term Debt Securities (9.3%) (Amortized Cost $16,890,645)				16,890,645
Total Investments (105.1%) (Cost/Amortized Cost $165,344,612)				190,012,422
Other Assets Less Liabilities (-5.1%)				(9,205,646	)
Net Assets (100%)			$	180,806,776

* Non-income producing.

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

§ Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2004, the market value of these securities amounted to $758,956 or 0.42% 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 security might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(l) Floating Rate Security. Rate disclosed is as of December 31, 2004.

Glossary:

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

Investment security transactions for the year ended December 31, 2004 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	105,006,843
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		85,026,239

As of December 31, 2004, 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	$	26,471,211
Aggregate gross unrealized depreciation		(2,580,677	)
Net unrealized depreciation	$	23,890,534
Federal income tax cost of investments	$	166,121,888

At December 31, 2004, the Portfolio had loaned securities with a total value $8,216,333. This was secured by collateral of $8,332,681 which was received in cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2004, the Portfolio incurred approximately $26,687 as brokerage commissions with Bernstein (Sanford C.) & Co., an affiliated broker/dealer.

The Portfolio utilized capital loss carryforward of $284,949 during 2004.

See Notes to Financial Statements.

84

AXA PREMIER VIP TRUST

AXA PREMIER VIP LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (19.3%)
Automobiles (1.4%)
Harley-Davidson, Inc.	81,750	$	4,966,313
Hotels, Restaurants & Leisure (3.0%)
Carnival Corp.	66,900		3,855,447
International Game Technology	3,010		103,484
Starbucks Corp.*	108,400		6,759,824
			10,718,755
Household Durables (0.8%)
Centex Corp.	12,330		734,621
D.R. Horton, Inc.	11,650		469,612
Lennar Corp., Class A	7,550		427,934
Pulte Homes, Inc.	18,500		1,180,300
			2,812,467
Internet & Catalog Retail (5.9%)
Amazon.com, Inc.*^	157,885		6,992,727
eBay, Inc.*	120,890		14,057,089
			21,049,816
Media (3.7%)
News Corp., Class A^	133,370		2,488,684
Pixar*^	45,650		3,908,096
Viacom, Inc., Class B	29,300		1,066,227
XM Satellite Radio Holdings, Inc., Class A*^	151,430		5,696,797
			13,159,804
Multiline Retail (0.6%)
Target Corp.	38,940		2,022,154
Specialty Retail (2.4%)
Bed Bath & Beyond, Inc.*	84,230		3,354,881
Best Buy Co., Inc.	19,310		1,147,400
Lowe’s Cos., Inc.	50,970		2,935,362
Williams-Sonoma, Inc.*^	32,940		1,154,218
			8,591,861
Textiles, Apparel & Luxury Goods (1.5%)
Coach, Inc.*	46,755		2,636,982
Nike, Inc., Class B	30,500		2,766,045
			5,403,027
Total Consumer Discretionary			68,724,197
Consumer Staples (5.7%)
Beverages (0.4%)
PepsiCo, Inc.	27,100		1,414,620
Food & Staples Retailing (2.5%)
Wal-Mart Stores, Inc.	72,500		3,829,450
Walgreen Co.	132,300		5,076,351
			8,905,801
Household Products (1.7%)
Procter & Gamble Co.	110,550		6,089,094
Personal Products (1.1%)
Avon Products, Inc.	61,010		2,361,087
Gillette Co.	35,600		1,594,168
			3,955,255
Total Consumer Staples			20,364,770
Energy (1.6%)
Energy Equipment & Services (1.1%)
Schlumberger Ltd.	13,950		933,953
Smith International, Inc.*	20,000		1,088,200
Transocean, Inc.*	43,500		1,843,965
			3,866,118
Oil & Gas (0.5%)
Apache Corp.	34,500		1,744,665
Total Energy			5,610,783
Financials (12.8%)
Capital Markets (3.4%)
Charles Schwab Corp.	8,960		107,162
Franklin Resources, Inc.	23,400		1,629,810
Goldman Sachs Group, Inc.	47,770		4,969,991
Legg Mason, Inc .	24,555		1,798,899
Merrill Lynch & Co., Inc.	39,630		2,368,685
Morgan Stanley	22,260		1,235,875
			12,110,422
Commercial Banks (1.1%)
Commerce Bancorp, Inc./ New Jersey^	38,865		2,502,906
Wachovia Corp.	27,000		1,420,200
			3,923,106
Consumer Finance (0.7%)
MBNA Corp.	83,860		2,364,013
Diversified Financial Services (1.5%)
Citigroup, Inc.	86,970		4,190,215
JPMorgan Chase & Co.	27,707		1,080,850
			5,271,065
Insurance (5.7%)
Aflac, Inc.	78,950		3,145,368
Ambac Financial Group, Inc.	5,810		477,175
American International Group, Inc.	92,010		6,042,297
Metlife, Inc.	51,100		2,070,061
Progressive Corp.	102,150		8,666,406
			20,401,307
Thrifts & Mortgage Finance (0.4%)
Golden West Financial Corp.	26,200		1,609,204
Total Financials			45,679,117
Health Care (17.3%)
Biotechnology (5.8%)
Amgen, Inc.*	141,050		9,048,358
Biogen Idec, Inc.*	30,000		1,998,300
Genentech, Inc.*	113,510		6,179,484
Gilead Sciences, Inc.*	92,380		3,232,376
			20,458,518
Health Care Equipment & Supplies (3.9%)
Alcon, Inc.	28,060		2,261,636
Medtronic, Inc.	49,500		2,458,665
St. Jude Medical, Inc.*	88,500		3,710,805
Stryker Corp.	39,930		1,926,622
Zimmer Holdings, Inc.*	42,780		3,427,534
			13,785,262
Health Care Providers & Services (3.0%)
Aetna, Inc.	16,000		1,996,000
Caremark Rx, Inc.*	55,030		2,169,833
Health Management Associates, Inc., Class A	34,650		787,248
UnitedHealth Group, Inc.	32,790		2,886,504
WellPoint, Inc.*	24,100		2,771,500
			10,611,085
Pharmaceuticals (4.6%)
Abbott Laboratories	59,900		2,794,335
Elan Corp. plc (ADR)*^	63,500		1,730,375
Forest Laboratories, Inc.*	62,510		2,804,198
Johnson & Johnson	18,390		1,166,294
Novartis AG (ADR)^	37,500		1,895,250
Pfizer, Inc.	75,000		2,016,750
Schering-Plough Corp.	70,000		1,461,600
Teva Pharmaceutical Industries Ltd. (ADR)^	89,570		2,674,560
			16,543,362
Total Health Care			61,398,227

85

AXA PREMIER VIP TRUST

AXA PREMIER VIP LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Number of Shares		Value (Note 1)
Industrials (7.4%)
Aerospace & Defense (0.4%)
United Technologies Corp.		14,500	$	1,498,575
Air Freight & Logistics (1.5%)
FedEx Corp.		23,400		2,304,666
United Parcel Service, Inc./Georgia, Class B		33,410		2,855,218
				5,159,884
Building Products (0.4%)
American Standard Cos., Inc.*		29,980		1,238,774
Commercial Services & Supplies (1.3%)
Apollo Group, Inc., Class A*		59,400		4,794,174
Industrial Conglomerates (2.9%)
General Electric Co.		240,600		8,781,900
Tyco International Ltd.		40,000		1,429,600
				10,211,500
Machinery (0.9%)
Danaher Corp.^		58,210		3,341,836
Total Industrials				26,244,743
Information Technology (33.1%)
Communications Equipment (6.7%)
Cisco Systems, Inc.*		322,800		6,230,040
Corning, Inc.*		182,840		2,152,027
Juniper Networks, Inc.*		147,210		4,002,640
QUALCOMM, Inc .		270,900		11,486,160
				23,870,867
Computers & Peripherals (6.8%)
Apple Computer, Inc.*		30,500		1,964,200
Dell, Inc.*		278,800		11,748,632
EMC Corp.*		71,380		1,061,421
Network Appliance, Inc.*		288,080		9,570,017
				24,344,270
Internet Software & Services (4.8%)
Google, Inc., Class A*^		7,800		1,506,180
VeriSign, Inc.*		34,000		1,139,680
Yahoo!, Inc.*		378,940		14,278,459
				16,924,319
IT Services (0.1%)
Iron Mountain, Inc.*^		11,110		338,744
Semiconductors & Semiconductor Equipment (7.0%)
Advanced Micro Devices, Inc.*		56,500		1,244,130
Altera Corp.*		22,920		474,444
Applied Materials, Inc.*		162,040		2,770,884
Broadcom Corp., Class A*		117,750		3,800,970
Marvell Technology Group Ltd.*		192,330		6,821,945
Maxim Integrated Products, Inc.		111,800		4,739,202
Texas Instruments, Inc.		43,000		1,058,660
Xilinx, Inc.		133,800		3,967,170
				24,877,405
Software (7.7%)
Electronic Arts, Inc.*		94,620		5,836,162
Mercury Interactive Corp.*^		36,930		1,682,161
Microsoft Corp.		230,230		6,149,443
Oracle Corp.*		186,400		2,557,408
SAP AG (ADR)		81,170		3,588,526
Symantec Corp.*		294,160		7,577,562
				27,391,262
Total Information Technology				117,746,867
Materials (0.3%)
Metals & Mining (0.3%)
Alcan, Inc.^		22,100		1,083,784
Total Materials				1,083,784
Total Common Stocks (97.5%) (Cost $284,679,303)				346,852,488
SHORT-TERM DEBT SECURITIES:
Short-Term Fund of Cash Collateral for Securities Loaned (0.1%)
JPMorgan Securities Lending Collateral Investment Fund		449,620		449,620
	Principal Amount
Short-Term Investments of Cash Collateral for Securities Loaned (6.5%)
Banca Intesa S.p.A.
2.34%, 2/2/05	$	661,206		661,206
Capital One Corp.,
Series 02-A2 A2 2.40%, 9/15/05(l)		529,741		529,741
Citigroup Global Markets, Inc.
2.38%, 1/7/05(l)		661,205		661,205
Deutsche Bank Securities, Inc.
2.31%, 2/1/05		1,269,514		1,269,514
Fortis Bank
2.39%, 2/16/05		661,205		661,205
Greenwich Capital Holdings, Inc.
2.38%, 1/3/05		13,705,247		13,705,247
Halogen Funding Co. LLC
2.44%, 1/14/05		528,979		528,979
Hartford Life, Inc.
2.41%, 1/2/06(l)		211,586		211,586
Lehman Brothers, Inc.
2.49%, 3/31/05(l)		92,569		92,569
Monte dei Paschi
2.42%, 2/22/05		661,206		661,206
Monumental Global Funding II
1.98%, 7/1/05(l)		291,292		291,292
New York Life Insurance Co.
2.39%, 3/31/05(l) .		661,205		661,205
Nordea Bank N.Y.
2.35%, 9/6/05(l)		660,968		660,968
Raiffeisen Zentralbank Oesterreich AG
2.36%, 2/2/05		661,206		661,206
Skandinaviska Enskilda Banken AB
2.35%, 1/31/05		661,206		661,206
Sun Trust Bank/Atlanta, Georgia
2.30%, 5/17/06(l) .		661,206		661,206
WestLB Covered Bond Bank plc
2.35%, 2/7/05		658,627		658,627
Total Short-Term Investments of Cash Collateral for Securities Loaned				23,238,168
Time Deposit (3.3%)
JPMorgan Chase Nassau, 1.74%, 1/3/05		11,558,898		11,558,898
Total Short-Term Debt Securities (9.9%) (Amortized Cost $35,246,686)				35,246,686
Total Investments (107.4%) (Cost/Amortized Cost $319,925,989)				382,099,174
Other Assets Less Liabilities (-7.4%)				(26,296,029	)
Net Assets (100%)			$	355,803,145

86

AXA PREMIER VIP TRUST

AXA PREMIER VIP LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

* Non-income producing.

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

(l) Floating Rate Security. Rate disclosed is as of December 31, 2004.

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the year ended December 31, 2004 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	226,359,848
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		157,852,656

As of December 31, 2004, 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	$	63,874,431
Aggregate gross unrealized depreciation		(3,603,593	)
Net unrealized appreciation	$	60,270,838
Federal income tax cost of investments	$	321,828,336

At December 31, 2004, the Portfolio had loaned securities with a total value $23,256,630. This was secured by collateral of $23,687,788 which was received in cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2004, the Portfolio incurred approximately $6,355 as brokerage commissions with Bernstein (Sanford C.) & Co., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $6,054,253 of which $1,406,718 expires in the year 2010, $2,398,957 expires in the year 2011, and $2,248,578 expires in the year 2012.

See Notes to Financial Statements.

87

AXA PREMIER VIP TRUST

AXA PREMIER VIP LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (13.0%)
Auto Components (0.2%)
Johnson Controls, Inc.	15,000	$	951,600
Automobiles (0.3%)
Harley-Davidson, Inc.	17,000		1,032,750
Hotels, Restaurants & Leisure (1.0%)
Carnival Corp.	17,500		1,008,525
McDonald’s Corp.	27,580		884,215
Royal Caribbean Cruises Ltd.	15,000		816,600
Wendy’s International, Inc.	35,300		1,385,878
			4,095,218
Household Durables (1.4%)
Fortune Brands, Inc.	10,400		802,672
Koninklijke (Royal) Philips Electronics N.V. (N.Y. Shares)	191,050		5,062,825
			5,865,497
Leisure Equipment & Products (0.1%)
Hasbro, Inc.	19,880		385,274
Media (6.6%)
Clear Channel Communications, Inc.	6,800		227,732
Comcast Corp., Class A*	212,700		7,078,656
Comcast Corp., Special Class A*^	165,620		5,438,961
Reed Elsevier plc	145,420		1,341,518
Time Warner, Inc.*	206,290		4,010,278
Tribune Co.	30,850		1,300,019
Viacom, Inc., Class B	194,190		7,066,574
Walt Disney Co.	24,010		667,478
Westwood One, Inc.*	20,000		538,600
			27,669,816
Specialty Retail (3.4%)
Bed Bath & Beyond, Inc.*	23,100		920,073
Gap, Inc.	66,710		1,408,915
Home Depot, Inc.	66,400		2,837,936
Lowe’s Cos., Inc.	129,600		7,463,664
TJX Cos., Inc.	63,000		1,583,190
			14,213,778
Total Consumer Discretionary			54,213,933
Consumer Staples (9.1%)
Beverages (0.3%)
Diageo plc.	44,500		634,787
PepsiCo, Inc.	15,380		802,836
			1,437,623
Food Products (2.8%)
Archer-Daniels-Midland Co.	295,400		6,590,374
Dean Foods Co.*^	2,100		69,195
H.J. Heinz Co.	28,440		1,108,876
Kellogg Co.	46,240		2,065,078
Nestle S.A. (Registered)	2,631		688,350
Sara Lee Corp.	51,340		1,239,347
			11,761,220
Household Products (1.2%)
Kimberly-Clark Corp.	28,430		1,870,978
Procter & Gamble Co.	55,000		3,029,400
			4,900,378
Personal Products (0.6%)
Avon Products, Inc.	61,880		2,394,756
Tobacco (4.2%)
Altria Group, Inc.	275,840		16,853,824
Loews Corp.- Carolina Group	21,400		619,530
			17,473,354
Total Consumer Staples			37,967,331
Energy (11.8%)
Energy Equipment & Services (1.8%)
Baker Hughes, Inc.	41,000		1,749,470
GlobalSantaFe Corp.	9,890		327,458
Halliburton Co.	25,000		981,000
Nabors Industries Ltd.*	37,000		1,897,730
Noble Corp.*	26,900		1,338,006
Schlumberger Ltd.	15,140		1,013,623
			7,307,287
Oil & Gas (10.0%)
BP plc (ADR)	81,100		4,736,240
ChevronTexaco Corp.	14,000		735,140
ConocoPhillips	158,639		13,774,624
Devon Energy Corp.	15,830		616,104
EOG Resources, Inc.	9,690		691,478
Exxon Mobil Corp.	88,310		4,526,771
Marathon Oil Corp.	175,041		6,583,292
Noble Energy, Inc.^	47,200		2,910,352
Occidental Petroleum Corp.	62,150		3,627,074
Total S.A. (ADR)^	14,910		1,637,714
Unocal Corp.	44,670		1,931,531
			41,770,320
Total Energy			49,077,607
Financials (25.5%)
Capital Markets (4.3%)
Franklin Resources, Inc.	13,360		930,524
Goldman Sachs Group, Inc.	95,740		9,960,790
Lehman Brothers Holdings, Inc.	18,010		1,575,515
Mellon Financial Corp.	47,280		1,470,881
Merrill Lynch & Co., Inc.	43,020		2,571,305
Morgan Stanley	30,000		1,665,600
			18,174,615
Commercial Banks (5.6%)
Bank of America Corp.	340,604		16,004,982
North Fork Bancorp, Inc.	47,000		1,355,950
PNC Financial Services Group, Inc.	29,600		1,700,224
SunTrust Banks, Inc.	42,610		3,148,027
Wells Fargo & Co.	16,210		1,007,451
			23,216,634
Consumer Finance (0.7%)
American Express Co.	30,110		1,697,301
MBNA Corp.	46,470		1,309,989
			3,007,290
Diversified Financial Services (7.0%)
Citigroup, Inc.	341,100		16,434,198
JPMorgan Chase & Co.	325,116		12,682,775
			29,116,973
Insurance (6.4%)
ACE Ltd.	94,000		4,018,500
Aflac, Inc.	18,450		735,048
Allstate Corp.	59,970		3,101,649
American International Group, Inc.	73,500		4,826,745
Axis Capital Holdings Ltd.^	56,000		1,532,160
Chubb Corp.	8,530		655,957
Hartford Financial Services Group, Inc.	17,420		1,207,380
Metlife, Inc.	93,330		3,780,798
St. Paul Travelers Cos., Inc.	183,449		6,800,454
			26,658,691
Thrifts & Mortgage Finance (1.5%)
Fannie Mae	74,860		5,330,781
Freddie Mac	11,610		855,657
			6,186,438
Total Financials			106,360,641

88

AXA PREMIER VIP TRUST

AXA PREMIER VIP LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Number of Shares	Value (Note 1)
Health Care (8.1%)
Health Care Equipment & Supplies (1.1%)
Baxter International, Inc.	19,640	$	678,366
Boston Scientific Corp.*	103,500		3,679,425
			4,357,791
Health Care Providers & Services (2.3%)
Caremark Rx, Inc.*	65,000		2,562,950
HCA, Inc.^	15,700		627,372
Health Management Associates, Inc., Class A	40,000		908,800
UnitedHealth Group, Inc.	15,700		1,382,071
WellPoint, Inc.*	36,700		4,220,500
			9,701,693
Pharmaceuticals (4.7%)
Abbott Laboratories	36,980		1,725,117
Eli Lilly & Co.	5,700		323,475
Forest Laboratories, Inc.*	23,200		1,040,752
Johnson & Johnson	40,440		2,564,705
Merck & Co., Inc.	65,820		2,115,455
Novartis AG (Registered)	12,900		650,048
Pfizer, Inc.	72,090		1,938,500
Roche Holding AG	7,750		892,160
Sanofi-Aventis (ADR)^	170,534		6,829,887
Wyeth	33,760		1,437,838
			19,517,937
Total Health Care			33,577,421
Industrials (12.1%)
Aerospace & Defense (1.7%)
Lockheed Martin Corp.	39,310		2,183,671
Northrop Grumman Corp.	47,240		2,567,966
United Technologies Corp.	21,460		2,217,891
			6,969,528
Air Freight & Logistics (0.0%)
CNF, Inc.	1,480		74,148
Building Products (0.5%)
American Standard Cos., Inc.*^	23,300		962,756
Masco Corp.	29,400		1,073,982
			2,036,738
Commercial Services & Supplies (2.9%)
Cendant Corp.	348,300		8,143,254
R.R. Donnelley & Sons Co.	107,750		3,802,497
			11,945,751
Electrical Equipment (0.7%)
Cooper Industries Ltd., Class A	12,940		878,497
Emerson Electric Co.	31,540		2,210,954
			3,089,451
Industrial Conglomerates (2.9%)
3M Co	18,400		1,510,088
General Electric Co.	140,000		5,110,000
Tyco International Ltd.	158,200		5,654,068
			12,274,156
Machinery (2.2%)
Deere & Co.	99,840		7,428,096
Illinois Tool Works, Inc.	3,700		342,916
Ingersoll-Rand Co., Class A	10,000		803,000
Sandvik AB	10,170		410,142
			8,984,154
Road & Rail (1.2%)
Burlington Northern Santa Fe Corp.	38,080		1,801,565
CSX Corp.	25,300		1,014,024
Union Pacific Corp.	30,060		2,021,535
			4,837,124
Trading Companies & Distributors (0.0%)
Finning International, Inc.	5,100		148,937
Total Industrials			50,359,987
Information Technology (5.4%)
Communications Equipment (0.1%)
Motorola, Inc.	38,250		657,900
Computers & Peripherals (0.4%)
EMC Corp.*	24,000		356,880
Hewlett-Packard Co.	55,840		1,170,965
International Business Machines Corp.	2,740		270,109
			1,797,954
IT Services (0.7%)
Accenture Ltd., Class A*	50,660		1,367,820
Fiserv, Inc.*^	35,710		1,435,185
			2,803,005
Semiconductors & Semiconductor Equipment (0.8%)
Applied Materials, Inc.*	16,400		280,440
Freescale Semiconductor, Inc., Class B*^	159,636		2,930,917
			3,211,357
Software (3.4%)
Microsoft Corp.	532,050		14,211,055
Total Information Technology			22,681,271
Materials (6.1%)
Chemicals (3.0%)
Air Products & Chemicals, Inc.	63,900		3,704,283
Dow Chemical Co.	28,610		1,416,481
DuPont (E.I.) de Nemours & Co.	37,010		1,815,341
Monsanto Co.	25,700		1,427,635
Nalco Holding Co.*	12,570		245,366
PPG Industries, Inc.	33,540		2,286,086
Praxair, Inc.	6,010		265,342
Syngenta AG*	11,160		1,185,584
			12,346,118
Containers & Packaging (0.1%)
Smurfit-Stone Container Corp.*	29,250		546,390
Metals & Mining (1.6%)
Alcoa, Inc.	25,900		813,778
Freeport-McMoRan Copper & Gold, Inc., Class B^	150,250		5,744,057
			6,557,835
Paper & Forest Products (1.4%)
Bowater, Inc.	11,500		505,655
International Paper Co.	125,450		5,268,900
			5,774,555
Total Materials			25,224,898
Telecommunication Services (2.4%)
Diversified Telecommunication Services (2.0%)
BellSouth Corp.	25,000		694,750
SBC Communications, Inc.	28,000		721,560
Sprint Corp.^	121,330		3,015,050
Verizon Communications, Inc.^	90,260		3,656,433
			8,087,793
Wireless Telecommunication Services (0.4%)
Vodafone Group plc	677,850		1,838,235
Total Telecommunication Services			9,926,028
Utilities (3.7%)
Electric Utilities (2.9%)
Cinergy Corp.^	15,960		664,415
Entergy Corp.	123,600		8,354,124
Exelon Corp.	9,300		409,851

89

AXA PREMIER VIP TRUST

AXA PREMIER VIP LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Number of Shares		Value (Note 1)
FirstEnergy Corp.		6,020	$	237,850
FPL Group, Inc.		4,200		313,950
PPL Corp.		22,420		1,194,537
TXU Corp.		13,550		874,788
				12,049,515
Gas Utilities (0.1%)
KeySpan Corp.^		6,460		254,847
Multi-Utilities & Unregulated Power (0.7%)
Dominion Resources, Inc.		31,660		2,144,649
Energy East Corp.^		20,690		552,009
Public Service Enterprise Group, Inc.		5,300		274,381
				2,971,039
Total Utilities				15,275,401
Total Common Stocks (97.2%) (Cost $352,116,075)				404,664,518
	Principal Amount
SHORT-TERM DEBT SECURITIES:
Government Security (0.9%)
Federal National Mortgage Association
1.25%, 1/3/05 (o)	$	3,801,000		3,800,603
	Number of Shares
Short-Term Fund of Cash Collateral for Securities Loaned (0.1%)
JPMorgan Securities Lending Collateral Investment Fund		341,172		341,172
	Principal Amount
Short-Term Investments of Cash Collateral for Securities Loaned (4.2%)
Banca Intesa S.p.A.
2.34%, 2/2/05	$	501,724		501,724
Capital One Corp.,
Series 02-A2 A2 2.40%, 9/15/05 (l)		401,968		401,968
Citigroup Global Markets, Inc.
2.38%, 1/7/05 (l)		501,724		501,724
Deutsche Bank Securities, Inc.
2.31%, 2/1/05		963,308		963,308
Fortis Bank
2.39%, 2/16/05		501,723		501,723
Greenwich Capital Holdings, Inc.
2.38%, 1/3/05		10,399,556		10,399,556
Halogen Funding Co. LLC
2.44%, 1/14/05		401,390		401,390
Hartford Life, Inc.
2.41%, 1/2/06 (l)		160,552		160,552
Lehman Brothers, Inc.
2.49%, 3/31/05 (l)		70,241		70,241
Monte dei Paschi
2.42%, 2/22/05		501,724		501,724
Monumental Global Funding II
1.98%, 7/1/05 (l)		221,033		221,033
New York Life Insurance Co.
2.39%, 3/31/05 (l)		501,723		501,723
Nordea Bank N.Y.
2.35%, 9/6/05 (l)		501,543		501,543
Raiffeisen Zentralbank Oesterreich AG
2.36%, 2/2/05		501,724		501,724
Skandinaviska Enskilda Banken AB
2.35%, 1/31/05		501,724		501,724
Sun Trust Bank/Atlanta, Georgia
2.30%, 5/17/06 (l)		501,724		501,724
WestLB Covered Bond Bank plc
2.35%, 2/7/05		499,767		499,767
Short-Term Investments of Cash Collateral for Securities Loaned				17,633,148
Time Deposit (1.9%)
JPMorgan Chase Nassau, 1.74%, 1/3/05		7,845,864		7,845,864
Total Short-Term Debt Securities (7.1%) (Amortized Cost $29,620,787)				29,620,787
Total Investments (104.3%) (Cost/Amortized Cost $381,736,862)				434,285,305
Other Assets Less Liabilities (-4.3%)				(17,901,555	)
Net Assets (100%)			$	416,383,750

* Non-income producing.

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

(l) Floating Rate Security. Rate disclosed is as of December 31, 2004.

(o) Discount Note Security. Effective rate calculated as of December 31, 2004.

Glossary:

ADR — American Depositary Receipt

90

AXA PREMIER VIP TRUST

AXA PREMIER VIP LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

Investment security transactions for the year ended December 31, 2004 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	420,482,129
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		314,868,964

As of December 31, 2004, 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	$	52,864,347
Aggregate gross unrealized depreciation		(2,210,828	)
Net unrealized appreciation	$	50,653,519
Federal income tax cost of investments	$	383,631,786

At December 31, 2004, the Portfolio had loaned securities with a total value $17,661,712. This was secured by collateral of $17,974,320 which was received in cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2004, the Portfolio incurred approximately $14,991 as brokerage commissions with Bernstein (Sanford C.) & Co., an affiliated broker/dealer.

See Notes to Financial Statements.

91

AXA PREMIER VIP TRUST

AXA PREMIER VIP SMALL/MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (14.1%)
Auto Components (1.4%)
Autoliv, Inc.	15,000	$	724,500
BorgWarner, Inc.^	195,800		10,606,486
Gentex Corp.^	12,300		455,346
			11,786,332
Automobiles (0.2%)
Winnebago Industries, Inc.^	41,700		1,628,802
Hotels, Restaurants & Leisure (3.2%)
BJ’s Restaurants, Inc.*^	47,500		665,000
Four Seasons Hotels, Inc.	36,600		2,993,514
La Quinta Corp.*	140,100		1,273,509
Marriott International, Inc., Class A	67,000		4,219,660
Panera Bread Co., Class A*^	39,100		1,576,512
Penn National Gaming, Inc.*	61,200		3,705,660
Red Robin Gourmet Burgers*	13,500		721,845
Royal Caribbean Cruises Ltd.^	135,100		7,354,844
Station Casinos, Inc.	86,600		4,735,288
			27,245,832
Household Durables (1.3%)
Garmin Ltd.^	80,400		4,891,536
Harman International Industries, Inc.	20,400		2,590,800
NVR, Inc.*	810		623,214
Tempur-Pedic International, Inc.*^	137,100		2,906,520
			11,012,070
Internet & Catalog Retail (0.1%)
J. Jill Group, Inc.*^	61,400		914,246
Leisure Equipment & Products (0.6%)
Brunswick Corp.	111,000		5,494,500
Media (2.9%)
Citadel Broadcasting Corp.*^	72,900		1,179,522
Cumulus Media, Inc., Class A*	62,200		937,976
Dow Jones & Co., Inc.	5,600		241,136
DreamWorks Animation SKG, Inc., Class A*	1,600		60,016
Entercom Communications Corp.*	2,100		75,369
Entravision Communications Corp.*	152,500		1,273,375
Getty Images, Inc.*^	137,000		9,432,450
Radio One, Inc., Class D*^	267,900		4,318,548
Scholastic Corp.*	22,800		842,688
UnitedGlobalCom, Inc., Class A*	457,200		4,416,552
XM Satellite Radio Holdings, Inc., Class A*^	58,000		2,181,960
			24,959,592
Multiline Retail (0.9%)
Dollar General Corp.	18,200		378,014
Dollar Tree Stores, Inc.*	18,500		530,580
Fred’s, Inc.^	62,800		1,092,720
Tuesday Morning Corp.*	181,400		5,556,282
			7,557,596
Specialty Retail (2.9%)
Advance Auto Parts, Inc.*	12,900		563,472
Chico’s FAS, Inc.*	10,000		455,300
Cost Plus, Inc.*^	55,200		1,773,576
Dick’s Sporting Goods, Inc.*^	116,170		4,083,376
Finish Line, Inc., Class A^	37,300		682,590
Gymboree Corp.*^	13,000		166,660
HOT Topic, Inc.*^	79,700		1,370,043
Petco Animal Supplies, Inc.*	135,200		5,337,696
Regis Corp	30,400		1,402,960
Ross Stores, Inc	13,600		392,632
Tiffany & Co.	6,700		214,199
Too, Inc.*	133,100		3,255,626
Tractor Supply Co.*^	47,000		1,748,870
Weight Watchers International, Inc.*	10,000		410,700
Williams-Sonoma, Inc.*	97,300		3,409,392
			25,267,092
Textiles, Apparel & Luxury Goods (0.6%)
Columbia Sportswear Co.*^	50,200		2,992,422
Fossil, Inc.*	101,400		2,599,896
			5,592,318
Total Consumer Discretionary			121,458,380
Consumer Staples (0.3%)
Food & Staples Retailing (0.1%)
Performance Food Group Co.*^	15,200		409,032
Food Products (0.2%)
Bunge Ltd.	25,400		1,448,054
Dean Foods Co.*	12,700		418,465
			1,866,519
Personal Products (0.0%)
NBTY, Inc.*	9,700		232,897
Total Consumer Staples			2,508,448
Energy (6.6%)
Energy Equipment & Services (4.8%)
Cal Dive International, Inc.*^	96,900		3,948,675
Cooper Cameron Corp.*	41,800		2,249,258
ENSCO International, Inc.	126,300		4,008,762
FMC Technologies, Inc.*	76,800		2,472,960
GlobalSantaFe Corp.	118,700		3,930,157
Grant Prideco, Inc.*	223,900		4,489,195
National-Oilwell, Inc.*^	169,300		5,974,597
Patterson-UTI Energy, Inc.	399,600		7,772,220
Rowan Cos., Inc.*	22,600		585,340
Superior Energy Services, Inc.*	98,600		1,519,426
Transocean, Inc.*	88,000		3,730,320
Varco International, Inc.*	20,500		597,575
			41,278,485
Oil & Gas (1.8%)
Bill Barrett Corp.*^	60,600		1,938,594
Chesapeake Energy Corp.^	37,100		612,150
Denbury Resources, Inc.*	36,500		1,001,925
Newfield Exploration Co.*	82,200		4,853,910
Noble Energy, Inc.	46,700		2,879,522
Spinnaker Exploration Co.*^	123,800		4,341,666
			15,627,767
Total Energy			56,906,252
Financials (7.6%)
Capital Markets (1.5%)
Affiliated Managers Group, Inc.*^	30,200		2,045,748
Ameritrade Holding Corp.*	54,700		777,834
BlackRock, Inc., Class A^	62,100		4,797,846
Federated Investors, Inc., Class B	23,600		717,440
Investors Financial Services Corp.^	68,300		3,413,634
National Financial Partners Corp.	35,600		1,381,280
			13,133,782
Commercial Banks (2.5%)
Cathay General Bancorp	44,700		1,676,250
City National Corp.	11,000		777,150
Commerce Bancorp, Inc.^	9,800		631,120
Cullen/Frost Bankers, Inc.	12,700		617,220
East-West Bancorp, Inc.	42,900		1,800,084
First State Bancorp.	35,423		1,302,150
Fulton Financial Corp.^	6,100		142,191
Greater Bay Bancorp^	70,300		1,959,964

92

AXA PREMIER VIP TRUST

AXA PREMIER VIP SMALL/MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Number of Shares	Value (Note 1)
Southwest Bancorporation of Texas, Inc.^	172,200	$	4,010,538
SunTrust Banks, Inc.	483		35,696
TCF Financial Corp.	107,800		3,464,692
UCBH Holdings, Inc.^	81,200		3,720,584
Umpqua Holdings Corp.	65,200		1,643,692
Westamerica Bancorp.	400		23,324
			21,804,655
Consumer Finance (0.0%)
Providian Financial Corp.*	29,400		484,218
Diversified Financial Services (2.1%)
Advance America Cash Advance Centers, Inc.*^	64,240		1,471,096
Archipelago Holdings, Inc.*	72,400		1,518,952
CapitalSource, Inc.*^	183,900		4,720,713
Chicago Mercantile Exchange	1,560		356,772
CIT Group, Inc.	109,000		4,994,380
Financial Federal Corp.*^	53,900		2,112,880
Moody’s Corp.	7,400		642,690
Primus Guaranty Ltd.*^	160,100		2,624,039
			18,441,522
Insurance (0.3%)
EMC Insurance Group, Inc.	34,900		755,236
IPC Holdings Ltd.	36,200		1,575,062
White Mountains Insurance Group Ltd.	100		64,600
			2,394,898
Mutual Funds (0.1%)
Ares Capital Corp.*	24,600		477,978
Real Estate (0.8%)
CB Richard Ellis Services, Inc., Class A*	111,250		3,732,437
Jones Lang LaSalle, Inc.*	78,700		2,944,167
Meristar Hospitality Corp. (REIT)*	8,400		70,140
			6,746,744
Thrifts & Mortgage Finance (0.3%)
Farmer Mac, Class C	47,100		1,097,430
First Niagara Financial Group, Inc.^	11,800		164,610
Franklin Bank Corp.*^	28,300		516,475
Gibraltar Industries, Inc.	36,400		859,768
			2,638,283
Total Financials			66,122,080
Health Care (17.3%)
Biotechnology (3.8%)
Amylin Pharmaceuticals, Inc.*^	5,200		121,472
Celgene Corp.*^	13,400		355,502
Digene Corp.*^	39,600		1,035,540
Exelixis, Inc.*^	6,200		58,900
Eyetech Pharmaceuticals, Inc.*	18,400		837,200
Gen-Probe, Inc.*	63,185		2,856,594
InterMune, Inc.*^	58,800		779,688
Invitrogen Corp.*^	5,300		355,789
Martek Biosciences Corp.*^	70,400		3,604,480
Millennium Pharmaceuticals, Inc.*	32,400		392,688
NPS Pharmaceuticals, Inc.*^	34,500		630,660
OraSure Technologies, Inc.*^	204,100		1,371,552
Pharmion Corp.*^ .	87,000		3,672,270
Protein Design Labs, Inc.*^	368,900		7,621,474
Serologicals Corp.*^	57,500		1,271,900
Techne Corp.*	74,300		2,890,270
Telik, Inc.*^	90,300		1,728,342
Trimeris, Inc.*^	102,900		1,458,093
Vicuron Pharmaceuticals, Inc.*	85,300		1,485,073
			32,527,487
Health Care Equipment & Supplies (7.1%)
Advanced Neuromodulation Systems, Inc.*^	2,000		78,920
American Medical Systems Holdings, Inc.*^	84,900		3,549,669
Bard (C.R.), Inc.	9,640		616,767
Beckman Coulter, Inc.	600		40,194
Cooper Cos., Inc.^	112,350		7,930,787
CTI Molecular Imaging, Inc.*^	59,900		849,981
Cytyc Corp.*	211,800		5,839,326
Dentsply International, Inc.	8,100		455,220
Fisher Scientific International, Inc.*	11,800		736,084
Inamed Corp.*	130,034		8,224,650
Kinetic Concepts, Inc.*	130,750		9,976,225
Merit Medical Systems, Inc.*	88,067		1,345,664
Millipore Corp.*	68,200		3,397,042
Molecular Devices Corp.*	28,100		564,810
Stereotaxis, Inc.*	11,300		111,079
Steris Corp.*	87,500		2,075,500
Symmetry Medical, Inc.*	16,400		345,220
Thermo Electron Corp.*	205,100		6,191,969
Varian Medical Systems, Inc.*	129,100		5,582,284
Varian, Inc.*	46,100		1,890,561
Waters Corp.* .	16,300		762,677
Wilson Greatbatch Technologies, Inc.*	55,300		1,239,826
			61,804,455
Health Care Providers & Services (3.9%)
Andrx Corp.*	18,500		403,855
Caremark Rx, Inc.*	125,000		4,928,750
Centene Corp.*	22,800		646,380
Coventry Health Care, Inc.*	12,800		679,424
Health Net, Inc.*	22,900		661,123
IDX Systems Corp.*^	29,500		1,016,570
LabOne, Inc.*^	147,800		4,735,512
Molina Healthcare, Inc.*^	29,100		1,349,658
PacifiCare Health Systems, Inc.*	1,900		107,388
Parexel International Corp.*^	69,100		1,402,730
Pharmaceutical Product Development, Inc.*	56,400		2,328,756
Psychiatric Solutions, Inc.*	16,300		595,928
Quest Diagnostics, Inc .	26,800		2,560,740
RehabCare Group, Inc.*	56,200		1,573,038
Select Medical Corp.	66,400		1,168,640
Sierra Health Services, Inc.*^	47,100		2,595,681
Symbion, Inc.*^	33,900		748,512
United Surgical Partners International, Inc.*^	43,000		1,793,100
VCA Antech, Inc.*	226,900		4,447,240
			33,743,025
Pharmaceuticals (2.5%)
Angiotech Pharmaceuticals, Inc.*^	240,600		4,439,070
Impax Laboratories, Inc.*^	92,300		1,465,724
IVAX Corp.*	19,025		300,975
Medicines Co.*	58,500		1,684,800
Medicis Pharmaceutical Corp., Class A	117,300		4,118,403
MGI Pharma, Inc.*	241,900		6,775,619
Salix Pharmaceuticals Ltd.*^	69,900		1,229,541
Sepracor, Inc.*	2,500		148,425
Taro Pharmaceuticals Industries Ltd.*^	39,720		1,351,672
Watson Pharmaceuticals, Inc.*	15,200		498,712
			22,012,941
Total Health Care			150,087,908

93

AXA PREMIER VIP TRUST

AXA PREMIER VIP SMALL/MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Number of Shares	Value (Note 1)
Industrials (16.0%)
Aerospace & Defense (2.4%)
Empresa Brasileira de Aeronautica S.A. (ADR)	22,200	$	742,368
Hexcel Corp.*	188,700		2,736,150
L-3 Communications Holdings, Inc.	53,800		3,940,312
Precision Castparts Corp.	95,700		6,285,576
Rockwell Collins, Inc.	126,100		4,973,384
United Defense Industries, Inc.*	49,600		2,343,600
			21,021,390
Air Freight & Logistics (1.2%)
C.H. Robinson Worldwide, Inc.	14,600		810,592
Expeditors International of Washington, Inc.	104,300		5,828,284
Forward Air Corp.*	82,700		3,696,690
			10,335,566
Airlines (0.6%)
Southwest Airlines Co.	313,700		5,107,036
Commercial Services & Supplies (5.7%)
Apollo Group, Inc., Class A*	7,202		581,273
CDI Corp.	65,500		1,400,390
Corporate Executive Board Co.^	47,800		3,199,732
Education Management Corp.*	204,900		6,763,749
Jackson Hewitt Tax Service, Inc.	78,700		1,987,175
LEGG Corp.*^	53,700		1,001,505
Manpower, Inc.	213,500		10,312,050
Monster Worldwide, Inc.*^	158,100		5,318,484
NCO Group, Inc.*	75,500		1,951,675
PRG-Schultz International, Inc.*^	215,700		1,084,971
Resources Connection, Inc.*^	27,500		1,493,525
Robert Half International, Inc.	11,100		326,673
Stericycle, Inc.*	150,500		6,915,475
Strayer Education, Inc.^	56,150		6,164,709
Waste Connections, Inc.*^	21,400		732,950
			49,234,336
Construction & Engineering (0.6%)
Dycom Industries, Inc.*	168,400		5,139,568
Electrical Equipment (1.2%)
Ametek, Inc.	38,200		1,362,594
C&D Technology, Inc.^	31,400		535,056
Rockwell Automation, Inc.	133,900		6,634,745
Roper Industries, Inc.	24,500		1,488,865
			10,021,260
Machinery (2.1%)
Briggs & Stratton Corp.	26,000		1,081,080
Cummins, Inc.	32,300		2,706,417
CUNO, Inc.*	24,500		1,455,300
Flowserve Corp.*	108,200		2,979,828
Idex Corp.	105,350		4,266,675
Manitowoc Co., Inc.	32,300		1,216,095
Oshkosh Truck Corp.	33,700		2,304,406
Pall Corp.	35,700		1,033,515
Reliance Steel & Aluminum Co.	34,000		1,324,640
Wabash National Corp.*	5,300		142,729
			18,510,685
Road & Rail (1.0%)
Hunt (J.B.) Transport Services, Inc.	7,400		331,890
Knight Transportation, Inc.^	78,500		1,946,800
Landstar System, Inc.*	40,800		3,004,512
Werner Enterprises, Inc.	154,275		3,492,786
			8,775,988
Trading Companies & Distributors (1.2%)
Fastenal Co.^	44,400		2,733,264
Hughes Supply, Inc.	117,100		3,788,185
MSC Industrial Direct Co.	94,300		3,392,914
			9,914,363
Total Industrials			138,060,192
Information Technology (29.9%)
Communications Equipment (2.8%)
Avaya, Inc.*	39,400		677,680
Avocent Corp.*	202,100		8,189,092
Comverse Technology, Inc.*	250,000		6,112,500
F5 Networks, Inc.*^	37,600		1,831,872
Polycom, Inc.*	218,708		5,100,271
Research In Motion Ltd.*	6,300		519,246
ViaSat, Inc.*	90,500		2,196,435
			24,627,096
Computers & Peripherals (1.4%)
Adaptec, Inc.*^	136,200		1,033,758
LaserCard Corp.*^	30,500		319,945
Network Appliance, Inc.*	140,300		4,660,766
QLogic Corp.*	163,300		5,998,009
			12,012,478
Electronic Equipment & Instruments (6.4%)
Amphenol Corp., Class A*	116,510		4,280,577
CDW Corp.	80,500		5,341,175
Coherent, Inc.*^	55,300		1,683,332
Electro Scientific Industries, Inc.*^	118,600		2,343,536
Flir Systems, Inc.*^.	121,550		7,753,675
Jabil Circuit, Inc.*	239,750		6,132,805
Mettler-Toledo International, Inc.*	55,500		2,847,705
National Instruments Corp.^	242,500		6,608,125
Photon Dynamics, Inc.*^	36,000		874,080
Scansource, Inc.*^	84,400		5,246,304
Tektronix, Inc.	324,500		9,803,145
Trimble Navigation Ltd.*^	77,150		2,549,036
			55,463,495
Internet Software & Services (1.4%)
aQuantive, Inc.*^	40,100		358,494
Ask Jeeves, Inc.*^	57,300		1,532,775
CNET Networks, Inc.*	17,700		198,771
Entrust, Inc.*^	237,400		899,746
InfoSpace, Inc.*^	3,400		161,670
Opsware, Inc.*	57,400		421,316
ValueClick, Inc.*	53,300		710,489
VeriSign, Inc.*	230,600		7,729,712
			12,012,973
IT Services (5.4%)
Affiliated Computer Services, Inc., Class A*	74,900		4,508,231
Alliance Data Systems Corp.*	98,900		4,695,772
Anteon International Corp.*	94,500		3,955,770
BearingPoint, Inc.*	185,100		1,486,353
CACI International, Inc., Class A*	50,900		3,467,817
Cognizant Technology Solutions Corp., Class A*	273,100		11,560,323
Global Payments, Inc.^	150,900		8,833,686
Hewitt Associates, Inc., Class A*	14,800		473,748
Iron Mountain, Inc.*	101,450		3,093,210
MAXIMUS, Inc.*^	34,000		1,058,080
RightNow Technologies, Inc.*	8,000		129,200
Sapient Corp.*	437,700		3,462,207
			46,724,397
Semiconductors & Semiconductor Equipment (5.2%)
Actel Corp.*	108,300		1,899,582
Altera Corp.*	22,200		459,540
AMIS Holdings, Inc.*	125,600		2,074,912
Cabot Microelectronics Corp.*^	55,100		2,206,755
Exar Corp.*^	257,600		3,655,344

94

AXA PREMIER VIP TRUST

AXA PREMIER VIP SMALL/MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Number of Shares		Value (Note 1)
Formfactor, Inc.*^		157,900	$	4,285,406
Integrated Circuit Systems, Inc.*		108,900		2,278,188
International Rectifier Corp.*		104,072		4,638,489
Intersil Corp., Class A		25,400		425,196
Lam Research Corp.*		131,250		3,794,437
Linear Technology Corp.		21,300		825,588
Microchip Technology, Inc.		11,500		306,590
Microtune, Inc.*^		188,800		1,153,568
NVIDIA Corp.*		180,000		4,240,800
Semtech Corp.*^		306,500		6,703,155
Silicon Image, Inc.*^		103,800		1,708,548
Silicon Laboratories, Inc.*		37,500		1,324,125
Varian Semiconductor Equipment Associates, Inc.*		57,600		2,122,560
Zilog, Inc.* .		73,700		589,600
				44,692,383
Software (7.3%)
Activision, Inc.*		166,850		3,367,033
Adobe Systems, Inc.		78,400		4,918,816
Altiris, Inc.*^		24,100		853,863
Borland Software Corp.*		95,300		1,113,104
Catapult Communications Corp.*		57,200		1,381,952
Cogent, Inc.*^		31,800		1,049,400
Cognos, Inc.*		104,000		4,582,240
Fair Isaac Corp.		22,000		806,960
Filenet Corp.*^		80,800		2,081,408
Hyperion Solutions Corp.*		46,200		2,153,844
Jack Henry & Associates, Inc		61,100		1,216,501
Kronos, Inc.*^		57,000		2,914,410
Lawson Software, Inc.*^		191,100		1,312,857
Macromedia, Inc.*		420,200		13,076,624
Mercury Interactive Corp.*		11,800		537,490
NAVTEQ Corp.*		115,350		5,347,626
NetIQ Corp.* .		121,800		1,487,178
Quest Software, Inc.*		367,600		5,863,220
Red Hat, Inc.*^		11,100		148,185
RSA Security, Inc.*^		88,500		1,775,310
Salesforce.com, Inc.*^		1,600		27,104
THQ, Inc.*^		24,900		571,206
TIBCO Software, Inc.*		371,800		4,959,812
Verity, Inc.*		91,300		1,197,856
				62,743,999
Total Information Technology				258,276,821
Materials (3.3%)
Chemicals (2.3%)
Cabot Corp.		99,283		3,840,267
FMC Corp.*		59,800		2,888,340
Georgia Gulf Corp.		37,100		1,847,580
Headwaters, Inc.*^		51,900		1,479,150
Lyondell Chemical Co.		25,400		734,568
Minerals Technologies, Inc.		42,400		2,828,080
Nova Chemicals Corp.		13,200		624,360
Potash Corp. of Saskatchewan, Inc.		43,400		3,604,804
Valspar Corp.		700		35,007
Westlake Chemical Corp.		48,500		1,619,900
				19,502,056
Metals & Mining (1.0%)
Allegheny Technologies, Inc.		136,920		2,967,056
GrafTech International Ltd.*^		134,800		1,275,208
Meridian Gold, Inc.*^		29,800		565,306
Peabody Energy Corp.		52,000		4,207,320
				9,014,890
Total Materials				28,516,946
Telecommunication Services (2.9%)
Diversified Telecommunication Services (0.1%)
Essex Corp.*^		28,200		571,050
Wireless Telecommunication Services (2.8%)
InPhonic, Inc.*^		70,400		1,934,592
Jamdat Mobile, Inc.*^		35,000		722,750
Nextel Partners, Inc., Class A*^		693,800		13,556,852
NII Holdings, Inc.*^		173,620		8,238,269
				24,452,463
Total Telecommunication Services				25,023,513
Total Common Stocks (98.0%) (Cost $699,053,909)				846,960,540
SHORT-TERM DEBT SECURITIES:
Short-Term Fund of Cash Collateral for Securities Loaned (0.4%)
JPMorgan Securities Lending Collateral Investment Fund		3,015,209		3,015,209
	Principal Amount
Short-Term Investments of Cash Collateral for Securities Loaned (18.0%)
Banca Intesa S.p.A.
2.34%, 2/2/05	$	4,434,130		4,434,130
Capital One Corp.,
Series 02-A2 A2 2.40%, 9/15/05 (l)		3,552,511		3,552,511
Citigroup Global Markets, Inc.
2.38%, 1/7/05 (l)		4,434,130		4,434,130
Deutsche Bank Securities, Inc.
2.31%, 2/1/05		8,513,530		8,513,530
Fortis Bank
2.39%, 2/16/05		4,434,130		4,434,130
Greenwich Capital Holdings, Inc.
2.38%, 1/3/05		91,909,164		91,909,164
Halogen Funding Co. LLC
2.44%, 1/14/05		3,547,402		3,547,402
Hartford Life, Inc.
2.41%, 1/2/06 (l)		1,418,922		1,418,922
Lehman Brothers, Inc.
2.49%, 3/31/05 (l)		620,778		620,778
Monte dei Paschi
2.42%, 2/22/05		4,434,130		4,434,130
Monumental Global Funding II
1.98%, 7/1/05 (l)		1,953,441		1,953,441
New York Life Insurance Co.
2.39%, 3/31/05 (l)		4,434,130		4,434,130
Nordea Bank N.Y.
2.35%, 9/6/05 (l)		4,432,537		4,432,537
Raiffeisen Zentralbank Oesterreich AG
2.36%, 2/2/05		4,434,130		4,434,130
Skandinaviska Enskilda Banken AB
2.35%, 1/31/05		4,434,130		4,434,130
Sun Trust Bank/Atlanta, Georgia
2.30%, 5/17/06 (l)		4,434,130		4,434,130
WestLB Covered Bond Bank plc
2.35%, 2/7/05		4,416,837		4,416,837
Total Short-Term Investments of Cash Collateral for Securities Loaned				155,838,162

95

AXA PREMIER VIP TRUST

AXA PREMIER VIP SMALL/MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

	Principal Amount		Value (Note 1)
Time Deposit (2.7%)
JPMorgan Chase Nassau, 1.74%, 1/3/05	$	23,747,264	$	23,747,264
Total Short-Term Debt Securities (21.1%) (Amortized Cost $182,600,635)				182,600,635
Total Investments (119.1%) (Cost/Amortized Cost $881,654,544)				1,029,561,175
Other Assets Less Liabilities (-19.1%)				(164,848,950	)
Net Assets (100%)			$	864,712,225

* Non-income producing.

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

(l) Floating Rate Security. Rate disclosed is as of December 31, 2004.

Glossary:

ADR — American Depositary Receipt

REIT — Real Estate Investment Trust

Investment security transactions for the year ended December 31, 2004 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	707,699,980
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		509,268,151

As of December 31, 2004, 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	$	156,708,689
Aggregate gross unrealized depreciation		(11,991,361	)
Net unrealized appreciation	$	144,717,328
Federal income tax cost of investments	$	884,843,847

At December 31, 2004, the Portfolio had loaned securities with a total value $155,477,189. This was secured by collateral of $158,853,371 which was received in cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2004, the Portfolio incurred approximately $16,692 as brokerage commissions with Bernstein (Sanford C.) & Co., an affiliated broker/dealer.

See Notes to Financial Statements.

96

AXA PREMIER VIP TRUST

AXA PREMIER VIP SMALL/MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (18.4%)
Auto Components (1.9%)
American Axle & Manufacturing Holdings, Inc.	52,800	$	1,618,848
Autoliv, Inc.	83,900		4,052,370
Bandag, Inc.	3,400		169,354
BorgWarner, Inc.	78,500		4,252,345
Compagnie Generale des Establishments Michelin, Class B (Registered)	129,200		8,287,277
Cooper Tire & Rubber Co.	194,000		4,180,700
Dura Automotive Systems, Inc., Series A*^	8,400		90,972
Federal Screw Works.	375		12,112
R&B, Inc.*	2,700		67,473
Standard Motor Products, Inc.	16,100		254,380
Stoneridge, Inc.*^	9,600		145,248
TRW Automotive Holdings Corp.*	131,000		2,711,700
			25,842,779
Automobiles (0.0%)
Coachmen Industries, Inc.^	8,800		152,768
Commercial Services & Supplies (0.0%)
Innotrac Corp.*	200		1,702
Distributors (0.1%)
Andersons, Inc.	4,998		127,449
Coast Distribution System*	5,100		37,485
Handleman Co.^	14,600		313,608
Noland Co.^	400		18,400
Source Interlink Cos., Inc.*	19,957		265,029
			761,971
Hotels, Restaurants & Leisure (2.6%)
Ambassadors Group, Inc.	7,092		252,546
Ark Restaurants Corp.	400		15,680
Aztar Corp.*.	37,300		1,302,516
Bally Total Fitness Holding Corp.*^ .	391,800		1,661,232
Bob Evans Farms, Inc.	3,877		101,345
CBRL Group, Inc.	205,490		8,599,757
Checkers Drive-In Restaurant, Inc.* .	9,900		132,660
Choice Hotels International, Inc.	6,100		353,800
Darden Restaurants, Inc.	363,500		10,083,490
Dave and Busters, Inc.*^	20,200		408,040
Dover Motorsports, Inc.	5,300		30,369
Famous Dave’s of America, Inc.*^	19,100		242,780
Frisch’s Restaurants, Inc.	2,200		52,426
Interstate Hotels & Resorts, Inc.*	15,700		84,152
J Alexander’s Corp.*	3,550		26,270
Landry’s Restaurants, Inc.^	43,200		1,255,392
Lone Star Steakhouse & Saloon, Inc.	29,500		826,000
Luby’s, Inc.*	14,900		111,750
Marcus Corp.^	8,800		221,232
Nathan’s Famous, Inc.*	4,000		30,840
Navigant International, Inc.*^	19,000		231,230
Rubio’s Restaurants, Inc.*	400		4,852
Ruby Tuesday, Inc.^	140,100		3,653,808
Ryan’s Restaurant Group, Inc.*	600		9,252
Sands Regent*	400		5,198
Station Casinos, Inc.	71,100		3,887,748
Vail Resorts, Inc.*^	36,400		816,088
Westcoast Hospitality Corp.*	2,700		16,470
			34,416,923
Household Durables (2.1%)
Acme United Corp.	500		7,850
American Biltrite, Inc.*	2,000		22,800
American Greetings Corp., Class A^	95,600		2,423,460
Basset Furniture Industries, Inc.^	18,600		365,025
Beazer Homes USA, Inc.^	9,000		1,315,890
Blount International, Inc.*	12,300		214,266
Boston Acoustics, Inc.	1,900		26,315
Brookfield Homes Corp.^	10,900		369,510
Champion Enterprises, Inc.*^	13,100		154,842
Chromcraft Revington, Inc.*	11,500		141,450
Cobra Electronics Corp.*	4,300		34,873
CSS Industries, Inc.	8,900		282,664
Decorator Industries, Inc.	2,100		16,905
Department 56, Inc.*	24,800		412,920
Dixie Group, Inc.*^	700		11,802
Enesco Group, Inc.*	4,800		38,784
Flexsteel Industries, Inc.^	2,800		49,417
Harman International Industries, Inc.	2,600		330,200
Hovnanian Enterprises, Inc., Class A*	5,400		267,408
KB Home	6,500		678,600
Kimball International, Inc., Class B	19,400		287,314
Knape & Vogt Manufacturing Co.	2,900		37,990
Leggett & Platt, Inc.	211,000		5,998,730
M/I Homes, Inc.^	11,300		622,743
MDC Holdings, Inc.	40,810		3,527,616
National Presto Industries, Inc., Class A^	1,900		86,450
P&F Industries, Inc., Class A*	100		1,523
Pulte Homes, Inc.	200		12,760
QEP Co., Inc.*	2,200		32,846
Ryland Group, Inc.^	20,800		1,196,832
Technical Olympic USA, Inc.^	4,800		121,824
Toll Brothers, Inc.*^	31,300		2,147,493
William Lyon Homes, Inc.*	6,200		435,488
Yankee Candle Co., Inc.*	212,900		7,064,022
			28,738,612
Internet & Catalog Retail (0.1%)
Audible, Inc.*^	11,100		289,155
Blair Corp.^	1,900		67,754
Insight Enterprises, Inc.*	49,579		1,017,361
PC Mall, Inc.*^	2,000		44,760
Systemax, Inc.*	8,500		62,390
			1,481,420
Leisure Equipment & Products (0.5%)
Aldila, Inc.^	1,500		23,235
Brunswick Corp.	108,500		5,370,750
GameTech International, Inc.	3,290		16,121
JAKKS Pacific, Inc.*^	10,500		232,155
K2, Inc.*^	95,745		1,520,431
			7,162,692
Media (3.4%)
Cinram International, Inc.	448,414		8,282,270
Cox Radio, Inc., Class A*^	164,000		2,702,720
EMAK Worldwide, Inc.*	785		7,850
Entercom Communications Corp.*	81,850		2,937,596
Grey Global Group, Inc.^	107		117,699
Interpublic Group of Cos., Inc.*	738,985		9,902,399
Media General, Inc., Class A	47,100		3,052,551
Opinion Research Corp.*	7,400		49,506
Pulitzer, Inc.	11,000		713,350

97

AXA PREMIER VIP TRUST

AXA PREMIER VIP SMALL/MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Number of Shares	Value (Note 1)
Regent Communications, Inc.*	8,763	$	46,444
UnitedGlobalCom, Inc., Class A*	1,184,226		11,439,623
Univision Communications, Inc., Class A*	97,000		2,839,190
Westwood One, Inc.*	136,700		3,681,331
World Wrestling Entertainment, Inc.^	3,200		38,816
			45,811,345
Multiline Retail (0.8%)
Bon-Ton Stores, Inc.^	2,700		42,525
Gottschalks, Inc.*	2,100		18,669
May Department Stores Co.	303,450		8,921,430
Retail Ventures, Inc.*	19,400		137,740
ShopKo Stores, Inc.*^	50,500		943,340
			10,063,704
Specialty Retail (5.3%)
Aeropostale, Inc.*	12,150		357,574
AnnTaylor Stores Corp.*	312,700		6,732,431
Books-A-Million, Inc.	31,300		301,106
Borders Group, Inc.	131,800		3,347,720
Burlington Coat Factory Warehouse Corp.^	19,900		451,730
Cato Corp., Class A	5,500		158,510
Charming Shoppes, Inc.*	200,830		1,881,777
Dress Barn, Inc.*	2,000		35,200
Finlay Enterprises, Inc.*	1,900		37,601
Foot Locker, Inc.	426,000		11,472,180
GameStop Corp.*^	1,200		26,832
GameStop Corp., Class B*	3,526		79,018
Hastings Entertainment, Inc.*	1,800		14,904
Haverty Furniture Cos., Inc.	6,600		122,100
Jo-Ann Stores, Inc.*	5,600		154,224
Office Depot, Inc.*	323,700		5,619,432
Pomeroy IT Solutions, Inc.*	16,000		243,360
Rent-A-Center, Inc.*	144,501		3,829,276
Rex Stores Corp.*	6,400		97,216
Ross Stores, Inc.	202,000		5,831,740
Rush Enterprises, Inc., Class B*^	7,900		136,749
S&K Famous Brands, Inc.*	700		11,417
Sport Chalet, Inc.*	900		12,564
Stage Stores, Inc.*^	21,876		908,292
Stein Mart, Inc.*	26,700		455,502
Steiner Leisure Ltd.*	14,010		418,619
Syms Corp.*	1,900		23,085
Talbots, Inc.^	307,000		8,359,610
Tiffany & Co.	316,100		10,105,717
TJX Cos., Inc.	230,800		5,800,004
Toys R US, Inc.*	17,600		360,272
Trans World Entertainment Corp.*	39,000		486,330
Zale Corp.*	96,200		2,873,494
			70,745,586
Textiles, Apparel & Luxury Goods (1.6%)
Ashworth, Inc.*	17,900		194,931
Culp, Inc.*	15,300		103,734
Cutter & Buck, Inc.	3,000		43,710
Delta Apparel, Inc.	1,800		43,650
G-III Apparel Group, Ltd.*	3,600		24,840
Haggar Corp.	12,700		298,183
Hallwood Group, Inc.*	2,000		213,000
Hampshire Group Ltd.*	1,000		31,502
Hartmarx Corp.*	900		6,993
Jones Apparel Group, Inc.	242,720		8,876,271
Lazare Kaplan International, Inc.*	300		2,853
McRae Industries, Inc., Class A	300		3,282
Movado Group, Inc. .	19,800		369,270
Phillips-Van Heusen Corp.	45,900		1,239,300
Polo Ralph Lauren Corp.	53,100		2,262,060
Russell Corp.	38,500		749,980
Saucony, Inc., Class A*	6,500		181,025
Stride Rite Corp.	24,500		273,665
Superior Uniform Group, Inc.	700		10,465
Tandy Brands Accessories, Inc.	5,800		85,956
Timberland Co., Class A*	200		12,534
Tommy Hilfiger Corp.*	141,300		1,593,864
V.F. Corp.	68,900		3,815,682
Velcro Industries NV	800		10,609
Weyco Group, Inc.	3,000		132,870
Wolverine World Wide, Inc.	28,600		898,612
			21,478,841
Total Consumer Discretionary			246,658,343
Consumer Staples (2.5%)
Beverages (0.3%)
Adolph Coors Co., Class B	16,000		1,210,720
Hansen Natural Corp.*^	6,165		224,468
MGP Ingredients, Inc.	200		1,728
National Beverage Corp.*	12,300		102,336
PepsiAmericas, Inc.	103,200		2,191,968
			3,731,220
Food & Staples Retailing (0.5%)
Foodarama Supermarkets*	100		3,875
Longs Drug Stores Corp.	48,900		1,348,173
Ruddick Corp.	40,600		880,614
Smart & Final, Inc.*^	8,800		126,632
Spartan Stores, Inc.*	700		4,655
SUPERVALU, Inc.	87,700		3,027,404
Village Super Market, Inc., Class A	100		3,662
Weis Markets, Inc.	14,700		566,979
			5,961,994
Food Products (1.6%)
Bunge Ltd.^	177,000		10,090,770
Cagle’s, Inc.*	1,400		18,060
Cal-Maine Foods, Inc.^	27,620		333,926
Chiquita Brands International, Inc.^	51,400		1,133,884
Flowers Foods, Inc.	4,050		127,899
Lance, Inc.	34,200		650,826
Omega Protein Corp.*^	5,800		49,880
Ralcorp Holdings, Inc.	54,100		2,268,413
Seaboard Corp.	680		678,640
Smithfield Foods, Inc.*^	199,400		5,900,246
Tasty Baking Co.	5,200		42,068
Zapata Corp.*^.	1,900		113,810
			21,408,422
Household Products (0.1%)
Central Garden & Pet Co.*	33,870		1,413,734
Congoleum Corp.*	2,100		11,613
			1,425,347
Personal Products (0.0%)
Elizabeth Arden, Inc.*	25		593
Nature’s Sunshine Products, Inc.	2,200		44,792
Parlux Fragrances, Inc.*^	3,800		85,424
Weider Nutrition International, Inc.*	46,400		201,840
			332,649
Tobacco (0.0%)
Loews Corp.- Carolina Group^	900		26,055
Total Consumer Staples			32,885,687

98

AXA PREMIER VIP TRUST

AXA PREMIER VIP SMALL/MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Number of Shares	Value (Note 1)
Energy (6.6%)
Energy Equipment & Services (3.2%)
Cooper Cameron Corp.*	160,900	$	8,658,029
Dawson Geophysical Co.*^	2,800		61,180
ENSCO International, Inc.	134,050		4,254,747
Grant Prideco, Inc.*	15,600		312,780
IHC Caland N.V.	151,441		9,621,250
Lufkin Industries, Inc.	1,500		59,862
Maverick Tube Corp.*^	62,100		1,881,630
NATCO Group, Inc.*	27,500		242,000
National-Oilwell, Inc.*	900		31,761
NS Group, Inc.*	29,800		828,440
Oceaneering International, Inc.*	29,200		1,089,744
Offshore Logistics, Inc.*	7,200		233,784
Oil States International, Inc.*	28,300		545,907
Tetra Technologies, Inc.*	21,100		597,130
Tidewater, Inc.^	114,200		4,066,662
Todco, Class A*	26,700		491,814
Transocean, Inc.*	199,950		8,475,881
Varco International, Inc.*	5,400		157,410
Veritas DGC, Inc.*^	26,500		593,865
W-H Energy Services, Inc.*	21,700		485,212
Willbros Group, Inc.*^	28,300		652,315
			43,341,403
Oil & Gas (3.4%)
Adams Resources & Energy, Inc.	400		7,056
Ashland, Inc.	78,400		4,576,992
Cabot Oil & Gas Corp., Class A	2,000		88,500
Carrizo Oil & Gas, Inc.*^	9,472		107,034
Castle Energy Corp.	300		3,747
Chesapeake Energy Corp.^	204,200		3,369,300
Comstock Resources, Inc.*	8,800		194,040
Contango Oil & Gas Co.*	400		2,896
Dominion Resources Black Warrior Trust^	4,500		162,450
Edge Petroleum Corp.*	10,700		156,006
Energy Partners Ltd.*^	44,700		906,069
EOG Resources, Inc	114,800		8,192,128
Frontier Oil Corp.^	15,600		415,896
General Maritime Corp.*^	51,200		2,045,440
Hugoton Royalty Trust^	49,100		1,286,420
KCS Energy, Inc.*^	54,000		798,120
Magnum Hunter Resources, Inc.*^	107,400		1,385,460
Maritrans, Inc.	4,400		79,948
Meridian Resource Corp.*	40,600		245,630
Newfield Exploration Co.*	1,900		112,195
Noble Energy, Inc.	22,700		1,399,682
Nordic American Tanker Shipping Ltd.^	10,400		406,120
Overseas Shipholding Group, Inc.	26,200		1,446,240
Panhandle Royalty Co.	400		9,120
Patina Oil & Gas Corp.	36,100		1,353,750
Penn Virginia Corp.	600		24,342
Premcor, Inc.	15,600		657,852
Resource America, Inc., Class A	8,770		285,025
Spinnaker Exploration Co.*	800		28,056
Sunoco, Inc.	16,900		1,380,899
Talisman Energy, Inc.	101,100		2,725,656
Teekay Shipping Corp.^	89,400		3,764,634
Transmontaigne, Inc.*^	4,900		30,037
Ultra Petroleum Corp.*^	70,769		3,406,112
XTO Energy, Inc.	121,225		4,288,940
			45,341,792
Total Energy			88,683,195
Financials (21.1%)
Capital Markets (2.3%)
A.G. Edwards, Inc.	143,500		6,200,635
Affiliated Managers Group, Inc.*^	74,501		5,046,698
American Capital Strategies Ltd.^	84,865		2,830,248
Apollo Investment Corp.*	298,100		4,501,310
Maxcor Financial Group	2,783		24,657
MCG Capital Corp.^	5,600		95,928
Mellon Financial Corp	202,850		6,310,663
Piper Jaffray Cos.*^	106,500		5,106,675
Raymond James Financial, Inc.	12,800		396,544
Stifel Financial Corp.*^	13,362		279,934
SWS Group, Inc.	2,500		54,800
			30,848,092
Commercial Banks (4.7%)
1st Independence Financial Group, Inc.	1,500		28,470
1st Source Corp.^	8,600		219,386
ABC Bancorp	1,200		25,200
Amcore Financial, Inc.	36,500		1,174,570
American Community Bancshares, Inc.^	1,700		28,271
AmeriServ Financial, Inc.*	11,300		58,647
Auburn National Bancorporation, Inc.	1,500		31,125
BancFirst Corp.^	4,911		387,871
Banco Latinoamericano de Exportaciones S.A.	24,800		494,512
Bancorp Rhode Island, Inc.	700		27,650
Bank of Hawaii Corp.	58,200		2,953,068
Bank of Marin/California*	450		17,698
Banknorth Group, Inc.	220,100		8,055,660
Banner Corp.	7,600		237,044
Bar Harbor Bankshares	500		14,490
Beverly Hills Bancorp, Inc.	1,898		19,170
BNCCORP, Inc.*	4,200		69,720
Britton & Koontz Capital Corp.	500		9,085
Camden National Corp.^	100		3,941
Capitol Bancorp Ltd.^	600		21,132
Carrollton Bancorp.	115		2,047
Cascade Financial Corp.	575		10,810
Cass Information Systems, Inc.	550		19,222
CCF Holding Co.	675		12,960
Century Bancorp, Inc./Massachusetts, Class A	1,600		47,200
City National Corp.	48,700		3,440,655
Classic Bancshares, Inc.	2,100		93,744
Colonial Bancgroup, Inc.	77,199		1,638,935
Comerica, Inc.	16,500		1,006,830
Commerce Bancorp, Inc.	300		12,150
Community Bank Shares of Indiana, Inc.	880		18,832
Community Trust Bancorp, Inc.	6,171		199,694
Community West Bancshares	200		2,670
Cornerstone Bancorp, Inc./Connecticut^	1,324		45,281
Cowlitz Bancorp*	2,300		25,622
Desert Community Bank/California	220		5,689
ECB Bancorp, Inc.	1,000		29,250
First Charter Corp.^	1,000		26,170
First Citizens BancShares, Inc./North Carolina, Class A	7,500		1,111,875
First Financial Corp./Indiana	1,684		58,991
First M&F Corp.	1,500		50,775
First South Bancorp, Inc./NC	1,050		26,922

99

AXA PREMIER VIP TRUST

AXA PREMIER VIP SMALL/MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Number of Shares	Value (Note 1)
First West Virginia Bancorp, Inc.	200	$	4,800
FirstFed Bancorp, Inc.	100		719
FNB Financial Services Corp.	1,625		37,050
Glen Burnie Bancorp.	360		8,712
Guaranty Bancshares, Inc./Texas	400		8,640
Habersham Bancorp	500		10,850
Hancock Holding Co.	900		30,114
HF Financial Corp.	1,160		21,170
Hibernia Corp., Class A	293,300		8,655,283
Horizon Bancorp, Inc./Indiana	3,300		87,120
Intervest Bancshares Corp.*	1,800		35,530
Irwin Financial Corp.^	30,600		868,734
Leesport Financial Corp.	1,365		34,261
Long Island Financial Corp.	1,600		62,400
LSB Bancshares, Inc./ North Carolina.	2,000		33,500
LSB Corp.	5,000		92,600
MidWestOne Financial Group, Inc.	4,300		90,128
National Mercantile Bancorp*	500		6,590
North Fork Bancorp, Inc.	353,800		10,207,130
Northrim BanCorp, Inc.	1,700		39,950
Northway Financial, Inc	300		9,975
Oriental Financial Group, Inc.^	30,800		871,948
Pacific Mercantile Bancorp*	2,700		47,196
Patriot National Bancorp, Inc.	1,200		22,080
Peoples Banctrust Co., Inc.	1,400		22,456
Pinnacle Bancshares, Inc.	1,800		27,810
Princeton National Bancorp, Inc.	2,700		77,787
Provident Bankshares Corp.	14,500		527,365
QCR Holdings, Inc.^	1,800		38,250
Republic Bancorp, Inc., Class A/Kentucky	6,192		159,134
Republic Bancorp, Inc./Michigan	57,152		873,283
Republic First Bancorp, Inc.*	8,239		126,057
Salisbury Bancorp, Inc.	1,500		65,250
Security National Financial Corp., Class A*	400		1,324
South Financial Group, Inc.	144,078		4,686,857
Southside Bancshares, Inc.^	1,313		30,002
Team Financial, Inc.	3,300		42,009
UMB Financial Corp.	9,994		566,260
UnionBanCal Corp.	92,400		5,957,952
United Bancshares, Inc.	1,400		23,814
United Financial Corp.	1,915		45,979
Unity Bancorp, Inc.	5,622		71,962
Wainwright Bank & Trust Co.	5,610		69,283
Washington Banking Co.	632		11,471
Westbank Corp.	735		13,524
Westcorp.	47,400		2,177,082
Yardville National Bancorp^	1,900		65,094
Zions Bancorp	68,000		4,626,040
			63,355,559
Consumer Finance (0.1%)
ACE Cash Express, Inc.*	81		2,403
Advanta Corp., Class A	2,600		58,812
Cash America International, Inc.	500		14,865
Consumer Portfolio Services*	800		3,896
Ezcorp, Inc., Class A*	13,800		212,658
Metris Cos., Inc.*	100		1,275
WFS Financial, Inc.*	18,900		959,742
			1,253,651
Diversified Financial Services (0.8%)
California First National Bancorp.	600		7,494
CIT Group, Inc.	237,000		10,859,340
ICT Group, Inc.*^	2,300		22,335
Medallion Financial Corp.	400		3,880
			10,893,049
Insurance (6.9%)
Ambac Financial Group, Inc.	147,700		12,130,601
American Financial Group, Inc.	18,100		566,711
American National Insurance Co.	16,090		1,675,934
American Safety Insurance Group Ltd.*	10,100		165,034
AmerUs Group Co.^	62,500		2,831,250
Argonaut Group, Inc.*^	2,000		42,260
Assurant, Inc.	381,400		11,651,770
Bancinsurance Corp.*	3,100		22,475
CNA Financial Corp.*^	31,500		841,365
Commerce Group, Inc.	37,800		2,307,312
Delphi Financial Group, Inc., Class A.	44,750		2,065,212
Donegal Group, Inc., Class B.	2,200		48,950
Everest Reinsurance Group Ltd.	39,900		3,573,444
FBL Financial Group, Inc., Class A.	12,260		350,023
First American Corp.	40,500		1,423,170
FPIC Insurance Group, Inc.*^	2,000		70,760
Gallagher (Arthur J.) & Co.	160,000		5,200,000
Great American Financial Resources, Inc.	6,700		116,379
HCC Insurance Holdings, Inc.	76,700		2,540,304
Horace Mann Educators Corp.	61,100		1,165,788
Max Reinsurance Capital Ltd.^	57,900		1,235,007
Meadowbrook Insurance Group, Inc.*	12,300		61,377
Mercury General Corp.^	100		5,992
Midland Co.	14,914		466,361
National Securities Group, Inc.	100		2,250
National Western Life Insurance Co., Class A*	300		49,983
NYMAGIC, Inc.^	800		20,240
Ohio Casualty Corp.*^	3,700		85,877
Old Republic International Corp.	270,000		6,831,000
Platinum Underwriters Holdings Ltd.	151,016		4,696,598
Presidential Life Corp.^	15,386		260,947
Reinsurance Group of America, Inc.	248,700		12,049,515
Renaissance Reinsurance Holdings Ltd.	172,500		8,983,800
RTW, Inc.*	2,100		19,908
Scottish Annuity & Life Holdings Ltd.^	27,000		699,300
SCPIE Holdings, Inc.*	3,500		34,650
Selective Insurance Group, Inc.^	37,690		1,667,406
Stancorp Financial Group, Inc.	19,600		1,617,000
UICI.	3,800		128,820
Unico American Corp.*	300		2,820
United Fire & Casualty Co.^	16,782		565,721
UnumProvident Corp.	52,000		932,880
W.R. Berkley Corp.	34,050		1,606,138
Wesco Financial Corp.	310		121,830
Zenith National Insurance Corp.^	11,600		578,144
			91,512,306
Real Estate (3.3%)
American Home Mortgage Investment Corp. (REIT)	31,700		1,085,725
Avatar Holdings, Inc.*^	5,113		245,935
Bedford Property Investors, Inc. (REIT)^	32,900		934,689
Bluegreen Corp.*^	36,800		729,744

100

AXA PREMIER VIP TRUST

AXA PREMIER VIP SMALL/MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Number of Shares	Value (Note 1)
Boykin Lodging Co., Inc. (REIT)*	23,900	$	218,924
Brandywine Realty Trust (REIT)	91,100		2,677,429
Capital Automotive Real Estate Investment Trust (REIT)	15,500		550,638
Capital Trust, Inc./New York, Class A (REIT)	8,000		245,680
CB Richard Ellis Services, Inc., Class A*	139,100		4,666,805
CBL & Associates Properties, Inc. (REIT)	43,000		3,283,050
Commercial Net Lease Realty (REIT)^	7,600		156,560
Correctional Properties Trust (REIT)^	19,900		574,712
CRT Properties, Inc. (REIT)	44,100		1,052,226
Developers Diversified Realty Corp. (REIT)	14,300		634,491
Entertainment Properties Trust (REIT)	45,400		2,022,570
Equity Inns, Inc. (REIT)^	60,700		712,618
Friedman, Billings, Ramsey Group, Inc., Class A (REIT)^	13,700		265,643
Hanover Capital Mortgage Holdings, Inc. (REIT)^	9,000		97,200
HRPT Properties Trust (REIT)^	371,400		4,765,062
ILX Resorts, Inc.^	1,100		11,209
iStar Financial, Inc. (REIT)	29,200		1,321,592
Kramont Realty Trust (REIT)^	8,200		191,880
LTC Properties, Inc. (REIT)^	23,900		475,849
Maguire Properties, Inc. (REIT)^	35,300		969,338
Mission West Properties, Inc. (REIT)^	21,200		225,568
National Health Investors, Inc. (REIT)	43,200		1,260,576
National Health Realty, Inc. (REIT)	10,900		218,109
New Century Financial Corp. (REIT)^	19,650		1,255,831
New Plan Excel Realty Trust (REIT)	26,900		728,452
Newcastle Investment Corp. (REIT)^	21,965		698,048
One Liberty Properties, Inc. (REIT)	15,100		312,872
Orleans Homebuilders, Inc.*^	500		9,925
Parkway Properties, Inc. (REIT)	18,500		938,875
Pennsylvania Real Estate Investment Trust (REIT)^	2,500		107,000
Presidential Realty Corp., Class B (REIT)	600		5,880
Reckson Associates Realty Corp. (REIT)	130,300		4,275,143
SL Green Realty Corp. (REIT)	36,200		2,191,910
Tarragon Corp.*^	3,800		67,830
Trizec Properties, Inc. (REIT)	183,000		3,462,360
Urstadt Biddle Properties, Inc. (REIT)	100		1,615
Winston Hotels, Inc. (REIT)	49,800		588,138
			44,237,701
Thrifts & Mortgage Finance (3.0%)
Accredited Home Lenders Holding Co.*^	24,801		1,232,114
Anchor Bancorp Wisconsin, Inc.	735		21,425
Bankunited Financial Corp., Class A*	21,200		677,340
Berkshire Bancorp, Inc.	1,400		28,700
Berkshire Hills Bancorp, Inc.	10,300		382,645
Camco Financial Corp.	200		3,080
Capital Crossing Bank*^	8,300		254,727
Capital Title Group, Inc.	14,460		81,988
Carver Bancorp, Inc.	300		5,988
Central Bancorp, Inc./Massachusetts	500		14,005
Centrue Financial Corp.	2,200		62,062
CFS Bancorp, Inc.^	800		11,416
Commercial Federal Corp.^	64,000		1,901,440
Community Financial Corp	3,100		67,425
CORUS Bankshares, Inc.	21,600		1,037,016
Doral Financial Corp.^	102,800		5,062,900
EFC Bancorp, Inc.	500		12,995
Elmira Savings Bank FSB	100		3,100
ESB Financial Corp.	1,356		19,594
FFW Corp.	200		4,296
Fidelity Bancorp, Inc./Pennsylvania	110		2,772
First Bancorp of Indiana, Inc.	1,600		31,040
First Bancshares, Inc./Missouri	100		2,050
First BancTrust Corp.	2,600		30,810
First Defiance Financial Corp.^	4,200		119,574
First Federal Bancshares of Arkansas, Inc	2,000		43,780
First Federal Bancshares, Inc.	200		4,302
First Federal Bankshares, Inc.	4,200		95,634
First Franklin Corp.	1,700		33,488
First Keystone Financial, Inc.	1,400		33,040
First Midwest Financial, Inc.	500		11,600
First Place Financial Corp./Ohio	13,558		303,564
FirstBank NW Corp.	970		27,558
FirstFed Financial Corp.*^	300		15,561
Flushing Financial Corp.	5,600		112,336
FMS Financial Corp.	782		16,031
Great Pee Dee Bancorp, Inc.	500		7,515
GS Financial Corp.	1,600		28,800
Guaranty Federal Bancshares, Inc.	1,000		24,056
HMN Financial, Inc.^	2,678		85,964
Home Loan Financial Corp.	180		3,600
Independence Community Bank Corp.	134,087		5,709,424
IndyMac Bancorp, Inc.	107,900		3,717,155
Lincoln Bancorp/Indiana	200		3,858
LSB Financial Corp.	238		6,188
MAF Bancorp, Inc.	27,296		1,223,407
MASSBANK Corp.	100		3,745
Matrix Bancorp, Inc.*	1,600		20,016
Mayflower Co-operative Bank	150		2,625
MFB Corp.	100		2,900
MutualFirst Financial, Inc.	7,800		189,930
New Hampshire Thrift Bancshares, Inc.	1,100		35,970
Northeast Bancorp	500		11,400
Northeast Indiana Bancorp, Inc.	1,300		26,130
Northeast Pennsylvania Financial Corp.	1,300		29,406
Ocwen Financial Corp.*^	38,200		365,192
Park Bancorp, Inc.	1,300		39,911
Parkvale Financial Corp.^	200		5,758
Pennfed Financial Services, Inc.	200		3,216
Peoples Bancorp/Indiana	600		12,750
Peoples Community Bancorp, Inc.	300		7,090
PFF Bancorp, Inc.	9,660		447,548
Pocahontas Bancorp, Inc.	1,400		21,782
Provident Bancorp, Inc.	100		1,319

101

AXA PREMIER VIP TRUST

AXA PREMIER VIP SMALL/MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Number of Shares	Value (Note 1)
Provident Financial Holdings, Inc.^	675	$	19,474
PSB Bancorp, Inc./Pennsylvania*	4,999		68,736
R&G Financial Corp., Class B	32,850		1,277,208
Radian Group, Inc.	126,200		6,718,888
South Street Financial Corp.	300		3,030
Sterling Financial Corp./Washington*	24,620		966,581
TF Financial Corp.	100		3,200
Timberland Bancorp, Inc.	4,200		95,970
Union Community Bancorp	600		11,196
United Community Financial Corp.^	41,590		465,808
W Holding Co., Inc.	110,568		2,536,430
Washington Federal, Inc.	47,481		1,260,146
Washington Savings Bank FSB/Maryland	100		1,595
Webster Financial Corp.	59,400		3,008,016
Woronoco Bancorp, Inc.	400		14,672
WSFS Financial Corp.^	3,443		207,682
			40,462,683
Total Financials			282,563,041
Health Care (11.4%)
Biotechnology (0.6%)
Charles River Laboratories International, Inc.*	167,500		7,706,675
Genencor International, Inc.*	3,500		57,400
Invitrogen Corp.*	2,358		158,293
Kendle International, Inc.*	19,800		174,240
			8,096,608
Health Care Equipment & Supplies (5.8%)
Allied Healthcare Products*	4,200		27,510
Angiodynamics, Inc.*^	509		11,274
Atrion Corp.	200		9,049
Bausch & Lomb, Inc.	58,065		3,742,870
Beckman Coulter, Inc.	113,100		7,576,569
Bio-Logic Systems Corp.*	500		4,550
Compex Technologies, Inc.*	8,900		41,563
Conmed Corp.*^	9,940		282,495
Dade Behring Holdings, Inc.*	35,177		1,969,912
Datascope Corp.	27,613		1,095,960
Dentsply International, Inc.	86,800		4,878,160
E-Z-Em, Inc.*	7,200		105,120
Edwards Lifesciences Corp.*^	325,400		13,426,004
Hillenbrand Industries, Inc.	189,300		10,513,722
Invacare Corp.^	32,970		1,525,192
Kinetic Concepts, Inc.*	36,300		2,769,690
Mesa Laboratories, Inc.	600		7,518
Mine Safety Appliances Co.	2,100		106,470
National Dentex Corp.*	1,500		45,677
New Brunswick Scientific, Inc.*	200		1,240
NMT Medical, Inc.*	500		2,475
Ocular Sciences, Inc.*	22,800		1,117,428
PerkinElmer, Inc.	383,650		8,628,289
Respironics, Inc.*	100		5,436
Sola International, Inc.*	31,800		875,772
Span-America Medical Systems, Inc.	300		3,744
Thermo Electron Corp.*	227,800		8,386,782
Varian, Inc.*	237,900		9,756,279
West Pharmaceutical Services, Inc.	32,200		805,966
			77,722,716
Health Care Providers & Services (2.8%)
Air Methods Corp.*	600		5,160
Allied Healthcare International, Inc.*	300		1,650
American Dental Partners, Inc.*	11,400		216,144
American Shared Hospital Services	40		238
Carriage Services, Inc.*^	11,300		55,822
Cerner Corp.*^	6,368		338,587
Coventry Health Care, Inc.*	99,500		5,281,460
Health Management Associates, Inc., Class A	198,400		4,507,648
Health Net, Inc.*^	530,947		15,328,440
Horizon Health Corp.*	200		5,576
Humana, Inc.*	152,100		4,515,849
Kindred Healthcare, Inc.*^	62,200		1,862,890
LCA Vision, Inc.	31,800		743,802
Medcath Corp.*^	7,800		192,192
National Home Health Care Corp.	1,600		20,960
NWH, Inc.	4,600		64,257
PacifiCare Health Systems, Inc.*	68,560		3,875,011
Parexel International Corp.*^	19,200		389,760
RehabCare Group, Inc.*	3,000		83,970
Stewart Enterprises, Inc.*	60,100		420,099
United American Healthcare Corp.*	1,100		6,940
Ventiv Health, Inc.*	12,700		258,064
			38,174,519
Pharmaceuticals (2.2%)
Alpharma, Inc., Class A^	58,600		993,270
Barr Pharmaceuticals, Inc.*	226,600		10,319,364
Biovail Corp.*^	384,100		6,349,173
Discovery Partners International, Inc.*	36,700		174,325
Endo Pharmaceuticals Holdings, Inc.*^	362,600		7,621,852
First Horizon Pharmaceutical Corp.*^	30,005		686,814
Impax Laboratories, Inc.*^	57,300		909,924
Par Pharmaceutical Cos., Inc.*^	68,000		2,813,840
			29,868,562
Total Health Care			153,862,405
Industrials (11.3%)
Aerospace & Defense (1.6%)
Alliant Techsystems, Inc.*	130,000		8,499,400
Allied Defense Group, Inc.*	9,900		220,275
Armor Holdings, Inc.*	33,400		1,570,468
Aviall, Inc.*	29,300		673,021
Curtiss-Wright Corp.^	400		22,964
Ducommun, Inc.*	300		6,255
Esterline Technologies Corp.*	38,200		1,247,230
Goodrich Corp.	97,900		3,195,456
Hawk Corp.*	15,000		129,600
Hexcel Corp.*	500		7,250
Orbital Sciences Corp.*^	17,500		207,025
Precision Castparts Corp.	2,114		138,821
Sequa Corp., Class A*	5,300		324,095
Sparton Corp.*	200		1,802
United Defense Industries, Inc.*	112,700		5,325,075
			21,568,737
Air Freight & Logistics (0.7%)
AirNet Systems, Inc.*^	11,000		38,390
CNF, Inc.	85,200		4,268,520
Dynamex, Inc.*	5,700		105,621
EGL, Inc.*^	24,242		724,593
Hub Group, Inc., Class A*	5,900		308,098
Park-Ohio Holdings Corp.*	800		20,720
Ryder System, Inc.^	81,980		3,916,185
			9,382,127

102

AXA PREMIER VIP TRUST

AXA PREMIER VIP SMALL/MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Number of Shares	Value (Note 1)
Airlines (0.8%)
Alaska Air Group, Inc.*^	12,200	$	408,578
Continental Airlines, Inc., Class B*^	17,741		240,213
ExpressJet Holdings, Inc.*^	47,000		605,360
MAIR Holdings, Inc.*^	13,648		125,562
Northwest Airlines Corp.*^	120,400		1,315,972
Southwest Airlines Co.	453,100		7,376,468
			10,072,153
Building Products (0.9%)
Griffon Corp.*	900		24,300
Insteel Industries, Inc.*	2,200		39,734
International Aluminum Corp.	2,600		88,010
Jacuzzi Brands, Inc.*	2,100		18,270
Lennox International, Inc.^	50,600		1,029,710
Patrick Industries, Inc.*	1,400		13,930
Universal Forest Products, Inc.	14,890		646,226
Water Pik Technologies Inc.*	4,100		72,693
York International Corp.	311,700		10,766,118
			12,698,991
Commercial Services & Supplies (1.9%)
Ambassodors International, Inc.	7,487		117,770
Amrep Corp.	100		2,300
Angelica Corp.	8,400		227,220
AT Cross Co., Class A*	6,600		32,670
Brink’s Co.	23,600		932,672
Casella Waste Systems, Inc.*	3,300		48,312
Century Business Services, Inc.*	4,200		18,312
Consolidated Graphics, Inc.*	3,200		146,880
Cornell Cos., Inc.*	1,200		18,216
Duratek, Inc.*	15,863		395,147
Ecology And Environment, Inc.	4,800		37,488
Electro Rent Corp.*	13,000		184,990
Exponent, Inc.*	8,100		222,669
First Consulting Group, Inc.*	19,900		121,589
Heidrick & Struggles, Inc.*^	7,900		270,733
IKON Office Solutions, Inc.	1,500		17,340
Imagistics International, Inc.*^	13,000		437,580
Insurance Auto Auctions, Inc.*^	15,650		350,873
Kelly Services, Inc., Class A^	25,235		761,592
Laureate Education, Inc.*	36,107		1,591,958
Layne Christensen Co.*	3,000		54,450
Mac-Gray Corp.*	1,400		11,326
Nashua Corp.*	200		2,272
Navigant Consulting Co.*	400		10,640
NCO Group, Inc.*	50,103		1,295,163
R.R. Donnelley & Sons Co.	153,700		5,424,073
RCM Technologies, Inc.*	200		1,006
Republic Services, Inc.	64,000		2,146,560
SOURCECORP, Inc.*	4,116		78,657
Spherion Corp.*	1,900		15,960
Steelcase, Inc., Class A^	93,200		1,289,888
TeleTech Holdings, Inc.*^	59,224		573,881
Tufco Technologies, Inc.*	200		1,753
United Rentals, Inc.*^	155,350		2,936,115
United Stationers, Inc.*^	115,400		5,331,480
Vertrue, Inc.*^	700		26,439
Volt Information Sciences, Inc.*	2,600		76,414
Waste Industries USA, Inc.	12,650		156,860
Willis Lease Finance Corp.*	8,600		67,080
			25,436,328
Construction & Engineering (0.8%)
Comfort Systems USA, Inc.*	6,500		49,920
EMCOR Group, Inc.*^	141,740		6,403,813
Granite Construction, Inc.	71,400		1,899,240
Insituform Technologies, Inc., Class A*^	18,400		417,128
Michael Baker Corp.*	5,200		101,920
Perini Corp.*	6,200		103,478
URS Corp.*	58,700		1,884,270
			10,859,769
Electrical Equipment (0.4%)
Acuity Brands, Inc.	61,100		1,942,980
Chase Corp.	500		7,950
Espey Manufacturing & Electronics Corp.	200		5,240
Genlyte Group, Inc.*	1,118		95,790
Lamson & Sessions Co.*	8,500		77,350
Misonix, Inc.*	2,800		18,228
Preformed Line Products Co.	6,600		191,268
Regal Beloit Corp.^	37,900		1,083,940
SL Industries, Inc.*	6,400		90,560
Woodward Governor Co.	23,004		1,647,317
			5,160,623
Industrial Conglomerates (0.2%)
Alleghany Corp.*	4,614		1,316,143
Standex International Corp.	25,200		717,948
Teleflex, Inc.	4,400		228,536
Tredegar Corp.^	23,500		474,935
United Capital Corp.*	800		18,120
			2,755,682
Machinery (2.2%)
Alamo Group, Inc.^	100		2,716
Astec Industries, Inc.*	8,215		141,380
Cummins, Inc.	7,900		661,941
Dover Corp.	127,300		5,338,962
Eastern Co.	3,500		70,000
EnPro Industries, Inc.*	20,600		609,142
ESCO Technologies, Inc.*	20,000		1,533,000
Flanders Corp.*^	3,385		32,496
Gehl Co.*	12,000		280,200
Greenbrier Cos., Inc.*	3,400		115,090
Hardinge, Inc.	3,300		44,550
Harsco Corp.	61,800		3,444,732
K-Tron International*	1,200		31,572
Kennametal, Inc.	20,100		1,000,377
Key Technology, Inc.*	6,300		60,795
LB Foster Co., Class A*	9,800		93,198
Middleby Corp.^	7,500		380,400
Nacco Industries, Inc., Class A	5,700		600,780
Oshkosh Truck Corp.	17,000		1,162,460
Pall Corp.	342,500		9,915,375
Reliance Steel & Aluminum Co.	17,400		677,904
Robbins & Myers, Inc.^	4,600		109,618
Starret (L.S.) Co.Class A	5,600		115,360
Sun Hydraulics, Inc.	3,400		54,298
Supreme Industries, Inc., Class A	2,800		17,948
Tecumseh Products Co., Class B	300		13,575
Terex Corp.*	2,500		119,125
Timken Co.	80,800		2,102,416
Todd Shipyards Corp.	1,200		21,720
Toro Co.	10,100		821,635
Twin Disc, Inc.	3,300		84,315
Watts Water Technologies, Inc., Class A	1,400		45,136
			29,702,216
Marine (0.2%)
Alexander & Baldwin, Inc.	57,500		2,439,150
Ship Finance International Ltd.	7,893		161,964
			2,601,114
Road & Rail (0.7%)
Celadon Group, Inc.*	13,275		295,369
CSX Corp.	60,700		2,432,856
Marten Transport Ltd.*	3,150		71,600

103

AXA PREMIER VIP TRUST

AXA PREMIER VIP SMALL/MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Number of Shares	Value (Note 1)
Overnite Corp.	22,777	$	848,215
Transport Corp. of America, Inc.*	500		4,200
U.S. Xpress Enterprises, Inc., Class A*	10,100		295,930
USA Truck, Inc.*	1,800		30,600
USF Corp.^	147,000		5,578,650
			9,557,420
Trading Companies & Distributors (0.9%)
Applied Industrial Technologies, Inc.	36,300		994,620
First Aviation Services, Inc.*	500		2,140
Grainger (W.W.), Inc.	129,900		8,653,938
Hughes Supply, Inc.	67,600		2,186,860
Huttig Building Products, Inc.*	25,300		264,385
Industrial Distribution Group, Inc.*	11,700		97,110
Lawson Products, Inc.	609		30,712
Valley National Gases, Inc.	3,600		64,800
Watsco, Inc., Class B	100		3,460
			12,298,025
Total Industrials			152,093,185
Information Technology (14.7%)
Communications Equipment (1.3%)
Andrew Corp.*^	588,800		8,025,344
Avocent Corp.*	30,746		1,245,828
Black Box Corp.	300		14,406
Blonder Tongue Laboratories	2,200		9,482
Communications Systems, Inc.	2,200		26,422
Digi International, Inc.*	28,645		492,408
Harris Corp.	35,300		2,181,187
Plantronics, Inc.	46,800		1,940,796
SafeNet, Inc.*^	13,349		490,442
Scientific-Atlanta, Inc.	46,300		1,528,363
SeaChange International, Inc.*^	15,682		273,494
Symmetricom, Inc.*	62,564		607,496
ViaSat, Inc.*	7,000		169,890
			17,005,558
Computers & Peripherals (0.3%)
Interphase Corp.*	1,300		10,946
Printronix, Inc.*^	700		12,537
QLogic Corp.*	94,000		3,452,620
SBS Technologies, Inc.*	800		11,168
Storage Technology Corp.*	6,200		195,982
Tripos, Inc.*	12,600		67,158
			3,750,411
Electronic Equipment & Instruments (3.9%)
American Technical Ceramics Corp.*	1,100		10,978
Anixter International, Inc.*^	124,850		4,493,351
Arrow Electronics, Inc.*	652,800		15,863,040
Bonso Electronic International, Inc.	1,000		5,289
Celestica, Inc.*	461,995		6,518,749
Checkpoint Systems, Inc.*^	20,700		373,635
Frequency Electronics, Inc.	2,000		29,700
Gerber Scientific, Inc.*	34,000		258,740
GTSI Corp.*	13,200		138,732
LeCroy Corp.*^	1,443		33,680
Lowrance Electronics, Inc.	1,200		37,799
MTS Systems Corp.^	8,838		298,813
Nu Horizons Electronics Corp.*	3,800		30,324
O.I. Corp.*	4,500		42,795
OYO Geospace Corp.*	10,600		198,538
PAR Technology Corp.*	12,200		138,104
Perceptron, Inc.*	9,000		65,700
RadiSys Corp.*^	32,596		637,252
Spectrum Control, Inc.*	11,100		80,586
Sypris Solutions, Inc.^	11,100		169,941
Tektronix, Inc.	123,700		3,736,977
TESSCO Technologies, Inc.*	2,900		40,571
Vishay Intertechnology, Inc.*^	1,232,350		18,509,897
			51,713,191
Internet Software & Services (0.2%)
EarthLink, Inc.*	195,282		2,249,649
Keynote Systems, Inc.*	2,580		35,913
Marchex, Inc., Class B*	200		4,200
			2,289,762
IT Services (2.3%)
BearingPoint, Inc.*^	469,300		3,768,479
Ciber, Inc.*^	64,000		616,960
Cognizant Technology Solutions Corp., Class A*	56,285		2,382,544
Computer Task Group, Inc.*	700		3,920
Covansys Corp.*	10,700		163,710
EdgewaterTechnology, Inc.*^	8,800		43,120
eFunds Corp.*	30,460		731,345
Forrester Research, Inc.*^	8,914		159,917
Manatron, Inc.*	4,500		37,845
Manchester Technologies, Inc.*	1,400		13,986
MPS Group, Inc.*	202,100		2,477,746
Pegasus Solutions, Inc.*^	13,900		175,140
Perot Systems Corp., Class A*	40,200		644,406
Sungard Data Systems, Inc.*	473,700		13,419,921
SYKES Enterprises, Inc.*	26,045		181,013
TechTeam Global, Inc.*^	3,800		38,646
Tier Technologies, Inc., Class B*	8,200		75,850
TSR, Inc.	1,700		14,433
Unisys Corp.*	620,700		6,318,726
			31,267,707
Semiconductors & Semiconductor Equipment (6.2%)
Agere Systems, Inc., Class A*^	3,208,400		4,395,508
Catalyst Semiconductor, Inc.*^	5,000		27,500
Cohu, Inc.	14,000		259,840
Cypress Semiconductor Corp.*^	693,400		8,133,582
Fairchild Semiconductor International, Inc., Class A*	437,800		7,118,628
Freescale Semiconductor, Inc.,
Class A*^	134,900		2,403,918
Class B*	276,600		5,078,376
FSI International, Inc.*	15,800		73,786
International Rectifier Corp.*	86,600		3,859,762
Intest Corp.*	8,300		36,520
Lam Research Corp.*	303,300		8,768,403
Microsemi Corp.*	19,100		331,576
National Semiconductor Corp.	469,020		8,418,909
Novellus Systems, Inc.*	412,100		11,493,469
Photronics, Inc.*^	22,300		367,950
Teradyne, Inc.*	902,650		15,408,235
Varian Semiconductor Equipment Associates, Inc.*^	193,300		7,123,105
			83,299,067
Software (0.5%)
Advent Software, Inc.*	4,000		81,920
American Software, Inc., Class A	30,900		186,327
Autodesk, Inc.	5,766		218,820
Borland Software Corp.*	11,400		133,152
ePlus, Inc.*	12,800		151,168
Evans & Sutherland Computer Co.*	100		697
Moldflow Corp.*	4,200		66,780
Netmanage, Inc.*	12,000		77,400
NetScout Systems, Inc.*	1,573		10,979
Phoenix Technologies Ltd.*^	400		3,304
PLATO Learning, Inc.*^	20,400		151,980

104

AXA PREMIER VIP TRUST

AXA PREMIER VIP SMALL/MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Number of Shares	Value (Note 1)
Reynolds & Reynolds Co.	212,900	$	5,643,979
Witness Systems, Inc.*^	36,941		644,990
			7,371,496
Total Information Technology			196,697,192
Materials (6.7%)
Chemicals (1.6%)
Airgas, Inc.	1,100		29,161
American Pacific Corp.	300		2,553
Arch Chemicals, Inc.^	33,100		952,618
Atlantis Plastics, Inc.*	2,100		37,380
Bairnco Corp.	200		2,230
Eastman Chemical Co.	46,000		2,655,580
Engelhard Corp.	212,300		6,511,241
FMC Corp.*	38,400		1,854,720
Georgia Gulf Corp.	23,500		1,170,300
Great Lakes Chemical Corp.	87,200		2,484,328
Hercules, Inc.*	14,700		218,295
LESCO, Inc.*	3,500		45,115
LSB Industries, Inc.*	6,300		50,022
Lubrizol Corp.	50,400		1,857,744
Mosaic Co.*^	109,360		1,784,755
RPM International, Inc.	1,600		31,456
Schulman (A.), Inc.^	45,946		983,704
Stepan Co.	6,300		153,468
Summa Industries	370		3,670
Terra Industries, Inc.*^	117,200		1,040,736
			21,869,076
Construction Materials (0.7%)
Ameron International Corp.	8,900		337,310
Eagle Materials, Inc.	600		51,810
Florida Rock Industries, Inc.	12,150		723,290
Lafarge North America, Inc.	19,600		1,005,872
Martin Marietta Materials, Inc.	33,173		1,780,063
Rinker Group Ltd.	586,851		4,899,346
Texas Industries, Inc.	2,600		162,188
U.S. Concrete, Inc.*	15,900		121,953
United States Lime & Minerals, Inc.*	500		5,675
			9,087,507
Containers & Packaging (1.6%)
Chesapeake Corp.	26,000		706,160
Owens-Illinois, Inc.*	15,700		355,605
Packaging Corp. of America	32,800		772,440
Pactiv Corp.*	401,800		10,161,522
Peak International Ltd.*^	2,900		11,872
Rock-Tenn Co., Class A	3,800		57,608
Smurfit-Stone Container Corp.*	365,700		6,831,276
Temple-Inland, Inc.	33,300		2,277,720
			21,174,203
Metals & Mining (2.1%)
Cleveland-Cliffs, Inc.^	1,900		197,334
Commercial Metals Co.	7,200		364,032
Compass Minerals International, Inc.	2,100		50,883
Consol Energy, Inc.	40,800		1,674,840
GrafTech International Ltd.*^	712,500		6,740,250
Grupo IMSA S.A. de C.V. (ADR)	29,400		784,098
Inco Ltd.*^	114,000		4,192,920
International Steel Group, Inc.*	79,300		3,216,408
Metal Management, Inc.^	39,496		1,061,258
Northwest Pipe Co.*	5,000		124,750
Nucor Corp.	31,412		1,644,104
Olympic Steel, Inc.*^	14,100		373,791
Oregon Steel Mills, Inc.*^	61,500		1,247,835
Peabody Energy Corp.	6,300		509,733
Quanex Corp.^	4,800		329,136
Roanoke Electric Steel Corp.	2,400		49,610
Rock of Ages Corp.	8,200		59,860
Ryerson Tull, Inc.^	32,500		511,875
Schnitzer Steel Industries, Inc.^	14,900		505,557
Southern Peru Copper Corp.^	25,600		1,208,576
Steel Dynamics, Inc.^	56,108		2,125,371
Steel Technologies, Inc.	4,000		110,040
Synalloy Corp.*	2,224		22,018
United States Steel Corp.	1,100		56,375
Webco Industries, Inc.*^	5,900		63,543
Worthington Industries, Inc.	32,000		626,560
			27,850,757
Paper & Forest Products (0.7%)
Deltic Timber Corp.^	500		21,225
Louisiana-Pacific Corp.^	163,700		4,377,338
Sappi Ltd. (ADR)^	317,900		4,609,550
Wausau-Mosinee Paper Corp.	30,500		544,730
			9,552,843
Total Materials			89,534,386
Telecommunication Services (0.8%)
Diversified Telecommunication Services (0.2%)
Atlantic Tele-Network, Inc.	1,700		55,250
Citizens Communications Co.	148,200		2,043,678
CT Communications, Inc.	10,900		134,070
D&E Communications, Inc.	2,100		25,305
Hector Communications Corp.*	1,980		43,263
Shenandoah Telecommunications Co.	100		2,995
			2,304,561
Wireless Telecommunication Services (0.6%)
Crown Castle International Corp.*	4,400		73,216
EMS Technologies, Inc.*	9,300		154,566
Nextel Partners, Inc., Class A*	2,800		54,712
NII Holdings, Inc.*	4,543		215,565
Price Communications Corp.*	22,725		422,458
Telephone & Data Systems, Inc.	53,800		4,139,910
United States Cellular Corp.*^	28,300		1,266,708
Western Wireless Corp., Class A*^	61,932		1,814,608
			8,141,743
Total Telecommunication Services			10,446,304
Utilities (4.3%)
Electric Utilities (3.2%)
Alliant Energy Corp.	189,400		5,416,840
Central Vermont Public Service Corp.	20,900		486,134
Duquesne Light Holdings, Inc.^	106,300		2,003,755
Edison International, Inc.	116,600		3,734,698
El Paso Electric Co.*	19,300		365,542
Green Mountain Power Corp.	7,400		213,342
Hawaiian Electric Industries, Inc.	900		26,235
Maine & Maritimes Corp.	1,636		43,109
Northeast Utilities	149,500		2,818,075
Pinnacle West Capital Corp.	129,600		5,755,536
PNM Resources Inc.	120,050		3,036,064
PPL Corp.	175,500		9,350,640
UIL Holdings Corp.^	5,300		271,890
Westar Energy, Inc.	182,700		4,178,349
Wisconsin Energy Corp.	146,500		4,938,515
			42,638,724
Gas Utilities (0.4%)
Atmos Energy Corp.	25,900		708,365
Chesapeake Utilities Corp.	1,000		26,700
New Jersey Resources Corp.^	100		4,334
South Jersey Industries, Inc.^	24,900		1,308,744
Southern Union Co.*^	1,900		45,562
UGI Corp.^	78,200		3,199,162
			5,292,867

105

AXA PREMIER VIP TRUST

AXA PREMIER VIP SMALL/MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

	Number of Shares		Value (Note 1)
Multi-Utilities & Unregulated Power (0.6%)
Avista Corp.		2,400	$	42,408
MDU Resources Group, Inc.		44,850		1,196,598
Oneok, Inc.^		149,500		4,248,790
Questar Corp.		60,600		3,088,176
				8,575,972
Water Utilities (0.1%)
California Water Service Group^		12,500		470,625
SJW Corp.^		4,200		152,880
				623,505
Total Utilities				57,131,068
Total Common Stocks (97.8%)     (Cost $1,105,623,512)				1,310,554,806
SHORT-TERM DEBT SECURITIES:
Short-Term Fund of Cash Collateral for Securities Loaned (0.2%)
JPMorgan Securities Lending Collateral Investment Fund		3,008,040		3,008,040
	Principal Amount
Short-Term Investments of Cash Collateral for Securities Loaned (11.6%)
Banca Intesa S.p.A.
2.34%, 2/2/05	$	4,423,588		4,423,588
Capital One Corp.
2.40%, 9/15/05(l)		3,544,065		3,544,065
Citigroup Global Markets, Inc.
2.38%, 1/7/05(l)		4,423,588		4,423,588
Deutsche Bank Securities, Inc.
2.31%, 2/1/05		8,493,288		8,493,288
Fortis Bank
2.39%, 2/16/05		4,423,588		4,423,588
Greenwich Capital Holdings, Inc.
2.38%, 1/3/05		91,690,642		91,690,642
Halogen Funding Co. LLC
2.44%, 1/14/05		3,538,967		3,538,967
Hartford Life, Inc.
2.41%, 1/2/06(l)		1,415,548		1,415,548
Lehman Brothers, Inc.
2.49%, 3/31/05(l)		619,302		619,302
Monte dei Paschi
2.42%, 2/22/05		4,423,588		4,423,588
Monumental Global Funding II
1.98%, 7/1/05(l)		1,948,796		1,948,796
New York Life Insurance Co.
2.39%, 3/31/05(l)		4,423,588		4,423,588
Nordea Bank N.Y.
2.35%, 9/6/05(l)		4,421,999		4,421,999
Raiffeisen Zentralbank Oesterreich AG
2.36%, 2/2/05		4,423,588		4,423,588
Skandinaviska Enskilda Banken AB
2.35%, 1/31/05		4,423,588		4,423,588
Sun Trust Bank/Atlanta, Georgia
2.30%, 5/17/06(l)		4,423,588		4,423,588
WestLB Covered Bond Bank plc
2.35%, 2/7/05		4,406,336		4,406,336
Total Short-Term Investments of Cash Collateral for Securities Loaned				155,467,647
Time Deposit (3.0%)
JPMorgan Chase Nassau, 1.74%, 1/3/05		40,591,585		40,591,585
Total Short-Term Debt Securities (14.8%) (Amortized Cost $199,067,272)				199,067,272
Total Investments (112.6%) (Cost $1,304,690,784)				1,509,622,078
Other Assets Less Liabilities (-12.6%)				(169,102,119	)
Net Assets (100%)			$	1,340,519,959

* Non-income producing.

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

(l) Floating Rate Security. Rate disclosed is as of December 31, 2004.

Glossary:

ADR — American Depositary Receipt

REIT — Real Estate Investment Trust

Investment security transactions for the year ended December 31, 2004 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	931,111,922
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		637,584,788

As of December 31, 2004, 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	$	216,595,326
Aggregate gross unrealized depreciation		(15,417,186	)
Net unrealized appreciation	$	201,178,140
Federal income tax cost of investments	$	1,308,443,938

At December 31, 2004, the Portfolio had loaned securities with a total value $156,861,789. This was secured by collateral of $158,475,687 which was received in cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2004, the Portfolio incurred approximately $6,434 as brokerage commissions with Advest, Inc., $5,277 with Bernstein (Sanford C.) & Co., and $395 with S.G. Cowen Securities Corp., affiliated broker/dealers.

See Notes to Financial Statements.

106

AXA PREMIER VIP TRUST

AXA PREMIER VIP TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2004

	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (6.5%) Internet & Catalog Retail (5.1%)
Amazon.com, Inc.*	21,230	$	940,277
eBay, Inc.*	121,245		14,098,368
IAC/InterActiveCorp*^	218,500		6,034,970
Shanda Interactive Entertainment Ltd. (ADR)*^(a)	125,020		5,313,350
			26,386,965
Media (1.4%)
DreamWorks Animation SKG, Inc., Class A*	250		9,378
Pixar*^	82,900		7,097,069
			7,106,447
Total Consumer Discretionary			33,493,412
Energy (1.9%)
Energy Equipment & Services (1.9%)
Cooper Cameron Corp.*	17,170		923,918
Halliburton Co.	54,960		2,156,630
Input/Output, Inc.*^	75,000		663,000
Nabors Industries Ltd.*	12,530		642,664
National-Oilwell, Inc.*	17,440		615,458
Schlumberger Ltd.	22,280		1,491,646
Transocean, Inc.*	40,270		1,707,045
Weatherford International Ltd.*	29,380		1,507,194
Total Energy			9,707,555
Health Care (1.9%)
Biotechnology (0.3%)
Amylin Pharmaceuticals, Inc.*^	50,000		1,168,000
Vicuron Pharmaceuticals, Inc.*	37,240		648,349
			1,816,349
Health Care Equipment & Supplies (0.4%)
Guidant Corp.	16,090		1,160,089
Nektar Therapeutics*^	41,550		840,972
			2,001,061
Health Care Providers & Services (0.1%)
PacifiCare Health Systems, Inc.*	6,910		390,553
Pharmaceuticals (1.1%)
Elan Corp. plc (ADR)*^	15,240		415,290
IVAX Corp.*	94,740		1,498,787
Johnson & Johnson	59,310		3,761,440
			5,675,517
Total Health Care			9,883,480
Industrials (2.1%)
Aerospace & Defense (0.5%)
United Technologies Corp.	27,570		2,849,359
Commercial Services & Supplies (0.8%)
Manpower, Inc.	18,500		893,550
Monster Worldwide, Inc.*	95,040		3,197,146
			4,090,696
Industrial Conglomerates (0.8%)
Tyco International Ltd.	110,000		3,931,400
Total Industrials			10,871,455
Information Technology (84.7%)
Communications Equipment (14.9%)
Avaya, Inc.*	301,780		5,190,616
Cisco Systems, Inc.*	908,735		17,538,585
Comverse Technology, Inc.*	274,800		6,718,860
Corning, Inc.*	874,155		10,288,804
F5 Networks, Inc.*	27,400		1,334,928
Juniper Networks, Inc.*	45,220		1,229,532
Motorola, Inc.	251,000		4,317,200
Nokia OYJ (ADR)	436,100		6,833,687
Powerwave Technologies, Inc.*^	58,670		497,522
QUALCOMM, Inc.	208,770		8,851,848
Research In Motion Ltd.*^	94,640		7,800,229
Scientific-Atlanta, Inc.	94,600		3,122,746
Telefonaktiebolaget LM Ericsson (ADR)*^	18,010		567,135
Utstarcom, Inc.*^	85,800		1,900,470
			76,192,162
Computers & Peripherals (13.6%)
Apple Computer, Inc.*(a)	106,780		6,876,632
Dell, Inc.*	213,200		8,984,248
EMC Corp.*	540,310		8,034,410
Hutchinson Technology, Inc.*^	90,400		3,125,128
International Business Machines Corp.	147,300		14,520,834
NCR Corp.*	169,170		11,711,639
Network Appliance, Inc.*	25,830		858,072
QLogic Corp.*	69,000		2,534,370
SanDisk Corp.*^	384,445		9,599,592
Sun Microsystems, Inc.*	483,240		2,599,831
Telvent GIT S.A.*	66,000		841,500
			69,686,256
Electronic Equipment & Instruments (2.6%)
Agilent Technologies, Inc.*	198,695		4,788,549
Flextronics International Ltd.*	433,200		5,986,824
Hon Hai Precision Industry Co., Ltd.	621,000		2,880,625
			13,655,998
Internet Software & Services (9.7%)
Google, Inc., Class A*^	35,770		6,907,187
McAfee, Inc.*	175,030		5,063,618
Netease.com (ADR)*^(a)	77,950		4,118,099
SINA Corp.*	15,890		509,433
Softbank Corp.	11,600		564,887
Tencent Holdings Ltd.*	3,113,000		1,862,345
VeriSign, Inc.*	335,570		11,248,306
Yahoo!, Inc.*	513,620		19,353,202
			49,627,077
IT Services (6.5%)
Accenture Ltd., Class A*	137,200		3,704,400
BISYS Group, Inc.*^	180,400		2,967,580
CheckFree Corp.*^	105,100		4,002,208
Cognizant Technology Solutions Corp., Class A*	69,940		2,960,560
Computer Sciences Corp.*	48,100		2,711,397
DST Systems, Inc.*	85,400		4,451,048
First Data Corp.	178,200		7,580,628
Greenfield Online, Inc.*	88,680		1,950,073
Infosys Technologies Ltd. (ADR)^	16,570		1,148,467
Iron Mountain, Inc.*	59,000		1,798,910
			33,275,271
Semiconductors & Semiconductor Equipment (18.0%)
Advanced Micro Devices, Inc.*	173,220		3,814,304
Altera Corp.*	272,945		5,649,961
Analog Devices, Inc.	138,000		5,094,960
Applied Materials, Inc.*	430,817		7,366,971
ASM International N.V.*^	154,811		2,540,449
ASML Holding N.V. (N.Y. Shares)*	189,175		3,009,774
Broadcom Corp., Class A*	151,120		4,878,154
Cypress Semiconductor Corp.*^	20,520		240,700
Fairchild Semiconductor International, Inc., Class A*	320,100		5,204,826
Intel Corp.	141,265		3,304,188
International Rectifier Corp.*	8,380		373,497
KLA-Tencor Corp.*	65,040		3,029,563

107

AXA PREMIER VIP TRUST

AXA PREMIER VIP TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2004

	Number of Shares	Value (Note 1)
Lam Research Corp.*	205,800	$	5,949,678
Marvell Technology Group Ltd.*	275,010		9,754,605
National Semiconductor Corp.	69,810		1,253,090
ON Semiconductor Corp.*^	504,200		2,289,068
Samsung Electronics Co., Ltd. (GDR)§	28,335		6,165,435
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)	842,928		7,156,459
Teradyne, Inc.*	125,150		2,136,310
Texas Instruments, Inc.	292,765		7,207,874
Xilinx, Inc.	199,045		5,901,684
			92,321,550
Software (19.4%)
Adobe Systems, Inc.	116,875		7,332,737
Amdocs Ltd.*	295,595		7,759,369
Autodesk, Inc.	179,660		6,818,097
BEA Systems, Inc.*^	401,115		3,553,879
Business Objects S.A. (ADR)*^	326,810		8,281,365
Electronic Arts, Inc.*	71,400		4,403,952
Intuit, Inc.*	23,850		1,049,639
Macromedia, Inc.*	36,000		1,120,320
Mercury Interactive Corp.*	215,696		9,824,953
Microsoft Corp.	654,450		17,480,359
MicroStrategy, Inc., Class A*^	19,980		1,203,795
NCSoft Corp.*	8,280		670,270
Nintendo Co., Ltd.	11,500		1,444,374
Red Hat, Inc.*^	312,450		4,171,208
Salesforce.com, Inc.*^	7,700		130,438
SAP AG (ADR)	155,400		6,870,234
Symantec Corp.*	50,125		1,291,220
TIBCO Software, Inc.*	184,790		2,465,099
Trend Micro, Inc.*	64,100		3,459,286
VERITAS Software Corp.*	348,440		9,947,962
			99,278,556
Total Information Technology			434,036,870
Telecommunication Services (0.6%)
Diversified Telecommunication Services (0.0%)
Zte Corp.*	26,400		85,422
Wireless Telecommunication Services (0.6%)
Nextel Partners, Inc., Class A*^	144,700		2,827,438
Total Telecommunication Services (0.6%)			2,912,860
Total Common Stocks (97.7%) (Cost $441,393,556)			500,905,632
	Number of Warrants
WARRANTS:
Information Technology (0.2%)
Software (0.2%)
Tata Consultancy Services Ltd., $0.0001, expiring 8/10/05*†§	23,326		716,629
Total Warrants (0.2%) (Cost $437,578)			716,629
	Number of Shares
SHORT-TERM DEBT SECURITIES:
Short-Term Fund of Cash Collateral for Securities Loaned (0.2%)
JPMorgan Securities Lending Collateral Investment Fund	1,170,516		1,170,516

	Principal Amount			Value (Note 1)
Short-Term Investments of Cash Collateral for Securites Loaned (11.8%)
Banca Intesa S.p.A.
2.34%, 2/2/05	$	1,721,347		$	1,721,347
Capital One Corp., Series 02-A2
2.40%, 9/15/05 (l)		1,379,099			1,379,099
Citigroup Global Markets, Inc.
2.38%, 1/7/05 (l)		1,721,347			1,721,347
Deutsche Bank Securities, Inc.
2.31%, 2/1/05		3,304,984			3,304,984
Fortis Bank
2.39%, 2/16/05		1,721,346			1,721,346
Greenwich Capital Holdings, Inc.
2.38%, 1/3/05		35,679,492			35,679,492
Halogen Funding Co. LLC
2.44%, 1/14/05		1,377,115			1,377,115
Hartford Life, Inc.
2.41%, 1/2/06 (l)		550,831			550,831
Lehman Brothers, Inc.
2.49%, 3/31/05 (l)		240,989			240,989
Monte dei Paschi
2.42%, 2/22/05		1,721,347			1,721,347
Monumental Global Funding II
1.98%, 7/1/05 (l)		758,333			758,333
New York Life Insurance Co.
2.39%, 3/31/05 (l)		1,721,347			1,721,347
Nordea Bank N.Y.
2.35%, 9/6/05 (l)		1,720,728			1,720,728
Raiffeisen Zentralbank Oesterreich AG
2.36%, 2/2/05		1,721,347			1,721,347
Skandinaviska Enskilda Banken AB
2.35%, 1/31/05		1,721,347			1,721,347
Sun Trust Bank/Atlanta, Georgia
2.30%, 5/17/06 (l)		1,721,347			1,721,347
WestLB Covered Bond Bank plc
2.35%, 2/7/05		1,714,633			1,714,633
Total Short-Term Investments of Cash Collateral for Securites Loaned					60,496,979
Time Deposit (1.9%)
JPMorgan Chase Nassau, 1.74%, 1/3/05		9,630,245			9,630,245
Total Short-Term Debt Securities (13.9%) (Amortized Cost $ 71,297,740)					71,297,740
Total Investments Before Written Options (111.8%) (Cost/Amortized Cost $513,128,874)					572,920,001
	Number of Contracts (c)
OPTIONS WRITTEN:
Call Options (-0.1%)*
Apple Computer Co., Inc. (d)
January-2005 @ $65.00		(752	)		(233,120	)
Netease.com, Inc. (ADR) (d)
March-2005 @ $55.00		(390	)		(140,400	)
Shanda Interactive Entertainment Ltd. (d)
March-2005 @ $35.00		(200	)		(206,000	)
Total Options Written (-0.1%) (Premiums Received $535,638)					(579,520	)
Total Investments (111.7%) (Cost/Amortized Cost $512,593,236)					572,340,481
Other Assets Less Liabilities (-11.7%)					(59,793,311	)
Net Assets (100%)				$	512,547,170

108

AXA PREMIER VIP TRUST

AXA PREMIER VIP TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2004

* Non-income producing.

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

† Securities (totaling $716,629 or 0.14% of net assets) valued at fair value.

§ Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2004, the market value of these securities amounted to $6,882,064 or 1.34% 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 security might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

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

(c) One contract relates to 100 shares.

(d) Covered call option contracts written in connection with securities held.

(l) Floating Rate Security. Rate disclosed is as of December 31, 2004.

Glossary:

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

Options written for the year ended December 31, 2004, were as follows:

	Total Number of Contracts		Total Premiums Received
Options Outstanding—January 1, 2004	—		$	—
Options Written	2,924			1,049,477
Options Terminated in Closing PurchaseTransactions	(813	)		(318,127	)
Options Expired	(397	)		(70,021	)
Options Exercised	(372	)		(125,691	)
Options Outstanding—December 31, 2004	1,342		$	535,638

Investment security transactions for the year ended December 31, 2004 were as follows:

Cost of Purchases:
Stocks and long-term corporate debt securities	$	568,546,950
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities		527,596,832

As of December 31, 2004, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	60,551,637
Aggregate gross unrealized depreciation		(12,080,226	)
Net unrealized appreciation	$	48,471,411
Federal income tax cost of investments	$	524,448,590

At December 31, 2004, the Portfolio had loaned securities with a total value $60,019,114. This was secured by collateral of $61,667,495 which was received in cash and subsequently invested in short-term investments as reported in the portfolio of investments.

For the year ended December 31, 2004, the Portfolio incurred approximately $3,401 as brokerage commissions with Bernstein (Sanford C.) & Co., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $237,767,161 of which $61,290,156 expires in the year 2008, $150,823,988 expires in the year 2009, and $25,653,017 expires in the year 2010.

Included in the capital loss carryforward amounts at December 31, 2004 are $237,767,161 of losses acquired from EQ/Technology Portfolio as a result of a tax free reorganization as discussed in Note 9. Certain capital loss carryforwards may be subject to limitations on use pursuant to applicable U.S. Federal Income Tax Law. Therefore, it is possible not all of these capital losses will be available for use.

The Portfolio utilized capital loss carryforward of $7,320,249 during 2004.

See Notes to Financial Statements.

109

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2004

ASSETS
Investments at value:
Affiliated issuers (Cost $109,462,749)	$	111,036,919
Unaffiliated issuers (Amortized Cost $905,859)		905,859
Receivable from Separate Accounts for Trust shares sold		428,732
Receivable from investment manager		24,578
Dividends, interest and other receivables		691
Other assets		17
Total assets		112,396,796
LIABILITIES
Payable for securities purchased		902,190
Distribution fees payable - Class B		21,628
Administrative fees payable		16,168
Payable to Separate Accounts for Trust shares redeemed		1,925
Trustees’ fees payable		500
Accrued expenses		26,985
Total liabilities		969,396
NET ASSETS	$	111,427,400
Net assets were comprised of:
Paid in capital	$	109,402,352
Accumulated overdistributed net investment income		(136	)
Accumulated undistributed net realized gain		451,014
Unrealized appreciation on investments		1,574,170
Net assets	$	111,427,400
Class A
Net asset value, offering and redemption price per share, $2,070,723 / 191,658 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.80
Class B
Net asset value, offering and redemption price per share, $109,356,677 / 10,121,217 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.80
STATEMENT OF OPERATIONS
For the Year Ended December 31, 2004
INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	1,840,473
Interest		3,981
Total income		1,844,454
EXPENSES
Distribution fees - Class B		124,945
Administrative fees		111,040
Custodian fees		63,196
Investment management fees		51,234
Professional fees		21,609
Printing and mailing expenses		11,419
Trustees’ fees		1,443
Miscellaneous		585
Gross expenses		385,471
Less: Waiver of investment management fees		(51,234	)
Reimbursement from investment manager		(158,040	)
Net expenses		176,197
NET INVESTMENT INCOME		1,668,257
REALIZED AND UNREALIZED GAIN
Net realized gain on securities		1,467,960
Net change in unrealized appreciation on securities		1,574,337
NET REALIZED AND UNREALIZED GAIN		3,042,297
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,710,554

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31, 2004			July 31, 2003* to December 31, 2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,668,257		$	50,047
Net realized gain on investments		1,467,960			7,203
Net change in unrealized appreciation (depreciation) on investments		1,574,337			(167	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		4,710,554			57,083
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(54,927	)		(1,149	)
Class B		(2,533,049	)		(49,119	)
		(2,587,976	)		(50,268	)
Distributions from net realized capital gains
Class A		(1,990	)		—
Class B		(102,411	)		—
		(104,401	)		—
TOTAL DIVIDENDS AND DISTRIBUTIONS		(2,692,377	)		(50,268	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 422,099 and 4,942 shares, respectively ]		4,491,523			51,532
Capital shares issued in reinvestment of dividends and distributions [ 5,279 and 111 shares, respectively ]		56,917			1,149
Capital shares repurchased [ (244,577) and (1,196) shares, respectively ]		(2,650,986	)		(12,460	)
Total Class A transactions		1,897,454			40,221
Class B
Capital shares sold [ 12,047,086 and 585,324 shares, respectively ]		128,189,761			6,117,160
Capital shares issued in reinvestment of dividends and distributions [ 244,437 and 4,717 shares, respectively ]		2,635,460			49,119
Capital shares repurchased [ (2,742,940) and (22,407) shares, respectively ]		(29,392,501	)		(234,266	)
Total Class B transactions		101,432,720			5,932,013
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		103,330,174			5,972,234
TOTAL INCREASE IN NET ASSETS		105,348,351			5,979,049
NET ASSETS:
Beginning of period		6,079,049			100,000
End of period (a)	$	111,427,400		$	6,079,049
(a)    Includes accumulated overdistributed net investment income of	$	(136	)	$	—
*       Class A and Class B commenced operations on July 31, 2003.

See Notes to Financial Statements.

110

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2004

ASSETS
Investments at value:
Affiliated issuers (Cost $210,163,968)	$	216,134,324
Unaffiliated issuers (Amortized Cost $597,462)		597,462
Receivable from Separate Accounts for Trust shares sold		306,795
Receivable from investment manager		37,012
Dividends, interest and other receivables		1,277
Other assets		30
Total assets		217,076,900
LIABILITIES
Payable for securities purchased		591,457
Distribution fees payable - Class B		42,863
Administrative fees payable		28,807
Payable to Separate Accounts for Trust shares redeemed		10,545
Trustees’ fees payable		500
Accrued expenses		29,877
Total liabilities		704,049
NET ASSETS	$	216,372,851
Net assets were comprised of:
Paid in capital	$	209,176,311
Accumulated overdistributed net investment income		(244	)
Accumulated undistributed net realized gain		1,226,428
Unrealized appreciation on investments		5,970,356
Net assets	$	216,372,851
Class A
Net asset value, offering and redemption price per share, $1,402,679 / 124,969 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.22
Class B
Net asset value, offering and redemption price per share, $214,970,172 / 19,152,594 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.22
STATEMENT OF OPERATIONS For the Year Ended December 31, 2004
INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	2,986,254
Interest		7,010
Total income		2,993,264
EXPENSES
Distribution fees - Class B		238,604
Administrative fees		178,538
Investment management fees		96,103
Custodian fees		68,080
Professional fees		22,563
Printing and mailing expenses		18,233
Trustees’ fees		1,939
Miscellaneous		734
Gross expenses		624,794
Less: Waiver of investment management fees		(96,103	)
Reimbursement from investment manager		(193,915	)
Net expenses		334,776
NET INVESTMENT INCOME		2,658,488
REALIZED AND UNREALIZED GAIN
Net realized gain on securities		3,283,997
Net change in unrealized appreciation on securities		5,884,663
NET REALIZED AND UNREALIZED GAIN		9,168,660
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	11,827,148

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31, 2004			July 31, 2003* to December 31, 2003
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	2,658,488		$	97,774
Net realized gain on investments		3,283,997			14,204
Net change in unrealized appreciation on investments		5,884,663			85,693
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		11,827,148			197,671
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(33,388	)		(2,836	)
Class B		(4,567,574	)		(95,329	)
		(4,600,962	)		(98,165	)
Distributions from net realized capital gains
Class A		(842	)		—
Class B		(128,468	)		—
		(129,310	)		—
TOTAL DIVIDENDS AND DISTRIBUTIONS		(4,730,272	)		(98,165	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 151,937 and 20,802 shares, respectively ]		1,662,001			218,410
Capital shares issued in reinvestment of dividends and distributions [ 3,059 and 268 shares, respectively ]		34,230			2,836
Capital shares repurchased [ (51,117) and (4,980) shares, respectively ]		(560,173	)		(52,214	)
Total Class A transactions		1,136,058			169,032
Class B
Capital shares sold [ 19,877,211 and 926,085 shares, respectively ]		215,775,745			9,778,943
Capital shares issued in reinvestment of dividends and distributions [ 419,704 and 8,999 shares, respectively ]		4,696,042			95,329
Capital shares repurchased [ (2,034,454) and (49,951) shares, respectively ]		(22,043,116	)		(531,564	)
Total Class B transactions		198,428,671			9,342,708
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		199,564,729			9,511,740
TOTAL INCREASE IN NET ASSETS		206,661,605			9,611,246
NET ASSETS:
Beginning of period		9,711,246			100,000
End of period (a)	$	216,372,851		$	9,711,246
(a)    Includes accumulated overdistributed net investment income of	$	(244	)	$	—
*       Class A and Class B commenced operations on July 31, 2003.

See Notes to Financial Statements.

111

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2004

ASSETS
Investments at value:
Affiliated issuers (Cost $4,926,386,557)	$	5,500,231,473
Unaffiliated issuers (Amortized Cost $2,276,192)		2,276,192
Receivable from Separate Accounts for Trust shares sold		5,132,144
Dividends, interest and other receivables		168,277
Total assets		5,507,808,086
LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		2,795,481
Payable for securities purchased		1,441,817
Administrative fees payable		686,500
Distribution fees payable - Class B		480,630
Investment management fees payable		352,059
Trustees’ fees payable		176,905
Accrued expenses		253,574
Total liabilities		6,186,966
NET ASSETS	$	5,501,621,120
Net assets were comprised of:
Paid in capital	$	5,622,570,605
Accumulated overdistributed net investment income		(182,947	)
Accumulated net realized loss		(694,643,861	)
Unrealized appreciation on investments		573,877,323
Net assets	$	5,501,621,120
Class A
Net asset value, offering and redemption price per share, $3,160,073,688 / 203,707,771 shares out-standing (unlimited amount authorized: $0.001 par value)	$	15.51
Class B
Net asset value, offering and redemption price per share, $2,341,547,432 / 151,785,618 shares out-standing (unlimited amount authorized: $0.001 par value)	$	15.43
STATEMENT OF OPERATIONS For the Year Ended December 31, 2004
INVESTMENT INCOME
Dividends (Including dividend income of $83,925,377 from affiliates)	$	83,929,712
Interest		39,295
Total income		83,969,007
EXPENSES
Administrative fees		7,265,865
Investment management fees		4,802,828
Distribution fees - Class B		4,306,599
Professional fees		144,590
Custodian fees		51,100
Trustees’ fees		83,440
Gross expenses		16,654,422
Less: Waiver of investment management fees		(4,802,828	)
Reimbursement from investment manager		(2,740,516	)
Fees paid indirectly		(663,384	)
Net expenses		8,447,694
NET INVESTMENT INCOME		75,521,313
REALIZED AND UNREALIZED GAIN
Realized gain on:
Securities		112,312,525
Foreign currency transactions		955
Net realized gain		112,313,480
Change in unrealized appreciation on:
Securities		248,679,491
Foreign currency translations		11,015
Net change in unrealized appreciation		248,690,506
NET REALIZED AND UNREALIZED GAIN		361,003,986
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	436,525,299

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	75,521,313		$	93,280,770
Net realized gain (loss) on investments and foreign currency transactions		112,313,480			(14,312,826	)
Net change in unrealized appreciation on investments and foreign currency translations		248,690,506			614,461,718
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		436,525,299			693,429,662
DIVIDENDS:
Dividends from net investment income
Class A		(86,033,953	)		(71,522,095	)
Class B		(57,416,359	)		(25,115,701	)
TOTAL DIVIDENDS		(143,450,312	)		(96,637,796	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 5,242,079 and 5,302,962 shares, respectively ]		78,493,329			72,331,114
Capital shares issued in reinvestment of dividends [ 5,566,360 and 4,929,043 shares, respectively ]		86,033,953			71,522,095
Capital shares repurchased [ (21,793,525) and (27,454,395) shares, respectively ]		(325,705,419	)		(367,958,101	)
Total Class A transactions		(161,178,137	)		(224,104,892	)
Class B
Capital shares sold [ 71,918,114 and 38,105,861 shares, respectively ]		1,066,438,464			518,181,598
Capital shares issued in reinvestment of dividends [ 3,735,336 and 1,740,321 shares, respectively ]		57,416,359			25,115,701
Capital shares repurchased [ (10,563,773) and (6,498,599) shares, respectively ]		(156,787,986	)		(86,471,626	)
Total Class B transactions		967,066,837			456,825,673
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		805,888,700			232,720,781
TOTAL INCREASE IN NET ASSETS		1,098,963,687			829,512,647
NET ASSETS:
Beginning of year		4,402,657,433			3,573,144,786
End of year(a)	$	5,501,621,120		$	4,402,657,433
(a)    Includes accumulated undistributed (overdistributed) net investment income of	$	(182,947	)	$	(146,715	)

See Notes to Financial Statements.

112

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2004

ASSETS
Investments at value:
Affiliated issuers (Cost $ 959,651,795)	$	1,012,738,693
Unaffiliated issuers (Amortized Cost $6,134,717)		6,134,717
Receivable from Separate Accounts for Trust shares sold		4,381,661
Receivable from investment manager		107,431
Dividends, interest and other receivables		8,089
Other assets		113
Total assets		1,023,370,704
LIABILITIES
Payable for securities purchased		6,107,987
Distribution fees payable - Class B		194,206
Administrative fees payable		121,181
Payable to Separate Accounts for Trust shares redeemed		2,246
Trustees’ fees payable		500
Accrued expenses		56,655
Total liabilities		6,482,775
NET ASSETS	$	1,016,887,929
Net assets were comprised of:
Paid in capital	$	954,860,731
Accumulated overdistributed net investment income		(945	)
Accumulated undistributed net realized gain		8,941,245
Unrealized appreciation on investments		53,086,898
Net assets	$	1,016,887,929
Class A
Net asset value, offering and redemption price per share, $13,194,139 / 1,076,978 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.25
Class B
Net asset value, offering and redemption price per share, $1,003,693,790 / 81,923,863 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.25

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2004

INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	9,184,810
Interest		34,355
Total income		9,219,165
EXPENSES
Distribution fees - Class B		968,987
Administrative fees		626,131
Investment management fees		393,581
Custodian fees		74,264
Printing and mailing expenses		65,743
Professional fees		28,918
Trustees’ fees		5,153
Miscellaneous		1,410
Gross expenses		2,164,187
Less: Waiver of investment management fees		(393,581	)
Reimbursement from investment manager		(407,448	)
Net expenses		1,363,158
NET INVESTMENT INCOME		7,856,007
REALIZED AND UNREALIZED GAIN
Net realized gain on securities		18,868,543
Net change in unrealized appreciation on securities		52,294,948
NET REALIZED AND UNREALIZED GAIN		71,163,491
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	79,019,498

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31, 2004			July 31, 2003* to December 31, 2003
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	7,856,007		$	161,465
Net realized gain on investments		18,868,543			21,353
Net change in unrealized appreciation on investments		52,294,948			791,950
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		79,019,498			974,768
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(259,766	)		(7,584	)
Class B		(17,317,128	)		(154,989	)
		(17,576,894	)		(162,573	)
Distributions from net realized capital gains
Class A		(3,070	)		—
Class B		(224,899	)		—
		(227,969	)		—
TOTAL DIVIDENDS AND DISTRIBUTIONS		(17,804,863	)		(162,573	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 1,080,990 and 100,202 shares, respectively ]		12,482,142			1,091,540
Capital shares issued in reinvestment of dividends and distributions [ 21,599 and 687 shares, respectively ]		262,836			7,584
Capital shares repurchased [ (131,117) and (383) shares, respectively ]		(1,488,202	)		(4,120	)
Total Class A transactions		11,256,776			1,095,004
Class B
Capital shares sold [ 79,484,096 and 2,553,772 shares, respectively ]		914,985,919			27,752,232
Capital shares issued in reinvestment of dividends and distributions [ 1,441,389 and 14,044 shares, respectively ]		17,542,027			154,989
Capital shares repurchased [ (1,541,711) and (32,727) shares, respectively ]		(17,673,332	)		(352,516	)
Total Class B transactions		914,854,614			27,554,705
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		926,111,390			28,649,709
TOTAL INCREASE IN NET ASSETS		987,326,025			29,461,904
NET ASSETS:
Beginning of period		29,561,904			100,000
End of period (a)	$	1,016,887,929		$	29,561,904
(a)    Includes accumulated overdistributed net investment income of	$	(945	)	$	—
*       Class A and Class B commenced operations on July 31, 2003.

See Notes to Financial Statements.

113

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2004

ASSETS
Investments at value:
Affiliated issuers (Cost $230,017,090)	$	246,335,569
Unaffiliated issuers (Amortized Cost $349,232)		349,232
Receivable from Separate Accounts for Trust shares sold		1,239,289
Receivable from investment manager		39,848
Dividends, interest and other receivables		1,367
Other assets		37
Total assets		247,965,342
LIABILITIES
Payable for securities purchased		344,776
Payable to Separate Accounts for Trust shares redeemed		183,728
Distribution fees payable - Class B		47,784
Administrative fees payable		32,272
Trustees’ fees payable		500
Accrued expenses		28,986
Total liabilities		638,046
NET ASSETS	$	247,327,296
Net assets were comprised of:
Paid in capital	$	228,983,601
Accumulated overdistributed net investment income		(271	)
Accumulated undistributed net realized gain		2,025,487
Unrealized appreciation on investments		16,318,479
Net assets	$	247,327,296
Class A
Net asset value, offering and redemption price per share, $5,704,445 / 458,727 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.44
Class B
Net asset value, offering and redemption price per share, $241,622,851 / 19,431,275 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.43

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2004

INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	1,085,387
Interest		6,042
Total income		1,091,429
EXPENSES
Distribution fees - Class B		259,956
Administrative fees		195,991
Investment management fees		107,709
Custodian fees		67,480
Professional fees		22,807
Printing and mailing expenses		20,690
Trustees’ fees		2,070
Miscellaneous		712
Gross expenses		677,415
Less: Waiver of investment management fees		(107,709	)
Reimbursement from investment manager		(201,866	)
Net expenses		367,840
NET INVESTMENT INCOME		723,589
REALIZED AND UNREALIZED GAIN
Net realized gain on securities		4,289,958
Net change in unrealized appreciation on securities		16,108,460
NET REALIZED AND UNREALIZED GAIN		20,398,418
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	21,122,007

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31, 2004			July 31, 2003* to December 31, 2003
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	723,589		$	20,207
Net realized gain on investments		4,289,958			5,813
Net change in unrealized appreciation on investments		16,108,460			210,019
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		21,122,007			236,039
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(78,814	)		(2,905	)
Class B		(2,777,984	)		(18,015	)
		(2,856,798	)		(20,920	)
Distributions from net realized capital gains
Class A		(3,252	)		—
Class B		(133,480	)		—
		(136,732	)		—
TOTAL DIVIDENDS AND DISTRIBUTIONS		(2,993,530	)		(20,920	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 465,927 and 58,800 shares, respectively ]		5,412,549			650,974
Capital shares issued in reinvestment of dividends and distributions [ 6,644 and 261 shares, respectively ]		82,066			2,905
Capital shares repurchased [ (63,112) and (14,793) shares, respectively ]		(731,168	)		(165,951	)
Total Class A transactions		4,763,447			487,928
Class B
Capital shares sold [ 19,655,662 and 699,683 shares, respectively ]		226,421,878			7,683,994
Capital shares issued in reinvestment of dividends and distributions [ 235,668 and 1,619 shares, respectively ]		2,911,464			18,015
Capital shares repurchased [ (1,153,180) and (13,177) shares, respectively ]		(13,259,764	)		(143,262	)
Total Class B transactions		216,073,578			7,558,747
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		220,837,025			8,046,675
TOTAL INCREASE IN NET ASSETS		238,965,502			8,261,794
NET ASSETS:
Beginning of period		8,361,794			100,000
End of period (a)	$	247,327,296		$	8,361,794
(a)    Includes accumulated overdistributed net investment income of	$	(271	)	$	—
*       Class A and Class B commenced operations on July 31, 2003.

See Notes to Financial Statements.

114

AXA PREMIER VIP TRUST

AXA PREMIER VIP AGGRESSIVE EQUITY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2004

ASSETS
Investments at value (Securities on loan at market value $316,170,583):
Unaffiliated issuers (Cost $2,620,039,278)	$	3,069,479,176
Affiliated issuers (Cost $12,924,077)		14,652,955
Foreign cash (Cost $645)		681
Receivable for securities sold		8,567,599
Receivable from Separate Accounts for Trust shares sold		1,620,500
Dividends, interest and other receivables		1,057,183
Total assets		3,095,378,094
LIABILITIES
Overdraft payable		2,430,568
Collateral held for loaned securities		323,076,443
Payable for securities purchased		21,801,362
Payable to Separate Accounts for Trust shares redeemed		2,089,621
Investment management fees payable		1,394,979
Administrative fees payable		368,508
Trustees’ fees payable		104,829
Distribution fees payable - Class B		53,916
Accrued expenses		236,985
Total liabilities		351,557,211
NET ASSETS	$	2,743,820,883
Net assets were comprised of:
Paid in capital	$	3,432,687,151
Accumulated overdistributed net investment income		(94,047	)
Accumulated net realized loss		(1,139,943,909	)
Unrealized appreciation on investments		451,171,688
Net assets	$	2,743,820,883
Class A
Net asset value, offering and redemption price per share, $2,485,132,029 / 98,515,177 shares outstanding (unlimited amount authorized: $0.001 par value)	$	25.23
Class B
Net asset value, offering and redemption price per share, $258,688,854 / 10,383,631 shares outstanding (unlimited amount authorized: $0.001 par value)	$	24.91

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2004

INVESTMENT INCOME
Dividends (net of $46,030 foreign withholding tax)	$	12,555,802
Interest		417,535
Securities lending (net)		560,368
Total income		13,533,705
EXPENSES
Investment management fees		14,977,256
Administrative fees		3,848,980
Distribution fees - Class B		588,718
Custodian fees		357,700
Professional fees		151,810
Trustees’ fees		44,907
Miscellaneous		21,515
Gross expenses		19,990,886
Less: Fees paid indirectly		(2,944,894	)
Net expenses		17,045,992
NET INVESTMENT LOSS		(3,512,287	)
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		262,254,017
Foreign currency transactions		(368,140	)
Net realized gain		261,885,877
Change in unrealized appreciation on:
Securities		42,247,362
Foreign currency translations		373,357
Net change in unrealized appreciation		42,620,719
NET REALIZED AND UNREALIZED GAIN		304,506,596
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	300,994,309

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(3,512,287	)	$	(1,967,551	)
Net realized gain on investments and foreign currency transactions		261,885,877			41,213,374
Net change in unrealized appreciation on investments and foreign currency translations		42,620,719			552,727,301
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		300,994,309			591,973,124
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 12,387,235 and 22,922,788 shares, respectively ]		282,953,198			448,429,945
Capital shares repurchased [ (9,289,419) and (9,396,394) shares, respectively ]		(213,330,724	)		(174,837,186	)
Total Class A transactions		69,622,474			273,592,759
Class B
Capital shares sold [ 2,870,747 and 2,589,874 shares, respectively ]		65,518,240			49,864,956
Capital shares repurchased [ (2,630,384) and (1,535,259) shares, respectively ]		(59,583,674	)		(28,693,901	)
Total Class B transactions		5,934,566			21,171,055
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		75,557,040			294,763,814
TOTAL INCREASE IN NET ASSETS		376,551,349			886,736,938
NET ASSETS:
Beginning of year		2,367,269,534			1,480,532,596
End of year (a)	$	2,743,820,883		$	2,367,269,534
(a)    Includes accumulated overdistributed net investment income of	$	(94,047	)	$	(114,485	)

See Notes to Financial Statements.

115

AXA PREMIER VIP TRUST

AXA PREMIER VIP CORE BOND PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2004

ASSETS
Investments at value (Cost $2,159,251,796) (Securities on loan at market value $346,837,813)	$	2,171,107,845
Cash		193,090
Foreign cash (Cost $838,644)		854,778
Receivable for forward commitments		104,850,999
Receivable for securities sold		21,130,472
Dividends, interest and other receivables		11,979,104
Receivable from Separate Accounts for Trust shares sold		2,909,140
Unrealized appreciation of forward foreign currency contracts		25,177
Variation margin receivable on futures contracts		546,047
Total assets		2,313,596,652
LIABILITIES
Payable for securities purchased		300,709,486
Payable for forward commitments		149,957,161
Collateral held for loaned securities		73,051,140
Securities sold short (Proceeds received $61,819,413)		61,837,149
Investment management fees payable		643,571
Payable to Separate Accounts for Trust shares redeemed		238,719
Administrative fees payable		230,057
Options written, at value (Premiums received $448,072)		227,345
Distribution fees payable - Class B		164,776
Unrealized depreciation of forward foreign currency contracts		101,402
Trustees’ fees payable		500
Accrued expenses		128,327
Total liabilities		587,289,633
NET ASSETS	$	1,726,307,019
Net assets were comprised of:
Paid in capital	$	1,718,205,049
Accumulated undistributed net investment income		1,781,916
Accumulated net realized loss		(5,507,657	)
Unrealized appreciation on investments		11,827,711
Net assets	$	1,726,307,019
Class A
Net asset value, offering and redemption price per share, $944,329,585 / 90,567,541 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.43
Class B
Net asset value, offering and redemption price per share, $781,977,434 / 75,057,145 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.42

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2004

INVESTMENT INCOME
Interest (net of $1,014 foreign withholding tax)	$	42,574,071
Securities lending (net)		271,796
Total income		42,845,867
EXPENSES
Investment management fees		8,335,577
Administrative fees		2,225,644
Distribution fees - Class B		1,823,100
Custodian fees		227,653
Printing and mailing expenses		181,634
Professional fees		79,704
Trustees’ fees		22,397
Miscellaneous		19,474
Gross expenses		12,915,183
Less: Waiver of investment management fees		(1,360,744	)
Fees paid indirectly		(536	)
Net expenses		11,553,903
NET INVESTMENT INCOME		31,291,964
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		11,065,590
Securities sold short		(289,094	)
Options written		1,778,204
Futures		8,892,070
Foreign currency transactions		894,454
Net realized gain		22,341,224
Change in unrealized appreciation (depreciation) on:
Securities		4,180,832
Securities sold short		4,233
Options written		180,716
Futures		(68,568	)
Foreign currency translations		(1,332,469	)
Net change in unrealized appreciation		2,964,744
NET REALIZED AND UNREALIZED GAIN		25,305,968
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	56,597,932

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2004			2003
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	31,291,964		$	13,907,099
Net realized gain on investments and foreign currency transactions		22,341,224			13,185,115
Net change in unrealized appreciation on investments and foreign currency translations		2,964,744			3,870,954
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		56,597,932			30,963,168
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(16,968,827	)		(3,959,870	)
Class B		(16,495,511	)		(11,737,046	)
		(33,464,338	)		(15,696,916	)
Distributions from net realized capital gains
Class A		(12,739,835	)		(4,094,468	)
Class B		(11,146,600	)		(7,120,152	)
		(23,886,435	)		(11,214,620	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		(57,350,773	)		(26,911,536	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 48,261,586 and 44,329,051 shares, respectively ]		504,628,471			457,142,601
Capital shares issued in reinvestment of dividends and distributions [ 2,845,764 and 773,894 shares, respectively ]		29,708,662			8,054,338
Capital shares repurchased [ (1,940,367) and (4,147,170) shares, respectively ]		(20,356,140	)		(43,528,066	)
Total Class A transactions		513,980,993			421,668,873
Class B
Capital shares sold [ 21,688,113 and 40,610,893 shares, respectively ]		226,916,518			425,184,968
Capital shares issued in reinvestment of dividends and distributions [ 2,649,707 and 1,807,362 shares, respectively ]		27,642,111			18,857,198
Capital shares repurchased [ (13,276,377) and (11,759,985) shares, respectively ]		(138,689,186	)		(122,755,963	)
Total Class B transactions		115,869,443			321,286,203
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		629,850,436			742,955,076
TOTAL INCREASE IN NET ASSETS		629,097,595			747,006,708
NET ASSETS:
Beginning of year		1,097,209,424			350,202,716
End of year (a)	$	1,726,307,019		$	1,097,209,424
(a)    Includes accumulated undistributed net investment income of	$	1,781,916		$	342,963

See Notes to Financial Statements.

116

AXA PREMIER VIP TRUST

AXA PREMIER VIP HEALTH CARE PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2004

ASSETS
Investments at value (Cost $277,198,911) (Securities on loan at market value $23,227,891)	$	304,091,063
Foreign cash (Cost $38,847)		39,498
Receivable for securities sold		3,216,039
Dividends, interest and other receivables		182,088
Receivable from Separate Accounts for Trust shares sold		168,980
Other assets		78
Total assets		307,697,746
LIABILITIES
Collateral held for loaned securities		23,634,362
Payable for securities purchased		2,349,057
Investment management fees payable		277,303
Recoupment fees payable		75,473
Distribution fees payable - Class B		55,619
Payable to Separate Accounts for Trust shares redeemed		53,308
Administrative fees payable		47,531
Trustees’ fees payable		500
Accrued expenses		46,204
Total liabilities		26,539,357
NET ASSETS	$	281,158,389
Net assets were comprised of:
Paid in capital	$	250,459,811
Accumulated overdistributed net investment income		(18,730	)
Accumulated undistributed net realized gain		3,820,389
Unrealized appreciation on investments		26,896,919
Net assets	$	281,158,389
Class A
Net asset value, offering and redemption price per share, $10,588,203 / 981,895 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.78
Class B
Net asset value, offering and redemption price per share, $270,570,186 / 25,288,986 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.70

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2004

INVESTMENT INCOME
Dividends	$	2,188,505
Interest		133,362
Securities lending (net)		33,230
Total income		2,355,097
EXPENSES
Investment management fees		2,787,894
Distribution fees - Class B		559,251
Administrative fees		493,416
Recoupment fees		257,992
Custodian fees		93,623
Professional fees		49,141
Printing and mailing expenses		27,148
Trustees’ fees		5,507
Miscellaneous		4,299
Gross expenses		4,278,271
Less: Fees paid indirectly		(82,660	)
Net expenses		4,195,611
NET INVESTMENT LOSS		(1,840,514	)
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		20,973,088
Foreign currency transactions		(2,130	)
Net realized gain		20,970,958
Change in unrealized appreciation (depreciation) on:
Securities		8,329,314
Foreign currency translations		(8,074	)
Net change in unrealized appreciation		8,321,240
NET REALIZED AND UNREALIZED GAIN		29,292,198
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	27,451,684

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(1,840,514	)	$	(933,792	)
Net realized gain on investments and foreign currency transactions		20,970,958			6,753,784
Net change in unrealized appreciation on investments and foreign currency translations		8,321,240			21,130,233
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		27,451,684			26,950,225
DISTRIBUTIONS:
Distributions from net realized capital gains
Class A		(608,701	)		(56,867	)
Class B		(15,755,908	)		(1,453,162	)
TOTAL DISTRIBUTIONS		(16,364,609	)		(1,510,029	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 694,512 and 601,704 shares, respectively ]		7,319,089			5,547,188
Capital shares issued in reinvestment of distributions [ 57,821 and 5,653 shares, respectively ]		608,701			56,867
Capital shares repurchased [ (394,621) and (295,476) shares, respectively ]		(4,130,996	)		(2,679,240	)
Total Class A transactions		3,796,794			2,924,815
Class B
Capital shares sold [ 12,536,546 and 11,855,531 shares, respectively ]		131,612,439			107,536,441
Capital shares issued in reinvestment of distributions [ 1,507,686 and 145,159 shares, respectively ]		15,755,908			1,453,162
Capital shares repurchased [ (5,223,805) and (1,755,865) shares, respectively ]		(54,886,169	)		(15,894,152	)
Total Class B transactions		92,482,178			93,095,451
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		96,278,972			96,020,266
TOTAL INCREASE IN NET ASSETS		107,366,047			121,460,462
NET ASSETS:
Beginning of year		173,792,342			52,331,880
End of year (a)	$	281,158,389		$	173,792,342
(a)    Includes accumulated overdistributed net investment income of	$	(18,730	)	$	(21,682	)

See Notes to Financial Statements.

117

AXA PREMIER VIP TRUST

AXA PREMIER VIP HIGH YIELD PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2004

ASSETS
Investments at value (Cost $1,886,355,253)	$	1,969,592,858
Cash		645,218
Foreign cash (Cost $36,847)		37,823
Dividends, interest and other receivables		36,535,702
Receivable from Separate Accounts for Trust shares sold		3,610,856
Receivable for securities sold		622,905
Variation margin receivable on futures contracts		19,862
Total assets		2,011,065,224
LIABILITIES
Payable for securities purchased		4,597,502
Investment management fees payable		963,754
Payable to Separate Accounts for Trust shares redeemed		752,277
Unrealized depreciation of forward foreign currency contracts		371,739
Administrative fees payable		255,840
Distribution fees payable - Class B		214,077
Options written, at value (Premiums received $226,080)		104,000
Trustees’ fees payable		17,652
Accrued expenses		130,498
Total liabilities		7,407,339
NET ASSETS	$	2,003,657,885
Net assets were comprised of:
Paid in capital	$	2,252,328,675
Accumulated overdistributed net investment income		(913,140	)
Accumulated net realized loss		(330,511,631	)
Unrealized appreciation on investments		82,753,981
Net assets	$	2,003,657,885
Class A
Net asset value, offering and redemption price per share, $974,088,105 / 169,545,501 shares outstanding (unlimited amount authorized: $0.001 par value)	$	5.75
Class B
Net asset value, offering and redemption price per share, $1,029,569,780 / 180,291,591 shares outstanding (unlimited amount authorized: $0.001 par value)	$	5.71

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2004

INVESTMENT INCOME
Interest	$	137,847,682
Dividends		1,095,383
Total income		138,943,065
EXPENSES
Investment management fees		10,158,326
Administrative fees		2,738,820
Distribution fees - Class B		2,286,620
Custodian fees		127,882
Professional fees		122,133
Trustees’ fees		29,561
Printing and mailing expenses		3,580
Miscellaneous		28,492
Total expenses		15,495,414
NET INVESTMENT INCOME		123,447,651
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		24,480,159
Futures		(55,638	)
Foreign currency transactions		(1,445,801	)
Net realized gain		22,978,720
Change in unrealized appreciation (depreciation) on:
Securities		6,574,286
Options written		122,080
Futures		(249,700	)
Foreign currency translations		75,370
Net change in unrealized appreciation		6,522,036
NET REALIZED AND UNREALIZED GAIN		29,500,756
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	152,948,407

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2004			2003
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	123,447,651		$	75,277,817
Net realized gain on investments and foreign currency transactions		22,978,720			30,582,051
Net change in unrealized appreciation on investments and foreign currency translations		6,522,036			99,046,354
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		152,948,407			204,906,222
DIVIDENDS:
Dividends from net investment income
Class A		(60,875,365	)		(38,556,069	)
Class B		(61,649,986	)		(38,103,162	)
TOTAL DIVIDENDS		(122,525,351	)		(76,659,231	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 64,506,981 and 128,389,014 shares, respectively ]		374,962,842			697,202,082
Capital shares issued in reinvestment of dividends [ 10,630,928 and 6,887,229 shares, respectively ]		60,875,365			38,556,069
Capital shares repurchased [ (44,840,963) and (44,609,991) shares, respectively ]		(259,468,874	)		(244,382,131	)
Total Class A transactions		176,369,333			491,376,020
Class B
Capital shares sold [ 52,115,918 and 89,340,864 shares, respectively ]		298,194,075			482,263,366
Capital shares issued in reinvestment of dividends [ 10,830,776 and 6,849,159 shares, respectively ]		61,649,986			38,103,162
Capital shares repurchased [ (29,774,350) and (18,082,328) shares, respectively ]		(170,097,325	)		(98,035,825	)
Total Class B transactions		189,746,736			422,330,703
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		366,116,069			913,706,723
TOTAL INCREASE IN NET ASSETS		396,539,125			1,041,953,714
NET ASSETS:
Beginning of year		1,607,118,760			565,165,046
End of year(a)	$	2,003,657,885		$	1,607,118,760
(a)    Includes accumulated overdistributed net investment income of	$	(913,140	)	$	(496,851	)

See Notes to Financial Statements.

118

AXA PREMIER VIP TRUST

AXA PREMIER VIP INTERNATIONAL EQUITY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2004

ASSETS
Investments at value (Cost $544,511,639) (Securities on loan at market value $44,520,316)	$	615,173,159
Cash		9,919,152
Foreign cash (Cost $1,869,292)		1,931,125
Receivable for securities sold		3,780,110
Receivable from Separate Accounts for Trust shares sold		3,159,760
Dividends, interest and other receivables		687,416
Unrealized appreciation of forward foreign currency contracts		197,609
Other assets		95,470
Total assets		634,943,801
LIABILITIES
Collateral held for loaned securities		46,875,417
Payable for securities purchased		11,749,232
Investment management fees payable		477,170
Unrealized depreciation of forward foreign currency contracts		165,240
Recoupment fees payable		129,951
Administrative fees payable		81,469
Distribution fees payable - Class B		67,516
Payable to Separate Accounts for Trust shares redeemed		21,405
Trustees’ fees payable		500
Accrued expenses		115,706
Total liabilities		59,683,606
NET ASSETS	$	575,260,195
Net assets were comprised of:
Paid in capital	$	492,299,704
Accumulated overdistributed net investment income		(1,992,517	)
Accumulated undistributed net realized gain		14,174,112
Unrealized appreciation on investments		70,778,896
Net assets	$	575,260,195
Class A
Net asset value, offering and redemption price per share, $238,905,803 / 19,680,417 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.14
Class B
Net asset value, offering and redemption price per share, $336,354,392 / 27,754,322 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.12

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2004

INVESTMENT INCOME
Dividends (net of $830,071 foreign withholding tax)	$	7,428,298
Interest		141,563
Securities lending (net)		200,854
Total income		7,770,715
EXPENSES
Investment management fees		3,583,313
Administrative fees		658,183
Distribution fees - Class B		606,012
Custodian fees		468,619
Recoupment fees		467,437
Professional fees		52,644
Printing and mailing expenses		42,928
Trustees’ fees		7,091
Miscellaneous		6,862
Gross expenses		5,893,089
Less: Fees paid indirectly		(155,504	)
Net expenses		5,737,585
NET INVESTMENT INCOME		2,033,130
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		27,206,670
Futures		141,641
Foreign currency transactions		(105,158	)
Net realized gain		27,243,153
Change in unrealized appreciation (depreciation) on:
Securities		42,297,793
Futures		(13,304	)
Foreign currency translations		83,945
Net change in unrealized appreciation		42,368,434
NET REALIZED AND UNREALIZED GAIN		69,611,587
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	71,644,717

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2004			2003
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	2,033,130		$	300,946
Net realized gain on investments and foreign currency transactions		27,243,153			509,535
Net change in unrealized appreciation on investments and foreign currency translations		42,368,434			32,772,519
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		71,644,717			33,583,000
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(1,991,568	)		(86,031	)
Class B		(2,226,889	)		(739,554	)
		(4,218,457	)		(825,585	)
Distributions from net realized capital gains
Class A		(4,614,868	)		—
Class B		(6,724,428	)		—
		(11,339,296	)		—
TOTAL DIVIDENDS AND DISTRIBUTIONS		(15,557,753	)		(825,585	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 17,986,446 and 1,356,581 shares, respectively ]		200,704,998			13,242,026
Capital shares issued in reinvestment of dividends and distributions [ 561,628 and 8,350 shares, respectively ]		6,606,436			86,031
Capital shares repurchased [ (377,354) and (129,991) shares, respectively ]		(4,205,387	)		(1,165,590	)
Total Class A transactions		203,106,047			12,162,467
Class B
Capital shares sold [ 17,209,642 and 16,243,807 shares, respectively ]		190,545,953			144,354,968
Capital shares issued in reinvestment of dividends and distributions [ 763,095 and 71,887 shares, respectively ]		8,951,317			739,554
Capital shares repurchased [ (5,992,199) and (6,492,797) shares, respectively ]		(66,347,540	)		(56,373,704	)
Total Class B transactions		133,149,730			88,720,818
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		336,255,777			100,883,285
TOTAL INCREASE IN NET ASSETS		392,342,741			133,640,700
NET ASSETS:
Beginning of year		182,917,454			49,276,754
End of year (a)	$	575,260,195		$	182,917,454
(a)    Includes accumulated overdistributed net investment income of	$	(1,992,517	)	$	(591,689	)

See Notes to Financial Statements.

119

AXA PREMIER VIP TRUST

AXA PREMIER VIP LARGE CAP CORE EQUITY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2004

ASSETS
Investments at value (Cost $165,344,612) (Securities on loan at market value $8,216,333)	$	190,012,422
Foreign cash (Cost $65)		85
Receivable for securities sold		1,189,473
Dividends, interest and other receivables		175,409
Receivable from Separate Accounts for Trust shares sold		53,299
Other assets		60
Total assets		191,430,748
LIABILITIES
Collateral held for loaned securities		8,332,681
Payable for securities purchased		1,997,360
Investment management fees payable		123,602
Payable to Separate Accounts for Trust shares redeemed		54,436
Distribution fees payable - Class B		36,193
Administrative fees payable		35,389
Trustees’ fees payable		500
Accrued expenses		43,811
Total liabilities		10,623,972
NET ASSETS	$	180,806,776
Net assets were comprised of:
Paid in capital	$	155,999,230
Accumulated overdistributed net investment income		(15,372	)
Accumulated undistributed net realized gain		155,087
Unrealized appreciation on investments		24,667,831
Net assets	$	180,806,776
Class A
Net asset value, offering and redemption price per share, $6,931,509 / 668,197 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.37
Class B
Net asset value, offering and redemption price per share, $173,875,267 / 16,757,185 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.38

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2004

INVESTMENT INCOME
Dividends (net of $9,502 foreign withholding tax)	$	2,941,089
Interest		68,159
Securities lending (net)		18,299
Total income		3,027,547
EXPENSES
Investment management fees		1,439,971
Distribution fees - Class B		385,222
Administrative fees		383,819
Custodian fees		58,268
Professional fees		47,656
Printing and mailing expenses		19,326
Trustees’ fees		4,879
Miscellaneous		4,162
Gross expenses		2,343,303
Less: Waiver of investment management fees		(194,463	)
Fees paid indirectly		(57,584	)
Net expenses		2,091,256
NET INVESTMENT INCOME		936,291
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		8,371,688
Foreign currency transactions		(1,527	)
Net realized gain		8,370,161
Change in unrealized appreciation on:
Securities		6,208,485
Foreign currency translations		21
Net change in unrealized appreciation		6,208,506
NET REALIZED AND UNREALIZED GAIN		14,578,667
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	15,514,958

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2004			2003
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	936,291		$	187,174
Net realized gain on investments and foreign currency transactions		8,370,161			1,031,320
Net change in unrealized appreciation on investments and foreign currency translations		6,208,506			22,518,129
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		15,514,958			23,736,623
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(80,796	)		(17,298	)
Class B		(1,622,834	)		(152,939	)
		(1,703,630	)		(170,237	)
Distributions from net realized capital gains
Class A		(230,107	)		—
Class B		(5,859,032	)		—
		(6,089,139	)		—
TOTAL DIVIDENDS AND DISTRIBUTIONS		(7,792,769	)		(170,237	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 317,267 and 418,759 shares, respectively ]		3,208,732			3,690,943
Capital shares issued in reinvestment of dividends and distributions [ 30,448 and 1,789 shares, respectively ]		310,903			17,298
Capital shares repurchased [ (190,027) and (208,228) shares, respectively ]		(1,927,485	)		(1,820,455	)
Total Class A transactions		1,592,150			1,887,786
Class B
Capital shares sold [ 4,595,107 and 8,447,010 shares, respectively ]		46,250,385			72,915,974
Capital shares issued in reinvestment of dividends and distributions [ 732,478 and 15,807 shares, respectively ]		7,481,866			152,939
Capital shares repurchased [ (2,335,590) and (995,822) shares, respectively ]		(23,466,967	)		(8,289,588	)
Total Class B transactions		30,265,284			64,779,325
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		31,857,434			66,667,111
TOTAL INCREASE IN NET ASSETS		39,579,623			90,233,497
NET ASSETS:
Beginning of year		141,227,153			50,993,656
End of year (a)	$	180,806,776		$	141,227,153
(a)    Includes accumulated overdistributed net investment income of	$	(15,372	)	$	(15,667	)

See Notes to Financial Statements.

120

AXA PREMIER VIP TRUST

AXA PREMIER VIP LARGE CAP GROWTH PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2004

ASSETS
Investments at value (Cost $ 319,925,989) (Securities on loan at market value $23,256,630)	$	382,099,174
Receivable from Separate Accounts for Trust shares sold		1,040,626
Dividends, interest and other receivables		148,514
Receivable for securities sold		24,020
Other assets		37
Total assets		383,312,371
LIABILITIES
Overdraft payable		199
Collateral held for loaned securities		23,687,788
Payable for securities purchased		3,352,205
Investment management fees payable		264,578
Distribution fees payable - Class B		71,530
Administrative fees payable		58,049
Payable to Separate Accounts for Trust shares redeemed		17,789
Trustees’ fees payable		500
Accrued expenses		56,588
Total liabilities		27,509,226
NET ASSETS	$	355,803,145
Net assets were comprised of:
Paid in capital	$	301,910,751
Accumulated overdistributed net investment income		(17,167	)
Accumulated net realized loss		(8,263,624	)
Unrealized appreciation on investments		62,173,185
Net assets	$	355,803,145
Class A
Net asset value, offering and redemption price per share, $12,165,501 / 1,259,951 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.66
Class B
Net asset value, offering and redemption price per share, $343,637,644 / 35,852,801 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.58

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2004

INVESTMENT INCOME
Dividends (net of $3,436 foreign withholding tax)	$	2,558,470
Interest		72,731
Securities lending (net)		17,398
Total income		2,648,599
EXPENSES
Investment management fees		2,755,027
Distribution fees - Class B		740,338
Administrative fees		606,495
Custodian fees		84,706
Professional fees		50,698
Printing and mailing expenses		37,631
Trustees’ fees		6,914
Miscellaneous		5,707
Gross expenses		4,287,516
Less: Waiver of investment management fees		(184,899	)
Fees paid indirectly		(136,482	)
Net expenses		3,966,135
NET INVESTMENT LOSS		(1,317,536	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized loss on securities		(2,060,635	)
Net change in unrealized appreciation on securities		24,496,677
NET REALIZED AND UNREALIZED GAIN		22,436,042
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	21,118,506

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(1,317,536	)	$	(842,333	)
Net realized loss on investments		(2,060,635	)		(2,746,629	)
Net change in unrealized appreciation on investments		24,496,677			45,591,832
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		21,118,506			42,002,870
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 690,336 and 718,109 shares, respectively ]		6,264,942			5,790,908
Capital shares repurchased [ (334,940) and (195,779) shares, respectively ]		(3,049,640	)		(1,567,310	)
Total Class A transactions		3,215,302			4,223,598
Class B
Capital shares sold [ 13,338,351 and 19,195,128 shares, respectively ]		120,746,801			152,886,458
Capital shares repurchased [ (5,677,053) and (2,130,490) shares, respectively ]		(50,771,432	)		(16,833,135	)
Total Class B transactions		69,975,369			136,053,323
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		73,190,671			140,276,921
TOTAL INCREASE IN NET ASSETS		94,309,177			182,279,791
NET ASSETS:
Beginning of year		261,493,968			79,214,177
End of year (a)	$	355,803,145		$	261,493,968
(a)    Includes accumulated overdistributed net investment income of	$	(17,167	)	$	(21,861	)

See Notes to Financial Statements.

121

AXA PREMIER VIP TRUST

AXA PREMIER VIP LARGE CAP VALUE PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2004

ASSETS
Investments at value (Cost $381,736,862) (Securities on loan at market value $17,661,712)	$	434,285,305
Cash		6,950
Receivable for securities sold		9,620,471
Receivable from Separate Accounts for Trust shares sold		830,107
Dividends, interest and other receivables		604,160
Other assets		56
Total assets		445,347,049
LIABILITIES
Collateral held for loaned securities		17,974,320
Payable for securities purchased		10,082,086
Payable to Separate Accounts for Trust shares redeemed		407,236
Investment management fees payable		292,400
Distribution fees payable - Class B		83,413
Administrative fees payable		64,837
Trustees’ fees payable		500
Accrued expenses		58,507
Total liabilities		28,963,299
NET ASSETS	$	416,383,750
Net assets were comprised of:
Paid in capital	$	360,578,093
Accumulated undistributed net investment income		189,629
Accumulated undistributed net realized gain		3,065,631
Unrealized appreciation on investments		52,550,397
Net assets	$	416,383,750
Class A
Net asset value, offering and redemption price per share, $9,757,652 / 888,059 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.99
Class B
Net asset value, offering and redemption price per share, $406,626,098 / 37,003,373 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.99

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2004

INVESTMENT INCOME
Dividends	$	7,886,729
Interest		97,266
Securities lending (net)		18,093
Total income		8,002,088
EXPENSES
Investment management fees		2,942,131
Distribution fees - Class B		798,969
Administrative fees		636,909
Custodian fees		84,175
Professional fees		51,180
Printing and mailing expenses		43,584
Trustees’ fees		7,257
Miscellaneous		5,538
Gross expenses		4,569,743
Less: Waiver of investment management fees		(178,587	)
Fees paid indirectly		(456,354	)
Net expenses		3,934,802
NET INVESTMENT INCOME		4,067,286
REALIZED AND UNREALIZED GAIN
Realized gain on:
Securities		22,894,568
Foreign currency transactions		178
Net realized gain		22,894,746
Change in unrealized appreciation on:
Securities		21,432,413
Foreign currency translations		1,609
Net change in unrealized appreciation		21,434,022
NET REALIZED AND UNREALIZED GAIN		44,328,768
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	48,396,054

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2004			2003
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	4,067,286		$	1,178,196
Net realized gain on investments and foreign currency transactions		22,894,746			11,131,074
Net change in unrealized appreciation on investments and foreign currency translations		21,434,022			35,987,417
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		48,396,054			48,296,687
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(113,306	)		(38,524	)
Class B		(3,742,276	)		(1,169,367	)
		(3,855,582	)		(1,207,891	)
Distributions from net realized capital gains
Class A		(507,644	)		(67,722	)
Class B		(21,460,064	)		(3,138,149	)
		(21,967,708	)		(3,205,871	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		(25,823,290	)		(4,413,762	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 692,669 and 421,927 shares, respectively ]		7,369,139			3,869,421
Capital shares issued in reinvestment of dividends and distributions [ 57,697 and 10,588 shares, respectively ]		620,950			106,246
Capital shares repurchased [ (446,000) and (142,512) shares, respectively ]		(4,724,010	)		(1,262,081	)
Total Class A transactions		3,266,079			2,713,586
Class B
Capital shares sold [ 15,347,526 and 15,696,764 shares, respectively ]		162,686,938			141,070,691
Capital shares issued in reinvestment of dividends and distributions [ 2,342,372 and 429,226 shares, respectively ]		25,202,340			4,307,516
Capital shares repurchased [ (5,638,660) and (1,949,020) shares, respectively ]		(59,803,552	)		(17,896,313	)
Total Class B transactions		128,085,726			127,481,894
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		131,351,805			130,195,480
TOTAL INCREASE IN NET ASSETS		153,924,569			174,078,405
NET ASSETS:
Beginning of year		262,459,181			88,380,776
End of year (a)	$	416,383,750		$	262,459,181
(a)    Includes accumulated undistributed (overdistributed) net investment income of	$	189,629		$	(22,253	)

See Notes to Financial Statements.

122

AXA PREMIER VIP TRUST

AXA PREMIER VIP SMALL/MID CAP GROWTH PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2004

ASSETS
Investments at value (Cost $881,654,544) (Securities on loan at market value $155,477,189)	$	1,029,561,175
Receivable for securities sold		848,021
Receivable from Separate Accounts for Trust shares sold		755,228
Dividends, interest and other receivables		115,046
Total assets		1,031,279,470
LIABILITIES
Collateral held for loaned securities		158,853,371
Payable for securities purchased		6,251,156
Investment management fees payable		780,906
Payable to Separate Accounts for Trust shares redeemed		296,095
Administrative fees payable		121,460
Distribution fees payable - Class B		96,957
Recoupment fees payable		81,210
Trustees’ fees payable		500
Accrued expenses		85,590
Total liabilities		166,567,245
NET ASSETS	$	864,712,225
Net assets were comprised of:
Paid in capital	$	708,417,989
Accumulated overdistributed net investment income		(19,270	)
Accumulated undistributed net realized gain		8,406,875
Unrealized appreciation on investments		147,906,631
Net assets	$	864,712,225
Class A
Net asset value, offering and redemption price per share, $395,738,918 / 41,107,731 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.63
Class B
Net asset value, offering and redemption price per share, $468,973,307 / 49,092,105 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.55

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2004

INVESTMENT INCOME
Dividends (net of $3,822 foreign withholding tax)	$	1,941,387
Interest		241,727
Securities lending (net)		244,801
Total income		2,427,915
EXPENSES
Investment management fees		7,561,298
Administrative fees		1,187,463
Distribution fees - Class B		987,542
Recoupment fees		221,432
Custodian fees		153,240
Printing and mailing expenses		67,128
Professional fees		58,855
Trustees’ fees		12,451
Miscellaneous		10,792
Gross expenses		10,260,201
Less: Fees paid indirectly		(695,937	)
Net expenses		9,564,264
NET INVESTMENT LOSS		(7,136,349	)
REALIZED AND UNREALIZED GAIN
Net realized gain on securities		14,031,930
Net change in unrealized appreciation on securities		82,396,228
NET REALIZED AND UNREALIZED GAIN		96,428,158
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	89,291,809

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(7,136,349	)	$	(2,687,022	)
Net realized gain on investments		14,031,930			33,961,940
Net change in unrealized appreciation on investments		82,396,228			66,212,408
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		89,291,809			97,487,326
DISTRIBUTIONS:
Distributions from net realized capital gains
Class A		(5,009,545	)		(2,862,786	)
Class B		(7,082,304	)		(3,925,032	)
TOTAL DISTRIBUTIONS		(12,091,849	)		(6,787,818	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 13,452,804 and 27,296,137 shares, respectively ]		117,198,880			210,872,886
Capital shares issued in reinvestment of distributions [ 579,402 and 333,542 shares, respectively ]		5,009,545			2,862,786
Capital shares repurchased [ (591,341) and (370,937) shares, respectively ]		(5,172,488	)		(2,922,105	)
Total Class A transactions		117,035,937			210,813,567
Class B
Capital shares sold [ 16,555,498 and 26,816,161 shares, respectively ]		145,163,854			201,432,405
Capital shares issued in reinvestment of distributions [ 824,851 and 459,591 shares, respectively ]		7,082,304			3,925,032
Capital shares repurchased [ (6,730,377) and (2,397,757) shares, respectively ]		(58,451,176	)		(17,997,256	)
Total Class B transactions		93,794,982			187,360,181
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		210,830,919			398,173,748
TOTAL INCREASE IN NET ASSETS		288,030,879			488,873,256
NET ASSETS:
Beginning of year		576,681,346			87,808,090
End of year (a)	$	864,712,225		$	576,681,346
(a)    Includes accumulated overdistributed net investment income of	$	(19,270	)	$	(22,588	)

See Notes to Financial Statements.

123

AXA PREMIER VIP TRUST

AXA PREMIER VIP SMALL/MID CAP VALUE PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2004

ASSETS
Investments at value (Cost $1,304,690,784) (Securities on loan at market value $156,861,789)	$	1,509,622,078
Cash		66,975
Foreign cash (Cost $1,753)		1,763
Receivable for securities sold		3,714,633
Dividends, interest and other receivables		1,200,660
Receivable from Separate Accounts for Trust shares sold		1,142,796
Total assets		1,515,748,905
LIABILITIES
Collateral held for loaned securities		158,475,687
Payable for securities purchased		14,194,721
Investment management fees payable		1,198,163
Payable to Separate Accounts for Trust shares redeemed		761,603
Recoupment fees payable		208,244
Administrative fees payable		180,918
Distribution fees payable - Class B		103,123
Trustees’ fees payable		500
Accrued expenses		105,987
Total liabilities		175,228,946
NET ASSETS	$	1,340,519,959
Net assets were comprised of:
Paid in capital	$	1,106,256,880
Accumulated overdistributed net investment income		(283,311	)
Accumulated undistributed net realized gain		29,615,573
Unrealized appreciation on investments		204,930,817
Net assets	$	1,340,519,959
Class A
Net asset value, offering and redemption price per share, $842,149,521 / 73,336,255 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.48
Class B
Net asset value, offering and redemption price per share, $498,370,438 / 43,749,163 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.39

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2004

INVESTMENT INCOME
Dividends (net of $72,995 foreign withholding tax)	$	14,034,927
Interest		274,257
Securities lending (net)		221,041
Total income		14,530,225
EXPENSES
Investment management fees		11,603,597
Administrative fees		1,749,833
Distribution fees - Class B		1,020,599
Recoupment fees		519,639
Custodian fees		196,704
Printing and mailing expenses		98,752
Professional fees		66,652
Trustees’ fees		17,861
Miscellaneous		14,925
Gross expenses		15,288,562
Less: Fees paid indirectly		(588,737	)
Net expenses		14,699,825
NET INVESTMENT LOSS		(169,600	)
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		90,248,757
Foreign currency transactions		(6,054	)
Net realized gain		90,242,703
Change in unrealized appreciation (depreciation) on:
Securities		77,086,325
Foreign currency translations		(1,039	)
Net change in unrealized appreciation		77,085,286
NET REALIZED AND UNREALIZED GAIN		167,327,989
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	167,158,389

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(169,600	)	$	(125,341	)
Net realized gain on investments and foreign currency transactions		90,242,703			21,455,833
Net change in unrealized appreciation on investments and foreign currency translations		77,085,286			131,828,945
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		167,158,389			153,159,437
DISTRIBUTIONS:
Distributions from net realized capital gains
Class A		(42,213,997	)		(2,828,969	)
Class B		(25,712,465	)		(1,647,599	)
TOTAL DISTRIBUTIONS		(67,926,462	)		(4,476,568	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 18,364,307 and 51,779,661 shares, respectively ]		199,454,883			462,987,897
Capital shares issued in reinvestment of distributions [ 3,756,129 and 275,005 shares, respectively ]		42,213,997			2,828,969
Capital shares repurchased [ (871,030) and (365,804) shares, respectively ]		(9,476,509	)		(3,320,519	)
Total Class A transactions		232,192,371			462,496,347
Class B
Capital shares sold [ 16,689,520 and 20,381,911 shares, respectively ]		180,084,412			178,837,667
Capital shares issued in reinvestment of distributions [ 2,306,616 and 160,970 shares, respectively ]		25,712,465			1,647,599
Capital shares repurchased [ (6,006,216) and (2,308,026) shares, respectively ]		(64,997,656	)		(19,913,714	)
Total Class B transactions		140,799,221			160,571,552
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		372,991,592			623,067,899
TOTAL INCREASE IN NET ASSETS		472,223,519			771,750,768
NET ASSETS:
Beginning of year		868,296,440			96,545,672
End of year (a)	$	1,340,519,959		$	868,296,440
(a)    Includes accumulated undistributed (overdistributed) net investment income of	$	(283,311	)	$	148,787

See Notes to Financial Statements.

124

AXA PREMIER VIP TRUST

AXA PREMIER VIP TECHNOLOGY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2004

ASSETS
Investments at value (Cost $513,128,874) (Securities on loan at market value $60,019,114)	$	572,920,001
Foreign cash (Cost $166,041)		168,215
Receivable for securities sold		11,026,834
Receivable from Separate Accounts for Trust shares sold		496,131
Dividends, interest and other receivables		73,252
Other assets		54
Total assets		584,684,487
LIABILITIES
Collateral held for loaned securities		61,667,495
Payable for securities purchased		8,658,826
Options written, at value (Premiums received $535,638)		579,520
Investment management fees payable		517,902
Recoupment fees payable		240,141
Payable to Separate Accounts for Trust shares redeemed		212,596
Distribution fees payable - Class B		102,369
Administrative fees payable		77,423
Trustees’ fees payable		4,144
Accrued expenses		76,901
Total liabilities		72,137,317
NET ASSETS	$	512,547,170
Net assets were comprised of:
Paid in capital	$	701,917,784
Accumulated overdistributed net investment income		(33,113	)
Accumulated net realized loss		(249,086,877	)
Unrealized appreciation on investments		59,749,376
Net assets	$	512,547,170
Class A
Net asset value, offering and redemption price per share, $25,939,163 / 2,799,990 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.26
Class B
Net asset value, offering and redemption price per share, $486,608,007 / 52,929,206 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.19

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2004

INVESTMENT INCOME
Dividends (net of $857 foreign withholding tax)	$	2,518,868
Interest		138,503
Securities lending (net)		96,270
Total income		2,753,641
EXPENSES
Investment management fees		4,147,183
Distribution fees - Class B		816,319
Administrative fees		664,593
Recoupment fees		512,802
Custodian fees		86,210
Professional fees		63,408
Printing and mailing expenses		42,997
Trustees’ fees		7,221
Miscellaneous		3,726
Gross expenses		6,344,459
Less: Fees paid indirectly		(354,580	)
Net expenses		5,989,879
NET INVESTMENT LOSS		(3,236,238	)
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		9,736,413
Options written		(2,346,440	)
Foreign currency transactions		(19,034	)
Net realized gain		7,370,939
Change in unrealized appreciation (depreciation) on:
Securities		47,830,589
Options written		(43,882	)
Foreign currency translations		2,293
Net change in unrealized appreciation		47,789,000
NET REALIZED AND UNREALIZED GAIN		55,159,939
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	51,923,701

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2004			2003
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(3,236,238	)	$	(833,206	)
Net realized gain on investments and foreign currency transactions		7,370,939			9,576,288
Net change in unrealized appreciation on investments and foreign currency translations		47,789,000			13,999,903
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		51,923,701			22,742,985
DISTRIBUTIONS:
Distributions from net realized capital gains
Class A		(176,754	)		(232,768	)
Class B		(3,270,932	)		(2,711,737	)
TOTAL DISTRIBUTIONS		(3,447,686	)		(2,944,505	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 1,464,460 and 1,259,033 shares, respectively ]		19,579,831			10,141,066
Capital shares issued in connection with the substitution [ 1,783,713 and 0 shares, respectively ]		14,858,572			—
Capital shares issued in reinvestment of distributions [ 20,211 and 27,064 shares, respectively ]		176,754			232,768
Capital shares repurchased [ (1,517,654) and (514,311) shares, respectively ]		(13,115,128	)		(4,171,751	)
Total Class A transactions		21,500,029			6,202,083
Class B
Capital shares sold [ 16,465,859 and 16,966,022 shares, respectively ]		126,148,742			129,394,684
Capital shares issued in connection with the substitution [ 37,175,180 and 0 shares, respectively ]		307,792,145			—
Capital shares issued in reinvestment of distributions [ 376,352 and 316,897 shares, respectively ]		3,270,932			2,711,737
Capital shares repurchased [ (13,927,870) and (8,263,889) shares, respectively ]		(117,194,899	)		(59,086,801	)
Total Class B transactions		320,016,920			73,019,620
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		341,516,949			79,221,703
TOTAL INCREASE IN NET ASSETS		389,992,964			99,020,183
NET ASSETS:
Beginning of year		122,554,206			23,534,023
End of year (a)	$	512,547,170		$	122,554,206
(a) Includes accumulated overdistributed net investment income of	$	(33,113	)	$	(20,560	)

See Notes to Financial Statements.

125

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS

Class A	Year Ended December 31, 2004(c)			July 31, 2003* to December 31, 2003(c)
Net asset value, beginning of period	$	10.45		$	10.00
Income from investment operations:
Net investment income		0.38			0.53
Net realized and unrealized gain on investments		0.28			0.06
Total from investment operations		0.66			0.59
Less distributions:
Dividends from net investment income		(0.30	)		(0.14	)
Distributions from net realized gains		(0.01	)		—
Total dividends and distributions		(0.31	)		(0.14	)
Net asset value, end of period	$	10.80		$	10.45
Total return (b)		6.29	%		5.89	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	2,071		$	93
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.10	%		0.10	%
Before waivers and reimbursements (a)		0.51	%		9.14	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		3.50	%		12.33	%(l)
Before waivers and reimbursements (a)		3.09	%		3.29	%(l)
Portfolio turnover rate		18	%		9	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	0.04		$	0.39
Class B	Year Ended December 31, 2004(c)			July 31, 2003* to December 31, 2003(c)
Net asset value, beginning of period	$	10.45		$	10.00
Income from investment operations:
Net investment income		0.35			0.53
Net realized and unrealized gain on investments		0.28			0.05
Total from investment operations		0.63			0.58
Less distributions:
Dividends from net investment income		(0.27	)		(0.13	)
Distributions from net realized gains		(0.01	)		—
Total dividends and distributions		(0.28	)		(0.13	)
Net asset value, end of period	$	10.80		$	10.45
Total return (b)		6.02	%		5.78	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	109,357		$	5,986
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.35	%		0.35	%
Before waivers and reimbursements (a)		0.76	%		9.39	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		3.25	%		12.08	%(l)
Before waivers and reimbursements (a)		2.84	%		3.04	%(l)
Portfolio turnover rate		18	%		9	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	0.04		$	0.40

See Notes to Financial Statements.

126

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

Class A	Year Ended December 31, 2004(c)			July 31, 2003* to December 31, 2003(c)
Net asset value, beginning of period	$	10.66		$	10.00
Income from investment operations:
Net investment income		0.33			0.47
Net realized and unrealized gain on investments		0.52			0.33
Total from investment operations		0.85			0.80
Less distributions:
Dividends from net investment income		(0.28	)		(0.14	)
Distributions from net realized gains		(0.01	)		—
Total dividends and distributions		(0.29	)		(0.14	)
Net asset value, end of period	$	11.22		$	10.66
Total return (b)		7.96	%		8.02	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,403		$	225
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.10	%		0.10	%
Before waivers and reimbursements (a)		0.40	%		4.23	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		3.01	%		10.64	%(l)
Before waivers and reimbursements (a)		2.71	%		6.51	%(l)
Portfolio turnover rate		5	%		8	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	0.03		$	0.18
Class B	Year Ended December 31, 2004(c)			July 31, 2003* to December 31, 2003(c)
Net asset value, beginning of period	$	10.66		$	10.00
Income from investment operations:
Net investment income		0.30			0.46
Net realized and unrealized gain on investments		0.52			0.33
Total from investment operations		0.82			0.79
Less distributions:
Dividends from net investment income		(0.25	)		(0.13	)
Distributions from net realized gains		(0.01	)		—
Total dividends and distributions		(0.26	)		(0.13	)
Net asset value, end of period	$	11.22		$	10.66
Total return (b)		7.68	%		7.92	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	214,970		$	9,486
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.35	%		0.35	%
Before waivers and reimbursements (a)		0.65	%		4.48	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		2.76	%		10.39	%(l)
Before waivers and reimbursements (a)		2.46	%		6.26	%(l)
Portfolio turnover rate		5	%		8	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	0.03		$	0.18

See Notes to Financial Statements.

127

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO(e)(f)(k)

FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended December 31,
Class A	2004(c)			2003(c)			2002			2001			2000(c)
Net asset value, beginning of year	$	14.63		$	12.54		$	14.52		$	15.20		$	19.18
Income from investment operations:
Net investment income		0.25			0.33			0.33			0.40			0.60
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.06			2.10			(2.15	)		(0.69	)		(0.92	)
Total from investment operations		1.31			2.43			(1.82	)		(0.29	)		(0.32	)
Less distributions:
Dividends from net investment income		(0.43	)		(0.34	)		(0.16	)		(0.39	)		(0.62	)
Distributions from realized gains		—			—			—			—			(3.04	)
Total dividends and distributions		(0.43	)		(0.34	)		(0.16	)		(0.39	)		(3.66	)
Net asset value, end of year	$	15.51		$	14.63		$	12.54		$	14.52		$	15.20
Total return		8.99	%		19.40	%		(12.52	)%		(1.85	)%		(1.32	)%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	3,160,074		$	3,141,256		$	2,908,058		$	2,122,401		$	1,914,143
Ratio of expenses to average net assets:
After waivers and reimbursements		0.10	%		0.42	%		0.65	%		0.65	%		N/A
After waivers, reimbursements and fees paid indirectly		0.09	%		0.37	%		0.63	%		N/A			N/A
Before waivers, reimbursements and fees paid indirectly		0.26	%		0.49	%		0.66	%		0.65	%		0.59	%
Ratio of net investment income to average net assets:
After waivers and reimbursements		1.65	%		2.42	%		1.91	%		2.74	%		N/A
After waivers, reimbursements and fees paid indirectly		1.66	%		2.47	%		1.93	%		N/A			N/A
Before waivers, reimbursements and fees paid indirectly		1.49	%		2.35	%		1.90	%		2.74	%		3.17	%
Portfolio turnover rate		—	%‡		324	%(h)		337	%		184	%		183	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income	$	0.02		$	0.01		$	—	#	$	—			N/A
	Year Ended December 31,
Class B	2004(c)			2003(c)			2002			2001			2000(c)
Net asset value, beginning of year	$	14.55		$	12.47		$	14.45		$	15.14		$	19.15
Income from investment operations:
Net investment income		0.21			0.30			0.26			0.35			0.55
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.06			2.08			(2.10	)		(0.67	)		(0.93	)
Total from investment operations		1.27			2.38			(1.84	)		(0.32	)		(0.38	)
Less distributions:
Dividends from net investment income		(0.39	)		(0.30	)		(0.14	)		(0.37	)		(0.59	)
Distributions from realized gains		—			—			—			—			(3.04	)
Total dividends and distributions		(0.39	)		(0.30	)		(0.14	)		(0.37	)		(3.63	)
Net asset value, end of year	$	15.43		$	14.55		$	12.47		$	14.45		$	15.14
Total return		8.75	%		19.11	%		(12.71	)%		(2.08	)%		(1.58	)%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	2,341,547		$	1,261,402		$	665,088		$	359,212		$	41,282
Ratio of expenses to average net assets:
After waivers and reimbursements		0.35	%		0.67	%		0.90	%		0.90	%		N/A
After waivers, reimbursements and fees paid indirectly		0.34	%		0.62	%		0.88	%		N/A			N/A
Before waivers, reimbursements and fees paid indirectly		0.51	%		0.74	%		0.91	%		0.90	%		0.84	%
Ratio of net investment income to average net assets:
After waivers and reimbursements		1.40	%		2.17	%		1.66	%		3.72	%		N/A
After waivers, reimbursements and fees paid indirectly		1.41	%		2.22	%		1.68	%		N/A			N/A
Before waivers, reimbursements and fees paid indirectly		1.24	%		2.10	%		1.65	%		3.72	%		2.92	%
Portfolio turnover rate		—	%‡		324	%(h)		337	%		184	%		183	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income	$	0.02		$	0.01		$	—	#	$	—			N/A

See Notes to Financial Statements.

128

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

Class A	Year Ended December 31, 2004(c)			July 31, 2003* to December 31, 2003
Net asset value, beginning of period	$	11.17		$	10.00
Income from investment operations:
Net investment income		0.26			0.09
Net realized and unrealized gain on investments		1.07			1.17
Total from investment operations		1.33			1.26
Less distributions:
Dividends from net investment income		(0.25	)		(0.09	)
Distributions from net realized gains		—	#		—
Total dividends and distributions		(0.25	)		(0.09	)
Net asset value, end of period	$	12.25		$	11.17
Total return (b)		12.00	%		12.62	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	13,194		$	1,179
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.10	%		0.10	%
Before waivers and reimbursements (a)		0.30	%		1.87	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		2.24	%		6.91	%(l)
Before waivers and reimbursements (a)		2.04	%		5.14	%(l)
Portfolio turnover rate		—	%‡		2	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	0.02		$	0.02
Class B	Year Ended December 31, 2004(c)			July 31, 2003* to December 31, 2003
Net asset value, beginning of period	$	11.17		$	10.00
Income from investment operations:
Net investment income		0.23			0.08
Net realized and unrealized gain on investments		1.07			1.17
Total from investment operations		1.30			1.25
Less distributions:
Dividends from net investment income		(0.22	)		(0.08	)
Distributions from net realized gains		—	#		—
Total dividends and distributions		(0.22	)		(0.08	)
Net asset value, end of period	$	12.25		$	11.17
Total return (b)		11.71	%		12.50	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,003,694		$	28,383
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.35	%		0.35	%
Before waivers and reimbursements (a)		0.55	%		2.12	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		1.99	%		6.66	%(l)
Before waivers and reimbursements (a)		1.79	%		4.89	%(l)
Portfolio turnover rate		—	%‡		2	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	0.02		$	0.02

See Notes to Financial Statements.

129

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

Class A	Year Ended December 31, 2004(c)			July 31, 2003* to December 31, 2003(c)
Net asset value, beginning of period	$	11.26		$	10.00
Income from investment operations:
Net investment income		0.11			0.15
Net realized and unrealized gain on investments		1.26			1.16
Total from investment operations		1.37			1.31
Less distributions:
Dividends from net investment income		(0.18	)		(0.05	)
Distributions from net realized gains		(0.01	)		—
Total dividends and distributions		(0.19	)		(0.05	)
Net asset value, end of period	$	12.44		$	11.26
Total return (b)		12.15	%		13.08	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	5,704		$	555
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.10	%		0.10	%
Before waivers and reimbursements (a)		0.39	%		6.01	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.91	%		3.38	%(l)
Before waivers and reimbursements (a)		0.62	%		(2.53	)%(l)
Portfolio turnover rate		2	%		2	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	0.03		$	0.27
Class B	Year Ended December 31, 2004(c)			July 31, 2003* to December 31, 2003(c)
Net asset value, beginning of period	$	11.26		$	10.00
Income from investment operations:
Net investment income		0.08			0.14
Net realized and unrealized gain on investments		1.25			1.16
Total from investment operations		1.33			1.30
Less distributions:
Dividends from net investment income		(0.15	)		(0.04	)
Distributions from net realized gains		(0.01	)		—
Total dividends and distributions		(0.16	)		(0.04	)
Net asset value, end of period	$	12.43		$	11.26
Total return (b)		11.78	%		12.97	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	241,623		$	7,807
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.35	%		0.35	%
Before waivers and reimbursements (a)		0.64	%		6.26	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		0.66	%		3.13	%(l)
Before waivers and reimbursements (a)		0.37	%		(2.78	)%(l)
Portfolio turnover rate		2	%		2	%
Effect of voluntary expense limitation during the period:
Per share benefit to net investment income	$	0.03		$	0.27

See Notes to Financial Statements.

130

AXA PREMIER VIP TRUST

AXA PREMIER VIP AGGRESSIVE EQUITY PORTFOLIO(j)

FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended December 31,
Class A	2004			2003			2002			2001(c)			2000(c)
Net asset value, beginning of year	$	22.45		$	16.29		$	22.83		$	30.61		$	38.01
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)		(0.01	)		(0.01	)		0.11			0.12
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.81			6.17			(6.53	)		(7.76	)		(5.00	)
Total from investment operations		2.78			6.16			(6.54	)		(7.65	)		(4.88	)
Less distributions:
Dividends from net investment income		—			—			—	#		(0.10	)		(0.13	)
Distributions from realized gains		—			—			—			(0.03	)		(2.39	)
Total dividends and distributions		—			—			—	#		(0.13	)		(2.52	)
Net asset value, end of year	$	25.23		$	22.45		$	16.29		$	22.83		$	30.61
Total return		12.38	%		37.90	%		(28.68	)%		(24.99	)%		(13.13	)%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	2,485,132		$	2,141,844		$	1,333,623		$	2,179,759		$	3,285,884
Ratio of expenses to average net assets:
After fees paid indirectly		0.68	%		0.70	%		0.66	%		N/A			N/A
Before fees paid indirectly		0.80	%		0.77	%		0.71	%		0.69	%		0.65	%(g)
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly		(0.12	)%		(0.09	)%		(0.11	)%		N/A			N/A
Before fees paid indirectly		(0.24	)%		(0.16	)%		(0.16	)%		0.42	%		0.35	%(g)
Portfolio turnover rate		111	%		119	%		112	%		195	%		151	%
	Year Ended December 31,
Class B	2004			2003			2002			2001(c)			2000(c)
Net asset value, beginning of year	$	22.22		$	16.16		$	22.72		$	30.46		$	37.83
Income (loss) from investment operations:
Net investment income (loss)		(0.08	)		(0.06	)		(0.07	)		0.03			0.06
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.77			6.12			(6.49	)		(7.70	)		(4.99	)
Total from investment operations		2.69			6.06			(6.56	)		(7.67	)		(4.93	)
Less distributions:
Dividends from net investment income		—			—			—	#		(0.04	)		(0.05	)
Distributions from realized gains		—			—			—			(0.03	)		(2.39	)
Total dividends and distributions		—			—			—	#		(0.07	)		(2.44	)
Net asset value, end of year	$	24.91		$	22.22		$	16.16		$	22.72		$	30.46
Total return		12.11	%		37.50	%		(28.86	)%		(25.18	)%		(13.35	)%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	258,689		$	225,426		$	146,909		$	219,748		$	267,858
Ratio of expenses to average net assets:
After fees paid indirectly		0.93	%		0.95	%		0.91	%		N/A			N/A
Before fees paid indirectly		1.05	%		1.02	%		0.96	%		0.94	%		0.90	%(g)
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly		(0.37	)%		(0.34	)%		(0.36	)%		N/A			N/A
Before fees paid indirectly		(0.49	)%		(0.41	)%		(0.41	)%		0.12	%		0.10	%(g)
Portfolio turnover rate		111	%		119	%		112	%		195	%		151	%

See Notes to Financial Statements.

131

AXA PREMIER VIP TRUST

AXA PREMIER VIP CORE BOND PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended December 31,
Class A	2004			2003			2002(c)
Net asset value, beginning of year	$	10.42		$	10.37		$	10.00
Income from investment operations:
Net investment income		0.24			0.24			0.34
Net realized and unrealized gain on investments and foreign currency transactions		0.18			0.18			0.48
Total from investment operations		0.42			0.42			0.82
Less distributions:
Dividends from net investment income		(0.26	)		(0.25	)		(0.32	)
Distributions from realized gains		(0.15	)		(0.12	)		(0.13	)
Total dividends and distributions		(0.41	)		(0.37	)		(0.45	)
Net asset value, end of year	$	10.43		$	10.42		$	10.37
Total return		4.13	%		4.10	%		8.42	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	944,330		$	431,203		$	4,614
Ratio of expenses to average net assets:
After waivers		0.70	%		0.70	%		0.70	%
After waivers and fees paid indirectly		0.70	%		0.70	%		0.70	%
Before waivers and fees paid indirectly		0.80	%		0.86	%		1.01	%
Ratio of net investment income to average net assets:
After waivers		2.38	%		2.23	%		3.28	%
After waivers and fees paid indirectly		2.38	%		2.23	%		3.28	%
Before waivers and fees paid indirectly		2.28	%		2.07	%		2.97	%
Portfolio turnover rate		767	%		633	%		536	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income	$	0.01		$	0.02		$	0.03
	Year Ended December 31,
Class B	2004			2003			2002(c)
Net asset value, beginning of year	$	10.41		$	10.37		$	10.00
Income from investment operations:
Net investment income		0.22			0.20			0.31
Net realized and unrealized gain on investments and foreign currency transactions		0.18			0.19			0.49
Total from investment operations		0.40			0.39			0.80
Less distributions:
Dividends from net investment income		(0.24	)		(0.23	)		(0.30	)
Distributions from realized gains		(0.15	)		(0.12	)		(0.13	)
Total dividends and distributions		(0.39	)		(0.35	)		(0.43	)
Net asset value, end of year	$	10.42		$	10.41		$	10.37
Total return		3.87	%		3.74	%		8.21	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	781,977		$	666,007		$	345,589
Ratio of expenses to average net assets:
After waivers		0.95	%		0.95	%		0.95	%
After waivers and fees paid indirectly		0.95	%		0.95	%		0.95	%
Before waivers and fees paid indirectly		1.05	%		1.11	%		1.26	%
Ratio of net investment income to average net assets:
After waivers		2.13	%		1.98	%		3.03	%
After waivers and fees paid indirectly		2.13	%		1.98	%		3.03	%
Before waivers and fees paid indirectly		2.03	%		1.82	%		2.72	%
Portfolio turnover rate		767	%		633	%		536	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income	$	0.01		$	0.02		$	0.03

See Notes to Financial Statements.

132

AXA PREMIER VIP TRUST

AXA PREMIER VIP HEALTH CARE PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended December 31,
Class A	2004			2003(c)			2002(c)
Net asset value, beginning of year	$	10.22		$	8.02		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.05	)		(0.06	)		(0.06	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.28			2.35			(1.92	)
Total from investment operations		1.23			2.29			(1.98	)
Less distributions:
Distributions from net realized gains		(0.67	)		(0.09	)		—
Net asset value, end of year	$	10.78		$	10.22		$	8.02
Total return		12.32	%		28.59	%		(19.80	)%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	10,588		$	6,376		$	2,506
Ratio of expenses to average net assets:
After waivers		1.60	%		1.60	%		1.60	%
After waivers and fees paid indirectly		1.56	%		1.59	%		1.57	%
Before waivers and fees paid indirectly		1.60	%		1.68	%		2.34	%
Ratio of net investment loss to average net assets:
After waivers		(0.59	)%		(0.69	)%		(0.73	)%
After waivers and fees paid indirectly		(0.55	)%		(0.68	)%		(0.70	)%
Before waivers and fees paid indirectly		(0.59	)%		(0.77	)%		(1.47	)%
Portfolio turnover rate		127	%		108	%		91	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment loss	$	—		$	0.01		$	0.06
	Year Ended December 31,
Class B	2004			2003(c)			2002(c)
Net asset value, beginning of year	$	10.17		$	8.01		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.07	)		(0.08	)		(0.08	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.27			2.33			(1.91	)
Total from investment operations		1.20			2.25			(1.99	)
Less distributions:
Distributions from net realized gains		(0.67	)		(0.09	)		—
Net asset value, end of year	$	10.70		$	10.17		$	8.01
Total return		12.09	%		28.12	%		(19.90	)%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	270,570		$	167,416		$	49,826
Ratio of expenses to average net assets:
After waivers		1.85	%		1.85	%		1.85	%
After waivers and fees paid indirectly		1.81	%		1.84	%		1.82	%
Before waivers and fees paid indirectly		1.85	%		1.93	%		2.59	%
Ratio of net investment loss to average net assets:
After waivers		(0.84	)%		(0.94	)%		(0.98	)%
After waivers and fees paid indirectly		(0.80	)%		(0.93	)%		(0.95	)%
Before waivers and fees paid indirectly		(0.84	)%		(1.02	)%		(1.72	)%
Portfolio turnover rate		127	%		108	%		91	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment loss	$	—		$	0.01		$	0.06

See Notes to Financial Statements.

133

AXA PREMIER VIP TRUST

AXA PREMIER VIP HIGH YIELD PORTFOLIO(i)

FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended December 31,
Class A	2004(c)			2003(c)			2002(c)			2001(c)			2000(c)
Net asset value, beginning of year	$	5.63		$	4.82		$	5.46		$	6.00		$	7.43
Income from investment operations:
Net investment income		0.42			0.42			0.48			0.63			0.76
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.09			0.69			(0.63	)		(0.58	)		(1.40	)
Total from investment operations		0.51			1.11			(0.15	)		0.05			(0.64	)
Less distributions:
Dividends from net investment income		(0.39	)		(0.30	)		(0.49	)		(0.59	)		(0.79	)
Net asset value, end of year	$	5.75		$	5.63		$	4.82		$	5.46		$	6.00
Total return		9.02	%		22.97	%		(2.72	)%		0.89	%		(8.65	)%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	974,088		$	784,005		$	234,361		$	254,910		$	263,012
Ratio of expenses to average net assets		0.76	%		0.75	%		0.69	%		0.67	%		0.67	%
Ratio of net investment income to average net assets		7.20	%		7.67	%		9.21	%		10.15	%		10.54	%
Portfolio turnover rate		78	%		66	%		141	%		88	%		87	%
	Year Ended December 31,
Class B	2004(c)			2003(c)			2002(c)			2001(c)			2000(c)
Net asset value, beginning of year	$	5.59		$	4.79		$	5.43		$	5.97		$	7.40
Income from investment operations:
Net investment income.		0.40			0.40			0.47			0.58			0.74
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.09			0.68			(0.63	)		(0.54	)		(1.40	)
Total from investment operations		0.49			1.08			(0.16	)		0.04			(0.66	)
Less distributions:
Dividends from net investment income		(0.37	)		(0.28	)		(0.48	)		(0.58	)		(0.77	)
Net asset value, end of year	$	5.71		$	5.59		$	4.79		$	5.43		$	5.97
Total return		8.75	%		22.54	%		(2.96	)%		0.66	%		(8.90	)%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,029,570		$	823,114		$	330,804		$	285,484		$	230,916
Ratio of expenses to average net assets		1.01	%		1.00	%		0.94	%		0.92	%		0.92	%
Ratio of net investment income to average net assets		6.95	%		7.42	%		8.96	%		9.97	%		10.28	%
Portfolio turnover rate		78	%		66	%		141	%		88	%		87	%

See Notes to Financial Statements.

134

AXA PREMIER VIP TRUST

AXA PREMIER VIP INTERNATIONAL EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended December 31,
Class A	2004			2003			2002(c)
Net asset value, beginning of year	$	10.60		$	7.93		$	10.00
Income from investment operations:
Net investment income		0.09			0.05			0.03
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.83			2.69			(2.10	)
Total from investment operations		1.92			2.74			(2.07	)
Less distributions:
Dividends from net investment income		(0.12	)		(0.07	)		—
Distributions from realized gains		(0.26	)		—			—
Total dividends and distributions		(0.38	)		(0.07	)		—
Net asset value, end of year	$	12.14		$	10.60		$	7.93
Total return		18.18	%		34.64	%		(20.70	)%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	238,906		$	16,003		$	2,180
Ratio of expenses to average net assets:
After waivers		1.55	%		1.55	%		1.55	%
After waivers and fees paid indirectly		1.50	%		1.48	%		1.53	%
Before waivers and fees paid indirectly		1.55	%		1.78	%		2.72	%
Ratio of net investment income (loss) to average net assets:
After waivers		0.73	%		0.45	%		0.35	%
After waivers and fees paid indirectly		0.78	%		0.52	%		0.37	%
Before waivers and fees paid indirectly		0.73	%		0.22	%		(0.82	)%
Portfolio turnover rate		83	%		72	%		22	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income	$	—		$	0.02		$	0.10
	Year Ended December 31,
Class B	2004			2003			2002(c)
Net asset value, beginning of year	$	10.58		$	7.91		$	10.00
Income from investment operations:
Net investment income.		0.07			0.03			0.01
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.82			2.69			(2.10	)
Total from investment operations		1.89			2.72			(2.09	)
Less distributions:
Dividends from net investment income		(0.09	)		(0.05	)		—
Distributions from realized gains		(0.26	)		—			—
Total dividends and distributions		(0.35	)		(0.05	)		—
Net asset value, end of year	$	12.12		$	10.58		$	7.91
Total return		17.91	%		34.39	%		(20.90	)%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	336,354		$	166,915		$	47,097
Ratio of expenses to average net assets:
After waivers		1.80	%		1.80	%		1.80	%
After waivers and fees paid indirectly		1.75	%		1.73	%		1.78	%
Before waivers and fees paid indirectly		1.80	%		2.03	%		2.97	%
Ratio of net investment income (loss) to average net assets:
After waivers		0.48	%		0.20	%		0.10	%
After waivers and fees paid indirectly		0.53	%		0.27	%		0.12	%
Before waivers and fees paid indirectly		0.48	%		(0.03	)%		(1.07	)%
Portfolio turnover rate		83	%		72	%		22	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income	$	—		$	0.02		$	0.10

See Notes to Financial Statements.

135

AXA PREMIER VIP TRUST

AXA PREMIER VIP LARGE CAP CORE EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended December 31,
Class A	2004			2003			2002(c)
Net asset value, beginning of year	$	9.89		$	7.73		$	10.00
Income (loss) from investment operations:
Net investment income		0.08			0.03			0.05
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.90			2.17			(2.28	)
Total from investment operations		0.98			2.20			(2.23	)
Less distributions:
Dividends from net investment income		(0.13	)		(0.04	)		(0.04	)
Distributions from realized gains		(0.37	)		—			—
Total dividends and distributions		(0.50	)		(0.04	)		(0.04	)
Net asset value, end of year	$	10.37		$	9.89		$	7.73
Total return		9.92	%		28.41	%		(22.34	)%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	6,932		$	5,049		$	2,305
Ratio of expenses to average net assets:
After waivers		1.10	%		1.10	%		1.10	%
After waivers and fees paid indirectly		1.07	%		1.07	%		1.04	%
Before waivers and fees paid indirectly		1.22	%		1.42	%		2.02	%
Ratio of net investment income (loss) to average net assets:
After waivers		0.79	%		0.42	%		0.49	%
After waivers and fees paid indirectly		0.82	%		0.45	%		0.55	%
Before waivers and fees paid indirectly		0.67	%		0.10	%		(0.43	)%
Portfolio turnover rate		52	%		45	%		39	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income	$	0.01		$	0.03		$	0.08
	Year Ended December 31,
Class B	2004			2003			2002(c)
Net asset value, beginning of year	$	9.89		$	7.73		$	10.00
Income (loss) from investment operations:
Net investment income		0.05			0.01			0.02
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.91			2.16			(2.27	)
Total from investment operations		0.96			2.17			(2.25	)
Less distributions:
Dividends from net investment income		(0.10	)		(0.01	)		(0.02	)
Distributions from realized gains		(0.37	)		—			—
Total dividends and distributions		(0.47	)		(0.01	)		(0.02	)
Net asset value, end of year	$	10.38		$	9.89		$	7.73
Total return		9.75	%		28.09	%		(22.53	)%
Ratios/Supplemental Data:
Net assets, end of year (000’s).	$	173,875		$	136,178		$	48,689
Ratio of expenses to average net assets:
After waivers		1.35	%		1.35	%		1.35	%
After waivers and fees paid indirectly		1.32	%		1.32	%		1.29	%
Before waivers and fees paid indirectly		1.47	%		1.67	%		2.27	%
Ratio of net investment income (loss) to average net assets:
After waivers		0.54	%		0.17	%		0.24	%
After waivers and fees paid indirectly		0.57	%		0.20	%		0.30	%
Before waivers and fees paid indirectly		0.42	%		(0.15	)%		(0.68	)%
Portfolio turnover rate		52	%		45	%		39	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income	$	0.01		$	0.03		$	0.08

See Notes to Financial Statements.

136

AXA PREMIER VIP TRUST

AXA PREMIER VIP LARGE CAP GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended December 31,
Class A	2004			2003			2002(c)
Net asset value, beginning of year	$	9.03		$	6.90		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.01	)		(0.01	)		(0.01	)
Net realized and unrealized gain (loss) on investments		0.64			2.14			(3.09	)
Total from investment operations		0.63			2.13			(3.10	)
Net asset value, end of year	$	9.66		$	9.03		$	6.90
Total return		6.98	%		30.87	%		(31.00	)%
Ratios/Supplemental Data:
Net assets, end of year (000’s).	$	12,166		$	8,168		$	2,637
Ratio of expenses to average net assets:
After waivers		1.10	%		1.10	%		1.10	%
After waivers and fees paid indirectly		1.05	%		1.07	%		0.96	%
Before waivers and fees paid indirectly		1.16	%		1.33	%		1.84	%
Ratio of net investment loss to average net assets:
After waivers		(0.23	)%		(0.32	)%		(0.31	)%
After waivers and fees paid indirectly		(0.18	)%		(0.29	)%		(0.17	)%
Before waivers and fees paid indirectly		(0.29	)%		(0.55	)%		(1.05	)%
Portfolio turnover rate		53	%		30	%		19	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment loss	$	0.01		$	0.01		$	0.06
	Year Ended December 31,
Class B	2004			2003			2002(c)
Net asset value, beginning of year	$	8.99		$	6.88		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.04	)		(0.03	)		(0.03	)
Net realized and unrealized gain (loss) on investments		0.63			2.14			(3.09	)
Total from investment operations		0.59			2.11			(3.12	)
Net asset value, end of year	$	9.58		$	8.99		$	6.88
Total return		6.56	%		30.67	%		(31.20	)%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	343,638		$	253,326		$	76,577
Ratio of expenses to average net assets:
After waivers		1.35	%		1.35	%		1.35	%
After waivers and fees paid indirectly		1.30	%		1.32	%		1.21	%
Before waivers and fees paid indirectly		1.41	%		1.58	%		2.09	%
Ratio of net investment loss to average net assets:
After waivers		(0.48	)%		(0.57	)%		(0.56	)%
After waivers and fees paid indirectly		(0.43	)%		(0.54	)%		(0.42	)%
Before waivers and fees paid indirectly		(0.54	)%		(0.80	)%		(1.30	)%
Portfolio turnover rate		53	%		30	%		19	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment loss	$	0.01		$	0.01		$	0.05

See Notes to Financial Statements.

137

AXA PREMIER VIP TRUST

AXA PREMIER VIP LARGE CAP VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended December 31,
Class A	2004			2003			2002(c)
Net asset value, beginning of year	$	10.28		$	7.98		$	10.00
Income (loss) from investment operations:
Net investment income		0.13			0.07			0.09
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.36			2.43			(2.05	)
Total from investment operations		1.49			2.50			(1.96	)
Less distributions:
Dividends from net investment income		(0.14	)		(0.07	)		(0.06	)
Distributions from realized gains		(0.64	)		(0.13	)		—
Total dividends and distributions		(0.78	)		(0.20	)		(0.06	)
Net asset value, end of year	$	10.99		$	10.28		$	7.98
Total return		14.71	%		31.44	%		(19.63	)%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	9,758		$	5,999		$	2,345
Ratio of expenses to average net assets:
After waivers		1.10	%		1.10	%		1.10	%
After waivers and fees paid indirectly		0.96	%		1.03	%		0.92	%
Before waivers and fees paid indirectly		1.15	%		1.33	%		1.77	%
Ratio of net investment income to average net assets:
After waivers		1.35	%		0.92	%		0.90	%
After waivers and fees paid indirectly		1.49	%		0.99	%		1.08	%
Before waivers and fees paid indirectly		1.30	%		0.69	%		0.23	%
Portfolio turnover rate		99	%		135	%		129	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income	$	0.01		$	0.02		$	0.06
	Year Ended December 31,
Class B	2004			2003			2002(c)
Net asset value, beginning of year	$	10.28		$	7.98		$	10.00
Income (loss) from investment operations:
Net investment income.		0.12			0.05			0.07
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.34			2.43			(2.05	)
Total from investment operations		1.46			2.48			(1.98	)
Less distributions:
Dividends from net investment income		(0.11	)		(0.05	)		(0.04	)
Distributions from realized gains		(0.64	)		(0.13	)		—
Total dividends and distributions		(0.75	)		(0.18	)		(0.04	)
Net asset value, end of year	$	10.99		$	10.28		$	7.98
Total return		14.42	%		31.11	%		(19.84	)%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	406,626		$	256,460		$	86,036
Ratio of expenses to average net assets:
After waivers		1.35	%		1.35	%		1.35	%
After waivers and fees paid indirectly		1.21	%		1.28	%		1.17	%
Before waivers and fees paid indirectly		1.40	%		1.58	%		2.02	%
Ratio of net investment income (loss) to average net assets:
After waivers		1.10	%		0.67	%		0.65	%
After waivers and fees paid indirectly		1.24	%		0.74	%		0.83	%
Before waivers and fees paid indirectly		1.05	%		0.44	%		(0.02	)%
Portfolio turnover rate		99	%		135	%		129	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income	$	0.01		$	0.02		$	0.06

See Notes to Financial Statements.

138

AXA PREMIER VIP TRUST

AXA PREMIER VIP SMALL/MID CAP GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended December 31,
Class A	2004			2003			2002(c)
Net asset value, beginning of year	$	8.75		$	6.30		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.06	)		(0.02	)		(0.06	)
Net realized and unrealized gain (loss) on investments		1.10			2.58			(3.64	)
Total from investment operations		1.04			2.56			(3.70	)
Less distributions:
Distributions from net realized gains		(0.16	)		(0.11	)		—
Net asset value, end of year	$	9.63		$	8.75		$	6.30
Total return		12.04	%		40.60	%		(37.00	)%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	395,739		$	242,059		$	2,571
Ratio of expenses to average net assets:
After waivers		1.35	%		1.35	%		1.35	%
After waivers and fees paid indirectly		1.25	%		1.21	%		1.26	%
Before waivers and fees paid indirectly		1.35	%		1.45	%		2.06	%
Ratio of net investment loss to average net assets:
After waivers		(1.00	)%		(0.96	)%		(0.99	)%
After waivers and fees paid indirectly		(0.90	)%		(0.82	)%		(0.90	)%
Before waivers and fees paid indirectly		(1.00	)%		(1.06	)%		(1.70	)%
Portfolio turnover rate		76	%		119	%		196	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment loss	$	—		$	0.01		$	0.05
	Year Ended December 31,
Class B	2004			2003			2002(c)
Net asset value, beginning of year	$	8.70		$	6.28		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.09	)		(0.05	)		(0.08	)
Net realized and unrealized gain (loss) on investments		1.10			2.58			(3.64	)
Total from investment operations		1.01			2.53			(3.72	)
Less distributions:
Distributions from net realized gains		(0.16	)		(0.11	)		—
Net asset value, end of year	$	9.55		$	8.70		$	6.28
Total return		11.76	%		40.25	%		37.20	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	468,973		$	334,622		$	85,237
Ratio of expenses to average net assets:
After waivers		1.60	%		1.60	%		1.60	%
After waivers and fees paid indirectly		1.50	%		1.46	%		1.51	%
Before waivers and fees paid indirectly		1.60	%		1.70	%		2.31	%
Ratio of net investment loss to average net assets:
After waivers		(1.25	)%		(1.21	)%		(1.24	)%
After waivers and fees paid indirectly		(1.15	)%		(1.07	)%		(1.15	)%
Before waivers and fees paid indirectly		(1.25	)%		(1.31	)%		(1.95	)%
Portfolio turnover rate		76	%		119	%		196	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment loss	$	—		$	0.01		$	0.05

See Notes to Financial Statements.

139

AXA PREMIER VIP TRUST

AXA PREMIER VIP SMALL/MID CAP VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended December 31,
Class A	2004			2003			2002(c)
Net asset value, beginning of year	$	10.50		$	7.49		$	10.00
Income (loss) from investment operations:
Net investment income		0.01			0.01			0.01
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.60			3.06			(2.52	)
Total from investment operations		1.61			3.07			(2.51	)
Less distributions:
Distributions from realized gains		(0.63	)		(0.06	)		—
Net asset value, end of year	$	11.48		$	10.50		$	7.49
Total return		15.47	%		40.94	%		(25.10	)%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	842,150		$	546,951		$	2,981
Ratio of expenses to average net assets:
After waivers		1.35	%		1.35	%		1.35	%
After waivers and fees paid indirectly		1.29	%		1.27	%		1.21	%
Before waivers and fees paid indirectly		1.35	%		1.41	%		1.93	%
Ratio of net investment income (loss) to average net assets:
After waivers		0.02	%		0.01	%		0.03	%
After waivers and fees paid indirectly		0.08	%		0.09	%		0.17	%
Before waivers and fees paid indirectly		0.02	%		(0.05	)%		(0.55	)%
Portfolio turnover rate		61	%		63	%		88	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment income	$	—		$	0.01		$	0.05
	Year Ended December 31,
Class B	2004			2003			2002(c)
Net asset value, beginning of year	$	10.45		$	7.47		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.02	)		(0.01	)		(0.01	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.59			3.05			(2.52	)
Total from investment operations		1.57			3.04			(2.53	)
Less distributions:
Distributions from realized gains		(0.63	)		(0.06	)		—
Net asset value, end of year	$	11.39		$	10.45		$	7.47
Total return		15.16	%		40.64	%		(25.30	)%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	498,370		$	321,345		$	93,565
Ratio of expenses to average net assets:
After waivers		1.60	%		1.60	%		1.60	%
After waivers and fees paid indirectly		1.54	%		1.52	%		1.46	%
Before waivers and fees paid indirectly		1.60	%		1.66	%		2.18	%
Ratio of net investment loss to average net assets:
After waivers		(0.23	)%		(0.24	)%		(0.22	)%
After waivers and fees paid indirectly		(0.17	)%		(0.16	)%		(0.08	)%
Before waivers and fees paid indirectly		(0.23	)%		(0.30	)%		(0.80	)%
Portfolio turnover rate		61	%		63	%		88	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment loss	$	—		$	0.01		$	0.05

See Notes to Financial Statements.

140

AXA PREMIER VIP TRUST

AXA PREMIER VIP TECHNOLOGY PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended December 31,
Class A	2004			2003			2002(c)
Net asset value, beginning of year	$	8.87		$	5.76		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.05	)		(0.05	)		(0.08	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.50			3.38			(4.16	)
Total from investment operations		0.45			3.33			(4.24	)
Less distributions:
Distributions from realized gains		(0.06	)		(0.22	)		—
Net asset value, end of year	$	9.26		$	8.87		$	5.76
Total return		5.25	%		58.24	%		(42.50	)%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	25,939		$	9,303		$	1,597
Ratio of expenses to average net assets:
After waivers		1.60	%		1.60	%		1.60	%
After waivers and fees paid indirectly		1.50	%		1.45	%		1.48	%
Before waivers and fees paid indirectly		1.60	%		2.03	%		3.52	%
Ratio of net investment loss to average net assets:
After waivers		(0.80	)%		(1.35	)%		(1.29	)%
After waivers and fees paid indirectly		(0.70	)%		(1.20	)%		(1.17	)%
Before waivers and fees paid indirectly		(0.80	)%		(1.78	)%		(3.21	)%
Portfolio turnover rate		160	%		169	%		154	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment loss	$	—		$	0.02		$	0.13
	Year Ended December 31,
Class B	2004			2003			2002(c)
Net asset value, beginning of year	$	8.82		$	5.74		$	10.00
Income (loss) from investment operations:
Net investment loss.		(0.06	)		(0.06	)		(0.09	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.49			3.36			(4.17	)
Total from investment operations		0.43			3.30			(4.26	)
Less distributions:
Distributions from realized gains		(0.06	)		(0.22	)		—
Net asset value, end of year	$	9.19		$	8.82		$	5.74
Total return		5.05	%		57.64	%		(42.60	)%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	486,608		$	113,251		$	21,937
Ratio of expenses to average net assets:
After waivers		1.85	%		1.85	%		1.85	%
After waivers and fees paid indirectly		1.75	%		1.70	%		1.73	%
Before waivers and fees paid indirectly		1.85	%		2.28	%		3.77	%
Ratio of net investment loss to average net assets:
After waivers		(1.05	)%		(1.60	)%		(1.54	)%
After waivers and fees paid indirectly		(0.95	)%		(1.45	)%		(1.42	)%
Before waivers and fees paid indirectly		(1.05	)%		(2.03	)%		(3.46	)%
Portfolio turnover rate		160	%		169	%		154	%
Effect of voluntary expense limitation during the year:
Per share benefit to net investment loss	$	—		$	0.02		$	0.13

See Notes to Financial Statements.

141

AXA PREMIER VIP TRUST

FINANCIAL HIGHLIGHTS — (Concluded)

* Commencement of operations.

# Per share amount is less than $0.01.

‡ Amount is less than 1%.

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

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

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

(e) On May 19, 2001, this Portfolio received, through a substitution transaction, the assets and liabilities of the Alliance Conservative Investors Portfolio, EQ/Evergreen Foundation Portfolio, EQ/Putnam Balanced Portfolio, and Mercury World Strategy Portfolio that followed the same investment objectives as this Portfolio. Information prior to the year ended December 31, 2001 represents the results of operations of the EQ/Balanced Portfolio.

(f) On November 22, 2002, this Portfolio received, through a substitution transaction, the assets and liabilities of the EQ/Alliance Growth Investors Portfolio that followed the same objectives as this Portfolio. Information prior to the year ended December 31, 2002 represents the results of operations of the EQ/Balanced Portfolio.

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

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

(i) On August 15, 2003, this Portfolio received, through a merger, the assets and liabilities of the EQ/High Yield Portfolio that followed the same investment objectives of this Portfolio. The information from January 1, 2000 through August 14, 2003 is that of the predecessor EQ/High Yield Portfolio. Information for the year ended December 31, 2003 includes the results of the operations of the predecessor EQ/High Yield Portfolio from January 1, 2003 through August 14, 2003.

(j) On August 15, 2003, this Portfolio received, through a merger, the assets and liabilities of the EQ/Aggressive Stock Portfolio that followed the same investment objectives of this Portfolio. The information from January 1, 2000 through August 14, 2003 is that of the predecessor EQ/Aggressive Stock Portfolio. Information for the year ended December 31, 2003 includes the results of the operations of the predecessor EQ/Aggressive Stock Portfolio from January 1, 2003 through August 14, 2003.

(k) On August 15, 2003, this Portfolio received, through a merger, the assets and liabilities of the EQ/Balanced Portfolio that followed the same investment objectives of this Portfolio. The information from January 1, 2000 through August 14, 2003 is that of the predecessor EQ/Balanced Portfolio. Information for the year ended December 31, 2003 includes the results of the operations of the predecessor EQ/Balanced Portfolio from January 1, 2003 through August 14, 2003.

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

See Notes to Financial Statements.

142

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2004

Note 1 Organization and Selected Significant Accounting Policies

AXA Premier VIP Trust (the “Trust”) was organized as a Delaware business trust on October 2, 2001 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company with nine diversified Portfolios and seven non-diversified Portfolios (each a “Portfolio”). The non-diversified Portfolios are: AXA Conservative Allocation Portfolio, AXA Conservative-Plus Allocation Portfolio, AXA Moderate Allocation Portfolio, AXA Moderate-Plus Allocation Portfolio, AXA Aggressive Allocation Portfolio, AXA Premier VIP Health Care Portfolio, and AXA Premier VIP Technology Portfolio. The investment manager to each Portfolio is AXA Equitable Life Insurance Company (formerly The Equitable Life Assurance Society of the United States) (“Equitable” or the “Manager”). The day-to-day portfolio management of each Portfolio, other than the AXA Conservative Allocation Portfolio, AXA Conservative-Plus Allocation Portfolio, AXA Moderate Allocation Portfolio, AXA Moderate-Plus Allocation Portfolio and AXA Aggressive Allocation Portfolio (“AXA Allocation Portfolios”), is provided by one or more investment sub-advisers (each an “Adviser”). On July 31, 2003, Equitable contributed $100,000 in seed capital to each of the AXA Allocation Portfolios except the AXA Moderate Allocation Portfolio.

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

The AXA Allocation Portfolios are types of mutual funds often described as “fund of funds.” Each AXA Allocation Portfolio pursues its investment objective by investing exclusively in other mutual funds managed by Equitable.

All of the Portfolios, except the AXA Allocation Portfolios, employ multiple Advisers. Each of the Advisers independently chooses and maintains a portfolio of securities for the Portfolio and each is responsible for investing a specific allocated portion of the Portfolio’s assets.

The Trust has the right to issue two classes of shares, Class A and Class B. The Class B shares are subject to distribution fees imposed under a distribution plan (“Distribution Plan”) adopted pursuant to Rule 12b-1 under the 1940 Act. Under the Trust’s multiple class distribution system, both classes of shares have identical voting, dividend, liquidation and other rights, other than the payment of distribution fees under the Distribution Plan. The Trust’s shares are currently sold only to insurance company separate accounts in connection with variable life insurance contracts and variable annuity certificates and contracts issued by Equitable, an indirect wholly-owned subsidiary of AXA, and AXA Life and Annuity Company (“ALAC”), as well as insurance companies that are not affiliated with Equitable or ALAC and to The Investment Plan for Employees, Managers and Agents. The Investment Plan for Employees, Managers and Agents is the primary shareholder of Class A for all of the Portfolios except the AXA Allocation Portfolios, AXA Premier VIP High Yield Portfolio and AXA Premier VIP Aggressive Equity Portfolio.

The investment objectives of each Portfolio are as follows:

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

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

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

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

143

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2004

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

AXA Premier VIP Aggressive Equity Portfolio (advised by Alliance Capital Management L.P. (“Alliance”)(an affiliate of Equitable), Marsico Capital Management LLC (“Marsico”), MFS Investment Management (“MFS”) and Provident Investment Counsel, Inc. (“Provident”)) — Seeks to achieve long-term growth of capital.

AXA Premier VIP Core Bond Portfolio (advised by BlackRock Advisors, Inc. and Pacific Investment Management Company LLC (“PIMCO”)) — Seeks to achieve a balance of a high current income and capital appreciation, consistent with a prudent level of risk.

AXA Premier VIP Health Care Portfolio (advised by A I M Capital Management, Inc., RCM Capital Management LLC (“RCM”) and Wellington Management Company, LLP (“Wellington”)) — Seeks to achieve long-term growth of capital.

AXA Premier VIP High Yield Portfolio (advised by Alliance and PIMCO) — Seeks to achieve high total return through a combination of current income and capital appreciation.

AXA Premier VIP International Equity Portfolio (advised by Alliance (Bernstein Unit), J.P. Morgan Investment Management Inc. (“JPMIM”) and Marsico) — Seeks to achieve long-term growth of capital. Effective December 13, 2004, JPMIM replaced Bank of Ireland Asset Management (U.S.) Limited as an Adviser for the AXA Premier VIP International Equity Portfolio.

AXA Premier VIP Large Cap Core Equity Portfolio (advised by Alliance (Bernstein Unit), Janus Capital Management LLC and Thornburg Investment Management, Inc.) — Seeks to achieve long-term growth of capital.

AXA Premier VIP Large Cap Growth Portfolio (advised by Alliance, RCM and TCW Investment Management Company (“TCW”)) — Seeks to achieve long-term growth of capital.

AXA Premier VIP Large Cap Value Portfolio (advised by Alliance, Institutional Capital Corporation and MFS) — Seeks to achieve long-term growth of capital.

AXA Premier VIP Small/Mid Cap Growth Portfolio (advised by Alliance, Provident and Franklin Advisers, Inc.) — Seeks to achieve long-term growth of capital.

AXA Premier VIP Small/Mid Cap Value Portfolio (advised by AXA Rosenberg Investment Management LLC (an affiliate of Equitable), Wellington and TCW) — Seeks to achieve long-term growth of capital.

AXA Premier VIP Technology Portfolio (advised by RCM, Firsthand Capital Management, Inc. and Wellington) — Seeks to achieve long-term growth of capital.

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

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

Valuation:

Stocks 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 stocks 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.

144

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2004

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 sale price is used. Options not traded on an exchange or actively traded are valued at fair value under the direction of the Board of Trustees (“Trustees”).

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

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

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

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

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

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

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

Investments in the AXA Allocation Portfolios are valued based on the net asset value per share of each underlying 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.

145

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2004

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

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

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

Foreign Currency Valuation:

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

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

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

The Portfolios do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on securities.

Net currency gains or losses realized and unrealized as a result of differences between interest or dividends, withholding taxes, forward foreign currency exchange contracts and foreign cash recorded on the Portfolio’s books and the U.S. dollar equivalent amount actually received or paid are presented under foreign currency transactions in the realized and unrealized gains and losses section of the Statements of Operations. Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from forward foreign currency contracts, disposition of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on a Portfolio’s books and the U.S. dollar equivalent of amounts actually received or paid.

Taxes:

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

146

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2004

Permanent book and tax basis differences relating to shareholder distributions resulted in reclassifications to undistributed net investment income (loss), accumulated net realized gain (loss) and paid-in capital at December 31, 2004 as follows:

Portfolios:	Undistributed Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss)			Paid In Capital
AXA Conservative Allocation	$	919,583		$	(919,583	)	$	—
AXA Conservative-Plus Allocation		1,942,230			(1,942,230	)		—
AXA Moderate Allocation		67,892,767			(67,892,767	)		—
AXA Moderate-Plus Allocation		9,719,942			(9,719,942	)		—
AXA Aggressive Allocation		2,132,938			(2,132,938	)		—
AXA Premier VIP Aggressive Equity		3,532,725			368,140			(3,900,865	)
AXA Premier VIP Core Bond		3,611,327			(3,610,510	)		(817	)
AXA Premier VIP Health Care		1,843,466			(2,363,058	)		519,592
AXA Premier VIP High Yield		(1,338,589	)		1,338,589			—
AXA Premier VIP International Equity		784,499			(781,950	)		(2,549	)
AXA Premier VIP Large Cap Core Equity		767,634			(767,274	)		(360	)
AXA Premier VIP Large Cap Growth		1,322,230			—			(1,322,230	)
AXA Premier VIP Large Cap Value		178			(178	)		—
AXA Premier VIP Small/Mid Cap Growth		7,139,667			(3,398,884	)		(3,740,783	)
AXA Premier VIP Small/Mid Cap Value		(262,498	)		244,489			18,009
AXA Premier VIP Technology		3,223,685			(254,740,726	)		251,517,041

Net capital and net currency losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Portfolio’s next taxable year. For the period from November 1, 2004 to December 31, 2004, the Portfolios elected to defer until January 1, 2005 for U.S. Federal income tax purposes net capital and net currency losses.

Portfolios:	Net Currency Loss		Net Capital Loss
AXA Conservative Allocation	$	—	$	—
AXA Conservative-Plus Allocation		—		—
AXA Moderate Allocation		—		—
AXA Moderate-Plus Allocation		—		—
AXA Aggressive Allocation		—		—
AXA Premier VIP Aggressive Equity		—		—
AXA Premier VIP Core Bond		—		1,630,106
AXA Premier VIP Health Care		—		—
AXA Premier VIP High Yield		1,394,044		—
AXA Premier VIP International Equity		—		—
AXA Premier VIP Large Cap Core Equity		206		—
AXA Premier VIP Large Cap Growth		—		307,029
AXA Premier VIP Large Cap Value		653		—
AXA Premier VIP Small/Mid Cap Growth		—		—
AXA Premier VIP Small/Mid Cap Value		699		—
AXA Premier VIP Technology		18,913		—

147

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2004

Fees Paid Indirectly:

For all Portfolios, the Board of Trustees has approved the payment of certain Trust expenses using brokerage service arrangements. These payments are reflected on the Statements of Operations. For the year ended December 31, 2004, several Portfolios reduced expenses under these arrangements as follows:

Portfolios:	Amount
AXA Moderate Allocation	$	27,808
AXA Premier VIP Aggressive Equity		1,846,159
AXA Premier VIP Health Care		60,934
AXA Premier VIP International Equity		122,646
AXA Premier VIP Large Cap Core Equity		33,835
AXA Premier VIP Large Cap Growth		102,332
AXA Premier VIP Large Cap Value		381,744
AXA Premier VIP Small/Mid Cap Growth		486,598
AXA Premier VIP Small/Mid Cap Value		414,146
AXA Premier VIP Technology		359,599

In 2004, the Trust terminated its brokerage recognition payment program and amounts accrued and unpaid or previously paid for brokerage recognition purposes were credited to certain Portfolios of the Trust for expense reduction purposes. These voluntary, non-recurring credits are reflected on the Statements of Operations.

Portfolios:	Amount
AXA Moderate Allocation*	$	635,576
AXA Premier VIP Aggressive Equity		1,098,735
AXA Premier VIP Core Bond		536
AXA Premier VIP Health Care		21,726
AXA Premier VIP International Equity		32,858
AXA Premier VIP Large Cap Core Equity		23,749
AXA Premier VIP Large Cap Growth		34,150
AXA Premier VIP Large Cap Value		74,610
AXA Premier VIP Small/Mid Cap Growth		209,339
AXA Premier VIP Small/Mid Cap Value		174,591
AXA Premier VIP Technology		329,699
*  Credit received is attributable to predecessor Portfolio (EQ/Balanced Portfolio).

Securities Lending:

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

148

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2004

collateral on behalf of the Portfolios and retains a portion of the interest earned. The net amount of interest earned, after the interest rebate, is included in the Statements of Operations as securities lending income. At December 31, 2004, the cash collateral received by each Portfolio for securities loaned was invested by JPMorgan and is summarized in the Portfolio of Investments. Each Portfolio has an individual interest equal to the amount of cash collateral contributed.

Repurchase Agreements:

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

Options Written:

Certain Portfolios may write (sell) covered options as a hedge to provide protection against adverse movements in the price of securities in the portfolio or to enhance investment performance. Certain Portfolios may purchase and sell exchange traded options on foreign currencies. When a Portfolio writes an option, an amount equal to the premium received by the Portfolio is recorded as a liability and is subsequently adjusted on a daily basis to the current market price of the option written. Premiums received from writing options which expire unexercised are recognized as gains on the expiration date. Premiums received from writing options which are exercised or are canceled 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

149

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2004

short. The ultimate liability for securities sold short could exceed the liabilities recorded in the Statement of Assets and Liabilities. The Portfolio bears the risk of potential inability of the broker to meet their obligation to perform.

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

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

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

Certain Portfolios may purchase foreign currency on a spot (or cash) basis. In addition, certain Portfolios may enter into contracts to purchase or sell foreign currencies at a future date (“forward contracts”). A forward foreign currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Daily fluctuations in the value of such contracts are recognized as unrealized appreciation or depreciation by “marking to market.” The gain or loss arising from the difference between the original contracts and the closing of such contracts is included in realized gains or losses from foreign currency transactions in the Statement of Operations. The Advisers may engage in these forward contracts to protect against uncertainty in the level of future exchange rates in connection with the purchase and sale of Portfolio securities (“transaction hedging”) and to protect the value of specific portfolio positions (“position hedging”). The Portfolios are subject to off-balance sheet risk to the extent of the value of the contracts for purchase of foreign currency and in an unlimited amount for sales of foreign currency.

150

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2004

Swaps:

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

Dollar Roll Transactions:

Certain Portfolios may enter into dollar roll transactions with financial institutions to take advantage of opportunities in the mortgage market. A dollar roll transaction involves a sale by a Portfolio of securities with a simultaneous agreement to repurchase substantially similar securities at an agreed-upon price at a future date. The securities repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different prepayment histories. Dollar roll transactions involve the risk that the market value of the securities sold by the Portfolio may decline below the repurchase price of the similar securities. None of the Portfolios had dollar roll transactions outstanding at December 31, 2004.

Market and Credit Risk:

Written options, futures contracts, forward commitments, forward foreign currency exchange contracts and swaps involve elements of both market and credit risk in excess of the amounts reflected in the Statements of Assets and Liabilities. The risk involved in writing an option on a security is that, if the option is exercised, the underlying security is then purchased or sold by the Portfolio at the contract price, which could be disadvantageous relative to the market price. The Portfolio bears the market risk, which arises from any changes in security values. The credit risk for futures contracts and exchange traded options is limited to failure of the exchange or board of trade which acts as the counterparty to the Portfolio’s futures transactions. Forward commitments, forward foreign currency exchange contracts, over-the-counter options and swaps are done directly with the counterparty and not through an exchange and can be terminated only by agreement of both parties to such contracts. With respect to such transactions there is no daily margin settlement and the Portfolio is exposed to the risk of default by the counterparty.

Note 2 Management of the Trust

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

151

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2004

statutes; and (vi) carry out the directives of the Board of Trustees. The Management Agreement for the AXA Allocation Portfolios obligates the Manager to: (i) provide investment management and advisory services; (ii) render investment advice concerning the underlying portfolios in which to invest and the appropriate allocations for each of the AXA Allocation Portfolios; (iii) review brokerage matters; (iv) oversee the Trust’s compliance with various federal and state statutes; and (v) carry out the directives of the Board of Trustees. For the year ended December 31, 2004, for its services under the Management Agreements, the Manager was entitled to receive an annual fee as a percentage of average daily net assets, for each of the following Portfolios, calculated daily and payable monthly as follows:

Portfolios:	Management Fee
AXA Conservative Allocation	0.10% of average daily net assets
AXA Conservative-Plus Allocation	0.10% of average daily net assets
AXA Moderate Allocation	0.10% of average daily net assets
AXA Moderate-Plus Allocation	0.10% of average daily net assets
AXA Aggressive Allocation	0.10% of average daily net assets

	(as a percentage of average daily net assets)
Portfolios:	First $1.5 Billion		Next $1 Billion		Next $1 Billion		Next $2.5 Billion		Thereafter
AXA Premier VIP Core Bond*	0.600	%	0.575	%	0.550	%	0.525	%	0.500	%
	First $1 Billion		Next $1 Billion		Next $3 Billion		Next $5 Billion		Thereafter
AXA Premier VIP Aggressive Equity*	0.650	%	0.600	%	0.575	%	0.550	%	0.525	%
AXA Premier VIP Health Care*	1.200		1.150		1.125		1.100		1.075
AXA Premier VIP International Equity*	1.050		1.000		0.975		0.950		0.925
AXA Premier VIP Large Cap Core Equity*	0.900		0.850		0.825		0.800		0.775
AXA Premier VIP Large Cap Growth*	0.900		0.850		0.825		0.800		0.775
AXA Premier VIP Large Cap Value*	0.900		0.850		0.825		0.800		0.775
AXA Premier VIP Small/Mid Cap Growth*.	1.100		1.050		1.025		1.000		0.975
AXA Premier VIP Small/Mid Cap Value*	1.100		1.050		1.025		1.000		0.975
AXA Premier VIP Technology*	1.200		1.150		1.125		1.100		1.075
	First $750 Million		Next $750 Million		Next $1 Billion		Next $2.5 Billion		Thereafter
AXA Premier VIP High Yield	0.600	%	0.575	%	0.550	%	0.530	%	0.520	%

* Prior to September 1, 2004, the management fee was calculated daily and payable monthly as follows:

Portfolios:	Management Fee
AXA Premier VIP Core Bond	0.60% of average daily net assets
AXA Premier VIP Health Care	1.20% of average daily net assets
AXA Premier VIP International Equity	1.05% of average daily net assets
AXA Premier VIP Large Cap Core Equity	0.90% of average daily net assets
AXA Premier VIP Large Cap Growth	0.90% of average daily net assets
AXA Premier VIP Large Cap Value	0.90% of average daily net assets
AXA Premier VIP Small/Mid Cap Growth	1.10% of average daily net assets
AXA Premier VIP Small/Mid Cap Value	1.10% of average daily net assets
AXA Premier VIP Technology	1.20% of average daily net assets

On behalf of the Trust, the Manager has entered into investment advisory agreements (“Advisory Agreements”) with each of the Advisers. Each of the Advisory Agreements obligates the Advisers for the respective Portfolios to: (i) continuously furnish investment programs for the Portfolios; (ii) place all

152

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2004

orders for the purchase and sale of investments for the Portfolios with brokers or dealers selected by the Manager or the respective Advisers; and (iii) perform certain limited related administrative functions in connection therewith. The Manager pays the expenses of providing investment advisory services to the Portfolios, including the fees of the Advisers of each Portfolio.

Note 3 Administrative Fees

Pursuant to an administrative agreement, Equitable (“Administrator”) provides the Trust with necessary administrative services. In addition, the Administrator makes available the office space, equipment, personnel and facilities required to provide such administrative services to the Trust. For these administrative services, the Trust pays Equitable a fee at an annual rate of 0.15% of the Trust’s total average net assets plus $35,000 per Portfolio and an additional $35,000 for each portion of the Portfolio for which separate administrative services are provided (e.g., portions of a Portfolio allocated to separate Advisers and/or managed in a discrete style).

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

Note 4 Custody Fees

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

Note 5 Distribution Plans

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

153

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2004

Note 6 Expense Limitation

Pursuant to a contract, Equitable has agreed to make payments or waive its fees to limit the expenses of each Portfolio through April 30, 2005 (“Expense Reimbursement Agreement”). Equitable may be reimbursed the amount of any such payments and waivers in the future provided that the payments and waivers are reimbursed within three years of the payment or waiver being made and the combination of the Portfolio’s expense ratio and such reimbursements do not exceed the Portfolio’s expense ratio cap. If the actual expense ratio is less than the expense cap and Equitable has recouped any eligible previous payments and waivers made, the Portfolio will be charged such lower expenses. The expenses as a percentage of daily average net assets (excluding the 0.25% annual fee under the Trust’s Class B Distribution Plan) for each Portfolio are limited to:

Portfolios:
AXA Conservative Allocation	0.10	%
AXA Conservative-Plus Allocation	0.10	%
AXA Moderate Allocation	0.10	%
AXA Moderate-Plus Allocation	0.10	%
AXA Aggressive Allocation	0.10	%
AXA Premier VIP Core Bond	0.70	%
AXA Premier VIP Health Care	1.60	%
AXA Premier VIP International Equity	1.55	%
AXA Premier VIP Large Cap Core Equity	1.10	%
AXA Premier VIP Large Cap Growth	1.10	%
AXA Premier VIP Large Cap Value	1.10	%
AXA Premier VIP Small/Mid Cap Growth	1.35	%
AXA Premier VIP Small/Mid Cap Value	1.35	%
AXA Premier VIP Technology	1.60	%

During the year ended December 31, 2004, the Manager received $1,270,650 in reimbursement. At December 31, 2004, under the Expense Limitation Agreement, the amount that would be recoverable from each Portfolio is as follows:

	Amount Eligible through						Total Eligible for Reimbursement
Portfolios:	2005		2006		2007
AXA Conservative Allocation	$	—	$	37,420	$	209,274	$	246,694
AXA Conservative-Plus Allocation		—		38,850		290,018		328,868
AXA Moderate Allocation		—		3,080,787		7,543,344		10,624,131
AXA Moderate-Plus Allocation		—		42,615		801,029		843,644
AXA Aggressive Allocation		—		37,956		309,575		347,531
AXA Premier VIP Core Bond		467,915		1,112,891		1,360,744		2,941,550
AXA Premier VIP Health Care		—		68,886		—		68,886
AXA Premier VIP International Equity		—		75,119		—		75,119
AXA Premier VIP Large Cap Core Equity		247,010		286,565		194,463		728,038
AXA Premier VIP Large Cap Growth		291,043		356,211		184,899		832,153
AXA Premier VIP Large Cap Value		299,504		360,659		178,587		838,750
AXA Premier VIP Small/Mid Cap Growth		95,834		272,410		—		368,244
AXA Premier VIP Small/Mid Cap Value		—		17,852		—		17,852

154

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2004

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

Portfolios:	Range of Expenses
AXA Conservative Allocation	0.70% to 0.95%
AXA Conservative-Plus Allocation	0.75% to 1.00%
AXA Moderate Allocation	0.80% to 1.05%
AXA Moderate-Plus Allocation	0.95% to 1.20%
AXA Aggressive Allocation	0.95% to 1.20%

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

Portfolios:	Class A	Class B
AXA Conservative Allocation	0.80% to 1.05%	1.05% to 1.30%
AXA Conservative-Plus Allocation	0.85% to 1.10%	1.10% to 1.35%
AXA Moderate Allocation	0.90% to 1.15%	1.15% to 1.40%
AXA Moderate-Plus Allocation	1.05% to 1.30%	1.30% to 1.55%
AXA Aggressive Allocation	1.05% to 1.30%	1.30% to 1.55%

Absent this arrangement, the total expense ratio of the Class A shares and the Class B shares of each AXA Allocation Portfolio would range from:

Portfolios:	Class A	Class B
AXA Conservative Allocation	1.21% to 1.46%	1.46% to 1.71%
AXA Conservative-Plus Allocation	1.15% to 1.40%	1.40% to 1.65%
AXA Moderate Allocation	1.06% to 1.31%	1.31% to 1.56%
AXA Moderate-Plus Allocation	1.25% to 1.50%	1.50% to 1.75%
AXA Aggressive Allocation	1.34% to 1.59%	1.59% to 1.84%

This information is based on a weighted-average range of the expense ratios since the average assets of each AXA Allocation Portfolio invested in Underlying Portfolios will fluctuate. The total expense ratios may be higher or lower depending on the allocation of an AXA Allocation Portfolio’s assets among Underlying Portfolios and the actual expenses of the Underlying Portfolios. An investor could realize lower overall expenses by allocating investments directly to the Underlying Portfolios.

Note 7 Trustees Deferred Compensation Plan

A deferred compensation plan (the “Plan”) for the benefit of the Independent Trustees has been adopted by the Trust. Under the Plan, each Trustee may defer payment of all or part of the fees payable for such Trustee’s services. Each Trustee may defer payment of such fees until their retirement as a Trustee or until the earlier attainment of a specified age. Fees deferred under the Plan, together with accrued earnings thereon, will be disbursed to a participating Trustee in monthly installments over a five to twenty year period elected by such Trustee. At December 31, 2004, the total amount deferred by the Trustees participating in the Plan was $212,209.

155

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2004

Note 8 Percentage of Ownership

At December 31, 2004, Equitable held investments in each of the Portfolios as follows:

Portfolios:	Percentage of Ownership
AXA Conservative Allocation	0.34	%
AXA Conservative-Plus Allocation	0.19
AXA Moderate Allocation	0.07
AXA Moderate-Plus Allocation	0.04
AXA Aggressive Allocation	0.16
AXA Premier VIP Aggressive Equity	0.08
AXA Premier VIP Core Bond	0.05
AXA Premier VIP Health Care	0.62
AXA Premier VIP High Yield	0.10
AXA Premier VIP International Equity	0.18
AXA Premier VIP Large Cap Core Equity	4.09
AXA Premier VIP Large Cap Growth	1.86
AXA Premier VIP Large Cap Value	0.44
AXA Premier VIP Small/Mid Cap Growth	1.38
AXA Premier VIP Small/Mid Cap Value	0.11
AXA Premier VIP Technology	1.48

The following table represents the percentage of ownership that each AXA Allocation Portfolio has in the Underlying Porfolios’ net assets as of December 31, 2004.

Portfolios:	AXA Conservative Allocation		AXA Conservative Plus Allocation		AXA Moderate Allocation		AXA Moderate Plus Allocation		AXA Aggressive Allocation
AXA Premier VIP Aggressive Equity	0.28	%	0.84	%	21.89	%	3.93	%	1.74	%
AXA Premier VIP Core Bond	3.30		4.52		37.79		7.23		1.00
AXA Premier VIP High Yield	0.56		1.08		27.11		2.45		—
AXA Premier VIP International Equity	—		—		—		34.08		4.94
AXA Premier VIP Small Mid/Cap Growth	0.35		1.32		33.63		5.98		2.89
AXA Premier VIP Small Mid/Cap Value	0.33		1.27		51.25		7.21		1.74
EQ/Alliance Premier Growth	0.13		0.43		32.67		1.55		0.85
EQ/Alliance Quality Bond	0.93		1.27		61.61		2.03		0.28
EQ/Capital Guardian International	—		—		—		9.47		1.39
EQ/Lazard Small Cap Value	0.11		0.43		17.29		2.45		0.59
EQ/Marsico Focus	0.31		0.94		23.45		4.36		1.94
EQ/Mercury Basic Value Equity	—		0.53		20.63		7.16		1.73

156

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS — (Concluded)

December 31, 2004

Note 9 Substitution and Reorganization Transactions

After the close of business on May 14, 2004, AXA Premier VIP Technology Portfolio acquired the net assets of the EQ/Technology Portfolio, pursuant to a Plan of Reorganization and Termination. For accounting purposes, this transaction is treated as a merger. The reorganization was accomplished by a tax-free exchange of 1,783,713 Class A shares and 37,175,180 Class B shares of AXA Premier VIP Technology Portfolio (valued at $14,858,572 and $307,792,145, respectively) for the 3,610,198 Class IA shares and 75,587,326 Class IB shares of EQ/Technology Portfolio outstanding on May 14, 2004. EQ/Technology Portfolio’s net assets at that date ($322,650,717) were combined with those of AXA Premier VIP Technology Portfolio. The aggregate net assets of AXA Premier VIP Technology Portfolio and EQ/Technology Portfolio immediately before the reorganizations were $136,349,958 and $322,650,717, respectively, resulting in combined net assets of $459,000,675.

After the close of business on August 15, 2003, AXA Premier VIP High Yield Portfolio acquired the net assets of the EQ/High Yield Portfolio, pursuant to a Plan of Reorganization and Termination (the “Plan”). For accounting purposes, this transaction is treated as a merger. The reorganization was accomplished by a tax-free exchange of 49,182,935 Class A shares and 112,092,210 Class B shares of AXA Premier VIP High Yield Portfolio (valued at $264,158,373 and $597,267,703, respectively) for the Class IA shares and Class IB shares of EQ/High Yield Portfolio outstanding on August 15, 2003. EQ/High Yield Portfolio’s net assets at that date ($861,426,076), including $9,574,627 of unrealized depreciation, were combined with those of AXA Premier VIP High Yield Portfolio.

After the close of business on August 15, 2003, AXA Premier VIP Aggressive Equity Portfolio acquired the net assets of the EQ/Aggressive Stock Portfolio, pursuant to a Plan of Reorganization and Termination (the “Plan”). For accounting purposes, this transaction is treated as a merger. The reorganization was accomplished by a tax-free exchange of 77,013,768 Class A shares and 9,510,717 Class B shares of AXA Premier VIP Aggressive Equity Portfolio (valued at $1,506,420,173 and $184,359,553, respectively) for the Class IA shares and Class IB shares of EQ/Aggressive Stock Portfolio outstanding on August 15, 2003. EQ/Aggressive Stock Portfolio’s net assets at that date ($1,690,779,726), including $203,152,644 of unrealized appreciation, were combined with those of AXA Premier VIP Aggressive Equity Portfolio.

After the close of business on August 15, 2003, AXA Moderate Allocation Portfolio acquired the net assets of the EQ/Balanced Portfolio, pursuant to a Plan of Reorganization and Termination (the “Plan”). For accounting purposes, this transaction is treated as a merger. The reorganization was accomplished by a tax-free exchange of 216,914,349 Class A shares and 68,699,159 Class B shares of AXA Moderate Allocation Portfolio (valued at $2,954,210,854 and $928,926,394, respectively) for the Class IA shares and Class IB shares of EQ/Balanced Portfolio outstanding on August 15, 2003. EQ/Balanced Portfolio’s net assets at that date ($3,883,137,248), including $30,172,870 of unrealized appreciation, were combined with those of AXA Moderate Allocation Portfolio.

157

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of AXA Premier VIP Trust:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of each of the 16 portfolios constituting AXA Premier VIP Trust (the “Trust”) at December 31, 2004, and the results of each of their operations, the changes in each of their net assets, and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Trust’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2004 by correspondence with the custodian, brokers and transfer agent provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

February 14, 2005

158

Federal Income Tax Information (Unaudited)

For the year ended December 31, 2004, the percentage of dividends paid that qualify for the 70% dividends received deductions for corporate shareholders, foreign taxes which are expected to be passed through to shareholders for foreign tax credits, gross income derived from sources within foreign countries, long-term capital gain dividends for the purpose of the dividend paid deduction on its Federal income tax return were as follows:

	70% Dividend Received Deduction		Foreign Taxes		Foreign Source Income		Long Term Capital Gain
AXA Conservative Allocation Portfolio	1.47	%	$	—	$	—	$	29,176
AXA Conservative-Plus Allocation Portfolio.	5.72			—		—		70,481
AXA Moderate Allocation Portfolio	37.78			—		—		—
AXA Moderate-Plus Allocation Portfolio.	13.60			—		—		227,967
AXA Aggressive Allocation Portfolio	20.43			—		—		66,652
AXA Premier VIP Aggressive Equity Portfolio.	—			—		—		—
AXA Premier VIP Core Bond Portfolio	—			—		—		8,658,569
AXA Premier VIP Health Care Portfolio	12.53			—		—		6,963,000
AXA Premier VIP High Yield Portfolio	0.22			—		—		—
AXA Premier VIP International Equity Portfolio	—			768,731		8,256,325		5,211,383
AXA Premier VIP Large Cap Core Equity Portfolio	79.21			—		—		4,359,522
AXA Premier VIP Large Cap Growth Portfolio	—			—		—		—
AXA Premier VIP Large Cap Value Portfolio	32.24			—		—		3,559,164
AXA Premier VIP Small/Mid Cap Growth Portfolio	—			—		—		1,930,126
AXA Premier VIP Small/Mid Cap Value Portfolio	23.42			—		—		23,871,292
AXA Premier VIP Technology Portfolio	—			—		—		—

159

MANAGEMENT OF THE TRUST (UNAUDITED)

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

The Trustees and Officers

Name, Address and Age	Position(s) Held With Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Complex Overseen by Trustee	Other Directorships Held by Trustee
Interested Trustee
Steven M. Joenk* 1290 Avenue of the Americas, New York, New York (46)	Trustee, Chairman, President and Chief Executive Officer	Trustee and Chairman from September 2004 to present; Chief Executive Officer from December 2002 to present; President from November 2001 to present.	From July 1999 to present, Senior Vice President of AXA Financial; from September 2004 to present, President of AXA Financial’s Funds Management Group; since 2004, chairman and president of Enterprise Captial Management, Inc., co-chairman of Enterprise Fund Distributors, Inc. and a director of MONY Capital Management Inc., Matrix Private Equities, Inc., Matrix Capital Markets Group Inc., 1740 Advisers, Inc., MONY Asset Management Inc., MONY Financial Resources of the Americas Limited (Jamaica), MONY International Life Insurance Co. (Argentina), MONY Bank & Trust Company of the Americas Ltd. (Cayman Islands) and MONY Consultoria de Correlagem de Seguros Ltd. (Brazil).	127	None
Independent Trustees
Gerald C. Crotty c/o AXA Premier VIP Trust 1290 Avenue of the Americas, New York, New York (53)	Trustee	From November 2001 to present	Co-founder and director of Weichert Enterprise, a private and public equity market investment firm; co-founder of Excelsior Ventures Management, a private equity and venture capital firm; from 1991 to 1998, held various positions with ITT Corporation, including President and COO of ITT Consumer Financial Corp. and Chairman, President and CEO of ITT Information Services.	30	None

* Affiliated with the Manager and Distributors.

** Each Trustee serves until his or her resignation or retirement.

160

Name, Address and Age	Position(s) Held With Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Complex Overseen by Trustee	Other Directorships Held by Trustee
Independent Trustees (Continued)
Barry Hamerling c/o AXA Premier VIP Trust 1290 Avenue of the Americas, New York, New York (58)	Trustee	From November 2001 to present	Since 1998, Managing Partner of Premium Ice Cream of America; Since 2003, Managing Partner of Premium Salads; from 1970 to 1998, President of Ayco Co. L.P., the largest independent financial Counseling firm in the United States.	30	None
Cynthia R. Plouché c/o AXA Premier VIP Trust 1290 Avenue of the Americas, New York, New York (47)	Trustee	From November 2001 to present	Since April 2003, Managing Director of Blaylock Abacus Asset Management, Inc.; prior thereto, founder, Chief Investment Officer and Managing Director of Abacus Financial Group, a manager of fixed income portfolios for institutional clients.	30	None
Rayman Louis Solomon c/o AXA Premier VIP Trust 1290 Avenue of the Americas, New York, New York (57)	Trustee	From November 2001 to present	Since 1998, Dean and a Professor of Law at Rutgers University School of Law; prior thereto, an Associate Dean for Academic Affairs at Northwestern University School of Law.	30	None

Name, Address and Age	Position(s) Held With Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years
Officers
Steven M. Joenk 1290 Avenue of the Americas, New York, New York (46)	Trustee, Chairman, President and Chief Executive Officer	Trustee and Chairman from September 2004 to present: Chief Executive Officer from December 2002 to present; President from November 2001 to present	From July 1999 to present, Senior Vice President of AXA Financial; from September 2004 to present, President of AXA Financial’s Funds Management Group; since 2004, chairman and president of Enterprise Captial Management, Inc., co-chairman of Enterprise Fund Distributors, Inc. and a director of MONY Capital Management Inc., Matrix Private Equities, Inc., Matrix Capital Markets Group Inc., 1740 Advisers, Inc., MONY Asset Management Inc., MONY Financial Resources of the Americas Limited (Jamaica), MONY International Life Insurance Co. (Argentina), MONY Bank & Trust Company of the Americas Ltd. (Cayman Islands) and MONY Consultoria de Correlagem de Seguros Ltd. (Brazil).
Patricia Louie, Esq. 1290 Avenue of the Americas, New York, New York (49)	Vice President and Secretary	From November 2001 to present	From May 2003 to present, Vice President and Associate General Counsel of AXA Financial and AXA Equitable; from July 1999 to May 2003, Vice President and Counsel of AXA Financial and AXA Equitable.

* Affiliated with the Manager and Distributors.

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

161

Name, Address and Age	Position(s) Held With Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years
Kenneth T. Kozlowski 1290 Avenue of the Americas, New York, New York (43)	Chief Financial Officer and Treasurer	Chief Financial Officer from December 2002 to present; Treasurer from November 2001 to present	From February 2001 to present, Vice President of AXA Financial; from July 2004 to present, a director of Enterprise Capital Management, Inc.; from October 1999 to February 2001, Assistant Vice President of AXA Financial.
Kenneth B. Beitler 1290 Avenue of the Americas, New York, New York (47)	Vice President	From November 2001 to present	From February 2003 to present, Vice President of AXA Financial; from February 2002 to February 2003, Assistant Vice President of AXA Financial; from May 1999 to February 2002, Senior Investment Analyst of AXA Financial. Prior thereto, an Investment Systems Development Analyst with TIAA-CREF.
Mary E. Cantwell 1290 Avenue of the Americas, New York, New York (43)	Vice President	From November 2001 to present	From February 2001 to present, Vice President of AXA Financial; from July 2004 to present, a director of Enterprise Capital Management, Inc.; from September 1997 to January 2001, Assistant Vice President, Office of the Chief Investment Officer of AXA Financial.
Brian E. Walsh 1290 Avenue of the Americas, New York, New York (37)	Vice President and Assistant Treasurer	Vice President from December 2002 to present; Assistant Treasurer from November 2001 to present	From February 2003 to present, Vice President of AXA Financial and AXA Equitable; from January 2001 to February 2003, Assistant Vice President of AXA Financial and AXA Equitable; from December 1999 to January 2001, Senior Fund Administrator of AXA Financial and AXA Equitable.
Andrew S. Novak, Esq. 1290 Avenue of the Americas, New York, New York (36)	Assistant Secretary	From September 2002 to present	From May 2003 to present, Vice President and Counsel of AXA Financial and AXA Equitable; from May 2002 to May 2003, Counsel of AXA Financial and AXA Equitable; from May 2001 to April 2002, Associate General Counsel and Chief Compliance Officer of Royce & Associates, Inc.; from August 1997 to August 2000, Vice President and Assistant General Counsel of Mitchell Hutchins Asset Management.
Joseph J. Paolo 1290 Avenue of the Americas, New York, New York (34)	Chief Compliance Officer	From September 2004 to present; Compliance Officer from September 2002 to September 2004	From March 2004 to present, Vice President of AXA Financial and AXA Equitable and Chief Compliance Officer of AXA Funds Management Group; from May 2002 to March 2004, Assistant Vice President and Compliance Director of AXA Financial and AXA Equitable; from February 2001 to May 2002 , Compliance Officer of AXA Financial and AXA Equitable; from June 1998 to February 2001, Principal Consultant, PricewaterhouseCoopers LLP.

* Affiliated with the Manager and Distributors.

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

162

PROXY VOTING POLICIES AND PROCEDURES (UNAUDITED)

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

Information regarding how the Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, 2004 is available (i) on the Trust’s proxy voting information website at http://www.axaonline.com (go to “Tools & Calculators” and click on “Proxy Voting” box under the “Investing Tools” column) and (ii) on the Securities and Exchange Commission’s website at http:// www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

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

163

Item 2. Code of Ethics.

As of the end of the period covered by this report, the registrant has adopted a “code of ethics,” as defined in Item 2, that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of the registrant’s code of ethics is filed as an exhibit pursuant to Item 10(a)(1).

Item 3. Audit Committee Financial Expert.

The registrant’s board of trustees has determined that Gerald C. Crotty and Barry Hamerling each serve on its audit committee as an “audit committee financial expert” as defined in Item 3. Messrs. Crotty and Hamerling are each considered to be “independent” for purposes of Item 3(a)(2).

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees for fiscal year 2004: $328,785 and fiscal year 2003: $458,130

(b) Audit-Related Fees for fiscal year 2004: $0 and fiscal year 2003: $0

(c) Tax Fees for fiscal year 2004: $107,650 and fiscal year 2003: $46,150

Tax fees include amounts related to tax compliance, tax advice and tax planning.

(d) All Other Fees for fiscal year 2004: $0 and fiscal year 2003: $0

(e)(1)

The registrant’s audit committee has adopted policies and procedures relating to pre-approval of services performed by the registrant’s principal accountant for the registrant. Audit, audit-related and tax services provided to the registrant on an annual basis require pre-approval by the entire audit committee. With respect to audit fees, the audit committee also pre-approves an additional amount above the pre-approved amount to allow for unanticipated scope extensions and overruns. Any audit amounts in excess of the pre-approved amounts must be approved by the audit committee or its delegate prior to payment. The audit committee chair also has the authority to approve de minimis non-audit services (i.e., services in which the fee does not exceed $10,000 per engagement) to be provided by the registrant’s principal accountant for the registrant, provided that each such service is brought to the attention of the audit committee prior to the completion of the audit of the registrant’s financial statements.

(e)(2) None of the services include in (b) – (d) above was approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) For fiscal year 2004: $4,538,335

For fiscal year 2003: $2,132,267

(h) The registrant’s audit committee has considered that the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls and Disclosures.

(a) The registrant’s 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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) The registrant’s code of ethics required by Item 2 is filed herewith.

(a)(2) Certifications required by Item 12(a)(2) are filed herewith.

(a)(3) Written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 – not applicable.

(b) Certifications required by Item 12(b) are filed herewith.

SIGNATURES

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

AXA Premier VIP Trust

/s/ Steven M. Joenk

Steven M. Joenk

President and Chief Executive Officer

February 28, 2005

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

/s/ Steven M. Joenk

Steven M. Joenk

Chief Executive Officer

February 28, 2005

/s/ Kenneth T. Kozlowski

Kenneth T. Kozlowski

Chief Financial Officer

February 28, 2005