497 1 d497.htm AXA PREMIER VIP TRUST AXA Premier VIP Trust

LOGO

PROSPECTUS MAY 1, 2005

 

AXA PREMIER VIP TRUST

 

AXA Premier VIP Aggressive Equity Portfolio

 

The Securities and Exchange Commission has not approved the portfolio’s shares or determined whether this Prospectus is accurate or complete. Anyone who tells you otherwise is committing a crime.


INTRODUCTION

 

AXA Premier VIP Trust (“Trust”) is comprised of sixteen (16) distinct mutual funds, each with its own investment strategy and risk/reward profile. This prospectus describes Class A or Class B shares of one of the Trust’s portfolios. The portfolio is a diversified portfolio, sometimes referred to as a “sector portfolio.” Information on the portfolio, including investment objectives, investment strategies and investment risks, can be found on the pages following this introduction. In addition, a Glossary of Terms can also be found at the back of this prospectus. The investment objective of the portfolio is not a fundamental policy and may be changed without a shareholder vote. The portfolio has a policy to invest at least 80% of its net assets (plus borrowings for investment purposes) in the type of investment suggested by its name as more specifically set forth in the portfolio description. These policies may not be changed without providing sixty (60) days’ written notice to shareholders of the portfolio.

 

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 (“Contracts”) issued or to be issued by AXA Equitable Life Insurance Company (“AXA Equitable”) or other affiliated or unaffiliated insurance companies. Shares also may be sold to tax-qualified retirement plans. The Prospectus is designed to help you make informed decisions about the portfolios that are available under your Contract or under your retirement plan. You will find information about your Contract and how it works in the accompanying prospectus for the Contracts if you are a Contract owner or participant under a Contract. The portfolio may not be available under your Contract or under your retirement plan. In addition, this portfolio may be available only as an underlying investment portfolio of the AXA Allocation Portfolios and may not be available directly as an investment option under your Contract or under your retirement plan. You should consult your Contract prospectus or retirement plan documents to see which portfolios are available.

 

The investment manager to the portfolio is AXA Equitable. The day-to-day management of the portfolio is provided by one or more investment sub-advisers. Information regarding AXA Equitable and the sub-advisers is included under “Management Team” in this prospectus. AXA Equitable may allocate the portfolio’s assets to additional sub-advisers subject to approval of the Trust’s board of trustees. In addition, AXA Equitable may, subject to the approval of the Trust’s board of trustees, appoint, dismiss and replace sub-advisers and amend sub-advisory agreements without obtaining shareholder approval. In such circumstances, shareholders would receive notice of such action. However, AXA Equitable may not enter into a sub-advisory agreement with an “affiliated person” of AXA Equitable (as that term is defined in Section 2(a)(3) of the Investment Company Act of 1940, as amended (“1940 Act”)) (“Affiliated Adviser”), such as Alliance Capital Management L.P. , unless the sub-advisory agreement with the Affiliated Adviser, including compensation, is approved by the portfolio’s shareholders.

 

The co-distributors for the portfolio are AXA Advisors, LLC and AXA Distributors, LLC.

 

An investment in the portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Because you could lose money by investing in this portfolio, be sure to read all risk disclosures carefully before investing.


Table of

CONTENTS

 

Goal, Strategies & Risks

    

AXA Premier VIP Aggressive Equity Portfolio

   1

Portfolio Fees & Expenses

   4

More About Investment Strategies & Risks

    

More About Investment Strategies & Risks

   5

Management Team

    

The Manager and the Sub-advisers

   7

Portfolio Services

    

Buying and Selling Shares

   10

Restrictions on Buying and Selling Shares

   10

How Portfolio Shares are Priced

   11

Dividends and Other Distributions

   12

Tax Consequences

   12

Additional Information

   13

Glossary of Terms

   14

Description of Benchmarks

   15

Financial Highlights

   16


AXA PREMIER VIP AGGRESSIVE EQUITY PORTFOLIO

 

   

Manager:

  AXA Equitable
   

Sub-advisers:

 

Alliance Capital Management L.P.

Marsico Capital Management, LLC

MFS Investment Management

Provident Investment Counsel, Inc.

Key Term

 

  Equity — Equity securities include common stocks and other equity-type securities such as preferred stocks, warrants and securities convertible into common stock.

 

 

Investment Goal

 

Long-term growth of capital.

 

Principal Investment Strategies

 

Under normal circumstances, the portfolio intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in equity securities. The portfolio invests primarily in securities of large capitalization growth companies, although the sub-advisers may invest, to a certain extent, in equity securities of small- and mid-capitalization growth companies as well. Large capitalization companies are companies with market capitalization in excess of $5 billion at the time of investment and small/mid capitalization companies are companies with lower (but generally at least $100 million) market capitalization at the time of investment. Each sub-adviser places an emphasis on identifying securities of companies whose above-average prospective earnings growth is not fully reflected, in the view of the sub-adviser, in current market valuations.

 

The portfolio intends to invest primarily in common stocks, but it may also invest in other securities that the sub-advisers believe provide opportunities for capital growth, such as preferred stocks, warrants and securities convertible into common stock. The portfolio may also invest in companies in cyclical industries, emerging growth companies, companies whose securities are temporarily undervalued, companies in special situations (e.g., change in management, new products or changes in customer demand), companies whose growth prospects are not recognized by the market and less widely known companies. For purposes of this portfolio, emerging growth companies are those that a sub-adviser believes are early in their life cycle but have the potential to become major enterprises or are major enterprises which a sub-adviser believes have above-average growth prospects or those whose rates of earnings growth are expected to accelerate because of special factors such as rejuvenated management, new products, changes in customer demand or basic changes in the economic environment.

 

The portfolio may invest up to 25% of its total assets in securities of foreign companies and may also make use of various other investment strategies (e.g., investments in debt securities, making secured loans of its portfolio securities). The portfolio may also use derivatives, including writing covered call options and purchasing call and put options on individual equity securities, securities indexes and foreign currencies. The portfolio may also purchase and sell stock index and foreign currency futures contracts and options thereon. The portfolio also may invest, to a limited extent, in illiquid securities.

 

Utilizing a due diligence process covering a number of key factors, AXA Equitable selects sub-advisers to manage the portfolio’s assets. These key factors include, but are not limited to, the sub-adviser’s reputation, organizational stability, investment personnel, long-term performance, investment philosophy and style and correlation with other sub-advisers retained for other allocated portions of the portfolio. AXA Equitable normally allocates the portfolio’s assets to three or more sub-advisers. AXA Equitable monitors the sub-advisers and may dismiss, replace or add sub-advisers, subject to the approval of the Trust’s board of trustees.

 

For temporary defensive purposes, the portfolio may invest, without limit, in cash, money market instruments or high quality short-term debt securities, including repurchase agreements. To the extent that the portfolio is invested in these instruments, the portfolio will not be pursuing its investment goal.

 

Principal Investment Risks

 

An investment in the portfolio is not guaranteed; you may lose money by investing in the portfolio. When you sell your shares of the portfolio, they could be worth more or less than what you paid for them.

 

The principal risks presented by the portfolio are:

 

 

Derivatives Risk — Derivatives are financial contracts whose value is based on the value of an underlying asset, reference rate or risk. The portfolio’s investment in derivatives may rise or fall more rapidly than other investments. These transactions are subject to changes in the underlying security on which such transactions are based. Even a small investment in derivative securities can have a significant impact on the portfolio’s exposure to stock market values, interest rates or currency

 

1


 

 

exchange rates. Derivatives are subject to a number of risks such as liquidity risk, interest rate risk, market risk, credit risk and portfolio management risk depending on the type of underlying asset, reference rate or index. They also involve the risk of mispricing or improper valuation and the risk that changes in the value of a derivative may not correlate well with the underlying asset, rate or index. These types of transactions will be used primarily as a substitute for taking a position in the underlying asset and/or for hedging purposes. When a derivative security is used as a hedge against an offsetting position that the portfolio also holds, any loss generated by the derivative security should be substantially offset by gains on the hedged instrument, and vice versa. To the extent that the portfolio uses a derivative security for purposes other than as a hedge, the portfolio is directly exposed to the risks of that derivative security and any loss generated by the derivative security will not be offset by a gain.

 

  Equity Risk — Stocks and other equity securities generally fluctuate in value more than bonds.

 

  Foreign Investing and Emerging Markets Risks — The value of the portfolio’s investments in foreign securities may fall due to adverse political, social and economic developments abroad and decreases in foreign currency values relative to the U.S. dollar. These risks are greater generally for investments in emerging market issuers than for issuers in more developed countries.

 

  Investment Style Risk — The sub-advisers primarily use a particular style or set of styles – in this case “growth” styles – to select investments for the portfolio. Those styles may be out of favor or may not produce the best results over short or longer time periods. They may also increase the volatility of the portfolio’s share price. Growth companies tend to be more volatile than value stocks, so in a declining market, their prices may decrease more than value stocks in general.

 

  Issuer-Specific Risk — The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the market as a whole. The portfolio could lose all of its investment in a company’s securities.

 

  Liquidity Risk — The risk that certain securities may be difficult to sell at the time and the price that the seller would like. This may result in a loss or may be costly to the portfolio.

 

  Portfolio Management Risk — The risk that the strategies used by a portfolio’s sub-advisers and their securities selections fail to produce the intended result.

 

  Small- and Mid-Capitalization Risk — Risk is greater for the common stocks of small- and mid-capitalization companies because they generally are more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources. In general, these risks are greater for small-capitalization companies than for mid-capitalization companies. In addition, investments in small- and mid-capitalization companies may decline when investments in large-capitalization companies are in favor.

 

  Sub-Adviser Selection Risk — The risk that AXA Equitable’s process for selecting or replacing a sub-adviser and its decision to select or replace a sub-adviser does not produce the intended result.

 

More information about the risks of an investment in the portfolio is provided below in “More About Investment Strategies & Risks.”

 

2


 

PORTFOLIO PERFORMANCE

 

The portfolio’s performance shown below is principally the performance of its predecessor registered investment company. On August 15, 2003, the portfolio merged with EQ/Aggressive Stock Portfolio, a series of EQ Advisors Trust, which is a separate trust managed by AXA Equitable, and assumed its operating history and performance record, which, in turn, assumed the operating history and performance record of its predecessor, HRT Alliance Aggressive Stock Portfolio, which transferred its assets to the EQ/Aggressive Stock Portfolio on October 19, 1999. The performance included in the bar chart and table below for the periods commencing on or after October 19, 1999 is that of EQ/Aggressive Stock Portfolio and the performance shown for periods prior to that date is that of HRT Alliance Aggressive Stock Portfolio, whose inception date is January 27, 1986. The performance results of these portfolios have been linked for purposes of this presentation.

 

The following information gives some indication of the risks of an investment in the portfolio by showing yearly changes in the portfolio’s performance and by comparing the portfolio’s performance with a broad measure of market performance. Both the bar chart and table below assume reinvestment of dividends and other distributions. The performance results presented below do not reflect any insurance and Contract-related fees and expenses, which would reduce the performance results. Since AXA Equitable may add to, dismiss or replace the sub-advisers in a portfolio, the portfolio’s historical performance may cover periods when portions of the portfolio were advised by different sub-advisers. Past performance is not an indication of future performance. This may be particularly true for this portfolio because the portfolio’s predecessor was advised by one investment sub-adviser until May 1, 2000. After that date, the predecessor portfolio employed multiple investment sub-advisers.

 

The following bar chart illustrates the annual total returns for the portfolio’s Class A shares for each of the last ten calendar years of operations.

 

Calendar Year Annual Total Returns

 

LOGO

 

Best quarter (% and time period)

 

Worst quarter (% and time period)

26.11% (1998 4th Quarter)

 

–27.19% (1998 3rd Quarter)

 

The table below shows how the average annual total returns for the portfolio’s Class A shares for the one-year, five-year and ten-year periods ended December 31, 2004 compare to those of a broad-based index.

 

Average Annual Total Returns
     One Year    Five Years    Ten Years

AXA Premier VIP Aggressive Equity Portfolio

   12.38%    (6.36)%    4.34%

Russell 3000 Growth Index*

   6.93%    (8.87)%    9.30%
*   For more information on this index, see “Description of Benchmarks.”

 

3


PORTFOLIO FEES & EXPENSES

 

The following tables describe the fees and expenses that you may pay if you buy and hold Class A shares of the portfolio. The tables below do not reflect any Contract-related fees and expenses, which would increase overall fees and expenses. See the Contract prospectus for a description of those fees and expenses. There are no fees or charges to buy or sell shares of the portfolio, reinvest dividends or exchange into other portfolios.

 

Annual Portfolio Operating Expenses

(expenses that are deducted from portfolio assets, as a percentage of average daily net assets)

 

     AXA Premier VIP
Aggressive Equity Portfolio
    
Management fee    0.62%     
Distribution and/or service (12b-1) fees    0.00%     
Other expenses    0.18%     
Total operating expenses*    0.80%     
* A portion of the brokerage commissions that the portfolio pays is used to reduce the portfolio’s expenses. Including this reduction, the Net Operating Expenses for the portfolio for the fiscal year ended December 31, 2004 was 0.68% for Aggressive Equity Portfolio.

 

Example

 

This Example is intended to help you compare the direct and indirect cost of investing in the portfolio with the cost of investing in other investment options.

 

The Example assumes that:

 

  You invest $10,000 in the portfolio for the time periods indicated;

 

  Your investment has a 5% return each year;

 

  The portfolio’s operating expenses remain the same; and

 

  The expense limitation currently in place is not renewed.

 

This Example should not be considered a representation of past or future expenses of the portfolio. Actual expenses may be higher or lower than those shown. The costs in this Example would be the same whether or not you redeemed all of your shares at the end of these periods. This Example does not reflect any Contract-related fees and expenses, which would increase overall fees and expenses. Similarly, the annual rate of return assumed in the Example is not an estimate or guarantee of future investment performance. Based on these assumptions your costs would be:

 

     AXA Premier VIP Aggressive Equity Portfolio     
1 year    $ 82     
3 years    $ 255     
5 years    $ 444     
10 years    $ 990     

 

4


MORE ABOUT INVESTMENT STRATEGIES & RISKS

 

Additional Risks

 

The portfolio has principal investment strategies that come with inherent risks. Each portfolio’s principal risks are described in its principal risks section. The following is a list of additional risks to which the portfolio may be subject by investing in various types of securities or engaging in various practices.

 

 

Currency Risk.  The risk that fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment.

 

Derivatives Risk.  The portfolio’s investment in derivatives may rise or fall more rapidly than other investments. These transactions are subject to changes in the underlying security on which such transactions are based. Even a small investment in derivative securities can have a significant impact on the portfolio’s exposure to stock market values, interest rates or currency exchange rates. Derivatives are subject to a number of risks such as liquidity risk, interest rate risk, market risk, credit risk and portfolio management risk. They also involve the risk of mispricing or improper valuation and the risk that changes in the value of a derivative may not correlate well with the underlying asset, rate or index. These types of transactions will be used primarily as a substitute for taking a position in the underlying asset and/or for hedging purposes. When a derivative security (a security whose value is based on another security or index) is used as a hedge against an offsetting position that a portfolio also holds, any loss generated by the derivative security should be substantially offset by gains on the hedged instrument, and vice versa. To the extent that the portfolio uses a derivative security for purposes other than as a hedge, the portfolio is directly exposed to the risks of that derivative security and any loss generated by the derivative security will not be offset by a gain.

 

Foreign Investing and Emerging Markets Risks.  The value of the portfolio’s investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the U.S. dollar. These risks are greater generally for investments in emerging market issuers than for issuers in more developed countries.

 

Information Risk.  The risk that key information about a security is inaccurate or unavailable.

 

Interest Rate Risk.  When interest rates decline, the value of a portfolio’s debt securities generally rises. Conversely, when interest rates rise, the value of the portfolio’s debt securities generally declines. The magnitude of the decline will often be greater for longer-term debt securities than shorter-term debt securities.

 

Leverage Risk.  The risk associated with securities or practices (e.g. borrowing) that multiply small price movements into large changes in value.

 

Liquidity Risk.  The risk that certain securities may be difficult or impossible to sell at the time and the price that the seller would like.

 

This may result in a loss or may be costly to the portfolio.

 

Credit Quality Risk.  The actual or perceived reduction in the creditworthiness of debt issuers generally will have adverse effects on the values of their debt securities. It is possible that the issuer of a security will not be able to make interest and principal payments when due. Discontinuation of these payments could substantially adversely affect the price of the bond. Lower rated bonds involve greater risks of default or downgrade and are more volatile than investment-grade securities. Lower rated bonds involve a greater risk of price declines than investment-grade securities due to actual or perceived changes to an issuer’s creditworthiness. In addition, issuers of lower rated bonds may be more susceptible than other issuers to economic downturns. Lower rated bonds are especially subject to the risk that the issuer may not be able to pay interest and ultimately to repay principal upon maturity. Discontinuation of these payments could adversely affect the price of the bond. The portfolio currently is permitted to invest more than 5% of its assets in lower rated bonds.

 

Lower-Rated Securities Risk.  Lower rated bonds are especially subject to the risk that the issuer may not be able to pay interest and ultimately to repay principal upon maturity. Bonds rated below investment grade (i.e., BB by S&P or Ba by Moody’s) are speculative in nature, involve greater risk of default by the issuing entity and may be subject to greater market fluctuations than higher rated fixed income securities. They are usually issued by companies without long track records of sales and earnings, or by those companies with questionable credit strength. The retail secondary market for these “junk bonds” may be less liquid than that of higher rated securities and adverse conditions could make it difficult at times to sell certain securities or could result in lower prices than those used in calculating the portfolio’s net asset value. A portfolio investing in “junk bonds” may also be subject to greater credit risk because it may invest in debt securities issued in connection with corporate restructuring by highly leveraged issuers or in debt securities not current in the payment of interest or principal or in default. The portfolio currently is permitted to invest more than 5% of its assets in lower rated bonds.

 

Security Risk.  The risk that the value of a security may move up and down, sometimes rapidly and unpredictably based upon change in a company’s financial condition as well as overall market and economic conditions.

 

Market Risk.  The risk that securities markets will move down, sometimes rapidly and unpredictably based on overall economic conditions and other factors.

 

5


MORE ABOUT INVESTMENT STRATEGIES & RISKS (cont’d)

 

Multiple Sub-Adviser Risk.  The portfolio employs multiple sub-advisers. Each sub-adviser independently chooses and maintains a portfolio of securities for the portfolio and each is responsible for investing a specific allocated portion of the portfolio’s assets. Because each sub-adviser will be managing its allocated portion of the portfolio independently from the other sub-adviser(s), the same security may be held in different portions of a portfolio, or may be acquired for one portion of the portfolio at a time when a sub-adviser to another portion deems it appropriate to dispose of the security from that other portion. Similarly, under some market conditions, one sub-adviser may believe that temporary, defensive investments in short-term instruments or cash are appropriate when the other sub-adviser(s) believes continued exposure to the equity or debt markets is appropriate for its allocated portion of the portfolio. Because each sub-adviser directs the trading for its own portion of the portfolio, and does not aggregate its transactions with those of the other sub-advisers, the portfolio may incur higher brokerage costs than would be the case if a single sub-adviser were managing the entire portfolio.

 

Opportunity Risk.  The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less profitable investments.

 

Political Risk.  The risk of losses directly attributable to government or political actions.

 

Portfolio Turnover Risk.  High portfolio turnover may result in increased transaction costs to a portfolio, which would reduce investment returns. The Aggressive Equity portfolio historically has had a high portfolio turnover.

 

Unseasoned Companies Risk.  The Aggressive Equity Portfolio can invest in small unseasoned companies. These are companies that have been in operation less than three years, including operation of any predecessors. These securities may have limited liquidity and their prices may be very volatile.

 

Valuation Risk.  The risk that the portfolio has valued certain securities at a higher price than it can sell them for.

 

Securities Lending Risk.  For purposes of realizing additional income, the portfolio may lend securities to broker-dealers approved by the Board of Trustees. Generally, any such loan of portfolio securities will be continuously secured by collateral at least equal to the value of the security loaned. Such collateral will be in the form of cash, marketable securities issued or guaranteed by the U.S. Government or its agencies, or a standby letter of credit issued by qualified banks. The risks in lending portfolio securities, as with other extensions of secured credit, consist of possible delay in receiving additional collateral or in the recovery of the securities or possible loss of rights in the collateral should the borrower fail financially. Loans will only be made to firms deemed by the Manager to be of good standing and will not be made unless, in the judgment of the Manager, the consideration to be earned from such loans would justify the risk.

 

Additional Investment Strategies

 

The following is a list of additional investment strategies. For further information about investment strategies, see the portfolio’s Statement of Additional Information (“SAI”).

 

Derivatives.  The portfolio can use “derivative” instruments to seek enhanced returns or to try to hedge investment risks, although it is not anticipated that they will do so to a significant degree. In general terms, a derivative instrument is an investment contract whose value depends on (or is derived from) the value of an underlying asset, interest rate or index. Options, futures contracts and forward contracts are examples of “derivatives.”

 

Foreign Investing.  The portfolio may invest in foreign securities, including depositary receipts of foreign based companies, including companies based in developing countries.

 

Portfolio Turnover.  The portfolio does not restrict the frequency of trading. The portfolios may engage in active and frequent trading of portfolio securities to achieve its principal investment strategies. Frequent trading can result in a portfolio turnover in excess of 100% (high portfolio turnover).

 

6


MANAGEMENT TEAM

The Manager and the Sub-advisers

 

The Manager

 

AXA Equitable, through its AXA Funds Management Group unit, 1290 Avenue of the Americas, New York, New York 10104, serves as the manager of the portfolio. AXA Equitable is an investment adviser registered under the Investment Advisers Act of 1940, as amended, and a wholly owned subsidiary of AXA Financial, Inc., a subsidiary of AXA, a French insurance holding company.

 

As manager, AXA Equitable has a variety of responsibilities for the general management and administration of the Trust and the portfolio, including the selection of sub-advisers. AXA Equitable plays an active role in monitoring the portfolio and sub-adviser and uses systems to strengthen its evaluation of performance, style, risk levels, diversification and other criteria. AXA Equitable also monitors each sub-adviser’s portfolio management team to ensure that investment activities remain consistent with the portfolio’s investment style and objectives.

 

Beyond performance analysis, AXA Equitable monitors significant changes that may impact the sub-adviser’s overall business. AXA Equitable monitors continuity in the sub-adviser’s operations and changes in investment personnel and senior management. AXA Equitable also performs annual due diligence reviews with each sub-adviser.

 

In its capacity as manager, AXA Equitable obtains detailed, comprehensive information concerning portfolio and sub-adviser performance and portfolio operations that is used to supervise and monitor the sub-advisers and the portfolio operations. A team is responsible for conducting ongoing investment reviews with each sub-adviser and for developing the criteria by which portfolio performance is measured.

 

AXA Equitable selects sub-advisers from a pool of candidates, including its affiliates, to manage the portfolios. AXA Equitable may add to, dismiss or substitute for the sub-advisers responsible for managing the portfolio’s assets subject to the approval of the Trust’s board of trustees. AXA Equitable also has discretion to allocate the portfolio’s assets among the portfolio’s sub-advisers. AXA Equitable recommends sub-advisers for the portfolio to the board of trustees based upon its continuing quantitative and qualitative evaluation of each sub-adviser’s skills in managing assets pursuant to specific investment styles and strategies. Unlike many other mutual funds, the portfolio is not associated with any one portfolio manager, and benefit from specialists selected from the investment management industry. Short-term investment performance, by itself, is not a significant factor in selecting or terminating a sub-adviser, and AXA Equitable does not expect to recommend frequent changes of sub-advisers. AXA Equitable has received an exemptive order from the SEC to permit it and the board of trustees to select and replace a portfolio’s sub-advisers and to amend the sub-advisory agreements between AXA Equitable and the sub-advisers without obtaining shareholder approval. Accordingly, AXA Equitable is able, subject to the approval of the board of trustees, to appoint and replace sub- advisers and to amend sub-advisory agreements without obtaining shareholder approval. When a new sub-adviser is retained for the portfolio, shareholders would receive notice of such action. However, AXA Equitable may not enter into a sub-advisory agreement with an Affiliated Adviser unless the sub-advisory agreement with the Affiliated Adviser, including compensation, is also approved by the portfolio’s shareholders. Alliance Capital Management L.P. one of the current sub-advisers, is an affiliate of AXA Equitable.

 

The Sub-advisers

 

The portfolio’s investments are selected by two or more sub-advisers, which act independently of one another. The following describes the portfolio’s sub-advisers, portfolio manager(s) and each portfolio manager’s business experience.

 

Alliance Capital Management L.P. (“Alliance Capital”) serves as a Sub-adviser to AXA Premier VIP Aggressive Equity Portfolio portfolio. Alliance Capital, a limited partnership, is indirectly majority owned by AXA Equitable. As of December 31, 2004, Alliance Capital had approximately $539 billion in assets under management.

 

Marsico Capital Management, LLC (“Marsico”) serves as a Sub-adviser to AXA Premier VIP Aggressive Equity Portfolio. Marsico is an indirect wholly owned subsidiary of Bank of America Corporation. As of December 31, 2004, Marsico had approximately $44 billion in assets under management.

 

MFS Investment Management (“MFS”) serves as a Sub-adviser to AXA Premier VIP Aggressive Equity Portfolio. MFS is a subsidiary of Sun Life of Canada (U.S.) Financial Services Holdings, Inc., which in turn is an indirect wholly owned subsidiary of Sun Life Financial Services of Canada Inc., a diversified financial services organization. As of December 31, 2004, MFS had approximately $146.4 billion in assets under management.

 

Provident Investment Counsel, Inc. (“Provident”) serves as a Sub-adviser to AXA Premier VIP Aggressive Equity Portfolio. Provident is a wholly owned subsidiary of Old Mutual Asset Managers (US) LLC. As of December 31, 2004, Provident had approximately $6 billion in assets under management.

 

7


MANAGEMENT TEAM

The Manager and the Sub-advisers (cont’d)

 

Portfolio   Sub-Advisers and Portfolio Manager(s)   Business Experience
AXA Premier VIP Aggressive Equity Portfolio  

Alliance Capital Management L.P.

1345 Avenue of the Americas

New York, NY 10105

 

Portfolio Manager

Catherine Wood

 

The management of and investment decisions for the portfolio are made by Catherine Wood. Ms. Wood is a member of the Alliance Capital US Mid/All Cap Growth team. In addition, Ms. Wood relies heavily on the fundamental analysis and research of Alliance Capital’s large internal research staff and the Research for Strategic Change Team.

 

Ms. Wood is senior vice president and Team Leader for Alliance US Mid/All Cap Growth. She is also the Chief Investment Officer of Alliance Capital’s Regent Investor Services. Ms. Wood joined Alliance Capital in 2001 from Tupelo Capital Management, where she was a general partner, co-managing global equity-oriented portfolios. Prior to that, Ms. Wood worked for 18 years with Jennison Associates as a director and portfolio manager, equity research analyst and chief economist.

   
   

Marsico Capital Management, LLC

1200 17th Street

Denver, CO 80202

 

Portfolio Manager

Thomas F. Marsico

  Thomas F. Marsico is primarily responsible for day-to-day management of the portfolio. Thomas F. Marsico has been Chief Executive Officer of Marsico since its inception in 1997. Mr. Marsico has over 20 years of experience as a securities analyst and a portfolio manager.
   
   

MFS Investment Management

500 Boylston Street

Boston, MA 02116

 

Portfolio Management Team

 

David Sette-Ducati and Eric B. Fishman are primarily responsible for the day-to-day management of the portfolio.

 

Mr. Sette-Ducati has been a Senior Vice President and Portfolio Manager at MFS since 2001. Prior to that time he served as Vice President and Portfolio Manager at MFS.

 

Mr. Fishman has been Vice President and Portfolio Manager since April 2002. Prior to that time he was a research analyst with MFS since 2000.

   
   

Provident Investment Counsel, Inc.

300 North Lake Avenue

Pasadena, CA 91101

 

Portfolio Management Team

 

Derek S. Derman, Donald E. Evenson and Susan J. Perkins are primarily responsible for the day-to-day management of the portfolio.

 

Mr. Derman, a Senior Vice President, Portfolio Manager and Analyst joined Provident in 2001. Prior to joining Provident, Mr. Derman worked at Wedbush Morgan Securities as a research analyst. Mr. Derman has 14 years of experience in the investment management industry.

 

Mr. Evenson, a Senior Vice President, Lead Portfolio Manager and Analyst joined Provident in 1994 as an investment professional and has 15 years of experience in the investment management industry.

 

Ms. Perkins, a Senior Vice President, Portfolio Manager and analyst joined Provident in 1999 as an investment professional and has 24 years of experience in the investment management industry.

 

The Trust’s Statement of Additional Information provides additional information about the Portfolio Managers’ compensation, other accounts managed by the Portfolio Managers and the Portfolio Managers’ ownership of securities in the portfolios.

 

Management Fees

 

The portfolio pays a fee to AXA Equitable for management services. The portfolio pays a management fee at an annual rate of up to 0.65% of the average daily net assets of the portfolio.

 

8


MANAGEMENT TEAM

The Manager and the Sub-advisers (cont’d)

 

A discussion of the basis for the decision by the Trust’s board of trustees to approve the investment management agreement with AXA Equitable and the investment advisory agreements with the sub- advisers is available in the Trust’s Statement of Additional Information.

 

The sub-advisers are paid by AXA Equitable. Changes to the sub-advisory fees may be negotiated, which could result in an increase or decrease in the amount of the management fee retained by AXA Equitable, without shareholder approval.

 

AXA Equitable also currently serves as the Administrator of the Trust. The administrative services provided to the Trust by AXA Equitable include, among others, coordination of the Trust’s audit, financial statements and tax returns; expense management and budgeting; legal administrative services and compliance monitoring; portfolio accounting services, including daily net asset value accounting; operational risk management; and oversight of the Trust’s proxy voting policies and procedures and anti-money laundering program.

 

For these administrative services, in addition to the management fee, the portfolio pays AXA Equitable a fee at an annual rate of 0.15% of the portfolio’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 the portfolio allocated to separate sub-advisers and/or managed in a discrete style).

 

Expense Limitation Agreement

 

In the interest of limiting until April 30, 2006 the expenses of the portfolio, the Manager has entered into an expense limitation agreement with the Trust with respect to the portfolio (“Expense Limitation Agreement”). Pursuant to that Expense Limitation Agreement, the Manager has agreed to waive or limit its fees and to assume other expenses so that the total annual operating expenses of the portfolio (other than interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of the portfolio’s business and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act), are limited to 1.85%.

 

AXA Equitable may be reimbursed the amount of any such payments in the future provided that the payments are reimbursed within three years of the payment being made and the combination of the portfolio’s expense ratio and such reimbursements do not exceed the portfolio’s expense cap. If the actual expense ratio is less than the expense cap and AXA Equitable has recouped all eligible previous payments made, the portfolio will be charged such lower expenses.

 

9


PORTFOLIO SERVICES

 

Buying and Selling Shares

 

The portfolio offers Class A and Class B shares. All shares are purchased and sold at their net asset value without any sales load. The portfolio is not designed for market-timers, see the section entitled “Purchase Restrictions on Market-Timers and Active Traders.”

 

The price at which a purchase or sale is effected is based on the next calculation of net asset value after an order is placed by an insurance company or qualified retirement plan investing in or redeeming from the Trust. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender.

 

Restrictions on Buying and Selling Shares

 

Purchase Restrictions

 

The portfolio reserves the right to suspend or change the terms of purchasing or selling shares.

 

Purchase Restrictions on Market-Timers and Active Traders

 

Frequent transfers or purchases and redemptions of portfolio shares, including market timing and other program trading or short-term trading strategies, may be disruptive to the portfolio. Excessive purchases and redemptions of shares of the portfolio may adversely affect portfolio performance and the interests of long-term investors by requiring it to maintain larger amounts of cash or to liquidate portfolio holdings at a disadvantageous time or price. For example, when market timing occurs, the portfolio may have to sell its holdings to have the cash necessary to redeem the market timer’s shares. This can happen when it is not advantageous to sell any securities, so the portfolio’s performance may be hurt. When large dollar amounts are involved, market timing can also make it difficult to use long-term investment strategies because the portfolio cannot predict how much cash it will have to invest. In addition, disruptive transfers or purchases and redemptions of portfolio shares may impede efficient portfolio management and impose increased transaction costs, such as brokerage costs, by requiring the portfolio manager to effect more frequent purchases and sales of portfolio securities. Similarly, the portfolio may bear increased administrative costs as a result of the asset level and investment volatility that accompanies patterns of excessive or short-term trading. Portfolios that invest a significant portion of their assets in foreign securities or the securities of small- and mid-capitalization companies tend to be subject to the risks associated with market timing and short-term trading strategies to a greater extent than funds that do not. Securities trading in overseas markets present time zone arbitrage opportunities when events affecting portfolio securities values occur after the close of the overseas market but prior to the close of the U.S. market. Securities of small- and mid-capitalization companies present arbitrage opportunities because the market for such securities may be less liquid than the market for the securities of larger companies, which could result in pricing inefficiencies.

 

The Trust’s Board of Trustees has adopted policies and procedures with respect to frequent purchases and redemptions of portfolio shares by Contractholders. The Trust and the portfolio discourage frequent purchases and redemptions of portfolio shares by Contractholders and will not make special arrangements to accommodate such transactions in portfolio shares. As a general matter, the portfolio and the Trust reserve the right to refuse or limit any purchase or exchange order by a particular purchaser (or group of related purchasers) if the transaction is deemed harmful to the portfolio’s other shareholders or would disrupt the management of the portfolio.

 

The Trust’s polices and procedures seek to discourage what it considers to be disruptive trading activity. The Trust seeks to apply its policies and procedures to all shareholders uniformly. It should be recognized, however, that such policies and procedures are subject to limitations:

 

  They do not eliminate the possibility that disruptive transfer activity, including market timing, will occur or that portfolio performance will be affected by such activity.

 

  The design of such policies and procedures involves inherently subjective judgments, which AXA Equitable, on behalf of the Trust, seeks to make in a fair and reasonable manner consistent with the interests of all shareholders.

 

  The limits on our ability to monitor certain potentially disruptive transfer activity means that some Contractholders may be treated differently than others, resulting in the risk that some Contractholders may be able to engage in frequent transfer activity while others will bear the effect of that frequent transfer activity.

 

If AXA Equitable, on behalf of the Trust, determines that a Contractholder’s transfer patterns among the Trust’s portfolios are disruptive to the Trust’s portfolios, it may, among other things, restrict the availability of personal telephone requests, facsimile transmissions, automated

 

10


PORTFOLIO SERVICES (cont’d)

 

telephone services, internet services or any electronic transfer services. AXA Equitable may also refuse to act on transfer instructions on an agent acting under a power of attorney who is acting on behalf of more than one owner. In making these determinations, AXA Equitable may consider the combined transfer activity of Contracts that it believes are under common ownership, control or direction.

 

AXA Equitable currently considers transfers into and out of (or vice versa) a portfolio within a five-business day period as potentially disruptive transfer activity. In order to reduce disruptive activity, it monitors the frequency of transfers, including the size of transfers in relation to portfolio assets, in each portfolio. When a potentially disruptive transfer into or out of a portfolio occurs on a day when the portfolio’s aggregate deposits or aggregate redemptions exceed a certain threshold, AXA Equitable sends a letter to the Contractholder explaining that there is a policy against disruptive transfer activity and that if such activity continues, AXA Equitable may take the actions described above to restrict the availability of voice, fax and automated transaction services. If such Contractholder is identified a second time as engaging in potentially disruptive transfer activity, AXA Equitable currently restricts the availability of voice, fax and automated transaction services. AXA Equitable currently applies such action for the remaining life of each affected Contract. Although AXA Equitable currently provides a letter to Contractholders who have engaged in disruptive transfer activity of its intention to restrict access to communication services, AXA Equitable may not continue to provide such letters. Consistent with seeking to discourage potentially disruptive transfer activity, AXA Equitable may also, in its sole discretion and without further notice, change what it considers potentially disruptive transfer activity and its monitoring procedures and thresholds, as well as change its procedures to restrict this activity. You should consult the Contract prospectus that accompanies this Prospectus for information on other specific limitations on the transfer privilege.

 

Notwithstanding our efforts, we may be unable to detect or deter market timing activity by certain persons, which can lead to disruption of management of, and excess costs to, the particular portfolio.

 

Selling Restrictions

 

The table below describes restrictions placed on selling shares of the portfolio described in this Prospectus.

 

Restriction   Situation
The portfolio may suspend the right of redemption or postpone payment for more than 7 days:  

•   When the New York Stock Exchange is closed (other than a weekend/holiday).

•   During an emergency.

•   Any other period permitted by the SEC.

The portfolio may pay the redemption price in whole or part by a distribution in kind of readily marketable securities in lieu of cash or may take up to 7 days to pay a redemption request in order to raise capital:  

•   When it is detrimental for the portfolio to make cash payments as determined in the sole discretion of Equitable.

 

How Portfolio Shares are Priced

 

“Net asset value” is the price of one share of the portfolio without a sales charge, and is calculated each business day using the following formula:

 

Net Asset Value   =  

Total market value of securities + Cash and other assets Liabilities


    Number of outstanding shares

 

The net asset value of portfolio shares is determined according to this schedule:

 

  A share’s net asset value is determined as of the close of regular trading on the New York Stock Exchange (“Exchange”) on the days the Exchange is open for trading. This is normally 4:00 p.m. Eastern Time.

 

  The price you pay for purchasing or redeeming a share will be based upon the net asset value next calculated after your order is placed by an insurance company or qualified retirement plan.

 

  A portfolio heavily invested in foreign securities may have net asset value changes on days when you cannot buy or sell its shares.

 

11


PORTFOLIO SERVICES (cont’d)

 

Generally, portfolio securities are valued as follows:

 

  Equity securities — most recent sales price or official closing price or if there is no sale or official closing price, latest available bid price.

 

  Debt securities (other than short-term obligations) — based upon pricing service valuations.

 

  Short-term obligations (with maturities of 60 days or less) — amortized cost (which approximates market value).

 

  Securities traded on foreign exchanges — most recent sales or bid price on the foreign exchange or market, unless a significant event or circumstance occurs after the close of that market or exchange will materially affect its value. In that case, fair value as determined by or under the direction of the board of trustees at the close of regular trading on the Exchange. Foreign currency is converted into U.S. dollar equivalent daily at current exchange rates. Because foreign securities sometimes trade on days when a portfolio’s shares are not priced, the value of the portfolio’s investment that includes such securities may change on days when shares of the portfolio cannot be purchased or redeemed.

 

  Options — last sales price or, if not available, previous day’s sales price. Options not traded on an exchange or actively traded are valued according to fair value methods.

 

  Futures — last sales price or, if there is no sale, latest available bid price.
  Investment Company Securities — shares of open-end mutual funds held by the portfolio will be valued at the net asset value of the shares of such funds as described in the funds’ prospectuses.

 

  Other Securities — other securities and assets for which market quotations are not readily available or for which valuation cannot be provided are valued at their fair value under the direction of the Trust’s board of trustees. For example, a security whose trading has been halted during the trading day may be fair valued based on the available information at the time of the close of the trading market.

 

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 of fund shares is determined, such as foreign securities trading on foreign exchanges that close before the time the net asset value of fund shares is determined, may be reflected in the Trust’s calculations of net asset values for certain portfolios when the Trust deems that the event or circumstance would materially affect such portfolio’s net asset value. Such events or circumstances may be company specific, such as an earning report, country or region specific, such as a natural disaster, or global in nature. Such events or circumstances also may include price movements in the U.S. securities markets.

 

The effect of fair value pricing as described above is that securities may not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Trust’s board of trustees believes reflects fair value. As such, fair value pricing is based on subjective judgments and it is possible that fair value may differ materially from the value realized on a sale. This policy is intended to assure that the portfolio’s net asset value fairly reflects security values as of the time of pricing. Also, fair valuation of a portfolio’s securities can serve to reduce arbitrage opportunities available to traders seeking to take advantage of information available to them that is not the basis of Trust valuation actions, but there is no assurance that fair value pricing policies will prevent dilution of the portfolio’s NAV by those traders.

 

Dividends and Other Distributions

 

The portfolio generally distributes most or all of its net investment income and net realized gains, if any, annually. Dividends and other distributions are automatically reinvested at net asset value in shares of the portfolios.

 

Tax Consequences

 

The portfolio is treated as a separate entity, and intends to continue to qualify to be treated as a regulated investment company, for federal income tax purposes. Regulated investment companies are usually not taxed at the entity (portfolio) level. They pass through their income and gains to their shareholders by making distributions. The portfolio will be treated as a regulated investment company if it meets specified federal income tax rules, including types of investments, limits on investments, types of income, and distribution requirements. Although the Trust intends that the portfolio will be operated to have no federal tax liability, if the portfolio has any federal tax liability, that could hurt the investment performance. Also, any portfolio investing in foreign securities or holding foreign currencies could be subject to foreign taxes that could reduce its investment performance.

 

12


PORTFOLIO SERVICES (cont’d)

 

It is important for the portfolio to maintain its regulated investment company status because the shareholders of the portfolio that are insurance company separate accounts will then be able to use a favorable investment diversification testing rule in determining whether the Contracts indirectly funded by the portfolio meet tax qualification rules for variable insurance contracts. If the portfolio failed to meet specified investment diversification requirements, owners of non-pension plan Contracts funded through the portfolio could be taxed immediately on the accumulated investment earnings under their Contracts and could lose any benefit of tax deferral. Equitable, in its capacity as Manager and as the administrator for the Trust, therefore carefully monitors compliance with all of the regulated investment company rules and variable insurance contract investment diversification rules.

 

Contract owners seeking to more fully understand the tax consequences of their investment should consult with their tax advisers or the insurance company that issued their variable product or refer to their Contract prospectus.

 

13


GLOSSARY OF TERMS

 

Bid price — The price a prospective buyer is ready to pay. This term is used by traders who maintain firm bid and offer prices in a given security by standing ready to buy or sell security units at publicly quoted prices.

 

Capital gain distributions — Payments to a portfolio’s shareholders of profits earned from selling securities in that portfolio. Capital gain distributions are usually paid once a year.

 

Core investing — An investment style that includes both the strategies used when seeking either growth companies (those with strong earnings growth) or value companies (those that may be temporarily out of favor or have earnings or assets not fully reflected in their stock price).

 

Derivative — A financial instrument whose value and performance are based on the value and performance of another security or financial instrument.

 

Diversification — The strategy of investing in a wide range of companies to reduce the risk if an individual company suffers losses.

 

Duration — A measure of how much a bond’s price fluctuates with changes in comparable interest rates.

 

Earnings growth — A pattern of increasing rate of growth in earnings per share from one period to another, which usually causes a stock’s price to rise.

 

Fundamental analysis — An analysis of the balance sheet and income statements of a company in order to forecast its future stock price movements. Fundamental analysis considers past records of assets, earnings, sales, products, management and markets in predicting future trends in these indicators of a company’s success or failure. By appraising a company’s prospects, analysts using such an approach assess whether a particular stock or group of stocks is undervalued or overvalued at its current market price.

 

Growth investing — An investment style that emphasizes companies with strong earnings growth. Growth investing is generally considered more aggressive than “value” investing.

 

Interest rate — Rate of interest charged for the use of money, usually expressed as an annual rate.

 

Market capitalization — Market price of a company’s shares multiplied by number of shares outstanding. A common measure of the relative size of a company.

 

Net asset value (NAV) — The market value of one share of a portfolio on any given day without taking into account any front-end sales charge or CDSC. It is determined by dividing a portfolio’s total net assets by the number of shares outstanding.

 

Price-to-book value ratio — Current market price of a stock divided by its book value, or net asset value.

 

Price-to-earnings ratio — Current market price of a stock divided by its earnings per share. Also known as the “multiple,” the price-to-earnings ratio gives investors an idea of how much they are paying for a company’s earning power and is a useful tool for evaluating the costs of different securities.

 

Value investing — An investment style that focuses on companies that may be temporarily out of favor or have earnings or assets not fully reflected in their stock prices.

 

Volatility — The general variability of a portfolio’s value resulting from price fluctuations of its investments. In most cases, the more diversified a portfolio is, the less volatile it will be.

 

Yield — The rate at which a portfolio earns income, expressed as a percentage. Mutual fund yield calculations are standardized, based upon a formula developed by the Securities and Exchange Commission.

 

14


DESCRIPTION OF BENCHMARKS

 

The portfolio’s performance is compared to that of a broad-based securities market index.

 

Broad-based securities indices are unmanaged and are not subject to fees and expenses typically associated with managed investment company portfolios. Investments cannot be made directly in a broad-based securities index.

 

Russell 3000 Index

 

Composed of 3,000 large U.S. securities, as determined by total market capitalization. This index is capitalization weighted and represents approximately 98% of the investable U.S. equity market.

 

Russell 3000 Growth Index

 

Is 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.

 

15


FINANCIAL HIGHLIGHTS

 

The financial highlights table is intended to help you understand the financial performance of the Trust’s Class A and Class B shares. The financial information in the table below is for the period of the portfolio’s operations. The information below has been derived from the financial statements of the Trust, which have been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm. PricewaterhouseCoopers LLP’s report on the Trust’s financial statements as of December 31, 2004 appears in the Trust’s Annual Report. Certain information reflects financial results for a single portfolio share. The total returns in the tables represent the rate that a shareholder would have earned (or lost) on an investment in the portfolio (assuming reinvestment of all dividends and disbursements). The total return figures shown below do not reflect any separate account or Contract fees and charges. The total return figures would be lower if they did reflect such fees and charges. The information should be read in conjunction with the financial statements contained in the Trust’s Annual Report which are incorporated by reference into the Trust’s Statement of Additional Information (SAI) and available upon request.

 

AXA Premier VIP Aggressive Equity Portfolio(d)

 

    Class A

    Class B

 
    Year Ended December 31,

    Year Ended December 31,

 
    2004

    2003

    2002

    2001(a)

    2000(a)

    2004

    2003

    2002

    2001(a)

    2000(a)

 

Net asset value, beginning of year

  $ 22.45     $ 16.29     $ 22.83     $ 30.61     $ 38.01     $ 22.22     $ 16.16     $ 22.72     $ 30.46     $ 37.83  
   


 


 


 


 


 


 


 


 


 


Income (loss) from investment operations:

                                                                               

Net investment income (loss)

    (0.03 )     (0.01 )     (0.01 )     0.11       0.12       (0.08 )     (0.06 )     (0.07 )     0.03       0.06  

Net realized and unrealized gain (loss) on investments and foreign currency transactions

    2.81       6.17       (6.53 )     (7.76 )     (5.00 )     2.77       6.12       (6.49 )     (7.70 )     (4.99 )
   


 


 


 


 


 


 


 


 


 


Total from investment operations

    2.78       6.16       (6.54 )     (7.65 )     (4.88 )     2.69       6.06       (6.56 )     (7.67 )     (4.93 )
   


 


 


 


 


 


 


 


 


 


Less distributions:

                                                                               

Dividends from net investment income

                #     (0.10 )     (0.13 )                 #     (0.04 )     (0.05 )

Distributions from realized gains

                      (0.03 )     (2.39 )                       (0.03 )     (2.39 )
   


 


 


 


 


 


 


 


 


 


Total dividends and distributions

                #     (0.13 )     (2.52 )                 #     (0.07 )     (2.44 )
   


 


 


 


 


 


 


 


 


 


Net asset value, end of year

  $ 25.23     $ 22.45     $ 16.29     $ 22.83     $ 30.61     $ 24.91     $ 22.22     $ 16.16     $ 22.72     $ 30.46  
   


 


 


 


 


 


 


 


 


 


Total return

    12.38 %     37.90 %     (28.68 )%     (24.99 )%     (13.13 )%     12.11 %     37.50 %     (28.86 )%     (25.18 )%     (13.35 )%
   


 


 


 


 


 


 


 


 


 


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     $ 258,689     $ 225,426     $ 146,909     $ 219,748     $ 267,858  

Ratio of expenses to average net assets:

                                                                               

After fees paid indirectly

    0.68 %     0.70 %     0.66 %     N/A       N/A       0.93 %     0.95 %     0.91 %     N/A       N/A  

Before fees paid indirectly

    0.80 %     0.77 %     0.71 %     0.69 %     0.65 %(b)     1.05 %     1.02 %     0.96 %     0.94 %     0.90 %(b)

Ratio of net investment income (loss) to average net assets:

                                                                               

After fees paid indirectly

    (0.12 )%     (0.09 )%     (0.11 )%     N/A       N/A       (0.37 )%     (0.34 )%     (0.36 )%     N/A       N/A  

Before fees paid indirectly

    (0.24 )%     (0.16 )%     (0.16 )%     0.42 %     0.35 %(b)     (0.49 )%     (0.41 )%     (0.41 )%     0.12 %     0.10 %(b)

Portfolio turnover rate

    111 %     119 %     112 %     195 %     151 %     111 %     119 %     112 %     195 %     151 %

# Per share amount is less than $0.01.
(a) Net investment income and capital changes are based on monthly average shares outstanding.
(b) Reflects overall fund ratios for investment income and non-class specific expense.
(c) 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.
(d) 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.

 

16


 

If you would like more information about the portfolio, the following documents are available free upon request. The Trust does not have a website available for accessing such information.

 

Annual and Semi-Annual Reports — Includes more information about the portfolio’s performance. The reports usually include performance information, a discussion of market conditions and the investment strategies that affected the portfolio’s performance during the last fiscal year.

 

Statement of Additional Information (SAI) — Provides more detailed information about the portfolio, has been filed with the Securities and Exchange Commission and is incorporated into this Prospectus by reference.

 

Portfolio Holdings — A description of the portfolio’s policies and procedures with respect to the disclosure of its portfolio securities holdings is available in the portfolio’s SAI.

 

To order a free copy of a portfolio’s SAI and/or Annual and Semi-Annual Report, contact your financial professional, or the portfolio at:

 

AXA Premier VIP Trust

1290 Avenue of the Americas

New York, New York 10104

Telephone: 877-222-2144

 

Your financial professional or AXA Premier VIP Trust will also be happy to answer your questions or to provide any additional information that you may require.

 

Information about the portfolio (including the SAI) can be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling the SEC at 1-202-942-8090. Reports and other information about the portfolio are available on the EDGAR database on the SEC’s Internet site at:

 

http://www.sec.gov.

 

Investors may also obtain this information, after paying a duplicating fee, by electronic request at the following E-mail address:

publicinfo@sec.gov or by writing the SEC’s

Public Reference Section,

Washington, D.C. 20549-0102.

 

AXA Premier VIP Trust

 

AXA Premier VIP Aggressive Equity Portfolio

 

(Investment Company Act File No. 811-10509)

 

© 2005 AXA Premier VIP Trust