AXA Premier VIP Trust

N-CSR 1 dncsr.htm AXA PREMIER VIP TRUST AXA Premier VIP Trust

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 Preston Gates Ellis LLP

1601 K Street., N.W.

Washington, D.C. 20006

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, 2006 - December 31, 2006

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

2006 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, 2006

Table of Contents


Notes on Performance (Unaudited)		2

Portfolio Results and Commentary (Unaudited)

AXA Allocation Portfolios
AXA Conservative Allocation		4
AXA Conservative-Plus Allocation		6
AXA Moderate Allocation		8
AXA Moderate-Plus Allocation		10
AXA Aggressive Allocation		12

AXA Premier VIP Portfolios
AXA Premier VIP Aggressive Equity		14
AXA Premier VIP Core Bond		16
AXA Premier VIP Health Care		18
AXA Premier VIP High Yield		20
AXA Premier VIP International Equity		22
AXA Premier VIP Large Cap Core Equity		24
AXA Premier VIP Large Cap Growth		26
AXA Premier VIP Large Cap Value		28
AXA Premier VIP Mid Cap Growth		30
AXA Premier VIP Mid Cap Value		32
AXA Premier VIP Technology		34

Target Allocation Portfolios
Target 2015 Allocation		36
Target 2025 Allocation		38
Target 2035 Allocation		40
Target 2045 Allocation		42

Portfolio of Investments		44
Financial Statements		125
Notes to Financial Statements		179
Report of Independent Registered Public Accounting Firm		197
Approval of Investment Manager and Investment Advisory Agreements (Unaudited)		198
Federal Income Tax Information (Unaudited)		207
Management of the Trust (Unaudited)		208
Proxy Voting Policies and Procedures (Unaudited)		212

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 December 31, 1996 (or from the inception dates shown) through December 31, 2006. 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 Allocation Index (time-weighted)

Conservative Allocation Index (time-weighted) is a hypothetical combination of unmanaged indices. The composite index is made up of 80% Lehman Brothers Aggregate Bond Index and 20% S&P 500 Index from the inception of the AXA Conservative Allocation Fund (7/31/03) to 5/31/06, and 80% Lehman Brothers Aggregate Bond Index, 15% S&P 500 Index and 5% Morgan Stanley Capital International EAFE Index, thereafter.

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.

Conservative-Plus Allocation Index (time-weighted)

Conservative-Plus Allocation Index (time-weighted) is a hypothetical combination of unmanaged indices. The composite index is made up of 60% Lehman Brothers Aggregate Bond Index and 40% S&P 500 Index from the inception of the AXA Conservative-Plus Allocation Fund (7/31/03) to 5/31/06, and 60% Lehman Brothers Aggregate Bond Index, 30% S&P 500 Index and 10% Morgan Stanley Capital International EAFE Index, thereafter.

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 Allocation Index (time-weighted)

Moderate Allocation Index (time-weighted) is a hypothetical combination of unmanaged indices. The composite index is made up of 50% Lehman Brothers Aggregate Bond Index and 50% S&P 500 Index from the inception of the AXA Moderate Allocation Fund (1/27/86) to 6/30/06, and 50% Lehman Brothers Aggregate Bond Index, 35% S&P 500 Index and 15% Morgan Stanley Capital International EAFE Index, thereafter.

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 50%, 20% and 30%, respectively.

Moderate-Plus Allocation Index (time-weighted)

Moderate-Plus Allocation Index (time-weighted) is a hypothetical combination of unmanaged indices. The composite index is made up of 25% Lehman Brothers Aggregate Bond Index, 60% S&P 500 Index and 15% Morgan Stanley Capital International EAFE from the inception of the AXA Moderate-Plus Allocation Fund (7/31/03) to 8/31/05, and 30% Lehman Brothers Aggregate Bond Index, 50% S&P 500 Index and 20% Morgan Stanley Capital International EAFE Index, thereafter.

Aggressive 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 65%, 25% and 10%, respectively.

Aggressive Allocation Index (time-weighted)

Aggressive Allocation Index (time-weighted) is a hypothetical combination of unmanaged indices. The composite index is made up of 10% Lehman Brothers Aggregate Bond Index, 75% S&P 500 Index and 15% Morgan Stanley Capital International EAFE Index from the inception of the AXA Aggressive Allocation Fund (7/31/03) to 6/30/05, and 10% Lehman Brothers Aggregate Bond Index, 65% S&P 500 Index and 25% Morgan Stanley Capital International EAFE Index, thereafter.

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.

Merrill Lynch U.S. High Yield Master Cash Pay Only Index

Measures the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market.

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.

NOTES ON PERFORMANCE (Concluded)

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® 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 Mid Cap Growth Index

An unmanaged index that measures the performance of those companies among the smallest 800 securities in the Russell 1000 index with higher price-to-book ratios and higher forecasted growth values.

Russell Mid Cap Value Index

An unmanaged index that measures the performance of those companies among the smallest 800 securities in the Russell 1000 index with a less-than-average growth orientation.

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.

Target 2015 Allocation Index, Target 2025 Allocation Index, Target 2035 Allocation Index, & Target 2045 Allocation Index

The composition of each benchmark adjusts on a quarterly basis to reflect the changes in the portfolio’s asset allocation. They are derived by applying the portfolios’ target allocations over time to the combination of the following benchmarks: the S&P 500 Index for U.S. stocks, the Morgan Stanley Capital International EAFE Index for non-U.S. stocks and the Lehman Brothers U.S. Aggregate Index for bonds.

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/06


	1 Year		Since Inception*
Portfolio - A Shares	6.55	%	6.30	%
Portfolio - B Shares	6.37		6.06
Conservative Allocation Index (time-weighted)†	6.60		6.10
Conservative Allocation Index	6.56		6.09

*	Date of inception 7/31/03

†	AXA Equitable believes this newly selected index reflects more closely the market sectors in which the Portfolio invests at certain times in the Portfolio’s history.

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 6.55% for the year ended December 31, 2006. The Portfolio’s benchmark, the Conservative Allocation Index (time-weighted), returned 6.60% over the same period.

Portfolio Adviser

A team of professionals within the AXA Funds Management Group, a unit of AXA Equitable Life Insurance Company, determines the strategic asset class and underlying fund allocations for the Portfolio. The team is also responsible for the ongoing evaluation and selection of underlying funds and monitoring the overall investment process and performance for the Portfolio.

Portfolio Highlights

For the year ended December 31, 2006

As of December 31, 2006, the Portfolio was invested in 17 underlying EQ Advisors Trust and AXA Premier VIP Funds. These included 10 equity funds and 7 fixed income funds. The Portfolio’s fixed income allocation consisted of investment grade bonds (68.8%), international bonds (4.2%) and high yield bonds (5.1%). The Portfolio’s equity allocation consisted of large cap growth stocks (4.9%), large cap value stocks (7.6%), international stocks (5.1%) and small and mid cap stocks (4.3%).

The investment environment during the year was positive for equities with all major indices enjoying gains. The year began on a positive note with stock prices advancing, supported by solid corporate profits fostered by a growing economy that thus far had withstood the braking effects of higher energy prices and rising interest rates. Despite the strong start, stock prices faltered during the spring. By mid-year, stocks stabilized, overcoming a number of investor worries in addition to those related to rising interest rates. During the fall, stocks rallied, buoyed by solid earnings reports, by signs that economic growth was moderating and by growing investor belief that the Federal Reserve was finished raising interest rates. By year end, stocks were logging mid-teen returns.

Value stocks outperformed their growth counterparts up and down the market-cap spectrum. Dividend paying stocks in the S&P 500 performed better than their nondividend paying counterparts. Sectors performing well during the year include Financials, Materials, Telecommunication Services and Utilities. Underperforming sectors include Energy, Health Care and Information Technology.

The global stock market capped off an exceptional year in which all developed markets except Japan posted double-digit gains. Stocks benefited from strong earnings, a supportive global economy and a high level of liquidity that fostered a steady stream of buyouts, mergers and acquisitions. Returns for U.S.-based investors were even stronger as European currencies gained sharply on the dollar. Emerging markets once again outperformed the developed world.

Interest rates rose across the globe in 2006. In the U.S., the Federal Reserve Board raised the target federal funds rate five times during the year, bringing the target rate from 4.00% to 5.25%. However, the Federal Reserve held the rate steady at its meetings on August 8 and thereafter. The U.S. fixed income markets experienced some volatility in 2006 as short-term rates rose more than long-term yields. The broad-market Lehman Aggregate Bond Index gained 4.33% for the 12-month period. The yield curve was inverted for most of 2006. High yield bonds continued their positive momentum, up 11.59% for the year, as measured by the Merrill Lynch U.S. High Yield Master Cash Pay Only Index.

What helped performance during the year

•

The addition of the international asset class in May was beneficial to performance. The EQ/Mercury International Value Portfolio was the best performing of the Portfolio’s underlying holdings.

•

Strong performance in the large cap value underlying holdings added to performance, especially from the EQ/AllianceBernstein Value Portfolio, the largest equity holding of the Portfolio.

AXA CONSERVATIVE ALLOCATION PORTFOLIO

•

Even though large cap growth managers have experienced a relatively tough year relative to large cap value managers, the EQ/Marsico Focus Portfolio was one of the top performers in the category in 2006.

•

From an asset allocation point of view, the Portfolio also benefited from its high yield exposure, with the AXA Premier VIP High Yield Portfolio generating double-digit returns during the period.

What hurt performance during the year

•

The EQ/Long Term Bond Portfolio detracted from performance as portfolios with shorter durations performed better during the year.

•

The EQ/Evergreen International Bond Portfolio, which was added as an underlying holding in June, hurt performance relative to other fixed income investments due to its underweighted exposure to the Euro.

Since this Portfolio invests directly in underlying Portfolios, all risks associated with the eligible underlying Portfolios apply to the Portfolio. Investing in the AXA Allocation Portfolios will involve a higher overall cost than if you were to invest directly in their underlying funds.

Portfolio Allocation (as a percentage of Total Investment Companies)

As of December 31, 2006


EQ/Short Duration Bond Portfolio	37.9	%
AXA Premier VIP Core Bond Portfolio	15.5
EQ/Long Term Bond Portfolio	11.2
EQ/AllianceBernstein Value Portfolio	5.8
AXA Premier VIP High Yield Portfolio	5.5
EQ/Evergreen International Bond Portfolio	4.5
EQ/Marsico Focus Portfolio	3.1
EQ/Mercury Basic Value Equity Portfolio	3.0
AXA Premier VIP Large Cap Value Portfolio	2.6
AXA Premier VIP International Equity Portfolio	2.6
EQ/AllianceBernstein Quality Bond Portfolio	2.6
AXA Premier VIP Aggressive Equity Portfolio	1.9
AXA Premier VIP Mid Cap Value Portfolio	1.4
AXA Premier VIP Large Cap Core Equity Portfolio	0.8
EQ/Mercury International Value Portfolio	0.8
EQ/Capital Guardian International Portfolio	0.8
EQ/Money Market Portfolio	0.0	#

#	Less Than 0.1%

UNDERSTANDING YOUR EXPENSES:

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2006 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 7/1/06		Ending Account Value 12/31/06		Expenses Paid During Period* 7/1/06 - 12/31/06
Class A
Actual	$	1,000.00	$	1,061.20	$	0.52
Hypothetical (5% average annual return before expenses)		1,000.00		1,024.70		0.51
Class B
Actual		1,000.00		1,061.40		1.82
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.44		1.79

*	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 184/365 (to reflect the one-half year period).

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/06


	1 Year		Since Inception*
Portfolio - A Shares	9.06	%	8.38	%
Portfolio - B Shares	8.78		8.11
Conservative-Plus Allocation Index (time-weighted)†	8.89		7.87
Conservative-Plus Allocation Index	8.82		7.85

*	Date of inception 7/31/03

†	AXA Equitable believes this newly selected index reflects more closely the market sectors in which the Portfolio invests at certain times in the Portfolio’s history.

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 9.06% for the year ended December 31, 2006. The Portfolio’s benchmark, the Conservative-Plus Allocation Index (time-weighted), returned 8.89% over the same period.

Portfolio Adviser

Portfolio Highlights

For the year ended December 31, 2006

As of December 31, 2006, the Portfolio was invested in 21 underlying EQ Advisors Trust and AXA Premier VIP Funds. These included 14 equity funds and 7 fixed income funds. The Portfolio’s fixed income allocation consisted of investment grade bonds (50.8%), international bonds (3.5%), and high yield bonds (4.0%). The Portfolio’s equity allocation consisted of large cap growth stocks (8.5%), large cap value stocks (12.8%), international stocks (11.0%) and small and mid cap stocks (9.4%).

Interest rates rose across the globe in 2006. In the U.S., the Federal Reserve Board raised the target federal funds rate five times during the year, bringing the target rate from 4.00% to 5.25%. However, the Federal Reserve held the rate steady at its meetings on August 8 and thereafter. The U.S. fixed income markets experienced some volatility in 2006 as short-term rates rose more than long-term yields. The broad-market Lehman Aggregate Bond Index gained 4.33% for the 12 month period. The yield curve was inverted for most of 2006. High yield bonds continued their positive momentum, up 11.59% for the year, as measured by the Merrill Lynch U.S. High Yield Master Cash Pay Only Index.

What helped performance during the year

•

The addition of the international asset class in May was beneficial to performance. The EQ/Mercury International Value Portfolio was the best performing of the Portfolio’s underlying holdings.

•

Strong performance in the large cap value underlying holdings added to performance, especially from the EQ/AllianceBernstein Value Portfolio, the largest equity holding of the Portfolio.

•

From an asset allocation point of view, the Portfolio also benefited from its high yield exposure, with the AXA Premier VIP High Yield Portfolio generating double-digit returns during the period.

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

What hurt performance during the year

•

The EQ/Long Term Bond Portfolio detracted from performance as portfolios with shorter durations performed better during the year.

•

Portfolio Allocation (as a percentage of Total Investment Companies)

As of December 31, 2006


EQ/Short Duration Bond Portfolio	26.2	%
AXA Premier VIP Core Bond Portfolio	11.9
EQ/AllianceBernstein Value Portfolio	9.8
EQ/Long Term Bond Portfolio	7.5
EQ/Marsico Focus Portfolio	6.2
AXA Premier VIP International Equity Portfolio	6.2
EQ/Mercury Basic Value Equity Portfolio	5.4
AXA Premier VIP High Yield Portfolio	4.3
AXA Premier VIP Large Cap Value Portfolio	4.0
EQ/Evergreen International Bond Portfolio	3.7
EQ/AllianceBernstein Quality Bond Portfolio	2.8
AXA Premier VIP Aggressive Equity Portfolio	2.2
EQ/Mercury International Value Portfolio	1.7
EQ/Capital Guardian International Portfolio	1.7
EQ/Small Cap Value Portfolio	1.7
EQ/Small Company Index Portfolio	1.7
AXA Premier VIP Large Cap Core Equity Portfolio	1.5
AXA Premier VIP Mid Cap Value Portfolio	1.3
AXA Premier VIP Mid Cap Growth Portfolio	0.2
EQ/Franklin Small Cap Value Portfolio	0.0	#
EQ/Money Market Portfolio	0.0	#

#	Less Than 0.1%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2006 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/06		Ending Account Value 12/31/06		Expenses Paid During Period* 7/1/06 - 12/31/06
Class A
Actual	$	1,000.00	$	1,078.50	$	0.52
Hypothetical (5% average annual return before expenses)		1,000.00		1,024.70		0.51
Class B
Actual		1,000.00		1,077.60		1.83
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.44		1.79

*	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 184/365 (to reflect the one-half year period).

AXA MODERATE ALLOCATION PORTFOLIO

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/06


	1 Year		5 Years		10 Years		Since Incept.*
Portfolio – A Shares	10.58	%	5.75	%	7.44	%	9.82	%
Portfolio – B Shares**	10.34		5.50		7.23		9.56
Moderate Allocation Index (time-weighted)†	10.23		5.93		7.70		10.24
Moderate Allocation Index	9.97		5.88		7.68		10.22

*	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.

†	AXA Equitable believes this newly selected index reflects more closely the market sectors in which the Portfolio invests at certain times in the Portfolio’s history.

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. Prior that date, the predecessor fund invested directly in securities, rather than pursuing a “Fund of Funds” investment approach.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 10.58% for the year ended December 31, 2006. The Portfolio’s benchmark, the Moderate Allocation Index (time-weighted), returned 10.23% over the same period.

Portfolio Adviser

Portfolio Highlights

For the year ended December 31, 2006

As of December 31, 2006, the Portfolio was invested in 23 underlying EQ Advisors Trust and AXA Premier VIP Funds. These included 16 equity funds and 7 fixed income funds. The Portfolio’s fixed income allocation consisted of investment grade bonds (40.8%), international bonds (2.6%) and high yield bonds (4.5%). The Portfolio’s equity allocation consisted of large cap growth stocks (10.2%), large cap value stocks (13.6%), international stocks (15.4%) and small and mid cap stocks (12.9%).

What helped performance during the year

•

The addition of the international asset class in May was beneficial to performance.

•

The international asset class includes emerging markets and the EQ/ Van Kampen Emerging Markets Equity Portfolio was the best performing of the Portfolio’s underlying holdings.

•

Strong performance in the large cap value underlying holdings was beneficial, especially from the EQ/AllianceBernstein Value and EQ/ Mercury Basic Value Equity Portfolios, which contributed close to a third of the overall performance for the period.

AXA MODERATE ALLOCATION PORTFOLIO

•

From an asset allocation point of view, the Portfolio also benefited from its high yield exposure, with the AXA Premier VIP High Yield Portfolio generating double-digit returns during the period.

What hurt performance during the year

•

The EQ/Alliance Large Cap Growth Portfolio was the only underlying holding with a negative return during the year.

•

The EQ/Long Term Bond Portfolio detracted from performance as portfolios with shorter durations performed better during the year.

•

Portfolio Allocation (as a percentage of Total Investment Companies)

As of December 31, 2006


EQ/AllianceBernstein Quality Bond Portfolio	13.2	%
AXA Premier VIP Core Bond Portfolio	11.5
EQ/Short Duration Bond Portfolio	10.2
EQ/Mercury Basic Value Equity Portfolio	10.2
AXA Premier VIP International Equity Portfolio	6.5
EQ/Marsico Focus Portfolio	5.8
EQ/AllianceBernstein Value Portfolio	5.7
AXA Premier VIP High Yield Portfolio	4.9
AXA Premier VIP Aggressive Equity Portfolio	3.8
AXA Premier VIP Large Cap Value Portfolio	3.7
EQ/Long Term Bond Portfolio	3.0
EQ/Evergreen International Bond Portfolio	2.8
EQ/Van Kampen Emerging Markets Equity Portfolio	2.8
AXA Premier VIP Mid Cap Value Portfolio	2.8
EQ/Small Cap Value Portfolio	2.7
EQ/Capital Guardian International Portfolio	2.3
EQ/Mercury International Value Portfolio	2.3
AXA Premier VIP Large Cap Core Equity Portfolio	2.2
AXA Premier VIP Mid Cap Growth Portfolio	1.9
EQ/AllianceBernstein Large Cap Growth Portfolio	0.9
EQ/Small Company Index Portfolio	0.8
EQ/Franklin Small Cap Value Portfolio	0.0	#
EQ/Money Market Portfolio	0.0	#

#	Less Than 0.1%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2006 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/06		Ending Account Value 12/31/06		Expenses Paid During Period* 7/1/06 - 12/31/06
Class A
Actual	$	1,000.00	$	1,089.40	$	0.53
Hypothetical (5% average annual return before expenses)		1,000.00		1,024.70		0.51
Class B
Actual		1,000.00		1,088.30		1.84
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.44		1.79

*	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 184/365 (to reflect the one-half year period).

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/06


	1 Year		Since Inception*
Portfolio - A Shares	14.77	%	13.64	%
Portfolio - B Shares	14.48		13.35
Moderate-Plus Allocation Index (time-weighted)†	14.30		12.62
Moderate-Plus Allocation Index	14.30		12.72

*	Date of inception 7/31/03

†	AXA Equitable believes this newly selected index reflects more closely the market sectors in which the Portfolio invests at certain times in the Portfolio’s history.

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 14.77% for the year ended December 31, 2006. The Portfolio’s benchmark, the Moderate-Plus Allocation Index (time-weighted), returned 14.30% over the same period.

Portfolio Adviser

Portfolio Highlights

For the year ended December 31, 2006

As of December 31, 2006, the Portfolio was invested in 20 underlying EQ Advisors Trust and AXA Premier VIP Funds. These included 16 equity funds and 4 fixed income funds. The Portfolio’s fixed income allocation consisted of investment grade bonds (29.1%). The Portfolio’s equity allocation consisted of large cap growth stocks (14.5%), large cap value stocks (18.8%), international stocks (22.2%) and small and mid cap stocks (15.4%).

What helped performance during the year

•

From an asset allocation point of view, the Portfolio benefited from its exposure to international and emerging markets and the strong performance in the large cap value and small cap underlying holdings. These asset classes contributed most of the excess return during the year.

•

The top contributors to overall performance during the period were the AXA Premier VIP International, EQ/AllianceBernstein Value and EQ/ Mercury Basic Value Equity Portfolios.

•

The EQ/Van Kampen Emerging Markets Equity was the best performing Portfolio among the Portfolio’s underlying holdings.

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

•

What hurt performance during the year

•

The EQ/Alliance Large Cap Growth Portfolio was the only underlying holding with a negative return during the year.

•

The EQ/Long Term Bond Portfolio detracted from performance as portfolios with shorter durations performed better during the year.

Portfolio Allocation (as a percentage of Total Investment Companies)

As of December 31, 2006


EQ/Mercury Basic Value Equity Portfolio	11.3	%
AXA Premier VIP Core Bond Portfolio	10.0
EQ/AllianceBernstein Value Portfolio	9.1
EQ/Marsico Focus Portfolio	9.0
AXA Premier VIP International Equity Portfolio	8.5
EQ/Short Duration Bond Portfolio	8.4
AXA Premier VIP Large Cap Value Portfolio	6.2
AXA Premier VIP Aggressive Equity Portfolio	5.7
EQ/Mercury International Value Portfolio	4.7
AXA Premier VIP Large Cap Core Equity Portfolio	4.2
EQ/Van Kampen Emerging Markets Equity Portfolio	4.1
EQ/Long Term Bond Portfolio	4.0
EQ/AllianceBernstein Quality Bond Portfolio	3.5
EQ/Small Cap Value Portfolio	3.4
EQ/Capital Guardian International Portfolio	2.9
EQ/Small Company Index Portfolio	2.7
AXA Premier VIP Mid Cap Value Portfolio	1.4
AXA Premier VIP Mid Cap Growth Portfolio	0.6
EQ/AllianceBernstein Large Cap Growth Portfolio	0.3
EQ/Franklin Small Cap Value Portfolio	0.0	#

#	Less Than 0.1%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2006 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/06		Ending Account Value 12/31/06		Expenses Paid During Period* 7/1/06 - 12/31/06
Class A
Actual	$	1,000.00	$	1,107.90	$	0.53
Hypothetical (5% average annual return before expenses)		1,000.00		1,024.70		0.51
Class B
Actual		1,000.00		1,105.90		1.86
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.44		1.79

*	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 184/365 (to reflect the one-half year period).

AXA AGGRESSIVE ALLOCATION PORTFOLIO

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/06


	1 Year		Since Inception*
Portfolio - A Shares	18.22	%	15.22	%
Portfolio - B Shares	17.92		14.93
Aggressive Allocation Index (time-weighted)†	17.19		14.52
Aggressive Allocation Index	17.19		15.08

*	Date of inception 7/31/03

†	AXA Equitable believes this newly selected index reflects more closely the market sectors in which the Portfolio invests at certain times in the Portfolio’s history.

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 18.22% for the year ended December 31, 2006. The Portfolio’s benchmark, the Aggressive Allocation Index (time-weighted), returned 17.19% over the same period.

Portfolio Adviser

Portfolio Highlights

For the year ended December 31, 2006

As of December 31, 2006, the Portfolio was invested in 18 underlying EQ Advisors Trust and AXA Premier VIP Funds. These included 16 equity funds and 2 fixed income funds. The Portfolio’s fixed income allocation consisted of investment grade bonds (10.1%). The Portfolio’s equity allocation consisted of large cap growth stocks (18.7%), large cap value stocks (23.3%), international stocks (27.5%) and small and mid cap stocks (20.4%).

What helped performance during the year

•

The top contributors to overall performance during the period were the AXA Premier VIP International, EQ/AllianceBernstein Value and EQ/ Mercury Basic Value Equity Portfolios.

•

The EQ/Van Kampen Emerging Markets Equity was the best performing Portfolio among the Portfolio’s underlying holdings.

•

AXA AGGRESSIVE ALLOCATION PORTFOLIO

What hurt performance during the year

•

The EQ/Alliance Large Cap Growth Portfolio was the only underlying fund with a negative return in 2006. Fortunately, the impact on overall performance has not been significant since the weight of that Portfolio was rather limited during that period.

•

No exposure to High Yield.

Portfolio Allocation (as a percentage of Total Investment Companies)

As of December 31, 2006


EQ/Mercury Basic Value Equity Portfolio	12.8	%
EQ/Marsico Focus Portfolio	12.4
EQ/AllianceBernstein Value Portfolio	12.1
AXA Premier VIP International Equity Portfolio	9.9
EQ/Mercury International Value Portfolio	8.3
AXA Premier VIP Large Cap Value Portfolio	7.9
AXA Premier VIP Aggressive Equity Portfolio	7.4
EQ/Small Cap Value Portfolio	5.2
AXA Premier VIP Large Cap Core Equity Portfolio	5.0
EQ/Van Kampen Emerging Markets Equity Portfolio	4.6
AXA Premier VIP Core Bond Portfolio	4.4
EQ/Small Company Index Portfolio	4.3
EQ/Capital Guardian International Portfolio	2.0
EQ/AllianceBernstein Quality Bond Portfolio	1.5
AXA Premier VIP Mid Cap Value Portfolio	1.2
EQ/AllianceBernstein Large Cap Growth Portfolio	0.5
AXA Premier VIP Mid Cap Growth Portfolio	0.5
EQ/Franklin Small Cap Value Portfolio	0.0	#

#	Less Than 0.1%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2006 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/06		Ending Account Value 12/31/06		Expenses Paid During Period* 7/1/06 - 12/31/06
Class A
Actual	$	1,000.00	$	1,124.40	$0.54
Hypothetical (5% average annual return before expenses)		1,000.00		1,024.70	0.51
Class B
Actual		1,000.00		1,122.40	1.87
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.44	1.79

*	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 184/365 (to reflect the one-half year period).

AXA PREMIER VIP AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO ADVISERS

•

AllianceBernstein L.P.

•

Legg Mason Capital Management, Inc.

•

Marsico Capital Management LLC

•

MFS Investment Management

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/06


	1 Year		5 Years		10 Years		Since Incept.*
Portfolio – A Shares	5.38	%	4.78	%	0.84	%	10.53	%
Portfolio – B Shares**	5.08		4.52		0.58		10.30
Russell 3000 Growth Index	9.46		3.02		5.34		10.28

*	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.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 5.38% for the year ended December 31, 2006. The Portfolio’s benchmark, the Russell 3000 Growth Index, returned 9.46% over the same period.

The following commentary describes key factors (such as stock selection and sector allocation decisions) which helped or hurt the Portfolio’s performance relative to its benchmark, the Russell 3000 Growth Index.

Portfolio Highlights

For the year ended December 31, 2006

What helped performance during the year

•

Stock selection and an emphasis in the Financials sector benefited the Portfolio. Goldman Sachs Group, Chicago Mercantile Exchange, and International Securities Exchange Holdings posted strong gains.

•

Stock selection in Telecommunications Service and an overweight in the sector added to performance. Level 3 Communications was the top contributor in the sector and the Portfolio for the period.

•

From an individual security perspective, the significant contributors included Wynn Resorts Ltd., casino resorts operator Las Vegas Sands Corp., and Four Seasons Hotel.

•

The Portfolio’s underweighted position in the weak-performing semiconductor company Intel also helped.

What hurt performance during the year

•

Negative contribution from security selection was the primary driver of underperformance for the year. The Portfolio was hurt most dramatically by stock choices in Health Care, Information Technology, and Consumer Discretionary.

•

From an individual security perspective, the most significant detractors included XM Satellite Radio, Amazon.com and Expedia in Consumer Discretionary, eBay, Yahoo!, and Juniper Networks Inc. in Information Technology and Affymetrix Inc., UnitedHealth Group Inc., and Curis Inc. in Health Care.

•

An underweight in the Industrials sector also detracted from performance.

AXA PREMIER VIP AGGRESSIVE EQUITY PORTFOLIO


Sector Weightings as of 12/31/06	% of Net Assets
Information Technology	30.9	%
Consumer Discretionary	20.8
Financials	14.9
Health Care	13.9
Industrials	8.2
Consumer Staples	2.7
Telecommunication Services	2.5
Energy	2.3
Materials	1.3
Cash and Other	2.5

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2006 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/06		Ending Account Value 12/31/06		Expenses Paid During Period* 7/1/06 - 12/31/06
Class A
Actual	$	1,000.00	$	1,083.50	$	4.20
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.17		4.08
Class B
Actual		1,000.00		1,082.10		5.51
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.91		5.35

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.80% and 1.05%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

AXA PREMIER VIP CORE BOND PORTFOLIO

PORTFOLIO ADVISERS

•

BlackRock Financial Management, Inc.

•

Pacific Investment Management Company LLC (PIMCO)

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/06


	1 Year		5 Years		Since Incept.*
Portfolio - A Shares	3.96	%	4.50	%	4.50	%
Portfolio - B Shares	3.80		4.25		4.25
Lehman Brothers Aggregate Bond Index	4.33		5.06		5.06

*	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 3.96% for the year ended December 31, 2006. The Portfolio’s benchmark, the Lehman Brothers Aggregate Bond Index, returned 4.33% over the same period.

Portfolio Highlights

For the year ended December 31, 2006

What helped performance during the year

•

Short duration asset backed bonds, which gained amid demand for their attractive yields and strong credit quality, contributed to performance.

•

A tactical allocation to select high yield bonds was additive.

•

Modest emerging markets exposure aided performance, due to strong capital inflows and continued improvements in credit quality.

What hurt performance during the year

•

Longer than benchmark duration detracted from performance as rates rose, especially near the end of the year.

•

An underweight to high-grade corporates was negative, where credit premiums narrowed and demand remained strong among investors hungry for yield.

Portfolio Characteristics

As of December 31, 2006


Weighted Average Life (Years)		5.7
Weighted Average Coupon (%)		5.1
Weighted Average Modified Duration (Years)*		4.3
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.

AXA PREMIER VIP CORE BOND PORTFOLIO

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2006 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/06		Ending Account Value 12/31/06		Expenses Paid During Period* 7/1/06 - 12/31/06
Class A
Actual	$	1,000.00	$	1,045.60	$	3.61
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.68		3.57
Class B
Actual		1,000.00		1,044.30		4.90
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.42		4.84

*	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 184/365 (to reflect the one-half year period).

AXA PREMIER VIP HEALTH CARE PORTFOLIO

PORTFOLIO ADVISERS

•

A I M Capital Management, Inc.

•

RCM Capital Management LLC

•

Wellington Management Company, LLP

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/06


	1 Year		5 Years		Since Incept.*
Portfolio - A Shares	5.39	%	5.55	%	5.55	%
Portfolio - B Shares	5.08		5.27		5.27
Russell 1000 Health Care Index†	6.32		2.29		2.29
Russell 1000 Index	15.46		6.82		6.82

*	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 5.39% for the year ended December 31, 2006. The Portfolio’s benchmark, the Russell 1000 Health Care Index, returned 6.32% over the same period.

Portfolio Highlights

For the year ended December 31, 2006

What helped performance during the year

•

Stock selection in biotechnology and pharmaceuticals was the leading contributor to Portfolio performance for the year.

•

The six top contributors to performance for the reporting period were pharmaceutical companies. Shire PLC is a specialty pharmaceutical company focused in the areas of the central nervous system, gastrointestinal and human genetic therapies. The stock rose due to a patent settlement for its largest product, Adderall XR. Strong performances from Japanese Pharmaceutical companies Daiichi Sankyo, Shionogi, and Eisai were relative contributors to the Portfolio. Roche Holdings, a Swiss drug company with very few expiring patents, and Ipsen were also contributors.

•

Genentech was a notable contributor in the biotechnology sector.

•

An underweight in the Health Care Providers and Services sector also added to performance.

What hurt performance during the year

•

Throughout the period, the Portfolio maintained an underweight position in large cap pharmaceutical companies, in particular Merck & Co Inc., Pfizer Inc. and Johnson & Johnson, which detracted from performance.

•

An overweight position in the biotechnology sector was a net detractor from performance over the year. Nuvelo Inc. dropped when disappointing Phase 3 data was reported on its lead compound. MedImmune Inc. shares declined during the third quarter of 2006 after the company reported a decrease in year-over-year revenues, which were mostly due to increased competition.

•

Health Care Providers and Services stock selection was a net detractor, led by Aetna Inc.

•

Adolor’s stock fell during the third quarter of 2006 upon news that the FDA required more data for its lead compound Entereg, leading to a one year delay in the product’s introduction.

AXA PREMIER VIP HEALTH CARE PORTFOLIO


Sector Weightings as of 12/31/06	% of Net Assets
Pharmaceuticals	44.1	%
Biotechnology	21.0
Health Care Equipment	14.5
Managed Health Care	5.4
Health Care Services	3.2
Health Care Distributors	2.7
Life Sciences Tools & Services	2.6
Consumer Staples	1.2
Health Care Facilities	1.0
Health Care Technology	0.9
Industrials	0.5
Health Care Supplies	0.2
Materials	0.1
Cash and Other	2.6

Total	100.0	%

UNDERSTANDING YOUR EXPENSES :

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2006 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/06		Ending Account Value 12/31/06		Expenses Paid During Period* 7/1/06 - 12/31/06
Class A
Actual	$	1,000.00	$	1,073.30	$	7.53
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.95		7.32
Class B
Actual		1,000.00		1,071.30		8.82
Hypothetical (5% average annual return before expenses)		1,000.00		1,016.69		8.59

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.44% and 1.69%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

AXA PREMIER VIP HIGH YIELD PORTFOLIO

PORTFOLIO ADVISERS

•

Pacific Investment Management Company LLC (PIMCO)

•

Post Advisory Group, LLC

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/06


	1 Year		5 Years		10 Years		Since Incept.*
Portfolio – A Shares	10.21	%	8.22	%	4.03	%	7.66	%
Portfolio – B Shares**	9.93		7.95		3.78		7.41
Merrill Lynch U.S. High Yield Master Cash Pay Only Index	11.59		9.84		6.85		9.03

*	Date of inception 1/2/87

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 10.21% for the year ended December 31, 2006. The Portfolio’s benchmark, the Merrill Lynch U.S. High Yield Master Cash Pay Only Index, returned 11.59% over the same period.

Portfolio Highlights

For the year ended December 31, 2006

What helped performance during the year

•

An underweight to BB-rated bonds, which underperformed B-rated issues, contributed positively to performance.

•

Security selection in the Energy sector with an emphasis on pipeline companies was positive.

What hurt performance during the year

•

Exposure to the BBB-rated sector, which lagged the overall high yield market, detracted from performance.

•

An underweight to consumer non-cyclical issues detracted as this sector outperformed the high yield market.

Portfolio Characteristics

As of December 31, 2006


Weighted Average Life (Years)		6.7
Weighted Average Coupon (%)		8.1
Weighted Average Modified Duration (Years)*		3.8
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.


Distribution of Assets by Sector as of 12/31/06	% of Net Assets
Corporate Bonds	91.1	%
Commercial Paper	2.1
Asset Backed Securities	0.3
Cash and Other	6.5

Total	100.0	%

AXA PREMIER VIP HIGH YIELD PORTFOLIO

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2006 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/06		Ending Account Value 12/31/06		Expenses Paid During Period* 7/1/06 - 12/31/06
Class A
Actual	$	1,000.00	$	1,072.70	$	3.97
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.37		3.87
Class B
Actual		1,000.00		1,071.70		5.27
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.11		5.14

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.76% and 1.01%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

AXA PREMIER VIP INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO ADVISERS

•

AllianceBernstein L.P.

•

J.P. Morgan Investment Management Inc.

•

Marsico Capital Management LLC.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/06


	1 Year		5 Years		Since Incept.*
Portfolio - A Shares	25.58	%	12.89	%	12.89	%
Portfolio - B Shares	25.30		12.64		12.64
MSCI EAFE Index	26.34		14.98		14.98

*	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 25.58% for the year ended December 31, 2006. The Portfolio’s benchmark, the MSCI EAFE Index, returned 26.34% over the same period.

Portfolio Highlights

For the year ended December 31, 2006

What helped performance during the year

•

The most significant positive contributor to performance was stock selection in the Materials sector, such as Arcelor and Xstrata PLC, which benefited from consolidation in the steel and other metals industries.

•

Stock selection in the Industrials sector was also strong, led by Vallourec, a France-based manufacturer of carbon steel and low alloy tubes.

•

Energy and Telecommunications Services stock selection were also positive contributors.

•

Other individual contributors included Veolia Environnement, America Movil, Inc., Commercial Bank of China, Softbank Corp., Esprit Holdings and Capitaland.

What hurt performance during the year

•

A position in Japan-based financial company Credit Saison emerged as the largest individual detractor in the period.

•

An underweight in the Utilities sector relative to the benchmark was the largest sector impact.

•

The Portfolio’s Japan-based holdings in the Consumer Discretionary sector struggled, including Yamada Denki and Sega Sammy Holdings.

•

Korean Semiconductor & Semi-Equipment holding Samsung Electronics hurt results.

•

A specific position in the Food & Staples Retailing industry, Seiyu, was a weak performer.

AXA PREMIER VIP INTERNATIONAL EQUITY PORTFOLIO


Sector Weightings as of 12/31/06	% of Net Assets
Financials	30.0	%
Consumer Discretionary	13.6
Industrials	9.5
Materials	9.1
Information Technology	7.5
Energy	7.0
Consumer Staples	6.4
Health Care	6.0
Telecommunication Services	4.0
Utilities	2.6
Cash and Other	4.3

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2006 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/06		Ending Account Value 12/31/06		Expenses Paid During Period* 7/1/06 - 12/31/06
Class A
Actual	$	1,000.00	$	1,143.00	$	6.86
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.80		6.46
Class B
Actual		1,000.00		1,141.90		8.21
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.54		7.73

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.27% and 1.52%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

AXA PREMIER VIP LARGE CAP CORE EQUITY PORTFOLIO

PORTFOLIO ADVISERS

•

AllianceBernstein L.P.

•

Janus Capital Management LLC

•

Thornburg Investment Management, Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/06


	1 Year		5 Years		Since Inception*
Portfolio - A Shares	13.84	%	5.97	%	5.97	%
Portfolio - B Shares	13.56		5.70		5.70
S&P 500 Index	15.80		6.19		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 13.84% for the year ended December 31, 2006. The Portfolio’s benchmark, the S&P 500 Index, returned 15.80% over the same period.

Portfolio Highlights

For the year ended December 31, 2006

What helped performance during the year

•

Stock selection was particularly strong in the Consumer Discretionary sector with positive contributions from a diverse array of holdings including Las Vegas Sands, Comcast Corp., DIRECTV Group, and MGM Mirage. Las Vegas Sands, the largest single contributor to the Portfolio, was recognized for the potential value of its gaming property developments in Macau and Singapore. Comcast Corp. and DIRECTV Group rebounded from modest valuations in prior periods for their attractive annuity-like subscription revenue streams.

•

Information Technology, Telecommunications Services and Materials also offered positive contributors such as Research In Motion, NII Holdings and Southern Copper Corp. Research In Motion is the manufacturer of wireless data devices. NII Holdings continues to add mobile subscribers profitably and expand penetration rates in Latin America.

•

An overweight in the Telecommunications Service sector was the largest positive contributor from a sector allocation perspective.

What hurt performance during the year

•

Stock selection in the Health Care and Information Technology sectors was the largest detractor from performance for the year. Stock selection that hurt performance included UnitedHealth Group Inc., Coventry Health Care, Caremark RX Inc. Yahoo Inc. and Advanced Micro Devices.

•

An overweight position in Health Care and an underweight position in Information Technology relative to the benchmark also detracted from performance.

•

XM Satellite Radio, which was unable to sustain subscriber growth at anticipated levels, was the largest individual detractor.

AXA PREMIER VIP LARGE CAP CORE EQUITY PORTFOLIO


Sector Weightings as of 12/31/06	% of Net Assets
Information Technology	18.3	%
Financials	17.9
Health Care	13.5
Consumer Discretionary	12.4
Energy	8.3
Industrials	8.1
Consumer Staples	6.4
Telecommunication Services	5.2
Materials	4.0
Utilities	1.3
Cash and Other	4.6

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2006 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/06		Ending Account Value 12/31/06		Expenses Paid During Period* 7/1/06 - 12/31/06
Class A
Actual	$	1,000.00	$	1,126.40	$	5.90
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.66		5.60
Class B
Actual		1,000.00		1,124.60		7.23
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.40		6.87

*	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 184/365 (to reflect the one-half year period).

AXA PREMIER VIP LARGE CAP GROWTH PORTFOLIO

PORTFOLIO ADVISERS

•

AllianceBernstein L.P.

•

RCM Capital Management LLC

•

TCW Investment Management Company

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/06


	1 Year		5 Years		Since Inception*
Portfolio - A Shares	0.44	%	0.88	%	0.88	%
Portfolio - B Shares	0.15		0.62		0.62
Russell 1000 Growth Index	9.07		2.69		2.69

*	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 0.44% for the year ended December 31, 2006. The Portfolio’s benchmark, the Russell 1000 Growth Index, returned 9.07% over the same period.

Portfolio Highlights

For the year ended December 31, 2006

What helped performance during the year

•

Overweighting the outperforming Financial Services sector was the leading contributor to performance.

•

An underweight relative to the benchmark in poor performing Intel Corp. was a key individual contributor to performance.

•

As a leader in networked storage solutions, Network Appliance successfully broadened its distribution channels, launched new products, and moved further up market.

•

Positions in Goldman Sachs, Pixar, and Apple Computer were notable contributors to overall performance relative to the benchmark.

•

Better stock selection relative to the benchmark in the Energy sector was also additive.

What hurt performance during the year

•

Stock selection in the Information Technology sector was the largest detractor from performance, led by holdings Yahoo Inc., eBay Inc., Qualcomm Inc., Marvell Technology Group, and Advanced Micro Devices. Underweighting Cisco Systems Inc. relative to the benchmark also detracted in this sector.

•

Stock selection in Health Care and Financials also detracted. Genentech Inc. and Teva Pharmaceutical Inc. were notable detractors in Health Care and Progressive Corp. was a notable detractor in Financials.

•

Consumer Discretionary stock selection was also negative, let by holding Amazon.com.

AXA PREMIER VIP LARGE CAP GROWTH PORTFOLIO


Sector Weightings as of 12/31/06	% of Net Assets
Information Technology	28.3	%
Health Care	21.3
Financials	18.4
Consumer Discretionary	9.9
Industrials	8.5
Energy	5.1
Consumer Staples	5.1
Materials	0.5
Cash and Other	2.9

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2006 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/06		Ending Account Value 12/31/06		Expenses Paid During Period* 7/1/06 - 12/31/06
Class A
Actual	$	1,000.00	$	1,068.10	$	5.73
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.66		5.60
Class B
Actual		1,000.00		1,065.60		7.03
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.40		6.87

*	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 184/365 (to reflect the one-half year period).

AXA PREMIER VIP LARGE CAP VALUE PORTFOLIO

PORTFOLIO ADVISERS

•

AllianceBernstein L.P.

•

MFS Investment Management

•

Institutional Capital Corporation

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/06


	1 Year		5 Years		Since Inception*
Portfolio - A Shares	19.62	%	9.25	%	9.25	%
Portfolio - B Shares	19.32		8.97		8.97
Russell 1000 Value Index	22.25		10.86		10.86

*	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 19.62% for the year ended December 31, 2006. The Portfolio’s benchmark, the Russell 1000 Value Index, returned 22.25% over the same period.

Portfolio Highlights

For the year ended December 31, 2006

What helped performance during the year

•

Stock selection in the Financial Services sector was the top contributor to relative returns. Overweighting investment banking firm Goldman Sachs was the key factor in these results. Throughout the year Goldman Sachs delivered earnings results that exceeded expectations and completed a substantial share repurchase program.

•

Health Care stock selection was also positive, led by Abbott Labs.

•

Consumer Discretionary holdings Intercontinental Hotels and Sears Holdings Corp. and Industrials holding Lockheed Martin were notable individual contributors.

•

A significant underweight in the Financials sector also added to performance.

What hurt performance during the year

•

Stock selection in Telecommunications Services was the principle negative influence on relative returns during the period. Within this sector, an overweighted position in weak-performing wireless provider Sprint Nextel was a primary detractor from relative performance. The stock was down due to weaker-than-expected growth in subscribers and worries regarding the quality of the customer base. Underweight positions in benchmark constituents Bellsouth and AT&T Inc., both of which were strong performers versus the benchmark, also detracted.

•

Stock selection in Consumer Staples also detracted, led by holding Wal Mart Stores Inc., which is not a constituent of the benchmark.

•

Underweighting Exxon Mobil took away from results as the stock greatly outperformed the benchmark.

•

An underweight in the Telecommunications Services sector also detracted from performance for the year.

AXA PREMIER VIP LARGE CAP VALUE PORTFOLIO


Sector Weightings as of 12/31/06	% of Net Assets
Financials	28.0	%
Energy	11.7
Industrials	11.5
Health Care	10.5
Consumer Discretionary	9.6
Consumer Staples	8.7
Information Technology	7.3
Materials	4.8
Utilities	3.6
Telecommunication Services	2.4
Cash and Other	1.9

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2006 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/06		Ending Account Value 12/31/06		Expenses Paid During Period* 7/1/06 - 12/31/06
Class A
Actual	$	1,000.00	$	1,142.90	$	5.94
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.66		5.60
Class B
Actual		1,000.00		1,141.00		7.29
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.40		6.87

*	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 184/365 (to reflect the one-half year period).

AXA PREMIER VIP MID CAP GROWTH PORTFOLIO

PORTFOLIO ADVISERS

•

AllianceBernstein L.P.

•

Franklin Advisers, Inc.

•

Provident Investment Counsel, Inc.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/06


	1 Year		5 Years		Since Inception*
Portfolio - A Shares	9.83	%	3.44	%	3.44	%
Portfolio - B Shares	9.62		3.18		3.18
Russell Mid Cap Growth Index	10.66		8.22		8.22

*	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 9.83% for the year ended December 31, 2006. The Portfolio’s benchmark, the Russell Mid Cap Growth Index, returned 10.66% over the same period.

Portfolio Highlights

For the year ended December 31, 2006

What helped performance during the year

•

Driven by stock selection, the Information Technology sector contributed the most to results relative to the benchmark. In particular, positions in Alliance Data Systems, Broadcom Corp., and Nvidia Corp. performed well.

•

CB Richard Ellis Group was the top individual contributor on a relative basis.

•

Although Consumer Discretionary stock selection relative to the benchmark detracted, several Consumer Discretionary holdings aided performance, including Gamestop Corp., Orient-Express Hotels, Marriott International Inc., and not holding Sirius Satellite Radio.

•

Energy stock selection was also additive, although no individual holding stands out.

•

An overweight in the Telecommunications Services sector helped performance, led by NII Holdings.

•

An underweight position in Whole Foods Market Inc. relative to the benchmark also helped performance.

What hurt performance during the year

•

Health Care and Consumer Discretionary stock selection were the largest detractors. Consumer Discretionary holdings Chicos FAS Inc. and Getty Images Inc. were the largest individual detractors relative to the benchmark, followed by Health Care holding Dexcom Inc.

•

Other holdings detracting from relative performance included Information Technology holdings Microsemi Corp., PMC-Sierra Inc., Comverse Technology and Business Objects, Energy holdings Barrett Bill Corp and Grant Prideco, and Financials stock Chicago Mercantile Holdings.

AXA PREMIER VIP MID CAP GROWTH PORTFOLIO


Sector Weightings as of 12/31/06	% of Net Assets
Information Technology	23.5	%
Consumer Discretionary	16.4
Industrials	15.6
Health Care	15.3
Financials	11.3
Energy	7.9
Telecommunication Services	4.8
Materials	2.4
Consumer Staples	1.2
Utilities	0.1
Cash and Other	1.5

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2006 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/06		Ending Account Value 12/31/06		Expenses Paid During Period* 7/1/06 - 12/31/06
Class A
Actual	$	1,000.00	$	1,051.00	$	6.67
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.70		6.56
Class B
Actual		1,000.00		1,050.70		7.96
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.44		7.83

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.29% and 1.54%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

AXA PREMIER VIP MID CAP VALUE PORTFOLIO

PORTFOLIO ADVISERS

•

AXA Rosenberg Investment Management LLC

•

Wellington Management Company, LLP

•

TCW Investment Management Company

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/06


	1 Year		5 Years		Since Inception*
Portfolio - A Shares	15.08	%	8.58	%	8.58	%
Portfolio - B Shares	14.75		8.30		8.30
Russell Mid Cap Value Index	20.22		15.88		15.88

*	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 15.08% for the year ended December 31, 2006. The Portfolio’s benchmark, the Russell Mid Cap Value Index, returned 20.22% over the same period.

Portfolio Highlights

For the year ended December 31, 2006

What helped performance during the year

•

Strong stock selection within Information Technology was a contributor to relative performance, including LAM Research Corp. and Varian Semiconductor.

•

Materials stock selection also contributed to relative performance. The top contributor within the sector was Inco Ltd.

•

Officemax Inc. was the largest individual contributor on a relative basis.

What hurt performance during the year

•

The Portfolio was positioned with a significant overweighting in the Information Technology and Health Care sectors, which were the two worst performing sectors in the benchmark for the year, and an underweight position in the Consumer Staples sector, which was the second best performing sector in the benchmark.

•

Stock selection was weak in the Financials, Consumer Discretionary, Consumer Staples and Health Care sectors.

•

Not holding Archer Daniels Midland, Nucor Corp. and Kerr McGee Corp. was the largest relative detractor from an individual securities perspective.

AXA PREMIER VIP MID CAP VALUE PORTFOLIO


Sector Weightings as of 12/31/06	% of Net Assets
Financials	22.3	%
Information Technology	18.4
Industrials	15.3
Consumer Discretionary	12.3
Health Care	8.9
Materials	7.1
Utilities	5.6
Energy	3.7
Consumer Staples	3.4
Telecommunication Services	0.9
Cash and Other	2.1

Total	100.0	%

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2006 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/06		Ending Account Value 12/31/06		Expenses Paid During Period* 7/1/06 - 12/31/06
Class A
Actual	$	1,000.00	$	1,079.80	$	6.76
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.70		6.56
Class B
Actual		1,000.00		1,077.90		8.07
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.44		7.83

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.29% and 1.54%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

AXA PREMIER VIP TECHNOLOGY PORTFOLIO

PORTFOLIO ADVISERS

•

Firsthand Capital Management, Inc.

•

RCM Capital Management LLC.

•

Wellington Management Company, LLP.

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/06


	1 Year		5 Years		Since Inception*
Portfolio - A Shares	7.54	%	2.81	%	2.81	%
Portfolio - B Shares	7.33		2.56		2.56
Russell 1000 Technology Index†	10.58		0.99		0.99
Russell 1000 Index	15.46		6.82		6.82

*	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 7.54% for the year ended December 31, 2006. The Portfolio’s benchmark, the Russell 1000 Technology Index, returned 10.58% over the same period.

Portfolio Highlights

For the year ended December 31, 2006

What helped performance during the year

•

An overweight in Internet Software & Services was the largest positive contributor from a sector allocation perspective.

•

Within the Semiconductors & Semiconductor Equipment sector, an underweight to Intel was highly additive to relative performance, and the top contributing name during the period. Shares of Intel slipped as weaker than expected sales and increasing competition crimped Intel’s market share.

•

An underweight to Dell Inc. was also additive.

•

Also contributing to relative performance were positions in non-benchmark constituents, including Tencent Holdings Ltd., Amdocs Ltd., Nintendo Co. Ltd. and Mercury Interactive Co.

What hurt performance during the year

•

The largest detractor from Portfolio performance on a relative basis was the Portfolio’s Internet Software and Services holdings. eBay struggled as the online auction giant saw decelerating growth in several of its key markets and decided to cut its losses in China by shutting down its website and replacing it with a joint venture run by a Chinese Internet company. Yahoo! delayed the launch of its new search monetization algorithm and was forced to guide down advertising revenue expectations late in the year due to cancellations in auto and financial ad buys.

•

For the period, a relative underweight in networking giant Cisco Systems was the leading individual detractor from performance. After languishing for the past few years, shares of Cisco rallied more than 50% as the company enjoyed steadily improving financial results throughout 2006 due primarily to its acquisition of Scientific-Atlanta.

•

Underweight positions in Hewlett Packard Co. and IBM also hurt relative performance.

•

Within Software, relative underweight positions in Oracle and Microsoft detracted from performance.

•

Semiconductor & Semiconductor Equipment sector holding Marvell Technology Group also detracted from performance as it reported orders that did not meet expectations. An overweight in the sector also detracted.

AXA PREMIER VIP TECHNOLOGY PORTFOLIO


Sector Weightings as of 12/31/06	% of Net Assets
Semiconductors & Semiconductor Equipment	23.4	%
Software	19.6
Communications Equipment	14.1
Computers & Peripherals	13.3
Internet Software & Services	8.5
IT Services	6.0
Electronic Equipment & Instruments	3.9
Industrials	3.1
Telecommunication Services	2.2
Consumer Discretionary	1.4
Energy	1.1
Health Care	0.6
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:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2006 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value 7/1/06		Ending Account Value 12/31/06		Expenses Paid During Period* 7/1/06 - 12/31/06
Class A
Actual	$	1,000.00	$	1,109.80	$	7.66
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.95		7.32
Class B
Actual		1,000.00		1,108.00		8.98
Hypothetical (5% average annual return before expenses)		1,000.00		1,016.69		8.59

*	Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 1.44% and 1.69%, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

TARGET 2015 ALLOCATION PORTFOLIO

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/06


	Since Inception*
Portfolio - A Shares	7.94	%
Portfolio - B Shares	7.85
Target 2015 Allocation Index	7.43

*	Date of inception 8/31/06

Returns for periods less than one year are not annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 7.94% for the period August 31, 2006 through December 31, 2006. The Portfolio’s benchmark, the Target 2015 Allocation Index, returned 7.43% over the same period.

Portfolio Adviser

*	The Portfolio commenced operations on August 31, 2006.

Portfolio Highlights

For the period August 31, 2006-December 31, 2006

As of December 31, 2006, the Portfolio was invested in 10 underlying EQ Advisors Trust and AXA Premier VIP Funds. These included 8 equity funds and 2 fixed income funds. The Portfolio’s fixed income allocation consisted of investment grade bonds (24.8%) and high yield bonds (4.6%). The Portfolio’s equity allocation consisted of large cap growth stocks (15.9%), large cap value stocks (14.4%), international stocks (21.7%) and small and mid cap stocks (18.6%).

During the fall, stocks rallied, buoyed by solid earnings reports, by signs that economic growth was moderating and by growing investor belief that the Federal Reserve was finished raising interest rates.

International markets were up approximately 10% between the end of August and year end. Emerging markets once again outperformed the developed world with a return exceeding 20% for the same period.

What helped performance during the year

•

The Portfolio’s performance over the period was aided most by strong performance in the large cap and international underlying holdings, although all asset classes contributed positively to performance.

•

The active holdings which helped to generate excess returns in the equity portion of the Portfolio were the EQ/Van Kampen Emerging Markets Equity and the AXA Premier VIP Aggressive Equity Portfolios.

•

Since inception, the AXA Premier VIP High Yield Portfolio made a meaningful contribution to performance within the fixed income portion of the Portfolio.

What hurt performance during the year

•

During the relatively short period since inception, there were few meaningful detractors from Portfolio performance.

Since this Portfolio invests directly in underlying Portfolios, all risks associated with the eligible underlying Portfolios apply to the Portfolio. Investing in the Target Allocation Portfolios will involve a higher overall cost than if you were to invest directly in their underlying funds.

TARGET 2015 ALLOCATION PORTFOLIO

Portfolio Allocation (as a percentage of Total Investment Companies)

As of December 31, 2006


EQ/Equity 500 Index	28.8	%
EQ/Bond Index Portfolio	23.4
EQ/International ETF Portfolio	16.1
EQ/Small Company Index Portfolio	8.4
AXA Premier VIP Aggressive Equity Portfolio	8.3
AXA Premier VIP High Yield Portfolio	4.9
EQ/Van Kampen Emerging Markets Equity	4.9
AXA Premier VIP Large Cap Value Portfolio	3.3
AXA Premier VIP Mid Cap Value Portfolio	1.4
AXA Premier VIP Mid Cap Growth Portfolio	0.5

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2006 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

Please note that while the Portfolio commenced operations on August 31, 2006, the ‘Hypothetical Expenses Paid During the Period’ reflect projected activity for the full six months for the purposes of comparability.

EXAMPLE


	Beginning Account Value†		Ending Account Value 12/31/06		Expenses Paid During Period Ended 12/31/06*
Class A
Actual	$	1,000.00	$	1,079.40	$	1.22
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.44		1.79
Class B
Actual		1,000.00		1,078.50		2.08
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.18		3.06

†	Portfolio commenced operations on August 31, 2006.

Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.35% and 0.60%, respectively, multiplied by the average account value over the period, multiplied by 122/365 (to reflect the actual days in the period for the actual example) and multiplied by 184/365 (to reflect the one-half year period for the hypothetical example).

TARGET 2025 ALLOCATION PORTFOLIO

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/06


	Since Inception*
Portfolio - A Shares	8.71	%
Portfolio - B Shares	8.62
Target 2025 Allocation Index	8.21

*	Date of inception 8/31/06

Returns for periods less than one year are not annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 8.71% for the period August 31, 2006 through December 31, 2006. The Portfolio’s benchmark, the Target 2025 Allocation Index, returned 8.21% over the same period.

Portfolio Adviser

*	The Portfolio commenced operations on August 31, 2006.

Portfolio Highlights

For the period August 31, 2006-December 31, 2006

As of December 31, 2006, the Portfolio was invested in 10 underlying EQ Advisors Trust and AXA Premier VIP Funds. These included 8 equity funds and 2 fixed income funds. The Portfolio’s fixed income allocation consisted of investment grade bonds (17.0%) and high yield bonds (2.7%). The Portfolio’s equity allocation consisted of large cap growth stocks (18.1%), large cap value stocks (16.8%), international stocks (24.6%) and small and mid cap stocks (20.8%).

International markets were up approximately 10% between the end of August and year end. Emerging markets once again outperformed the developed world with a return exceeding 20% for the same period.

What helped performance during the year

•

The active holdings which helped to generate excess returns in the equity portion of the Portfolio were the EQ/Van Kampen Emerging Markets Equity and the AXA Premier VIP Aggressive Equity Portfolios.

•

Since inception, the AXA Premier VIP High Yield Portfolio made a meaningful contribution to performance within the fixed income portion of the portfolio.

What hurt performance during the year

•

During the relatively short period since inception, there were few meaningful detractors from Portfolio performance.

TARGET 2025 ALLOCATION PORTFOLIO

Portfolio Allocation (as a percentage of Total Investment Companies)

As of December 31, 2006


EQ/Equity 500 Index	34.5	%
EQ/International ETF Portfolio	18.5
EQ/Bond Index Portfolio	15.6
EQ/Small Company Index Portfolio	9.2
AXA Premier VIP Aggressive Equity Portfolio	8.3
EQ/Van Kampen Emerging Markets Equity	5.4
AXA Premier VIP Large Cap Value Portfolio	3.2
AXA Premier VIP High Yield Portfolio	2.9
AXA Premier VIP Mid Cap Value Portfolio	1.6
AXA Premier VIP Mid Cap Growth Portfolio	0.8

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2006 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value†		Ending Account Value 12/31/06		Expenses Paid During Period Ended 12/31/06*
Class A
Actual	$	1,000.00	$	1,087.10	$	1.22
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.44		1.79
Class B
Actual		1,000.00		1,086.20		2.09
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.18		3.06

†	Portfolio commenced operations on August 31, 2006.

TARGET 2035 ALLOCATION PORTFOLIO

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/06


	Since Inception*
Portfolio - A Shares	9.45	%
Portfolio - B Shares	9.45
Target 2035 Allocation Index	9.00

*	Date of inception 8/31/06

Returns for periods less than one year are not annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 9.45% for the period August 31, 2006 through December 31, 2006. The Portfolio’s benchmark, the Target 2035 Allocation Index, returned 9.00% over the same period.

Portfolio Adviser

*	The Portfolio commenced operations on August 31, 2006.

Portfolio Highlights

For the period August 31, 2006-December 31, 2006

The Portfolio’s equity allocation consisted of large cap growth stocks (20.3%), large cap value stocks (19.0%), international stocks (28.0%) and small and mid cap stocks (22.9%).

International markets were up approximately 10% between the end of August and year end. Emerging markets once again outperformed the developed world with a return exceeding 20% for the same period.

What helped performance during the year

•

The active holdings which helped to generate excess returns in the equity portion of the Portfolio were the EQ/Van Kampen Emerging Markets Equity and the AXA Premier VIP Aggressive Equity Portfolios.

•

Since inception, the AXA Premier VIP High Yield Portfolio made a meaningful contribution to performance within the fixed income portion of the portfolio.

What hurt performance during the year

•

During the relatively short period since inception, there were few meaningful detractors from Portfolio performance.

TARGET 2035 ALLOCATION PORTFOLIO

Portfolio Allocation (as a percentage of Total Investment Companies)

As of December 31, 2006


EQ/Equity 500 Index	39.9	%
EQ/International ETF Portfolio	21.4
EQ/Small Company Index Portfolio	10.3
AXA Premier VIP Aggressive Equity Portfolio	8.2
EQ/Bond Index Portfolio	6.6
EQ/Van Kampen Emerging Markets Equity	6.0
AXA Premier VIP Large Cap Value Portfolio	3.3
AXA Premier VIP High Yield Portfolio	1.9
AXA Premier VIP Mid Cap Value Portfolio	1.4
AXA Premier VIP Mid Cap Growth Portfolio	1.0

UNDERSTANDING YOUR EXPENSES:

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2006 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE


	Beginning Account Value†		Ending Account Value 12/31/06		Expenses Paid During Period Ended 12/31/06*
Class A
Actual	$	1,000.00	$	1,094.50	$	1.23
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.44		1.79
Class B
Actual		1,000.00		1,094.50		2.10
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.18		3.06

†	Portfolio commenced operations on August 31, 2006.

Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.35% and 0.60% respectively, multiplied by the average account value over the period, multiplied by 122/365 (to reflect the actual days in the period for the actual example) and multiplied by 184/365 (to reflect the one-half year period for the hypothetical example).

TARGET 2045 ALLOCATION PORTFOLIO

PERFORMANCE RESULTS

LOGO

Annualized Total Returns as of 12/31/06


	Since Inception*
Portfolio - A Shares	10.16	%
Portfolio - B Shares	10.06
Target 2045 Allocation Index	9.78

*	Date of inception 8/31/06

Returns for periods less than one year are not annualized

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class A shares returned 10.16% for the period August 31, 2006 through December 31, 2006. The Portfolio’s benchmark, the Target 2045 Allocation Index, returned 9.78% over the same period.

Portfolio Adviser

*	The Portfolio commenced operations on August 31, 2006.

Portfolio Highlights

For the period August 31, 2006-December 31, 2006

As of December 31, 2006, the Portfolio was invested in 8 underlying EQ Advisors Trust and AXA Premier VIP Funds, all equity funds. The Portfolio’s fixed income allocation consisted of investment grade bonds (1.4%). The Portfolio’s equity allocation consisted of large cap growth stocks (21.9%), large cap value stocks (20.8%), international stocks (31.1%) and small and mid cap stocks (24.8%).

International markets were up approximately 10% between the end of August and year end. Emerging markets once again outperformed the developed world with a return exceeding 20% for the same period.

What helped performance during the year

•

The active holdings which helped to generate excess returns in the equity portion of the Portfolio were the EQ/Van Kampen Emerging Markets Equity and the AXA Premier VIP Aggressive Equity Portfolios.

What hurt performance during the year

•

During the relatively short period since inception, there were few meaningful detractors from Portfolio performance.

TARGET 2045 ALLOCATION PORTFOLIO

Portfolio Allocation (as a percentage of Total Investment Companies)

As of December 31, 2006


EQ/Equity 500 Index	43.9	%
EQ/International ETF Portfolio	23.8
EQ/Small Company Index Portfolio	11.2
AXA Premier VIP Aggressive Equity Portfolio	8.1
EQ/Van Kampen Emerging Markets Equity	6.7
AXA Premier VIP Large Cap Value Portfolio	3.5
AXA Premier VIP Mid Cap Value Portfolio	1.6
AXA Premier VIP Mid Cap Growth Portfolio	1.2

UNDERSTANDING YOUR EXPENSES :

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended December 31, 2006 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

EXAMPLE


	Beginning Account Value†		Ending Account Value 12/31/06		Expenses Paid During Period Ended 12/31/06*
Class A
Actual	$	1,000.00	$	1,101.60	$	1.23
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.44		1.79
Class B
Actual		1,000.00		1,100.60		2.11
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.18		3.06

†	Portfolio commenced operations on August 31, 2006.

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2006


	Number of Shares	Value (Note 1)
INVESTMENT COMPANIES:
AXA Premier VIP Aggressive Equity Portfolio‡	223,025	$	6,419,021
AXA Premier VIP Core Bond Portfolio‡	5,229,692		53,362,516
AXA Premier VIP High Yield Portfolio‡	3,355,768		18,820,630
AXA Premier VIP International Equity Portfolio‡	582,332		9,075,504
AXA Premier VIP Large Cap Core Equity Portfolio‡	231,341		2,766,304
AXA Premier VIP Large Cap Value Portfolio‡	713,149		9,147,950
AXA Premier VIP Mid Cap Value Portfolio‡	476,667		4,779,004
EQ/AllianceBernstein Quality Bond Portfolio‡	895,242		8,951,693
EQ/AllianceBernstein Value Portfolio‡	1,226,093		20,091,406
EQ/Capital Guardian International Portfolio‡	192,657		2,675,404
EQ/Evergreen International Bond Portfolio‡	1,553,002		15,653,728
EQ/Long Term Bond Portfolio‡	2,903,742		38,510,641
EQ/Marsico Focus Portfolio‡	624,539		10,557,488
EQ/Mercury Basic Value Equity Portfolio‡	603,229		10,274,721
EQ/Mercury International Value Portfolio‡	160,571		2,676,844
EQ/Money Market Portfolio‡	21,191		21,192
EQ/Short Duration Bond Portfolio‡	13,073,086		130,476,014

Total Investments (99.8%) (Cost $339,745,128)			344,260,060
Other Assets Less Liabilities (0.2%)			717,368

Net Assets (100%)		$	344,977,428

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

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

Investments in companies which were affiliates for the year ended December 31, 2006, were as follows:


Securities	Market Value December 31, 2005		Purchases at Cost		Sales at Cost		Market Value December 31, 2006		Dividend Income		Realized Gain/ (Loss)
AXA Premier VIP Aggressive Equity Portfolio	$	4,781,418	$	3,700,218	$	2,089,874	$	6,419,021	$	11,434	$	385,188
AXA Premier VIP Core Bond Portfolio		36,300,838		37,423,959		20,991,188		53,362,516		1,998,975		(561,522	)
AXA Premier VIP High Yield Portfolio		12,717,177		14,574,148		8,883,662		18,820,630		1,304,110		(101,770	)
AXA Premier VIP International Equity Portfolio		—		10,883,852		2,445,962		9,075,504		59,278		252,072
AXA Premier VIP Large Cap Core Equity Portfolio		176,308		3,917,495		1,531,718		2,766,304		16,755		61,476
AXA Premier VIP Large Cap Value Portfolio		563,032		12,165,310		4,323,781		9,147,950		83,432		441,261
AXA Premier VIP Mid Cap Value Portfolio		20,694		6,498,351		1,659,088		4,779,004		8,803		375,969
EQ/AllianceBernstein Quality Bond Portfolio		12,538,958		12,201,397		16,080,881		8,951,693		369,660		(338,697	)
EQ/AllianceBernstein Value Portfolio		25,849,582		11,956,072		19,130,036		20,091,406		344,412		2,382,616
EQ/Capital Guardian International Portfolio		—		3,318,282		736,865		2,675,404		34,848		108,607
EQ/Evergreen International Bond Portfolio		—		19,513,918		4,202,731		15,653,728		48,983		23,482
EQ/Long Term Bond Portfolio		26,761,725		27,990,032		16,705,391		38,510,641		1,582,375		(846,082	)
EQ/Marsico Focus Portfolio		11,163,214		5,813,677		6,069,818		10,557,488		42,800		1,446,483
EQ/Mercury Basic Value Equity Portfolio		5,783,539		7,852,171		4,137,405		10,274,721		142,028		777,608
EQ/Mercury International Value Portfolio		—		3,318,550		728,081		2,676,844		48,111		104,396
EQ/Money Market Portfolio		20,245		948		—		21,192		948		—
EQ/Short Duration Bond Portfolio		79,559,357		97,839,103		46,430,690		130,476,014		4,787,822		504,739

	$	216,236,087	$	278,967,483	$	156,147,171	$	344,260,060	$	10,884,774	$	5,015,826

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2006

Investment security transactions for the year ended December 31, 2006 were as follows:


Cost of Purchases:
Investment Companies	$	278,967,483
Net Proceeds of Sales and Redemptions:
Investment Companies	$	157,804,225

As of December 31, 2006, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	4,235,833
Aggregate gross unrealized depreciation		(2,338,490	)

Net unrealized appreciation	$	1,897,343

Federal income tax cost of investments	$	342,362,717

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2006


	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
AXA Premier VIP Aggressive Equity Portfolio‡		617,253	$	17,765,587
AXA Premier VIP Core Bond Portfolio‡		9,487,983		96,813,095
AXA Premier VIP High Yield Portfolio‡		6,240,655		35,000,351
AXA Premier VIP International Equity Portfolio‡		3,227,523		50,300,154
AXA Premier VIP Large Cap Core Equity Portfolio‡		989,176		11,828,243
AXA Premier VIP Large Cap Value Portfolio‡		2,511,382		32,214,874
AXA Premier VIP Mid Cap Growth Portfolio‡		218,874		1,978,990
AXA Premier VIP Mid Cap Value Portfolio‡		1,060,165		10,629,093
EQ/AllianceBernstein Quality Bond Portfolio‡		2,280,356		22,801,702
EQ/AllianceBernstein Value Portfolio‡		4,848,129		79,443,996
EQ/Capital Guardian International Portfolio‡		1,010,789		14,036,731
EQ/Evergreen International Bond Portfolio‡		2,992,195		30,160,303
EQ/Franklin Small Cap Value Portfolio‡		4,903		53,203
EQ/Long Term Bond Portfolio‡		4,609,252		61,129,833
EQ/Marsico Focus Portfolio‡		3,001,802		50,743,765
EQ/Mercury Basic Value Equity Portfolio‡		2,601,653		44,313,642
EQ/Mercury International Value Portfolio‡		843,386		14,059,918
EQ/Money Market Portfolio‡		21,191		21,192
EQ/Short Duration Bond Portfolio‡		21,368,231		213,265,762
EQ/Small Cap Value Portfolio‡		1,015,497		13,910,464
EQ/Small Company Index Portfolio‡		1,055,797		13,736,732

Total Investment Companies (99.9%) (Cost $795,243,682)				814,207,630


	Principal Amount
SHORT TERM INVESTMENT:
Time Deposit (0.0%)
JPMorgan Chase Nassau 4.75%, 1/2/07 (Amortized Cost $25,880)	$	25,880		25,880

Total Investments (99.9%) (Cost/Amortized Cost $795,269,562)				814,233,510
Other Assets Less Liabilities (0.1%)				511,000

Net Assets (100%)			$	814,744,510

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

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

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2006

Investments in companies which were affiliates for the year ended December 31, 2006, were as follows:


Securities	Market Value December 31, 2005		Purchases at Cost		Sales at Cost		Market Value December 31, 2006		Dividend Income		Realized Gain/ (Loss)
AXA Premier VIP Aggressive Equity Portfolio	$	9,849,595	$	7,901,762	$	824,601	$	17,765,587	$	31,318	$	123,689
AXA Premier VIP Core Bond Portfolio		59,355,412		41,035,650		3,718,140		96,813,095		3,481,300		(108,935	)
AXA Premier VIP High Yield Portfolio		25,056,425		16,053,493		6,952,984		35,000,351		2,404,780		(301,834	)
AXA Premier VIP International Equity Portfolio		—		49,733,330		1,894,827		50,300,154		325,629		1,895,290
AXA Premier VIP Large Cap Core Equity Portfolio		6,399,674		9,936,060		5,324,667		11,828,243		71,105		366,224
AXA Premier VIP Large Cap Value Portfolio		10,643,524		23,413,796		4,693,090		32,214,874		291,546		1,182,664
AXA Premier VIP Mid Cap Growth Portfolio		21,712		2,181,094		78,049		1,978,990		—		182,197
AXA Premier VIP Mid Cap Value Portfolio		20,607		11,611,085		544,393		10,629,093		19,339		1,005,027
EQ/AllianceBernstein Quality Bond Portfolio		20,466,782		14,512,561		12,322,193		22,801,702		924,126		(288,760	)
EQ/AllianceBernstein Value Portfolio		74,578,770		25,633,275		27,859,474		79,443,996		1,348,764		6,001,427
EQ/Capital Guardian International Portfolio		—		14,375,746		529,273		14,036,731		178,902		721,637
EQ/Evergreen International Bond Portfolio		—		30,655,246		1,089,878		30,160,303		93,190		43,234
EQ/Franklin Small Cap Value Portfolio		—		53,081		—		53,203		—		—
EQ/Long Term Bond Portfolio		43,624,260		29,094,931		11,298,748		61,129,833		2,483,201		(783,698	)
EQ/Marsico Focus Portfolio		63,964,877		13,412,695		25,885,556		50,743,765		203,693		5,747,574
EQ/Mercury Basic Value Equity Portfolio		31,763,420		20,660,478		11,847,705		44,313,642		606,454		3,051,295
EQ/Mercury International Value Portfolio		—		14,381,884		521,352		14,059,918		247,772		666,826
EQ/Money Market Portfolio		20,245		948		—		21,192		948		—
EQ/Short Duration Bond Portfolio		130,637,987		91,017,954		8,103,297		213,265,762		7,739,107		105,976
EQ/Small Cap Value Portfolio		12,565,424		3,087,606		1,989,984		13,910,464		70,682		1,656,946
EQ/Small Company Index Portfolio		—		14,262,114		789,102		13,736,732		127,714		634,061

	$	488,968,714	$	433,014,789	$	126,267,313	$	814,207,630	$	20,649,570	$	21,900,840

Investment security transactions for the year ended December 31, 2006 were as follows:


Cost of Purchases:
Investment Companies	$	433,014,789
Net Proceeds of Sales and Redemptions:
Investment Companies	$	132,452,117

As of December 31, 2006, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	22,780,779
Aggregate gross unrealized depreciation		(5,398,814	)

Net unrealized appreciation	$	17,381,965

Federal income tax cost of investments	$	796,851,545

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2006


	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
AXA Premier VIP Aggressive Equity Portfolio‡		10,436,294	$	300,374,133
AXA Premier VIP Core Bond Portfolio‡		89,870,231		917,014,241
AXA Premier VIP High Yield Portfolio‡		68,946,185		386,680,704
AXA Premier VIP International Equity Portfolio‡		33,233,373		517,933,957
AXA Premier VIP Large Cap Core Equity Portfolio‡		14,827,028		177,296,749
AXA Premier VIP Large Cap Value Portfolio‡		22,806,662		292,553,572
AXA Premier VIP Mid Cap Growth Portfolio‡		17,058,733		154,239,777
AXA Premier VIP Mid Cap Value Portfolio‡		22,278,128		223,357,862
EQ/AllianceBernstein Large Cap Growth Portfolio*‡		9,539,462		74,637,582
EQ/AllianceBernstein Quality Bond Portfolio‡		105,082,876		1,050,743,242
EQ/AllianceBernstein Value Portfolio‡		27,811,298		455,730,614
EQ/Capital Guardian International Portfolio‡		13,175,532		182,967,416
EQ/Evergreen International Bond Portfolio‡		22,424,331		226,029,580
EQ/Franklin Small Cap Value Portfolio‡		9,504		103,123
EQ/Long Term Bond Portfolio‡		18,065,424		239,591,218
EQ/Marsico Focus Portfolio‡		27,406,933		463,298,726
EQ/Mercury Basic Value Equity Portfolio‡		47,656,886		811,733,864
EQ/Mercury International Value Portfolio‡		10,929,716		182,206,994
EQ/Money Market Portfolio‡		21,191		21,192
EQ/Short Duration Bond Portfolio‡		81,807,599		816,481,232
EQ/Small Cap Value Portfolio‡		15,548,270		212,983,113
EQ/Small Company Index Portfolio‡		4,813,017		62,621,034
EQ/Van Kampen Emerging Markets Equity Portfolio‡		13,790,680		223,855,451

Total Investment Companies (100.0%) (Cost $7,546,673,002)				7,972,455,376


	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (0.1%)
JPMorgan Chase Nassau 4.75%, 1/2/07 (Amortized Cost $3,201,183)	$	3,201,183		3,201,183

Total Investments (100.1%) (Cost/Amortized Cost $7,549,874,185)				7,975,656,559
Other Assets Less Liabilities (-0.1%)				(4,369,685	)

Net Assets (100%)			$	7,971,286,874

*	Non-income producing.

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

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

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2006

Investments in companies which were affiliates for the year ended December 31, 2006, were as follows:


Securities	Market Value December 31, 2005		Purchases at Cost		Sales at Cost		Market Value December 31, 2006		Dividend Income		Realized Gain/ (Loss)
AXA Premier VIP Aggressive Equity Portfolio	$	269,659,975	$	27,366,927	$	8,453,260	$	300,374,133	$	532,011	$	3,860,590
AXA Premier VIP Core Bond Portfolio		692,147,765		239,830,241		14,142,463		917,014,241		35,104,778		(185,212	)
AXA Premier VIP High Yield Portfolio		365,593,732		30,861,982		18,224,476		386,680,704		26,672,750		533,113
AXA Premier VIP International Equity Portfolio		—		478,063,725		2,760,046		517,933,957		3,365,458		19,769,663
AXA Premier VIP Large Cap Core Equity Portfolio		138,583,252		24,260,371		1,775,564		177,296,749		1,068,281		3,608,180
AXA Premier VIP Large Cap Value Portfolio		170,595,278		96,315,533		6,514,629		292,553,572		2,654,977		9,620,153
AXA Premier VIP Mid Cap Growth Portfolio		180,872,503		26,195,258		43,305,947		154,239,777		—		25,554,335
AXA Premier VIP Mid Cap Value Portfolio		254,866,599		34,923,171		67,641,974		223,357,862		410,107		31,072,642
EQ/AllianceBernstein Large Cap Growth Portfolio		262,138,198		—		137,144,719		74,637,582		—		38,955,281
EQ/AllianceBernstein Quality Bond Portfolio		1,067,585,762		94,595,287		110,540,696		1,050,743,242		43,091,582		(1,937,760	)
EQ/AllianceBernstein Value Portfolio		590,013,219		97,339,977		278,176,444		455,730,614		7,763,265		37,871,859
EQ/Capital Guardian International Portfolio		—		175,186,703		980,789		182,967,416		2,248,360		9,436,085
EQ/Evergreen International Bond Portfolio		—		220,274,990		1,316,818		226,029,580		701,425		427,107
EQ/Franklin Small Cap Value Portfolio		—		103,117		—		103,123		—		—
EQ/Long Term Bond Portfolio		240,063,032		49,034,669		46,840,923		239,591,218		9,763,746		(3,694,812	)
EQ/Marsico Focus Portfolio		494,430,130		48,378,375		81,445,640		463,298,726		1,864,690		38,188,616
EQ/Mercury Basic Value Equity Portfolio		911,499,882		132,093,453		268,140,886		811,733,864		11,146,619		104,648,735
EQ/Mercury International Value Portfolio		—		175,375,252		968,328		182,206,994		3,120,255		8,765,200
EQ/Money Market Portfolio		20,245		948		—		21,192		948		—
EQ/Short Duration Bond Portfolio		712,102,163		172,295,812		70,285,041		816,481,232		29,744,540		148,028
EQ/Small Cap Value Portfolio		221,743,882		28,191,169		35,815,222		212,983,113		1,083,275		32,718,940
EQ/Small Company Index Portfolio		—		63,872,927		2,328,677		62,621,034		575,313		2,851,919
EQ/Van Kampen Emerging Markets Equity Portfolio		—		195,452,833		1,133,875		223,855,451		1,252,084		15,515,242

	$	6,571,915,617	$	2,410,012,720	$	1,197,936,417	$	7,972,455,376	$	182,164,464	$	377,727,904

Investment security transactions for the year ended December 31, 2006 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	2,410,012,720
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,365,336,189

As of December 31, 2006, 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	$	474,213,873
Aggregate gross unrealized depreciation		(50,495,886	)

Net unrealized appreciation	$	423,717,987

Federal income tax cost of investments	$	7,551,938,572

The Portfolio has a net capital loss carryforward of $55,165,305, of which $196,495 expires in the year 2008, and $54,968,810 expires in the year 2009.

The Portfolio utilized net capital loss carryforward of $154,825,135 during 2006.

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2006


	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
AXA Premier VIP Aggressive Equity Portfolio‡		13,158,883	$	378,734,859
AXA Premier VIP Core Bond Portfolio‡		65,293,529		666,239,477
AXA Premier VIP International Equity Portfolio‡		36,405,442		567,369,872
AXA Premier VIP Large Cap Core Equity Portfolio‡		23,324,368		278,905,160
AXA Premier VIP Large Cap Value Portfolio‡		32,518,807		417,136,578
AXA Premier VIP Mid Cap Growth Portfolio‡		4,460,688		40,332,155
AXA Premier VIP Mid Cap Value Portfolio‡		9,491,327		95,158,914
EQ/AllianceBernstein Large Cap Growth Portfolio*‡		2,574,670		20,144,444
EQ/AllianceBernstein Quality Bond Portfolio‡		23,561,608		235,596,909
EQ/AllianceBernstein Value Portfolio‡		37,348,523		612,012,618
EQ/Capital Guardian International Portfolio‡		14,119,774		196,080,028
EQ/Franklin Small Cap Value Portfolio‡		29,997		325,480
EQ/Long Term Bond Portfolio‡		20,153,947		267,290,086
EQ/Marsico Focus Portfolio‡		35,541,501		600,809,019
EQ/Mercury Basic Value Equity Portfolio‡		44,516,870		758,250,361
EQ/Mercury International Value Portfolio‡		18,715,837		312,007,787
EQ/Short Duration Bond Portfolio‡		56,233,481		561,238,591
EQ/Small Cap Value Portfolio‡		16,850,606		230,822,766
EQ/Small Company Index Portfolio‡		14,117,576		183,680,450
EQ/Van Kampen Emerging Markets Equity Portfolio‡		16,870,773		273,852,666

Total Investment Companies (99.8%) (Cost $6,270,144,913)				6,695,988,220


	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (0.3%)
JPMorgan Chase Nassau 4.75%, 1/2/07 (Amortized Cost $19,674,683)	$	19,674,683		19,674,683

Total Investments (100.1%) (Cost/Amortized Cost $6,289,819,596)				6,715,662,903
Other Assets Less Liabilities (-0.1%)				(7,585,174	)

Net Assets (100%)			$	6,708,077,729

*	Non-income producing.

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

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

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2006

Investments in companies which were affiliates for the year ended December 31, 2006, were as follows:


Securities	Market Value December 31, 2005		Purchases at Cost		Sales at Cost		Market Value December 31, 2006		Dividend Income		Realized Gain/ (Loss)
AXA Premier VIP Aggressive Equity Portfolio	$	163,710,870	$	195,089,194	$	—	$	378,734,859	$	656,914	$	—
AXA Premier VIP Core Bond Portfolio		311,680,663		353,762,751		—		666,239,477		21,057,848		—
AXA Premier VIP International Equity Portfolio		281,818,054		241,915,450		17,808,858		567,369,872		3,634,163		27,527,859
AXA Premier VIP Large Cap Core Equity Portfolio		102,344,861		162,520,505		6,282,153		278,905,160		1,649,243		5,407,248
AXA Premier VIP Large Cap Value Portfolio		82,253,937		302,947,821		—		417,136,578		3,708,590		12,811,998
AXA Premier VIP Mid Cap Growth Portfolio		24,298,144		21,411,610		4,623,714		40,332,155		—		4,092,598
AXA Premier VIP Mid Cap Value Portfolio		45,464,396		59,397,861		10,735,245		95,158,914		171,058		8,168,806
EQ/AllianceBernstein Large Cap Growth Portfolio		20,201,516		—		—		20,144,444		—		—
EQ/AllianceBernstein Quality Bond Portfolio		106,513,671		130,545,887		—		235,596,909		9,447,847		—
EQ/AllianceBernstein Value Portfolio		379,103,750		180,518,007		—		612,012,618		10,227,278		32,113,404
EQ/Capital Guardian International Portfolio		103,001,830		92,762,447		9,531,879		196,080,028		2,427,274		13,822,281
EQ/Franklin Small Cap Value Portfolio		—		325,889		—		325,480		—		—
EQ/Long Term Bond Portfolio		122,815,808		147,668,920		—		267,290,086		10,677,495		—
EQ/Marsico Focus Portfolio		279,970,805		295,371,768		5,911,949		600,809,019		2,366,433		12,933,163
EQ/Mercury Basic Value Equity Portfolio		280,468,409		424,905,175		—		758,250,361		10,214,896		38,230,673
EQ/Mercury International Value Portfolio		157,375,947		178,353,604		48,440,121		312,007,787		5,388,597		23,499,970
EQ/Short Duration Bond Portfolio		231,377,374		332,497,153		—		561,238,591		19,993,834		—
EQ/Small Cap Value Portfolio		180,318,451		71,005,297		22,680,329		230,822,766		1,149,385		26,615,602
EQ/Small Company Index Portfolio		—		180,377,215		38,600		183,680,450		1,662,622		8,020,902
EQ/Van Kampen Emerging Markets Equity Portfolio		116,638,590		132,328,595		11,629,686		273,852,666		1,508,303		23,508,679

	$	2,989,357,076	$	3,503,705,149	$	137,682,534	$	6,695,988,220	$	105,941,780	$	236,753,183

Investment security transactions for the year ended December 31, 2006 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	3,503,705,149
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	162,740,000

As of December 31, 2006, 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	$	455,881,848
Aggregate gross unrealized depreciation		(30,274,245	)

Net unrealized appreciation	$	425,607,603

Federal income tax cost of investments	$	6,290,055,300

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2006


	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
AXA Premier VIP Aggressive Equity Portfolio‡		4,258,248	$	122,559,548
AXA Premier VIP Core Bond Portfolio‡		7,088,428		72,328,612
AXA Premier VIP International Equity Portfolio‡		10,474,349		163,240,163
AXA Premier VIP Large Cap Core Equity Portfolio‡		6,840,806		81,800,121
AXA Premier VIP Large Cap Value Portfolio‡		10,113,471		129,731,044
AXA Premier VIP Mid Cap Growth Portfolio‡		857,989		7,757,669
AXA Premier VIP Mid Cap Value Portfolio‡		2,042,263		20,475,485
EQ/AllianceBernstein Large Cap Growth Portfolio*‡		1,018,963		7,972,453
EQ/AllianceBernstein Quality Bond Portfolio‡		2,442,295		24,420,960
EQ/AllianceBernstein Value Portfolio‡		12,136,637		198,877,346
EQ/Capital Guardian International Portfolio‡		2,371,060		32,926,695
EQ/Franklin Small Cap Value Portfolio‡		9,502		103,100
EQ/Marsico Focus Portfolio‡		12,056,419		203,806,964
EQ/Mercury Basic Value Equity Portfolio‡		12,368,194		210,665,931
EQ/Mercury International Value Portfolio‡		8,193,365		136,589,869
EQ/Small Cap Value Portfolio‡		6,231,177		85,355,835
EQ/Small Company Index Portfolio‡		5,441,047		70,792,182
EQ/Van Kampen Emerging Markets Equity Portfolio‡		4,657,990		75,610,222

Total Investment Companies (99.9%) (Cost $1,520,538,572)				1,645,014,199


	Principal Amount
SHORT TERM INVESTMENT:
Time Deposit (0.3%)
JPMorgan Chase Nassau 4.75%, 1/2/07 (Amortized Cost $4,105,221)	$	4,105,221		4,105,221

Total Investments (100.2%) (Cost/Amortized Cost $1,524,643,793)				1,649,119,420
Other Assets Less Liabilities (-0.2%)				(2,576,588	)

Net Assets (100%)			$	1,646,542,832

*	Non-income producing.

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

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

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2006

Investments in companies which were affiliates for the year ended December 31, 2006, were as follows:


Securities	Market Value December 31, 2005		Purchases at Cost		Sales at Cost		Market Value December 31, 2006		Dividend Income		Realized Gain/ (Loss)
AXA Premier VIP Aggressive Equity Portfolio	$	31,702,878	$	84,170,518	$	934,213	$	122,559,548	$	213,125	$	86,755
AXA Premier VIP Core Bond Portfolio		26,495,192		46,512,816		860,952		72,328,612		2,046,239		(28,873	)
AXA Premier VIP International Equity Portfolio		71,968,100		88,346,806		11,572,535		163,240,163		1,042,029		9,758,835
AXA Premier VIP Large Cap Core Equity Portfolio		16,411,792		61,545,187		1,507,067		81,800,121		483,845		1,517,374
AXA Premier VIP Large Cap Value Portfolio		25,046,979		97,983,425		2,688,586		129,731,044		1,156,048		4,033,290
AXA Premier VIP Mid Cap Growth Portfolio		22,443		8,117,386		84,466		7,757,669		—		679,347
AXA Premier VIP Mid Cap Value Portfolio		21,439		21,284,730		186,325		20,475,485		35,865		1,715,032
EQ/AllianceBernstein Large Cap Growth Portfolio		7,995,040		—		—		7,972,453		—		—
EQ/AllianceBernstein Quality Bond Portfolio		8,122,977		16,788,458		291,318		24,420,960		973,929		(13,959	)
EQ/AllianceBernstein Value Portfolio		119,659,279		63,643,571		516,103		198,877,346		3,317,445		10,418,575
EQ/Capital Guardian International Portfolio		15,738,922		19,309,755		3,018,487		32,926,695		402,309		2,827,795
EQ/Franklin Small Cap Value Portfolio		—		102,974		—		103,100		—		—
EQ/Marsico Focus Portfolio		95,440,789		99,090,499		1,428,150		203,806,964		803,129		4,094,145
EQ/Mercury Basic Value Equity Portfolio		46,235,206		155,253,528		2,379,394		210,665,931		2,833,836		10,512,819
EQ/Mercury International Value Portfolio		66,470,574		76,417,105		15,377,776		136,589,869		2,336,429		10,311,585
EQ/Small Cap Value Portfolio		65,688,360		24,564,528		5,820,761		85,355,835		428,014		9,617,969
EQ/Small Company Index Portfolio		—		70,205,315		691,423		70,792,182		645,455		3,094,876
EQ/Van Kampen Emerging Markets Equity Portfolio		33,171,417		43,058,401		8,496,622		75,610,222		414,734		8,036,560

	$	630,191,387	$	976,395,002	$	55,854,178	$	1,645,014,199	$	17,132,431	$	76,662,125

Investment security transactions for the year ended December 31, 2006 were as follows:


Cost of Purchases:
Investment Companies	$	976,395,002
Net Proceeds of Sales and Redemptions:
Investment Companies	$	67,757,118

As of December 31, 2006, 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	$	126,736,298
Aggregate gross unrealized depreciation		(2,506,894	)

Net unrealized appreciation	$	124,229,404

Federal income tax cost of investments	$	1,524,890,016

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA PREMIER VIP AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2006


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (20.8%)
*Automobiles (1.3%)*
Toyota Motor Corp. (ADR)	243,883	$	32,755,926

*Distributors (0.0%)*
Li & Fung Ltd.	262,000		815,250

*Diversified Consumer Services (1.1%)*
Apollo Group, Inc., Class A*	415,687		16,199,322
DeVry, Inc.^	133,920		3,749,760
ITT Educational Services, Inc.*	80,270		5,327,520
New Oriental Education & Technology Group (ADR)*^	75,790		2,541,997
Strayer Education, Inc.^	14,490		1,536,664

			29,355,263

*Hotels, Restaurants & Leisure (5.9%)*
Carnival Corp.	34,050		1,670,153
Chipotle Mexican Grill, Inc., Class A*^	146,700		8,361,900
Chipotle Mexican Grill, Inc., Class B*	41,660		2,166,320
Four Seasons Hotels, Inc.^	279,272		22,897,511
International Game Technology	223,080		10,306,296
Las Vegas Sands Corp.*	310,114		27,749,001
MGM MIRAGE*	388,634		22,288,160
Panera Bread Co., Class A*^	112,550		6,292,670
Penn National Gaming, Inc.*	57,900		2,409,798
Scientific Games Corp., Class A*^	22,400		677,152
Starbucks Corp.*	414,719		14,689,347
Station Casinos, Inc.^	37,650		3,074,875
Texas Roadhouse, Inc., Class A*^	114,440		1,517,474
Wynn Resorts Ltd.^	304,215		28,550,578

			152,651,235

*Household Durables (0.8%)*
Harman International Industries, Inc.	86,410		8,633,223
Lennar Corp., Class A	229,046		12,015,753

			20,648,976

*Internet & Catalog Retail (3.9%)*
Amazon.com, Inc.*^	1,109,700		43,788,762
Audible, Inc.*^	954,120		7,566,172
Coldwater Creek, Inc.*^	268,850		6,592,202
Expedia, Inc.*^	760,400		15,953,192
IAC/InterActiveCorp*^	699,000		25,974,840
Submarino S.A. (GDR)§(b)	13,140		861,516
VistaPrint Ltd.*^	19,200		635,712

			101,372,396

*Media (3.3%)*
Comcast Corp., Class A*	644,960		27,301,157
Grupo Televisa S.A. (ADR)^	138,120		3,730,621
News Corp., Class A	677,780		14,558,714
Playboy Enterprises, Inc., Class B*^	118,050		1,352,853
XM Satellite Radio Holdings, Inc., Class A*^	2,721,539		39,326,239

			86,269,584

*Multiline Retail (0.6%)*
Family Dollar Stores, Inc.	147,230		4,318,256
Target Corp.	196,319		11,199,999

			15,518,255

*Specialty Retail (2.7%)*
Best Buy Co., Inc.	74,580		3,668,590
CarMax, Inc.*	31,550		1,692,026
Dick’s Sporting Goods, Inc.*	31,530		1,544,655
GameStop Corp., Class A*^	61,010		3,362,261
Home Depot, Inc.	475,400		19,092,064
Lowe’s Cos., Inc.	916,988		28,564,176
Staples, Inc.	198,870		5,309,829
Urban Outfitters, Inc.*^	93,920		2,162,978
Williams-Sonoma, Inc.	107,950		3,393,948

			68,790,527

*Textiles, Apparel & Luxury Goods (1.2%)*
Coach, Inc.*	123,700		5,314,152
NIKE, Inc., Class B	206,760		20,475,443
Under Armour, Inc., Class A*^	105,680		5,331,556

			31,121,151

Total Consumer Discretionary			539,298,563

Consumer Staples (2.7%)
*Beverages (1.0%)*
PepsiCo, Inc.	394,946		24,703,872

*Food & Staples Retailing (0.1%)*
Costco Wholesale Corp.	66,880		3,535,946

*Food Products (0.3%)*
Nestle S.A. (Registered)	22,834		8,099,551

*Household Products (1.0%)*
Procter & Gamble Co.	412,808		26,531,170

*Personal Products (0.1%)*
Bare Escentuals, Inc.*	70,400		2,187,328

*Tobacco (0.2%)*
Altria Group, Inc.	59,680		5,121,737

Total Consumer Staples			70,179,604

Energy (2.3%)
*Energy Equipment & Services (1.9%)*
Cameron International Corp.*	36,800		1,952,240
GlobalSantaFe Corp.	218,350		12,834,613
National Oilwell Varco, Inc.*	81,240		4,970,263
Noble Corp.	88,660		6,751,459
Schlumberger Ltd.	366,216		23,130,203

			49,638,778

*Oil, Gas & Consumable Fuels (0.4%)*
Cameco Corp.	8,400		339,780
Consol Energy, Inc.	98,720		3,171,874
Hess Corp.	47,790		2,368,950
XTO Energy, Inc.	68,330		3,214,926

			9,095,530

Total Energy			58,734,308

Financials (14.9%)
*Capital Markets (5.9%)*
Affiliated Managers Group, Inc.*^	17,470		1,836,621
Bank of New York Co., Inc.	137,410		5,409,832
Charles Schwab Corp.	370,920		7,173,593
EFG International (Registered)*	59,620		2,244,236
Evercore Partners, Inc., Class A*^	17,800		655,930
Goldman Sachs Group, Inc.	280,903		55,998,013
Greenhill & Co., Inc.^	25,110		1,853,118
Lazard Ltd., Class A	65,390		3,095,563
Lehman Brothers Holdings, Inc.	266,857		20,846,869
MarketAxess Holdings, Inc.*^	544,970		7,395,243
State Street Corp.	100,260		6,761,534
TD Ameritrade Holding Corp.	705,022		11,407,256
UBS AG (Registered)	453,725		27,373,229

			152,051,037

*Commercial Banks (1.5%)*
Industrial & Commercial Bank of China Ltd., Class H*	37,128,000		23,058,053
Wells Fargo & Co.	486,958		17,316,226

			40,374,279

*Consumer Finance (0.4%)*
American Express Co.	148,480		9,008,281

AXA PREMIER VIP TRUST

AXA PREMIER VIP AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Number of Shares	Value (Note 1)
SLM Corp.	13,610	$	663,760

			9,672,041

*Diversified Financial Services (4.1%)*
Chicago Mercantile Exchange Holdings, Inc., Class A.	39,730		20,252,368
Citigroup, Inc.	785,872		43,773,070
Deutsche Boerse AG	10,340		1,900,970
IntercontinentalExchange, Inc.*	12,800		1,381,120
International Securities Exchange Holdings, Inc.	265,538		12,424,523
Moody’s Corp.	19,820		1,368,769
Nasdaq Stock Market, Inc.*	535,687		16,493,803
NYSE Group, Inc.*^	80,430		7,817,796

			105,412,419

*Insurance (1.2%)*
American International Group, Inc.	438,100		31,394,246

*Real Estate Investment Trusts (REITs) (0.3%)*
ProLogis (REIT)	151,115		9,183,259

*Real Estate Management & Development (0.2%)*
Move, Inc.*	1,167,640		6,433,696

*Thrifts & Mortgage Finance (1.3%)*
Countrywide Financial Corp.	783,000		33,238,350

Total Financials			387,759,327

Health Care (13.9%)
*Biotechnology (5.4%)*
Actelion Ltd. (Registered)*	17,010		3,734,480
Alnylam Pharmaceuticals, Inc.*^	468,490		10,025,686
Amgen, Inc.*	95,540		6,526,337
Applera Corp.- Celera Group*	727,586		10,178,928
Celgene Corp.*	85,930		4,943,553
Cepheid, Inc.*^	2,145,411		18,235,994
Combinatorx, Inc.*^	635,115		5,500,096
deCODE genetics, Inc.*^	1,312,799		5,946,980
Genentech, Inc.*	435,033		35,294,227
Genzyme Corp.*	282,197		17,377,691
Gilead Sciences, Inc.*	39,520		2,566,034
Memory Pharmaceuticals Corp.*^	1,336,100		3,260,084
Senomyx, Inc.*^.	533,500		6,930,165
Vertex Pharmaceuticals, Inc.*^	220,900		8,266,078

			138,786,333

*Health Care Equipment & Supplies (2.6%)*
Advanced Medical Optics, Inc.*^	234,820		8,265,664
Boston Scientific Corp.*	700,200		12,029,436
Cooper Cos., Inc.^	20,600		916,700
Cytyc Corp.*^	344,910		9,760,953
Given Imaging Ltd.*^	885,948		17,143,094
Medtronic, Inc.	94,290		5,045,458
ResMed, Inc.*^	69,910		3,440,970
St. Jude Medical, Inc.*	229,590		8,393,810
Thoratec Corp.*^.	104,220		1,832,188

			66,828,273

*Health Care Providers & Services (3.1%)*
Aetna, Inc.	666,300		28,770,834
UnitedHealth Group, Inc.	971,186		52,181,824

			80,952,658

*Life Sciences Tools & Services (1.2%)*
Affymetrix, Inc.*^	615,255		14,187,780
Compugen Ltd.*^	1,378,450		3,570,185
Illumina, Inc.*	79,350		3,119,249
Luminex Corp.*^	194,700		2,472,690
Millipore Corp.*	127,630		8,500,158

			31,850,062

*Pharmaceuticals (1.6%)*
Alexza Pharmaceuticals, Inc.*	897,990		10,228,106
Allergan, Inc.	70,710		8,466,816
GlaxoSmithKline plc	294,600		7,749,187
Johnson & Johnson	68,770		4,540,195
Roche Holding AG	57,590		10,308,360

			41,292,664

Total Health Care			359,709,990

Industrials (8.2%)
*Aerospace & Defense (2.1%)*
General Dynamics Corp.	133,514		9,926,766
Lockheed Martin Corp.	301,669		27,774,665
Precision Castparts Corp.	67,560		5,288,597
United Technologies Corp.	175,131		10,949,190

			53,939,218

*Air Freight & Logistics (1.4%)*
FedEx Corp.	321,893		34,964,018
UTi Worldwide, Inc.	95,740		2,862,626

			37,826,644

*Airlines (0.1%)*
Continental Airlines, Inc., Class B*	37,250		1,536,562

*Commercial Services & Supplies (0.7%)*
Corporate Executive Board Co.	57,190		5,015,563
Monster Worldwide, Inc.*	300,420		14,011,589

			19,027,152

*Electrical Equipment (0.7%)*
Energy Conversion Devices, Inc.*^	180,333		6,127,715
Rockwell Automation, Inc.	185,470		11,328,508

			17,456,223

*Industrial Conglomerates (1.2%)*
General Electric Co.	825,700		30,724,297

*Machinery (0.7%)*
Caterpillar, Inc.	205,900		12,627,847
Deere & Co.	60,530		5,754,587

			18,382,434

*Road & Rail (1.3%)*
Burlington Northern Santa Fe Corp.	268,477		19,816,287
Union Pacific Corp.	155,637		14,321,717

			34,138,004

Total Industrials			213,030,534

Information Technology (30.9%)
*Communications Equipment (7.5%)*
Cisco Systems, Inc.*	2,030,653		55,497,746
JDS Uniphase Corp.*	1,349,327		22,479,788
Juniper Networks, Inc.*	1,714,147		32,465,944
Nice Systems Ltd. (ADR)*^	227,720		7,009,222
Nokia Oyj (ADR)	1,681,200		34,161,984
QUALCOMM, Inc.	1,107,240		41,842,600
Research In Motion Ltd.*	12,810		1,636,862

			195,094,146

*Computers & Peripherals (2.6%)*
Apple Computer, Inc.*	175,920		14,925,053
Dell, Inc.*	1,158,700		29,071,783
EMC Corp.*	207,320		2,736,624
Hewlett-Packard Co.	54,100		2,228,379
Network Appliance, Inc.*	86,460		3,396,149
SanDisk Corp.*	180,990		7,787,999
Sun Microsystems, Inc.*	1,404,100		7,610,222

			67,756,209

*Electronic Equipment & Instruments (0.5%)*
Itron, Inc.*^	162,100		8,403,264
Trimble Navigation Ltd.*	65,050		3,299,987

			11,703,251

AXA PREMIER VIP TRUST

AXA PREMIER VIP AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Number of Shares		Value (Note 1)
*Internet Software & Services (5.5%)*
Baidu.com (ADR)*^		40,510	$	4,566,287
CNET Networks, Inc.*^		194,410		1,767,187
eBay, Inc.*		1,216,000		36,565,120
Equinix, Inc.*^		53,620		4,054,744
Google, Inc., Class A*		103,630		47,719,543
Netease.com (ADR)*^		37,200		695,268
Tencent Holdings Ltd		857,000		3,052,351
Yahoo!, Inc.*		1,777,050		45,385,857

				143,806,357

*IT Services (1.8%)*
Accenture Ltd., Class A		435,900		16,097,787
CheckFree Corp.*^		123,350		4,953,736
Cognizant Technology Solutions Corp., Class A*		79,770		6,155,053
First Data Corp.		329,710		8,414,199
Global Payments, Inc.		62,550		2,896,065
Western Union Co.		361,120		8,096,311

				46,613,151

*Semiconductors & Semiconductor Equipment (7.0%)*
Advanced Micro Devices, Inc.*		1,245,826		25,352,559
Applied Materials, Inc.		417,430		7,701,583
ARM Holdings plc		470,400		1,157,709
ASML Holding N.V. (N.Y. Shares)*		55,240		1,360,561
Broadcom Corp., Class A*		661,352		21,368,283
FormFactor, Inc.*		16,820		626,545
Intel Corp.		441,740		8,945,235
International Rectifier Corp.*		191,000		7,359,230
Intersil Corp., Class A		141,590		3,386,833
KLA-Tencor Corp.		500,353		24,892,562
Lam Research Corp.*		301,165		15,244,972
Marvell Technology Group Ltd.*		601,660		11,545,855
Netlogic Microsystems, Inc.*^		662,437		14,368,259
Samsung Electronics Co., Ltd. (GDR)		380		123,804
Samsung Electronics Co., Ltd. (GDR)(m)		12,173		4,004,917
Silicon Laboratories, Inc.*		535,683		18,561,416
Texas Instruments, Inc.		507,600		14,618,880

				180,619,203

*Software (6.0%)*
Activision, Inc.*		65,690		1,132,496
Adobe Systems, Inc.*		380,520		15,646,982
Amdocs Ltd.*		226,490		8,776,488
Electronic Arts, Inc.*		668,280		33,654,581
McAfee, Inc.*		155,840		4,422,739
NAVTEQ Corp.*		395,020		13,813,849
Nintendo Co., Ltd		10,100		2,619,193
Opsware, Inc.*^		716,310		6,317,854
Red Hat, Inc.*^		1,148,920		26,425,160
Salesforce.com, Inc.*^		281,780		10,270,881
Shanda Interactive Entertainment Ltd. (ADR)*^		1,039,346		22,522,628
Synopsys, Inc.*		75,390		2,015,175
THQ, Inc.*^		66,410		2,159,653
TIBCO Software, Inc.*		442,430		4,176,539
UBISOFT Entertainment*		52,340		1,764,795

				155,719,013

Total Information Technology				801,311,330

Materials (1.3%)
*Chemicals (1.3%)*
Monsanto Co		619,243		32,528,835
Symyx Technologies, Inc.*^		114,800		2,478,532

				35,007,367

Total Materials				35,007,367

Telecommunication Services (2.5%)
*Diversified Telecommunication Services (1.7%)*
Global Crossing Ltd.*^		78,220		1,920,301
Level 3 Communications, Inc.*^		4,770,626		26,715,505
NeuStar, Inc., Class A*		477,556		15,491,917

				44,127,723

*Wireless Telecommunication Services (0.8%)*
America Movil S.A. de C.V. (ADR)		183,080		8,278,878
American Tower Corp., Class A*		279,622		10,424,308
Rogers Communications, Inc., Class B		80,880		2,411,735

				21,114,921

Total Telecommunication Services				65,242,644

Utilities (0.0%)
*Independent Power Producers & Energy Traders (0.0%)*
Dynegy, Inc., Class A*		9,234		66,854

Total Utilities				66,854

Total Common Stocks (97.5%) (Cost $2,279,372,406)				2,530,340,521


	Number of Warrants
WARRANTS:
Health Care (0.0%)
*Biotechnology (0.0%)*
Curis, Inc., $4.45 expiring 10/14/09† (Cost $—)*		48,100		—


	Principal Amount
SHORT-TERM INVESTMENTS:
Government Securities (2.0%)
Federal Home Loan Bank
4.95%, 1/2/07 (o)(p)	$	31,568,000		31,559,319
Federal Home Loan Bank
4.80%, 1/2/07 (o)(p)		19,100,000		19,094,906

Total Government Securities				50,654,225

Short-Term Investments of Cash Collateral for Securities Loaned (12.5%)
ACCR, Series 06-2 A1
5.39%, 6/27/08 (l)		1,347,208		1,347,208
Anglo Irish Bank Corp. plc
5.34%, 2/1/07		5,948,864		5,948,864
Barton Capital Corp.
5.32%, 1/11/07		5,524,498		5,524,498
Bavaria TRR Corp.
5.39%, 1/25/07		5,998,714		5,998,714
Bear Stearns Cos., Inc., Repurchase Agreement
5.33%, 1/2/07 (r)		24,478,185		24,478,185
Cedar Springs Capital Co. LLC
5.41%, 1/22/07		23,987,448		23,987,448
Charta LLC
5.31%, 1/5/07		21,090,769		21,090,769
5.32%, 1/16/07		3,579,418		3,579,418
Concord Minutemen C.C. LLC,
Series B
5.35%, 1/10/07		5,302,509		5,302,509
Series C
5.37%, 1/18/07		5,997,918		5,997,918
5.39%, 1/18/07		8,396,941		8,396,941
Corp. Andina de Fomento
5.36%, 2/20/07		9,503,925		9,503,925

AXA PREMIER VIP TRUST

AXA PREMIER VIP AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Principal Amount		Value (Note 1)
Deutsche Bank AG/London
5.34%, 1/31/07	$	4,820,543	$	4,820,543
DZ Bank AG/Grand Cayman
5.43%, 1/3/07		18,077,035		18,077,035
DZ Bank AG/New York
5.31%, 1/11/07		3,615,407		3,615,407
Ebbets Funding LLC
5.34%, 1/12/07		23,019,040		23,019,040
Fenway Funding LLC
5.40%, 1/2/07		7,900,947		7,900,947
5.37%, 1/10/07		1,668,525		1,668,525
5.36%, 2/15/07		11,941,147		11,941,147
Fifth Third Bancorp
5.35%, 1/29/08 (l)		723,075		723,075
Galleon Capital Corp.
5.33%, 2/15/07		11,941,770		11,941,770
Goldman Sachs Group, Inc.
5.41%, 12/28/07 (l)		2,651,299		2,651,299
5.43%, 1/29/08 (l)		4,820,543		4,820,543
Gotham Funding Corp.
5.36%, 1/16/07		16,258,220		16,258,220
Hartford Life, Inc.
5.48%, 12/28/07 (l)		1,928,217		1,928,217
HBOS Treasury Services plc
5.31%, 1/29/07		5,518,927		5,518,927
KBC Financial Products/London
5.34%, 2/1/07		12,194,768		12,194,768
Kommunalkredit International Bank
5.37%, 2/5/07		3,566,971		3,566,971
Lafayette Asset Securitization LLC
5.35%, 2/9/07		5,944,372		5,944,372
Lehman Brothers, Inc.
5.46%, 3/29/07 (l)		843,595		843,595
Liberty Street Funding Co.
5.36%, 1/12/07		8,215,005		8,215,005
5.35%, 1/16/07		14,393,241		14,393,241
Mizuho Corporate Bank Ltd./London
5.35%, 3/12/07		12,051,357		12,051,357
Natexis Banques Populaires N.Y.
5.35%, 1/31/07 (l)		1,205,136		1,205,136
5.37%, 1/28/08 (l)		7,230,814		7,230,814
New York Life Insurance Co.
5.43%, 3/29/07 (l)		6,025,678		6,025,678
Norinchukin Bank N.Y.
5.35%, 2/28/07		12,051,357		12,051,357
Washington Mutual Bank FA
5.35%, 3/19/07		3,616,820		3,616,820

Total Short-Term Investments of Cash Collateral for Securities Loaned				323,380,206

Time Deposit (0.6%)
JPMorgan Chase Nassau
4.75%, 1/2/07		16,817,458		16,817,458

Total Short-Term Investments (15.1%) (Cost/Amortized Cost $390,858,777)				390,851,889

Total Investments (112.6%) (Cost/Amortized Cost $2,670,231,183)				2,921,192,410
Other Assets Less Liabilities (-12.6%)				(326,646,628	)

Net Assets (100%)			$	2,594,545,782

*	Non-income producing.

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

†	Securities (totaling $0 or 0.00% 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, 2006, the market value of these securities amounted to $861,516 or 0.03% of net assets. Securities denoted with “§” but without “(b) ”have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(b)

Illiquid security.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2006.

(m)

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

(o)

Discount Note Security. Effective rate calculated as of December 31, 2006.

(p)

Yield to maturity.

(r)

The repurchase agreement is fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

AXA PREMIER VIP TRUST

AXA PREMIER VIP AGGRESSIVE EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2006

Investment security transactions for the year ended December 31, 2006 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	2,143,875,078
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	2,109,953,399

As of December 31, 2006, 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	$	327,048,196
Aggregate gross unrealized depreciation		(116,074,181	)

Net unrealized appreciation	$	210,974,015

Federal income tax cost of investments	$	2,710,218,395

At December 31, 2006, the Portfolio had loaned securities with a total value of $313,830,155. This was secured by collateral of $323,380,206 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, 2006, the Portfolio incurred approximately $66,238 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $566,593,973, of which $499,390,632 expires in the year 2010, and $67,203,341 expires in the year 2011.

The portfolio utilized net capital loss carryforward of $198,532,709 during 2006.

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

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PORTFOLIO OF INVESTMENTS

December 31, 2006


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (22.5%)
*Asset-Backed Securities (9.6%)*
ACE Securities Corp.,
Series 06-HE1 A2A
5.430%, 2/25/36 (l)	$	3,796,783	$	3,797,563
Series 06-HE3 A2A
5.400%, 6/25/36 (l)		6,707,104		6,707,610
Aegis Asset Backed Securities Trust,
Series 06-1 A1
5.400%, 1/25/37 (l)		9,251,562		9,250,911
Ameriquest Mortgage Securities, Inc.,
Series 04-R11 A1
5.652%, 11/25/34 (l)		6,276,127		6,293,163
Amortizing Residential Collateral Trust,
Series 02-BC3M A
5.620%, 6/25/32 (l)		53,993		53,994
Series 02-BC4 A
5.640%, 7/25/32 (l)		8,882		8,905
Asset Backed Funding Certificates,
Series 06-OPT3 A3A
5.380%, 11/25/36 (l)		8,025,556		8,028,686
Bank of America Credit Card Trust,
Series 06-A16 A16
4.720%, 5/15/13		13,475,000		13,321,304
Bear Stearns Asset Backed Securities, Inc.,
Series 02-2 A1
5.680%, 10/25/32 (l)		24,724		24,768
Series 03-2 A2
5.800%, 3/25/43 (l)		123,883		124,120
Series 06-HE1 1A1
5.440%, 12/25/35 (l)		4,241,688		4,242,544
Capital Auto Receivables Asset Trust,
Series 04-2 A2
3.350%, 2/15/08		3,731,918		3,719,842
Carrington Mortgage Loan Trust,
Series 06-RFC1 A1
5.390%, 5/25/36 (l)		5,389,357		5,389,740
Cendant Mortgage Corp.,
Series 03-A A1
5.984%, 7/25/43 §(l)		185,482		185,164
Chase Issuance Trust,
Series 04-A9 A9
3.220%, 6/15/10		6,025,000		5,931,529
Chase Manhattan Auto Owner Trust,
Series 05-A A3
3.870%, 6/15/09		8,320,810		8,236,891
Series 06-A A2
5.370%, 1/15/09		8,000,000		8,002,076
Citibank Credit Card Issuance Trust,
Series 03-A6 A6
2.900%, 5/17/10		2,475,000		2,399,353
Series 04-A1 A1
2.550%, 1/20/09		4,650,000		4,643,474
Series 04-A4 A4
3.200%, 8/24/09		7,200,000		7,103,890
Series 06-A2 A2
4.850%, 2/10/11		7,725,000		7,684,524
Countrywide Asset-Backed Certificates,
Series 06-6 2A1
5.420%, 9/25/36 (l)		4,277,222		4,277,479
Series 06-19 2A1
5.380%, 3/25/37 (l)		10,525,829		10,525,163
CS First Boston Mortgage Securities Corp.,
Series 01-HE17 A1
5.660%, 1/25/32 (l)		40,884		40,895
Daimler Chrysler Auto Trust,
Series 06-B A3
5.330%, 8/8/10		8,000,000		8,016,234
Series 06-D A4
4.940%, 2/8/12		9,900,000		9,846,871
Discover Card Master Trust I,
Series 00-4 A
5.560%, 11/17/09 (l)		9,825,000		9,833,723
Fieldstone Mortgage Investment Corp.,
Series 06-1 A1
5.430%, 5/25/36 (l)		5,627,758		5,628,473
First Franklin Mortgage Loan
Asset Backed Certificates,
Series 05-FF8 A2A
5.460%, 9/25/35 (l)		3,375,726		3,376,203
Series 06-FF4 A1
5.420%, 3/25/36 (l)		5,113,315		5,114,489
Ford Credit Auto Owner Trust,
Series 04-A A3
2.930%, 3/15/08		3,422,874		3,409,365
Series 05-B A3
4.170%, 1/15/09		4,991,951		4,964,919
Series 05-C A3
4.300%, 8/15/09		7,525,000		7,458,757
Series 06-B A3
5.260%, 10/15/10		12,250,000		12,258,424
GSAA Home Equity Trust,
Series 06-5 2A1
5.420%, 3/25/36 (l)		5,775,105		5,768,140
GSAMP Trust,
Series 02-NC1 A2
5.670%, 7/25/32 (l)		4,114		4,171
Home Equity Asset Trust,
Series 02-1 A4
5.650%, 11/25/32 (l)		1,540		1,540
Honda Auto Receivables Owner Trust,
Series 05-6 A3
4.850%, 10/19/09		7,375,000		7,345,443
JPMorgan Mortgage Acquisition Corp.,
Series 06-FRE2 A2
5.420%, 2/25/36 (l)		1,599,210		1,599,166
MBNA Credit Card Master Note Trust,
Series 03-A6 A6
2.750%, 10/15/10		2,250,000		2,177,754
Series 03-A7 A7
2.650%, 11/15/10		6,150,000		5,933,896
Series 04-A4 A4
2.700%, 9/15/09		4,950,000		4,914,361
Nissan Auto Receivables Owner Trust,
Series 06-B A3
5.160%, 2/15/10		10,225,000		10,211,237
Renaissance Home Equity Loan Trust,
Series 03-2A
5.790%, 8/25/33 (l)		61,567		61,717
Series 03-3 A
5.850%, 12/25/33 (l)		323,183		325,648
Residential Asset Mortgage Products, Inc.,
Series 05-EFC4 A1
5.460%, 9/25/35 (l)		2,549,155		2,549,606
Series 05-RZ4 A1
5.470%, 11/25/35 (l)		4,871,909		4,872,755
Series 06-RS2 A1
5.430%, 3/25/36 (l)		4,114,807		4,115,620
Salomon Brothers Mortgage Securities VII, Inc.,
Series 02-CIT1 A
5.650%, 3/25/32 (l)		119,604		119,785

AXA PREMIER VIP TRUST

AXA PREMIER VIP CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Principal Amount		Value (Note 1)
Saxon Asset Securities Trust,
Series 02-1 AV2
5.620%, 1/25/32 (l)	$	30,074	$	30,082
SLM Student Loan Trust,
Series 06-8 A1
5.392%, 4/25/12 (l)		10,350,000		10,348,385
Soundview Home Equity Loan Trust,
Series 06-2 A1
5.420%, 3/25/36 (l)		2,456,033		2,456,389
Structured Asset Investment Loan Trust,
Series 06-1 A1
5.430%, 1/25/36 (l)		4,752,929		4,753,693
Structured Asset Securities Corp.,
Series 02-HF1 A
5.640%, 1/25/33 (l)		99,101		99,347
Series 03-AL2 A
3.357%, 1/25/31 §		904,397		829,304
USAA Auto Owner Trust,
Series 04-3 A3
3.160%, 2/17/09		3,706,549		3,680,406
Wells Fargo Home Equity Trust,
Series 05-2 AII2
5.590%, 10/25/35 §(l)		1,384,000		1,385,934

				263,485,425

*Non-Agency CMO (12.9%)*
Banc of America Alternative Loan Trust,
Series 04-5 4A1
5.000%, 6/25/19		1,639,131		1,619,135
Series 04-6 4A1
5.000%, 7/25/19		1,612,221		1,584,758
Banc of America Commercial Mortgage, Inc.,
Series 00-1 A2A
7.333%, 11/15/31		6,310,000		6,599,283
Series 01-1 A2
6.503%, 4/15/36		4,576,753		4,750,780
Series 02-PB2 A2
5.676%, 6/11/35		5,581,786		5,597,090
Series 02-PB2 A4
6.186%, 6/11/35		5,320,000		5,532,715
Banc of America Funding Corp.,
Series 06-A 1A1
4.621%, 2/20/36 (l)		2,275,181		2,242,927
Bear Stearns Adjustable Rate Mortgage Trust,
Series 02-2 IIIA
6.785%, 6/25/31 (l)		2,673		2,659
Series 05-10 A2
4.750%, 10/25/35 (l)		2,500,000		2,443,951
Bear Stearns Alt-A Trust,
Series 06-6 31A1
5.837%, 11/25/36 (l)		5,596,726		5,625,742
Series 06-6 32A1
5.840%, 11/25/36 (l)		5,933,199		5,943,701
Bear Stearns Commercial Mortgage Securities, Inc.,
Series 00-WF2 A2
7.320%, 10/15/32		2,890,000		3,069,240
Series 03-T12 A4
4.680%, 8/13/39		6,825,000		6,610,021
Chase Commercial Mortgage Securities Corp.,
Series 99-2 A2
7.198%, 1/15/32		530,000		553,059
Series 00-1 A2
7.757%, 4/15/32^		701,745		741,422
Series 00-3 A2
7.319%, 10/15/32		2,255,000		2,387,481
Citigroup Commercial Mortgage Trust,
Series 05-EMG A2
4.221%, 9/20/51 §		5,700,000		5,560,006
Citigroup Mortgage Loan Trust, Inc.,
Series 06-AR1 1A1
4.900%, 10/25/35 (l)		9,776,759		9,676,268
Commercial Mortgage Acceptance Corp.,
Series 98-C2 A2
6.030%, 9/15/30		2,707,050		2,717,369
Commercial Mortgage Pass Through Certificates,
Series 00-C1 A2
7.416%, 8/15/33		6,179,107		6,467,858
Countrywide Alternative Loan Trust,
Series 03-J3 2A1
6.250%, 12/25/33		367,519		366,110
Countrywide Asset-Backed Certificates,
Series 05-IM2 A1
5.430%, 1/25/36 (l)		103,782		103,774
Countrywide Home Loan Mortgage Pass Through Trust,
Series 03-R4 1A3
6.000%, 11/25/26 §		1,045,087		1,038,893
Series 03-R4 2A
6.500%, 1/25/34 §		364,124		371,038
Credit Suisse Mortgage Capital Certificates,
Series 06-3 1A1A
5.410%, 4/25/36 (l)		4,179,657		4,180,872
CS First Boston Mortgage Securities Corp.,
Series 98-C1 A1B
6.480%, 5/17/40		6,845,395		6,925,695
Series 98-C2 A2
6.300%, 11/15/30		1,087,746		1,102,614
Series 02-CKS4 A2
5.183%, 11/15/36		7,435,000		7,398,335
Series 02-CP3 A3
5.603%, 7/15/35		7,210,000		7,326,636
Series 02-CP5 A2
4.940%, 12/15/35		6,905,000		6,784,927
Series 02-P1A A
5.679%, 3/25/32 §(l)		44,327		44,230
Series 02-P3A A1
5.900%, 8/25/33 †§(l)		91,246		91,520
Series 03-C3 A5
3.936%, 5/15/38		7,430,000		6,900,104
Series 05-C2 A4
4.832%, 4/15/37^		4,760,000		4,602,128
DLJ Commercial Mortgage Corp.,
Series 98-CF1 A1B
6.410%, 2/18/31		2,907,836		2,925,912
Series 99-CG1 A1B
6.460%, 3/10/32		275,000		280,328
Series 99-CG2 A1B
7.300%, 6/10/32		3,770,000		3,914,989
Series 00-CKP1 A1B
7.180%, 11/10/33		6,281,587		6,624,931
First Horizon Alternative Mortgage Securities,
Series 06-FA2 1A5
6.000%, 5/25/36		9,600,000		9,665,691
First Republic Mortgage Loan Trust,
Series 01-FRB1 A
5.700%, 11/15/31 (l)		799,290		801,444
First Union National Bank Commercial Mortgage,
Series 01-C4 A2
6.223%, 12/12/33		6,520,000		6,773,298
GE Capital Commercial Mortgage Corp.,
Series 02-3A A1
4.229%, 12/10/37		2,206,572		2,158,898

AXA PREMIER VIP TRUST

AXA PREMIER VIP CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Principal Amount		Value (Note 1)
GMAC Commercial Mortgage Securities, Inc.,
Series 99-C2 A2
6.945%, 9/15/33^	$	321,187	$	331,100
Series 99-C3 A2
7.179%, 8/15/36		2,892,701		2,996,027
Series 00-C1 A2
7.724%, 3/15/33		3,900,000		4,128,338
Series 00-C2 A2
7.455%, 8/16/33		3,219,975		3,408,150
Series 00-C3 A2
6.957%, 9/15/35		5,125,000		5,412,024
Series 02-C3 A2
4.930%, 7/10/39		6,925,000		6,814,553
Greenwich Capital Commercial Funding Corp.,
Series 04-GG1 A4
4.755%, 6/10/36		1,205,000		1,188,817
GS Mortgage Securities Corp. II,
Series 98-C1 A3
6.135%, 10/18/30		5,639,514		5,681,811
GSR Mortgage Loan Trust,
Series 04-9 4A1
4.059%, 8/25/34 (l)		6,742,664		6,616,279
Series 05-AR6 2A1
4.540%, 9/25/35 (l)		2,562,970		2,517,589
Heller Financial Commercial Mortgage Asset Corp.,
Series 99-PH1 A2
6.847%, 5/15/31		446,215		456,222
Homebanc Mortgage Trust,
Series 05-4 A1
5.620%, 10/25/35 (l)		3,784,113		3,789,354
Impac CMB Trust,
Series 03-8 2A1
6.250%, 10/25/33 (l)		324,615		324,765
JPMorgan Chase Commercial Mortgage Securities Corp.,
Series 01-C1 A3
5.857%, 10/12/35		5,340,000		5,466,447
Series 01-CIB2 A3
6.429%, 4/15/35		1,295,000		1,352,590
Series 01-CIBC A3
6.260%, 3/15/33		5,243,001		5,404,300
LB Commercial Conduit Mortgage Trust,
Series 98-C4 A1B
6.210%, 10/15/35		1,384,836		1,400,173
LB-UBS Commercial Mortgage Trust,
Series 02-C2 A4
5.594%, 6/15/31		6,949,000		7,063,038
Series 03-C7 A2
4.064%, 9/15/27 (l)		1,730,000		1,683,841
Series 04-C7 A1A
4.475%, 10/15/29		9,026,679		8,733,185
Series 06-C6 A4
5.372%, 9/15/39		6,760,000		6,771,349
MASTR Alternative Loans Trust,
Series 04-4 1A1
5.500%, 5/25/34		3,026,648		2,991,874
Merrill Lynch Mortgage Investors, Inc.,
Series 03-A1 3A
4.910%, 12/25/32 (l)		575,611		569,695
Morgan Stanley Capital I,
Series 98-WF1 A2
6.550%, 3/15/30		626,514		628,948
Series 99-LIFE A2
7.110%, 4/15/33		6,975,000		7,241,992
Series 06-IQ12 A4
5.332%, 12/15/43 (l)		7,370,000		7,347,227
Morgan Stanley Dean Witter Capital I,
Series 02-IQ2 A4
5.740%, 12/15/35		6,865,000		7,011,561
Nationslink Funding Corp.,
Series 98-2 A2
6.476%, 8/20/30		6,802,657		6,875,448
Residential Accredit Loans, Inc.,
Series 03-QR19 CB1
5.750%, 10/25/33		661,758		659,283
Series 06-QS2 1A9
5.500%, 2/25/36		8,140,000		8,125,014
Salomon Brothers Mortgage Securities VII, Inc.,
Series 01-C2 A3
6.499%, 10/13/11		8,650,000		9,070,005
Sequoia Mortgage Trust,
Series 03-4 2A1
5.700%, 7/20/33 (l)		426,796		428,043
Series 10 2A1
5.730%, 10/20/27 (l)		199,394		199,571
Structured Adjustable Rate Mortgage Loan Trust,
Series 05-19XS 1A1
5.670%, 10/25/35 (l)		3,727,591		3,742,214
Structured Asset Mortgage Investments, Inc.,
Series 02-AR3 A1
5.680%, 9/19/32 (l)		102,154		102,257
Series 06-AR3 12A1
5.570%, 5/25/36 (l)		2,459,190		2,461,243
Structured Asset Securities Corp.,
Series 03-2
5.114%, 1/21/09 §(b)		2,344,292		2,343,559
Terra LNR Ltd.,
Series 06-1A A1
5.480%, 6/15/17 § (l)		5,443,483		5,443,483
TIAA Real Estate CDO Ltd.,
Series 01-C1A A4
6.680%, 6/19/31 §		9,155,000		9,428,098
Wachovia Bank Commercial Mortgage Trust,
Series 05-C17 APB
5.037%, 3/15/42		5,110,000		5,044,410
Series 05-C20 A6A
5.110%, 7/15/42 (l)		7,640,000		7,566,891
Series 06-C28 A4
5.572%, 10/15/48		6,740,000		6,838,436
Series 06-C29 A4
5.308%, 11/15/48		8,000,000		7,959,680
Washington Mutual, Inc.,
Series 02-AR6 A
6.227%, 6/25/42 (l)		287,093		287,271
Series 02-AR9 1A
6.227%, 8/25/42 (l)		350,015		350,465
Series 02-AR10 A6
4.816%, 10/25/32 (l)		251,717		250,432
Series 03-R1 A1
5.620%, 12/25/27 (l)		1,681,345		1,681,041
Wells Fargo Mortgage Backed Securities Trust,
Series 04-K 1A2
4.475%, 7/25/34 (l)		5,985,970		5,844,617

				352,140,542

Total Asset-Backed and Mortgage-Backed Securities				615,625,967

Consumer Discretionary (0.6%)
*Automobiles (0.0%)*
DaimlerChrysler N.A. Holding Corp.
4.050%, 6/4/08		200,000		195,727

AXA PREMIER VIP TRUST

AXA PREMIER VIP CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Principal Amount		Value (Note 1)
*Hotels, Restaurants & Leisure (0.1%)*
Caesars Entertainment, Inc.
7.500%, 9/1/09	$	500,000	$	518,838
Mandalay Resort Group,
Series B
10.250%, 8/1/07		1,100,000		1,126,125

				1,644,963

*Media (0.5%)*
BSKYB Finance UK plc
6.500%, 10/15/35 §		160,000		158,234
Comcast Cable Communications Holdings, Inc.
8.375%, 3/15/13		1,020,000		1,161,846
Comcast Cable Holdings LLC
7.875%, 8/1/13		130,000		144,554
7.125%, 2/15/28		360,000		384,263
Comcast Corp.
6.500%, 1/15/15		969,000		1,009,626
6.500%, 1/15/17		2,550,000		2,660,981
7.050%, 3/15/33		15,000		16,040
6.500%, 11/15/35		1,235,000		1,243,723
COX Communications, Inc.
7.125%, 10/1/12^		115,000		122,598
Historic TW, Inc.
6.625%, 5/15/29		200,000		202,550
News America Holdings, Inc.
7.750%, 1/20/24		145,000		161,793
8.500%, 2/23/25		775,000		917,223
8.450%, 8/1/34		245,000		294,526
News America, Inc.
7.125%, 4/8/28		275,000		290,161
TCI Communications, Inc.
7.875%, 2/15/26		820,000		936,417
Time Warner Cos., Inc.
7.570%, 2/1/24		10,000		10,989
6.950%, 1/15/28		2,910,000		3,053,748
Time Warner, Inc.
6.750%, 4/15/11		135,000		141,319
7.700%, 5/1/32		598,000		674,719
Turner Broadcasting System, Inc.
8.375%, 7/1/13		65,000		73,093

				13,658,403

*Multiline Retail (0.0%)*
Federated Department Stores, Inc.
6.790%, 7/15/27		610,000		609,980
May Department Stores Co.
6.650%, 7/15/24		205,000		203,112
6.700%, 7/15/34^		155,000		152,888

				965,980

Total Consumer Discretionary				16,465,073

Energy (0.6%)
*Energy Equipment & Services (0.3%)*
Halliburton Co.
5.500%, 10/15/10		1,100,000		1,098,045
7.600%, 8/15/96		525,000		602,435
Transocean, Inc.
5.566%, 9/5/08 (l)		6,200,000		6,203,739

				7,904,219

*Oil, Gas & Consumable Fuels (0.3%)*
Anadarko Petroleum Corp.
6.450%, 9/15/36		3,600,000		3,637,785
ConocoPhillips
5.370%, 4/11/07 (l)		2,700,000		2,700,259
7.000%, 3/30/29		30,000		33,773
El Paso Corp.
7.625%, 8/16/07		900,000		911,250
EnCana Holdings Finance Corp.
5.800%, 5/1/14		400,000		402,378
Enterprise Products Operating LP,
Series B
4.000%, 10/15/07		575,000		567,966
Tosco Corp.
7.250%, 1/1/07		400,000		400,014

				8,653,425

Total Energy				16,557,644

Financials (14.4%)
*Capital Markets (2.0%)*
Goldman Sachs Group, Inc.
5.455%, 12/22/08 (l)		100,000		100,115
5.406%, 12/23/08 (l)		5,100,000		5,099,235
5.663%, 6/28/10 (l)		10,000,000		10,060,000
Lehman Brothers Holdings, Inc.
5.415%, 12/23/08 (l)		10,200,000		10,198,460
5.750%, 7/18/11		2,375,000		2,421,426
Merrill Lynch & Co., Inc.
5.414%, 10/23/08 (l)		8,500,000		8,501,283
5.395%, 12/22/08 (l)		1,700,000		1,699,427
Morgan Stanley
5.400%, 3/7/08 (l)		8,575,000		8,581,251
5.390%, 11/21/08 (l)		3,300,000		3,299,868
5.614%, 1/22/09 (l)		600,000		600,457
5.050%, 1/21/11^		2,315,000		2,299,957
6.750%, 4/15/11		800,000		845,578
5.625%, 1/9/12		1,935,000		1,966,889
5.300%, 3/1/13		300,000		299,102

				55,973,048

*Certificates of Deposit (2.0%)*
Barclays Bank plc/New York
5.295%, 1/29/07 (l)		4,300,000		4,300,023
5.370%, 3/13/09 (l)		14,025,000		14,029,908
Fortis Bank S.A./N.V./New York
5.30%, 4/28/08 (l)		9,700,000		9,699,146
HSBC Bank USA N.A.
3.87%, 6/7/07		6,725,000		6,681,973
Nordea Bank Finland plc/New York
5.27%, 4/2/08 (l)		2,700,000		2,698,415
5.31%, 5/28/08 (l)		7,400,000		7,399,637
Societe Generale/New York
5.30%, 6/30/08 (l)		3,500,000		3,498,399
SunTrust Bank
4.415%, 6/15/09		980,000		959,145
Unicredito Italiano Bank plc/New York
5.36%, 5/6/08 (l)		1,700,000		1,699,283
5.37%, 5/29/08 (l)		4,700,000		4,699,530

				55,665,459

*Commercial Banks (5.1%)*
Asahi Financial Co.
5.618%, 3/27/49 †		1,000,000		1,006,408
Bank of New York
3.800%, 2/1/08		1,200,000		1,180,574
Bank One N.A./Illinois
3.700%, 1/15/08		1,250,000		1,229,916
Bank One N.A./Texas
6.250%, 2/15/08		1,000,000		1,010,072
BankBoston N.A.
6.375%, 4/15/08		625,000		632,976
Charter One Bank N.A.
5.430%, 4/24/09 (l)		5,600,000		5,603,674
Commonwealth Bank of Australia
5.360%, 6/8/09 § (l)		600,000		600,033
Depfa ACS Bank
3.625%, 10/29/08		2,000,000		1,947,840

AXA PREMIER VIP TRUST

AXA PREMIER VIP CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Principal Amount		Value (Note 1)
DnB NOR Bank ASA
5.443%, 10/13/09 § (l)	$	6,100,000	$	6,097,828
Eksportfinans A/S
3.375%, 1/15/08		4,070,000		3,991,547
HBOS plc
3.125%, 1/12/07 §		950,000		949,217
HBOS Treasury Services plc
3.600%, 8/15/07 §		780,000		771,440
3.500%, 11/30/07 §		1,285,000		1,263,929
5.414%, 7/17/09 § (l)		4,300,000		4,302,619
5.000%, 11/21/11 §		9,490,000		9,438,469
HSBC Capital Funding LP/Jersey Channel Islands
4.610%, 12/31/49 § (l)		550,000		512,225
L-Bank Landeskreditbank Baden-Wuerttemberg Foerderbank
4.250%, 9/15/10		3,950,000		3,847,695
National Australia Bank Ltd.
5.393%, 9/11/09 § (l)		6,200,000		6,201,438
National City Bank/Indiana
3.300%, 5/15/07		500,000		495,774
National Westminster Bank plc/United Kingdom
7.375%, 10/1/09		725,000		763,477
NRW.BANK
0.050%, 3/20/07	JPY	1,969,000,000		16,512,929
PNC Financial Services Group
8.625%, 12/31/26 §	$	2,000,000		2,089,044
Rabobank Capital Funding II
5.260%, 12/31/49 § (l)		780,000		762,797
Rabobank Nederland
0.200%, 6/20/08	JPY	148,000,000		1,233,199
5.360%, 4/6/09 § (l)	$	15,950,000		15,953,988
Royal Bank of Scotland plc
5.380%, 4/11/08 § (l)		2,700,000		2,702,020
5.424%, 7/21/08 § (l)		1,200,000		1,200,736
5.760%, 7/6/12 (l)		2,900,000		2,902,511
Santander U.S. Debt S.A. Unipersonal
5.434%, 10/21/08 § (l)		8,900,000		8,903,444
Sumitomo Mitsui Banking Corp.
1.151%, 12/31/49 †	JPY	200,000,000		1,678,998
5.625%, 12/31/49 § (l)	$	300,000		293,262
SunTrust Banks, Inc.
3.625%, 10/15/07		845,000		833,605
4.000%, 10/15/08		895,000		874,633
U.S. Bancorp
3.950%, 8/23/07		100,000		99,124
U.S. Bank N.A.
2.870%, 2/1/07		555,000		553,785
2.400%, 3/12/07		825,000		819,902
4.400%, 8/15/08		2,270,000		2,240,588
Unicredito Luxembourg Finance S.A.
5.426%, 10/24/08 § (l)		8,200,000		8,199,787
Wachovia Bank N.A.
4.375%, 8/15/08		270,000		266,153
5.406%, 3/23/09 (l)		13,825,000		13,826,701
Wachovia Corp.
6.300%, 4/15/08		1,165,000		1,178,032
Wells Fargo & Co.
4.200%, 1/15/10		1,950,000		1,899,684
4.625%, 8/9/10		2,390,000		2,345,412
4.875%, 1/12/11		460,000		455,432

				139,672,917

*Consumer Finance (0.7%)*
Ford Motor Credit Co.
7.875%, 6/15/10		3,400,000		3,428,240
GMAC LLC
6.274%, 1/16/07 (l)		6,250,000		6,250,911
6.225%, 3/20/07 (l)		1,130,000		1,130,075
HSBC Finance Corp.
5.506%, 12/5/08 (l)		2,500,000		2,507,065
6.450%, 2/1/09		65,000		66,390
4.750%, 5/15/09		450,000		445,132
SLM Corp.
5.517%, 7/27/09 (l)		5,900,000		5,910,319

				19,738,132

*Diversified Financial Services (4.2%)*
Associates Corp. of North America
6.250%, 11/1/08		650,000		659,966
6.875%, 11/15/08		4,100,000		4,211,077
Bank of America Corp.
6.250%, 4/1/08		425,000		428,950
5.523%, 2/17/09^ (l)		9,055,000		9,082,093
5.376%, 3/24/09 (l)		8,275,000		8,282,886
Bank of America N.A.
5.361%, 12/18/08 (l)		3,800,000		3,798,035
Belvoir Land LLC
5.270%, 12/15/47 §		825,000		769,816
BTM Curacao Holdings N.V.
1.187%, 12/31/49 †(l)	JPY	100,000,000		831,207
Caterpillar Financial Services Corp.
5.426%, 8/11/09 (l)	$	6,100,000		6,098,701
CIT Group, Inc.
5.580%, 5/23/08 (l)		5,900,000		5,916,278
Citigroup Global Markets Holdings, Inc.
5.461%, 3/17/09 (l)		9,800,000		9,808,781
Citigroup, Inc.
3.500%, 2/1/08		2,615,000		2,567,946
5.406%, 12/26/08 (l)		300,000		300,170
3.625%, 2/9/09		980,000		951,020
6.200%, 3/15/09		905,000		922,743
4.125%, 2/22/10		6,580,000		6,382,916
4.625%, 8/3/10		485,000		476,315
6.125%, 8/25/36		1,600,000		1,666,077
General Electric Capital Corp.
3.450%, 7/16/07		700,000		693,270
5.424%, 1/15/08 (l)		13,175,000		13,187,543
5.380%, 10/24/08 (l)		3,000,000		3,000,957
5.460%, 6/15/09 (l)		5,100,000		5,111,113
4.125%, 9/1/09^		1,055,000		1,028,622
5.434%, 5/10/10 (l)		3,700,000		3,701,010
5.000%, 11/15/11		12,270,000		12,180,048
Irwin Land LLC
5.030%, 12/15/25 §		725,000		675,200
5.300%, 12/15/35		1,195,000		1,112,163
JPMorgan Chase & Co.
4.000%, 2/1/08		740,000		730,183
6.375%, 2/15/08		775,000		781,338
MassMutual Global Funding II
2.550%, 7/15/08 §		850,000		814,604
Nationwide Building Society
2.625%, 1/30/07 §		375,000		374,220
3.500%, 7/31/07 §		1,975,000		1,953,711
4.250%, 2/1/10 §		295,000		285,799
New York Life Global Funding
3.875%, 1/15/09 §		775,000		754,163
Pemex Finance Ltd.
9.030%, 2/15/11		100,000		106,503
Pricoa Global Funding I
4.350%, 6/15/08 §		1,275,000		1,254,456
Racers, Series 97-R-8-3
5.674%, 8/15/07 †§(b)(l)		800,000		802,872
TIAA Global Markets, Inc.
3.875%, 1/22/08 §		615,000		604,784
UFJ Finance Aruba AEC
6.750%, 7/15/13^		310,000		330,822

AXA PREMIER VIP TRUST

AXA PREMIER VIP CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Principal Amount		Value (Note 1)
USAA Capital Corp.
4.000%, 12/10/07 §	$	975,000	$	961,808

				113,600,166

*Insurance (0.3%)*
Berkshire Hathaway Finance Corp.
3.400%, 7/2/07		2,140,000		2,121,320
4.125%, 1/15/10		85,000		82,610
4.750%, 5/15/12^		760,000		744,865
MetLife, Inc.
6.400%, 12/15/36 (l)		2,865,000		2,888,980
Metropolitan Life Global Funding I
4.750%, 6/20/07 §		200,000		199,496
Monumental Global Funding II
5.200%, 1/30/07 §		1,175,000		1,174,757

				7,212,028

*Real Estate Investment Trusts (REITs) (0.1%)*
AvalonBay Communities, Inc. (REIT)
6.625%, 9/15/11		270,000		283,656
Rouse Co. (REIT)
3.625%, 3/15/09		1,160,000		1,097,898

				1,381,554

*Real Estate Management & Development (0.0%)*
ERP Operating LP
6.625%, 3/15/12^		445,000		469,209

Total Financials				393,712,513

Government Securities (68.5%)
*Agency ABS (0.2%)*
Small Business Administration Participation Certificates,
Series 04-20A 1
4.930%, 1/1/24		792,590		782,084
Series 04-20C 1
4.340%, 3/1/24		5,187,215		4,944,455
Series 05-20B 1
4.625%, 2/1/25		453,019		437,490
Small Business Administration,
Series 03-10A 1
4.628%, 3/10/13		807,024		784,832

				6,948,861

*Agency CMO (5.6%)*
Federal Home Loan Mortgage Corp.
4.500%, 12/15/13		4,134,872		4,094,400
4.500%, 2/15/15		4,250,345		4,198,491
4.500%, 1/15/16		4,495,934		4,425,562
5.000%, 6/15/16		1,651,867		1,647,146
5.000%, 11/15/17		2,660,000		2,601,816
5.000%, 12/15/19		4,071,477		4,054,534
4.500%, 10/15/23		5,300,000		5,233,181
5.500%, 2/15/26		5,276,264		5,288,279
5.500%, 4/15/26		7,283,293		7,294,918
5.500%, 2/15/27		8,663,109		8,683,212
5.500%, 5/15/29		23,415,015		23,344,330
5.700%, 12/15/29 (l)		29,735		29,820
5.500%, 1/15/31		3,244,269		3,253,891
5.500%, 7/15/33		172,889		173,153
5.500%, 10/15/33		2,749,034		2,757,215
5.500%, 4/15/35		5,230,482		5,250,832
5.500%, 6/15/35		3,544,985		3,556,054
5.000%, 8/1/35 IO		7,991,364		1,911,418
5.500%, 8/1/35 IO		9,429,053		2,194,952
5.500%, 2/1/36 IO		10,620,261		2,540,745
Pass Through Trust
6.500%, 7/25/43		926,591		945,895
Federal National Mortgage Association
4.500%, 2/25/17		2,660,763		2,608,739
4.500%, 3/25/17		1,522,530		1,491,498
3.500%, 4/25/17		147,552		146,908
5.000%, 3/25/18		1,190,000		1,153,876
5.500%, 9/25/24		10,011,889		10,006,744
5.500%, 5/25/27		6,197,262		6,201,269
5.500%, 9/25/27		7,021,317		7,023,507
6.000%, 8/25/28		2,510,609		2,515,873
5.500%, 2/25/29		7,177,771		7,180,931
5.310%, 8/25/33		2,900,000		2,872,227
5.500%, 12/25/33		4,344,411		4,337,143
5.500%, 1/25/34		3,490,845		3,480,841
6.500%, 7/25/34		2,450,922		2,506,579
5.500%, 2/25/35		3,124,250		3,131,448
5.500%, 8/25/35		1,005,663		1,006,326
5.000%, 11/1/35 PO		15,340,323		3,666,565
Government National Mortgage Association
6.500%, 6/20/32		200,801		206,778

				153,017,096

*Foreign Governments (1.0%)*
Export-Import Bank of China
5.250%, 7/29/14 §		3,700,000		3,668,461
Federative Republic of Brazil
7.125%, 1/20/37		100,000		107,450
11.000%, 8/17/40		3,800,000		5,046,400
Israel Government AID Bond
5.500%, 4/26/24		1,950,000		2,025,582
5.500%, 9/18/33		1,945,000		2,029,995
Republic of Chile
5.500%, 1/15/13		1,000,000		1,007,400
Republic of Croatia
6.375%, 7/31/10		823,636		827,812
Republic of Italy
3.800%, 3/27/08	JPY	364,000,000		3,167,361
Republic of Panama
9.625%, 2/8/11	$	350,000		402,412
Republic of Peru
9.125%, 1/15/08		400,000		415,200
Republic of South Africa
7.375%, 4/25/12		60,000		64,890
6.500%, 6/2/14^		1,480,000		1,555,850
Russian Federation
5.000%, 3/31/30 (e)(m)		2,850,000		3,217,365
Swedish Export Credit AB
2.875%, 1/26/07^		850,000		848,636
United Mexican States
6.073%, 1/13/09 (l)		950,000		958,550
10.375%, 2/17/09		1,352,000		1,494,298
8.000%, 9/24/22		1,175,000		1,435,850
11.500%, 5/15/26		55,000		88,962
8.300%, 8/15/31		265,000		338,802
7.500%, 4/8/33		390,000		460,200

				29,161,476

*Municipal Bonds (0.2%)*
City of Chicago, Illinois
5.862%, 1/1/14 §(l)		200,000		214,112
Golden State Tobacco Securitization Corp.
6.750%, 6/1/39		730,000		836,222
7.900%, 6/1/42		230,000		281,423
Los Gatos, California Union School District
5.000%, 8/1/30		160,000		168,410
New York City Municipal Water Finance Authority
6.090%, 6/15/34 §(l)		100,000		111,112
Tobacco Settlement Financing Corp./New Jersey
6.000%, 6/1/37		250,000		270,995

AXA PREMIER VIP TRUST

AXA PREMIER VIP CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Principal Amount		Value (Note 1)
6.750%, 6/1/39	$	795,000	$	908,272
6.250%, 6/1/43		1,930,000		2,151,217

				4,941,763

*U.S. Government Agencies (56.3%)*
Federal Farm Credit Bank
4.100%, 6/16/11		200,000		192,297
Federal Home Loan Bank
2.850%, 6/26/08		2,000,000		1,934,320
4.010%, 9/17/08		3,000,000		2,947,482
4.000%, 1/16/09 (e)		1,800,000		1,763,404
4.000%, 4/20/09 (e)		1,800,000		1,761,035
4.120%, 11/9/09		600,000		585,293
4.125%, 1/5/10		500,000		487,261
4.500%, 6/22/10		10,900,000		10,751,379
4.500%, 6/12/13		3,700,000		3,558,383
4.625%, 9/11/20		32,800,000		30,929,318
Federal Home Loan Mortgage Corp.
5.500%, 6/12/08		22,400,000		22,402,195
4.000%, 10/7/09		2,000,000		1,943,720
4.000%, 6/1/10		1,173,936		1,146,426
4.625%, 5/28/13		850,000		820,654
6.000%, 1/1/14		36,031		36,569
5.500%, 2/1/14		379,622		380,999
6.000%, 7/1/14		20,583		20,891
6.000%, 2/1/17		717,261		727,574
6.000%, 3/1/17		15,413		15,632
6.500%, 3/1/17		95,224		97,425
6.000%, 4/1/17		691,084		701,013
6.000%, 5/1/17		4,498		4,563
6.000%, 7/1/17		99,116		100,529
6.000%, 8/1/17		127,747		129,581
5.500%, 11/1/17		137,572		137,806
4.500%, 4/1/19		311,576		300,625
4.000%, 5/1/19		35,945		33,833
4.500%, 5/1/19		1,815,382		1,751,579
4.500%, 6/1/19		642,324		620,097
4.500%, 8/1/19		71,045		68,548
4.500%, 11/1/19		1,588,474		1,532,645
4.500%, 2/1/20		22,799		21,976
4.500%, 5/1/20		118,807		114,521
4.500%, 8/1/20		3,576,773		3,451,064
4.000%, 9/1/20		91,929		86,445
5.000%, 10/1/20		6,601,158		6,485,769
5.500%, 3/1/23		76,369		76,048
6.500%, 4/1/31		1,420		1,453
5.500%, 11/1/31		1,554,447		1,541,360
7.368%, 11/1/31 (l)		48,865		49,297
5.500%, 11/1/32		814,376		807,520
5.500%, 1/1/33		125,944		124,772
5.500%, 2/1/33		784,241		776,941
5.500%, 3/1/33		51,806		51,310
5.500%, 4/1/33		72,626		71,931
5.500%, 5/1/33		25,049		24,809
5.500%, 10/1/33		78,294		77,545
5.000%, 4/1/34		4,300,799		4,154,185
4.774%, 1/1/35 (l)		5,839,046		5,745,392
5.500%, 10/1/35		894,018		884,323
5.344%, 4/1/36 (l)		5,382,260		5,401,213
5.543%, 4/1/36 (l)		8,937,456		8,906,664
5.000%, 5/1/36		682,741		658,703
6.000%, 9/1/36		299,999		302,218
5.960%, 12/1/36 (l)		6,675,000		6,716,001
4.500%, 1/15/22 TBA		4,700,000		4,528,159
6.000%, 1/15/22 TBA		8,000,000		8,105,000
5.500%, 1/15/37 TBA		80,000,000		79,100,000
6.000%, 1/15/37 TBA		4,000,000		4,028,752
Federal National Mortgage Association
2.710%, 1/30/07		12,775,000		12,749,297
2.350%, 4/5/07		6,220,000		6,175,608
3.740%, 2/24/09		10,600,000		10,328,078
4.040%, 3/16/09		500,000		489,473
4.000%, 7/23/09		187,000		182,396
7.250%, 1/15/10^		8,625,000		9,176,086
5.570%, 12/15/10		16,750,000		16,709,348
4.000%, 11/28/11		4,100,000		3,916,394
4.625%, 5/1/13^		5,650,000		5,476,279
5.125%, 1/2/14^		2,575,000		2,568,248
4.000%, 5/1/14		7,455,003		7,193,262
7.000%, 4/1/15		88,539		91,106
6.000%, 2/1/16		2,615,356		2,654,647
6.000%, 3/1/16		450,492		457,260
7.000%, 4/1/16		105,722		108,720
5.500%, 2/1/17		522,657		523,904
5.500%, 6/1/17		173,407		173,821
5.500%, 8/1/17		166,969		167,367
5.500%, 10/1/17		134,097		134,417
5.500%, 12/1/17		8,320		8,340
5.000%, 1/1/18		3,650,523		3,600,115
5.500%, 1/1/18		481,561		482,710
5.000%, 3/1/18		5,477,006		5,396,411
4.500%, 4/1/18		451,312		436,441
5.500%, 4/1/18		1,016,244		1,018,185
4.500%, 5/1/18		609,595		589,815
5.000%, 6/1/18		5,328,330		5,249,923
4.500%, 10/1/18		340,873		329,641
5.000%, 10/1/18		20,290		19,991
5.500%, 10/1/18		14,654		14,682
5.500%, 11/1/18		5,805,921		5,819,776
5.000%, 12/1/18		8,950,134		8,826,545
5.000%, 1/1/19		659,746		650,038
5.500%, 3/1/19		568,064		569,157
5.000%, 5/1/19		587,168		578,035
5.500%, 5/1/19		1,451,833		1,455,298
4.000%, 6/1/19		7,559,206		7,124,115
5.000%, 6/1/19		64,755		63,729
5.500%, 7/1/19		181,387		181,554
5.500%, 8/1/19		812,710		813,295
5.500%, 9/1/19		441,759		442,077
5.500%, 11/1/19		472,608		472,948
5.000%, 12/1/19		9,259,897		9,113,243
5.500%, 6/1/20		4,884,806		4,895,086
5.500%, 10/1/20		931,122		930,958
5.500%, 1/1/21		1,050,058		1,049,905
6.000%, 1/1/21		2,112,061		2,145,052
5.500%, 2/1/21		335,770		335,721
5.000%, 3/1/21		6,929,504		6,827,535
6.000%, 4/1/21		15,806,006		16,041,250
7.016%, 1/1/28 (l)		231,724		236,379
6.500%, 2/1/31		1,212		1,241
6.500%, 8/1/31		754		772
7.000%, 8/1/31		51,961		53,501
7.000%, 3/1/32		41,743		42,941
7.000%, 4/1/32		183,774		189,237
7.000%, 5/1/32		11,018		11,334
6.500%, 6/1/32		176,893		180,948
7.000%, 7/1/32		55,802		57,421
6.500%, 8/1/32		267,741		274,102
6.500%, 9/1/32		2,423,415		2,478,962
7.000%, 10/1/32		58,335		60,075
5.500%, 11/1/32		562,069		556,455
6.500%, 11/1/32		370,965		379,468
6.500%, 12/1/32		98,908		101,175
5.500%, 1/1/33		1,121,223		1,110,024
5.500%, 2/1/33		2,319,778		2,296,513
5.427%, 3/1/33 (l)		257,522		261,364
5.500%, 3/1/33		5,104,020		5,044,210

AXA PREMIER VIP TRUST

AXA PREMIER VIP CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Principal Amount		Value (Note 1)
5.500%, 4/1/33	$	2,801,174	$	2,772,620
5.500%, 6/1/33		31,842,470		31,518,703
5.500%, 7/1/33		136,460		135,069
5.500%, 8/1/33		148,637		147,122
5.500%, 10/1/33		1,079,872		1,068,864
6.500%, 10/1/33		8,653		8,834
5.500%, 11/1/33		1,042,270		1,031,645
5.500%, 12/1/33		451,504		446,901
5.500%, 2/1/34		11,642,236		11,522,715
6.000%, 2/1/34		4,637,170		4,676,268
5.500%, 3/1/34		7,371,102		7,292,079
5.500%, 4/1/34		14,720,385		14,569,777
5.500%, 5/1/34		15,678,744		15,513,377
5.500%, 6/1/34		17,178,033		16,994,060
5.500%, 7/1/34		15,646,280		15,479,381
5.500%, 8/1/34		776,798		768,696
6.000%, 8/1/34		2,872,137		2,896,353
5.500%, 9/1/34		19,481,380		19,272,525
5.500%, 9/1/34		148,542		146,950
7.000%, 9/1/34		83,913		86,185
5.500%, 11/1/34		44,583,696		44,105,725
5.500%, 12/1/34		423,508		418,968
5.500%, 1/1/35		59,482,163		58,844,469
5.500%, 2/1/35		97,063,736		96,080,670
5.500%, 3/1/35		11,621,227		11,489,721
6.000%, 4/1/35		15,298,895		15,438,507
5.500%, 5/1/35		575,180		569,317
5.000%, 10/1/35		592,662		572,359
5.500%, 10/1/35		1,839,797		1,818,783
5.000%, 11/1/35		11,105,687		10,725,228
5.500%, 11/1/35		2,417,792		2,390,178
5.500%, 12/1/35		9,420,892		9,319,893
5.214%, 1/1/36 (l)		4,487,883		4,488,022
5.500%, 6/1/36		1,007,445		995,587
5.500%, 7/1/36		492,742		486,942
6.500%, 7/1/36		5,764,480		5,873,164
6.500%, 8/1/36		5,836,509		5,946,552
6.500%, 9/1/36		3,857,858		3,930,595
6.000%, 10/1/36		199,644		200,996
6.500%, 10/1/36		966,099		984,314
6.115%, 11/1/36 (l)		6,435,739		6,494,694
7.129%, 12/1/40 (l)		229,611		232,953
4.500%, 1/25/22 TBA		7,000,000		6,750,625
5.000%, 1/25/22 TBA		64,000,000		62,899,968
5.500%, 1/25/22 TBA		55,300,000		55,282,746
6.000%, 1/25/22 TBA		8,000,000		8,110,000
5.000%, 1/25/37 TBA		5,000,000		4,826,560
6.000%, 1/25/37 TBA		386,500,000		389,036,213
6.500%, 1/25/37 TBA		159,500,000		162,490,625
Government National Mortgage Association
5.750%, 7/20/27 (l)		14,543		14,722
6.000%, 11/15/28		26,061		26,489
6.000%, 1/15/29		71,627		72,791
6.000%, 2/15/29		25,797		26,216
6.500%, 5/15/29		40,636		41,794
6.000%, 6/15/29		30,919		31,422
7.000%, 9/15/31		57,732		59,676
7.000%, 10/15/31		10,537		10,889
6.000%, 11/15/31		16,528		16,784
6.000%, 12/15/31		104,290		105,907
7.000%, 2/15/32		45,991		47,523
7.000%, 4/15/32		30,662		31,684
7.000%, 5/15/32		31,030		32,072
7.000%, 2/15/33		50,589		52,264
5.500%, 4/15/33		163,999		163,457
6.000%, 12/15/35		494,010		500,947
6.000%, 1/15/37 TBA		10,000,000		10,129,375
Resolution Funding Strips
(Zero Coupon), 7/15/18		75,000		42,373
(Zero Coupon), 10/15/18		75,000		41,820
Small Business Administration
4.524%, 2/10/13		850,384		823,854
4.504%, 2/1/14		856,111		829,744
U.S. Department of Housing and Urban Development
5.380%, 8/1/18		1,660,000		1,647,940

				1,540,172,092

*U.S. Treasuries (5.2%)*
U.S. Treasury Bonds
7.250%, 8/15/22^		500,000		627,070
6.125%, 8/15/29^		27,500,000		32,140,625
4.500%, 2/15/36^		215,000		204,452
Inflation Indexed
2.375%, 1/15/25^		7,797,899		7,763,479
2.000%, 1/15/26^		24,196,005		22,755,592
U.S. Treasury Notes
4.000%, 3/15/10		17,800,000		17,426,609
5.125%, 6/30/11		5,370,000		5,460,619
4.875%, 8/15/16^		21,510,000		21,767,109
4.625%, 11/15/16		16,690,000		16,580,480
Inflation Indexed
2.000%, 7/15/14^		5,784,156		5,614,021
2.500%, 7/15/16		2,934,354		2,956,591
U.S. Treasury STRIPS
11/15/27^ PO		23,265,000		8,418,464

				141,715,111

Total Government Securities				1,875,956,399

Health Care (0.1%)
*Pharmaceuticals (0.1%)*
Bristol-Myers Squibb Co.
5.875%, 11/15/36		1,925,000		1,894,254
6.875%, 8/1/97		150,000		159,842

Total Health Care				2,054,096

Industrials (0.1%)
*Airlines (0.0%)*
Continental Airlines, Inc.
7.056%, 9/15/09		850,000		873,417
United Air Lines, Inc.
6.602%, 9/1/13		316,180		320,527

				1,193,944

*Industrial Conglomerates (0.1%)*
General Electric Co.
5.000%, 2/1/13		1,081,000		1,069,002
Tyco International Group S.A.
6.375%, 10/15/11		1,535,000		1,606,364

				2,675,366

Total Industrials				3,869,310

Information Technology (0.1%)
*Computers & Peripherals (0.1%)*
Hewlett Packard Co.
5.496%, 5/22/09 (l)		1,400,000		1,402,213

Total Information Technology				1,402,213

Materials (0.1%)
*Metals & Mining (0.1%)*
Teck Cominco Ltd.
6.125%, 10/1/35		1,075,000		1,032,829

*Paper & Forest Products (0.0%)*
Koch Forest Products, Inc.
7.353%, 12/20/12 (l)		761,905		765,291
7.364%, 12/20/12 (l)		180,476		181,278

AXA PREMIER VIP TRUST

AXA PREMIER VIP CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Principal Amount		Value (Note 1)
7.376%, 12/20/12 (l)	$	47,619	$	47,830

				994,399

Total Materials				2,027,228

Telecommunication Services (1.2%)
*Diversified Telecommunication Services (0.7%)*
AT&T Corp.
7.300%, 11/15/11		38,000		41,142
8.000%, 11/15/31		698,000		865,993
AT&T, Inc.
4.214%, 6/5/07 §		5,000,000		4,972,750
BellSouth Corp.
5.474%, 8/15/08 (l)		3,000,000		3,001,746
Citizens Communications Co.
9.000%, 8/15/31		65,000		70,525
Deutsche Telekom International Finance B.V.
8.250%, 6/15/30		340,000		417,976
New England Telephone & Telegraph
7.875%, 11/15/29		25,000		27,277
Qwest Communications International, Inc.
8.874%, 2/15/09 (l)		1,000,000		1,012,500
Qwest Corp.
7.625%, 6/15/15^		1,580,000		1,690,600
Sprint Capital Corp.
8.750%, 3/15/32		375,000		451,354
Telecom Italia Capital S.A.
5.250%, 10/1/15		1,575,000		1,471,222
6.000%, 9/30/34		435,000		394,530
7.200%, 7/18/36		1,075,000		1,123,072
Telefonica Emisiones S.A.U.
6.421%, 6/20/16		1,050,000		1,083,199
7.045%, 6/20/36		950,000		1,009,059
Telefonica Europe B.V.
7.750%, 9/15/10		550,000		590,724
Verizon Communications, Inc.
5.350%, 2/15/11^		600,000		600,971
6.940%, 4/15/28		225,000		235,895
7.750%, 6/15/32		425,000		498,675
Verizon Maryland, Inc.
5.125%, 6/15/33^		465,000		381,466
Verizon New Jersey, Inc.
5.875%, 1/17/12		1,040,000		1,053,550

				20,994,226

*Wireless Telecommunication Services (0.5%)*
America Movil S.A. de C.V.
5.466%, 6/27/08 †§(b)(l)		1,000,000		999,301
Vodafone Group plc
5.424%, 6/29/07 (l)		5,700,000		5,700,256
5.454%, 12/28/07 (l)		4,165,000		4,167,007
7.750%, 2/15/10		1,985,000		2,115,381

				12,981,945

Total Telecommunication Services				33,976,171

Utilities (0.8%)
*Electric Utilities (0.3%)*
Appalachian Power Co.
3.600%, 5/15/08		650,000		634,613
CenterPoint Energy Resources Corp.
6.150%, 5/1/16^		1,000,000		1,020,646
Dayton Power & Light Co.
5.125%, 10/1/13		900,000		884,703
Florida Power & Light Co.
4.950%, 6/1/35		875,000		778,099
Florida Power Corp.
5.900%, 3/1/33		275,000		276,254
Jersey Central Power & Light Co.
7.500%, 5/1/23		1,620,000		1,636,501
Pepco Holdings, Inc.
6.450%, 8/15/12		2,130,000		2,208,322
Scottish Power plc
4.910%, 3/15/10		1,100,000		1,084,166

				8,523,304

*Gas Utilities (0.0%)*
Consolidated Natural Gas Co.
5.000%, 3/1/14		250,000		241,123
Southern Natural Gas Co.
6.125%, 9/15/08		300,000		301,636

				542,759

*Multi-Utilities (0.5%)*
CMS Energy Corp.
9.875%, 10/15/07^		1,030,000		1,062,188
8.900%, 7/15/08^		1,200,000		1,254,000
Dominion Resources, Inc.
5.663%, 9/28/07 (l)		2,400,000		2,400,955
5.554%, 11/14/08 (l)		1,500,000		1,500,205
5.125%, 12/15/09		150,000		149,043
7.195%, 9/15/14		315,000		345,653
Energy East Corp.
6.750%, 7/15/36		950,000		1,002,339
Ipalco Enterprises, Inc.
8.375%, 11/14/08		3,290,000		3,413,375
PSEG Power LLC.
6.950%, 6/1/12		400,000		422,876
Texas Eastern Transmission LP
5.250%, 7/15/07		120,000		119,673

				11,670,307

Total Utilities				20,736,370

Total Long-Term Debt Securities (109.0%) (Cost $2,997,555,918)				2,982,382,984

SHORT-TERM INVESTMENTS:
Certificates of Deposit (0.4%)
Countrywide Bank N.A.
5.35%, 4/25/07 (l)		9,700,000		9,700,077
Societe Generale/New York
5.29%, 6/20/07 (l)		1,500,000		1,500,213

Total Certificates of Deposit				11,200,290

Commercial Paper (8.1%)
Abbey National North America LLC.
5.15%, 1/8/07 (p)		700,000		699,200
Bank of America Corp.
5.36%, 1/12/07 (p)		500,000		499,109
CBA Delaware Finance, Inc.
5.04%, 2/22/07 (p)		2,900,000		2,878,658
DaimlerChrysler N.A. Holding Corp.
5.48%, 6/22/07 (p)		10,200,000		9,938,064
HBOS Treasury Services plc
5.18%, 2/9/07 (p)		1,500,000		1,491,413
Rabobank USA Finance Corp.
5.28%, 1/2/07 (p)		37,800,000		37,788,912
Santander Central Hispano Financial Services Ltd.
5.19%, 1/16/07 (p)		18,900,000		18,856,474
Societe Generale North America, Inc.
5.27%, 1/2/07 (p)		12,600,000		12,596,311
5.18%, 2/9/07 (p)		4,800,000		4,772,522
5.02%, 3/1/07 (p		1,200,000		1,190,038
5.14%, 3/12/07 (p)		18,000,000		17,819,460
Swedbank AB
5.17%, 1/2/07 (p)		7,700,000		7,697,791
Time Warner Cable, Inc.
5.43%, 4/12/07 (n)(p)		7,300,000		7,189,478

AXA PREMIER VIP TRUST

AXA PREMIER VIP CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Principal Amount		Value (Note 1)
UBS Finance Delaware LLC
5.15%, 1/8/07 (p)	$	34,500,000	$	34,460,544
5.13%, 3/8/07 (p)		4,800,000		4,754,592
5.24%, 6/12/07 (p)		2,300,000		2,246,686
Unicredito Italiano Bank plc/Ireland
5.29%, 1/25/07 (n)(p)		13,800,000		13,749,496
Viacom, Inc.
5.62%, 3/22/07 (n)(p)		3,400,000		3,400,017
Westpac Banking Corp.
4.98%, 1/3/07 (n)(p)		3,700,000		3,698,466
5.18%, 2/5/07 (n)(p)		35,500,000		35,317,099

Total Commercial Paper				221,044,330

Government Securities (10.3%)
Belgium Treasury Bills
3.06%, 1/11/07 (p)	EUR	24,100,000		31,749,749
Dutch Treasury Certificates
3.20%, 2/28/07 (p)		6,140,000		8,054,302
Federal Home Loan Bank
4.80%, 1/2/07 (o)(p)	$	51,200,000		51,186,347
4.90%, 1/24/07 (o)(p)		12,600,000		12,558,947
Federal Home Loan Mortgage Corp.
4.97%, 1/26/07 (o)(p)		18,400,000		18,334,194
5.09%, 1/30/07 (o)(p)		10,000,000		9,957,789
5.01%, 2/8/07 (o)(p)		35,300,000		35,109,518
5.07%, 2/13/07 (o)(p)		2,600,000		2,583,997
Federal National Mortgage Association
4.87%, 1/10/07 (o)(p)		70,600,000		70,504,530
4.90%, 1/24/07 (o)(p)		3,600,000		3,588,271
4.92%, 1/31/07 (o)(p)		2,800,000		2,788,194
4.92%, 2/7/07 (o)(p)		2,300,000		2,288,112
4.96%, 3/14/07 (o)(p)		21,200,000		20,988,933
U.S. Treasury Bills
4.56%, 3/1/07 #(p)		490,000		486,303
4.68%, 3/15/07 #(p)		12,140,000		12,024,233

Total Government Securities				282,203,419

Short-Term Investments of Cash Collateral for Securities Loaned (3.6%)
ACCR, Series 06-2 A1
5.39%, 6/27/08 (l)		409,956		409,956
Anglo Irish Bank Corp. plc.
5.34%, 2/1/07		1,810,242		1,810,242
Barton Capital Corp.
5.32%, 1/11/07		1,681,108		1,681,108
Bavaria TRR Corp.
5.39%, 1/25/07		1,825,412		1,825,412
Bear Stearns Cos., Inc., Repurchase Agreement
5.33%, 1/2/07 (r)		7,448,725		7,448,725
Cedar Springs Capital Co. LLC.
5.41%, 1/22/07		7,299,394		7,299,394
Charta LLC.
5.31%, 1/5/07		6,417,932		6,417,932
5.32%, 1/16/07		1,089,219		1,089,219
Concord Minutemen C.C. LLC,
Series B
5.35%, 1/10/07		1,613,556		1,613,556
Series C
5.37%, 1/18/07		1,825,170		1,825,170
5.39%, 1/18/07		2,555,194		2,555,194
Corp. Andina de Fomento
5.36%, 2/20/07		2,892,049		2,892,049
Deutsche Bank AG/London
5.34%, 1/31/07 (l)		1,466,894		1,466,894
DZ Bank AG/Grand Cayman
5.44%, 1/3/07		5,500,851		5,500,851
DZ Bank AG/New York
5.31%, 1/11/07		1,100,170		1,100,170
Ebbets Funding LLC
5.34%, 1/12/07		7,004,706		7,004,706
Fenway Funding LLC
5.40%, 1/2/07		2,404,262		2,404,262
5.37%, 1/10/07		507,733		507,733
5.36%, 2/15/07		3,633,697		3,633,697
Fifth Third Bancorp
5.35%, 1/29/08 (l)		220,032		220,032
Galleon Capital Corp.
5.33%, 2/15/07		3,633,887		3,633,887
Goldman Sachs Group, Inc.
5.41%, 12/28/07 (l)		806,792		806,792
5.43%, 1/29/08 (l)		1,466,894		1,466,894
Gotham Funding Corp.
5.36%, 1/16/07		4,947,385		4,947,385
HBOS Treasury Services plc
5.31%, 1/29/07		1,679,412		1,679,412
Hartford Life, Inc.
5.48%, 12/28/07 (l)		586,758		586,758
KBC Financial Products/London
5.34%, 2/1/07		3,710,874		3,710,874
Kommunalkredit International Bank
5.37%, 2/5/07		1,085,431		1,085,431
Lafayette Asset Securitization LLC
5.35%, 2/9/07		1,808,876		1,808,876
Lehman Brothers, Inc.
5.46%, 3/29/07 (l)		256,706		256,706
Liberty Street Funding Co.
5.36%, 1/12/07		2,499,830		2,499,830
5.35%, 1/16/07		4,379,871		4,379,871
Mizuho Corporate Bank Ltd./London
5.35%, 3/12/07		3,667,234		3,667,234
Natexis Banques Populaires N.Y.
5.35%, 1/31/07 (l)		366,723		366,723
5.37%, 1/28/08 (l)		2,200,341		2,200,341
New York Life Insurance Co.
5.43%, 3/29/07 (l)		1,833,617		1,833,617
Norinchukin Bank N.Y.
5.35%, 2/28/07		3,667,234		3,667,234
Washington Mutual Bank FA
5.35%, 3/19/07		1,100,600		1,100,600

Total Short-Term Investments of Cash Collateral for Securities Loaned				98,404,767

Time Deposit (2.1%)
JPMorgan Chase Nassau
4.75%, 1/2/07		58,151,195		58,151,195

Total Short-Term Investments (24.5%) (Cost/Amortized Cost $670,149,476)				671,004,001


	Number of Contracts
OPTIONS PURCHASED:
Put Options Purchased (0.0%)
EURODollar Futures
March-2007 @ $92.00*		112		700
March-2007 @ $92.25*		517		3,231
September-2007 @ $91.00*		1,512		9,450
December-2007 @ $91.50*		720		4,500
December-2007 @ $92.00*		1,490		9,313
U.S. 10 Year Treasury Note Futures
March-2007 @ $106.00*		260		52,812

Total Options Purchased (0.0%) (Cost $188,059)				80,006

Total Investments before Securities Sold Short (133.5%) (Cost/Amortized Cost $3,667,893,453)				3,653,466,991

AXA PREMIER VIP TRUST

AXA PREMIER VIP CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Principal Amount			Value (Note 1)
SECURITIES SOLD SHORT:
U.S. Government Agencies (-2.5%)
Federal Home Loan Mortgage Corp.
5.00%, 1/15/22 TBA	$	(2,000,000	)	$	(1,964,376	)
5.00%, 1/15/37 TBA		(4,900,000	)		(4,726,971	)
Federal National Mortgage Association
5.50%, 1/25/37 TBA		(62,000,000	)		(61,263,750	)

Total Securities Sold Short (-2.5%) (Proceeds Received $68,354,719)					(67,955,097	)

Total Investments (131.0%) (Cost/Amortized Cost $3,599,538,734)					3,585,511,894
Other Assets Less Liabilities (-31.0%)					(848,931,192	)

Net Assets (100%)				$	2,736,580,702

*	Non-income producing.

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

†	Securities (totaling $5,410,306 or 0.20% 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, 2006, the market value of these securities amounted to $117,713,161 or 4.3% of net assets. Securities denoted with “§” but without “(b)” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

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

(b)

Illiquid security.

(e)

Step Bond - Coupon rate increases in increments to maturity. Rate disclosed is as of December 31, 2006. Maturity date disclosed is the ultimate maturity date.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2006.

(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, 2006.

(p)

Yield to maturity.

(r)

The repurchase agreement is fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.


Glossary:

CMO	—	Collateralized Mortgage Obligation
EUR	—	European Currency Unit
IO	—	Interest only
JPY	—	Japanese Yen
PO	—	Principal only
STRIPS	—	Separate Trading of Registered Interest and Principal of Securities
TBA	—	Security is subject to delayed delivery.

At December 31, 2006 the Portfolio had the following futures contracts open: (Note 1)


	Number of Contracts	Expiration Date	Original Value		Value at 12/31/06		Unrealized Appreciation/ (Depreciation)
Purchases
British Pound Sterling 90-Day	602	December-2007	$	139,481,560	$	139,204,838	$	(276,722	)
EURODollar	1,226	March-2007		290,807,200		290,194,200		(613,000	)
EURODollar	423	September-2007		100,026,750		100,372,612		345,862
EURODollar	1,650	December-2007		391,693,800		392,081,250		387,450
EURODollar	1,599	March-2008		379,706,012		380,202,225		496,213
U.S. Treasury Bonds	1,491	March-2007		170,570,196		166,153,312		(4,416,884	)
U.S. 5 Year Treasury Notes	358	March-2007		37,791,344		37,612,375		(178,969	)
U.S. 10 Year Treasury Notes	967	March-2007		104,770,101		103,922,281		(847,820	)

							$	(5,103,870	)

Sales
EURODollar	673	June-2007	$	160,132,033	$	159,450,525	$	681,508
U.S. 5 Year Treasury Notes	1,054	March-2007		111,886,303		110,735,875		1,150,428

							$	1,831,936

							$	(3,271,934	)

AXA PREMIER VIP TRUST

AXA PREMIER VIP CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2006

At December 31, 2006 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 1/23/07	9,900	$	12,989,305	$	13,067,175	$	77,870

Foreign Currency Sell Contracts
European Union, expiring 1/10/07	30,585	$	38,971,285	$	40,343,144	$	(1,371,859	)
European Union, expiring 1/23/07	6,101		8,052,405		8,052,812		(407	)
British Pound, expiring 1/11/07	1,298		2,529,802		2,540,502		(10,700	)
Japanese Yen, expiring 2/15/07	1,432,125		12,278,269		12,086,932		191,337

						$	(1,191,629	)

						$	(1,113,759	)

Options written for the year ended December 31, 2006 were as follows:


	Total Number of Contracts		Total Premiums Received
Options Outstanding—January 1, 2006	180		$	97,498
Options Written	852			297,923
Options Terminated in Closing Purchase Transactions	(395	)		(183,067	)
Options Expired	(637	)		(212,354	)
Options Exercised	—			—

Options Outstanding—December 31, 2006	—		$	—

Investment security transactions for the year ended December 31, 2006 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	6,069,323,241
Long-term U.S. Treasury securities		3,595,450,529

	$	9,664,773,770

Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	4,949,811,409
Long-term U.S. Treasury securities		3,785,937,580

	$	8,735,748,989

As of December 31, 2006, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	9,735,802
Aggregate gross unrealized depreciation		(25,802,310	)

Net unrealized depreciation	$	(16,066,508	)

Federal income tax cost of investments	$	3,669,533,499

At December 31, 2006, the Portfolio had loaned securities with a total value of $103,603,712. This was secured by collateral of $98,404,767 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments. The remaining collateral of $7,566,147 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.

The Portfolio has a net capital loss carryforward of $13,285,672, of which $7,796,848 expires in the year 2013, and $5,488,824 expires in the year 2014.

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA PREMIER VIP HEALTH CARE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2006


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Staples (1.2%)
*Food & Staples Retailing (1.2%)*
CVS Corp.	97,997	$	3,029,087
Longs Drug Stores Corp.	16,800		711,984
Rite Aid Corp.*^	157,100		854,624

Total Consumer Staples			4,595,695

Financials (0.0%)
*Insurance (0.0%)*
eHealth, Inc.*	10,100		203,111

Total Financials			203,111

Health Care (95.6%)
*Biotechnology (21.0%)*
Affymax, Inc.*	5,855		199,304
Alexion Pharmaceuticals, Inc.*^	26,730		1,079,625
Altus Pharmaceuticals, Inc.*^	14,100		265,785
Amgen, Inc.*	188,241		12,858,743
Amylin Pharmaceuticals, Inc.*^	69,700		2,514,079
Applera Corp.- Celera Group*	161,580		2,260,504
Arena Pharmaceuticals, Inc.*^	22,023		284,317
Array Biopharma, Inc.*^	24,803		320,455
Biogen Idec, Inc.*	32,376		1,592,575
BioMarin Pharmaceuticals, Inc.*^	57,673		945,261
Celgene Corp.*	80,452		4,628,404
Cephalon, Inc.*^	61,220		4,310,500
CSL Ltd.	7,271		374,635
Cubist Pharmaceuticals, Inc.*^	36,234		656,198
CV Therapeutics, Inc.*^	90,970		1,269,941
Cytokinetics, Inc.*^	175,800		1,314,984
Encysive Pharmaceuticals, Inc.*^	57,500		242,075
Genentech, Inc.*	46,661		3,785,607
Genzyme Corp.*	77,453		4,769,556
Gilead Sciences, Inc.*	177,822		11,545,982
Human Genome Sciences, Inc.*^	232,609		2,893,656
ICOS Corp.*^	18,300		618,357
Incyte Corp.*^	127,991		747,467
InterMune, Inc.*^	16,100		495,075
Keryx Biopharmaceuticals, Inc.*^	22,890		304,437
MannKind Corp.*^	34,296		565,541
Medarex, Inc.*^	36,732		543,266
MedImmune, Inc.*	60,710		1,965,183
Millennium Pharmaceuticals, Inc.*	251,800		2,744,620
Myriad Genetics, Inc.*^	13,765		430,845
NPS Pharmaceuticals, Inc.*	23,600		106,908
Nuvelo, Inc.*^	18,253		73,012
Onyx Pharmaceuticals, Inc.*^	79,472		840,814
OSI Pharmaceuticals, Inc.*^	8,478		296,560
Panacos Pharmaceuticals, Inc.*^	53,053		212,743
PDL BioPharma, Inc.*^	80,759		1,626,486
Regeneron Pharmaceuticals, Inc.*^	53,700		1,077,759
Theravance, Inc.*^	66,945		2,067,931
United Therapeutics Corp.*^	52,561		2,857,742
Vanda Pharmaceuticals, Inc.*^	12,960		319,464
Vertex Pharmaceuticals, Inc.*^	99,308		3,716,105
ZymoGenetics, Inc.*^	240,555		3,745,441

			83,467,942

*Health Care Distributors (2.7%)*
Cardinal Health, Inc.	55,000		3,543,650
McKesson Corp.	112,179		5,687,475
Profarma Distribuidora de Produtos Farmaceuticos S.A.*	40,100		552,197
PSS World Medical, Inc.*^	48,119		939,764

			10,723,086

*Health Care Equipment (14.5%)*
ArthroCare Corp.*	15,300		610,776
Baxter International, Inc .	136,718		6,342,348
Beckman Coulter, Inc.	39,900		2,386,020
Biomet, Inc.	35,200		1,452,704
Conor Medsystems, Inc.*	28,510		893,218
Cytyc Corp.*	90,232		2,553,566
DexCom, Inc.*^	71,174		701,776
Hospira, Inc.*	48,614		1,632,458
Kyphon, Inc.*^	23,280		940,512
Medtronic, Inc.	226,150		12,101,286
Mentor Corp.^	41,994		2,052,247
Mindray Medical International Ltd. (ADR)*^	28,760		687,939
NxStage Medical, Inc.*^	70,862		593,824
Respironics, Inc.*	57,289		2,162,660
Smith & Nephew plc.	112,616		1,174,766
St. Jude Medical, Inc.*	207,223		7,576,073
Stryker Corp.	71,510		3,940,916
Thoratec Corp.*^	68,398		1,202,437
Varian Medical Systems, Inc.*	73,999		3,520,132
Volcano Corp.*	39,110		641,013
Zimmer Holdings, Inc.*	59,527		4,665,726

			57,832,397

*Health Care Facilities (1.0%)*
Assisted Living Concepts, Inc.*^	61,927		612,458
Triad Hospitals, Inc.*	45,200		1,890,716
Universal Health Services, Inc., Class B	22,900		1,269,347

			3,772,521

*Health Care Services (3.2%)*
Caremark Rx, Inc.	38,964		2,225,234
DaVita, Inc.*	40,278		2,291,013
Express Scripts, Inc.*	24,335		1,742,386
HMS Holdings Corp.*^	62,065		940,285
Medco Health Solutions, Inc.*	42,960		2,295,782
Omnicare, Inc.^	14,975		578,484
Quest Diagnostics, Inc.	48,833		2,588,149

			12,661,333

*Health Care Supplies (0.2%)*
Cooper Cos., Inc.^	14,014		623,623

*Health Care Technology (0.9%)*
Eclipsys Corp.*^	45,018		925,570
IMS Health, Inc.	58,500		1,607,580
TriZetto Group, Inc.*^	26,989		495,788
Vital Images, Inc.*^	19,994		695,791

			3,724,729

*Life Sciences Tools & Services (2.6%)*
Charles River Laboratories International, Inc.*	30,602		1,323,537
Ciphergen Biosystems, Inc.*^	184,000		163,760
Dionex Corp.*^	3,830		217,199
Exelixis, Inc.*^	96,000		864,000
Illumina, Inc.*	23,340		917,495
Invitrogen Corp.*^	28,946		1,638,054
MDS, Inc.	58,672		1,072,401
Millipore Corp.*	1,425		94,905
Pharmaceutical Product Development, Inc.	62,294		2,007,113
Thermo Fisher Scientific, Inc.*	36,371		1,647,243
Varian, Inc.*	10,049		450,095

			10,395,802

*Managed Health Care (5.4%)*
Aetna, Inc.	50,779		2,192,637
Coventry Health Care, Inc.*	25,173		1,259,909
Health Net, Inc.*	45,099		2,194,517
UnitedHealth Group, Inc.	250,250		13,445,933

AXA PREMIER VIP TRUST

AXA PREMIER VIP HEALTH CARE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Number of Shares	Value (Note 1)
WellPoint, Inc.*	31,730	$	2,496,834

			21,589,830

*Pharmaceuticals (44.1%)*
Abbott Laboratories	280,870		13,681,178
Adolor Corp.*^	70,935		533,431
Allergan, Inc.	46,209		5,533,066
Astellas Pharma, Inc.	97,400		4,422,257
AstraZeneca plc (Sponsored ADR)	87,627		4,692,426
AtheroGenics, Inc.*^	50,718		502,615
Barr Pharmaceuticals, Inc.*	23,000		1,152,760
BioMimetic Therapeutics, Inc.*^	60,440		797,204
Bristol-Myers Squibb Co.	361,450		9,513,364
Cadence Pharmaceuticals, Inc.*^	33,683		414,975
Cardiome Pharma Corp.*^	47,049		524,596
Cypress Bioscience, Inc.*^	40,737		315,712
Daiichi Sankyo Co., Ltd.	162,000		5,057,614
Eisai Co., Ltd.	123,900		6,800,436
Elan Corp. plc (ADR)*^	147,900		2,181,525
Eli Lilly & Co.	123,814		6,450,709
Endo Pharmaceuticals Holdings, Inc.*	42,192		1,163,655
Forest Laboratories, Inc.*	86,815		4,392,839
H. Lundbeck A/S	29,700		818,272
Ipsen	76,420		3,549,163
Johnson & Johnson	218,659		14,435,867
Medicines Co.*^	97,274		3,085,531
Merck & Co., Inc.	189,700		8,270,920
Merck KGaA	15,596		1,615,227
MGI Pharma, Inc.*^	120,800		2,223,928
Novartis AG (ADR)	88,245		5,068,793
Novartis AG (Registered)	53,558		3,082,207
Pfizer, Inc.	278,787		7,220,583
Pozen, Inc.*^	18,655		316,948
Roche Holding AG	64,866		11,610,732
Sanofi-Aventis	71,235		6,570,686
Sanofi-Aventis (ADR)	118,224		5,458,402
Schering-Plough Corp.	392,870		9,287,447
Sepracor, Inc.*^	13,044		803,250
Shionogi & Co., Ltd.	277,901		5,457,499
Shire plc (ADR)^	61,831		3,818,683
Teva Pharmaceutical Industries Ltd. (ADR)	72,650		2,257,962
UCB S.A. (Belgium Exchange)	37,548		2,572,183
UCB S.A. (Frankfurt Exchange)	9,801		671,772
Warner Chilcott Ltd.*	63,670		879,919
Wyeth	162,710		8,285,193
Xenoport, Inc.*^	13,092		321,409

			175,812,938

Total Health Care			380,604,201

Industrials (0.5%)
*Industrial Conglomerates (0.5%)*
Tyco International Ltd.	66,850		2,032,240

Total Industrials			2,032,240

Materials (0.1%)
*Chemicals (0.1%)*
Bayer AG	8,051		431,665

Total Materials			431,665

Total Common Stocks (97.4%)
(Cost $347,451,614)			387,866,912

SHORT-TERM INVESTMENTS:
Government Securities (0.9%)
Federal Farm Credit Bank
4.80%, 1/2/07 (o)(p)	3,600,000		3,599,040

Total Government Securities			3,599,040

Short-Term Investments of Cash Collateral for Securities Loaned (12.2%)
ACCR, Series 06-2 A1
5.39%, 6/27/08 (l)	201,736		201,736
Anglo Irish Bank Corp. plc
5.34%, 2/1/07	890,806		890,806
Barton Capital Corp.
5.32%, 1/11/07	827,260		827,260
Bavaria TRR Corp.
5.39%, 1/25/07	898,271		898,271
Bear Stearns Securities Corp.
5.33%, 1/2/07	3,665,462		3,665,462
Cedar Springs Capital Co. LLC
5.41%, 1/22/07	3,591,977		3,591,977
Charta LLC
5.31%, 1/5/07	3,158,216		3,158,216
5.32%, 1/16/07	535,996		535,996
Concord Minutemen C.C. LLC,
Series B
5.35%, 1/10/07	794,019		794,019
Series C
5.37%, 1/18/07	898,152		898,152
5.39%, 1/18/07	1,257,391		1,257,391
Corp. Andina de Fomento
5.36%, 2/20/07	1,423,155		1,423,155
Deutsche Bank AG/London
5.34%, 1/31/07	721,847		721,847
DZ Bank AG/Grand Cayman
5.44%, 1/3/07	2,706,927		2,706,927
DZ Bank AG/New York
5.31%, 1/11/07	541,385		541,385
Ebbets Funding LLC
5.34%, 1/12/07	3,446,963		3,446,963
Fenway Funding LLC
5.40%, 1/2/07	1,183,119		1,183,119
5.37%, 1/10/07	249,852		249,852
5.36%, 2/15/07	1,788,115		1,788,115
Fifth Third Bancorp
5.35%, 1/29/08 (l)	108,276		108,276
Galleon Capital Corp.
5.33%, 2/15/07	1,788,208		1,788,208
Goldman Sachs Group, Inc.
5.41%, 12/28/07 (l)	397,016		397,016
5.43%, 1/29/08 (l)	721,847		721,847
Gotham Funding Corp.
5.36%, 1/16/07	2,434,570		2,434,570
Hartford Life, Inc.
5.48%, 12/28/07 (l)	288,739		288,739
HBOS Treasury Services plc
5.31%, 1/29/07	826,426		826,426
KBC Financial Products/London
5.34%, 2/1/07	1,826,093		1,826,093
Kommunalkredit International Bank
5.37%, 2/5/07	534,132		534,132
Lafayette Asset Securitization LLC
5.35%, 2/9/07	890,134		890,134
Lehman Brothers, Inc.
5.46%, 3/29/07 (l)	126,323		126,323
Liberty Street Funding Co.
5.36%, 1/12/07	1,230,148		1,230,148
5.35%, 1/16/07	2,155,301		2,155,301

AXA PREMIER VIP TRUST

AXA PREMIER VIP HEALTH CARE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2006


	Principal Amount		Value (Note 1)
Mizuho Corporate Bank Ltd./London
5.35%, 3/12/07	$	1,804,618	$	1,804,618
Natexis Banques Populaires N.Y.
5.35%, 1/31/07 (l)		180,462		180,462
5.37%, 1/28/08 (l)		1,082,771		1,082,771
New York Life Insurance Co.
5.43%, 3/29/07 (l)		902,309		902,309
Norinchukin Bank N.Y.
5.35%, 2/28/07		1,804,618		1,804,618
Washington Mutual Bank FA
5.35%, 3/19/07		541,597		541,597

Total Short-Term Investments of Cash Collateral for Securities Loaned				48,424,237

Time Deposit (1.6%)
JPMorgan Chase Nassau
4.75%, 1/2/07		6,576,295		6,576,295

Total Short-Term Investments (14.7%)
(Cost/Amortized Cost $58,600,052)				58,599,572


	Number of Contracts (c)
OPTIONS PURCHASED:
Call Options (0.1%)
AtheroGenics, Inc.
April-2007 @ $12.00*		179		80,550
Biomet, Inc.
January-2007 @ $40.00*		1,245		186,750
Conor Medsystems, Inc.
May-2007 @ $30.00*		278		43,090

Total Options Purchased (0.1%)
(Cost $583,612)				310,390

Total Investments (112.2%)
(Cost/Amortized Cost $406,635,278)				446,776,874
Other Assets Less Liabilities (-12.2%)				(48,519,992	)

Net Assets (100%)			$	398,256,882

*	Non-income producing.

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

(c)

One contract relates to 100 shares.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2006.

(o)

Discount Note Security. Effective rate calculated as of December 31, 2006.

(p)

Yield to maturity.

Glossary:

ADR — American Depositary Receipt

Options written for the year ended December 31, 2006 were as follows:


	Total Number of Contracts		Total Premiums Received
Options Outstanding —January 1, 2006	133		$	17,555
Options Written	40,152			5,409,049
Options Terminated in Closing Purchase Transactions	(34,172	)		(5,047,686	)
Options Expired	(6,113	)		(378,918	)
Options Exercised	—			—

Options Outstanding—December 31, 2006	—		$	—

Investment security transactions for the year ended December 31, 2006 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	558,180,930
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	530,723,137

As of December 31, 2006, 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	$	41,654,568
Aggregate gross unrealized depreciation		(9,641,982	)

Net unrealized appreciation	$	32,012,586

Federal income tax cost of investments	$	414,764,288

At December 31, 2006, the Portfolio had loaned securities with a total value of $46,900,089. This was secured by collateral of $48,424,237 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, 2006, the Portfolio incurred approximately $599 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA PREMIER VIP HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2006


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed and Mortgage-Backed Securities (0.3%)
*Asset Backed Securities (0.3%)*
Triton Aviation Finance,
Series 1A A1
6.120%, 6/15/25§(b) (l)	$	6,372,793	$	5,448,738

Total Asset-Backed and Mortgage-Backed Securities				5,448,738

Consumer Discretionary (25.1%)
*Auto Components (3.0%)*
American Tire Distributors, Inc.
11.610%, 4/1/12 § (l)		4,300,000		4,106,500
11.610%, 4/1/12 (l)		1,500,000		1,432,500
Arvin Capital I
9.500%, 2/1/27		2,000,000		2,032,500
ArvinMeritor, Inc.
8.750%, 3/1/12		3,810,000		3,914,775
Cooper-Standard Automotive, Inc.
7.000%, 12/15/12		3,325,000		2,984,188
Goodyear Tire & Rubber Co.
9.140%, 12/1/09 § (l)		5,000,000		5,018,750
11.250%, 3/1/11		4,900,000		5,414,500
8.625%, 12/1/11§		2,000,000		2,065,000
9.000%, 7/1/15		2,750,000		2,880,625
Term Loan
7.950%, 4/10/10 §(b)		4,000,000		4,045,000
Tenneco, Inc.
8.625%, 11/15/14		5,800,000		5,916,000
Series B
10.250%, 7/15/13		6,300,000		6,898,500
TRW Automotive, Inc.
9.375%, 2/15/13		8,787,000		9,424,057
United Components, Inc.
9.375%, 6/15/13		3,000,000		3,105,000

				59,237,895

*Automobiles (0.7%)*
Ford Motor Co.
8.875%, 1/15/22		250,000		217,500
7.450%, 7/16/31		3,775,000		2,963,375
General Motors Corp.
7.125%, 7/15/13		2,700,000		2,544,750
8.250%, 7/15/23		5,400,000		5,022,000
7.400%, 9/1/25		3,500,000		2,957,500

				13,705,125

*Distributors (1.0%)*
Buhrmann U.S., Inc.
8.250%, 7/1/14		2,000,000		1,985,000
7.875%, 3/1/15		1,700,000		1,657,500
SGS International, Inc.
12.000%, 12/15/13		6,035,000		6,276,400
VWR International, Inc.
6.875%, 4/15/12		5,440,000		5,474,000
8.000%, 4/15/14		5,000,000		5,150,000

				20,542,900

*Diversified Consumer Services (0.1%)*
Service Corp. International
7.375%, 10/1/14		850,000		888,250
7.625%, 10/1/18		1,850,000		1,961,000

				2,849,250

*Hotels, Restaurants & Leisure (3.9%)*
AMF Bowling Worldwide, Inc.
10.000%, 3/1/10		5,000,000		5,181,250
Aztar Corp.
9.000%, 8/15/11		5,000,000		5,225,000
Boyd Gaming Corp.
7.125%, 2/1/16		2,250,000		2,238,750
Buffets, Inc.
12.500%, 11/1/14 §		2,000,000		2,015,000
Choctaw Resort Development Enterprise, Inc.
7.250%, 11/15/19 §		3,876,000		3,876,000
El Pollo Loco, Inc.
11.750%, 11/15/13		4,000,000		4,340,000
Gaylord Entertainment Co.
8.000%, 11/15/13		2,000,000		2,075,000
Herbst Gaming, Inc.
8.125%, 6/1/12		2,800,000		2,856,000
7.000%, 11/15/14		500,000		477,500
MGM MIRAGE
8.375%, 2/1/11		2,175,000		2,256,563
6.750%, 4/1/13		1,175,000		1,148,563
6.625%, 7/15/15		5,375,000		5,119,687
6.875%, 4/1/16		900,000		864,000
Mirage Resorts, Inc.
7.250%, 8/1/17		1,000,000		1,003,750
Riviera Holdings Corp.
11.000%, 6/15/10		5,779,000		6,125,740
Royal Caribbean Cruises Ltd.
7.250%, 3/15/18		2,500,000		2,526,715
Seneca Gaming Corp., Series B
7.250%, 5/1/12		1,850,000		1,882,375
Six Flags, Inc., Term Loan B
8.540%, 6/30/09 §(b)(l)		1,243,129		1,255,366
8.540%, 6/30/09 §(b)(l)		741,604		748,904
Station Casinos, Inc.
6.500%, 2/1/14		1,000,000		888,750
6.875%, 3/1/16		4,350,000		3,904,125
7.750%, 8/15/16		3,075,000		3,098,063
Turning Stone Resort
Casino Enterprise
9.125%, 12/15/10 §		4,075,000		4,176,875
Wynn Las Vegas LLC/
Wynn Las Vegas Capital Corp.
6.625%, 12/1/14		12,400,000		12,322,500

				75,606,476

*Household Durables (0.8%)*
Blyth, Inc.
5.500%, 11/1/13		6,750,000		5,568,750
KB Home
7.750%, 2/1/10		2,260,000		2,299,550
9.500%, 2/15/11		3,841,000		3,956,230
Legrand France S.A.
8.500%, 2/15/25		3,000,000		3,450,000

				15,274,530

*Leisure Equipment & Products (0.1%)*
Eastman Kodak Co.,
Term B Loan
7.580%, 10/14/12 §(l)		983,909		986,273
7.580%, 10/18/12 §(l)		100,000		100,240
Travelport, Inc.
9.994%, 9/1/14 § (l)		1,000,000		975,001

				2,061,514

*Media (12.7%)*
Advanstar Communications, Inc.
10.750%, 8/15/10		3,925,000		4,224,281
12.000%, 2/15/11		1,000,000		1,045,000
Allbritton Communications Co.
7.750%, 12/15/12		6,775,000		6,842,750
AMC Entertainment, Inc.
9.875%, 2/1/12		6,873,000		7,216,650
Series B
8.625%, 8/15/12		1,780,000		1,862,325

AXA PREMIER VIP TRUST

AXA PREMIER VIP HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Principal Amount		Value (Note 1)
American Media Operations, Inc.,
Series B
10.250%, 5/1/09	$	3,295,000	$	3,192,031
Block Communications, Inc.
8.250%, 12/15/15 §		5,000,000		4,987,500
CanWest MediaWorks, Inc.
8.000%, 9/15/12		2,970,000		3,099,938
CCH I Holdings LLC/CCH I Holdings Capital Corp.
11.000%, 10/1/15		5,000,000		5,131,250
CCO Holdings LLC/CCO Holdings Capital Corp.
8.750%, 11/15/13		9,000,000		9,348,750
Charter Communications Holdings II LLC/ Charter Communications Holdings II Capital Corp.
10.250%, 9/15/10		5,300,000		5,545,125
Charter Communications Holdings LLC
7.755%, 4/25/13 §		3,000,000		3,017,907
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp.
8.375%, 4/30/14 §		3,500,000		3,653,125
Cinemark, Inc.
0.000%, 3/15/14 (e)		8,600,000		7,385,250
CMP Susquehanna Corp.
9.875%, 5/15/14 §		5,500,000		5,472,500
CSC Holdings, Inc.
6.750%, 4/15/12 §		2,950,000		2,876,250
7.875%, 2/15/18		600,000		598,500
Series B
7.625%, 4/1/11		8,750,000		8,914,062
When Issued
6.750%, 4/15/12		525,000		511,875
Dex Media West LLC/ Dex Media Finance Co., Series B
8.500%, 8/15/10		2,698,000		2,802,548
9.875%, 8/15/13		5,725,000		6,240,250
Dex Media, Inc.
0.000%, 11/15/13 (e)		6,975,000		6,225,188
0.000%, 11/15/13 (e)		2,840,000		2,534,700
DirecTV Holdings LLC/DirecTV Financing Co.
8.375%, 3/15/13		800,000		832,000
6.375%, 6/15/15		4,500,000		4,314,375
Echostar DBS Corp.
6.375%, 10/1/11		1,725,000		1,714,219
7.000%, 10/1/13 §		5,125,000		5,118,594
6.625%, 10/1/14		2,600,000		2,535,000
7.125%, 2/1/16		14,775,000		14,775,000
Idearc, Inc.
8.000%, 11/15/16 §		5,100,000		5,176,500
Insight Communications Co., Inc.
12.250%, 2/15/11 (e)		7,200,000		7,542,000
Intelsat Bermuda Ltd.
8.250%, 1/15/13 §		75,000		76,125
9.250%, 6/15/16 §		500,000		537,500
Intelsat Bridge Bank, Term Loan
11.370%, 7/3/07		5,000,000		5,000,000
Intelsat Corp.
9.000%, 6/15/16 §		2,000,000		2,117,500
Intelsat Intermediate Holding Co., Ltd.
0.000%, 2/1/15 (e)		6,295,000		4,784,200
Intelsat Subsidiary Holding Co., Ltd.
10.484%, 1/15/12 (l)		1,900,000		1,916,625
8.250%, 1/15/13		3,175,000		3,222,625
8.625%, 1/15/15		6,825,000		7,098,000
Interpublic Group of Cos., Inc.
6.250%, 11/15/14		3,125,000		2,906,250
Kabel Deutschland GmbH
10.625%, 7/1/14		4,000,000		4,435,000
LBI Media, Inc.
10.125%, 7/15/12		4,365,000		4,632,356
Lighthouse International Co. S.A.
8.000%, 4/30/14 §(b)	EUR	4,405,000		5,926,528
8.000%, 4/30/14 (m)		75,000		108,294
Network Communications, Inc.
10.750%, 12/1/13	$	6,300,000		6,363,000
Primedia, Inc.
8.875%, 5/15/11		1,750,000		1,785,000
8.000%, 5/15/13		700,000		677,250
R.H. Donnelley Corp.,
Series A-3
8.875%, 1/15/16		8,500,000		8,925,000
Rogers Cable, Inc.
6.750%, 3/15/15		2,450,000		2,524,323
8.750%, 5/1/32		1,500,000		1,822,500
Telenet Communications N.V.
9.000%, 12/15/13 §	EUR	242,775		351,348
Unity Media GmbH
10.125%, 2/15/15 §		1,750,000		2,382,636
10.375%, 2/15/15 §	$	7,250,000		7,041,562
UPC Broadband Holdings B.V.
5.500%, 3/31/13 §(l)	EUR	883,333		1,167,315
5.490%, 12/31/13 §(l)		1,000,000		1,321,666
UPC Holding B.V.
7.750%, 1/15/14 (m)(b)		925,000		1,225,850
8.625%, 1/15/14 (m)(b)		2,500,000		3,428,490
8.625%, 1/15/14 §		9,500,000		13,028,262
Visant Corp.
7.625%, 10/1/12	$	3,065,000		3,103,313
WMG Holdings Corp.
0.000%, 12/15/14 (e)		6,691,000		5,352,800

				247,996,761

*Multiline Retail (0.2%)*
Bon-Ton Department Stores, Inc.
10.250%, 3/15/14		3,425,000		3,502,062
Saks, Inc.
8.250%, 11/15/08		714		743

				3,502,805

*Specialty Retail (0.9%)*
Asbury Automotive Group, Inc.
9.000%, 6/15/12		6,647,000		6,946,116
Group 1 Automotive, Inc.
8.250%, 8/15/13		1,700,000		1,742,500
J. Crew, Term Loan
7.130%, 5/15/13 (l)		701,754		699,415
7.176%, 5/15/13 (l)		701,754		699,415
Pep Boys - Manny, Moe & Jack
7.500%, 12/15/14		3,640,000		3,326,050
United Auto Group, Inc.
9.625%, 3/15/12		5,000,000		5,256,250

				18,669,746

*Textiles, Apparel & Luxury Goods (1.7%)*
Levi Strauss & Co.
10.110%, 4/1/12 (l)		7,805,000		8,009,881
Perry Ellis International, Inc.,
Series B
8.875%, 9/15/13		7,325,000		7,325,000
Quicksilver, Inc.
6.875%, 4/15/15		5,075,000		4,986,188
Rafaella Apparel Group, Inc.
11.250%, 6/15/11 §		6,707,000		6,841,140

AXA PREMIER VIP TRUST

AXA PREMIER VIP HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Principal Amount		Value (Note 1)
Simmons Co.
7.875%, 1/15/14	$	5,400,000	$	5,467,500

				32,629,709

Total Consumer Discretionary				492,076,711

Consumer Staples (3.2%)
*Food & Staples Retailing (1.3%)*
Albertson’s, Inc.
7.750%, 6/15/26		1,000,000		997,442
7.450%, 8/1/29		3,500,000		3,419,497
American Stores Co.
8.000%, 6/1/26		1,000,000		1,051,107
Delhaize America, Inc.
9.000%, 4/15/31		5,205,000		6,179,923
Ingles Markets, Inc.
8.875%, 12/1/11		4,723,000		4,923,727
Rite Aid Corp.
9.500%, 2/15/11		6,050,000		6,329,812
Roundy’s, Inc., Term Loan
8.170%, 10/27/11 §(b)		750,000		755,813
8.290%, 11/1/11 §(b)		735,000		740,696

				24,398,017

*Food Products (0.1%)*
Pilgrim’s Pride Corp.
9.250%, 11/15/13		2,390,000		2,491,575

*Household Products (1.0%)*
American Achievement Corp.
8.250%, 4/1/12		6,425,000		6,577,594
Prestige Brands, Inc.
9.250%, 4/15/12		7,769,000		7,924,380
Visant Holding Corp.
0.000%, 12/1/13 (e)		6,025,000		5,317,062

				19,819,036

*Personal Products (0.3%)*
NBTY, Inc.
7.125%, 10/1/15		5,000,000		4,900,000

*Tobacco (0.5%)*
Reynolds American, Inc.
7.250%, 6/1/13		3,500,000		3,638,236
7.625%, 6/1/16		2,275,000		2,410,440
7.750%, 6/1/18		3,950,000		4,193,130

				10,241,806

Total Consumer Staples				61,850,434

Energy (6.4%)
*Energy Equipment & Services (0.2%)*
Complete Production Services, Inc.
8.000%, 12/15/16 §		1,100,000		1,127,500
Dresser-Rand Group, Inc.
7.375%, 11/1/14		2,091,000		2,106,682
Hanover Equipment Trust,
Series 01-B
8.750%, 9/1/11		1,790,000		1,866,075

				5,100,257

*Oil, Gas & Consumable Fuels (6.2%)*
Chesapeake Energy Corp.
7.500%, 9/15/13		1,900,000		1,978,375
7.000%, 8/15/14		3,875,000		3,937,969
7.750%, 1/15/15		1,500,000		1,561,875
6.625%, 1/15/16		1,000,000		993,750
6.875%, 1/15/16		3,675,000		3,707,156
Colorado Interstate Gas Co.
6.800%, 11/15/15		875,000		909,809
El Paso Corp.
7.875%, 6/15/12		3,900,000		4,182,750
7.375%, 12/15/12		1,000,000		1,052,500
8.050%, 10/15/30		3,500,000		3,885,000
El Paso Production Holding Co.
7.750%, 6/1/13		10,950,000		11,456,438
Ferrellgas Escrow LLC/Ferrellgas Finance Escrow Corp.
6.750%, 5/1/14		5,560,000		5,407,100
Ferrellgas LP
7.240%, 8/1/10		9,000,000		9,090,000
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp.
8.750%, 6/15/12		3,775,000		3,869,375
Holly Energy Partners LP
6.250%, 3/1/15		2,000,000		1,900,000
Inergy LP/Inergy Finance Corp.
6.875%, 12/15/14		1,150,000		1,129,875
8.250%, 3/1/16		6,230,000		6,541,500
Newfield Exploration Co.
6.625%, 9/1/14		1,000,000		1,000,000
6.625%, 4/15/16		1,800,000		1,791,000
Paramount Resources Ltd.
8.500%, 1/31/13		8,000,000		7,940,000
Peabody Energy Corp., Series B
6.875%, 3/15/13		2,350,000		2,408,750
PetroHawk Energy Corp.
9.125%, 7/15/13		4,250,000		4,462,500
Pogo Producing Co.
7.875%, 5/1/13		2,000,000		2,030,000
Stone Energy Corp.
8.250%, 12/15/11		1,900,000		1,866,750
Tennessee Gas Pipeline Co.
7.500%, 4/1/17		875,000		954,745
Valero Energy Corp.
7.800%, 6/14/10		1,000,000		1,017,500
Venoco, Inc., Bank Loan
9.800%, 4/26/11		5,250,000		5,292,656
VeraSun Energy Corp.
9.875%, 12/15/12		7,500,000		7,950,000
Williams Cos., Inc.
7.875%, 9/1/21		16,250,000		17,428,125
8.750%, 3/15/32		200,000		226,000
Series A
7.500%, 1/15/31		5,150,000		5,343,125

				121,314,623

Total Energy				126,414,880

Financials (11.2%)
*Capital Markets (0.6%)*
Basell AF SCA
8.375%, 8/15/15 §		5,000,000		5,137,500
E*Trade Financial Corp.
8.000%, 6/15/11		5,000,000		5,225,000
7.375%, 9/15/13		1,450,000		1,508,000

				11,870,500

*Consumer Finance (3.6%)*
Ford Motor Credit Co.
7.375%, 10/28/09		1,750,000		1,753,728
7.875%, 6/15/10		6,960,000		7,017,810
9.750%, 9/15/10 §		2,500,000		2,659,525
7.375%, 2/1/11		19,215,000		19,021,755
10.610%, 6/15/11 § (l)		969,000		1,034,323
9.875%, 8/10/11		2,450,000		2,620,339
7.250%, 10/25/11		1,000,000		979,272
8.110%, 1/13/12 (l)		2,750,000		2,725,027
9.824%, 4/15/12 (l)		2,650,000		2,808,311
7.000%, 10/1/13		2,500,000		2,387,452
8.000%, 12/15/16		5,500,000		5,434,825
GMAC LLC
7.250%, 3/2/11		500,000		519,967
6.000%, 4/1/11		3,070,000		3,050,260

AXA PREMIER VIP TRUST

AXA PREMIER VIP HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Principal Amount		Value (Note 1)
6.875%, 9/15/11	$	5,040,000	$	5,169,518
7.000%, 2/1/12		430,000		443,622
6.875%, 8/28/12		3,500,000		3,593,884
6.750%, 12/1/14		1,000,000		1,027,133
8.000%, 11/1/31		7,225,000		8,294,791

				70,541,542

*Diversified Financial Services (6.1%)*
AES Ironwood LLC
8.857%, 11/30/25		6,472,346		7,265,209
AES Red Oak LLC, Series A
8.540%, 11/30/19		1,679,125		1,826,048
Altra Industrial Motion, Inc.
9.000%, 12/1/11		4,450,000		4,539,000
Amadeus-Halde, Term Loan
5.813%, 4/8/13 §(b) (l)		2,000,000		2,668,330
Athena Neurosciences Finance LLC
7.250%, 2/21/08		9,500,000		9,690,000
BCP Crystal U.S. Holdings Corp.
9.625%, 6/15/14		7,242,000		8,002,410
Bluewater Finance Ltd.
10.250%, 2/15/12		1,475,000		1,545,063
C10 Capital SPV Ltd.
6.722%, 12/31/49 † § (l)		3,000,000		3,003,289
Crystal U.S. Holdings 3 LLC/Crystal U.S. Sub 3 Corp., Series B
0.000%, 10/1/14 (e)		10,500,000		9,030,000
GNC Parent Corp.
12.140%, 12/1/11 § (l)		6,950,000		6,950,000
Interactive Health LLC/ Interactive Health Finance Corp.
7.250%, 4/1/11 §		969,000		707,370
KRATON Polymers LLC/KRATON Polymers Capital Corp.
8.125%, 1/15/14		4,875,000		4,875,000
Pipe Acquisition Finance plc
11.604%, 12/15/10 § (l)		6,500,000		6,646,250
Rainbow National Services LLC
10.375%, 9/1/14 §		10,518,000		11,688,127
Sally Holdings LLC
9.250%, 11/15/14 §		8,725,000		8,888,594
Smurfit Kappa Funding plc
9.625%, 10/1/12		10,875,000		11,527,500
10.125%, 10/1/12	EUR	1,350,000		1,922,592
Stripes Acquisition LLC/Susser Finance Corp.
10.625%, 12/15/13 §	$	4,018,000		4,359,530
TRAINS, Series HY-1-2006
7.548%, 5/1/16 §		2,400,000		2,449,152
UCI Holdco, Inc. (PIK)
12.365%, 12/15/13 §		2,850,000		2,785,875
Universal City Development Partners Ltd.
11.750%, 4/1/10		800,000		857,000
Universal City Florida Holding Co. I/II
8.375%, 5/1/10		4,150,000		4,253,750
10.121%, 5/1/10 (l)		2,600,000		2,684,500

				118,164,589

*Real Estate Investment Trusts (REITs) (0.8%)*
Host Marriott LP (REIT)
7.125%, 11/1/13		2,825,000		2,888,562
Series O
6.375%, 3/15/15		1,325,000		1,306,781
Series Q
6.750%, 6/1/16		2,650,000		2,653,313
Thornburg Mortgage, Inc. (REIT)
8.000%, 5/15/13		4,250,000		4,207,500
Ventas Realty LP/ Ventas Capital Corp. (REIT)
8.750%, 5/1/09		1,850,000		1,965,625
9.000%, 5/1/12		1,200,000		1,356,000
7.125%, 6/1/15		1,300,000		1,365,000
6.750%, 4/1/17		625,000		645,313

				16,388,094

*Real Estate Management & Development (0.1%)*
Forest City Enterprises, Inc.
7.625%, 6/1/15		1,650,000		1,683,000
6.500%, 2/1/17		750,000		735,000

				2,418,000

Total Financials				219,382,725

Health Care (7.1%)
*Biotechnology (0.3%)*
Angiotech Pharmaceuticals, Inc.
9.103%, 12/1/13 § (l)		4,800,000		4,860,000
Quintiles Transnational Corp., Term Loan
9.500%, 3/31/14		1,500,000		1,518,750

				6,378,750

*Health Care Equipment & Supplies (0.9%)*
Accellent, Inc.
10.500%, 12/1/13		8,000,000		8,300,000
Fresenius Medical Care Capital Trust II
7.875%, 2/1/08		8,120,000		8,262,100

				16,562,100

*Health Care Providers & Services (5.4%)*
Chemed Corp.
8.750%, 2/24/11		6,170,000		6,385,950
DaVita, Inc.
7.250%, 3/15/15		6,750,000		6,885,000
Hanger Orthopedic Group, Inc.
10.250%, 6/1/14		7,250,000		7,485,625
HCA, Inc.
6.950%, 5/1/12		7,000,000		6,632,500
6.250%, 2/15/13		375,000		331,875
6.750%, 7/15/13		1,975,000		1,772,562
9.125%, 11/15/14 §		1,590,000		1,699,313
7.190%, 11/15/15		1,700,000		1,458,148
9.250%, 11/15/16 §		7,140,000		7,648,725
9.625%, 11/15/16 §		11,500,000		12,362,500
7.690%, 6/15/25		3,200,000		2,648,646
HEALTHSOUTH Corp., Term Loan
8.570%, 2/2/13 §(b)(l)		3,731,250		3,753,533
Rotech Healthcare, Inc.
9.500%, 4/1/12		6,650,000		6,517,000
Select Medical Corp.
7.625%, 2/1/15		2,800,000		2,324,000
Skilled Healthcare Group, Inc.
11.000%, 1/15/14 §		8,500,000		9,350,000
Tenet Healthcare Corp.
7.375%, 2/1/13		5,125,000		4,708,594
9.875%, 7/1/14		350,000		356,125
Triad Hospitals, Inc.
7.000%, 11/15/13		6,500,000		6,540,625
U.S. Oncology Holdings, Inc.
10.675%, 3/15/15 (l)		1,400,000		1,438,500
U.S. Oncology, Inc.
10.750%, 8/15/14		10,460,000		11,558,300
Western Dental Services, Inc., Term Loan
10.970%, 6/7/16 (l)		3,500,000		3,465,000

				105,322,521

AXA PREMIER VIP TRUST

AXA PREMIER VIP HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Principal Amount		Value (Note 1)
*Pharmaceuticals (0.5%)*
Elan Finance plc/Elan Finance Corp.
8.875%, 12/1/13 §	$	6,400,000	$	6,400,000
9.496%, 12/1/13 § (l)		3,625,000		3,597,813

				9,997,813

Total Health Care				138,261,184

Industrials (8.1%)
*Aerospace & Defense (0.7%)*
Armor Holdings, Inc.
8.250%, 8/15/13		2,100,000		2,184,000
Bombardier, Inc.
8.000%, 11/15/14 §		2,000,000		2,050,000
DRS Technologies, Inc.
7.625%, 2/1/18		2,500,000		2,575,000
L-3 Communications Corp.
7.625%, 6/15/12		4,400,000		4,554,000
Series B
6.375%, 10/15/15		1,000,000		990,000
TransDigm, Inc.
7.750%, 7/15/14		2,000,000		2,060,000

				14,413,000

*Airlines (0.1%)*
Continental Airlines, Inc.,
Series 01-1
7.373%, 12/15/15		1,263,006		1,281,951

*Building Products (0.3%)*
Nortek, Inc.
8.500%, 9/1/14		5,940,000		5,821,200

*Commercial Services & Supplies (1.9%)*
Allied Waste North America, Inc.
7.875%, 4/15/13		3,150,000		3,248,438
7.250%, 3/15/15		9,145,000		9,156,431
9.250%, 5/1/21		3,294,000		3,491,640
Series B
9.250%, 9/1/12		1,250,000		1,328,125
Cardtronics, Inc.
9.250%, 8/15/13		7,000,000		7,367,500
Corrections Corp. of America
7.500%, 5/1/11		2,000,000		2,060,000
Ford Holdings, Inc.
9.300%, 3/1/30		1,700,000		1,470,500
Knowledge Learning Corp., Inc.
7.750%, 2/1/15 §		6,610,000		6,329,075
Sheridan Group, Inc.
10.250%, 8/15/11		3,000,000		3,120,000

				37,571,709

*Construction & Engineering (0.7%)*
Ahern Rentals, Inc.
9.250%, 8/15/13		6,200,000		6,463,500
Esco Corp.
8.625%, 12/15/13 §		7,250,000		7,449,375

				13,912,875

*Electrical Equipment (0.6%)*
Polypore, Inc.
8.750%, 5/15/12	EUR	5,000,000		6,527,318
Superior Essex Communications LLC/ Essex Group, Inc.
9.000%, 4/15/12	$	5,500,000		5,720,000

				12,247,318

*Industrial Conglomerates (0.6%)*
Covalence Specialty Materials Corp.
10.250%, 3/1/16 §		6,250,000		5,718,750
Sequa Corp.
9.000%, 8/1/09		5,563,000		5,952,410

				11,671,160

*Machinery (2.0%)*
Accuride Corp.
8.500%, 2/1/15		5,762,000		5,545,925
Case New Holland, Inc.
9.250%, 8/1/11		8,230,000		8,713,512
Greenbrier Cos., Inc.
8.375%, 5/15/15		5,500,000		5,596,250
Invensys plc
9.875%, 3/15/11 §		163,000		174,818
Stewart & Stevenson LLC
10.000%, 7/15/14 §		4,750,000		4,987,500
Terex Corp.
9.250%, 7/15/11		2,000,000		2,092,500
7.375%, 1/15/14		6,610,000		6,709,150
Trimas Corp.
9.875%, 6/15/12		3,791,000		3,667,792
Trinity Industries, Inc.
6.500%, 3/15/14		2,325,000		2,284,313

				39,771,760

*Marine (0.2%)*
Horizon Lines LLC
9.000%, 11/1/12		2,837,000		2,978,850

*Road & Rail (1.0%)*
Hertz Corp.
7.300%, 12/21/12 §		489,173		492,230
8.875%, 1/1/14 §		5,450,000		5,708,875
Term B Loan
7.570%, 12/21/12 § (l)		4,414		4,441
7.570%, 12/21/12 § (l)		505,778		508,939
7.570%, 12/21/12 § (l)		505,778		508,939
Term DD Loan
7.300%, 12/21/12 §(l)		75,495		75,967
7.310%, 12/21/12 §(l)		184,949		185,964
Term Loan
5.330%, 12/21/12 § (l)		222,222		223,611
Kansas City Southern de
Mexico S.A. de C.V.
9.375%, 5/1/12		1,350,000		1,441,125
United Rentals North America, Inc.
7.750%, 11/15/13		3,900,000		3,914,625
7.000%, 2/15/14		5,500,000		5,396,875

				18,461,591

Total Industrials				158,131,414

Information Technology (4.3%)
*Communications Equipment (0.3%)*
Nortel Networks Ltd.
9.624%, 7/15/11 § (l)		2,425,000		2,555,344
10.125%, 7/15/13 §		1,650,000		1,782,000
10.750%, 7/15/16 §		950,000		1,039,062

				5,376,406

*Computers & Peripherals (0.4%)*
Compucom Systems, Inc.
12.000%, 11/1/14 §		5,000,000		5,150,000
Solar Capital Corp.
7.215%, 2/11/13 §		1,979,900		2,003,411

				7,153,411

*Electronic Equipment & Instruments (1.0%)*
Celestica, Inc.
7.875%, 7/1/11		6,010,000		5,949,900
7.625%, 7/1/13		1,700,000		1,657,500
NXP B.V./NXP Funding LLC
9.500%, 10/15/15 §		4,500,000		4,612,500

AXA PREMIER VIP TRUST

AXA PREMIER VIP HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Principal Amount		Value (Note 1)
Sanmina-SCI Corp.
8.125%, 3/1/16	$	3,375,000	$	3,265,313
Solectron Global Finance Ltd.
8.000%, 3/15/16		3,700,000		3,746,250

				19,231,463

*IT Services (0.9%)*
Iron Mountain, Inc.
8.625%, 4/1/13		2,438,000		2,517,235
6.625%, 1/1/16		4,000,000		3,840,000
SunGard Data Systems, Inc.
9.125%, 8/15/13		11,535,000		12,111,750

				18,468,985

*Office Electronics (0.2%)*
Xerox Capital Trust I
8.000%, 2/1/27		3,800,000		3,880,750

*Semiconductors & Semiconductor Equipment (1.2%)*
Amkor Technologies, Inc.
7.125%, 3/15/11		1,300,000		1,212,250
9.250%, 6/1/16		3,700,000		3,626,000
Freescale Semiconductor, Inc.
8.875%, 12/15/14 §		2,875,000		2,864,219
9.125%, 12/15/14 §		12,875,000		12,794,531
Sensata Technologies B.V.
8.250%, 5/1/14 § (e)		3,975,000		3,816,000

				24,313,000

*Software (0.3%)*
UGS Corp.
10.000%, 6/1/12		5,000,000		5,450,000

Total Information Technology				83,874,015

Materials (11.6%)
*Chemicals (4.7%)*
Arco Chemical Co.
10.250%, 11/1/10		100,000		110,500
Cognis Holdings GmbH (PIK)
12.282%, 1/15/15 §	EUR	8,992,752		12,362,270
Equistar Chemicals LP/Equistar Funding Corp.
10.625%, 5/1/11	$	7,582,000		8,074,830
Ferro Corp., Term Loan
0.750%, 6/6/12 (l)		2,222,222		2,215,278
5.370%, 6/6/12 (l)		277,778		276,910
8.130%, 6/6/12 (l)		2,500,001		2,492,187
Headwaters, Inc., Term B Loan
6.860%, 4/30/11 §(b)(l)		2,372,201		2,355,892
7.430%, 4/30/11 (l)		324,675		322,443
Hercules, Inc.
6.750%, 10/15/29		4,650,000		4,557,000
Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC
9.750%, 11/15/14 §		3,000,000		3,041,250
Huntsman LLC
11.500%, 7/15/12		2,734,000		3,082,585
Ineos Group Holdings plc
6.904%, 10/7/13§(b)		990,000		999,075
7.404%, 10/7/14§(b)		990,000		999,075
8.500%, 2/15/16 §		9,975,000		9,526,125
Lyondell Chemical Co.
8.000%, 9/15/14		2,900,000		3,008,750
8.250%, 9/15/16		1,800,000		1,890,000
Mosaic Co.
7.625%, 12/1/16 §		1,300,000		1,347,125
Nalco Co.
7.750%, 11/15/11		1,850,000		1,891,625
8.875%, 11/15/13		2,650,000		2,805,688
OM Group, Inc.
9.250%, 12/15/11		6,905,000		7,224,356
Phibro Animal Health Corp.
13.000%, 8/1/14 §		4,850,000		4,910,625
PQ Corp.
7.500%, 2/15/13		3,500,000		3,447,500
Rhodia S.A.
10.250%, 6/1/10		3,040,000		3,465,600
8.875%, 6/1/11		6,337,000		6,685,535
Rockwood Specialties Group, Inc.
7.500%, 11/15/14		4,680,000		4,715,100
SigmaKalon, Term A Loan
10.500%, 8/15/15 §(b)		954,315		1,253,463

				93,060,787

*Containers & Packaging (3.0%)*
Crown Americas LLC/Crown Americas Capital Corp.
7.625%, 11/15/13		875,000		901,250
7.750%, 11/15/15		3,700,000		3,838,750
Graham Packaging Co., Inc.
8.500%, 10/15/12		6,625,000		6,691,250
Greif, Inc.
8.875%, 8/1/12		1,905,000		2,000,250
Impress Holdings B.V.
9.250%, 9/15/14 §		6,500,000		8,785,506
Jefferson Smurfit Corp.
8.250%, 10/1/12		6,502,000		6,339,450
7.500%, 6/1/13		400,000		376,000
JSG Packaging Ltd.
5.920%, 11/29/13 § (l)		154,513		205,161
6.080%, 11/29/13 § (l)		103,008		136,774
6.110%, 11/29/13 § (l)		116,205		154,296
6.140%, 11/29/13 § (l)		200,294		265,949
6.390%, 11/29/14 § (l)		154,513		206,101
6.420%, 11/29/14 § (l)		103,008		137,401
6.580%, 11/29/14 § (l)		116,205		155,003
6.610%, 11/29/14 § (l)		200,294		267,168
Kappa Jefferson,
Term B Loan
6.290%, 2/1/11 (l)		375,981		499,224
Term C Loan
6.760%, 10/25/11 (l)		375,981		501,513
Norampac, Inc.
6.750%, 6/1/13		1,675,000		1,628,937
Owens-Brockway Glass Container, Inc.
8.875%, 2/15/09		4,176,000		4,269,960
8.750%, 11/15/12		5,104,000		5,410,240
8.250%, 5/15/13		1,375,000		1,421,406
6.750%, 12/1/14		8,225,000		7,978,250
Russell-Stanley Holdings, Inc.
9.000%, 11/30/08 †§ (h)		729,508		11,854
Smurfit-Stone Container Enterprises, Inc.
9.750%, 2/1/11		2,578,000		2,658,562
8.375%, 7/1/12		4,175,000		4,091,500

				58,931,755

*Metals & Mining (1.5%)*
Alpha Natural Resources LLC/Alpha Natural Resources Capital Corp.
10.000%, 6/1/12		3,625,000		3,933,125
Compass Minerals International, Inc.,
Series B
0.000%, 6/1/13 (e)		6,461,000		6,154,103
Edgen Acquisition Corp.
9.875%, 2/1/11		7,482,000		7,631,640
Metals USA Holdings Corp.
11.365%, 1/15/12 § (l)		2,350,000		2,256,000

AXA PREMIER VIP TRUST

AXA PREMIER VIP HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Principal Amount		Value (Note 1)
Neenah Corp.
9.500%, 1/1/17 §	$	7,000,000	$	7,035,000
Novelis, Inc.
8.250%, 2/15/15 §		2,540,000		2,457,450

				29,467,318

*Paper & Forest Products (2.4%)*
Abitibi-Consolidated Co. of Canada
8.375%, 4/1/15		2,200,000		1,903,000
Abitibi-Consolidated, Inc.
8.550%, 8/1/10		1,475,000		1,401,250
7.750%, 6/15/11		1,750,000		1,570,625
6.000%, 6/20/13		4,275,000		3,420,000
8.850%, 8/1/30		1,333,000		1,093,060
Bowater Canada Finance Corp.
7.950%, 11/15/11		3,730,000		3,655,400
Cascades, Inc.
7.250%, 2/15/13		3,000,000		2,992,500
Georgia-Pacific Corp.
9.500%, 12/1/11		900,000		985,500
7.125%, 1/15/17 §		1,500,000		1,496,250
8.000%, 1/15/24		5,480,000		5,562,200
7.375%, 12/1/25		5,100,000		4,972,500
7.250%, 6/1/28		3,050,000		2,958,500
7.750%, 11/15/29		800,000		798,000
Term Loan B
7.320%, 12/24/12 (l)		1,523,810		1,530,581
7.330%, 12/24/12 (l)		360,952		362,557
7.340%, 12/24/12 (l)		95,238		95,661
Neenah Paper, Inc.
7.375%, 11/15/14		2,750,000		2,626,250
Newark Group, Inc.
9.750%, 3/15/14		3,900,000		3,909,750
Smurfit Capital Funding plc
7.500%, 11/20/25		300,000		286,500
Verso Paper Holdings LLC/Verson Paper, Inc.
9.125%, 8/1/14 §		4,350,000		4,534,875

				46,154,959

Total Materials				227,614,819

Telecommunication Services (7.0%)
*Diversified Telecommunication Services (5.3%)*
Cincinnati Bell, Inc.
7.250%, 7/15/13		3,825,000		3,958,875
8.375%, 1/15/14		6,625,000		6,807,187
Citizens Communications Co.
7.875%, 1/15/27 §		1,000,000		1,010,000
9.000%, 8/15/31		3,490,000		3,786,650
Hawaiian Telcom Communications, Inc.,
Series B
9.750%, 5/1/13		4,425,000		4,436,062
Insight Midwest LP/Insight Capital, Inc.
9.750%, 10/1/09		2,595,000		2,637,169
Level 3 Communications, Inc.
11.000%, 3/15/08		2,493,000		2,555,325
Nordic Telephone Co. Holdings ApS
5.707%, 11/30/13§ (b)	EUR	2,000,000		2,666,618
8.250%, 5/1/16 §(b)		1,500,000		2,175,773
8.750%, 5/1/16§(b)		2,000,000		2,901,030
8.875%, 5/1/16 §	$	200,000		214,000
NTL Cable plc
8.750%, 4/15/14	EUR	1,000,000		1,419,197
9.125%, 8/15/16	$	4,000,000		4,225,000
Qwest Capital Funding, Inc.
7.900%, 8/15/10		4,000,000		4,165,000
7.250%, 2/15/11		1,450,000		1,480,812
Qwest Communications International, Inc.
8.874%, 2/15/09 (l)		2,000,000		2,025,000
7.250%, 2/15/11		200,000		204,500
7.500%, 2/15/14		14,050,000		14,471,500
Series B
7.500%, 2/15/14		5,657,000		5,826,710
Qwest Corp.
8.875%, 3/15/12		7,400,000		8,241,750
7.625%, 6/15/15		475,000		508,250
7.500%, 6/15/23		5,000,000		5,037,500
7.200%, 11/10/26		1,600,000		1,612,000
Time Warner Telecom Holdings, Inc.
9.250%, 2/15/14		6,500,000		6,946,875
West Corp.
9.500%, 10/15/14 §		6,000,000		6,000,000
Wind Acquisition Finance S.A.
5.634%, 6/17/13 §(b)		1,000,000		1,326,892
6.134%, 6/17/14 §(b)		1,000,000		1,333,485
10.750%, 12/1/15 §		1,600,000		1,820,000
Windstream Corp.
8.625%, 8/1/16 §		3,500,000		3,832,500

				103,625,660

*Wireless Telecommunication Services (1.7%)*
American Cellular Corp.,
Series B
10.000%, 8/1/11		3,625,000		3,833,437
Centennial Cellular Corp./Centennial Cellular Operating Co. LLC
10.750%, 12/15/08		5,000,000		5,012,500
Mobile Telesystems Finance S.A.
8.375%, 10/14/10 (b)(m)		1,000,000		1,050,700
8.000%, 1/28/12 §		1,150,000		1,204,625
Nextel Communications, Inc.,
Series D
7.375%, 8/1/15		6,525,000		6,690,898
Rogers Wireless, Inc.
6.375%, 3/1/14		2,300,000		2,328,750
7.500%, 3/15/15		5,590,000		6,065,150
Rural Cellular Corp.
9.875%, 2/1/10		2,925,000		3,111,469
Stratos Global Corp.
9.875%, 2/15/13		3,600,000		3,474,000

				32,771,529

Total Telecommunication Services				136,397,189

Utilities (6.4%)
*Electric Utilities (1.8%)*
Edison Mission Energy
7.500%, 6/15/13		950,000		992,750
7.750%, 6/15/16		1,450,000		1,537,000
Midwest Generation LLC
8.750%, 5/1/34		2,150,000		2,332,750
Series B
8.560%, 1/2/16		3,840,081		4,233,689
Term B Loan
4.380%, 4/27/11		8,562		8,565
Mirant Americas Generation LLC
8.300%, 5/1/11		6,250,000		6,406,250
Reliant Energy, Inc.
9.250%, 7/15/10		2,000,000		2,100,000
6.750%, 12/15/14		5,225,000		5,107,437
Sierra Pacific Resources
7.803%, 6/15/12		1,000,000		1,046,423
8.625%, 3/15/14		3,300,000		3,543,075
6.750%, 8/15/17		4,050,000		3,972,281
Tenaska Alabama Partners LP
7.000%, 6/30/21 §		3,222,625		3,200,563

				34,480,783

AXA PREMIER VIP TRUST

AXA PREMIER VIP HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Principal Amount		Value (Note 1)
*Gas Utilities (1.6%)*
AmeriGas Partners LP
7.250%, 5/20/15	$	5,250,000	$	5,315,625
AmeriGas Partners LP/AmeriGas Eagle Finance Corp.
7.125%, 5/20/16		7,825,000		7,825,000
ANR Pipeline Co.
8.875%, 3/15/10		1,000,000		1,049,090
SemGroup plc
8.750%, 11/15/15 §		3,925,000		3,944,625
Sonat, Inc.
7.625%, 7/15/11		5,250,000		5,565,000
Suburban Propane Partners LP/Suburban Energy Finance Corp.
6.875%, 12/15/13		7,500,000		7,350,000

				31,049,340

*Independent Power Producers & Energy Traders (1.6%)*
AES Corp.
8.750%, 5/15/13 §		4,875,000		5,222,344
Dynegy Holdings, Inc.
8.375%, 5/1/16		2,450,000		2,572,500
7.125%, 5/15/18		1,500,000		1,462,500
NRG Energy, Inc.
7.250%, 2/1/14		4,025,000		4,055,188
7.375%, 2/1/16		12,545,000		12,607,725
7.375%, 1/15/17		6,425,000		6,441,062

				32,361,319

*Multi-Utilities (1.4%)*
Dynegy-Roseton Danskammer
7.270%, 11/8/10		6,500,000		6,646,250
7.670%, 11/8/16		1,950,000		2,020,687
PSEG Energy Holdings LLC
8.500%, 6/15/11		9,205,000		9,895,375
Reliant Energy Mid-Atlantic Power Holdings LLC
9.237%, 7/2/17		2,966,993		3,323,032
South Point Energy Center LLC/Broad River Energy LLC/Rockgen Energy LLC
8.400%, 5/30/12 § (h)		2,576,658		2,486,475
TECO Energy, Inc.
6.750%, 5/1/15		2,450,000		2,560,250

				26,932,069

Total Utilities				124,823,511

Total Long-Term Debt Securities (90.7%) (Cost $1,736,022,560)				1,774,275,620

CONVERTIBLE BONDS:
Consumer Discretionary (0.1%)
*Media (0.1%)*
EchoStar Communications Corp.
5.750%, 5/15/08		1,125,000		1,146,094

Total Consumer Discretionary				1,146,094

Financials (0.3%)
*Capital Markets (0.2%)*
Deutsche Bank AG/London
1.800%, 5/29/09 §		650,000		632,645
2.000%, 10/7/09 §		1,300,000		1,238,380
0.950%, 1/15/10 †§(b)		1,250,000		1,247,270
Lehman Brothers Holdings, Inc.
1.383%, 6/15/09		650,000		731,900

				3,850,195

*Diversified Financial Services (0.1%)*
IXIS Financial Products, Inc.
0.800%, 6/15/09 §		650,000		630,377
1.650%, 6/15/09 §		650,000		664,118
1.875%, 6/15/09 §		650,000		645,794

				1,940,289

Total Financials				5,790,484

Health Care (0.2%)
*Biotechnology (0.2%)*
NPS Pharmaceuticals, Inc.
3.000%, 6/15/08		5,000,000		4,518,750

Total Health Care				4,518,750

Utilities (0.1%)
*Multi-Utilities (0.1%)*
CMS Energy Corp.
2.875%, 12/1/24		1,875,000		2,390,625

Total Utilities				2,390,625

Total Convertible Bonds (0.7%) (Cost $13,454,034)				13,845,953


	Number of Shares
COMMON STOCKS:
Consumer Discretionary (0.0%)
*Media (0.0%)*
RCN Corp.†§(b) (Cost $—)*		1,867		—


	Principal Amount
SHORT-TERM INVESTMENTS:
Commercial Paper (2.1%)
ING U.S. Funding LLC
5.19%, 2/27/07	$	9,100,000		9,024,551
Rabobank USA Finance Corp.
5.28%, 1/2/07		7,000,000		6,997,947
Santander Central Hispano Finance Delaware, Inc.
5.25%, 1/5/07		5,200,000		5,196,208
Societe Generale North America, Inc.
5.02%, 3/1/07		900,000		892,528
UBS Finance Delaware LLC
5.13%, 3/8/07		18,500,000		18,324,990

Total Commercial Paper				40,436,224

Government Securities (0.0%)
U.S. Treasury Bills
4.68%, 3/15/07 (p)		770,000		762,657

Time Deposit (4.7%)
JPMorgan Chase Nassau
4.75%, 1/2/07		92,098,402		92,098,402

Total Short-Term Investments (6.8%) (Cost/Amortized Cost $133,296,565)				133,297,283

Total Investments (98.2%) (Cost/Amortized Cost $1,882,773,159)				1,921,418,856
Other Assets Less Liabilities (1.8%)				35,018,116

Net Assets (100%)			$	1,956,436,972

*	Non-income producing.

†	Securities (totaling $4,262,413 or 0.22% of net assets) valued at fair value.

AXA PREMIER VIP TRUST

AXA PREMIER VIP HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006

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, 2006, the market value of these securities amounted to $397,518,116 or 20.3% of net assets. Securities denoted with “§” but without “(b)”have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(b)

Illiquid security.

(e)

Step Bond - Coupon rate increases in increments to maturity. Rate disclosed is as of December 31, 2006. Maturity date disclosed is the ultimate maturity date.

(h)

Security in default.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2006.

(m)

(p)

Yield to maturity.

Glossary:

EUR — European Currency Unit

PIK — Payment-in-Kind Security

At December 31, 2006 the Portfolio had the following futures contracts open: (Note 1)


Purchase	Number of Contracts	Expiration Date	Original Value		Value at 12/31/06		Unrealized Depreciation
U.S. 10 Year Treasury Notes	547	March 2007	$	59,281,125	$	58,785,406	$	(495,719	)
EURODollar	439	December 2007		104,495,825		104,317,375		(178,450	)

							$	(674,169	)

At December 31, 2006 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 1/23/07	353	$	471,748	$	465,931	$	(5,817	)
European Union, expiring 2/28/07	2,600		3,312,920		3,437,157		124,237

						$	118,420

Foreign Currency Sell Contracts
European Union, expiring 1/10/07	28,303	$	36,063,569	$	37,333,072	$	(1,269,503	)
European Union, expiring 2/28/07	3,975		5,120,993		5,254,884		(133,891	)
European Union, expiring 2/28/07	8,750		11,277,175		11,567,354		(290,179	)
European Union, expiring 2/28/07	985		1,265,262		1,302,154		(36,892	)
European Union, expiring 4/24/07	10,300		13,100,055		13,645,955		(545,900	)
European Union, expiring 4/24/07	2,000		2,580,240		2,649,700		(69,460	)
European Union, expiring 7/16/07	9,900		13,063,248		13,156,099		(92,851	)

						$	(2,438,676	)

						$	(2,320,256	)

Options written for the year ended December 31, 2006 were as follows:


	Total Number of Contracts		Total Premiums Received
Options Outstanding—January 1, 2006	341		$	170,673
Options Written	1,835			442,255
Options Terminated in Closing Purchase Transactions	(2,176	)		(612,928	)
Options Expired	—			—
Options Exercised	—			—

Options Outstanding—December 31, 2006	—		$	—

AXA PREMIER VIP TRUST

AXA PREMIER VIP HIGH YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2006

Investment security transactions for the year ended December 31, 2006 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,498,329,678
Long-term U.S. Treasury securities		272,363,251

	$	1,770,692,929

Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	1,457,239,594
Long-term U.S. Treasury securities		328,943,600

	$	1,786,183,194

As of December 31, 2006, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:



Aggregate gross unrealized appreciation	$	47,195,816
Aggregate gross unrealized depreciation		(10,292,893	)

Net unrealized appreciation	$	36,902,923

Federal income tax cost of investments	$	1,884,515,933

The Portfolio has a net capital loss carryforward of $315,974,892 of which $29,624,243 expires in the year 2007, $68,279,453 expires in the year 2008, $114,524,895 expires in the year 2009, $91,978,211 expires in the year 2010, and $11,568,090 expires in the year 2014.

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA PREMIER VIP INTERNATIONAL EQUITY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2006


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Australia (3.1%)
BHP Billiton Ltd.^	419,334	$	8,362,132
CSL Ltd.^	235,665		12,142,553
Macquarie Airports Management Ltd.	1,466,300		4,160,655
Macquarie Bank Ltd.^	296,650		18,455,376
Macquarie Infrastructure Group^	656,000		1,789,025
National Australia Bank Ltd.^	178,700		5,690,394
QBE Insurance Group Ltd.^	296,400		6,740,008
Zinifex Ltd.^	549,600		8,139,729

			65,479,872

Austria (1.4%)
Erste Bank der Oesterreichischen Sparkassen AG	267,145		20,466,931
OMV AG^	62,000		3,514,703
voestalpine AG^	115,100		6,491,486

			30,473,120

Belgium (1.3%)
Dexia	191,615		5,242,967
Fortis (London International Exchange)^	185,809		7,916,500
Fortis (virt-x Exchange)	222,700		9,491,200
KBC Groep N.V	38,200		4,679,599

			27,330,266

Brazil (1.6%)
Cia Vale do Rio Doce (ADR)	258,706		7,693,917
Gafisa S.A.*§	261,444		3,911,251
Petroleo Brasileiro S.A. (ADR)	72,184		7,434,230
Unibanco-Uniao de Bancos Brasileiros S.A. (GDR)	167,285		15,550,813

			34,590,211

Canada (1.8%)
Bombardier, Inc., Class B*	497,200		1,687,669
Canadian National Railway Co.	149,389		6,428,209
Celestica, Inc.*	106,000		827,086
Gerdau Ameristeel Corp.	391,200		3,499,520
Husky Energy, Inc.^	55,800		3,742,057
ING Canada, Inc.	95,700		4,310,900
IPSCO, Inc.	44,543		4,194,399
Nexen, Inc.^	63,900		3,525,290
Shoppers Drug Mart Corp.^	155,928		6,711,724
Teck Cominco Ltd., Class B	54,300		4,101,547

			39,028,401

China (0.9%)
Industrial & Commercial Bank of China Ltd., Class H*^§	30,939,000		19,214,423

Denmark (0.2%)
Carlsberg A/S, Class B^	43,300		4,296,988

Finland (1.0%)
Nokia Oyj	850,255		17,356,002
Sampo Oyj, Class A	161,700		4,324,217

			21,680,219

France (10.2%)
Accor S.A	102,100		7,903,026
Air France-KLM^	57,400		2,413,770
Arkema*	5,735		294,407
BNP Paribas	216,238		23,567,017
Cie de Saint-Gobain^	120,626		10,124,390
Compagnie Generale des Etablissements Michelin, Class B	33,800		3,231,352
Credit Agricole S.A.^	166,594		6,998,979
France Telecom S.A	227,100		6,273,800
Imerys S.A.^	60,001		5,332,709
J.C. Decaux S.A.^	231,027		6,604,676
Lafarge S.A.^	69,505		10,329,267
LVMH Moet Hennessy Louis Vuitton S.A.^	129,005		13,600,490
Renault S.A.^	117,300		14,075,666
Sanofi-Aventis^	234,391		21,620,124
Societe Generale^	57,435		9,739,735
Total S.A.^	567,032		40,862,720
Vallourec	48,587		14,114,455
Veolia Environnement^	255,784		19,697,711

			216,784,294

Germany (6.7%)
Allianz SE (Registered)	31,900		6,509,969
BASF AG	123,086		11,986,398
Bayerische Motoren Werke (BMW) AG	91,363		5,241,903
Continental AG^	271,390		31,528,208
DaimlerChrysler AG	41,800		2,579,596
Deutsche Lufthansa AG (Registered)	260,900		7,173,146
Deutsche Post AG (Registered)^	201,976		6,083,106
Deutsche Telekom AG (Registered)	290,500		5,301,659
E.ON AG^	80,100		10,861,302
Epcos AG*^	48,200		962,918
Fresenius Medical Care AG & Co. KGaA	19,500		2,596,310
Linde AG	2,115		218,263
Muenchener Rueckversicherungs AG (Registered)^	83,700		14,394,586
RWE AG	79,410		8,743,619
SAP AG^	301,608		16,012,022
Siemens AG (Registered)	99,342		9,843,139
TUI AG^	145,200		2,898,825

			142,934,969

Hong Kong (3.2%)
China Mobile Ltd.	1,506,500		13,017,043
CNOOC Ltd. (ADR)	75,183		7,114,567
Esprit Holdings Ltd.	2,548,000		28,453,991
Kerry Properties Ltd.^	133,986		626,235
Melco PBL Entertainment Macau Ltd. (ADR)*	317,355		6,746,967
Orient Overseas International Ltd.	174,000		1,107,461
Shangri-La Asia Ltd.^	2,852,973		7,355,056
Sino Land Co.^	1,009,675		2,357,607

			66,778,927

India (0.4%)
ICICI Bank Ltd. (ADR)	214,991		8,973,724

Ireland (0.3%)
Bank of Ireland	273,700		6,316,004

Italy (4.6%)
Banca Intesa S.p.A.^	2,858,157		22,048,116
Banca Popolare di Verona e Novara S.c.r.l.^	89,100		2,555,445
Buzzi Unicem S.p.A.^	158,000		4,485,704
ENI S.p.A	959,971		32,254,260
Fondiaria-Sai S.p.A.^	125,271		5,986,435
Fondiaria-Sai S.p.A. (RNC)	14,200		502,949
Italcementi S.p.A.^	157,800		4,446,733
Mediaset S.p.A.^	339,200		4,021,102
San Paolo IMI S.p.A.^	531,529		12,335,852

AXA PREMIER VIP TRUST

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Number of Shares	Value (Note 1)
UniCredito Italiano S.p.A	1,035,200	$	9,064,041

			97,700,637

Japan (18.3%)
Advantest Corp.^	125,600		7,188,888
Alps Electric Co., Ltd.^	341,600		3,701,109
Astellas Pharma, Inc.	148,400		6,737,812
Bank of Yokohama Ltd.	573,000		4,481,860
Canon, Inc.^	304,500		17,121,816
Credit Saison Co., Ltd.^	82,700		2,845,621
Daikin Industries Ltd.^	369,864		12,850,799
Dainippon Ink & Chemicals, Inc.^	895,000		3,485,208
East Japan Railway Co.	660		4,403,508
EDION Corp.	122,000		1,807,142
Hirose Electric Co., Ltd.	28,100		3,186,027
Honda Motor Co., Ltd.	433,100		17,083,379
Hoya Corp.	184,700		7,192,379
Isuzu Motors Ltd.^	1,326,000		6,220,754
Itochu Corp.	502,000		4,116,101
Japan Tobacco, Inc.	2,134		10,297,931
JFE Holdings, Inc.^	292,100		15,027,258
Leopalace21 Corp.	98,100		3,128,530
Marubeni Corp.	1,718,000		8,708,590
Mitsubishi Corp.^	521,500		9,803,701
Mitsubishi UFJ Financial Group, Inc.	1,109		13,681,591
Mitsui Chemicals, Inc.	513,000		3,943,670
Mitsui Fudosan Co., Ltd.^	266,000		6,485,082
Mitsui O.S.K. Lines Ltd.^	687,000		6,768,814
Mitsui Trust Holdings, Inc.	852,000		9,767,378
Mizuho Financial Group, Inc.	859		6,127,733
Nidec Corp.^	80,300		6,199,992
Nikko Cordial Corp.^	310,000		3,551,257
Nippon Electric Glass Co., Ltd.	310,000		6,504,133
Nippon Mining Holdings, Inc.	753,500		5,413,084
Nippon Telegraph & Telephone Corp.	1,688		8,301,523
Nissan Motor Co., Ltd.	511,200		6,147,871
Nitto Denko Corp.^	90,600		4,531,711
Nomura Holdings, Inc.	185,800		3,500,659
ORIX Corp.	39,000		11,275,649
Secom Co., Ltd.	14,000		724,938
Sega Sammy Holdings, Inc.	247,938		6,679,375
Seiko Epson Corp.^	102,500		2,490,349
Seven & I Holdings Co., Ltd.	189,300		5,878,142
Sharp Corp.	379,000		6,520,498
Shin-Etsu Chemical Co., Ltd.	99,700		6,668,700
SMC Corp.	45,500		6,445,722
Sony Corp.^	263,200		11,265,326
Sumitomo Corp.	522,000		7,802,291
Sumitomo Heavy Industries Ltd.	400,000		4,196,215
Sumitomo Mitsui Financial Group, Inc.^	2,048		20,968,990
Tokyo Electric Power Co., Inc.^	191,500		6,187,528
Toshiba Corp.^	499,000		3,245,563
Toyota Motor Corp.	578,000		38,612,563
Yamada Denki Co., Ltd.^	100,100		8,484,831

			387,759,591

Mexico (2.4%)
America Movil S.A.de C.V. (ADR)	521,393		23,577,391
Cemex S.A.B. de C.V. (Sponsored ADR)*	574,495		19,463,890
Fomento Economico Mexicano S.A.B. de C.V. (ADR)	40,000		4,630,400
Wal-Mart de Mexico S.A. de C.V., Series V	875,600		3,843,877

			51,515,558

Netherlands (4.9%)
ABN AMRO Holding N.V.	231,519		7,433,873
Buhrmann N.V	207,700		3,083,929
European Aeronautic Defence & Space Co. N.V.^	220,230		7,579,608
ING Groep N.V. (CVA)	927,475		41,081,071
Koninklijke Philips Electronics N.V	145,732		5,490,283
Mittal Steel Co. N.V.^	210,851		8,891,677
Reed Elsevier N.V.	380,122		6,476,122
Royal Dutch Shell plc, Class A	333,000		11,733,031
Royal Dutch Shell plc, Class B	71,028		2,488,323
Wolters Kluwer N.V.	341,676		9,817,507

			104,075,424

Singapore (0.5%)
CapitaLand Ltd.	1,725,000		6,970,605
Flextronics International Ltd.*	167,400		1,921,752
Neptune Orient Lines Ltd.^	378,000		514,906

			9,407,263

South Korea (1.0%)
Samsung Electronics Co., Ltd.	33,330		21,969,129

Spain (1.7%)
Altadis S.A	112,665		5,890,630
Banco Bilbao Vizcaya Argentaria S.A.	394,700		9,493,394
Banco Popular Espanol S.A.	246,805		4,468,420
Banco Santander Central Hispano S.A.	311,100		5,800,681
Repsol YPF S.A.^	293,700		10,146,933

			35,800,058

Sweden (2.1%)
Nordea Bank AB	328,000		5,056,846
Svenska Cellulosa AB, Class B	109,500		5,720,627
Telefonaktiebolaget LM Ericsson (ADR)	550,125		22,131,529
Telefonaktiebolaget LM Ericsson, Class B	2,618,200		10,579,165

			43,488,167

Switzerland (9.3%)
ABB Ltd. (Registered)^	610,341		10,924,839
Adecco S.A. (Registered)^	83,120		5,668,666
Credit Suisse Group (Registered)	166,000		11,592,938
Holcim Ltd. (Registered)	86,655		7,929,355
Lonza Group AG (Registered)^	150,753		13,004,253
Nestle S.A. (Registered)	71,108		25,223,039
Novartis AG (Registered)	248,611		14,307,301
Roche Holding AG	222,482		39,823,312
Syngenta AG (Registered)*	62,211		11,553,399
UBS AG (Registered)	612,059		37,128,671
Xstrata plc	199,880		9,975,476
Zurich Financial Services AG	37,585		10,099,025

			197,230,274

Taiwan (0.5%)
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)	891,104		9,739,767

United Kingdom (18.3%)
Acergy S.A.*^	398,016		7,670,934
AstraZeneca plc	145,900		7,835,442
Aviva plc	638,858		10,277,804

AXA PREMIER VIP TRUST

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Number of Shares		Value (Note 1)
BAE Systems plc		3,795,321	$	31,624,763
Barclays plc		1,622,644		23,183,031
BG Group plc		549,362		7,451,024
BHP Billiton plc		173,900		3,180,556
BP plc		513,200		5,700,023
British American Tobacco plc		104,500		2,922,622
British Land Co. plc (REIT)		255,331		8,565,219
Burberry Group plc		118,287		1,494,367
Centrica plc		1,286,462		8,925,598
Diageo plc		711,711		13,964,075
Friends Provident plc		860,880		3,656,171
George Wimpey plc		132,500		1,448,315
GlaxoSmithKline plc		569,429		14,978,315
Greene King plc		173,300		3,856,409
HBOS plc		462,790		10,253,084
HSBC Holdings plc^		1,102,000		20,205,754
J. Sainsbury plc		860,412		6,891,587
Kingfisher plc		1,138,396		5,313,808
Man Group plc		1,773,477		18,144,446
Mitchells & Butlers plc		244,882		3,405,219
Northern Rock plc		470,822		10,854,908
Reckitt Benckiser plc		219,474		10,025,546
Royal & Sun Alliance Insurance Group		951,491		2,839,871
Royal Bank of Scotland Group plc		953,816		37,204,546
Schroders plc		187,220		4,089,221
Smith & Nephew plc		622,641		6,495,147
Standard Chartered plc		287,104		8,383,631
Taylor Woodrow plc		277,500		2,315,003
Tesco plc		3,516,315		27,837,512
Vodafone Group plc		10,513,321		29,115,247
Wm. Morrison Supermarkets plc		1,153,584		5,745,940
Wolseley plc		447,266		10,793,271
Wolverhampton & Dudley Breweries plc		81,000		2,869,378
WPP Group plc		682,964		9,229,658

				388,747,445

Total Common Stocks (95.7%) (Cost $1,671,781,739)				2,031,314,731


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (14.8%)
ACCR, Series 06-2 A1
5.39%, 6/27/08 (l)	$	1,303,663		1,303,663
Anglo Irish Bank Corp. plc
5.34%, 2/1/07		5,756,584		5,756,584
Barton Capital Corp.
5.32%, 1/11/07		5,345,935		5,345,935
Bavaria TRR Corp.
5.39%, 1/25/07		5,804,823		5,804,823
Bear Stearns Cos., Inc., Repurchase Agreement
5.33%, 1/2/07 (r)		23,687,002		23,687,002
Cedar Springs Capital Co. LLC
5.41%, 1/22/07		23,212,127		23,212,127
Charta LLC
5.31%, 1/5/07		20,409,073		20,409,073
5.32%, 1/16/07		3,463,724		3,463,724
Concord Minutemen C.C. LLC,
Series B
5.35%, 1/10/07		5,131,121		5,131,121
Series C
5.37%, 1/18/07		5,804,054		5,804,054
5.39%, 1/18/07		8,125,535		8,125,535
Corp. Andina de Fomento
5.36%, 2/20/07		9,196,739		9,196,739
Deutsche Bank/London
5.34%, 1/31/07 (l)		4,664,733		4,664,733
DZ Bank AG/Grand Cayman
5.44%, 1/3/07		17,492,749		17,492,749
DZ Bank AG/New York
5.31%, 1/11/07		3,498,550		3,498,550
Ebbets Funding LLC
5.34%, 1/12/07		22,275,018		22,275,018
Fenway Funding LLC
5.40%, 1/2/07		7,645,572		7,645,572
5.37%, 1/10/07		1,614,595		1,614,595
5.36%, 2/15/07		11,555,186		11,555,186
Fifth Third Bancorp
5.35%, 1/29/08 (l)		699,704		699,704
Galleon Capital Corp.
5.33%, 2/15/07		11,555,788		11,555,788
Goldman Sachs Group, Inc.
5.41%, 12/28/07 (l)		2,565,603		2,565,603
5.43%, 1/29/08 (l)		4,664,733		4,664,733
Gotham Funding Corp.
5.36%, 1/16/07		15,732,722		15,732,722
Hartford Life, Inc.
5.48%, 12/28/07 (l)		1,865,893		1,865,893
HBOS Treasury Services plc
5.31%, 1/29/07		5,340,544		5,340,544
KBC Financial Products/London
5.34%, 2/1/07		11,800,609		11,800,609
Kommunalkredit International Bank
5.37%, 2/5/07		3,451,679		3,451,679
Lafayette Asset Securitization LLC
5.35%, 2/9/07		5,752,238		5,752,238
Lehman Brothers, Inc.
5.46%, 3/29/07 (l)		816,328		816,328
Liberty Street Funding Co.
5.36%, 1/12/07		7,949,480		7,949,480
5.35%, 1/16/07		13,928,023		13,928,023
Mizuho Corporate Bank Ltd./London
5.35%, 3/12/07		11,661,833		11,661,833
Natexis Banques Populaires N.Y.
5.35%, 1/31/07 (l)		1,166,183		1,166,183
5.37%, 1/28/08 (l)		6,997,100		6,997,100
New York Life Insurance Co.
5.43%, 3/29/07 (l)		5,830,917		5,830,917
Norinchukin Bank N.Y.
5.35%, 2/28/07		11,661,833		11,661,833
Washington Mutual Bank FA
5.35%, 3/19/07		3,499,917		3,499,917

Total Short-Term Investments of Cash Collateral for Securities Loaned				312,927,910

Time Deposit (2.7%)
JPMorgan Chase Nassau
4.75%, 1/2/07		57,786,075		57,786,075

Total Short-Term Investments (17.5%) (Amortized Cost $370,713,985)				370,713,985

Total Investments (113.2%) (Cost/Amortized Cost $2,042,495,724)				2,402,028,716
Other Assets Less Liabilities (-13.2%)				(279,917,698	)

Net Assets (100%)			$	2,122,111,018

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December 31, 2006

*	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, 2006, the market value of these securities amounted to $23,125,674 or 1.09% of net assets. Securities denoted with “§” but without “(b)” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2006.

(r)

The repurchase agreement is fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:


ADR	—	American Depositary Receipt
CVA	—	Dutch Certification
GDR	—	Global Depositary Receipt
REIT	—	Real Estate Investment Trust
RNC	—	Risparmio Non-Convertible Savings Shares

At December 31, 2006 the Portfolio had the following futures contracts open: (Note 1)


Purchases	Number of Contracts	Expiration Date	Original Value		Value at 12/31/06		Unrealized Appreciation
Dow Jones Euro Stoxx 50 Index	200	March-07	$	10,755,030	$	10,963,256	$	208,226
TOPIX Index	5	March-07		673,919		706,013		32,094

							$	240,320

Investment security transactions for the year ended December 31, 2006 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,517,092,537
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	615,989,314

As of December 31, 2006, 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	$	366,274,009
Aggregate gross unrealized depreciation		(15,288,830	)

Net unrealized appreciation	$	350,985,179

Federal income tax cost of investments	$	2,051,043,537

At December 31, 2006, the Portfolio had loaned securities with a total value of $299,247,961. This was secured by collateral of $312,927,910 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

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PORTFOLIO OF INVESTMENTS

December 31, 2006


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (12.4%)
*Auto Components (0.3%)*
Autoliv, Inc.	18,200	$	1,097,460
BorgWarner, Inc.	11,000		649,220
Magna International, Inc., Class A	12,800		1,031,040

			2,777,720

*Automobiles (0.9%)*
DaimlerChrysler AG	11,400		700,074
Peugeot S.A.	84,300		5,580,344
Toyota Motor Corp. (ADR)^	7,100		953,601

			7,234,019

*Hotels, Restaurants & Leisure (2.8%)*
Las Vegas Sands Corp.*	72,200		6,460,456
McDonald’s Corp.	54,800		2,429,284
MGM MIRAGE*	155,040		8,891,544
Starbucks Corp.*	138,480		4,904,961

			22,686,245

*Household Durables (0.2%)*
Black & Decker Corp.	16,600		1,327,502
*Internet & Catalog Retail (0.3%)*
IAC/InterActiveCorp*^	55,929		2,078,322
Liberty Media Corp., Interactive, Class A*	24,150		520,915

			2,599,237

*Leisure Equipment & Products (0.1%)*
Mattel, Inc.	25,500		577,830

*Media (3.7%)*
CBS Corp., Class B	59,000		1,839,620
Comcast Corp., Class A*	75,300		3,187,449
Comcast Corp., Special Class A*	259,815		10,881,052
DIRECTV Group, Inc.*	179,073		4,466,080
Gannett Co., Inc.	23,100		1,396,626
Idearc, Inc.*	4,570		130,931
Interpublic Group of Cos., Inc.*^	66,100		809,064
Liberty Media Corp., Capital Series, Class A*	4,830		473,243
Time Warner, Inc.	124,300		2,707,254
Viacom, Inc., Class B*	37,650		1,544,779
Walt Disney Co.	75,700		2,594,239

			30,030,337

*Multiline Retail (2.2%)*
Dillards, Inc., Class A^	18,500		646,945
Dollar Tree Stores, Inc.*	28,900		869,890
Family Dollar Stores, Inc.	28,300		830,039
J.C. Penney Co., Inc.	14,000		1,083,040
Nordstrom, Inc.	98,110		4,840,747
Saks, Inc.^	35,900		639,738
Target Corp.	157,200		8,968,260

			17,878,659

*Specialty Retail (1.6%)*
Abercrombie & Fitch Co.	76,900		5,354,547
Gap, Inc.	76,300		1,487,850
Home Depot, Inc.	9,700		389,552
Limited Brands, Inc.	52,600		1,522,244
Office Depot, Inc.*	29,400		1,122,198
Staples, Inc.	108,047		2,884,854

			12,761,245

*Textiles, Apparel & Luxury Goods (0.3%)*
Jones Apparel Group, Inc.	31,300		1,046,359
V.F. Corp.	16,600		1,362,528

			2,408,887

Total Consumer Discretionary			100,281,681

Consumer Staples (6.4%)
*Beverages (0.9%)*
Coca-Cola Co.	53,975		2,604,294
Molson Coors Brewing Co., Class B	3,300		252,252
PepsiCo, Inc.	76,255		4,769,750

			7,626,296

*Food & Staples Retailing (2.3%)*
Kroger Co.	38,000		876,660
Rite Aid Corp.*^	1,086,900		5,912,736
Safeway, Inc.	28,900		998,784
Sysco Corp.	150,920		5,547,819
Wal-Mart Stores, Inc.	60,500		2,793,890
Whole Foods Market, Inc.^	50,880		2,387,799

			18,517,688

*Food Products (1.0%)*
Archer-Daniels-Midland Co.	2,300		73,508
Bunge Ltd.^	7,100		514,821
Cadbury Schweppes plc (ADR)^	59,595		2,558,413
General Mills, Inc.	24,800		1,428,480
Kellogg Co.	26,100		1,306,566
Kraft Foods, Inc., Class A^	8,800		314,160
Sara Lee Corp.	93,400		1,590,602

			7,786,550

*Household Products (1.6%)*
Colgate-Palmolive Co.	22,900		1,493,996
Kimberly-Clark Corp.	23,700		1,610,415
Procter & Gamble Co.	153,020		9,834,595

			12,939,006

*Tobacco (0.6%)*
Altria Group, Inc.	57,500		4,934,650

Total Consumer Staples			51,804,190

Energy (8.3%)
*Energy Equipment & Services (0.4%)*
Diamond Offshore Drilling, Inc.^	7,125		569,573
GlobalSantaFe Corp.	13,900		817,042
Halliburton Co.	59,470		1,846,543
Schlumberger Ltd	3,200		202,112

			3,435,270

*Oil, Gas & Consumable Fuels (7.9%)*
Apache Corp	103,700		6,897,087
BP plc (ADR)	16,900		1,133,990
Chevron Corp.	155,833		11,458,400
ConocoPhillips	130,900		9,418,255
EOG Resources, Inc.	86,095		5,376,633
Exxon Mobil Corp.	241,250		18,486,988
Marathon Oil Corp.	23,300		2,155,250
Occidental Petroleum Corp.	44,225		2,159,506
Royal Dutch Shell plc (ADR)	16,400		1,160,956
Total S.A. (Sponsored ADR)	18,300		1,316,136
Valero Energy Corp.	77,115		3,945,203

			63,508,404

Total Energy			66,943,674

Financials (17.9%)
*Capital Markets (4.5%)*
Charles Schwab Corp.	218,500		4,225,790
Goldman Sachs Group, Inc.	52,505		10,466,872
Janus Capital Group, Inc.	56,400		1,217,676
Mellon Financial Corp.	28,500		1,201,275
Merrill Lynch & Co., Inc.	126,710		11,796,701
Morgan Stanley	3,100		252,433
optionsXpress Holdings, Inc.^	117,775		2,672,315
UBS AG (Registered)	68,455		4,129,890
Waddell & Reed Financial, Inc.	15,900		435,024

			36,397,976

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Number of Shares	Value (Note 1)
*Commercial Banks (1.9%)*
BB&T Corp.	1,600	$	70,288
Comerica, Inc.	21,450		1,258,686
Fifth Third Bancorp^	5,300		216,929
HSBC Holdings plc	261,100		4,787,407
Huntington Bancshares, Inc./Ohio	24,600		584,250
KeyCorp.	7,975		303,289
National City Corp.	49,200		1,798,752
SunTrust Banks, Inc.	21,500		1,815,675
U.S. Bancorp	44,800		1,621,312
Wachovia Corp.^	23,600		1,344,020
Wells Fargo & Co.	32,200		1,145,032

			14,945,640

*Consumer Finance (1.2%)*
American Express Co	161,165		9,777,880

*Diversified Financial Services (3.2%)*
Bank of America Corp	102,300		5,461,797
Citigroup, Inc.	178,250		9,928,525
JPMorgan Chase & Co.	96,300		4,651,290
NYSE Group, Inc.*^	57,400		5,579,280

			25,620,892

*Insurance (4.0%)*
ACE Ltd	13,800		835,866
Aflac, Inc.	5,000		230,000
Allstate Corp.	7,900		514,369
American International Group, Inc.	190,700		13,665,562
Aon Corp.	39,500		1,395,930
Chubb Corp.	30,800		1,629,628
Genworth Financial, Inc., Class A	40,700		1,392,347
Hartford Financial Services Group, Inc.	15,500		1,446,305
MBIA, Inc.^	22,400		1,636,544
MetLife, Inc.	34,650		2,044,697
Old Republic International Corp.	53,500		1,245,480
PartnerReinsurance Ltd	900		63,927
Prudential Financial, Inc.	7,600		652,536
RenaissanceRe Holdings Ltd	11,800		708,000
St. Paul Travelers Cos., Inc.	37,299		2,002,583
Torchmark Corp.	16,100		1,026,536
UnumProvident Corp.	39,300		816,654
XL Capital Ltd., Class A	17,800		1,281,956

			32,588,920

*Thrifts & Mortgage Finance (3.1%)*
Astoria Financial Corp.^	8,250		248,820
Countrywide Financial Corp.	45,400		1,927,230
Fannie Mae	175,575		10,427,399
Freddie Mac	132,066		8,967,282
MGIC Investment Corp.	23,300		1,457,182
Washington Mutual, Inc.	47,300		2,151,677

			25,179,590

Total Financials			144,510,898

Health Care (13.5%)
*Biotechnology (3.2%)*
Amgen, Inc.*	144,375		9,862,256
Celgene Corp.*	79,440		4,570,183
Genentech, Inc.*	61,330		4,975,703
Gilead Sciences, Inc.*	95,800		6,220,294

			25,628,436

*Health Care Equipment & Supplies (0.7%)*
Alcon, Inc.	16,005		1,788,879
Cytyc Corp.*	100,184		2,835,207
Zimmer Holdings, Inc.*	15,345		1,202,741

			5,826,827

*Health Care Providers & Services (3.3%)*
AmerisourceBergen Corp.	32,600		1,465,696
Cardinal Health, Inc.	15,900		1,024,437
Caremark Rx, Inc.	66,565		3,801,527
Coventry Health Care, Inc.*	140,210		7,017,511
McKesson Corp.	28,100		1,424,670
UnitedHealth Group, Inc.	59,830		3,214,666
WellPoint, Inc.*	108,550		8,541,799

			26,490,306

*Health Care Technology (0.7%)*
Eclipsys Corp.*^	257,324		5,290,582

*Life Sciences Tools & Services (0.8%)*
Thermo Fisher Scientific, Inc.*	142,700		6,462,883

*Pharmaceuticals (4.8%)*
Abbott Laboratories	6,300		306,873
Eli Lilly & Co	37,100		1,932,910
GlaxoSmithKline plc (ADR)	11,800		622,568
Johnson & Johnson	167,870		11,082,777
Merck & Co., Inc.	74,700		3,256,920
Pfizer, Inc	358,035		9,273,107
Sanofi-Aventis (ADR)^	81,630		3,768,857
Schering-Plough Corp.	90,200		2,132,328
Teva Pharmaceutical Industries Ltd. (ADR)	175,900		5,466,972
Wyeth	21,300		1,084,596

			38,927,908

Total Health Care			108,626,942

Industrials (8.1%)
*Aerospace & Defense (0.7%)*
Boeing Co.	29,700		2,638,548
General Dynamics Corp.	6,400		475,840
Lockheed Martin Corp.	11,800		1,086,426
Northrop Grumman Corp.	21,700		1,469,090

			5,669,904

*Air Freight & Logistics (0.4%)*
FedEx Corp.	24,400		2,650,328
United Parcel Service, Inc., Class B	600		44,988

			2,695,316

*Airlines (0.9%)*
JetBlue Airways Corp.*^	501,800		7,125,560

*Building Products (0.0%)*
Masco Corp.	7,000		209,090

*Commercial Services & Supplies (0.2%)*
Avery Dennison Corp.	20,500		1,392,565

*Electrical Equipment (0.2%)*
Cooper Industries Ltd., Class A	5,225		472,497
Emerson Electric Co.	31,600		1,393,244

			1,865,741

*Industrial Conglomerates (3.9%)*
General Electric Co.	764,065		28,430,859
Textron, Inc.	8,700		815,799
Tyco International Ltd	80,500		2,447,200

			31,693,858

*Machinery (0.6%)*
Cummins, Inc.	11,100		1,311,798
Eaton Corp.	19,250		1,446,445
Ingersoll-Rand Co., Ltd., Class A	20,000		782,600
SPX Corp	14,000		856,240

			4,397,083

*Road & Rail (1.2%)*
CSX Corp	17,800		612,854
Hertz Global Holdings, Inc.*	496,350		8,631,526
Norfolk Southern Corp.	11,700		588,393

			9,832,773

Total Industrials			64,881,890

AXA PREMIER VIP TRUST

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Number of Shares		Value (Note 1)
Information Technology (18.3%)
*Communications Equipment (3.4%)*
Cisco Systems, Inc.*		174,200	$	4,760,886
Corning, Inc.*		147,830		2,765,899
Motorola, Inc.		280,990		5,777,154
Nokia Oyj (ADR)		59,100		1,200,912
QUALCOMM, Inc.		291,940		11,032,413
Research In Motion Ltd.*		13,620		1,740,364
Tellabs, Inc.*		29,450		302,157

				27,579,785

*Computers & Peripherals (4.7%)*
Apple Computer, Inc.*		106,690		9,051,580
Dell, Inc.*		317,850		7,974,856
EMC Corp.*		330,915		4,368,078
Hewlett-Packard Co.		173,105		7,130,195
International Business Machines Corp.		45,400		4,410,610
Lexmark International, Inc., Class A*		22,700		1,661,640
SanDisk Corp.*^		72,020		3,099,021

				37,695,980

*Electronic Equipment & Instruments (0.5%)*
Arrow Electronics, Inc.*		15,000		473,250
Avnet, Inc.*		25,500		651,015
Celestica, Inc. *^		39,900		311,619
Flextronics International Ltd.*		111,500		1,280,020
Ingram Micro, Inc., Class A*		16,000		326,560
Sanmina-SCI Corp.*		46,300		159,735
Solectron Corp.*		154,400		497,168
Tech Data Corp.*		17,600		666,512

				4,365,879

*Internet Software & Services (2.3%)*
Google, Inc., Class A*		19,266		8,871,608
Yahoo!, Inc.*		390,685		9,978,095

				18,849,703

*IT Services (1.1%)*
Accenture Ltd., Class A.		39,000		1,440,270
BearingPoint, Inc.*^		646,460		5,087,640
Ceridian Corp.*		25,400		710,692
Electronic Data Systems Corp.		53,800		1,482,190

				8,720,792

*Semiconductors & Semiconductor Equipment (3.0%)*
Advanced Micro Devices, Inc.*		159,195		3,239,618
Applied Materials, Inc.		29,000		535,050
Intel Corp.		47,400		959,850
MEMC Electronic Materials, Inc.*		130,137		5,093,562
Samsung Electronics Co., Ltd. (GDR)^§		19,738		6,505,051
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		126,200		1,379,366
Texas Instruments, Inc.		199,695		5,751,216
Xilinx, Inc.		21,400		509,534

				23,973,247

*Software (3.3%)*
Adobe Systems, Inc.*		60,620		2,492,694
Microsoft Corp.		495,950		14,809,067
Oracle Corp.*		388,450		6,658,033
SAP AG (Sponsored ADR)^		43,840		2,327,904

				26,287,698

Total Information Technology				147,473,084

Materials (4.0%)
*Chemicals (1.6%)*
Air Products & Chemicals, Inc.		89,400		6,283,032
Ashland, Inc.		6,600		456,588
Dow Chemical Co.		46,500		1,857,210
E.I. du Pont de Nemours & Co.		26,700		1,300,557
Hercules, Inc.*		30,500		588,955
Lubrizol Corp.		22,800		1,142,964
PPG Industries, Inc.		16,300		1,046,623

				12,675,929

*Containers & Packaging (0.4%)*
Bemis Co.		7,200		244,656
Crown Holdings, Inc.*		39,800		832,616
Owens-Illinois, Inc.*		54,400		1,003,680
Sonoco Products Co.		25,000		951,500

				3,032,452

*Metals & Mining (2.0%)*
Alcoa, Inc.		266,500		7,997,665
Mittal Steel Co. N.V.^		32,000		1,349,760
Southern Copper Corp.^		128,700		6,935,643

				16,283,068

Total Materials				31,991,449

Telecommunication Services (5.2%)
*Diversified Telecommunication Services (2.7%)*
AT&T, Inc.		116,000		4,147,000
BellSouth Corp.		34,500		1,625,295
Chunghwa Telecom Co., Ltd. (ADR)		284,782		5,618,749
Embarq Corp.		15,400		809,424
Level 3 Communications, Inc.*^		1,069,900		5,991,440
Verizon Communications, Inc.		91,400		3,403,736

				21,595,644

*Wireless Telecommunication Services (2.5%)*
American Tower Corp., Class A*		164,400		6,128,832
China Mobile Ltd.		614,500		5,309,640
Crown Castle International Corp.*		29,300		946,390
NII Holdings, Inc.*^		85,115		5,484,811
Sprint Nextel Corp.		129,100		2,438,699

				20,308,372

Total Telecommunication Services				41,904,016

Utilities (1.3%)
*Electric Utilities (0.9%)*
Entergy Corp.		71,400		6,591,648
Pinnacle West Capital Corp.^		20,300		1,029,007

				7,620,655

*Independent Power Producers & Energy Traders (0.4%)*
Constellation Energy Group, Inc.		4,625		318,524
TXU Corp.		47,900		2,596,659

				2,915,183

Total Utilities				10,535,838

Total Common Stocks (95.4%) (Cost $680,285,173)				768,953,662


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (8.8%)
ACCR, Series 06-2 A1
5.39%, 6/27/08 (l)	$	294,833		294,833
Anglo Irish Bank Corp. plc
5.34%, 2/1/07		1,301,894		1,301,894
Barton Capital Corp.
5.32%, 1/11/07		1,209,022		1,209,022
Bavaria TRR Corp.
5.39%, 1/25/07		1,312,803		1,312,803
Bear Stearns Cos., Inc., Repurchase Agreement
5.33%, 1/2/07 (r)		5,356,988		5,356,988
Cedar Springs Capital Co. LLC
5.41%, 1/22/07		5,249,593		5,249,593
Charta LLC
5.31%, 1/5/07		4,615,662		4,615,662
5.32%, 1/16/07		783,347		783,347

AXA PREMIER VIP TRUST

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Principal Amount		Value (Note 1)
Concord Minutemen C.C. LLC,
Series B
5.35%, 1/10/07	$	1,160,441	$	1,160,441
Series C
5.37%, 1/18/07		1,312,629		1,312,629
5.39%, 1/18/07		1,837,649		1,837,649
Corp. Andina de Fomento
5.36%, 2/20/07		2,079,910		2,079,910
Deutsche Bank/London
5.34%, 1/31/07		1,054,964		1,054,964
DZ Bank AG/Grand Cayman
5.44%, 1/3/07		3,956,114		3,956,114
DZ Bank AG/New York
5.31%, 1/11/07		791,223		791,223
Ebbets Funding LLC
5.34%, 1/12/07		5,037,659		5,037,659
Fenway Funding LLC
5.40%, 1/2/07		1,729,102		1,729,102
5.37%, 1/10/07		365,153		365,153
5.36%, 2/15/07		2,613,290		2,613,290
Fifth Third Bancorp
5.35%, 1/29/08 (l)		158,243		158,243
Galleon Capital Corp.
5.33%, 2/15/07		2,613,426		2,613,426
Goldman Sachs Group, Inc.
5.41%, 12/28/07 (l)		580,230		580,230
5.43%, 1/29/08 (l)		1,054,964		1,054,964
Gotham Funding Corp.
5.36%, 1/16/07		3,558,070		3,558,070
Hartford Life, Inc.
5.48%, 12/28/07 (l)		421,985		421,985
HBOS Treasury Services plc
5.31%, 1/29/07		1,207,803		1,207,803
KBC Financial Products/London
5.34%, 2/1/07		2,668,794		2,668,794
Kommunalkredit International Bank
5.37%, 2/5/07		780,623		780,623
Lafayette Asset Securitization LLC
5.35%, 2/9/07		1,300,911		1,300,911
Lehman Brothers, Inc.
5.46%, 3/29/07 (l)		184,619		184,619
Liberty Street Funding Co.
5.35%, 1/12/07		1,797,833		1,797,833
5.35%, 1/16/07		3,149,924		3,149,924
Mizuho Corporate Bank Ltd./London
5.35%, 3/12/07		2,637,409		2,637,409
Natexis Banques Populaires N.Y.
5.35%, 1/31/07 (l)		263,741		263,741
5.37%, 1/28/08 (l)		1,582,445		1,582,445
New York Life Insurance Co.
5.43%, 3/29/07 (l)		1,318,705		1,318,705
Norinchukin Bank N.Y.
5.35%, 2/28/07		2,637,409		2,637,409
Washington Mutual Bank FA
5.35%, 3/19/07		791,532		791,532

Total Short-Term Investments of Cash Collateral for Securities Loaned				70,770,942

Time Deposit (2.3%)
JPMorgan Chase Nassau
4.75%, 1/2/07		18,907,193		18,907,193

Total Short-Term Investments (11.1%) (Amortized Cost $89,678,135)				89,678,135

Total Investments (106.5%) (Cost/Amortized Cost $769,963,308)				858,631,797
Other Assets Less Liabilities (-6.5%)				(52,268,018	)

Net Assets (100%)			$	806,363,779

*	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, 2006, the market value of these securities amounted to $6,505,051 or 0.8% of net assets. Securities denoted with “§” but without “(b)”have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2006.

(r)

The repurchase agreement is fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

AXA PREMIER VIP TRUST

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PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2006

Investment security transactions for the year ended December 31, 2006 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	520,822,863
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	301,107,396

As of December 31, 2006, 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	$	100,289,313
Aggregate gross unrealized depreciation		(13,470,123	)

Net unrealized appreciation	$	86,819,190

Federal income tax cost of investments	$	771,812,607

At December 31, 2006, the Portfolio had loaned securities with a total value of $68,716,171. This was secured by collateral of $70,770,942 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, 2006, the Portfolio incurred approximately $5,966 as brokerage commissions with

Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

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PORTFOLIO OF INVESTMENTS

December 31, 2006


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (9.9%)
*Hotels, Restaurants & Leisure (1.1%)*
Marriott International, Inc., Class A^	47,100	$	2,247,612
Starwood Hotels & Resorts Worldwide, Inc.^	32,800		2,050,000

			4,297,612

*Household Durables (1.0%)*
Pulte Homes, Inc.^	113,650		3,764,088

*Internet & Catalog Retail (1.9%)*
Amazon.com, Inc.*	159,385		6,289,332
Coldwater Creek, Inc.*^	53,770		1,318,440

			7,607,772

*Media (1.9%)*
Comcast Corp., Class A*^	131,620		5,571,475
Walt Disney Co.	57,900		1,984,233

			7,555,708

*Multiline Retail (1.4%)*
J.C. Penney Co., Inc	36,500		2,823,640
Kohl’s Corp.*	39,300		2,689,299

			5,512,939

*Specialty Retail (0.9%)*
Best Buy Co., Inc.	27,890		1,371,909
Dick’s Sporting Goods, Inc.*^	22,370		1,095,906
Lowe’s Cos., Inc.	39,570		1,232,606

			3,700,421

*Textiles, Apparel & Luxury Goods (1.7%)*
Coach, Inc.*	88,240		3,790,790
Polo Ralph Lauren Corp.^	21,200		1,646,392
Under Armour, Inc., Class A*^	20,400		1,029,180

			6,466,362

Total Consumer Discretionary			38,904,902

Consumer Staples (5.1%)
*Beverages (0.9%)*
PepsiCo, Inc.	53,900		3,371,445

*Food & Staples Retailing (1.4%)*
Wal-Mart Stores, Inc.	14,710		679,308
Walgreen Co.	92,900		4,263,181
Whole Foods Market, Inc.^	12,590		590,849

			5,533,338

*Household Products (2.8%)*
Clorox Co.	20,700		1,327,905
Colgate-Palmolive Co.	25,400		1,657,096
Procter & Gamble Co.	126,650		8,139,795

			11,124,796

Total Consumer Staples			20,029,579

Energy (5.1%)
*Energy Equipment & Services (4.5%)*
Baker Hughes, Inc.	20,300		1,515,598
Schlumberger Ltd.	205,580		12,984,433
Transocean, Inc.*	20,500		1,658,245
Weatherford International Ltd.*	34,600		1,445,934

			17,604,210

*Oil, Gas & Consumable Fuels (0.6%)*
Canadian Natural Resources Ltd.	46,100		2,453,903

Total Energy			20,058,113

Financials (18.4%)
*Capital Markets (5.1%)*
Charles Schwab Corp.	147,430		2,851,296
Franklin Resources, Inc.	20,700		2,280,519
Goldman Sachs Group, Inc.	40,460		8,065,701
Legg Mason, Inc.	40,635		3,862,357
Merrill Lynch & Co., Inc.	25,890		2,410,359
State Street Corp.	10,150		684,516

			20,154,748

*Commercial Banks (2.0%)*
Commerce Bancorp, Inc./New Jersey^	136,025		4,797,602
U.S. Bancorp	40,400		1,462,076
Zions Bancorp	20,300		1,673,532

			7,933,210

*Consumer Finance (1.5%)*
SLM Corp.	126,000		6,145,020

*Diversified Financial Services (2.6%)*
Chicago Mercantile Exchange Holdings, Inc., Class A	7,810		3,981,147
Citigroup, Inc.	45,790		2,550,503
JPMorgan Chase & Co.	66,287		3,201,662
NYSE Group, Inc.*^	4,290		416,988

			10,150,300

*Insurance (4.9%)*
American International Group, Inc.	109,080		7,816,673
Everest Reinsurance Group Ltd.	14,200		1,393,162
MetLife, Inc.	29,500		1,740,795
Progressive Corp.	338,400		8,196,048

			19,146,678

*Real Estate Management & Development (0.7%)*
CB Richard Ellis Group, Inc., Class A*	83,900		2,785,480

*Thrifts & Mortgage Finance (1.6%)*
Countrywide Financial Corp.	146,000		6,197,700

Total Financials			72,513,136

Health Care (21.3%)
*Biotechnology (7.9%)*
Amgen, Inc.*	71,920		4,912,855
Celgene Corp.*	54,000		3,106,620
Genentech, Inc.*	174,680		14,171,789
Genzyme Corp.*	66,500		4,095,070
Gilead Sciences, Inc.*	77,010		5,000,259

			31,286,593

*Health Care Equipment & Supplies (4.0%)*
Alcon, Inc.	27,980		3,127,325
Medtronic, Inc.	26,400		1,412,664
St. Jude Medical, Inc.*	38,000		1,389,280
Stryker Corp.	28,700		1,581,657
Varian Medical Systems, Inc.*	94,700		4,504,879
Zimmer Holdings, Inc.*	48,400		3,793,592

			15,809,397

*Health Care Providers & Services (3.8%)*
Medco Health Solutions, Inc.*	34,900		1,865,056
UnitedHealth Group, Inc.	92,490		4,969,488
WellPoint, Inc.*	102,430		8,060,216

			14,894,760

*Health Care Technology (0.5%)*
Cerner Corp.*^	46,200		2,102,100

*Pharmaceuticals (5.1%)*
Abbott Laboratories	50,300		2,450,113
Eli Lilly & Co.	21,720		1,131,612
Johnson & Johnson	44,100		2,911,482
Merck & Co., Inc.	101,580		4,428,888
Novartis AG (ADR)	53,400		3,067,296
Schering-Plough Corp	70,600		1,668,984

AXA PREMIER VIP TRUST

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Number of Shares		Value (Note 1)
Teva Pharmaceutical Industries Ltd. (ADR)		140,790	$	4,375,753

				20,034,128

Total Health Care				84,126,978

Industrials (8.5%)
*Aerospace & Defense (2.8%)*
Boeing Co.		73,840		6,559,945
United Technologies Corp		74,000		4,626,480

				11,186,425

*Air Freight & Logistics (1.6%)*
CH Robinson Worldwide, Inc.^		45,900		1,876,851
Expeditors International of Washington, Inc.		71,600		2,899,800
FedEx Corp.		13,800		1,498,956

				6,275,607

*Commercial Services & Supplies (0.4%)*
Corporate Executive Board Co.		7,620		668,274
Monster Worldwide, Inc.*		14,820		691,205

				1,359,479

*Electrical Equipment (0.4%)*
Emerson Electric Co.		36,820		1,623,394

*Industrial Conglomerates (2.7%)*
General Electric Co.		290,310		10,802,435

*Machinery (0.6%)*
Danaher Corp.		29,600		2,144,224

Total Industrials				33,391,564

Information Technology (28.3%)
*Communications Equipment (4.3%)*
Motorola, Inc.		100,000		2,056,000
QUALCOMM, Inc.		397,885		15,036,074

				17,092,074

*Computers & Peripherals (7.3%)*
Apple Computer, Inc.*		111,230		9,436,753
Dell, Inc.*		84,450		2,118,851
Hewlett-Packard Co.		81,600		3,361,104
Network Appliance, Inc.*		277,035		10,881,935
Sun Microsystems, Inc.*		547,120		2,965,390

				28,764,033

*Electronic Equipment & Instruments (0.4%)*
Amphenol Corp., Class A		25,350		1,573,728

*Internet Software & Services (7.5%)*
eBay, Inc.*		201,890		6,070,833
Google, Inc., Class A*		40,900		18,833,632
Yahoo!, Inc.*		175,530		4,483,036

				29,387,501

*IT Services (1.2%)*
Cognizant Technology Solutions Corp., Class A*		32,900		2,538,564
Infosys Technologies Ltd. (ADR)^		28,380		1,548,413
Iron Mountain, Inc.*^		18,050		746,187

				4,833,164

*Semiconductors & Semiconductor Equipment (4.0%)*
Advanced Micro Devices, Inc.*		155,900		3,172,565
Broadcom Corp., Class A*		171,595		5,544,234
Intel Corp.		110,000		2,227,500
Marvell Technology Group Ltd.*		120,000		2,302,800
NVIDIA Corp.*		62,850		2,326,079

				15,573,178

*Software (3.6%)*
Autodesk, Inc.*		67,370		2,725,790
Microsoft Corp.		114,900		3,430,914
Salesforce.com, Inc.*^		165,900		6,047,055
SAP AG (Sponsored ADR)^		39,890		2,118,159

				14,321,918

Total Information Technology				111,545,596

Materials (0.5%)
*Chemicals (0.5%)*
Monsanto Co.		35,100		1,843,803

Total Materials				1,843,803

Total Common Stocks (97.1%) (Cost $315,749,706)				382,413,671


	Principal Amount
SHORT-TERM INVESTMENTS
Short-Term Investments of Cash Collateral for Securities Loaned (7.1%)
ACCR, Series 06-2 A1
5.39%, 6/27/08 (l)	$	116,953		116,953
Anglo Irish Bank Corp. plc
5.34%, 2/1/07		516,429		516,429
Barton Capital Corp.
5.32%, 1/11/07		479,589		479,589
Bavaria TRR Corp.
5.39%, 1/25/07		520,757		520,757
Bear Stearns Cos., Inc., Repurchase Agreement
5.33%, 1/2/07 (r)		2,124,987		2,124,987
Cedar Springs Capital Co. LLC
5.41%, 1/22/07		2,082,385		2,082,385
Charta LLC
5.31%, 1/5/07		1,830,919		1,830,919
5.32%, 1/16/07		310,734		310,734
Concord Minuteman C.C. LLC,
Series B
5.35%, 1/10/07		460,318		460,318
Series C
5.37%, 1/18/07		520,688		520,688
5.39%, 1/18/07		728,950		728,950
Corp. Andina de Fomento
5.36%, 2/20/07		825,049		825,049
Deutsche Bank AG/London
5.34%, 1/31/07		418,478		418,478
DZ Bank AG/Grand Cayman
5.44%, 1/3/07		1,569,293		1,569,293
DZ Bank AG/New York
5.31%, 1/11/07		313,859		313,859
Ebbets Funding LLC
5.34%, 1/12/07		1,998,316		1,998,316
Fenway Funding LLC
5.40%, 1/2/07		685,892		685,892
5.37%, 1/10/07		144,847		144,847
5.36%, 2/15/07		1,036,628		1,036,628
Fifth Third Bancorp
5.35%, 1/29/08 (l)		62,771		62,771
Galleon Capital Corp.
5.33%, 2/15/07		1,036,682		1,036,682
Goldman Sachs Group, Inc.
5.41%, 12/28/07 (l)		230,163		230,163
5.43%, 1/29/08 (l)		418,478		418,478
Gotham Funding Corp.
5.36%, 1/16/07		1,411,399		1,411,399
Hartford Life, Inc.,
5.48%, 12/28/07 (l)		167,391		167,391
HBOS Treasury Services plc
5.31%, 1/29/07		479,106		479,106
KBC Financial Products/London
5.34%, 2/1/07		1,058,645		1,058,645

AXA PREMIER VIP TRUST

AXA PREMIER VIP LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2006


	Principal Amount		Value (Note 1)
Kommunalkredit International Bank
5.37%, 2/5/07	$	309,654	$	309,654
Lafayette Asset Securitization LLC
5.35%, 2/9/07		516,039		516,039
Lehman Brothers, Inc.
5.46%, 3/29/07 (l)		73,234		73,234
Liberty Street Funding Co.
5.35%, 1/16/07		1,249,498		1,249,498
5.36%, 1/12/07		713,156		713,156
Mizuho Corporate Bank Ltd./London
5.35%, 3/12/07		1,046,195		1,046,195
Natexis Banques Populaires N.Y.
5.35%, 1/31/07 (l)		104,620		104,620
5.37%, 1/28/08 (l)		627,717		627,717
New York Life Insurance Co.
5.43%, 3/29/07 (l)		523,098		523,098
Norinchukin Bank N.Y.
5.35%, 2/28/07		1,046,195		1,046,195
Washington Mutual Bank FA
5.35%, 3/19/07		313,981		313,981

Total Short-Term Investments of Cash Collateral for Securities Loaned				28,073,093

Time Deposit (3.0%)
JPMorgan Chase Nassau
4.75%, 1/2/07		11,588,568		11,588,568

Total Short-Term Investments (10.1%) (Amortized Cost $39,661,661)				39,661,661

Total Investments (107.2%) (Cost/Amortized Cost $355,411,367)				422,075,332
Other Assets Less Liabilities (-7.2%)				(28,317,980	)

Net Assets (100%)			$	393,757,352

*	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, 2006.

(r)

The repurchase agreement is fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the year ended December 31, 2006 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	185,801,910
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	179,248,844

As of December 31, 2006, 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	$	71,151,826
Aggregate gross unrealized depreciation		(6,612,627	)

Net unrealized appreciation	$	64,539,199

Federal income tax cost of investments	$	357,536,133

At December 31, 2006, the Portfolio had loaned securities with a total value of $27,374,774. This was secured by collateral of $28,073,093 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, 2006, the Portfolio incurred approximately $112 as brokerage commissions with

Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

The Portfolio utilized capital loss carryforward of $2,087,567 during 2006.

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA PREMIER VIP LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2006


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (9.6%)
*Auto Components (0.1%)*
Johnson Controls, Inc	28,410	$	2,440,987

*Hotels, Restaurants & Leisure (3.3%)*
Hilton Hotels Corp.	44,800		1,563,520
Intercontinental Hotels Group plc (ADR)^	755,850		19,085,213
McDonald’s Corp.	724,750		32,128,167

			52,776,900

*Household Durables (0.8%)*
Fortune Brands, Inc.^	115,100		9,828,389
Toll Brothers, Inc.*^	120,830		3,894,351

			13,722,740

*Leisure Equipment & Products (0.1%)*
Hasbro, Inc.	59,000		1,607,750

*Media (2.7%)*
Idearc, Inc.*	12,475		357,409
New York Times Co., Class A^	54,400		1,325,184
News Corp., Class A	496,800		10,671,264
Time Warner, Inc	713,000		15,529,140
Viacom, Inc., Class B*^	280,470		11,507,684
Walt Disney Co.	54,260		1,859,490
WPP Group plc	169,300		2,287,941

			43,538,112

*Multiline Retail (0.9%)*
Federated Department Stores, Inc.	155,420		5,926,165
Target Corp.	152,100		8,677,305

			14,603,470

*Specialty Retail (1.2%)*
Bed Bath & Beyond, Inc.*	86,400		3,291,840
Best Buy Co., Inc.^	23,100		1,136,289
Home Depot, Inc	161,200		6,473,792
Lowe’s Cos., Inc.	174,800		5,445,020
Sherwin-Williams Co.	41,770		2,655,736

			19,002,677

*Textiles, Apparel & Luxury Goods (0.5%)*
Hanesbrands, Inc.*	12,823		302,879
NIKE, Inc., Class B	71,330		7,063,810

			7,366,689

Total Consumer Discretionary			155,059,325

Consumer Staples (8.7%)
*Beverages (0.9%)*
Diageo plc	294,738		5,782,886
PepsiCo, Inc.	138,670		8,673,809

			14,456,695

*Food & Staples Retailing (1.9%)*
CVS Corp.^	313,490		9,689,976
Wal-Mart Stores, Inc.	472,250		21,808,505

			31,498,481

*Food Products (0.7%)*
Kellogg Co.	114,620		5,737,877
Nestle S.A. (Registered)	13,582		4,817,732
Tyson Foods, Inc., Class A^	66,930		1,100,999

			11,656,608

*Household Products (1.2%)*
Procter & Gamble Co.	292,000		18,766,840

*Tobacco (4.0%)*
Altria Group, Inc.	710,000		60,932,200
Loews Corp.- Carolina Group	50,200		3,248,944

			64,181,144

Total Consumer Staples			140,559,768

Energy (11.7%)
*Energy Equipment & Services (1.7%)*
BJ Services Co.	148,100		4,342,292
GlobalSantaFe Corp.^	28,400		1,669,352
Halliburton Co.^.	530,686		16,477,800
Nabors Industries Ltd.*^	98,600		2,936,308
Noble Corp.^	25,360		1,931,164

			27,356,916

*Oil, Gas & Consumable Fuels (10.0%)*
Apache Corp	56,640		3,767,126
BP plc (ADR)^	55,800		3,744,180
Chevron Corp.	141,019		10,369,127
ConocoPhillips	222,150		15,983,693
Devon Energy Corp.	74,680		5,009,534
EOG Resources, Inc.	50,270		3,139,362
Exxon Mobil Corp	683,240		52,356,681
Hess Corp.^.	558,320		27,675,922
Noble Energy, Inc.	105,650		5,184,246
Royal Dutch Shell plc (ADR)^	37,060		2,623,477
Talisman Energy, Inc.	135,000		2,293,650
Total S.A. (Sponsored ADR)^	412,220		29,646,863

			161,793,861

Total Energy			189,150,777

Financials (28.0%)
*Capital Markets (4.1%)*
Bank of New York Co., Inc.	198,240		7,804,709
Franklin Resources, Inc.	29,750		3,277,558
Goldman Sachs Group, Inc.	99,920		19,919,052
Lehman Brothers Holdings, Inc.	53,550		4,183,326
Mellon Financial Corp.	113,330		4,776,859
Merrill Lynch & Co., Inc.	128,470		11,960,557
Northern Trust Corp.	131,200		7,962,528
UBS AG (Registered)	116,272		7,053,282

			66,937,871

*Commercial Banks (2.1%)*
PNC Financial Services Group, Inc.	98,630		7,302,565
SunTrust Banks, Inc	136,640		11,539,248
Wachovia Corp.	90,000		5,125,500
Wells Fargo & Co.^	278,300		9,896,348

			33,863,661

*Consumer Finance (0.3%)*
American Express Co.	86,500		5,247,955

*Diversified Financial Services (11.4%)*
Bank of America Corp.	1,250,209		66,748,659
Citigroup, Inc.	1,218,770		67,885,489
JPMorgan Chase & Co.	1,040,050		50,234,415

			184,868,563

*Insurance (8.6%)*
ACE Ltd	190,000		11,508,300
Aflac, Inc	42,560		1,957,760
Allstate Corp	302,210		19,676,893
American International Group, Inc.	631,200		45,231,792
Axis Capital Holdings Ltd	76,000		2,536,120
Chubb Corp.	62,960		3,331,214
Genworth Financial, Inc., Class A	162,210		5,549,204
Hartford Financial Services Group, Inc.	56,900		5,309,339
MetLife, Inc.^	286,080		16,881,581
St. Paul Travelers Cos., Inc.	490,799		26,350,998

			138,333,201

*Thrifts & Mortgage Finance (1.5%)*
Fannie Mae	367,180		21,806,820
Freddie Mac	38,300		2,600,570

			24,407,390

Total Financials			453,658,641

AXA PREMIER VIP TRUST

AXA PREMIER VIP LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Number of Shares	Value (Note 1)
Health Care (10.5%)
*Health Care Equipment & Supplies (1.5%)*
Baxter International, Inc.	435,450	$	20,200,525
Becton, Dickinson & Co.	54,800		3,844,220

			24,044,745

*Health Care Providers & Services (2.8%)*
Aetna, Inc.	53,400		2,305,812
Caremark Rx, Inc.	29,130		1,663,614
Medco Health Solutions, Inc.*	150,400		8,037,376
UnitedHealth Group, Inc.	219,080		11,771,169
WellPoint, Inc.*	279,600		22,001,724

			45,779,695

*Pharmaceuticals (6.2%)*
Abbott Laboratories	55,120		2,684,895
Eli Lilly & Co.	235,640		12,276,844
Johnson & Johnson	228,730		15,100,755
Merck & Co., Inc.	225,790		9,844,444
Novartis AG (ADR)	527,500		30,299,600
Pfizer, Inc.	160,400		4,154,360
Wyeth	490,290		24,965,567

			99,326,465

Total Health Care			169,150,905

Industrials (11.5%)
*Aerospace & Defense (3.1%)*
Lockheed Martin Corp.	225,940		20,802,296
Northrop Grumman Corp.	157,640		10,672,228
United Technologies Corp.	286,470		17,910,104

			49,384,628

*Air Freight & Logistics (0.1%)*
United Parcel Service, Inc., Class B	13,000		974,740

*Building Products (0.6%)*
Masco Corp.^	343,750		10,267,812

*Electrical Equipment (0.8%)*
Cooper Industries Ltd., Class A	11,290		1,020,954
Emerson Electric Co.	220,000		9,699,800
Rockwell Automation, Inc.	41,310		2,523,215

			13,243,969

*Industrial Conglomerates (4.1%)*
General Electric Co.	1,109,750		41,293,797
Textron, Inc.	260,950		24,469,282

			65,763,079

*Machinery (0.8%)*
Deere & Co.	126,790		12,053,925
Illinois Tool Works, Inc.	19,040		879,458

			12,933,383

*Road & Rail (1.8%)*
Burlington Northern Santa Fe Corp.	87,760		6,477,566
Con-way, Inc.^	7,320		322,373
CSX Corp.	482,650		16,617,639
Norfolk Southern Corp.	75,520		3,797,901
Union Pacific Corp.	23,200		2,134,864

			29,350,343

*Trading Companies & Distributors (0.2%)*
Finning International, Inc.	8,670		356,053
W.W. Grainger, Inc.	47,760		3,340,335

			3,696,388

Total Industrials			185,614,342

Information Technology (7.3%)
*Communications Equipment (1.8%)*
Cisco Systems, Inc.*	209,000		5,711,970
Motorola, Inc.	642,250		13,204,660
QUALCOMM, Inc.	250,000		9,447,500

			28,364,130

*Computers & Peripherals (2.3%)*
Hewlett-Packard Co.	470,450	$	19,377,835
International Business Machines Corp	137,900		13,396,985
Sun Microsystems, Inc.*.	801,200		4,342,504

			37,117,324

*Electronic Equipment & Instruments (0.7%)*
Agilent Technologies, Inc.*	311,350		10,850,548

*IT Services (0.6%)*
Accenture Ltd., Class A^	168,530		6,223,813
Fiserv, Inc.*^	70,600		3,700,852

			9,924,665

*Semiconductors & Semiconductor Equipment (0.9%)*
Analog Devices, Inc.	23,770		781,320
Applied Materials, Inc.	517,200		9,542,340
Intel Corp.	225,540		4,567,185

			14,890,845

*Software (1.0%)*
Microsoft Corp.	405,700		12,114,202
Oracle Corp.*	273,150		4,681,791

			16,795,993

Total Information Technology			117,943,505

Materials (4.8%)
*Chemicals (3.6%)*
Air Products & Chemicals, Inc.	225,750		15,865,710
Dow Chemical Co.	96,750		3,864,195
E.I. du Pont de Nemours & Co.	155,000		7,550,050
Imperial Chemical Industriesplc (ADR)^	354,650		12,565,250
Nalco Holding Co.*	64,020		1,309,849
PPG Industries, Inc.	105,290		6,760,671
Praxair, Inc.	54,750		3,248,318
Syngenta AG (Registered)*	35,640		6,618,815

			57,782,858

*Containers & Packaging (0.9%)*
Smurfit-Stone Container Corp.*^	85,880		906,893
Temple-Inland, Inc.^	311,350		14,331,440

			15,238,333

*Metals & Mining (0.1%)*
Alcoa, Inc.	50,000		1,500,500

*Paper & Forest Products (0.2%)*
Bowater, Inc.^	11,500		258,750
International Paper Co.	66,090		2,253,669

			2,512,419

Total Materials			77,034,110

Telecommunication Services (2.4%)
*Diversified Telecommunication Services (1.6%)*
AT&T, Inc.	246,000		8,794,500
BellSouth Corp.	64,500		3,038,595
Embarq Corp.	51,062		2,683,819
TELUS Corp. (Non-Voting)	17,810		796,300
Verizon Communications, Inc.	302,060		11,248,714

			26,561,928

*Wireless Telecommunication Services (0.8%)*
Sprint Nextel Corp.	378,620		7,152,132
Vodafone Group plc	1,934,847		5,358,302

			12,510,434

Total Telecommunication Services			39,072,362

Utilities (3.6%)
*Electric Utilities (1.1%)*
Entergy Corp.	120,160		11,093,171
FPL Group, Inc.^	109,120		5,938,310
PPL Corp.	37,620		1,348,301

			18,379,782

AXA PREMIER VIP TRUST

AXA PREMIER VIP LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Number of Shares		Value (Note 1)
*Independent Power Producers & Energy Traders (0.2%)*
Dynegy, Inc., Class A*		1,340	$	9,702
TXU Corp.		66,450		3,602,254

				3,611,956

*Multi-Utilities (2.3%)*
Dominion Resources, Inc.		421,240		35,316,762
Public Service Enterprise Group, Inc.		15,890		1,054,778

				36,371,540

Total Utilities				58,363,278

Total Common Stocks (98.1%) (Cost $1,380,023,205)				1,585,607,013


	Principal Amount
SHORT-TERM INVESTMENTS:
Commercial Paper (0.5%)
Falcon Asset Securitization Co. LLC
5.28%, 1/2/07 (b)(n)(p)	$	7,754,000		7,751,725

Short-Term Investments of Cash Collateral for Securities Loaned (3.3%)
ACCR, Series 06 2 A1
5.39%, 6/27/08 (l)		223,397		223,397
Anglo Irish Bank Corp. plc
5.34%, 2/1/07		986,454		986,454
Barton Capital Corp.
5.32%, 1/11/07		916,085		916,085
Bavaria TRR Corp.
5.39%, 1/25/07		994,720		994,720
Bear Stearns Securities Corp., Repurchase Agreement
5.33%, 1/2/07 (r)		4,059,029		4,059,029
Cedar Springs Capital Co. LLC
5.41%, 1/22/07		3,977,654		3,977,654
Charta LLC
5.31%, 1/5/07		3,497,320		3,497,320
5.32%, 1/16/07		593,547		593,547
Concord Minutemen C.C. LLC,
Series B
5.35%, 1/10/07		879,274		879,274
Series C
5.37%, 1/18/07		994,588		994,588
5.39%, 1/18/07		1,392,400		1,392,400
Corp. Andina de Fomento
5.36%, 2/20/07		1,575,962		1,575,962
Deutsche Bank AG/London
5.34%, 1/31/07		799,353		799,353
DZ Bank AG/ Grand Cayman
5.44%, 1/3/07		2,997,576		2,997,576
DZ Bank AG/New York
5.31%, 1/11/07		599,515		599,515
Ebbets Funding LLC
5.34%, 1/12/07		3,817,070		3,817,070
Fenway Funding LLC
5.36%, 2/15/07		1,980,108		1,980,108
5.37%, 1/10/07		276,679		276,679
5.40%, 1/2/07		1,310,153		1,310,153
Fifth Third Bancorp.
5.35%, 1/29/08 (l)		119,902		119,902
Galleon Capital Corp.
5.33%, 2/15/07		1,980,211		1,980,211
Goldman Sachs Group, Inc.
5.41%, 12/28/07 (l)		439,644		439,644
5.43%, 1/29/08 (l)		799,353		799,353
Gotham Funding Corp.
5.36%, 1/16/07		2,695,975		2,695,975
Hartford Life, Inc.
5.48%, 12/28/07 (l)		319,741		319,741
HBOS Treasury Services plc
5.31%, 1/29/07		915,161		915,161
KBC Financial Products/London
5.34%, 2/1/07		2,022,164		2,022,164
Kommunalkredit International Bank
5.37%, 2/5/07		591,483		591,483
Lafayette Asset Securitization LLC
5.35%, 2/9/07		985,709		985,709
Lehman Brothers, Inc.
5.46%, 3/29/07 (l)		139,887		139,887
Liberty Street Funding Co.
5.36%, 1/12/07		1,362,231		1,362,231
5.35%, 1/16/07		2,386,720		2,386,720
Mizuho Corporate Bank Ltd./London
5.35%, 3/12/07		1,998,383		1,998,383
Natexis Banques Populaires N.Y.
5.35%, 1/31/07 (l)		199,838		199,838
5.37%, 1/28/08 (l)		1,199,030		1,199,030
New York Life Insurance Co.
5.43%, 3/29/07 (l)		999,192		999,192
Norinchukin Bank N.Y.
5.35%, 2/28/07		1,998,383		1,998,383
Washington Mutual Bank FA
5.35%, 3/19/07		599,749		599,749

Total Short-Term Investments of Cash Collateral for Securities Loaned				53,623,640

Time Deposit (1.6%)
JPMorgan Chase Nassau
4.75%, 1/2/07		26,309,016		26,309,016

Total Short-Term Investments (5.4%) (Cost/Amortized Cost $87,685,519)				87,684,381

Total Investments (103.5%) (Cost/Amortized Cost $1,467,708,724)				1,673,291,394
Other Assets Less Liabilities (-3.5%)				(56,508,282	)

Net Assets (100%)			$	1,616,783,112

*	Non-income producing.

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

(b)

Illiquid security.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2006.

(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.

(p)

Yield to maturity.

(r)

The repurchase agreement is fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt

AXA PREMIER VIP TRUST

AXA PREMIER VIP LARGE CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2006

Investment security transactions for the year ended December 31, 2006 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	1,324,884,294
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	771,151,350

As of December 31, 2006, 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	$	208,064,191
Aggregate gross unrealized depreciation		(6,687,503	)

Net unrealized appreciation	$	201,376,688

Federal income tax cost of investments	$	1,471,914,706

At December 31, 2006, the Portfolio had loaned securities with a total value of $52,143,457. This was secured by collateral of $53,623,640 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, 2006, the Portfolio incurred approximately $47,655 as brokerage commissions with

Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

AXA PREMIER VIP TRUST

AXA PREMIER VIP MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2006


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (16.4%)
*Auto Components (1.0%)*
Drew Industries, Inc.*^	71,700	$	1,864,917
LKQ Corp.*^	197,420		4,538,686
Tenneco, Inc.*	67,060		1,657,723

			8,061,326

*Diversified Consumer Services (1.6%)*
ITT Educational Services, Inc.*	73,100		4,851,647
Jackson Hewitt Tax Service, Inc.	41,200		1,399,564
Laureate Education, Inc.*	7,600		369,588
Strayer Education, Inc.^	50,300		5,334,315

			11,955,114

*Hotels, Restaurants & Leisure (6.2%)*
BJ’s Restaurants, Inc.*^	65,900		1,331,839
Chipotle Mexican Grill, Inc., Class A*^	15,330		873,810
Gaylord Entertainment Co.*^	107,400		5,469,882
Hilton Hotels Corp.	10,800		376,920
International Game Technology	176,900		8,172,780
Marriott International, Inc., Class A	158,600		7,568,392
MGM MIRAGE*	91,900		5,270,465
Orient-Express Hotels Ltd	186,300		8,815,716
Panera Bread Co., Class A*^	102,700		5,741,957
Penn National Gaming, Inc.*	73,500		3,059,070
Red Lion Hotels Corp.*	58,100		740,194
Scientific Games Corp., Class A*	16,900		510,887

			47,931,912

*Household Durables (1.8%)*
D.R. Horton, Inc.	97,000		2,569,530
Garmin Ltd.^	10,700		595,562
Harman International Industries, Inc.	79,300		7,922,863
NVR, Inc.*^	410		264,450
Pulte Homes, Inc.	78,900		2,613,168

			13,965,573

*Internet & Catalog Retail (1.5%)*
Coldwater Creek, Inc.*^	134,850		3,306,522
Nutri/System, Inc.*^	47,300		2,998,347
VistaPrint Ltd.*^	168,500		5,579,035

			11,883,904

Leisure Equipment & Products (0.3%)
MarineMax, Inc.*^	85,300		2,211,829

*Media (0.1%)*
XM Satellite Radio Holdings, Inc., Class A*	38,900		562,105

*Specialty Retail (3.2%)*
Advance Auto Parts, Inc.	8,600		305,816
Christopher & Banks Corp.^	66,400		1,239,024
Cost Plus, Inc.*^	71,200		733,360
Dick’s Sporting Goods, Inc.*	146,700		7,186,833
GameStop Corp., Class A*^	153,480		8,458,283
Guitar Center, Inc.*^	38,300		1,741,118
J. Crew Group, Inc.*^	18,300		705,465
PetSmart, Inc.	9,100		262,626
Ross Stores, Inc.	9,700		284,210
Select Comfort Corp.*^	127,200		2,212,008
Tractor Supply Co.*^	41,000		1,833,110

			24,961,853

*Textiles, Apparel & Luxury Goods (0.7%)*
Carter’s, Inc.*^	74,600		1,902,300
Under Armour, Inc., Class A*^	54,280		2,738,426
Wolverine World Wide, Inc.	17,480		498,529

			5,139,255

Total Consumer Discretionary			126,672,871

Consumer Staples (1.2%)
*Food Products (0.5%)*
Bunge Ltd.^	10,300		746,853
Hain Celestial Group, Inc.*	105,100		3,280,171

			4,027,024

*Personal Products (0.7%)*
Herbalife Ltd.*	128,700		5,168,592

Total Consumer Staples			9,195,616

Energy (7.9%)
*Energy Equipment & Services (4.0%)*
Cameron International Corp.*	71,300		3,782,465
Complete Production Services, Inc.*	93,200		1,975,840
Diamond Offshore Drilling, Inc.^	30,900		2,470,146
FMC Technologies, Inc.*	29,600		1,824,248
Global Industries Ltd.*	78,700		1,026,248
Grant Prideco, Inc.*	173,000		6,880,210
Hydril Co.*	20,200		1,518,838
National Oilwell Varco, Inc.*	89,919		5,501,245
Rowan Cos., Inc.	12,600		418,320
Seitel, Inc.*	264,000		943,800
Superior Energy Services, Inc.*^	142,300		4,650,364

			30,991,724

*Oil, Gas & Consumable Fuels (3.9%)*
Aventine Renewable Energy Holdings, Inc.*	55,600		1,309,936
Bill Barrett Corp.*^	156,900		4,269,249
Denbury Resources, Inc.*	146,170		4,062,064
EXCO Resources, Inc.*	25,400		429,514
Helix Energy Solutions Group, Inc.*^	98,700		3,096,219
Mariner Energy, Inc.*	105,300		2,063,880
Murphy Oil Corp.	6,800		345,780
Newfield Exploration Co.*	101,400		4,659,330
Range Resources Corp.	59,600		1,636,616
Southwestern Energy Co.*	132,200		4,633,610
U.S. BioEnergy Corp*	8,100		137,700
Ultra Petroleum Corp.*	66,200		3,161,050

			29,804,948

Total Energy			60,796,672

Financials (11.3%)
*Capital Markets (4.1%)*
Affiliated Managers Group, Inc.*^	41,900		4,404,947
Ares Capital Corp.^	63,810		1,219,409
Calamos Asset Management, Inc., Class A	3,300		88,539
ETrade Financial Corp.	21,400		479,788
Federated Investors, Inc., Class B	14,700		496,566
GFI Group, Inc.*	83,300		5,186,258
Greenhill & Co., Inc.^	2,700		199,260
Lazard Ltd., Class A^	207,730		9,833,938
Legg Mason, Inc.	46,100		4,381,805
Nuveen Investments, Inc., Class A	9,400		487,672
optionsXpress Holdings, Inc.	187,970		4,265,040
SEI Investments Co	5,900		351,404

			31,394,626

*Commercial Banks (1.5%)*
City National Corp./California	3,000		213,600
East West Bancorp, Inc.^	35,000		1,239,700
First Republic Bank/California^	59,400		2,321,352
First State Bancorp/New Mexico	33,046		817,888

100

AXA PREMIER VIP TRUST

AXA PREMIER VIP MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Number of Shares	Value (Note 1)
Signature Bank/New York*	36,921	$	1,143,813
UCBH Holdings, Inc.^	84,900		1,490,844
UMB Financial Corp.^	15,300		558,603
Wachovia Corp.	2,239		127,511
Western Alliance Bancorp*^	49,400		1,717,638
Whitney Holding Corp.	55,458		1,809,040

			11,439,989

*Diversified Financial Services (2.1%)*
CBOT Holdings, Inc., Class A*	30,800		4,665,276
Financial Federal Corp.^	34,000		999,940
Kohlberg Capital Corp.*	92,100		1,593,330
Nasdaq Stock Market, Inc.*	208,400		6,416,636
NewStar Financial, Inc.*^	59,300		1,094,085
Primus Guaranty Ltd.*^	152,300		1,759,065

			16,528,332

*Insurance (0.9%)*
Ambac Financial Group, Inc.	65,700		5,851,899
National Financial Partners Corp.^	30,200		1,327,894

			7,179,793

*Real Estate Investment Trusts (REITs) (0.8%)*
CapitalSource, Inc. (REIT)^	78,374		2,140,394
FelCor Lodging Trust, Inc. (REIT)	82,900		1,810,536
Innkeepers USA Trust (REIT)	58,200		902,100
LaSalle Hotel Properties (REIT)	33,300		1,526,805

			6,379,835

*Real Estate Management & Development (1.4%)*
CB Richard Ellis Group, Inc., Class A*	327,625		10,877,150
Jones Lang LaSalle, Inc.	1,300		119,821

			10,996,971

*Thrifts & Mortgage Finance (0.5%)*
Clayton Holdings, Inc.*^	190,171		3,558,099

Total Financials			87,477,645

Health Care (15.3%)
*Biotechnology (3.5%)*
Alexion Pharmaceuticals, Inc.*^	24,200		977,438
Angiotech Pharmaceuticals, Inc.*^	79,300		651,449
BioMarin Pharmaceuticals, Inc.*^	125,500		2,056,945
Celgene Corp.*	129,200		7,432,876
Coley Pharmaceutical Group, Inc.*^	92,800		899,232
Cubist Pharmaceuticals, Inc.*^	55,700		1,008,727
Digene Corp.*	33,700		1,614,904
Keryx Biopharmaceuticals, Inc.*^	97,600		1,298,080
Myriad Genetics, Inc.*^	83,200		2,604,160
Onyx Pharmaceuticals, Inc.*^	6,900		73,002
Panacos Pharmaceuticals, Inc.*^	45,500		182,455
PDL BioPharma, Inc.*^	215,600		4,342,184
Senomyx, Inc.*^	127,100		1,651,029
Telik, Inc.*^	1,890		8,373
Trimeris, Inc.*^	72,300		918,933
United Therapeutics Corp.*^	23,400		1,272,258

			26,992,045

*Health Care Equipment & Supplies (3.4%)*
American Medical Systems Holdings, Inc.*^	125,200		2,318,704
ArthroCare Corp.*^	111,400		4,447,088
C.R. Bard, Inc.	52,540		4,359,244
Cytyc Corp.*	19,500		551,850
DexCom, Inc.*^.	227,700		2,245,122
Gen-Probe, Inc.*	52,185		2,732,928
Intuitive Surgical, Inc.*^	3,600		345,240
Kyphon, Inc.*^	103,500		4,181,400
Meridian Bioscience, Inc.^	119,600		2,933,788
ResMed, Inc.*^	32,900		1,619,338
Stereotaxis, Inc.*^	9,100		93,912
Varian Medical Systems, Inc.*	12,700		604,139
Wright Medical Group, Inc.*^	4,600		107,088

			26,539,841

*Health Care Providers & Services (4.0%)*
Community Health Systems, Inc.*	14,400		525,888
Coventry Health Care, Inc.*	7,800		390,390
Express Scripts, Inc.*	7,000		501,200
HealthExtras, Inc.*^	53,400		1,286,940
Healthways, Inc.*	27,200		1,297,712
Henry Schein, Inc.*	155,700		7,626,186
Psychiatric Solutions, Inc.*^	302,826		11,362,032
RehabCare Group, Inc.*^	39,300		583,605
VCA Antech, Inc.*^	152,000		4,892,880
WellCare Health Plans, Inc.*	37,508		2,584,301

			31,051,134

*Health Care Technology (1.1%)*
Allscripts Healthcare Solutions, Inc.*^	118,100		3,187,519
Cerner Corp.*	4,400		200,200
TriZetto Group, Inc.*^	281,100		5,163,807

			8,551,526

*Life Sciences Tools & Services (2.3%)*
Advanced Magnetics, Inc.*	12,000		716,640
Covance, Inc.*^	41,800		2,462,438
ICON plc (ADR)*	81,100		3,057,470
Molecular Devices Corp.*	66,400		1,399,048
Nektar Therapeutics*^	111,800		1,700,478
Parexel International Corp.*	67,200		1,946,784
Pharmaceutical Product Development, Inc.	12,200		393,084
Varian, Inc.*	53,200		2,382,828
Ventana Medical Systems, Inc.*^	64,800		2,788,344
Waters Corp.*	12,900		631,713

			17,478,827

*Pharmaceuticals (1.0%)*
Adams Respiratory Therapeutics, Inc.*^	45,800		1,869,098
Adolor Corp.*	12,800		96,256
Cadence Pharmaceuticals, Inc.*^	58,200		717,024
Endo Pharmaceuticals Holdings, Inc.*	15,600		430,248
Impax Laboratories, Inc.*†	102,300		902,286
Medicines Co.*^	73,900		2,344,108
Penwest Pharmaceuticals Co.*^	88,600		1,472,532

			7,831,552

Total Health Care			118,444,925

Industrials (15.6%)
*Aerospace & Defense (1.7%)*
Argon ST, Inc.*^	95,254		2,051,771
Empresa Brasileira de Aeronautica S.A. (ADR)^	15,200		629,736
Hexcel Corp.*^	208,300		3,626,503
Precision Castparts Corp.	83,700		6,552,036
Rockwell Collins, Inc.	8,223		520,434
Spirit Aerosystems Holdings, Inc., Class A*	6,800		227,596

			13,608,076

*Air Freight & Logistics (1.3%)*
CH Robinson Worldwide, Inc.	10,300		421,167
Expeditors International of Washington, Inc.	7,900		319,950
Forward Air Corp.	42,650		1,233,864
UTi Worldwide, Inc.^	272,434		8,145,777

			10,120,758

101

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Number of Shares	Value (Note 1)
*Airlines (0.5%)*
JetBlue Airways Corp.*^	161,750	$	2,296,850
Republic Airways Holdings, Inc.*	81,100		1,360,858

			3,657,708

*Commercial Services & Supplies (6.2%)*
Administaff, Inc.^	103,000		4,405,310
American Reprographics Co.*^	140,600		4,683,386
Corporate Executive Board Co.	37,900		3,323,830
CoStar Group, Inc.*^	21,500		1,151,540
Global Cash Access Holdings, Inc.*^	143,200		2,324,136
Herman Miller, Inc.	6,400		232,704
Huron Consulting Group, Inc.*	14,100		639,294
Knoll, Inc.	194,400		4,276,800
LECG Corp.*^	79,500		1,469,160
Monster Worldwide, Inc.*	108,550		5,062,772
PeopleSupport, Inc.*^	126,360		2,659,878
Resources Connection, Inc.*^	191,800		6,106,912
Robert Half International, Inc.	12,300		456,576
Stericycle, Inc.*^	145,100		10,955,050

			47,747,348

*Construction & Engineering (1.0%)*
Fluor Corp.	62,400		5,094,960
Granite Construction, Inc.	54,360		2,735,395

			7,830,355

*Electrical Equipment (0.5%)*
Ametek, Inc.	125,550		3,997,512

*Machinery (3.0%)*
Flowserve Corp.*	28,600		1,443,442
Force Protection, Inc.*	139,300		2,425,213
IDEX Corp.^	79,050		3,747,760
Joy Global, Inc.	102,700		4,964,518
Kennametal, Inc.	4,700		276,595
Lincoln Electric Holdings, Inc.	67,300		4,066,266
Manitowoc Co., Inc.	31,200		1,854,216
Oshkosh Truck Corp.	2,200		106,524
Terex Corp.*	11,800		762,044
Trinity Industries, Inc.	16,500		580,800
Watts Water Technologies, Inc., Class A	71,300		2,931,143

			23,158,521

*Marine (0.1%)*
American Commercial Lines, Inc.*	13,700		897,487

*Road & Rail (0.4%)*
JB Hunt Transport Services, Inc.	16,600		344,782
Knight Transportation, Inc.^	145,650		2,483,333

			2,828,115

*Trading Companies & Distributors (0.9%)*
Beacon Roofing Supply, Inc.*^	66,350		1,248,707
Fastenal Co.^	70,900		2,543,892
MSC Industrial Direct Co.	65,100		2,548,665
WESCO International, Inc.*	8,300		488,123

			6,829,387

Total Industrials			120,675,267

Information Technology (23.5%)
*Communications Equipment (2.6%)*
Arris Group, Inc.*	179,430		2,244,669
Ciena Corp.*	60,497		1,676,372
F5 Networks, Inc.*^	86,200		6,396,902
Harris Corp.	25,200		1,155,672
Ixia*^	240,900		2,312,640
Juniper Networks, Inc.*	23,800		450,772
NETGEAR, Inc.*^	43,700		1,147,125
Redback Networks, Inc.*	58,600		1,461,484
ViaSat, Inc.*	122,400		3,648,744

			20,494,380

*Computers & Peripherals (2.7%)*
Electronics for Imaging, Inc.*^	104,800		2,785,584
Logitech International S.A. (Registered)*^	22,900		654,711
Network Appliance, Inc.*	141,200		5,546,336
QLogic Corp.*	234,600		5,142,432
Rackable Systems, Inc.*^	84,000		2,601,480
Synaptics, Inc.*^	88,700		2,633,503
Xyratex Ltd.*	67,300		1,452,334

			20,816,380

*Electronic Equipment & Instruments (2.2%)*
Amphenol Corp., Class A	80,010		4,967,021
Flir Systems, Inc.*^	113,800		3,622,254
Jabil Circuit, Inc.	11,500		282,325
Mettler-Toledo International, Inc.*	6,300		496,755
National Instruments Corp.	62,850		1,712,034
Tektronix, Inc.	102,800		2,998,676
Trimble Navigation Ltd.*	66,450		3,371,008

			17,450,073

*Internet Software & Services (1.3%)*
Akamai Technologies, Inc.*	10,200		541,824
aQuantive, Inc.*^	109,450		2,699,037
Ariba, Inc.*^	189,800		1,469,052
Entrust, Inc.*	262,700		1,121,729
Equinix, Inc.*^	1,500		113,430
Internap Network Services Corp.*^	34,100		677,567
Marchex, Inc., Class B*^	105,800		1,415,604
ValueClick, Inc.*^	75,100		1,774,613

			9,812,856

*IT Services (3.7%)*
Alliance Data Systems Corp.*	84,600		5,284,962
BearingPoint, Inc.*^	192,400		1,514,188
CheckFree Corp.*^	58,600		2,353,376
Cognizant Technology Solutions Corp., Class A*	66,700		5,146,572
Global Payments, Inc.	11,400		527,820
Heartland Payment Systems, Inc.^	53,200		1,502,900
Iron Mountain, Inc.*	97,790		4,042,639
RightNow Technologies, Inc.*^	76,800		1,322,496
Sapient Corp.*^	516,700		2,836,683
VeriFone Holdings, Inc.*^	108,200		3,830,280

			28,361,916

*Semiconductors & Semiconductor Equipment (6.8%)*
Atheros Communications, Inc.*^	95,200		2,029,664
Exar Corp.*	160,400		2,085,200
FormFactor, Inc.*	53,200		1,981,700
Hittite Microwave Corp.*^	79,700		2,575,904
Integrated Device Technology, Inc.*	522,800		8,092,944
Intersil Corp., Class A	41,800		999,856
Lam Research Corp.*	31,150		1,576,813
Microchip Technology, Inc.	18,000		588,600
Microsemi Corp.*^	178,000		3,497,700
Microtune, Inc.*^	138,300		650,010
Netlogic Microsystems, Inc.*^	111,000		2,407,590
NVIDIA Corp.*	161,400		5,973,414
Power Integrations, Inc.*^	149,200		3,498,740
Silicon Laboratories, Inc.*	230,200		7,976,430
Trident Microsystems, Inc.*^	42,600		774,468
Varian Semiconductor Equipment Associates, Inc.*	110,150		5,014,028
Xilinx, Inc.	117,770		2,804,104

			52,527,165

*Software (4.2%)*
Activision, Inc.*	472,453		8,145,090
Altiris, Inc.*	64,950		1,648,431

102

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Number of Shares		Value (Note 1)
Amdocs Ltd.*		150,355	$	5,826,256
Commvault Systems, Inc.*		97,600		1,952,976
Hyperion Solutions Corp.*		11,250		404,325
Micros Systems, Inc.*		36,400		1,918,280
Nuance Communications, Inc.*^		237,200		2,718,312
Quest Software, Inc.*		193,900		2,840,635
THQ, Inc.*^		54,200		1,762,584
TIBCO Software, Inc.*		361,050		3,408,312
VA Software Corp.*		124,200		624,726
Witness Systems, Inc.*^		82,400		1,444,472

				32,694,399

Total Information Technology				182,157,169

Materials (2.4%)
*Chemicals (0.6%)*
Cabot Corp.		29,283		1,275,860
FMC Corp.		27,400		2,097,470
Minerals Technologies, Inc.		22,700		1,334,533

				4,707,863

*Construction Materials (1.0%)*
Headwaters, Inc.*^		59,400		1,423,224
Martin Marietta Materials, Inc.		58,300		6,057,953

				7,481,177

*Metals & Mining (0.8%)*
Allegheny Technologies, Inc.		32,220		2,921,710
RTI International Metals, Inc.*^		39,500		3,089,690

				6,011,400

Total Materials				18,200,440

Telecommunication Services (4.8%)
*Diversified Telecommunication Services (1.8%)*
NeuStar, Inc., Class A*		95,000		3,081,800
Time Warner Telecom, Inc., Class A*^		533,624		10,635,126

				13,716,926

*Wireless Telecommunication Services (3.0%)*
American Tower Corp., Class A*		229,400		8,552,032
Crown Castle International Corp.*		12,200		394,060
NII Holdings, Inc.*^		159,100		10,252,404
SBA Communications Corp., Class A*		141,000		3,877,500

				23,075,996

Total Telecommunication Services				36,792,922

Utilities (0.1%)
*Electric Utilities (0.1%)*
ITC Holdings Corp.		29,300		1,169,070

Total Utilities				1,169,070

Total Common Stocks (98.5%) (Cost $651,546,096)				761,582,597


	Principal Amount
SHORT-TERM INVESTMENTS:
Government Securities (0.8%)
Federal Home Loan Mortgage Corp.
4.82%, 1/2/07 (p)	$	6,545,000		6,543,248

Short-Term Investments of Cash Collateral for Securities Loaned (25.0%)
ACCR, Series 06-2 A1.
5.39%, 6/27/08 (l)		806,677		806,677
Anglo Irish Bank Corp. plc.
5.34%, 2/1/07		3,562,044		3,562,044
Barton Capital Corp.
5.32%, 1/11/07		3,307,944		3,307,944
Bavaria TRR Corp.
5.39%, 1/25/07		3,591,893		3,591,893
Bear Stearns Cos., Inc., Repurchase Agreement
5.33%, 1/2/07Z (r)		14,656,981		14,656,981
Cedar Springs Capital Co. LLC
5.41%, 1/22/07		14,363,139		14,363,139
Charta LLC
5.31%, 1/5/07		12,628,672		12,628,672
5.32%, 1/16/07		2,143,274		2,143,274
Concord Minutemen C.C. LLC,
Series B
5.35%, 1/10/07		3,175,022		3,175,022
Series C
5.37%, 1/18/07		3,591,417		3,591,417
5.39%, 1/18/07		5,027,897		5,027,897
Corp. Andina de Fomento
5.36%, 2/20/07		5,690,734		5,690,734
Deutsche Bank AG/London
5.34%, 1/31/07		2,886,431		2,886,431
DZ Bank AG/Grand Cayman
5.44%, 1/3/07		10,824,117		10,824,117
DZ Bank AG/New York
5.31%, 1/11/07		2,164,823		2,164,823
Ebbets Funding LLC
5.34%, 1/12/07		13,783,277		13,783,277
Fenway Funding LLC
5.40%, 1/2/07		4,730,907		4,730,907
5.37%, 1/10/07		999,075		999,075
5.36%, 2/15/07		7,150,087		7,150,087
Fifth Third Bancorp
5.35%, 1/29/08		432,961		432,961
Galleon Capital Corp.
5.33%, 2/15/07		7,150,460		7,150,460
Goldman Sachs Group, Inc.
5.41%, 12/28/07 (l)		1,587,537		1,587,537
5.43%, 1/29/08 (l)		2,886,431		2,886,431
Gotham Funding Corp.
5.36%, 1/16/07		9,735,052		9,735,052
Hartford Life, Inc.
5.47%, 12/28/07 (l)		1,154,573		1,154,573
HBOS Treasury Services plc.
5.31%, 1/29/07		3,304,608		3,304,608
KBC Financial Products/London
5.34%, 2/1/07		7,301,949		7,301,949
Kommunalkredit International Bank
5.37%, 2/5/07		2,135,821		2,135,821
Lafayette Asset Securitization LLC
5.35%, 2/9/07		3,559,355		3,559,355
Lehman Brothers, Inc.
5.46%, 3/29/07 (l)		505,125		505,125
Liberty Street Funding Co.
5.35%, 1/12/07		4,918,958		4,918,958
5.35%, 1/16/07		8,618,345		8,618,345
Mizuho Corporate Bank Ltd./London
5.35%, 3/12/07		7,216,078		7,216,078
Natexis Banques Populaires N.Y.
5.35%, 1/31/07 (l)		721,608		721,608
5.37%, 1/28/08 (l)		4,329,647		4,329,647
New York Life Insurance Co.
5.43%, 3/29/07 (l)		3,608,039		3,608,039
Norinchukin Bank N.Y.
5.35%, 2/28/07		7,216,078		7,216,078
Washington Mutual Bank FA
5.35%, 3/19/07		2,165,669		2,165,669

Total Short-Term Investments of Cash Collateral for Securities Loaned				193,632,705

103

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PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2006


	Principal Amount		Value (Note 1)
Time Deposit (0.9%)
JPMorgan Chase Nassau
4.75%, 1/2/07	$	6,592,569	$	6,592,569

Total Short-Term Investments (26.7%) (Cost/Amortized Cost $206,769,398)				206,768,522

Total Investments (125.2%) (Cost/Amortized Cost $858,315,494)				968,351,119
Other Assets Less Liabilities (-25.2%)				(194,627,415	)

Net Assets (100%)			$	773,723,704

*	Non-income producing.

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

†	Securities (totaling $902,286 or 0.12% of net assets) valued at fair value.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2006.

(p)

Yield to maturity.

(r)

The repurchase agreement is fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the year ended December 31, 2006 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	564,564,513
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	586,120,294

As of December 31, 2006, 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	$	129,905,202
Aggregate gross unrealized depreciation		(24,219,556	)

Net unrealized appreciation	$	105,685,646

Federal income tax cost of investments	$	862,665,473

At December 31, 2006, the Portfolio had loaned securities with a total value of $188,750,303. This was secured by collateral of $193,632,705 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, 2006, the Portfolio incurred approximately $1,961 as brokerage commissions with Sanford

C. Bernstein & Co., Inc., an affiliated broker/dealer.

See Notes to Financial Statements.

104

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PORTFOLIO OF INVESTMENTS

December 31, 2006


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (12.3%)
*Auto Components (1.3%)*
Aftermarket Technology Corp.*	18,952	$	403,299
American Axle & Manufacturing Holdings, Inc.^	143,200		2,719,368
Autoliv, Inc.	63,890		3,852,567
BorgWarner, Inc.	57,700		3,405,454
Noble International Ltd.	2,230		44,711
Spartan Motors, Inc.^	930		14,117
TRW Automotive Holdings Corp.*	78,900		2,041,143

			12,480,659

*Automobiles (0.0%)*
Thor Industries, Inc.^	4,640		204,114

*Distributors (0.0%)*
Coast Distribution System	5,400		46,710
Source Interlink Cos., Inc.*^	46,600		380,256

			426,966

*Diversified Consumer Services (0.9%)*
Carriage Services, Inc.*^	8,780		44,690
CPI Corp.	200		9,298
Jackson Hewitt Tax Service, Inc.	6,100		207,217
Nobel Learning Communities, Inc.*	170		1,928
Regis Corp.	175,800		6,951,132
Service Corp. International	28,606		293,211
Stewart Enterprises, Inc., Class A^	139,459		871,619

			8,379,095

*Hotels, Restaurants & Leisure (1.6%)*
Benihana, Inc.*	30		944
Bob Evans Farms, Inc.	5,013		171,545
Brinker International, Inc.	38,685		1,166,739
Burger King Holdings, Inc.*	1,920		40,512
Canterbury Park Holding Corp.	210		2,877
CBRL Group, Inc.^	34,120		1,527,211
Cheesecake Factory, Inc.*	243,700		5,995,020
Churchill Downs, Inc.	130		5,556
Frisch’s Restaurants, Inc.	3,000		88,200
IHOP Corp.^	761		40,105
ILX Resorts, Inc.	1,460		13,753
Interstate Hotels & Resorts, Inc.*	28,520		212,759
J. Alexander’s Corp.	4,450		39,961
Jack in the Box, Inc.*	4,150		253,316
Lodgian, Inc.*^	18,441		250,798
Marcus Corp.^	10,860		277,799
Mexican Restaurants, Inc.*	300		3,300
Nathan’s Famous, Inc.*	4,000		57,440
O’Charley’s, Inc.*	2,010		42,773
Pinnacle Entertainment, Inc.*	61,100		2,024,854
Red Lion Hotels Corp.*	2,800		35,672
Rubio’s Restaurants, Inc.*	300		2,955
Ruby Tuesday, Inc.^	126,200		3,462,928
Silverleaf Resorts, Inc.*	32,796		146,926
Speedway Motorsports, Inc.	5,230		200,832
Steak n Shake Co.*^	2,220		39,072

			16,103,847

*Household Durables (1.2%)*
American Biltrite, Inc.*	1,618		14,853
Avatar Holdings, Inc.*^	5,188		419,450
Basset Furniture Industries, Inc.^	24,947		407,634
Black & Decker Corp.	20,100		1,607,397
Chromcraft Revington, Inc.*	11,500		98,785
Cobra Electronics Corp.	4		38
CSS Industries, Inc.	1,510		53,409
Decorator Industries, Inc.	2,100		15,330
Ethan Allen Interiors, Inc.^	45,000		1,624,950
Furniture Brands International, Inc.^	23,479		381,064
Hooker Furniture Corp.^	8,120		127,322
Interface, Inc., Class A*	700		9,954
Kimball International, Inc., Class B	361		8,772
La-Z-Boy, Inc.^	39,300		466,491
Leggett & Platt, Inc.	190,100		4,543,390
MITY Enterprises, Inc.*	80		1,432
National Presto Industries, Inc.^	5,840		349,641
Newell Rubbermaid, Inc.	64,100		1,855,695
P&F Industries, Inc., Class A*	719		7,909
Skyline Corp.^	2,020		81,244
Stanley Works	200		10,058
Universal Electronics, Inc.*^	3,077		64,679
Virco Manufacturing Corp.*	650		5,070

			12,154,567

*Internet & Catalog Retail (0.1%)*
1-800-FLOWERS.COM, Inc., Class A*^	30,600		188,496
Blair Corp.	5,516		180,649
Collegiate Pacific, Inc.^	3,900		36,894
GSI Commerce, Inc.*^	1,215		22,781
Systemax, Inc.*^	15,194		265,136

			693,956

*Leisure Equipment & Products (0.2%)*
Arctic Cat, Inc.^	15,700		276,163
Callaway Golf Co.^	31,592		455,241
Cybex International, Inc.*^	17,360		104,334
GameTech International, Inc.*	5,305		63,554
JAKKS Pacific, Inc.*^	35,192		768,593
K2, Inc.*.	1,060		13,981
RC2 Corp.*	2,840		124,960

			1,806,826

*Media (2.2%)*
Cinram International Income Fund	378,600		7,466,589
Entercom Communications Corp., Class A^	155,900		4,393,262
Live Nation, Inc.*	230		5,152
Media General, Inc., Class A	4,400		163,548
R.H. Donnelley Corp.	151,880		9,527,433
RCN Corp.*	4		121
Regent Communications, Inc.*	10,423		29,497
Scholastic Corp.*	960		34,406
Traffix, Inc.	940		5,151
World Wrestling Entertainment, Inc.^	3,600		58,680

			21,683,839

*Multiline Retail (1.0%)*
Big Lots, Inc.*^	57,030		1,307,128
Dillards, Inc., Class A^	63,400		2,217,098
Federated Department Stores, Inc.	161,430		6,155,326
Gottschalks, Inc.*	7,084		81,324

			9,760,876

*Specialty Retail (2.3%)*
Aaron Rents, Inc.^	2,950		84,901
AnnTaylor Stores Corp.*	48,120		1,580,261
Asbury Automotive Group, Inc.	17,000		400,520
Barnes & Noble, Inc.	1,260		50,035
Books-A-Million, Inc.^	31,300		709,884
Cato Corp., Class A	9,600		219,936
Charlotte Russe Holding, Inc.*	15,381		472,966
Charming Shoppes, Inc.*^	200,830		2,717,230
Circuit City Stores, Inc.	172,000		3,264,560

105

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Number of Shares	Value (Note 1)
DEB Shops, Inc.^	300	$	7,920
Finlay Enterprises, Inc.*	200		1,598
Foot Locker, Inc.	232,100		5,089,953
Franklin Covey Co.*	100		698
Gap, Inc.	318,600		6,212,700
Guess?, Inc.*	239		15,160
Gymboree Corp.*	2,290		87,386
Hastings Entertainment, Inc.*	10,124		71,678
Haverty Furniture Cos., Inc.^	30,650		453,620
Jennifer Convertibles, Inc.*	840		4,477
OfficeMax, Inc.	3,200		158,880
Rent-A-Center, Inc.*	1,880		55,479
Restoration Hardware, Inc.*^	23,434		199,423
Rex Stores Corp.*	1,180		20,933
Shoe Carnival, Inc.*	7,270		229,732
Stage Stores, Inc.	20,074		610,049
Stein Mart, Inc.^	16,571		219,731

			22,939,710

*Textiles, Apparel & Luxury Goods (1.5%)*
Brown Shoe Co., Inc	14,925		712,519
Culp, Inc.*	3,330		17,149
Cutter & Buck, Inc.	740		7,970
Delta Apparel, Inc.^	3,500		59,815
Hallwood Group, Inc.*	288		35,280
Hampshire Group Ltd.*	6,189		102,552
Jones Apparel Group, Inc.	165,390		5,528,988
Lacrosse Footwear, Inc.*	102		1,354
Liz Claiborne, Inc.	43,899		1,907,850
Movado Group, Inc.^	22,900		664,100
Perry Ellis International, Inc.*^	3,200		131,200
Phillips-Van Heusen Corp.	46,100		2,312,837
Steven Madden Ltd.	150		5,263
Stride Rite Corp.	32,410		488,743
Superior Uniform Group, Inc.	100		1,286
V.F. Corp.	10,900		894,672
Velcro Industries N.V	800		11,304
Weyco Group, Inc.^	6,506		161,674
Wolverine World Wide, Inc.	53,680		1,530,954

			14,575,510

Total Consumer Discretionary			121,209,965

Consumer Staples (3.4%)
*Beverages (0.5%)*
MGP Ingredients, Inc.^	300		6,783
Molson Coors Brewing Co., Class B	53,300		4,074,252
National Beverage Corp.*^	8,400		117,852

			4,198,887

*Food & Staples Retailing (0.4%)*
Great Atlantic & Pacific Tea Co., Inc.	26,598		684,632
Ingles Markets, Inc., Class A	2,786		82,995
Longs Drug Stores Corp.	48,970		2,075,349
Ruddick Corp.^	5,620		155,955
Smart & Final, Inc.*.	19,700		372,330
Spartan Stores, Inc.^	3,286		68,776
Topps Co., Inc.^	1,100		9,790
Village Super Market, Inc., Class A^	100		8,549
Weis Markets, Inc.^	14,700		589,617

			4,047,993

*Food Products (2.5%)*
Bunge Ltd.^	93,500		6,779,685
Corn Products International, Inc.	71,720		2,477,209
Diamond Foods, Inc.	9,960		189,340
Flowers Foods, Inc.^	9,785		264,097
Griffin Land & Nurseries, Inc.*	170		5,516
Hain Celestial Group, Inc.*^	42,944		1,340,282
J & J Snack Foods Corp.	5,724		236,974
Lance, Inc.^	2,069		41,546
PAN Fish A.S.A.*	2,328,000		2,131,200
Pilgrim’s Pride Corp.^	190,200		5,597,586
Ralcorp Holdings, Inc.*	16,930		861,568
Reddy Ice Holdings, Inc.	5,180		133,748
Seaboard Corp.^	680		1,200,200
Smithfield Foods, Inc.*	62,800		1,611,448
Tasty Baking Co.^	8,069		72,540
Tyson Foods, Inc., Class A	102,100		1,679,545

			24,622,484

*Household Products (0.0%)*
Oil-Dri Corp. of America	9,625		162,470

*Personal Products (0.0%)*
CCA Industries, Inc	100		1,154
Natural Alternatives International, Inc.*	2,225		19,224
Schiff Nutrition International, Inc.*^	21,600		143,640

			164,018

Total Consumer Staples			33,195,852

Energy (3.7%)
*Energy Equipment & Services (1.4%)*
Cameron International Corp.*	57,400		3,045,070
Dawson Geophysical Co.*^	2,640		96,175
Gulfmark Offshore, Inc.*	710		26,561
Lufkin Industries, Inc.	3,940		228,835
NATCO Group, Inc.*^	18,850		600,938
Pride International, Inc.*	26,680		800,667
SBM Offshore N.V	24,758		850,458
SEACOR Holdings, Inc.*	10,780		1,068,729
Superior Energy Services, Inc.*^	410		13,399
Tetra Technologies, Inc.*	21,300		544,854
Tidewater, Inc.	14,650		708,474
Trico Marine Services, Inc.*^	3,030		116,080
W-H Energy Services, Inc.*	22,610		1,100,881
Weatherford International Ltd.*	105,800		4,421,382

			13,622,503

*Oil, Gas & Consumable Fuels (2.3%)*
Adams Resources & Energy, Inc.	4,800		144,480
Arch Coal, Inc.^	79,300		2,381,379
Brasil Ecodiesel Industria e Comercio de Biocombustiveis e Oleos Vegetais S.A. (ADR)*^(m)	319,400		1,765,292
Callon Petroleum Co.*^	23,800		357,714
Copano Energy LLC.	100		5,965
Frontier Oil Corp.	14,318		411,499
Mariner Energy, Inc.*	72,880		1,428,448
Murphy Oil Corp.	110,510		5,619,433
Newfield Exploration Co.*	86,500		3,974,675
Noble Energy, Inc.	85,500		4,195,485
Swift Energy Co.*^	900		40,329
Tesoro Corp.	25,310		1,664,639
Teton Energy Corp.*^	100		499
Western Refining, Inc.^	32,300		822,358

			22,812,195

Total Energy			36,434,698

Financials (22.3%)
*Capital Markets (3.0%)*
A.G. Edwards, Inc.	68,100		4,310,049
Affiliated Managers Group, Inc.*^	35,200		3,700,576
Apollo Investment Corp.^	106,800		2,392,320
ETrade Financial Corp.	454,900		10,198,858

106

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Number of Shares	Value (Note 1)
Federated Investors, Inc., Class B	191,700	$	6,475,626
Knight Capital Group, Inc., Class A*^	59,016		1,131,337
Raymond James Financial, Inc.	24,750		750,172
SWS Group, Inc.^	28,510		1,017,807

			29,976,745

*Commercial Banks (3.0%)*
Alabama National Bancorp^	3,784		260,074
Amcore Financial, Inc.^	30,500		996,435
American Community Bancshares, Inc.	2,550		28,178
Ameris Bancorp^	9,096		256,325
Auburn National Bancorp, Inc.	1,500		43,335
BancFirst Corp.^	10,442		563,868
Banco Latinoamericano de Exportaciones S.A.	7,150		121,264
Bancorpsouth, Inc.	12,910		346,246
Bank of Granite Corp.^	7,006		132,904
Banner Corp.	640		28,378
Bar Harbor Bankshares	427		13,557
BNCCORP, Inc.*	3,609		46,700
BOE Financial Services of Virginia, Inc.	1,200		37,200
Britton & Koontz Capital Corp.	1,352		27,026
Brunswick Bancorp*	1,540		19,481
Bryn Mawr Bank Corp.	6,000		141,840
Capital Bank Corp.	100		1,720
CCF Holding Co.^	1,012		20,341
Central Virginia Bankshares, Inc.	862		22,412
Centrue Financial Corp.	2,680		52,180
City Holding Co.	2,575		105,292
City National Corp./California.	11,900		847,280
Codorus Valley Bancorp, Inc.	242		4,719
Comm Bancorp, Inc.^	300		12,933
Commerce Bancorp, Inc./ New Jersey^	83,250		2,936,227
Community Bank Shares of Indiana, Inc.	880		19,510
Community Capital Corp.	420		8,652
Community West Bancshares.	3,471		55,015
Cowlitz Bancorp*	2,300		38,847
Desert Community Bank/California	440		7,854
ECB Bancorp, Inc.	1,000		32,600
Enterprise Financial Services Corp.^	850		27,693
Exchange National Bancshares, Inc.	350		11,025
Fidelity Southern Corp.	130		2,419
First Citizens BancShares, Inc./North Carolina, Class A	7,500		1,519,800
First Indiana Corp.^	875		22,190
First M&F Corp.	3,200		62,144
First Mariner Bancorp, Inc.*	1,410		26,156
First Regional Bancorp/California*^	1,355		46,192
First United Corp.	4,225		92,021
First West Virginia Bancorp, Inc.	240		4,740
FirstMerit Corp.	89,853		2,169,051
FNB Corp./Virginia^	360		14,958
FNB Financial Services Corp.	2,031		30,099
FNB United Corp.	3,360		61,622
Habersham Bancorp	500		11,900
HF Financial Corp.	7,656		132,755
Horizon Bancorp/Indiana.	3,300		89,925
Huntington Bancshares, Inc./Ohio	167,200		3,971,000
Integra Bank Corp.	8,732		240,305
Intervest Bancshares Corp.*	3,100		106,671
Leesport Financial Corp.	1,777		42,488
LSB Bancshares, Inc./ North Carolina	2,000		33,800
Marshall & Ilsley Corp.	127,100		6,114,781
Merrill Merchants Bancshares, Inc.	3,600		95,220
MidWestOne Financial Group, Inc.	4,700		93,718
National Bankshares, Inc.	880		20,856
National Mercantile Bancorp*^	875		11,944
Northrim BanCorp, Inc.	2,613		69,506
Northway Financial, Inc.	300		9,939
Peoples Bancorp of North Carolina, Inc.	3,514		98,462
Peoples Bancorp, Inc./Ohio	231		6,861
Peoples Banctrust Co., Inc.	2,470		62,590
Pinnacle Bancshares, Inc.	1,800		28,350
Princeton National Bancorp, Inc.	3,810		124,015
Renasant Corp.^	6,892		211,102
Republic First Bancorp, Inc.*	10,149		131,125
Royal Bancshares of Pennsylvania, Inc.^	2,205		57,947
Rurban Financial Corp.	200		2,154
Simmons First National Corp., Class A.	6,520		205,706
Southwest Bancorp, Inc./Oklahoma	1,230		34,268
Sterling Financial Corp./Pennsylvania^	4,221		99,911
SVB Financial Group*^	110,043		5,130,205
Team Financial, Inc.	3,300		52,800
Tompkins Trustco, Inc.	240		10,908
UnionBanCal Corp.	16,700		1,022,875
United Bancorp, Inc./Ohio	5,060		50,448
United Bancshares, Inc./Ohio	1,420		24,722
United Security Bancshares/Alabama	921		26,921
Unity Bancorp, Inc.	6,198		91,173
Wainwright Bank & Trust Co.	457		5,009
Washington Banking Co.	1,190		20,099
Wilmington Trust Corp.	6,000		253,020

			30,113,982

*Consumer Finance (0.4%)*
Advanta Corp., Class A	3,940		156,852
Advanta Corp., Class B	5,956		259,860
Asta Funding, Inc.^	2,250		68,490
Cash America International, Inc.	100		4,690
CompuCredit Corp.*^	150		5,972
Consumer Portfolio Services, Inc.*	11,478		74,722
Dollar Financial Corp.*	13,785		384,050
EZCORP, Inc., Class A*^	70,800		1,150,500
First Cash Financial Services, Inc.*^	1,320		34,148
First Marblehead Corp.	25,785		1,409,150

			3,548,434

*Diversified Financial Services (0.9%)*
Ampal American Israel, Class A*	3,810		18,250
California First National Bancorp	666		9,310
CIT Group, Inc.	91,900		5,125,263
Genesis Lease Ltd. (ADR)*	151,300		3,555,550
Pico Holdings, Inc.*^	15,300		531,981

			9,240,354

107

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Number of Shares	Value (Note 1)
*Insurance (8.4%)*
Alfa Corp.^	700	$	13,167
Alleghany Corp.*	610		221,796
Ambac Financial Group, Inc.	69,200		6,163,644
American Equity Investment Life Holding Co.^	18,740		244,182
American Financial Group, Inc./Ohio	109,200		3,921,372
American National Insurance Co.	17,777		2,028,533
American Safety Insurance Holdings Ltd.*	10,190		189,025
Arch Capital Group Ltd.*	41,800		2,826,098
Arthur J. Gallagher & Co.^	207,800		6,140,490
Aspen Insurance Holdings Ltd.	14,770		389,337
Assurant, Inc.	68,390		3,778,547
Conseco, Inc.*	120,715		2,411,886
Donegal Group, Inc., Class B	3,910		68,073
Endurance Specialty Holdings Ltd.	47,330		1,731,331
Enstar Group, Inc.*^	10		959
Everest Reinsurance Group Ltd.	43,300		4,248,163
FBL Financial Group, Inc., Class A	12,260		479,121
First American Corp.	39,440		1,604,419
FPIC Insurance Group, Inc.*	1,150		44,816
Great American Financial Resources, Inc.	15,700		361,885
Harleysville Group, Inc.	9,662		336,431
HCC Insurance Holdings, Inc.^	113,950		3,656,656
Horace Mann Educators Corp.	16,903		341,441
IPC Holdings Ltd.	65,769		2,068,435
Kansas City Life Insurance Co.^	4,100		205,328
KMG America Corp.*	24,240		232,462
Max Reinsurance Capital Ltd.^	73,382		1,821,341
Meadowbrook Insurance Group, Inc.*	13,200		130,548
Midland Co.^	11,814		495,597
National Western Life Insurance Co., Class A^	590		135,783
NYMAGIC, Inc.^	7,160		262,056
Odyssey Reinsurance Holdings Corp.^	5,160		192,468
Ohio Casualty Corp.	3,140		93,603
Old Republic International Corp.	255,750		5,953,860
PartnerReinsurance Ltd.	40,429		2,871,672
Philadelphia Consolidated Holding Corp.*	10,640		474,118
Platinum Underwriters Holdings Ltd.	124,416		3,849,431
Presidential Life Corp.^	20,618		452,565
Reinsurance Group of America, Inc.^	115,200		6,416,640
RenaissanceReinsurance Holdings Ltd.	46,610		2,796,600
Selective Insurance Group, Inc.^	33,457		1,916,752
Unico American Corp.*	300		3,924
United America Indemnity Ltd., Class A*	4,040		102,333
UnumProvident Corp.	170,300		3,538,834
Wesco Financial Corp.	830		381,800
Willis Group Holdings Ltd.	162,100		6,436,991
Zenith National Insurance Corp.	17,400		816,234

			82,850,747

*Real Estate Investment Trusts (REITs) (3.7%)*
Ashford Hospitality Trust, Inc. (REIT)	58,411		727,217
Associated Estates Realty Corp. (REIT)	18,780		258,037
Cousins Properties, Inc. (REIT)	34,913		1,231,382
Eagle Hospitality Properties Trust, Inc. (REIT)	17,540		161,017
Entertainment Properties Trust (REIT)	12,520		731,669
Extra Space Storage, Inc. (REIT)	42,500		776,050
Franklin Street Properties Corp. (REIT)	18,160		382,268
Gladstone Commercial Corp. (REIT)^	530		10,674
Highland Hospitality Corp. (REIT)	57,330		816,952
Home Properties, Inc. (REIT)	8,900		527,503
Hospitality Properties Trust (REIT)	500		23,765
HRPT Properties Trust (REIT)^	408,579		5,045,951
Innkeepers USA Trust (REIT)	4,040		62,620
iStar Financial, Inc. (REIT)	86,283		4,126,053
KKR Financial Corp. (REIT)	221,500		5,933,985
LaSalle Hotel Properties (REIT)	4,960		227,416
LTC Properties, Inc. (REIT)^	34,460		941,103
Medical Properties Trust, Inc. (REIT)^	52,103		797,176
Mission West Properties, Inc. (REIT)	29,490		386,319
Monmouth, Class A (REIT)^	23,000		194,350
National Health Investors, Inc. (REIT)^	43,560		1,437,480
National Health Realty, Inc. (REIT)^	17,300		415,200
National Retail Properties, Inc. (REIT)^	55,999		1,285,177
Omega Healthcare Investors, Inc. (REIT)^	56,050		993,206
One Liberty Properties, Inc. (REIT)	18,100		454,853
Presidential Realty Corp., Class B (REIT)	700		4,900
Republic Property Trust (REIT)^	9,020		104,091
Spirit Finance Corp. (REIT)	102,277		1,275,394
Strategic Hotels & Resorts, Inc. (REIT)	105,600		2,301,024
Sunstone Hotel Investors, Inc. (REIT)	78,330		2,093,761
Supertel Hospitality, Inc. (REIT)	3,101		21,490
Universal Health Realty Income Trust (REIT)	3,540		137,989
Urstadt Biddle Properties, Inc. (REIT)	1,200		21,060
Urstadt Biddle Properties, Inc., Class A (REIT)^	9,900		188,991
Weingarten Realty Investors (REIT)^	44,500		2,051,895
Winston Hotels, Inc. (REIT)	37,562		497,696
Winthrop Realty Trust (REIT)^	37,330		255,711

			36,901,425

*Real Estate Management & Development (0.0%)*
Stratus Properties, Inc.*	280		8,960
United Capital Corp.*	1,320		38,980
Wellsford Real Properties, Inc.*	3,860		29,027
Wilshire Enterprises, Inc.	520		2,366

			79,333

*Thrifts & Mortgage Finance (2.9%)*
1st Independence Financial Group, Inc.	1,500		24,675
Ameriana Bancorp	1,891		24,715

108

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Number of Shares	Value (Note 1)
Anchor Bancorp Wisconsin, Inc.^	830	$	23,921
BankUnited Financial Corp., Class A^	40,828		1,141,551
Berkshire Bancorp, Inc.	1,200		19,560
Berkshire Hills Bancorp, Inc.^	703		23,522
Beverly Hills Bancorp, Inc.^	32,163		266,631
Camco Financial Corp.	64		816
Carver Bancorp, Inc.	700		10,906
Central Bancorp, Inc./Massachusetts	1,100		34,430
CFS Bancorp, Inc.^	5,680		83,212
Citizens First Bancorp, Inc.	950		29,203
Community Financial Corp./Virginia	6,200		72,664
Corus Bankshares, Inc.^	49,039		1,131,330
Delta Financial Corp.^	18,929		191,751
Elmira Savings Bank FSB.	121		3,660
Farmer Mac, Class C^	19,040		516,555
First Bancorp of Indiana, Inc.	1,600		30,576
First Bancshares, Inc./Missouri	200		3,480
First BancTrust Corp.	2,600		30,680
First Defiance Financial Corp.	4,435		134,380
First Federal Bancshares of Arkansas, Inc.	3,999		97,256
First Federal Bancshares, Inc./Delaware	200		4,526
First Federal Bankshares, Inc.	4,200		91,140
First Franklin Corp.	1,700		25,517
First Place Financial Corp./Ohio^	19,967		469,025
FirstFed Financial Corp.*^	28,000		1,875,160
Franklin Bank Corp./Texas*^	9,230		189,584
Great Pee Dee Bancorp, Inc.	500		7,675
Guaranty Federal Bancshares, Inc.	1,220		35,063
HMN Financial, Inc.	2,977		102,736
Home Federal Bancorp/Indiana	2,100		59,808
HopFed Bancorp, Inc.	140		2,226
IndyMac Bancorp, Inc.	51,350		2,318,966
ITLA Capital Corp.^	7,300		422,743
Lincoln Bancorp/Indiana	158		3,158
LSB Corp.	60		984
LSB Financial Corp.	263		6,457
MASSBANK Corp.^	100		3,289
Mayflower Co-Op Bank/Massachusetts	150		1,830
Meta Financial Group, Inc.	410		12,218
MFB Corp.	100		3,490
MutualFirst Financial, Inc.	7,800		165,360
New York Community Bancorp, Inc.^	297,742		4,793,646
North Central Bancshares, Inc.	100		3,901
Northeast Bancorp	600		11,460
OceanFirst Financial Corp.	8,575		196,625
Ocwen Financial Corp.*^	7,380		117,047
Park Bancorp, Inc.	1,300		44,200
Parkvale Financial Corp.	3,042		96,584
People’s Bank/Connecticut^	150,350		6,708,617
Peoples Bancorp/Indiana	600		11,610
Peoples Community Bancorp, Inc.	2		36
Provident Financial Holdings, Inc.	12,160		370,758
Radian Group, Inc.	11,200		603,792
Riverview Bancorp., Inc.	5,710		86,792
South Street Financial Corp.^	600		5,532
Southern Missouri Bancorp, Inc.	70		1,023
TF Financial Corp.^	100		3,095
Timberland Bancorp, Inc./Washington	4,200		155,862
United Community Financial Corp./Ohio^	47,300		578,952
Washington Savings Bank FSB/Maryland	2,520		22,050
Webster Financial Corp .	83,300		4,058,376
Willow Financial Bancorp, Inc.^	5,004		74,660
WSFS Financial Corp.	7,660		512,684

			28,153,731

Total Financials			220,864,751

Health Care (8.9%)
*Biotechnology (1.0%)*
Cephalon, Inc.*^	41,560		2,926,240
Digene Corp.*	19,127		916,566
Infinity Pharmaceuticals, Inc.*	450		5,602
Theravance, Inc.*	185,500		5,730,095

			9,578,503

*Health Care Equipment & Supplies (3.4%)*
Allied Healthcare Products, Inc.*	4,200		21,714
Angeion Corp.*	4,000		48,920
Atrion Corp.	440		34,210
Bausch & Lomb, Inc.	129,100		6,720,946
Beckman Coulter, Inc.	61,200		3,659,760
Cooper Cos., Inc.^	90,600		4,031,700
Datascope Corp.	16,713		609,022
Edwards Lifesciences Corp.*	104,600		4,920,384
Enpath Medical, Inc.*	100		1,455
Hillenbrand Industries, Inc.^	109,720		6,246,359
Hospira, Inc.*	160,390		5,385,896
Iridex Corp.*	900		7,983
National Dentex Corp.*	4,090		71,575
Palomar Medical Technologies, Inc.*^	12,989		658,153
Span-America Medical Systems, Inc.	2,700		39,420
Viasys Healthcare, Inc.*	33,390		928,910
Zoll Medical Corp.*^	1,950		113,568

			33,499,975

*Health Care Providers & Services (1.1%)*
Air Methods Corp.*^	600		16,752
Almost Family, Inc.*	2,200		95,414
American Shared Hospital Services	4,050		26,933
Genesis HealthCare Corp.*^	18,672		881,879
Gentiva Health Services, Inc.*	9,270		176,686
HEALTHSOUTH Corp.*^	207,140		4,691,721
Integramed America, Inc.*	1,558		23,448
Medcath Corp.*	10,400		284,544
National Healthcare Corp.	432		23,846
NovaMed, Inc.*^	16,020		121,271
Res-Care, Inc.*	13,219		239,925
Triad Hospitals, Inc.*	113,700		4,756,071

			11,338,490

*Health Care Technology (0.4%)*
Emdeon Corp.*	5,320		65,914
IMS Health, Inc.	148,200		4,072,536

			4,138,450

*Life Sciences Tools & Services (1.4%)*
Albany Molecular Research, Inc.*^	5,090		53,750
Bio-Rad Laboratories, Inc., Class A*^	1,100		90,772
Harvard Bioscience, Inc.*	520		2,668
Kendle International, Inc.*	4,220		132,719
Medtox Scientific, Inc.*	1,250		16,663
New Brunswick Scientific, Inc.*	200		1,620

109

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Number of Shares	Value (Note 1)
Parexel International Corp.*	12,206	$	353,608
PerkinElmer, Inc.	13,540		300,994
Thermo Fisher Scientific, Inc.*	161,100		7,296,219
Varian, Inc.*^	116,860		5,234,159

			13,483,172

*Pharmaceuticals (1.6%)*
Barr Pharmaceuticals, Inc.*	121,500		6,089,580
Endo Pharmaceuticals Holdings, Inc.*	171,700		4,735,486
Impax Laboratories, Inc.*^†	424,800		3,746,736
King Pharmaceuticals, Inc.*	51,068		813,003
Matrixx Initiatives, Inc.*	9,409		149,885

			15,534,690

Total Health Care			87,573,280

Industrials (15.3%)
*Aerospace & Defense (1.9%)*
Alliant Techsystems, Inc.*^	114,300		8,937,117
Armor Holdings, Inc.*^	19,211		1,053,723
Ducommun, Inc.*^	2,600		59,488
Esterline Technologies Corp.*^	20		805
Goodrich Corp.	176,700		8,048,685
Ladish Co., Inc.*^	5,810		215,435
Precision Castparts Corp.	1		47
Sypris Solutions, Inc.^	11,674		81,134
Triumph Group, Inc.^	13,730		719,864

			19,116,298

*Air Freight & Logistics (0.1%)*
Hub Group, Inc., Class A*	23,600		650,180

*Airlines (0.7%)*
Alaska Air Group, Inc.*	33,600		1,327,200
Republic Airways Holdings, Inc.*	13,799		231,547
SkyWest, Inc.	1,650		42,091
UAL Corp.*^	126,700		5,574,800

			7,175,638

*Building Products (0.6%)*
American Standard Cos., Inc.	85,400		3,915,590
American Woodmark Corp.^	12,335		516,220
Ameron International Corp.^	13,800		1,053,906
Griffon Corp.*^	26,340		671,670
International Aluminum Corp.	2,900		141,375
Patrick Industries, Inc.*	3,963		48,943

			6,347,704

*Commercial Services & Supplies (1.4%)*
ADESA, Inc.	87,570		2,430,068
Amrep Corp.^	100		12,250
Bowne & Co., Inc.	33,470		533,512
CBIZ, Inc.*^	4,200		29,274
CDI Corp.^	4,050		100,845
Cenveo, Inc.*^	15,860		336,232
Champion Industries, Inc.	400		3,436
Compx International, Inc.	100		2,016
Corrections Corp. of America*	10,590		478,986
Ecology And Environment, Inc.	5,170		56,353
Exponent, Inc.*^	16,200		302,292
GP Strategies Corp.*	8,830		73,289
ICT Group, Inc.*	2,440		77,080
IKON Office Solutions, Inc.^	1,500		24,555
Kelly Services, Inc., Class A^	26,165		757,215
Layne Christensen Co.*	9		295
Nashua Corp.*^	6,700		56,079
National Technical SYS, Inc.*	190		1,298
North American Galvanizing & Coating, Inc.*	2,070		10,805
R.R. Donnelley & Sons Co.	110,100		3,912,954
RCM Technologies, Inc.*^	1,634		9,788
Spherion Corp.*	8,360		62,115
Steelcase, Inc., Class A^	12,084		219,445
Taleo Corp., Class A*	14,330		195,891
TeleTech Holdings, Inc.*^	12,091		288,733
United Stationers, Inc.*	68,600		3,202,934
UTEK Corp.^	4,490		51,006
Viad Corp.	2,350		95,410
Waste Industries USA, Inc.	13,150		401,338

			13,725,494

*Construction & Engineering (1.5%)*
Comfort Systems USA, Inc.	1,960		24,774
Foster Wheeler Ltd.*	7		386
Granite Construction, Inc.	74,300		3,738,776
Insituform Technologies, Inc.*^	1,497		38,713
Perini Corp.*	22,685		698,244
Quanta Services, Inc.*	400		7,868
Shaw Group, Inc.*^	106,000		3,551,000
URS Corp.*	152,300		6,526,055

			14,585,816

*Electrical Equipment (0.9%)*
Acuity Brands, Inc.	35,930		1,869,797
AZZ, Inc.*^	100		5,120
Channell Commercial Corp.*	300		891
Chase Corp.	1,100		27,995
Espey Manufacturing & Electronics Corp.	300		5,574
Genlyte Group, Inc.*	2,746		214,490
Preformed Line Products Co.^	3,700		130,425
Regal-Beloit Corp.^	55,900		2,935,309
SL Industries, Inc.*	7,300		118,625
Superior Essex, Inc.*	9,780		325,185
Thomas & Betts Corp.*	13,300		628,824
Universal Security Instruments, Inc.*	1,093		30,538
Woodward Governor Co.	69,012		2,740,467

			9,033,240

*Industrial Conglomerates (1.6%)*
Carlisle Cos., Inc.	40,900		3,210,650
McDermott International, Inc.*	95,850		4,874,931
Sequa Corp., Class A*	8,640		994,118
Standex International Corp.	25,200		759,276
Teleflex, Inc.	71,674		4,627,274
Tredegar Corp.	100		2,261
Walter Industries, Inc.^	67,400		1,823,170

			16,291,680

*Machinery (5.6%)*
AGCO Corp.*	110,246		3,411,011
Albany International Corp.	30		987
Baldwin Technology Co.*	3,250		16,250
Dover Corp.	108,095		5,298,817
Eastern Co.	5,400		104,706
EnPro Industries, Inc.*^	20,600		684,126
Hardinge, Inc.	4,702		70,812
Harsco Corp.	61,800		4,702,980
Hurco Cos., Inc.*^	100		3,178
Joy Global, Inc.	105,800		5,114,372
K-Tron International, Inc.*	1,400		104,538
Kennametal, Inc.	97,374		5,730,460
L.B. Foster Co., Class A*^	60		1,555
Lydall, Inc.*	17,890		193,391
Mfri, Inc.*	880		17,336
Mueller Industries, Inc.	30,850		977,945
Mueller Water Products, Inc., Class B*^	111,322		1,658,698
NACCO Industries, Inc., Class A	7,000		956,200
Parker Hannifin Corp.	29,500		2,267,960
Pentair, Inc.	142,800		4,483,920

110

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Number of Shares	Value (Note 1)
Robbins & Myers, Inc.	21,860	$	1,003,811
SPX Corp	127,150		7,776,494
Supreme Industries, Inc., Class A^	2,910		18,566
Tennant Co.	1,000		29,000
Terex Corp.*	18,900		1,220,562
Timken Co.	68,995		2,013,274
Toro Co.^	84,000		3,916,920
Trinity Industries, Inc.^	71,640		2,521,728
Twin Disc, Inc.	6,780		240,690

			54,540,287

*Marine (0.0%)*
B&H Ocean Carriers Ltd.*	550		8,250

*Road & Rail (0.4%)*
Avis Budget Group, Inc.	92,900		2,015,001
Covenant Transport, Inc., Class A*^	6,814		77,679
Laidlaw International, Inc.	34,090		1,037,359
PAM Transportation Services, Inc.*	4,190		92,264
Smithway Motor Xpress Corp., Class A*	700		7,000
Swift Transportation Co., Inc.*	5,723		150,343
U.S. Xpress Enterprises, Inc.*	11,100		182,817
Werner Enterprises, Inc.^	29,268		511,605

			4,074,068

*Trading Companies & Distributors (0.6%)*
Applied Industrial Technologies, Inc.^	82,245		2,163,866
Huttig Building Products, Inc.*^	10,169		53,794
Industrial Distribution Group, Inc.*	11,700		115,830
Rush Enterprises, Inc., Class A*^	17,828		301,650
Rush Enterprises, Inc., Class B*	7,900		124,662
UAP Holding Corp.^	119,400		3,006,492
Willis Lease Finance Corp.*	9,270		95,666

			5,861,960

Total Industrials			151,410,615

Information Technology (18.4%)
*Communications Equipment (1.5%)*
ADC Telecommunications, Inc.*	392,500		5,703,025
Anaren, Inc.*	10		178
Arris Group, Inc.*	169,300		2,117,943
Avocent Corp.*	500		16,925
Black Box Corp.^	1,871		78,563
CommScope, Inc.*	2,800		85,344
Communications Systems, Inc.^	13,200		131,868
Comverse Technology, Inc.*	203,177		4,289,066
Digi International, Inc.*	1,880		25,925
EMS Technologies, Inc.*	15,750		315,472
Globecomm Systems, Inc.*^	1,560		13,744
Oplink Communications, Inc.*	5,992		123,196
PC-Tel, Inc.*^	22,910		214,208
Powerwave Technologies, Inc.*^	287,700		1,855,665
Tekelec*	1,190		17,648
Tollgrade Communications, Inc.*	15,100		159,607

			15,148,377

*Computers & Peripherals (2.4%)*
Astro-Med, Inc.	510		5,156
Avid Technology, Inc.*^	71,200		2,652,912
Diebold, Inc.	130,635		6,087,591
Hypercom Corp.*^	7,580		48,133
Imation Corp.	22,260		1,033,532
KEY Tronic Corp.*	2,746		13,126
NCR Corp.*	92,200		3,942,472
QLogic Corp.*	158,400		3,472,128
SimpleTech, Inc.*^	19,327		245,066
Sun Microsystems, Inc.*	1,127,700		6,112,134

			23,612,250

*Electronic Equipment & Instruments (3.8%)*
Arrow Electronics, Inc.*	299,946		9,463,296
Avnet, Inc.*	100,790		2,573,169
AVX Corp.	4,730		69,957
Bonso Electronic International, Inc.	5,322		26,397
Coherent, Inc.*	1,996		63,014
CTS Corp.^	35,110		551,227
FARO Technologies, Inc.*	4,710		113,228
Flextronics International Ltd.*	364,700		4,186,756
Frequency Electronics, Inc.	400		4,780
Gerber Scientific, Inc.*	200		2,512
Insight Enterprises, Inc.*	20,634		389,364
Merix Corp.*	14,650		136,098
Mesa Laboratories, Inc.	600		11,250
NU Horizons Electronics Corp.*^	268		2,758
O.I. Corp.	4,500		51,300
OSI Systems, Inc.*^	4,999		104,629
Park Electrochemical Corp.	36,600		938,790
Perceptron, Inc.*	9,000		76,230
Spectrum Control, Inc.*	17,470		169,808
Technitrol, Inc.	7,240		172,964
Tektronix, Inc.	292,968		8,545,877
TESSCO Technologies, Inc.*	6,225		133,588
Vishay Intertechnology, Inc.*	672,800		9,109,712
Zones, Inc.*	15,000		112,050

			37,008,754

*Internet Software & Services (0.1%)*
Imergent, Inc.*^	11,740		336,234
Knot, Inc.*	210		5,510
SAVVIS, Inc.*	535		19,105
SonicWALL, Inc.*	75,100		632,342
United Online, Inc.	24,187		321,203

			1,314,394

*IT Services (1.0%)*
BearingPoint, Inc.*^	188,600		1,484,282
Cass Information Systems, Inc.^	1,237		44,755
Computer Task Group, Inc.*	7,062		33,545
CSP, Inc.*	30		245
Edgewater Technology, Inc.*	8,800		53,768
Inforte Corp.*	6,740		25,208
Lightbridge, Inc.*	20,470		277,164
MPS Group, Inc.*	186,680		2,647,122
Perot Systems Corp., Class A*^	73,070		1,197,617
SYKES Enterprises, Inc.*	53,545		944,534
Unisys Corp.*	370,200		2,902,368
VeriFone Holdings, Inc.*	480		16,992

			9,627,600

*Semiconductors & Semiconductor Equipment (8.0%)*
Analog Devices, Inc.	268,400		8,822,308
ASML Holding N.V. (N.Y. Shares)*^	221,400		5,453,082
Axcelis Technologies, Inc.*	11,186		65,214
Ceva, Inc.*	66		427
Cymer, Inc.*	3,700		162,615
DSP Group, Inc.*	11,458		248,639
Exar Corp.*^	39,159		509,067
Fairchild Semiconductor International, Inc.*	223,950		3,764,600
FEI Co.*	11,680		308,002
Integrated Device Technology, Inc.*	54,270		840,100
International Rectifier Corp.*	127,900		4,927,987

111

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Number of Shares	Value (Note 1)
Intersil Corp., Class A	34,634	$	828,445
Intest Corp.*	1,230		5,387
KLA-Tencor Corp.	94,200		4,686,450
Lam Research Corp.*	7,000		354,340
LSI Logic Corp.*	898,730		8,088,570
LTX Corp.*	6,170		34,552
Maxim Integrated Products, Inc.	143,200		4,384,784
Micron Technology, Inc.*	401,400		5,603,544
MKS Instruments, Inc.*	50,100		1,131,258
National Semiconductor Corp.	194,770		4,421,279
Novellus Systems, Inc.*^	152,250		5,240,445
ON Semiconductor Corp.*^	11,723		88,743
Pericom Semiconductor Corp.*	19,826		227,404
Rudolph Technologies, Inc.*^	1,170		18,626
Semitool, Inc.*^	21,520		286,431
SRS Labs, Inc.*	100		1,082
Standard Microsystems Corp.*^	21,801		609,992
Teradyne, Inc.*	522,000		7,809,120
Varian Semiconductor Equipment Associates, Inc.*^	142,700		6,495,704
Veeco Instruments, Inc.*	15,439		289,173
Verigy Ltd.*	201,707		3,580,299
White Electronic Designs Corp.*^	2,550		13,872

			79,301,541

*Software (1.6%)*
Activision, Inc.*	252,740		4,357,238
American Software, Inc., Class A	7,570		52,460
BMC Software, Inc.*	155,280		5,000,016
Captaris, Inc.*	7,050		54,778
ePlus, Inc.*	11,773		123,028
Mapinfo Corp.*	1,590		20,750
McAfee, Inc.*	92,821		2,634,260
Netmanage, Inc.*	1,158		6,126
NetScout Systems, Inc.*^	670		5,561
SPSS, Inc.*^	15,647		470,505
Sybase, Inc.*	100,105		2,472,593
Synopsys, Inc.*	12,533		335,007

			15,532,322

Total Information Technology			181,545,238

Materials (7.1%)
*Chemicals (4.8%)*
Arch Chemicals, Inc.	32,360		1,077,912
Ashland, Inc.	26,500		1,833,270
Bairnco Corp.	790		10,073
Celanese Corp., Class A	167,100		4,324,548
CF Industries Holdings, Inc.	43,938		1,126,570
Chemtura Corp.	385,200		3,709,476
Cytec Industries, Inc.	199,530		11,275,440
FMC Corp.	102,500		7,846,375
Hercules, Inc.*	132,317		2,555,041
Innospec, Inc.	17,621		820,258
International Flavors & Fragrances, Inc.	134,400		6,607,104
Landec Corp.*	2,410		25,932
LSB Industries, Inc.*^	14,590		168,952
Lubrizol Corp.	16,000		802,080
Material Sciences Corp.*	1,970		25,492
NewMarket Corp.	880		51,964
OM Group, Inc.*	21,090		954,955
Penford Corp.	5,414		93,662
PolyOne Corp.*	66,610		499,575
Schulman (A.), Inc.^	41,946		933,299
Scotts Miracle-Gro Co., Class A	11,259		581,527
Sensient Technologies Corp.	57,220		1,407,612
Stepan Co.	7,930		251,143
Westlake Chemical Corp.	15,830		496,745

			47,479,005

*Construction Materials (0.4%)*
Martin Marietta Materials, Inc.	35,700		3,709,587

*Containers & Packaging (0.7%)*
AEP Industries, Inc.*	220		11,728
Bemis Co.	1,960		66,601
Crown Holdings, Inc.*	1,570		32,844
Mod-Pac Corp.*	104		1,144
Owens-Illinois, Inc.*	197,600		3,645,720
Temple-Inland, Inc.	77,000		3,544,310

			7,302,347

*Metals & Mining (1.2%)*
Carpenter Technology Corp.	10,800		1,107,216
Century Aluminum Co.*^	64,400		2,875,460
Chaparral Steel Co.	14,321		633,991
Cleveland-Cliffs, Inc.^	87,290		4,228,328
Commercial Metals Co.	48,532		1,252,126
Friedman Industries, Inc.	4,340		52,514
Metal Management, Inc.	13,000		492,050
Northwest Pipe Co.*^	7,900		265,598
Reliance Steel & Aluminum Co.	8,160		321,341
Schnitzer Steel Industries, Inc.	13,166		522,690
Synalloy Corp.*	2,124		39,166

			11,790,480

Total Materials			70,281,419

Telecommunication Services (0.9%)
*Diversified Telecommunication Services (0.8%)*
Alaska Communications. Systems Group, Inc.^	6,920		105,115
Atlantic Tele-Network, Inc.^	4,250		124,525
CenturyTel, Inc.	35,455		1,547,965
CT Communications, Inc.^	28,650		656,658
D&E Communications, Inc.	16,780		212,267
Embarq Corp.	45,600		2,396,736
General Communication, Inc., Class A*^	10,304		162,082
Gilat Satellite Networks Ltd.*	11,928		105,086
Golden Telecom, Inc.	22,921		1,073,619
HickoryTech Corp.	1,046		7,479
Time Warner Telecom, Inc., Class A*	62,530		1,246,223
Windstream Corp.	38,310		544,768

			8,182,523

*Wireless Telecommunication Services (0.1%)*
NII Holdings, Inc.*	3,335		214,907
Syniverse Holdings, Inc.*^	59,800		896,402
USA Mobility, Inc.	8,358		186,969

			1,298,278

Total Telecommunication Services			9,480,801

Utilities (5.6%)
*Electric Utilities (3.0%)*
Central Vermont Public Service Corp.	830		19,546
Cleco Corp.	54,090		1,364,691
Northeast Utilities	307,101		8,647,964
Pepco Holdings, Inc.	143,900		3,742,839
Pinnacle West Capital Corp.	86,190		4,368,971
PPL Corp.	170,100		6,096,384
UIL Holdings Corp.^	24,363		1,027,875
Unisource Energy Corp.	35,790		1,307,409
Unitil Corp .	100		2,535
Westar Energy, Inc.	114,300		2,967,228

			29,545,442

112

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Number of Shares		Value (Note 1)
*Gas Utilities (0.7%)*
AGL Resources, Inc.		29,680	$	1,154,849
Delta Natural Gas Co., Inc.		100		2,508
Laclede Group, Inc.		2,030		71,111
Nicor, Inc.^		23,540		1,101,672
Northwest Natural Gas Co.^		636		26,992
UGI Corp.		122,400		3,339,072
WGL Holdings, Inc.		32,000		1,042,560

				6,738,764

*Multi-Utilities (1.8%)*
Alliant Energy Corp.		117,272		4,429,364
CH Energy Group, Inc.^		550		29,040
Florida Public Utilities Co.		100		1,325
MDU Resources Group, Inc.		147,150		3,772,926
OGE Energy Corp.^		63,710		2,548,400
Puget Energy, Inc.		78,284		1,985,282
Vectren Corp.		1,794		50,734
Wisconsin Energy Corp.		111,800		5,306,028

				18,123,099

*Water Utilities (0.1%)*
American States Water Co.^		7,360		284,243
Artesian Resources Corp., Class A.		400		7,864
California Water Service Group^		2,120		85,648
Middlesex Water Co.		8,713		163,195
SJW Corp.^		8,800		341,088

				882,038

Total Utilities				55,289,343

Total Common Stocks (97.9%) (Cost $825,716,983)				967,285,962


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (17.0%)
ACCR-2006 2 A1
5.39%, 6/27/08(l)	$	698,584		698,584
Anglo Irish Bank Corp. plc
5.34%, 2/1/07		3,084,737		3,084,737
Barton Capital Corp.
5.31%, 1/11/07		2,864,685		2,864,685
Bavaria TRR Corp.
5.39%, 1/25/07		3,110,586		3,110,586
Bear Stearns Cos., Inc., Repurchase Agreement
5.33%, 1/2/07 (r)		12,692,973		12,692,973
Cedar Springs Capital Co. LLC
5.40%, 1/22/07		12,438,505		12,438,505
Charta LLC
5.31%, 1/5/07		10,936,454		10,936,454
5.32%, 1/16/07		1,856,079		1,856,079
Concord Minutemen C.C. LLC,
Series B
5.35%, 1/10/07		2,749,575		2,749,575
Series C
5.37%, 1/18/07		3,110,174		3,110,174
5.39%, 1/18/07		4,354,168		4,354,168
Corp. Andina de Fomento
5.35%, 2/20/07		4,928,186		4,928,186
Deutsche Bank AG/London
5.34%, 1/31/07		2,499,655		2,499,655
DZ Bank AG/Grand Cayman
5.43%, 1/3/07		9,373,706		9,373,706
DZ Bank AG/New York
5.31%, 1/11/07		1,874,741		1,874,741
Ebbets Funding LLC
5.34%, 1/12/07		11,936,344		11,936,344
Fenway Funding LLC
5.40%, 1/2/07		4,096,974		4,096,974
5.37%, 1/10/07		865,201		865,201
5.36%, 2/15/07		6,191,989		6,191,989
Fifth Third Bancorp
5.35%, 1/29/08(l)		374,945		374,945
Galleon Capital Corp.
5.33%, 2/15/07		6,192,312		6,192,312
Goldman Sachs Group, Inc.
5.41%, 12/28/07(l)		1,374,810		1,374,810
5.43%, 1/29/08 (l)		2,499,655		2,499,655
Gotham Funding Corp.
5.36%, 1/16/07		8,430,573		8,430,573
Hartford Life, Inc.
5.48%, 12/28/07(l)		999,862		999,862
HBOS Treasury Services plc
5.31%, 1/29/07		2,861,796		2,861,796
KBC Financial Products/London
5.34%, 2/1/07		6,323,502		6,323,502
Kommunalkredit International Bank
5.37%, 2/5/07		1,849,625		1,849,625
Lafayette Asset Securitization LLC
5.35%, 2/9/07		3,082,408		3,082,408
Lehman Brothers, Inc.
5.46%, 3/29/07(l)		437,440		437,440
Liberty Street Funding Co.
5.36%, 1/12/07		4,259,827		4,259,827
5.35%, 1/16/07		7,463,503		7,463,503
Mizuho Corporate Bank Ltd./London
5.35%, 3/12/07		6,249,137		6,249,137
Natexis Banques Populaires N.Y.
5.35%, 1/31/07(l)		624,914		624,914
5.37%, 1/28/08(l)		3,749,482		3,749,482
New York Life Insurance Co.
5.43%, 3/29/07(l)		3,124,569		3,124,569
Norinchukin Bank N.Y.
5.34%, 2/28/07		6,249,137		6,249,137
Washington Mutual Bank FA
5.35%, 3/19/07		1,875,474		1,875,474

Total Short-Term Investments of Cash Collateral for Securities Loaned				167,686,287

Time Deposit (2.2%)
JPMorgan Chase Nassau
4.75%, 1/02/07		21,792,186		21,792,186

Total Short-Term Investments (19.2%) (Amortized Cost $189,478,473)				189,478,473

Total Investments (117.1%) (Cost/Amortized Cost $1,015,195,456)				1,156,764,435
Other Assets Less Liabilities (-17.1%)				(168,950,557	)

Net Assets (100%)			$	987,813,878

*	Non-income producing.

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

†	Securities (totaling $3,746,736 or 0.38% of net assets) valued at fair value.

113

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PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2006

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2006.

(m)

(r)

The repurchase agreement is fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt

Investment security transactions for the year ended December 31, 2006 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	610,916,832
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	578,974,655

As of December 31, 2006, 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	$	147,863,146
Aggregate gross unrealized depreciation		(12,153,458	)

Net unrealized appreciation	$	135,709,688

Federal income tax cost of investments	$	1,021,054,747

At December 31, 2006, the Portfolio had loaned securities with a total value of $163,508,749. This was secured by collateral of $167,686,287 which was received as cash and subsequently invested in short-term investments as reported in the portfolio of investments.

Additionally, uninvested cash received as collateral on loaned securities was held in an interest bearing account in the amount of $50, which the Portfolio cannot repledge and accordingly is not reflected in the Portfolio’s assets and liabilities.

For the year ended December 31, 2006, the Portfolio incurred approximately $208 as brokerage commissions with Sanford C. Bernstein & Co., Inc., and $1,210 with Williams Capital Group, affiliated broker/dealers.

See Notes to Financial Statements.

114

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AXA PREMIER VIP TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2006


	Number of Shares	Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (1.4%)
*Hotels, Restaurants & Leisure (0.6%)*
Ctrip.com International Ltd. (ADR)^	51,370	$	3,209,597

*Household Durables (0.5%)*
Sony Corp.	54,200		2,319,835

*Media (0.3%)*
Focus Media Holding Ltd. (ADR)*	25,970		1,724,148
Gemstar-TV Guide International, Inc.*	102		409

			1,724,557

Total Consumer Discretionary			7,253,989

Energy (1.1%)
*Energy Equipment & Services (1.1%)*
Cameron International Corp.*	22,900		1,214,845
GlobalSantaFe Corp.	20,300		1,193,234
Halliburton Co.	38,100		1,183,005
Schlumberger Ltd.	18,900		1,193,724
Transocean, Inc.*	15,900		1,286,151

Total Energy			6,070,959

Health Care (0.6%)
*Health Care Technology (0.6%)*
Cerner Corp.*^	73,650		3,351,075

Total Health Care			3,351,075

Industrials (3.1%)
*Commercial Services & Supplies (2.0%)*
Manpower, Inc.	51,900		3,888,867
Monster Worldwide, Inc.*	93,810		4,375,298
Robert Half International, Inc.	49,500		1,837,440
SAIC, Inc.*^	57,900		1,030,041

			11,131,646

*Electrical Equipment (1.1%)*
ABB Ltd. (Registered)	203,400		3,640,772
Energy Conversion Devices, Inc.*^	61,000		2,072,780
First Solar, Inc.*	7,140		212,772

			5,926,324

Total Industrials			17,057,970

Information Technology (87.2%)
*Communications Equipment (14.1%)*
Arris Group, Inc.*	147,500		1,845,225
Cisco Systems, Inc.*	668,085		18,258,763
Comverse Technology, Inc.*	235,240		4,965,916
Corning, Inc.*	795,784		14,889,119
Foundry Networks, Inc.*^	82,900		1,241,842
Nokia Oyj (ADR)	229,195		4,657,242
Nortel Networks Corp.*^	34,890		932,610
QUALCOMM, Inc.	303,820		11,481,358
Research In Motion Ltd.*	70,000		8,944,600
Sonus Networks, Inc.*^	397,500		2,619,525
Telefonaktiebolaget LM Ericsson (ADR)^	84,720		3,408,285
Telefonaktiebolaget LM Ericsson, Class B	887,000		3,584,035

			76,828,520

*Computers & Peripherals (13.3%)*
Apple Computer, Inc.*	153,877		13,054,925
EMC Corp.*	872,000		11,510,400
Hewlett-Packard Co.	475,500		19,585,845
Network Appliance, Inc.*	147,650		5,799,692
QLogic Corp.*	299,350		6,561,752
SanDisk Corp.*	70,800		3,046,524
Seagate Technology	477,104		12,643,256

			72,202,394

*Electronic Equipment & Instruments (3.2%)*
Hon Hai Precision Industry Co., Ltd.	1,160,118		8,277,656
L-1 Identity Solutions, Inc.*^	554,494		8,389,494
SunPower Corp., Class A*^	23,440		871,265

			17,538,415

*Internet Software & Services (8.5%)*
eBay, Inc.*	392,825		11,812,248
Google, Inc., Class A*	59,200		27,260,415
SINA Corp.*	62,150		1,783,705
Tencent Holdings Ltd.	1,520,000		5,413,739

			46,270,107

*IT Services (5.1%)*
Accenture Ltd., Class A.	120,900		4,464,837
Automatic Data Processing, Inc.	80,300		3,954,775
BISYS Group, Inc.*^	144,900		1,870,659
Cognizant Technology Solutions Corp., Class A*	41,600		3,209,856
DST Systems, Inc.*^	67,600		4,233,788
First Data Corp.	137,900		3,519,208
Iron Mountain, Inc.*	51,100		2,112,474
Isilon Systems, Inc.*^	2,050		56,580
MoneyGram International, Inc.	45,500		1,426,880
Western Union Co.	137,900		3,091,718

			27,940,775

*Semiconductors & Semiconductor Equipment (23.4%)*
Altera Corp.*	488,937		9,622,280
Applied Materials, Inc.	509,300		9,396,585
ASML Holding N.V. (N.Y. Shares)*^	357,284		8,799,905
Broadcom Corp., Class A*	353,943		11,435,897
Chartered Semiconductor Manufacturing Ltd.*	4,097,000		3,417,949
FormFactor, Inc.*^	19,675		732,894
Infineon Technologies AG*.	231,850		3,265,187
Integrated Device Technology, Inc.*	113,900		1,763,172
Intel Corp.	265,000		5,366,250
International Rectifier Corp.*	42,800		1,649,084
KLA-Tencor Corp.	69,900		3,477,525
Lam Research Corp.*	172,700		8,742,074
Marvell Technology Group Ltd.*	248,000		4,759,120
Maxim Integrated Products, Inc.	395,690		12,116,028
NVIDIA Corp.*	150,770		5,579,998
Samsung Electronics Co., Ltd.	7,278		4,797,219
Semtech Corp.*^	42,200		551,554
Silicon-On-Insulater Technologies*	105,147		3,736,676
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)	1,016,597		11,111,405
Texas Instruments, Inc.	331,367		9,543,370
Trident Microsystems, Inc.*^	96,300		1,750,734
Xilinx, Inc.	245,944		5,855,927

			127,470,833

*Software (19.6%)*
Activision, Inc.*	399,130		6,881,001
Adobe Systems, Inc.*	443,755		18,247,206
Amdocs Ltd.*	330,140		12,792,925
Autodesk, Inc.*	95,430		3,861,098
Electronic Arts, Inc.*	232,370		11,702,153
Microsoft Corp.	848,000		25,321,280
Nintendo Co., Ltd.	42,400		10,995,426
Oracle Corp.*	109,000		1,868,260
Red Hat, Inc.*^	410,480		9,441,040
Salesforce.com, Inc.*	91,940		3,351,213

115

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2006


	Number of Shares		Value (Note 1)
THQ, Inc.*^		80,400	$	2,614,608

				107,076,210

Total Information Technology				475,327,254

Materials (0.3%)
*Chemicals (0.3%)*
Monsanto Co		34,310		1,802,304

Total Materials				1,802,304

Telecommunication Services (2.2%)
*Diversified Telecommunication Services (0.2%)*
Level 3 Communications, Inc.*^		186,480		1,044,288

*Wireless Telecommunication Services (2.0%)*
China Mobile Ltd. (ADR)^		102,807		4,443,319
NII Holdings, Inc.*^		96,330		6,207,505

				10,650,824

Total Telecommunication Services				11,695,112

Total Common Stocks (95.9%) (Cost $460,264,828)				522,558,663


	Number of Contracts
WARRANTS:
Information Technology (1.6%)
*Electronic Equipment & Instruments (0.7%)*
Hon Hai Precision Industry Co., Ltd.,
TWD 0.000001, expiring 11/17/10*		572,001		4,083,172

*IT Services (0.9%)*
Infosys Technologies Ltd.,
$0.000001, expiring 11/22/10*§(b)		56,620		2,867,316
Tata Consultancy Services Ltd.,
$0.0001 expiring 9/12/07*§		32,626		1,796,975

				4,664,291

Total Warrants (1.6%) (Cost $7,229,245)				8,747,463


	Number of Shares
INVESTMENT COMPANY:
iShares Goldman Sachs Technology Index Fund^		13,400		689,028

Total Investment Company (0.1%) (Cost $685,209)				689,028


	Principal Amount
SHORT-TERM INVESTMENTS:
Short-Term Investments of Cash Collateral for Securities Loaned (8.2%)
ACCR, Series 06-2 A1
5.39%, 6/27/08 (l)	$	186,436		186,436
Anglo Irish Bank Corp. plc
5.34%, 2/1/07		823,247		823,247
Barton Capital Corp.
5.31%, 1/11/07		764,520		764,520
Bavaria TRR Corp.
5.39%, 1/25/07		830,146		830,146
Bear Stearns Cos., Inc., Repurchase Agreement
5.33%, 1/2/07 (r)		3,387,471		3,387,471
Cedar Springs Capital Co. LLC
5.41%, 1/22/07		3,319,558		3,319,558
Charta LLC
5.31%, 1/5/07		2,918,694		2,918,694
5.32%, 1/16/07		495,346		495,346
Concord Minutemen C.C. LLC,
Series B
5.35%, 1/10/07		733,800		733,800
Series C
5.37%, 1/18/07		830,036		830,036
5.39%, 1/18/07		1,162,030		1,162,030
Corp. Andina de Fomento
5.36%, 2/20/07		1,315,222		1,315,222
Deutsche Bank AG/London
5.34%, 1/31/07		667,102		667,102
DZ Bank AG/Grand Cayman
5.44%, 1/3/07		2,501,632		2,501,632
DZ Bank AG/New York
5.31%, 1/11/07		500,326		500,326
Ebbets Funding LLC
5.34%, 1/12/07		3,185,543		3,185,543
Fenway Funding LLC
5.36%, 2/15/07		1,652,503		1,652,503
5.37%, 1/10/07		230,903		230,903
5.40%, 1/2/07		1,093,391		1,093,391
Fifth Third Bancorp
5.35%, 1/29/08 (l)		100,064		100,064
Galleon Capital Corp.
5.33%, 2/15/07		1,652,589		1,652,589
Goldman Sachs Group, Inc.
5.41%, 12/28/07 (l)		366,906		366,906
5.43%, 1/29/08 (l)		667,102		667,102
Gotham Funding Corp.
5.36%, 1/16/07		2,249,931		2,249,931
Hartford Life, Inc.
5.48%, 12/28/07 (l)		266,841		266,841
HBOS Treasury Services plc
5.31%, 1/29/07		763,749		763,749
KBC Financial Products/London
5.34%, 2/1/07		1,687,601		1,687,601
Kommunalkredit International Bank
5.37%, 2/5/07		493,623		493,623
Lafayette Asset Securitization LLC
5.35%, 2/9/07		822,626		822,626
Lehman Brothers, Inc.
5.46%, 3/29/07 (l)		116,743		116,743
Liberty Street Funding Co.
5.35%, 1/16/07		1,991,842		1,991,842
5.36%, 1/12/07		1,136,852		1,136,852
Mizuho Corporate Bank Ltd./London
5.35%, 3/12/07		1,667,755		1,667,755
Natexis Banques Populaires N.Y.
5.35%, 1/31/07 (l)		166,775		166,775
5.37%, 1/28/08 (l)		1,000,653		1,000,653
New York Life Insurance Co.
5.43%, 3/29/07 (l)		833,877		833,877
Norinchukin Bank N.Y.
5.35%, 2/28/07		1,667,755		1,667,755
Washington Mutual Bank FA
5.35%, 3/19/07		500,522		500,522

Total Short-Term Investments of Cash Collateral for Securities Loaned				44,751,712

Time Deposit (2.5%)
JPMorgan Chase Nassau
4.75%, 1/2/07		13,883,090		13,883,090

Total Short-Term Investments (10.7%) (Amortized Cost $58,634,802)				58,634,802

116

AXA PREMIER VIP TRUST

AXA PREMIER VIP TECHNOLOGY PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2006


	Number of Contracts(c)	Value (Note 1)
OPTIONS PURCHASED:
Call Options Purchased (0.3%)
Hewlett-Packard Co.
January 2008 @ $35.00 (Cost $1,198,477)	1,636	$	1,521,480

Total Investments (108.6%) (Cost/Amortized Cost $528,012,561)			592,151,436
Other Assets Less Liabilities (-8.6%)			(47,126,237	)

Net Assets (100%)		$	545,025,199

*	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, 2006, the market value of these securities amounted to $4,664,291 or 0.86% of net assets. Securities denoted with “§” but without “(b)”have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(b)

Illiquid security.

(c)

One contract relates to 100 shares.

(l)

Floating Rate Security. Rate disclosed is as of December 31, 2006.

(r)

The repurchase agreement is fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this portfolio of investments.

Glossary:

ADR — American Depositary Receipt

Options written for the year ended December 31, 2006 were as follows:


	Total Number of Contracts		Total Premiums Received
Options Outstanding—January 1, 2006	669		$	490,144
Options Written	7,277			1,754,193
Options Terminated in Closing Purchase Transactions	(7,061	)		(2,064,592	)
Options Expired	(885	)		(179,745	)
Options Exercised	—			—

Options Outstanding—December 31, 2006	—		$	—

Investment security transactions for the year ended December 31, 2006 were as follows:


Cost of Purchases:
Stocks and long-term corporate debt securities	$	847,264,248
Net Proceeds of Sales and Redemptions:
Stocks and long-term corporate debt securities	$	874,305,155

As of December 31, 2006, 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	$	62,925,770
Aggregate gross unrealized depreciation		(9,197,538	)

Net unrealized appreciation	$	53,728,232

Federal income tax cost of investments	$	538,423,204

At December 31, 2006, the Portfolio had loaned securities with a total value of $43,668,130. This was secured by collateral of $44,751,712 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, 2006, the Portfolio incurred approximately $743 as brokerage commissions with Sanford C. Bernstein & Co., Inc., an affiliated broker/dealer.

The Portfolio has a net capital loss carryforward of $143,918,720 of which $118,265,703 expires in the year 2009, and $25,653,017 expires in the year 2010.

The Portfolio utilized capital loss carryforward of $50,111,103 during 2006.

Included in the capital loss carryforward amounts are $143,918,720 of losses acquired from EQ/Technology 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.

117

AXA PREMIER VIP TRUST

TARGET 2015 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2006


	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
AXA Premier VIP Aggressive Equity Portfolio‡		7,297	$	210,032
AXA Premier VIP High Yield Portfolio‡		22,164		124,304
AXA Premier VIP Large Cap Value Portfolio‡		6,408		82,198
AXA Premier VIP Mid Cap Growth Portfolio‡		1,398		12,640
AXA Premier VIP Mid Cap Value Portfolio‡		3,624		36,329
EQ/Bond Index Portfolio‡		58,996		590,446
EQ/Equity 500 Index Portfolio‡		28,144		729,443
EQ/International ETF Portfolio‡		36,967		406,244
EQ/Small Company Index Portfolio‡		16,405		213,442
EQ/Van Kampen Emerging Markets Equity Portfolio‡		7,611		123,549

Total Investment Companies (98.7%) (Cost $2,507,838)				2,528,627


	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (1.1%)
JPMorgan Chase Nassau 4.75%, 1/2/07 (Amortized Cost $29,781)	$	29,781		29,781

Total Investments (99.8%) (Cost/Amortized Cost $2,537,619)				2,558,408
Other Assets Less Liabilities (0.2%)				4,418

Net Assets (100%)			$	2,562,826

__________

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

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

Investments in companies which were affiliates for the period ended December 31, 2006, were as follows:


Securities	Market Value August 31, 2006		Purchases at Cost		Sales at Cost		Market Value December 31, 2006		Dividend Income		Realized Gain
AXA Premier VIP Aggressive Equity Portfolio	$	—	$	202,841	$	4,193	$	210,032	$	354	$	206
AXA Premier VIP High Yield Portfolio		—		131,391		2,640		124,304		8,144		56
AXA Premier VIP Large Cap Value Portfolio		—		82,260		1,631		82,198		705		2,385
AXA Premier VIP Mid Cap Growth Portfolio		—		13,344		259		12,640		—		1,030
AXA Premier VIP Mid Cap Value Portfolio		—		38,825		613		36,329		60		2,660
EQ/Bond Index Portfolio		—		623,412		12,893		590,446		25,666		183
EQ/Equity 500 Index Portfolio		—		738,254		14,877		729,443		10,474		19,738
EQ/International ETF Portfolio		—		393,679		8,297		406,244		5,452		196
EQ/Small Company Index Portfolio		—		216,791		4,545		213,442		1,903		9,123
EQ/Van Kampen Emerging Markets Equity Portfolio		—		119,303		2,314		123,549		658		7,837

	$	—	$	2,560,100	$	52,262	$	2,528,627	$	53,416	$	43,414

118

AXA PREMIER VIP TRUST

TARGET 2015 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2006

Investment security transactions for the period ended December 31, 2006 were as follows:


Cost of Purchases:
Investment Companies	$	2,560,100
Net Proceeds of Sales and Redemptions:
Investment Companies	$	53,923

As of December 31, 2006, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	47,618
Aggregate gross unrealized depreciation		(26,860	)

Net unrealized appreciation	$	20,758

Federal income tax cost of investments	$	2,537,650

See Notes to Financial Statements.

119

AXA PREMIER VIP TRUST

TARGET 2025 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2006


	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
AXA Premier VIP Aggressive Equity Portfolio‡		7,769	$	223,593
AXA Premier VIP High Yield Portfolio‡		14,112		79,148
AXA Premier VIP Large Cap Value Portfolio‡		6,820		87,490
AXA Premier VIP Mid Cap Growth Portfolio‡		2,230		20,164
AXA Premier VIP Mid Cap Value Portfolio‡		4,317		43,284
EQ/Bond Index Portfolio‡		41,961		419,954
EQ/Equity 500 Index Portfolio‡		35,865		929,557
EQ/International ETF Portfolio‡		45,549		500,546
EQ/Small Company Index Portfolio‡		19,107		248,595
EQ/Van Kampen Emerging Markets Equity Portfolio‡		9,002		146,131

Total Investment Companies (100.0%) (Cost $2,659,032)				2,698,462


	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (0.4%)
JPMorgan Chase Nassau 4.75%, 1/2/07 (Amortized Cost $10,097)	$	10,097		10,097

Total Investments (100.4%) (Cost/Amortized Cost $2,669,129)				2,708,559
Other Assets Less Liabilities (-0.4%)				(11,024	)

Net Assets (100%)			$	2,697,535

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

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

Investments in companies which were affiliates for the period ended December 31, 2006, were as follows:


Securities	Market Value August 31, 2006		Purchases at Cost		Sales at Cost		Market Value December 31, 2006		Dividend Income		Realized Gain
AXA Premier VIP Aggressive Equity Portfolio	$	—	$	213,113	$	2,209	$	223,593	$	379	$	185
AXA Premier VIP High Yield Portfolio		—		82,829		848		79,148		5,214		24
AXA Premier VIP Large Cap Value Portfolio		—		86,611		884		87,490		755		2,535
AXA Premier VIP Mid Cap Growth Portfolio		—		21,038		202		20,164		—		1,650
AXA Premier VIP Mid Cap Value Portfolio		—		45,723		464		43,284		73		3,228
EQ/Bond Index Portfolio		—		438,777		4,658		419,954		18,364		64
EQ/Equity 500 Index Portfolio		—		930,495		9,416		929,557		13,427		25,108
EQ/International ETF Portfolio		—		478,914		5,099		500,546		6,758		204
EQ/Small Company Index Portfolio		—		249,760		2,441		248,595		2,222		10,656
EQ/Van Kampen Emerging Markets Equity Portfolio		—		139,331		1,338		146,131		782		9,306

	$	—	$	2,686,591	$	27,559	$	2,698,462	$	47,974	$	52,960

120

AXA PREMIER VIP TRUST

TARGET 2025 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2006

Investment security transactions for the period ended December 31, 2006 were as follows:


Cost of Purchases:
Investment Companies	$	2,686,591
Net Proceeds of Sales and Redemptions:
Investment Companies	$	29,058

As of December 31, 2006, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:


Aggregate gross unrealized appreciation	$	59,076
Aggregate gross unrealized depreciation		(19,646	)

Net unrealized appreciation	$	39,430

Federal income tax cost of investments	$	2,669,129

See Notes to Financial Statements.

121

AXA PREMIER VIP TRUST

TARGET 2035 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2006


	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
AXA Premier VIP Aggressive Equity Portfolio‡		5,045	$	145,217
AXA Premier VIP High Yield Portfolio‡		6,127		34,364
AXA Premier VIP Large Cap Value Portfolio‡		4,605		59,069
AXA Premier VIP Mid Cap Growth Portfolio‡		1,950		17,628
AXA Premier VIP Mid Cap Value Portfolio‡		2,544		25,507
EQ/Bond Index Portfolio‡		11,739		117,488
EQ/Equity 500 Index Portfolio‡		27,299		707,530
EQ/International ETF Portfolio‡		34,611		380,353
EQ/Small Company Index Portfolio‡		14,023		182,456
EQ/Van Kampen Emerging Markets Equity Portfolio‡		6,517		105,791

Total Investment Companies (100.0%) (Cost $1,719,745)				1,775,403


	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (0.7%)
JPMorgan Chase Nassau 4.75%, 1/2/07 (Amortized Cost $12,126)	$	12,126		12,126

Total Investments (100.7%) (Cost/Amortized Cost $1,731,871)				1,787,529
Other Assets Less Liabilities (-0.7%)				(11,758	)

Net Assets (100%)			$	1,775,771

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

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

Investments in companies which were affiliates for the period ended December 31, 2006, were as follows:


Securities	Market Value August 31, 2006		Purchases at Cost		Sales at Cost		Market Value December 31, 2006		Dividend Income		Realized Gain
AXA Premier VIP Aggressive Equity Portfolio	$	—	$	139,645	$	4,226	$	145,217	$	230	$	433
AXA Premier VIP High Yield Portfolio		—		36,351		1,069		34,364		2,117		41
AXA Premier VIP Large Cap Value Portfolio		—		58,912		1,775		59,069		477		1,703
AXA Premier VIP Mid Cap Growth Portfolio		—		18,455		507		17,628		—		1,387
AXA Premier VIP Mid Cap Value Portfolio		—		27,464		1,218		25,507		37		1,727
EQ/Bond Index Portfolio		—		124,609		3,792		117,488		4,790		95
EQ/Equity 500 Index Portfolio		—		712,914		20,689		707,530		9,557		19,070
EQ/International ETF Portfolio		—		368,541		11,086		380,353		4,805		714
EQ/Small Company Index Portfolio		—		183,489		4,484		182,456		1,549		7,722
EQ/Van Kampen Emerging Markets Equity Portfolio		—		100,927		2,716		105,791		532		6,591

	$	—	$	1,771,307	$	51,562	$	1,775,403	$	24,094	$	39,483

122

AXA PREMIER VIP TRUST

TARGET 2035 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Concluded)

December 31, 2006

Investment security transactions for the period ended December 31, 2006 were as follows:


Cost of Purchases:
Investment Companies	$	1,771,307
Net Proceeds of Sales and Redemptions:
Investment Companies	$	55,529

As of December 31, 2006, 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	$	60,964
Aggregate gross unrealized depreciation		(5,306	)

Net unrealized appreciation	$	55,658

Federal income tax cost of investments	$	1,731,871

See Notes to Financial Statements.

123

AXA PREMIER VIP TRUST

TARGET 2045 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2006


	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
AXA Premier VIP Aggressive Equity Portfolio‡		4,513	$	129,883
AXA Premier VIP Large Cap Value Portfolio‡		4,354		55,855
AXA Premier VIP Mid Cap Growth Portfolio‡		2,174		19,654
AXA Premier VIP Mid Cap Value Portfolio‡		2,519		25,254
EQ/Equity 500 Index Portfolio‡		26,981		699,297
EQ/International ETF Portfolio‡		34,537		379,540
EQ/Small Company Index Portfolio‡		13,685		178,057
EQ/Van Kampen Emerging Markets Equity Portfolio‡		6,609		107,285

Total Investment Companies (99.5%) (Cost $1,543,921)				1,594,825


	Principal Amount
SHORT-TERM INVESTMENT:
Time Deposit (0.7%)
JPMorgan Chase Nassau 4.75%, 1/2/07 (Amortized Cost $ 10,307)	$	10,307		10,307

Total Investments (100.2%) (Cost/Amortized Cost $1,554,228)				1,605,132
Other Assets Less Liabilities (-0.2%)				(2,581	)

Net Assets (100%)			$	1,602,551

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

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

Investments in companies which were affiliates for the period ended December 31, 2006, were as follows:


Securities	Market Value August 31, 2006		Purchases at Cost		Sales at Cost		Market Value December 31, 2006		Dividend Income		Realized Gain
AXA Premier VIP Aggressive Equity Portfolio	$	—	$	127,580	$	5,969	$	129,883	$	230	$	601
AXA Premier VIP Large Cap Value Portfolio		—		56,727		2,565		55,855		507		1,809
AXA Premier VIP Mid Cap Growth Portfolio		—		21,153		962		19,654		—		1,674
AXA Premier VIP Mid Cap Value Portfolio		—		28,159		1,904		25,254		46		2,013
EQ/Equity 500 Index Portfolio		—		719,667		32,791		699,297		10,580		20,801
EQ/International ETF Portfolio		—		375,586		17,218		379,540		5,364		1,184
EQ/Small Company Index Portfolio		—		183,339		7,506		178,057		1,652		8,073
EQ/Van Kampen Emerging Markets Equity Portfolio		—		105,073		4,448		107,285		600		7,441

	$	—	$	1,617,284	$	73,363	$	1,594,825	$	18,979	$	43,596

Investment security transactions for the period ended December 31, 2006 were as follows:


Cost of Purchases:
Investment Companies	$	1,617,284
Net Proceeds of Sales and Redemptions:
Investment Companies	$	77,482

As of December 31, 2006, 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	$	52,417
Aggregate gross unrealized depreciation		(1,543	)

Net unrealized appreciation	$	50,874

Federal income tax cost of investments	$	1,554,258

See Notes to Financial Statements.

124

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2006


ASSETS
Investments at cost:
Affiliated Issuers (Cost $ 339,745,128)	$	344,260,060
Receivable for securities sold		1,038,178
Receivable from Separate Accounts for Trust shares sold		1,028,330
Dividends, interest and other receivables		2,200
Other assets		501

Total assets		346,329,269

LIABILITIES
Overdraft payable		1,065,981
Payable to Separate Accounts for Trust shares redeemed		190,011
Distribution fees payable - Class B		72,046
Administrative fees payable		9,595
Trustees’ fees payable		355
Accrued expenses		13,853

Total liabilities		1,351,841

NET ASSETS	$	344,977,428

Net assets were comprised of:
Paid in capital	$	340,056,364
Accumulated over distributed net investment income		(2,073	)
Accumulated undistributed net realized gain		408,205
Unrealized appreciation on investments		4,514,932

Net assets	$	344,977,428

Class A
Net asset value, offering and redemption price per share, $4,999,067 / 460,106 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.87

Class B
Net asset value, offering and redemption price per share, $339,978,361 / 31,287,054 shares outstanding (unlimited amount authorized: $ 0.001 par value)	$	10.87


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2006*

INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	10,884,774
Interest		39,613

Total income		10,924,387

EXPENSES
Distribution fees - Class B		703,736
Administrative fees		466,673
Investment management fees		285,378
Custodian fees		87,600
Professional fees		34,595
Printing and mailing expenses		20,600
Trustees’ fees		3,522
Miscellaneous		5,771

Gross expenses		1,607,875
Less: Waiver from investment advisor		(618,709	)

Net expenses		989,166

NET INVESTMENT INCOME		9,935,221

REALIZED AND UNREALIZED GAIN
Net realized gain on securities (All realized gain from affiliates)		1,657,054
Net distributions of realized gain received from
Underlying Portfolios		3,358,772

Net realized gain		5,015,826
Net change in unrealized appreciation on securities		5,203,661

NET REALIZED AND UNREALIZED GAIN		10,219,487

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	20,154,708

See Notes to Financial Statements.

125

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	9,935,221		$	5,172,434
Net realized gain on investments		5,015,826			2,412,185
Net change in unrealized appreciation (depreciation) on investments		5,203,661			(2,262,899	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		20,154,708			5,321,720

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(166,159	)		(80,004	)
Class B		(10,416,054	)		(5,210,344	)

		(10,582,213	)		(5,290,348	)

Distributions from net realized capital gains
Class A		(63,965	)		(29,019	)
Class B		(4,516,945	)		(2,097,922	)

		(4,580,910	)		(2,126,941	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(15,163,123	)		(7,417,289	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 402,755 and 439,650 shares, respectively ]		4,412,266			4,755,869
Capital shares issued in reinvestment of dividends and distributions [ 21,173 and 10,180 shares, respectively ]		230,124			109,023
Capital shares repurchased [ (249,615) and (355,695) shares, respectively ]		(2,737,520	)		(3,851,536	)

Total Class A transactions		1,904,870			1,013,356

Class B
Capital shares sold [ 28,284,413 and 19,996,842 shares, respectively ]		306,008,685			216,229,834
Capital shares issued in reinvestment of dividends and distributions [ 1,374,257 and 682,264 shares, respectively ]		14,932,999			7,308,266
Capital shares repurchased [ (18,771,473) and (10,400,466) shares, respectively ]		(203,913,235	)		(112,830,763	)

Total Class B transactions		117,028,449			110,707,337

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		118,933,319			111,720,693

TOTAL INCREASE IN NET ASSETS		123,924,904			109,625,124
NET ASSETS:
Beginning of year		221,052,524			111,427,400

End of year (a)	$	344,977,428		$	221,052,524

___________
(a) Includes accumulated over distributed net investment income of	$	(2,073	)	$	(523	)

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2006


ASSETS
Investments at cost:
Affiliated Issuers (Cost $795,243,682)	$	814,207,630
Unaffiliated Issuers (Amortized Cost $25,880)		25,880
Receivable from Separate Accounts for Trust shares sold		1,244,205
Dividends, interest and other receivables		2,557
Other assets		1,093

Total assets		815,481,365

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		377,339
Distribution fees payable - Class B		170,060
Payable for securities purchased		118,320
Administrative fees payable		42,192
Trustees’ fees payable		245
Accrued expenses		28,699

Total liabilities		736,855

NET ASSETS	$	814,744,510

Net assets were comprised of:
Paid in capital	$	785,797,554
Accumulated over distributed net investment income		(4,502	)
Accumulated undistributed net realized gain		9,987,510
Unrealized appreciation on investments		18,963,948

Net assets	$	814,744,510

Class A
Net asset value, offering and redemption price per share, $5,544,434 / 477,637 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.61

Class B
Net asset value, offering and redemption price per share, $809,200,076 / 69,702,413 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.61


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2006*

INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	20,649,570
Interest		52,333

Total income		20,701,903

EXPENSES
Distribution fees - Class B		1,613,481
Administrative fees		1,018,096
Investment management fees		649,723
Custodian fees		68,200
Printing and mailing expenses		46,575
Professional fees		43,591
Trustees’ fees		7,998
Miscellaneous		12,012

Gross expenses		3,459,676
Less: Waiver from investment advisor		(1,196,229	)

Net expenses		2,263,447

NET INVESTMENT INCOME		18,438,456

REALIZED AND UNREALIZED GAIN
Net realized gain on securities (All realized gain from affiliates)		6,184,804
Net distributions of realized gain received from
Underlying Portfolios		15,716,036

Net realized gain		21,900,840
Net change in unrealized appreciation on securities		18,491,440

NET REALIZED AND UNREALIZED GAIN		40,392,280

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	58,830,736

See Notes to Financial Statements.

127

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STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	18,438,456		$	8,507,834
Net realized gain on investments		21,900,840			11,743,771
Net change in unrealized appreciation (depreciation) on investments		18,491,440			(5,497,848	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		58,830,736			14,753,757

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(159,559	)		(74,859	)
Class B		(21,628,791	)		(9,243,083	)

		(21,788,350	)		(9,317,942	)

Distributions from net realized capital gains
Class A		(84,494	)		(57,066	)
Class B		(12,580,580	)		(8,005,645	)

		(12,665,074	)		(8,062,711	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(34,453,424	)		(17,380,653	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 297,911 and 254,237 shares, respectively ]		3,416,672			2,856,222
Capital shares issued in reinvestment of dividends and distributions [ 21,122 and 11,766 shares, respectively ]		244,053			131,925
Capital shares repurchased [ (151,897) and (80,471) shares, respectively ]		(1,746,333	)		(904,692	)

Total Class A transactions		1,914,392			2,083,455

Class B
Capital shares sold [ 34,007,781 and 28,161,598 shares, respectively ]		388,575,956			316,079,426
Capital shares issued in reinvestment of dividends and distributions [ 2,961,709 and 1,538,411 shares, respectively ]		34,209,371			17,248,728
Capital shares repurchased [ (10,897,800) and (5,221,880) shares, respectively ]		(124,798,351	)		(58,691,734	)

Total Class B transactions		297,986,976			274,636,420

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		299,901,368			276,719,875

TOTAL INCREASE IN NET ASSETS		324,278,680			274,092,979
NET ASSETS:
Beginning of year		490,465,830			216,372,851

End of year (a)	$	814,744,510		$	490,465,830


(a) Includes accumulated overdistributed net investment income of	$	(4,502	)	$	(969	)

See Notes to Financial Statements.

128

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AXA MODERATE ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2006


ASSETS
Investments at cost:
Affiliated Issuers (Cost $7,546,673,002)	$	7,972,455,376
Unaffiliated Issuers (Amortized Cost $3,201,183)		3,201,183
Cash		140,832
Receivable from Separate Accounts for Trust shares sold		7,682,671
Dividends, interest and other receivables		4,553
Other assets		14,604

Total assets		7,983,499,219

LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		5,877,700
Payable for securities purchased		4,626,329
Distribution fees payable - Class B		1,021,784
Administrative fees payable		487,401
Trustees’ fees payable		150,477
Accrued expenses		48,654

Total liabilities		12,212,345

NET ASSETS	$	7,971,286,874

Net assets were comprised of:
Paid in capital	$	7,486,245,845
Accumulated overdistributed net investment income		(262,082	)
Accumulated undistributed net realized gain		59,520,737
Unrealized appreciation on investments		425,782,374

Net assets	$	7,971,286,874

Class A
Net asset value, offering and redemption price per share, $3,103,418,130 / 183,265,641 shares out-standing (unlimited amount authorized: $0.001 par value)	$	16.93

Class B
Net asset value, offering and redemption price per share, $4,867,868,744 / 289,042,590 shares out-standing (unlimited amount authorized: $0.001 par value)	$	16.84


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2006*

INVESTMENT INCOME
Dividends (All dividend income received from affiliates; Net of $139,817 foreign withholding tax)	$	182,024,647
Interest		120,571

Total income		182,145,218

EXPENSES
Administrative fees		10,877,966
Distribution fees - Class B		10,285,143
Investment management fees		7,153,824
Printing and mailing expenses		501,107
Professional fees		222,116
Trustees’ fees		101,362
Custodian fees		56,000
Miscellaneous		144,173

Gross expenses		29,341,691
Less: Waiver from investment advisor		(11,899,559	)

Net expenses		17,442,132

NET INVESTMENT INCOME		164,703,086

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain on:
Net realized gain on securities ($167,399,772 realized gain from affiliates)		168,132,476
Net distributions of realized gain received from Underlying Portfolios		210,328,132
Net realized gain on currency transactions		8,644

Net realized gain		378,469,252

Change in unrealized appreciation (depreciation) on:
Securities		188,463,456
Foreign currency translations		(10,518	)

Net change in unrealized appreciation		188,452,938

NET REALIZED AND UNREALIZED GAIN		566,922,190

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	731,625,276

See Notes to Financial Statements.

129

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AXA MODERATE ALLOCATION PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	164,703,086		$	117,708,370
Net realized gain on investments and foreign currency transactions		378,469,252			523,464,587
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		188,452,938			(336,547,887	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		731,625,276			304,625,070

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(86,809,420	)		(78,324,269	)
Class B		(122,870,234	)		(80,808,091	)

		(209,679,654	)		(159,132,360	)

Distributions from net realized capital gains
Class A		(24,774,863	)		—
Class B		(38,820,112	)		—

		(63,594,975	)		—

TOTAL DIVIDENDS AND DISTRIBUTIONS		(273,274,629	)		(159,132,360	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 4,067,452 and 5,880,229 shares, respectively ]		67,111,778			91,657,437
Capital shares issued in reinvestment of dividends and distributions [ 6,596,914 and 4,902,899 shares, respectively ]		111,584,283			78,324,269
Capital shares repurchased [ (19,616,689) and (22,272,935) shares, respectively ]		(322,868,918	)		(347,649,830	)

Total Class A transactions		(144,172,857	)		(177,668,124	)

Class B
Capital shares sold [ 81,083,379 and 80,828,443 shares, respectively ]		1,324,685,837			1,252,852,545
Capital shares issued in reinvestment of dividends and distributions [ 9,611,138 and 5,086,097 shares, respectively ]		161,690,346			80,808,091
Capital shares repurchased [ (24,391,545) and (14,960,540) shares, respectively ]		(400,067,966	)		(232,305,475	)

Total Class B transactions		1,086,308,217			1,101,355,161

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		942,135,360			923,687,037

TOTAL INCREASE IN NET ASSETS		1,400,486,007			1,069,179,747
NET ASSETS:
Beginning of year		6,570,800,867			5,501,621,120

End of year (a)	$	7,971,286,874		$	6,570,800,867


(a) Includes accumulated overdistributed net investment income of	$	(262,082	)	$	(202,358	)

See Notes to Financial Statements.

130

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2006


ASSETS
Investments at value:
Affiliated Issuers (Cost $6,270,144,913)	$	6,695,988,220
Unaffiliated Issuers (Amortized Cost $19,674,683)		19,674,683
Receivable from Separate Accounts for Trust shares sold		15,351,141
Dividends, interest and other receivables		54,239
Other assets		6,593

Total assets		6,731,074,876

LIABILITIES
Payable for securities purchased		20,937,586
Distribution fees payable - Class B		1,358,594
Administrative fees payable		426,551
Payable to Separate Accounts for Trust shares redeemed		210,610
Trustees’ fees payable		1,640
Accrued expenses		62,166

Total liabilities		22,997,147

NET ASSETS	$	6,708,077,729

Net assets were comprised of:
Paid in capital	$	6,128,561,218
Accumulated overdistributed net investment income		(28,231	)
Accumulated undistributed net realized gain		153,701,435
Unrealized appreciation on investments		425,843,307

Net assets	$	6,708,077,729

Class A
Net asset value, offering and redemption price per share, $100,459,252 / 7,232,892 shares outstanding (unlimited amount authorized: $0.001 par value)	$	13.89

Class B
Net asset value, offering and redemption price per share, $6,607,618,477 / 475,690,929 shares outstanding (unlimited amount authorized: $0.001 par value)	$	13.89


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2006*

INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	105,941,780
Interest		515,929

Total income		106,457,709

EXPENSES
Distribution fees - Class B		11,387,648
Administrative fees		7,020,013
Investment management fees		4,617,219
Printing and mailing expenses		332,579
Professional fees		139,409
Custodian fees		64,400
Trustees’ fees		53,406
Miscellaneous		72,877

Gross expenses		23,687,551
Less: Waiver from investment advisor		(7,678,378	)

Net expenses		16,009,173

NET INVESTMENT INCOME		90,448,536

REALIZED AND UNREALIZED GAIN
Net realized gain on securities ($25,057,466 realized gain from affiliates)		25,057,534
Net distributions of realized gain received from Underlying Portfolios		211,695,717

Net realized gain		236,753,251
Net change in unrealized appreciation on securities		340,608,529

NET REALIZED AND UNREALIZED GAIN		577,361,780

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	667,810,316

See Notes to Financial Statements.

131

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STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2006			2005
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	90,448,536		$	29,961,012
Net realized gain on investments		236,753,251			110,523,515
Net change in unrealized appreciation on investments		340,608,529			32,147,880

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		667,810,316			172,632,407

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(2,300,010	)		(722,129	)
Class B		(134,389,966	)		(49,237,951	)

		(136,689,976	)		(49,960,080	)

Distributions from net realized capital gains
Class A		(1,191,383	)		(643,108	)
Class B		(84,027,626	)		(50,441,237	)

		(85,219,009	)		(51,084,345	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(221,908,985	)		(101,044,425	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 4,327,527 and 1,993,009 shares, respectively ]		58,002,090			24,528,845
Capital shares issued in reinvestment of dividends and distributions [ 255,726 and 108,088 shares, respectively ]		3,491,393			1,365,237
Capital shares repurchased [ (349,365) and (179,071) shares, respectively ]		(4,632,298	)		(2,211,611	)

Total Class A transactions		56,861,185			23,682,471

Class B
Capital shares sold [ 234,129,575 and 148,769,637 shares, respectively ]		3,114,124,721			1,830,581,363
Capital shares issued in reinvestment of dividends and distributions [ 16,044,608 and 7,893,715 shares, respectively ]		218,417,592			99,679,188
Capital shares repurchased [ (9,151,382) and (3,919,087) shares, respectively ]		(121,391,583	)		(48,254,450	)

Total Class B transactions		3,211,150,730			1,882,006,101

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		3,268,011,915			1,905,688,572

TOTAL INCREASE IN NET ASSETS		3,713,913,246			1,977,276,554
NET ASSETS:
Beginning of year		2,994,164,483			1,016,887,929

End of year (a)	$	6,708,077,729		$	2,994,164,483


(a) Includes accumulated overdistributed net investment income of	$	(28,231	)	$	(4,675	)

See Notes to Financial Statements.

132

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AXA AGGRESSIVE ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2006


ASSETS
Investments at cost:
Affiliated Issuers (Cost $ 1,520,538,572)	$	1,645,014,199
Unaffiliated Issuers (Amortized Cost $4,105,221)		4,105,221
Receivable from Separate Accounts for Trust shares sold		2,432,085
Dividends, interest and other receivables		18,224
Other assets		1,463

Total assets		1,651,571,192

LIABILITIES
Payable for securities purchased		4,226,124
Payable to Separate Accounts for Trust shares redeemed		340,391
Distribution fees payable - Class B		327,257
Administrative fees payable		95,209
Trustees’ fees payable		531
Accrued expenses		38,848

Total liabilities		5,028,360

NET ASSETS	$	1,646,542,832

Net assets were comprised of:
Paid in capital	$	1,475,523,445
Accumulated overdistributed net investment income		(6,240	)
Accumulated undistributed net realized gain		46,550,000
Unrealized appreciation on investments		124,475,627

Net assets	$	1,646,542,832

Class A
Net asset value, offering and redemption price per share, $51,217,279 / 3,482,183 shares outstanding (unlimited amount authorized: $0.001 par value)	$	14.71

Class B
Net asset value, offering and redemption price per share, $1,595,325,553 / 108,455,267 shares out- standing (unlimited amount authorized: $0.001 par value)	$	14.71


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2006*
INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	17,132,431
Interest		147,837

Total income		17,280,268

EXPENSES
Distribution fees - Class B		2,541,331
Administrative fees		1,616,169
Investment management fees		1,046,033
Printing and mailing expenses		75,648
Custodian fees		72,400
Professional fees		53,051
Trustees’ fees		11,687
Miscellaneous		16,125

Gross expenses		5,432,444
Less: Waiver from investment advisor		(1,843,837	)

Net expenses		3,588,607

NET INVESTMENT INCOME		13,691,661

REALIZED AND UNREALIZED GAIN
Net realized gain on securities (All realized gainfrom affiliates)		11,902,940
Net distributions of realized gain received from Underlying Portfolios		64,759,185

Net realized gain		76,662,125
Net change in unrealized appreciation on securities		94,281,988

NET REALIZED AND UNREALIZED GAIN		170,944,113

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	184,635,774

See Notes to Financial Statements.

133

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STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2006			2005
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	13,691,661		$	5,027,732
Net realized gain on investments		76,662,125			24,210,047
Net change in unrealized appreciation on investments		94,281,988			13,875,160

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		184,635,774			43,112,939

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(1,001,235	)		(319,659	)
Class B		(27,597,120	)		(9,268,279	)

		(28,598,355	)		(9,587,938	)

Distributions from net realized capital gains
Class A		(743,323	)		(332,499	)
Class B		(24,769,822	)		(11,041,084	)

		(25,513,145	)		(11,373,583	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(54,111,500	)		(20,961,521	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [2,390,747 and 1,093,520 shares, respectively]		33,628,174			13,551,273
Capital shares issued in reinvestment of dividends and distributions [120,950 and 50,195 shares, respectively]		1,744,558			652,158
Capital shares repurchased [(423,432) and (208,524) shares, respectively]		(5,887,122	)		(2,597,289	)

Total Class A transactions		29,485,610			11,606,142

Class B
Capital shares sold [64,497,168 and 28,487,298 shares, respectively]		899,027,348			357,015,891
Capital shares issued in reinvestment of dividends and distributions [3,642,377 and 1,563,210 shares, respectively]		52,366,942			20,309,363
Capital shares repurchased [(6,716,945) and (2,449,116) shares, respectively]		(92,580,193	)		(30,691,259	)

Total Class B transactions		858,814,097			346,633,995

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		888,299,707			358,240,137

TOTAL INCREASE IN NET ASSETS		1,018,823,981			380,391,555
NET ASSETS:
Beginning of year		627,718,851			247,327,296

End of year (a)	$	1,646,542,832		$	627,718,851


(a) Includes accumulated overdistributed net investment income of	$	(6,240	)	$	(1,094	)

See Notes to Financial Statements.

134

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AXA PREMIER VIP AGGRESSIVE EQUITY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2006


ASSETS
Investments at value (Cost $2,670,231,183) (Securities on loan at market value $313,830,155)	$	2,921,192,410
Cash		450
Foreign Cash (Cost $645)		695
Receivable for securities sold		6,206,300
Receivable from Separate Accounts for Trust shares sold		2,228,022
Dividends, interest and other receivables		1,201,449
Other assets		5,844

Total assets		2,930,835,170

LIABILITIES
Collateral held for loaned securities		323,380,206
Payable for securities purchased		8,084,138
Payable to Separate Accounts for Trust shares redeemed		2,873,961
Investment management fees payable		1,352,601
Administrative fees payable		358,812
Trustees’ fees payable		86,695
Distribution fees payable - Class B		56,001
Accrued expenses		96,974

Total liabilities		336,289,388

NET ASSETS	$	2,594,545,782

Net assets were comprised of:
Paid in capital	$	2,950,252,663
Accumulated overdistributed net investment income		(94,123	)
Accumulated net realized loss		(606,577,094	)
Unrealized appreciation on investments and foreign currency translations		250,964,336

Net assets	$	2,594,545,782

Class A
Net asset value, offering and redemption price per share, $2,332,897,832 / 81,061,049 shares outstanding (unlimited amount authorized: $0.001 par value)	$	28.78

Class B
Net asset value, offering and redemption price per share, $261,647,950 / 9,235,119 shares outstanding (unlimited amount authorized: $0.001 par value)	$	28.33


*STATEMENT OF OPERATIONS*
*For the Year Ended December 31, 2006*

INVESTMENT INCOME
Dividends (net of $50,451 foreign withholding tax)	$	17,158,813
Interest		3,378,533
Securities lending (net)		2,957,256

Total income		23,494,602

EXPENSES
Investment management fees		14,862,453
Administrative fees		3,816,200
Distribution fees - Class B		654,478
Printing and mailing expenses		165,227
Professional fees		152,724
Custodian fees		125,500
Trustees’ fees		36,298
Miscellaneous		59,373

Gross expenses		19,872,253
Less: Fees paid indirectly		(514,239	)

Net expenses		19,358,014

NET INVESTMENT INCOME		4,136,588

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain on:
Securities		186,512,680
Foreign currency transactions		1,007

Net realized gain		186,513,687

Change in unrealized appreciation (depreciation) on:
Securities		(55,726,299	)
Foreign currency translations		6,832

Net change in unrealized depreciation		(55,719,467	)

NET REALIZED AND UNREALIZED GAIN		130,794,220

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	134,930,808

See Notes to Financial Statements.

135

AXA PREMIER VIP TRUST

AXA PREMIER VIP AGGRESSIVE EQUITY PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	4,136,588		$	(2,418,011	)
Net realized gain on investments and foreign currency transactions		186,513,687			346,860,633
Net change in unrealized depreciation on investments and foreign currency translations		(55,719,467	)		(144,487,885	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		134,930,808			199,954,737

DIVIDENDS:
Class A
Dividends from net investment income		(4,141,455	)		—

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 12,772,853 and 10,654,745 shares, respectively ]		346,209,414			259,668,492
Capital shares issued in reinvestment of dividends [ 143,339 and 0 shares, respectively ]		4,141,455			—
Capital shares repurchased [ (9,429,092) and (31,595,973) shares, respectively ]		(258,850,886	)		(802,395,376	)

Total Class A transactions		91,499,983			(542,726,884	)

Class B
Capital shares sold [ 2,194,831 and 2,063,883 shares, respectively ]		59,730,003			51,396,845
Capital shares repurchased [ (2,894,508) and (2,512,718) shares, respectively ]		(77,851,012	)		(62,068,126	)

Total Class B transactions		(18,121,009	)		(10,671,281	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		73,378,974			(553,398,165	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		204,168,327			(353,443,428	)
NET ASSETS:
Beginning of year		2,390,377,455			2,743,820,883

End of year (a)	$	2,594,545,782		$	2,390,377,455


(a) Includes accumulated overdistributed net investment income (loss) of	$	(94,123	)	$	(93,342	)

See Notes to Financial Statements.

136

AXA PREMIER VIP TRUST

AXA PREMIER VIP CORE BOND PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2006


ASSETS
Investments at value (Cost $3,667,893,453) (Securities on loan at market value $103,603,712)	$	3,653,466,991
Cash		240,563
Foreign Cash (Cost $2,838,611)		2,847,193
Receivable for forward commitments		168,890,500
Dividends, interest and other receivables		14,553,441
Receivable from Separate Accounts for Trust shares sold		5,541,886
Receivable for securities sold		506,462
Unrealized appreciation of forward foreign currency contracts		269,207
Other assets		4,908

Total assets		3,846,321,151

LIABILITIES
Payable for forward commitments		899,467,500
Collateral held for loaned securities		98,404,767
Securities sold short (Proceeds received $68,354,719)		67,955,097
Payable for securities purchased		39,861,383
Unrealized depreciation of forward foreign currency contracts		1,382,966
Investment management fees payable		1,178,055
Payable to Separate Accounts for Trust shares redeemed		565,600
Administrative fees payable		365,437
Variation margin payable on futures contracts		330,281
Distribution fees payable - Class B		175,459
Trustees’ fees payable		2,053
Accrued expenses		51,851

Total liabilities		1,109,740,449

NET ASSETS	$	2,736,580,702

Net assets were comprised of:
Paid in capital	$	2,766,149,916
Accumulated undistributed net investment income		1,497,379
Accumulated net realized loss		(12,660,058	)
Unrealized depreciation on investments, securities sold short, options written, futures and foreign currency translations		(18,406,535	)

Net assets	$	2,736,580,702

Class A
Net asset value, offering and redemption price per share, $1,911,398,837 / 187,283,332 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.21

Class B
Net asset value, offering and redemption price per share, $825,181,865 / 80,914,780 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.20

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2006


INVESTMENT INCOME
Interest (net of $9,021 foreign withholding tax)	$	118,042,593
Securities lending (net)		304,435

Total income		118,347,028

EXPENSES
Investment management fees		13,965,520
Administrative fees		3,679,584
Distribution fees - Class B		2,014,215
Printing and mailing expenses		164,926
Custodian fees		163,300
Professional fees		98,985
Trustees’ fees		30,165
Miscellaneous		45,412

Gross expenses		20,162,107
Less: Waiver from investment advisor		(1,606,496	)

Net expenses		18,555,611

NET INVESTMENT INCOME		99,791,417

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		(5,332,455	)
Options written		360,917
Futures		5,622,975
Foreign currency transactions		2,423,897

Net realized gain		3,075,334

Change in unrealized appreciation (depreciation) on:
Securities		(2,029,666	)
Securities sold short		806,481
Options written		(60,935	)
Futures		(2,346,686	)
Foreign currency translations		(1,033,571	)

Net change in unrealized depreciation		(4,664,377	)

NET REALIZED AND UNREALIZED LOSS		(1,589,043	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	98,202,374

See Notes to Financial Statements.

137

AXA PREMIER VIP TRUST

AXA PREMIER VIP CORE BOND PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	99,791,417		$	66,449,069
Net realized gain (loss) on investments and foreign currency transactions		3,075,334			(4,522,156	)
Net change in unrealized depreciation on investments and foreign currency translations		(4,664,377	)		(25,569,869	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		98,202,374			36,357,044

DIVIDENDS:
Dividends from net investment income
Class A		(68,386,512	)		(42,879,486	)
Class B		(33,174,174	)		(27,790,430	)

TOTAL DIVIDENDS		(101,560,686	)		(70,669,916	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 66,015,589 and 55,032,060 shares, respectively ]		668,899,610			570,432,977
Capital shares issued in reinvestment of dividends [ 6,759,317 and 4,154,289 shares, respectively ]		68,386,512			42,879,486
Capital shares repurchased [ (6,224,591) and (29,020,873) shares, respectively ]		(63,075,019	)		(299,835,306	)

Total Class A transactions		674,211,103			313,477,157

Class B
Capital shares sold [ 15,244,197 and 16,907,187 shares, respectively ]		154,635,674			174,897,108
Capital shares issued in reinvestment of dividends [ 3,281,419 and 2,693,643 shares, respectively ]		33,174,174			27,790,430
Capital shares repurchased [ (16,357,373) and (15,911,438) shares, respectively ]		(165,678,750	)		(164,562,029	)

Total Class B transactions		22,131,098			38,125,509

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		696,342,201			351,602,666

TOTAL INCREASE IN NET ASSETS		692,983,889			317,289,794
NET ASSETS:
Beginning of year		2,043,596,813			1,726,307,019

End of year (a)	$	2,736,580,702		$	2,043,596,813


(a) Includes accumulated undistributed net investment income of	$	1,497,379		$	(733,790	)

See Notes to Financial Statements.

138

AXA PREMIER VIP TRUST

AXA PREMIER VIP HEALTH CARE PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2006


ASSETS
Investments at value (Cost $406,635,278) (Securities on loan at market value $46,900,089)	$	446,776,874
Foreign Cash (Cost $163)		168
Receivable for securities sold		4,429,336
Dividends, interest and other receivables		352,072
Receivable from Separate Accounts for Trust shares sold		170,590
Other assets		908

Total assets		451,729,948

LIABILITIES
Overdraft payable		72
Collateral held for loaned securities		48,424,237
Payable for securities purchased		4,169,395
Investment management fees payable		407,280
Payable to Separate Accounts for Trust shares redeemed		285,146
Distribution fees payable - Class B		81,270
Administrative fees payable		64,705
Trustees’ fees payable		265
Accrued expenses		40,696

Total liabilities		53,473,066

NET ASSETS	$	398,256,882

Net assets were comprised of:
Paid in capital	$	361,104,644
Accumulated net investment loss		(25,013	)
Accumulated overdistributed net realized gain		(2,967,372	)
Unrealized appreciation on investments, options written and foreign currency translations		40,144,623

Net assets	$	398,256,882

Class A
Net asset value, offering and redemption price per share, $16,808,149 / 1,523,211 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.03

Class B
Net asset value, offering and redemption price per share, $381,448,733 / 35,056,481 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.88

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2006


INVESTMENT INCOME
Dividends (net of $106,748 foreign withholding tax)	$	3,403,885
Interest		662,573
Securities lending (net)		88,885

Total income		4,155,343

EXPENSES
Investment management fees		4,551,212
Distribution fees - Class B		906,497
Administrative fees		713,503
Custodian fees		95,500
Professional fees		34,255
Printing and mailing expenses		26,118
Trustees’ fees		4,977
Miscellaneous		15,943

Gross expenses		6,348,005
Less: Fees paid indirectly		(213,608	)

Net expenses		6,134,397

NET INVESTMENT LOSS		(1,979,054	)

REALIZED AND UNREALIZED GAIN
Realized gain on:
Securities.		14,909,417
Options written		420,290
Foreign currency transactions		3,419

Net realized gain		15,333,126

Change in unrealized appreciation on:
Securities.		5,526,281
Options written		2,395
Foreign currency translations		879

Net change in unrealized appreciation		5,529,555

NET REALIZED AND UNREALIZED GAIN		20,862,681

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	18,883,627

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(1,979,054	)	$	(2,042,180	)
Net realized gain on investments and foreign currency transactions		15,333,126			16,523,004
Net change in unrealized appreciation on investments and foreign currency translations		5,529,555			7,718,149

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		18,883,627			22,198,973

DISTRIBUTIONS:
Distributions from net realized capital gains
Class A		(766,849	)		(703,671	)
Class B		(17,273,592	)		(15,884,828	)

TOTAL DISTRIBUTIONS		(18,040,441	)		(16,588,499	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 444,269 and 602,750 shares, respectively ]		4,909,861			6,432,407
Capital shares issued in reinvestment of distributions [ 71,048 and 65,903 shares, respectively ]		766,849			703,671
Capital shares repurchased [ (390,415) and (252,239) shares, respectively ]		(4,335,889	)		(2,700,469	)

Total Class A transactions		1,340,821			4,435,609

Class B
Capital shares sold [ 8,918,191 and 9,160,311 shares, respectively ]		97,805,926			96,973,499
Capital shares issued in reinvestment of distributions [ 1,620,342 and 1,503,398 shares, respectively ]		17,273,592			15,884,828
Capital shares repurchased [ (6,247,787) and (5,186,960) shares, respectively ]		(68,365,869	)		(54,703,573	)

Total Class B transactions		46,713,649			58,154,754

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		48,054,470			62,590,363

TOTAL INCREASE IN NET ASSETS		48,897,656			68,200,837
NET ASSETS:
Beginning of year		349,359,226			281,158,389

End of year (a)	$	398,256,882		$	349,359,226


(a) Includes accumulated net investment loss of		(25,013	)	$	(44,273	)

See Notes to Financial Statements.

139

AXA PREMIER VIP TRUST

AXA PREMIER VIP HIGH YIELD PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2006


ASSETS
Investments at value (Cost $1,882,773,159)	$	1,921,418,856
Cash		425,481
Foreign Cash (Cost $9,781,735)		9,956,822
Dividends, interest and other receivables		35,906,417
Receivable from Separate Accounts for Trust shares sold		1,661,020
Receivable for securities sold		1,122,891
Unrealized appreciation of forward foreign currency contracts		124,237
Other assets		5,217

Total assets		1,970,620,941

LIABILITIES
Payable for securities purchased		8,683,196
Unrealized depreciation of forward foreign currency contracts		2,444,493
Payable to Separate Accounts for Trust shares redeemed		1,487,352
Investment management fees payable		956,570
Administrative fees payable		266,540
Distribution fees payable - Class B		232,635
Variation margin payable on futures contracts		90,325
Trustees’ fees payable		14,619
Accrued expenses		8,239

Total liabilities		14,183,969

NET ASSETS	$	1,956,436,972

Net assets were comprised of:
Paid in capital	$	2,237,193,689
Accumulated undistributed net investment income		502,684
Accumulated net realized loss		(317,043,485	)
Unrealized appreciation on investments and foreign currency		35,784,084

Net assets	$	1,956,436,972

Class A
Net asset value, offering and redemption price per share, $855,156,331 / 152,396,009 shares outstanding (unlimited amount authorized: $0.001 par value)	$	5.61

Class B
Net asset value, offering and redemption price per share, $1,101,280,641 / 197,377,453 shares outstanding (unlimited amount authorized: $0.001 par value)	$	5.58

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2006


INVESTMENT INCOME
Interest	$	150,696,077

EXPENSES
Investment management fees		10,675,246
Administrative fees		2,882,027
Distribution fees - Class B		2,647,001
Professional fees		141,566
Printing and mailing expenses		126,343
Custodian fees		64,000
Trustees’ fees		25,212
Miscellaneous		39,573

Total expenses		16,600,968

NET INVESTMENT INCOME		134,095,109

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		(5,391,639	)
Options written		327,385
Futures		818,593
Foreign currency transactions		(1,400,547	)

Net realized loss		(5,646,208	)

Change in unrealized appreciation (depreciation) on:
Securities		53,210,744
Options written		(125,250	)
Futures		(636,344	)
Foreign currency translations		(2,403,492	)

Net change in unrealized appreciation		50,045,658

NET REALIZED AND UNREALIZED GAIN		44,399,450

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	178,494,559

See Notes to Financial Statements.

140

AXA PREMIER VIP TRUST

AXA PREMIER VIP HIGH YIELD PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	134,095,109		$	136,832,704
Net realized gain (loss) on investments and foreign currency transactions		(5,646,208	)		21,771,954
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		50,045,658			(97,015,555	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		178,494,559			61,589,103

DIVIDENDS:
Dividends from net investment income
Class A		(59,039,233	)		(60,602,966	)
Class B		(73,375,113	)		(79,320,121	)

TOTAL DIVIDENDS		(132,414,346	)		(139,923,087	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 30,965,342 and 49,986,092 shares, respectively ]		177,613,117			289,628,817
Capital shares issued in reinvestment of dividends [ 10,556,421 and 11,119,421 shares, respectively ]		59,039,233			60,602,966
Capital shares repurchased [ (29,993,676) and (89,783,092) shares, respectively ]		(170,057,927	)		(523,613,632	)

Total Class A transactions		66,594,423			(173,381,849	)

Class B
Capital shares sold [ 29,311,823 and 34,054,645 shares, respectively ]		165,765,087			195,357,543
Capital shares issued in reinvestment of dividends [ 13,194,478 and 14,639,215 shares, respectively ]		73,375,113			79,320,121
Capital shares repurchased [ (37,142,824) and (36,971,475) shares, respectively ]		(209,701,913	)		(212,295,667	)

Total Class B transactions		29,438,287			62,381,997

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		96,032,710			(110,999,852	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		142,112,923			(189,333,836	)
NET ASSETS:
Beginning of year		1,814,324,049			2,003,657,885

End of year(a)	$	1,956,436,972		$	1,814,324,049


(a) Includes accumulated undistributed (overdistributed) net investment income of	$	502,684		$	(195,559	)

See Notes to Financial Statements.

141

AXA PREMIER VIP TRUST

AXA PREMIER VIP INTERNATIONAL EQUITY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2006


*ASSETS*
Investments at value (Cost $2,042,495,724) (Securities on Loan at market value $299,247,961)	$	2,402,028,716
Cash		26,408,890
Foreign Cash (Cost $12,074,708)		10,171,587
Foreign Cash held at Broker		1,943,459
Receivable for securities sold		6,459,230
Receivable from Separate Accounts for Trust shares sold		2,779,488
Dividends, interest and other receivables		2,153,441
Other assets		584,451

Total assets		2,452,529,262

LIABILITIES
Collateral held for loaned securities		312,927,910
Payable for securities purchased		13,325,359
Investment management fees payable		1,793,378
Payable to Separate Accounts for Trust shares redeemed		1,604,291
Administrative fees payable		277,590
Distribution fees payable - Class B		158,967
Variation margin payable on futures contracts		2,637
Trustees’ fees payable		606
Accrued expenses		327,506

Total liabilities		330,418,244

NET ASSETS	$	2,122,111,018

Net assets were comprised of:
Paid in capital	$	1,746,027,188
Accumulated overdistributed net investment income		(5,080,027	)
Accumulated undistributed net realized gain		21,345,038
Unrealized appreciation on investments, futures, and foreign currency translations		359,818,819

Net assets	$	2,122,111,018

Class A
Net asset value, offering and redemption price per share, $1,356,427,849 / 87,040,435 shares outstanding (unlimited amount authorized: $0.001 par value)	$	15.58

Class B
Net asset value, offering and redemption price per share, $765,683,169 / 49,222,964 shares outstanding (unlimited amount authorized: $0.001 par value)	$	15.56


*STATEMENT OF OPERATIONS* *For the Year Ended December 31, 2006*

INVESTMENT INCOME
Dividends (net of $2,698,424 foreign withholding tax)	$	27,044,603
Interest		2,429,017
Securities lending (net)		789,136

Total income		30,262,756

EXPENSES
Investment management fees		14,806,740
Administrative fees		2,300,837
Distribution fees - Class B		1,505,865
Custodian fees		987,500
Printing and mailing expenses		105,838
Professional fees		59,623
Trustees’ fees		16,246
Miscellaneous		27,904

Gross expenses		19,810,553
Less: Fees paid indirectly		(133,355	)

Net expenses		19,677,198

NET INVESTMENT INCOME		10,585,558

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		99,179,075
Futures		793,027
Foreign currency transactions		(291,805	)

Net realized gain		99,680,297

Change in unrealized appreciation on:
Securities		221,703,029
Futures		169,752
Foreign currency translations		106,852

Net change in unrealized appreciation		221,979,633

NET REALIZED AND UNREALIZED GAIN		321,659,930

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	332,245,488

See Notes to Financial Statements.

142

AXA PREMIER VIP TRUST

AXA PREMIER VIP INTERNATIONAL EQUITY PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2006			2005
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	10,585,558		$	7,414,259
Net realized gain on investments, futures, and foreign currency transactions		99,680,297			39,058,869
Net change in unrealized appreciation on investments, futures, and foreign currency translations		221,979,633			67,060,290

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		332,245,488			113,533,418

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(8,741,601	)		(5,729,159	)
Class B		(3,092,428	)		(5,618,427	)

		(11,834,029	)		(11,347,586	)

Distributions from net realized capital gains
Class A		(52,172,293	)		(22,432,354	)
Class B		(30,431,777	)		(24,437,528	)

		(82,604,070	)		(46,869,882	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(94,438,099	)		(58,217,468	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 57,490,990 and 15,671,475 shares, respectively ]		830,531,407			188,977,131
Capital shares issued in reinvestment of dividends and distributions [ 3,994,841 and 2,231,471 shares, respectively ]		60,913,894			28,161,513
Capital shares repurchased [ (3,583,648) and (8,445,111) shares, respectively ]		(51,199,878	)		(103,057,502	)

Total Class A transactions		840,245,423			114,081,142

Class B
Capital shares sold [ 22,000,941 and 13,695,438 shares, respectively ]		319,199,727			167,749,575
Capital shares issued in reinvestment of dividends and distributions [ 2,207,849 and 2,375,861 shares, respectively ]		33,524,205			30,055,955
Capital shares repurchased [ (9,541,422) and (9,270,025) shares, respectively ]		(137,681,385	)		(113,447,158	)

Total Class B transactions		215,042,547			84,358,372

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		1,055,287,970			198,439,514

TOTAL INCREASE IN NET ASSETS		1,293,095,359			253,755,464
NET ASSETS:
Beginning of year		829,015,659			575,260,195

End of year (a)	$	2,122,111,018		$	829,015,659


(a) Includes accumulated overdistributed net investment income of	$	(5,080,027	)	$	(3,887,774	)

See Notes to Financial Statements.

143

AXA PREMIER VIP TRUST

AXA PREMIER VIP LARGE CAP CORE EQUITY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2006


ASSETS
Investments at value (Cost $769,963,308) (Securities on loan at market value $68,716,171)	$	858,631,797
Cash		17,397,705
Foreign Cash (Cost $691)		713
Receivable for securities sold		3,200,984
Receivable from Separate Accounts for Trust shares sold		1,344,083
Dividends, interest and other receivables		756,605
Other assets		1,059

Total assets		881,332,946

LIABILITIES
Collateral held for loaned securities		70,770,942
Payable for securities purchased		3,322,237
Investment management fees payable.		582,263
Administrative fees payable		115,993
Payable to Separate Accounts for Trust shares redeemed		94,376
Distribution fees payable - Class B		44,371
Trustees’ fees payable		346
Accrued expenses		38,639

Total liabilities		74,969,167

NET ASSETS	$	806,363,779

Net assets were comprised of:
Paid in capital	$	706,002,390
Accumulated overdistributed net investment income		(9,110	)
Accumulated undistributed net realized gain		11,701,988
Unrealized appreciation on investments and foreign currency translations		88,668,511

Net assets	$	806,363,779

Class A
Net asset value, offering and redemption price per share, $598,068,253 / 50,018,160 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.96

Class B
Net asset value, offering and redemption price per share, $208,295,526 / 17,416,228 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.96

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2006



INVESTMENT INCOME
Dividends (net of $41,596 foreign withholding tax)	$	9,868,290
Interest		1,404,456
Securities lending (net)		410,383

Total income		11,683,129

EXPENSES
Investment management fees		5,761,915
Administrative fees		1,108,323
Distribution fees - Class B		489,293
Custodian fees		82,500
Printing and mailing expenses		44,886
Professional fees		40,405
Trustees’ fees		7,851
Miscellaneous		12,124

Gross expenses		7,547,297
Less: Waiver from investment advisor		(24,337	)
Fees paid indirectly		(122,469	)

Net expenses		7,400,491

NET INVESTMENT INCOME		4,282,638

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		25,987,676
Foreign currency transactions		(55,629	)

Net realized gain		25,932,047

Change in unrealized appreciation on:
Securities		57,734,982
Foreign currency translations		8,806

Net change in unrealized appreciation		57,743,788

NET REALIZED AND UNREALIZED GAIN		83,675,835

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	87,958,473

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2006			2005
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	4,282,638		$	883,521
Net realized gain on investments and foreign currency transactions		25,932,047			12,157,841
Net change in unrealized appreciation on investments and foreign currency translations		57,743,788			6,256,892

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		87,958,473			19,298,254

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(3,565,617	)		(815,008	)
Class B		(741,319	)		(40,280	)

		(4,306,936	)		(855,288	)

Distributions from net realized capital gains
Class A		(11,387,989	)		(6,184,802	)
Class B		(4,234,699	)		(4,733,170	)

		(15,622,688	)		(10,917,972	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(19,929,624	)		(11,773,260	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 22,488,493 and 27,841,380 shares, respectively ]		252,809,780			300,038,724
Capital shares issued in reinvestment of dividends and distributions [ 1,261,891 and 645,878 shares, respectively ]		14,953,606			6,999,810
Capital shares repurchased [ (2,395,573) and (492,106) shares, respectively ]		(26,833,361	)		(5,264,037	)

Total Class A transactions		240,930,025			301,774,497

Class B
Capital shares sold [ 3,663,296 and 3,642,703 shares, respectively ]		41,341,710			38,165,786
Capital shares issued in reinvestment of dividends and distributions [ 422,202 and 443,541 shares, respectively ]		4,976,018			4,773,450
Capital shares repurchased [ (3,855,315) and (3,657,384) shares, respectively ]		(43,482,835	)		(38,475,491	)

Total Class B transactions		2,834,893			4,463,745

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		243,764,918			306,238,242

TOTAL INCREASE IN NET ASSETS		311,793,767			313,763,236
NET ASSETS:
Beginning of year		494,570,012			180,806,776

End of year (a)	$	806,363,779		$	494,570,012


(a) Includes accumulated overdistributed net investment income of	$	(9,110	)	$	(7,432	)

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2006


ASSETS
Investments at value (Cost $355,411,367) (Securities on loan at market value $27,374,774)	$	422,075,332
Cash		2,961
Dividends, interest and other receivables		356,535
Receivable from Separate Accounts for Trust shares sold		244,205
Other assets		980

Total assets		422,680,013

LIABILITIES
Collateral held for loaned securities		28,073,093
Investment management fees payable		297,381
Payable for securities purchased		277,337
Payable to Separate Accounts for Trust shares redeemed		106,549
Distribution fees payable - Class B		79,590
Administrative fees payable		64,395
Trustees’ fees payable		506
Accrued expenses		23,810

Total liabilities		28,922,661

NET ASSETS	$	393,757,352

Net assets were comprised of:
Paid in capital	$	326,386,429
Accumulated net investment loss		(8,773	)
Accumulated undistributed net realized gain		715,731
Unrealized appreciation on investments		66,663,965

Net assets	$	393,757,352

Class A
Net asset value, offering and redemption price per share, $21,104,373 / 2,119,688 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.96

Class B
Net asset value, offering and redemption price per share, $372,652,979 / 37,917,530 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.83

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2006


INVESTMENT INCOME
Dividends (net of $6,615 foreign withholding tax)	$	2,606,425
Interest		528,585
Securities lending (net)		36,499

Total income		3,171,509

EXPENSES
Investment management fees.		3,430,904
Distribution fees - Class B		903,699
Administrative fees		716,019
Professional fees		34,359
Custodian fees		34,000
Printing and mailing expenses		25,980
Trustees’ fees		5,073
Miscellaneous		9,020

Gross expenses		5,159,054
Less Waiver from investment advisor		(63,008	)
Fees paid indirectly		(58,266	)

Net expenses		5,037,780

NET INVESTMENT LOSS		(1,866,271	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		22,699,347
Net change in unrealized depreciation on securities		(20,109,132	)

NET REALIZED AND UNREALIZED GAIN		2,590,215

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS:	$	723,944

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(1,866,271	)	$	(2,559,580	)
Net realized gain on investments		22,699,347			4,957,030
Net change in unrealized appreciation (depreciation) on investments		(20,109,132	)		24,599,912

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		723,944			26,997,362

DISTRIBUTIONS:
Distributions from net realized capital gains
Class A		(983,003	)		—
Class B		(17,694,019	)		—

TOTAL DISTRIBUTIONS		(18,677,022	)		—

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 741,010 and 882,676 shares, respectively]		7,565,467			8,412,946
Capital shares issued in reinvestment of distributions [ 97,577 and 0 shares, respectively ]		983,003			—
Capital shares repurchased [ (427,834) and (433,692) shares, respectively ]		(4,354,718	)		(4,177,789	)

Total Class A transactions		4,193,752			4,235,157

Class B
Capital shares sold [ 8,074,961 and 8,714,394 shares, respectively ]		81,171,735			82,560,761
Capital shares issued in reinvestment of distributions [ 1,779,183 and 0 shares, respectively]		17,694,019			—
Capital shares repurchased [ (7,157,269) and (9,346,540) shares, respectively ]		(71,979,314	)		(88,966,187	)

Total Class B transactions		26,886,440			(6,405,426	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		31,080,192			(2,170,269	)

TOTAL INCREASE IN NET ASSETS		13,127,114			24,827,093
NET ASSETS:
Beginning of year		380,630,238			355,803,145

End of year (a)	$	393,757,352		$	380,630,238


(a) Includes accumulated net investment loss of	$	(8,773	)	$	(12,256	)

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2006


ASSETS
Investments at value (Cost $1,467,708,724) (Securities on loan at market value $52,143,457)	$	1,673,291,394
Cash		25,256
Foreign currency (Cost $141)		140
Receivable from Separate Accounts for Trust shares sold		4,131,056
Receivable for securities sold		3,344,830
Dividends, interest and other receivables		2,403,835
Other assets		1,988

Total assets		1,683,198,499

LIABILITIES
Collateral held for loaned securities		53,623,640
Payable for securities purchased		10,778,079
Investment management fees payable		1,283,477
Payable to Separate Accounts for Trust shares redeemed		313,917
Administrative fees payable		218,371
Distribution fees payable - Class B		147,465
Trustees’ fees payable		520
Accrued expenses		49,918

Total liabilities		66,415,387

NET ASSETS	$	1,616,783,112

Net assets were comprised of:
Paid in capital	$	1,399,600,651
Accumulated overdistributed net investment income		(17,407	)
Accumulated undistributed net realized gain		11,613,662
Unrealized appreciation on investments		205,586,206

Net assets	$	1,616,783,112

Class A
Net asset value, offering and redemption price per share, $914,471,431 / 71,293,533 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.83

Class B
Net asset value, offering and redemption price per share, $702,311,681 / 54,749,337 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.83

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2006


INVESTMENT INCOME
Dividends (net of $68,450 foreign withholding tax)	$	25,966,922
Interest		1,389,363
Securities lending (net)		102,200

Total income		27,458,485

EXPENSES
Investment management fees		11,058,324
Administrative fees		2,017,785
Distribution fees - Class B		1,504,970
Recoupment fees		302,638
Custodian fees		106,400
Printing and mailing expenses		88,641
Professional fees		55,443
Trustees’ fees		14,882
Miscellaneous		20,921

Gross expenses		15,170,004
Less: Fees paid indirectly		(536,460	)

Net expenses		14,633,544

NET INVESTMENT INCOME		12,824,941

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		64,270,387
Foreign currency transactions		(3,821	)

Net realized gain		64,266,566

Change in unrealized appreciation on:
Securities		149,559,772
Foreign currency translations		2,966

Net change in unrealized appreciation		149,562,738

NET REALIZED AND UNREALIZED GAIN		213,829,304

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	226,654,245

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2006			2005
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	12,824,941		$	4,439,476
Net realized gain on investments and foreign currency transactions		64,266,566			28,023,804
Net change in unrealized appreciation on investments and foreign currency translations		149,562,738			3,473,071

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		226,654,245			35,936,351

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(8,201,985	)		(2,002,027	)
Class B		(4,635,213	)		(2,616,383	)

		(12,837,198	)		(4,618,410	)

Distributions from net realized capital gains
Class A		(28,519,535	)		(9,793,365	)
Class B		(22,497,903	)		(22,947,381	)

		(51,017,438	)		(32,740,746	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(63,854,636	)		(37,359,156	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 43,189,336 and 26,676,778 shares, respectively ]		516,231,661			307,601,902
Capital shares issued in reinvestment of dividends and distributions [ 2,877,048 and 1,047,418 shares, respectively ]		36,721,520			11,795,392
Capital shares repurchased [ (2,426,429) and (958,677) shares, respectively ]		(28,717,665	)		(10,924,975	)

Total Class A transactions		524,235,516			308,472,319

Class B
Capital shares sold [ 16,267,210 and 15,351,377 shares, respectively ]		195,766,770			172,101,897
Capital shares issued in reinvestment of dividends and distributions [ 2,128,565 and 2,276,005 shares, respectively ]		27,133,116			25,563,764
Capital shares repurchased [ (10,723,895) and (7,553,298) shares, respectively ]		(129,263,373	)		(84,987,451	)

Total Class B transactions		93,636,513			112,678,210

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		617,872,029			421,150,529

TOTAL INCREASE IN NET ASSETS		780,671,638			419,727,724
NET ASSETS:
Beginning of year		836,111,474			416,383,750

End of year (a)	$	1,616,783,112		$	836,111,474


(a) Includes accumulated overdistributed net investment income of	$	(17,407	)	$	(4,970	)

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2006


ASSETS
Investments at value (Cost $858,315,494) (Securities on loan at market value $188,750,303)	$	968,351,119
Cash		328,350
Receivable from Separate Accounts for Trust shares sold		443,204
Dividends, interest and other receivables		203,198
Receivable for securities sold		195,461
Other assets		1,998

Total assets		969,523,330

LIABILITIES
Collateral held for loaned securities		193,632,705
Payable to Separate Accounts for Trust shares redeemed		729,710
Investment management fees payable		727,528
Payable for securities purchased		434,720
Distribution fees payable - Class B		116,379
Administrative fees payable		115,154
Trustees’ fees payable		1,141
Accrued expenses		42,289

Total liabilities		195,799,626

NET ASSETS	$	773,723,704

Net assets were comprised of:
Paid in capital	$	657,495,865
Accumulated net investment loss		(26,493	)
Accumulated undistributed net realized gain		6,218,707
Unrealized appreciation on investments		110,035,625

Net assets	$	773,723,704

Class A
Net asset value, offering and redemption price per share, $230,584,976 / 25,504,664 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.04

Class B
Net asset value, offering and redemption price per share, $543,138,728 / 61,028,021 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.90

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2006


INVESTMENT INCOME
Dividends (net of $335 foreign withholding tax)	$	2,489,988
Interest		818,466
Securities lending (net)		578,749

Total income		3,887,203

EXPENSES
Investment management fees		8,222,027
Administrative fees		1,269,088
Distribution fees - Class B		1,332,739
Recoupment fees		43,027
Custodian fees		56,800
Printing and mailing expenses		51,531
Professional fees		44,042
Trustees’ fees		9,936
Miscellaneous		13,859

Gross expenses		11,043,049
Less: Fees paid indirectly		(308,680	)

Net expenses		10,734,369

NET INVESTMENT LOSS		(6,847,166	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on securities		83,322,965
Net change in unrealized depreciation on securities		(8,037,436	)

NET REALIZED AND UNREALIZED GAIN		75,285,529

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	68,438,363

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(6,847,166	)	$	(7,984,187	)
Net realized gain on investments		83,322,965			101,294,862
Net change in unrealized depreciation on investments		(8,037,436	)		(29,833,570	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		68,438,363			63,477,105

DISTRIBUTIONS:
Distributions from net realized capital gains
Class A		(22,299,544	)		(31,605,390	)
Class B		(54,024,854	)		(64,318,196	)

TOTAL DISTRIBUTIONS		(76,324,398	)		(95,923,586	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 5,217,550 and 8,137,258 shares, respectively ]		49,795,063			75,127,493
Capital shares issued in reinvestment of distributions [ 2,466,495 and 3,474,960 shares, respectively ]		22,299,544			31,605,390
Capital shares repurchased [ (6,699,119) and (28,200,211) shares, respectively ]		(64,098,826	)		(272,110,526	)

Total Class A transactions		7,995,781			(165,377,643	)

Class B
Capital shares sold [ 10,984,913 and 8,568,770 shares, respectively ]		104,492,969			80,765,282
Capital shares issued in reinvestment of distributions [ 6,068,076 and 7,168,541 shares, respectively ]		54,024,854			64,318,196
Capital shares repurchased [ (11,343,121) and (9,511,263) shares, respectively ]		(106,861,669	)		(90,013,775	)

Total Class B transactions		51,656,154			55,069,703

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		59,651,935			(110,307,940	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		51,765,900			(142,754,421	)
NET ASSETS:
Beginning of year		721,957,804			864,712,225

End of year (a)	$	773,723,704		$	721,957,804


(a) Includes accumulated net investment loss of	$	(26,493	)	$	(60,494	)

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2006


ASSETS
Investments at value (Cost $1,015,195,456) (Securities on loan at market value $163,508,749)	$	1,156,764,435
Cash		1,168,371
Receivable for securities sold		3,067,309
Dividends, interest and other receivables		1,080,155
Receivable from Separate Accounts for Trust shares sold		1,024,971
Other assets		2,629

Total assets		1,163,107,870

LIABILITIES
Foreign Cash overdraft payable		385
Collateral held for loaned securities		167,686,287
Payable for securities purchased		6,205,811
Investment management fees payable		918,081
Administrative fees payable		143,031
Payable to Separate Accounts for Trust shares redeemed		129,975
Distribution fees payable - Class B		127,218
Trustees’ fees payable		1,792
Accrued expenses		81,412

Total liabilities		175,293,992

NET ASSETS	$	987,813,878

Net assets were comprised of:
Paid in capital	$	839,193,124
Accumulated undistributed net investment income		6,680
Accumulated undistributed net realized gain		7,045,214
Unrealized appreciation on investments and foreign currency translations		141,568,860

Net assets	$	987,813,878

Class A
Net asset value, offering and redemption price per share, $387,989,882 / 38,701,434 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.03

Class B
Net asset value, offering and redemption price per share, $599,823,996 / 60,767,406 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.87

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2006


INVESTMENT INCOME
Dividends (net of $114,648 foreign withholding tax)	$	12,273,183
Interest		1,004,396
Securities lending (net)		278,375

Total income		13,555,954

EXPENSES
Investment management fees		9,643,681
Administrative fees		1,463,850
Distribution fees - Class B		1,371,945
Custodian fees		282,600
Printing and mailing expenses		60,316
Professional fees		47,002
Trustees’ fees		11,446
Miscellaneous		21,069

Gross expenses		12,901,909
Less: Fees paid indirectly		(99,806	)

Net expenses		12,802,103

NET INVESTMENT INCOME		753,851

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		94,713,667
Foreign currency transactions		(21,457	)

Net realized gain		94,692,210

Change in unrealized appreciation (depreciation) on:
Securities		27,126,729
Foreign currency translations		(119	)

Net change in unrealized appreciation		27,126,610

NET REALIZED AND UNREALIZED GAIN		121,818,820

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	122,572,671

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	753,851		$	(181,838	)
Net realized gain on investments and foreign currency transactions		94,692,210			177,619,084
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		27,126,610			(90,488,567	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		122,572,671			86,948,679

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(706,658	)		—

Distributions from net realized capital gains
Class A		(38,650,458	)		(82,993,203	)
Class B		(62,054,877	)		(110,543,859	)

		(100,705,335	)		(193,537,062	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(101,411,993	)		(193,537,062	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 11,052,476 and 12,459,484 shares, respectively ]		115,111,376			140,608,377
Capital shares issued in reinvestment of dividends and distributions [ 3,946,670 and 8,237,110 shares, respectively ]		39,357,116			82,993,203
Capital shares repurchased [ (9,091,923) and (61,238,638) shares, respectively ]		(93,686,609	)		(714,939,161	)

Total Class A transactions		60,781,883			(491,337,581	)

Class B
Capital shares sold [ 12,126,304 and 7,943,010 shares, respectively ]		123,877,442			90,022,941
Capital shares issued in reinvestment of distributions [ 6,320,851 and 11,388,306 shares, respectively ]		62,054,877			110,543,859
Capital shares repurchased [ (10,817,249) and (9,942,979) shares, respectively ]		(110,314,738	)		(112,907,059	)

Total Class B transactions		75,617,581			87,659,741

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		136,399,464			(403,677,840	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		157,560,142			(510,266,223	)
NET ASSETS:
Beginning of year		830,253,736			1,340,519,959

End of year (a)	$	987,813,878		$	830,253,736


(a) Includes accumulated undistributed net investment income (loss) of	$	6,680		$	(18,981	)

See Notes to Financial Statements.

152

AXA PREMIER VIP TRUST

AXA PREMIER VIP TECHNOLOGY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2006


ASSETS
Investments at value (Cost $528,012,561) (Securities on loan at market value $43,668,130)	$	592,151,436
Foreign Cash (Cost $12,836)		12,930
Receivable for securities sold		5,591,351
Receivable from Separate Accounts for Trust shares sold		336,335
Dividends, interest and other receivables		171,363
Other assets		1,574

Total assets		598,264,989

LIABILITIES
Overdraft payable		241,678
Collateral held for loaned securities		44,751,712
Payable for securities purchased		6,852,493
Investment management fees payable		559,514
Payable to Separate Accounts for Trust shares redeemed		567,163
Distribution fees payable - Class B		112,134
Administrative fees payable		85,936
Trustees’ fees payable		3,994
Accrued expenses		65,166

Total liabilities		53,239,790

NET ASSETS	$	545,025,199

Net assets were comprised of:
Paid in capital	$	635,217,499
Accumulated net investment loss		(1,908	)
Accumulated net realized loss		(154,329,360	)
Unrealized appreciation on investments, options written and foreign currency translations		64,138,968

Net assets	$	545,025,199

Class A
Net asset value, offering and redemption price per share, $28,468,842 / 2,560,500 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.12

Class B
Net asset value, offering and redemption price per share, $516,556,357 / 47,058,809 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.98

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2006


INVESTMENT INCOME
Dividends (net of $64,264 foreign withholding tax)	$	2,613,001
Interest		1,035,642
Securities lending (net)		161,669

Total income		3,810,312

EXPENSES
Investment management fees		6,523,699
Distribution fees - Class B		1,287,590
Administrative fees		963,064
Custodian fees		150,900
Professional fees		55,697
Printing and mailing expenses		36,743
Trustees’ fees		7,319
Miscellaneous		12,560

Gross expenses		9,037,572
Less: Fees paid indirectly		(189,432	)

Net expenses		8,848,140

NET INVESTMENT LOSS		(5,037,828	)

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Securities		48,971,869
Options written		(1,151,343	)
Foreign currency transactions		(188,631	)

Net realized gain		47,631,895

Change in unrealized appreciation (depreciation) on:
Securities		(5,722,036	)
Options written		91,776
Foreign currency translations		210

Net change in unrealized depreciation		(5,630,050	)

NET REALIZED AND UNREALIZED GAIN		42,001,845

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	36,964,017

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended December 31,
	2006			2005
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(5,037,828	)	$	(5,240,879	)
Net realized gain on investments and foreign currency transactions		47,631,895			46,797,193
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(5,630,050	)		10,019,642

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		36,964,017			51,575,956

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 1,043,992 and 1,265,476 shares, respectively ]		11,036,745			11,755,539
Capital shares repurchased [ (1,121,111) and (1,427,847) shares, respectively ]		(11,900,421	)		(13,153,466	)

Total Class A transactions		(863,676	)		(1,397,927	)

Class B
Capital shares sold [ 14,490,105 and 12,676,916 shares, respectively ]		153,218,571			117,560,288
Capital shares repurchased [ (17,034,489) and (16,002,929) shares, respectively ]		(179,030,768	)		(145,548,432	)

Total Class B transactions		(25,812,197	)		(27,988,144	)

NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(26,675,873	)		(29,386,071	)

TOTAL INCREASE IN NET ASSETS		10,288,144			22,189,885
NET ASSETS:
Beginning of year		534,737,055			512,547,170

End of year (a)	$	545,025,199		$	534,737,055


(a) Includes accumulated net investment loss of	$	(1,908	)	$	(83,971	)

See Notes to Financial Statements.

153

AXA PREMIER VIP TRUST

TARGET 2015 ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2006


ASSETS
Investments at cost:
Affiliated Issuers (Cost $2,507,838)	$	2,528,627
Unaffiliated Issuers (Amortized Cost $29,781)		29,781
Receivable from Separate Accounts for Trust shares sold		38,776
Receivable from investment manager		7,802
Dividends, interest and other receivables		182

Total assets		2,605,168

LIABILITIES
Payable for securities purchased		23,234
Distribution fees payable - Class B		387
Payable to Separate Accounts for Trust shares redeemed		147
Trustees’ fees payable		10
Accrued expenses		18,564

Total liabilities		42,342

NET ASSETS	$	2,562,826

Net assets were comprised of:
Paid in capital	$	2,503,601
Accumulated undistributed net investment income		1
Accumulated undistributed net realized gain		38,435
Unrealized appreciation on investments		20,789

Net assets	$	2,562,826

Class A
Net asset value, offering and redemption price per share, $539,527 / 51,205 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.54

Class B
Net asset value, offering and redemption price per share, $2,023,299 / 192,028 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.54


*STATEMENT OF OPERATIONS* For the Period Ended December 31, 2006*
INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	53,416
Interest		394

Total income		53,810

EXPENSES
Professional fees		16,009
Administrative fees		12,998
Custodian fees		10,028
Printing and mailing expenses		2,120
Distribution fees - Class B		896
Investment management fees		532
Miscellaneous		777

Gross expenses		43,360
Less: Waiver from investment advisor		(13,029	)
Reimbursement from investment advisor		(27,582	)

Net expenses		2,749

NET INVESTMENT INCOME		51,061

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		1,661
Net distributions of realized gain received from Underlying Portfolios		41,753

Net realized gain		43,414
Net change in unrealized appreciation on securities		20,789

NET REALIZED AND UNREALIZED GAIN		64,203

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	115,264


*STATEMENT OF CHANGES IN NET ASSETS*

	August 31, 2006* to December 31, 2006
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	51,061
Net realized gain on investments		43,414
Net change in unrealized appreciation on investments		20,789

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		115,264

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(12,530	)
Class B		(43,399	)

		(55,929	)

Distributions from net realized capital gains
Class A		(130	)
Class B		(468	)

		(598	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(56,527	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares issued in reinvestment of dividends and distributions [ 1,205 shares ]		12,660

Class B
Capital shares sold [ 142,984 shares]		1,500,315
Capital shares issued in reinvestment of dividends and distributions [ 4,174 shares]		43,867
Capital shares repurchased [ (5,130) shares]		(52,753	)

Total Class B transactions		1,491,429

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		1,504,089

TOTAL INCREASE IN NET ASSETS		1,562,826
NET ASSETS:
Beginning of period		1,000,000

End of period (a)	$	2,562,826


(a) Includes accumulated undistributed net investment income of	$	1

* The Portfolio commenced operations on August 31, 2006.

See Notes to Financial Statements.

154

AXA PREMIER VIP TRUST

TARGET 2025 ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2006


ASSETS
Investments at cost:
Affiliated Issuers (Cost $2,659,032)	$	2,698,462
Unaffiliated Issuers (Amortized Cost $10,097)		10,097
Receivable from investment manager		7,794
Receivable from Separate Accounts for Trust shares sold		3,873
Dividends, interest and other receivables		99

Total assets		2,720,325

LIABILITIES
Payable for securities purchased		3,485
Distribution fees payable - Class B		423
Payable to Separate Accounts for Trust shares redeemed		343
Trustees’ fees payable		10
Accrued expenses		18,529

Total liabilities		22,790

NET ASSETS	$	2,697,535

Net assets were comprised of:
Paid in capital	$	2,610,340
Accumulated undistributed net investment income		7
Accumulated undistributed net realized gain		47,758
Unrealized appreciation on investments		39,430

Net assets	$	2,697,535

Class A
Net asset value, offering and redemption price per share, $543,656 / 51,039 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.65

Class B
Net asset value, offering and redemption price per share, $2,153,879 / 202,204 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.65


*STATEMENT OF OPERATIONS*
For the Period Ended December 31, 2006*

INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	47,974
Interest		374

Total income		48,348

EXPENSES
Professional fees		16,011
Administrative fees		13,065
Custodian fees		10,028
Printing and mailing expenses		2,176
Distribution fees - Class B		1,006
Investment management fees		577
Miscellaneous		777

Gross expenses		43,640
Less: Waiver from investment advisor		(13,141	)
Reimbursement from investment advisor		(27,486	)

Net expenses		3,013

NET INVESTMENT INCOME		45,335

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		1,499
Net distributions of realized gain received from Underlying Portfolios		51,461

Net realized gain		52,960
Net change in unrealized appreciation on securities		39,430

NET REALIZED AND UNREALIZED GAIN		92,390

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	137,725


*STATEMENT OF CHANGES IN NET ASSETS*

	August 31, 2006* to December 31, 2006
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	45,335
Net realized gain on investments		52,960
Net change in unrealized appreciation on investments		39,430

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		137,725

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(10,905	)
Class B		(39,584	)

		(50,489	)

Distributions from net realized capital gains
Class A		(125	)
Class B		(474	)

		(599	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(51,088	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares issued in reinvestment of dividends and distributions [ 1,039 shares ]		11,030

Class B
Capital shares sold [ 151,710 shares ]		1,594,244
Capital shares issued in reinvestment of dividends and distributions [ 3,773 shares ]		40,058
Capital shares repurchased [ (3,279) shares ]		(34,434	)

Total Class B transactions		1,599,868

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		1,610,898

TOTAL INCREASE IN NET ASSETS		1,697,535
NET ASSETS:
Beginning of period		1,000,000

End of period (a)	$	2,697,535


(a) Includes accumulated undistributed net investment income of	$	7

* The Portfolio commenced operations on August 31, 2006.

See Notes to Financial Statements.

155

AXA PREMIER VIP TRUST

TARGET 2035 ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2006


ASSETS
Investments at cost:
Affiliated Issuers (Cost $1,719,745)	$	1,775,403
Unaffiliated Issuers (Amortized Cost $12,126)		12,126
Receivable from investment manager		8,047
Receivable from Separate Accounts for Trust shares sold		4,593
Dividends, interest and other receivables		77

Total assets		1,800,246

LIABILITIES
Payable for securities purchased		5,686
Distribution fees payable - Class B		226
Payable to Separate Accounts for Trust shares redeemed		21
Trustees’ fees payable		10
Accrued expenses		18,532

Total liabilities		24,475

NET ASSETS	$	1,775,771

Net assets were comprised of:
Paid in capital	$	1,684,533
Accumulated overdistributed net investment income		(1	)
Accumulated undistributed net realized gain		35,581
Unrealized appreciation on investments		55,658

Net assets	$	1,775,771

Class A
Net asset value, offering and redemption price per share, $547,464 / 50,858 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.76

Class B
Net asset value, offering and redemption price per share, $1,228,307 / 114,105 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.76


*STATEMENT OF OPERATIONS*
For the Period Ended December 31, 2006*

INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	24,094
Interest		182

Total income		24,276

EXPENSES
Professional fees		16,008
Administrative fees		12,856
Custodian fees		10,028
Printing and mailing expenses		2,158
Distribution fees - Class B		656
Investment management fees		437
Miscellaneous		777

Gross expenses		42,920
Less: Waiver from investment advisor		(12,792	)
Reimbursement from investment advisor		(27,948	)

Net expenses		2,180

NET INVESTMENT INCOME		22,096

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		3,967
Net distributions of realized gain received from Underlying Portfolios		35,516

Net realized gain		39,483
Net change in unrealized appreciation on securities		55,658

NET REALIZED AND UNREALIZED GAIN		95,141

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	117,237


*STATEMENT OF CHANGES IN NET ASSETS*

	August 31, 2006* to December 31, 2006
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	22,096
Net realized gain on investments		39,483
Net change in unrealized appreciation on investments		55,658

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		117,237

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(9,000	)
Class B		(16,850	)

		(25,850	)

Distributions from net realized capital gains
Class A		(190	)
Class B		(375	)

		(565	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(26,415	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares issued in reinvestment of dividends and distributions [ 858 shares ]		9,190

Class B
Capital shares sold [ 67,844 shares ]		715,356
Capital shares issued in reinvestment of dividends and distributions [ 1,608 shares ]		17,225
Capital shares repurchased [ (5,347) shares ]		(56,822	)

Total Class B transactions		675,759

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		684,949

TOTAL INCREASE IN NET ASSETS		775,771
NET ASSETS:
Beginning of period		1,000,000

End of period (a)	$	1,775,771


(a) Includes accumulated overdistributed net investment income of	$	(1	)

* The Portfolio commenced operations on August 31, 2006

See Notes to Financial Statements.

156

AXA PREMIER VIP TRUST

TARGET 2045 ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2006


ASSETS
Investments at cost:
Affiliated Issuers (Cost $1,543,921)	$	1,594,825
Unaffiliated Issuers (Amortized Cost $10,307)		10,307
Receivable from Separate Accounts for Trust shares sold		11,969
Receivable from investment manager		8,001
Dividends, interest and other receivables		149

Total assets		1,625,251

LIABILITIES
Payable for securities purchased		3,865
Distribution fees payable - Class B		205
Trustees’ fees payable		10
Payable to Separate Accounts for Trust shares redeemed		2
Accrued expenses		18,618

Total liabilities		22,700

NET ASSETS	$	1,602,551

Net assets were comprised of:
Paid in capital	$	1,511,967
Accumulated undistributed net realized gain		39,680
Unrealized appreciation on investments		50,904

Net assets	$	1,602,551

Class A
Net asset value, offering and redemption price per share, $550,829 / 50,717 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.86

Class B
Net asset value, offering and redemption price per share, $1,051,722 / 96,839 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.86

STATEMENT OF OPERATIONS

For the Period Ended December 31, 2006*


INVESTMENT INCOME
Dividends (All dividend income received from affiliates)	$	18,979
Interest		251

Total income		19,230

EXPENSES
Professional fees		16,006
Administrative fees		12,795
Custodian fees		10,028
Printing and mailing expenses		2,046
Distribution fees - Class B		553
Investment management fees		397
Miscellaneous		778

Gross expenses		42,603
Less: Waiver from investment advisor		(12,691	)
Reimbursement from investment advisor		(27,982	)

Net expenses		1,930

NET INVESTMENT INCOME		17,300

REALIZED AND UNREALIZED GAIN
Net realized gain on securities		4,119
Net distributions of realized gain received from Underlying Portfolios		39,477

Net realized gain		43,596
Net change in unrealized appreciation on securities		50,904

NET REALIZED AND UNREALIZED GAIN		94,500

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	111,800

STATEMENT OF CHANGES IN NET ASSETS


	August 31, 2006* to December 31, 2006
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income	$	17,300
Net realized gain on investments		43,596
Net change in unrealized appreciation on investments		50,904

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		111,800

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(7,695	)
Class B		(13,713	)

		(21,408	)

Distributions from net realized capital gains
Class A		(50	)
Class B		(95	)

		(145	)

TOTAL DIVIDENDS AND DISTRIBUTIONS		(21,553	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares issued in reinvestment of dividends and distributions [ 717 shares ]		7,745

Class B
Capital shares sold [ 51,940 shares ]		559,665
Capital shares issued in reinvestment of dividends and distributions [ 1,278 shares ]		13,808
Capital shares repurchased [ (6,379) shares ]		(68,914	)

Total Class B transactions		504,559

NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		512,304

TOTAL INCREASE IN NET ASSETS		602,551
NET ASSETS:
Beginning of period		1,000,000

End of period	$	1,602,551

*	The Portfolio commenced operations on August 31, 2006.

See Notes to Financial Statements.

157

AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS


	Year Ended December 31,									July 31, 2003* to December 31,
Class A	2006 (c)			2005 (c)			2004(c)			2003(c)
Net asset value, beginning of period	$	10.69		$	10.80		$	10.45		$	10.00

Income (loss) from investment operations:
Net investment income		0.41			0.34			0.38			0.53
Net realized and unrealized gain (loss) on investments		0.30			(0.04	)		0.28			0.06

Total from investment operations		0.71			0.30			0.66			0.59

Less distributions:
Dividends from net investment income		(0.38	)		(0.30	)		(0.30	)		(0.14	)
Distributions from net realized gains		(0.15	)		(0.11	)		(0.01	)		—

Total dividends and distributions		(0.53	)		(0.41	)		(0.31	)		(0.14	)

Net asset value, end of period	$	10.87		$	10.69		$	10.80		$	10.45

Total return (b)		6.55	%		2.78	%		6.29	%		5.89	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	4,999		$	3,054		$	2,071		$	93
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.10	%		0.10	%		0.10	%		0.10	%
Before waivers and reimbursements (a)		0.32	%		0.32	%		0.51	%		9.14	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		3.80	%		3.17	%		3.50	%		12.33	%(l)
Before waivers and reimbursements (a)		3.58	%		2.95	%		3.09	%		3.29	%(l)
Portfolio turnover rate		55	%		101	%		18	%		9	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.02		$	0.02		$	0.04		$	0.39

Class B	Year Ended December 31,									July 31, 2003* to December 31,
Class B	2006 (c)			2005 (c)			2004(c)			2003(c)
Net asset value, beginning of period	$	10.69		$	10.80		$	10.45		$	10.00

Income (loss) from investment operations:
Net investment income		0.38			0.32			0.35			0.53
Net realized and unrealized gain (loss) on investments		0.30			(0.05	)		0.28			0.05

Total from investment operations		0.68			0.27			0.63			0.58

Less distributions:
Dividends from net investment income		(0.35	)		(0.27	)		(0.27	)		(0.13	)
Distributions from net realized gains		(0.15	)		(0.11	)		(0.01	)		—

Total dividends and distributions		(0.50	)		(0.38	)		(0.28	)		(0.13	)

Net asset value, end of period	$	10.87		$	10.69		$	10.80		$	10.45

Total return (b)		6.37	%		2.52	%		6.02	%		5.78	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	339,978		$	217,999		$	109,357		$	5,986
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (a)		0.57	%		0.57	%		0.76	%		9.39	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		3.48	%		2.92	%		3.25	%		12.08	%(l)
Before waivers and reimbursements (a)		3.26	%		2.70	%		2.84	%		3.04	%(l)
Portfolio turnover rate		55	%		101	%		18	%		9	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.02		$	0.02		$	0.04		$	0.40

See Notes to Financial Statements.

158

AXA PREMIER VIP TRUST

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class A	Year Ended December 31,									July 31, 2003* to December 31,
Class A	2006 (c)			2005 (c)			2004(c)			2003(c)
Net asset value, beginning of period	$	11.16		$	11.22		$	10.66		$	10.00

Income from investment operations:
Net investment income		0.36			0.30			0.33			0.47
Net realized and unrealized gain on investments		0.65			0.09			0.52			0.33

Total from investment operations		1.01			0.39			0.85			0.80

Less distributions:
Dividends from net investment income		(0.36	)		(0.25	)		(0.28	)		(0.14	)
Distributions from net realized gains		(0.20	)		(0.20	)		(0.01	)		—

Total dividends and distributions		(0.56	)		(0.45	)		(0.29	)		(0.14	)

Net asset value, end of period	$	11.61		$	11.16		$	11.22		$	10.66

Total return (b)		9.06	%		3.53	%		7.96	%		8.02	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	5,544		$	3,466		$	1,403		$	225
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.10	%		0.10	%		0.10	%		0.10	%
Before waivers and reimbursements (a)		0.28	%		0.29	%		0.40	%		4.23	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		3.10	%		2.74	%		3.01	%		10.64	%(l)
Before waivers and reimbursements (a)		2.91	%		2.55	%		2.71	%		6.51	%(l)
Portfolio turnover rate		20	%		64	%		5	%		8	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.02		$	0.02		$	0.03		$	0.18

Class B	Year Ended December 31,									July 31, 2003* to December 31,
Class B	2006 (c)			2005 (c)			2004(c)			2003(c)
Net asset value, beginning of period	$	11.16		$	11.22		$	10.66		$	10.00

Income from investment operations:
Net investment income		0.33			0.27			0.30			0.46
Net realized and unrealized gain on investments		0.64			0.09			0.52			0.33

Total from investment operations		0.97			0.36			0.82			0.79

Less distributions:
Dividends from net investment income		(0.32	)		(0.22	)		(0.25	)		(0.13	)
Distributions from net realized gains		(0.20	)		(0.20	)		(0.01	)		—

Total dividends and distributions		(0.52	)		(0.42	)		(0.26	)		(0.13	)

Net asset value, end of period	$	11.61		$	11.16		$	11.22		$	10.66

Total return (b)		8.78	%		3.27	%		7.68	%		7.92	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	809,200		$	487,000		$	214,970		$	9,486
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (a)		0.53	%		0.54	%		0.65	%		4.48	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		2.84	%		2.49	%		2.76	%		10.39	%(l)
Before waivers and reimbursements (a)		2.65	%		2.30	%		2.46	%		6.26	%(l)
Portfolio turnover rate		20	%		64	%		5	%		8	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.02		$	0.02		$	0.03		$	0.18

See Notes to Financial Statements.

159

AXA PREMIER VIP TRUST

AXA MODERATE ALLOCATION PORTFOLIO (f)(k)

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class A	2006 (c)			2005 (c)			2004(c)			2003(c)			2002
Net asset value, beginning of year	$	15.88		$	15.51		$	14.63		$	12.54		$	14.52

Income (loss) from investment operations:
Net investment income		0.39			0.33			0.25			0.33			0.33
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.29			0.46			1.06			2.10			(2.15	)

Total from investment operations		1.68			0.79			1.31			2.43			(1.82	)

Less distributions:
Dividends from net investment income		(0.49	)		(0.42	)		(0.43	)		(0.34	)		(0.16	)
Distributions from net realized gains		(0.14	)		—			—			—			—

Total dividends and distributions		(0.63	)		(0.42	)		(0.43	)		(0.34	)		(0.16	)

Net asset value, end of year	$	16.93		$	15.88		$	15.51		$	14.63		$	12.54

Total return		10.58	%		5.06	%		8.99	%		19.40	%		(12.52	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	3,103,418		$	3,052,781		$	3,160,074		$	3,141,256		$	2,908,058
Ratio of expenses to average net assets:
After waivers and reimbursements		0.10	%		0.10	%		0.10	%		0.42	%		0.65	%
After waivers, reimbursements and fees paid indirectly		0.10	%		0.10	%		0.09	%		0.37	%		0.63	%
Before waivers, reimbursements and fees paid indirectly		0.27	%		0.27	%		0.26	%		0.49	%		0.66	%
Ratio of net investment income to average net assets:
After waivers and reimbursements		2.36	%		2.11	%		1.65	%		2.42	%		1.91	%
After waivers, reimbursements and fees paid indirectly		2.36	%		2.11	%		1.66	%		2.47	%		1.93	%
Before waivers, reimbursements and fees paid indirectly		2.20	%		1.94	%		1.49	%		2.35	%		1.90	%
Portfolio turnover rate		19	%		34	%		—	‡%		324	%(h)		337	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	0.03		$	0.03		$	0.02		$	0.01		$	—	#

	Year Ended December 31,
Class B	2006 (c)			2005 (c)			2004(c)			2003(c)			2002
Net asset value, beginning of year	$	15.79		$	15.43		$	14.55		$	12.47		$	14.45

Income (loss) from investment operations:
Net investment income		0.37			0.27			0.21			0.30			0.26
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.26			0.46			1.06			2.08			(2.10	)

Total from investment operations		1.63			0.73			1.27			2.38			(1.84	)

Less distributions:
Dividends from net investment income		(0.44	)		(0.37	)		(0.39	)		(0.30	)		(0.14	)
Distributions from net realized gains		(0.14	)		—			—			—			—

Total dividends and distributions		(0.58	)		(0.37	)		(0.39	)		(0.30	)		(0.14	)

Net asset value, end of year	$	16.84		$	15.79		$	15.43		$	14.55		$	12.47

Total return		10.34	%		4.74	%		8.75	%		19.11	%		(12.71	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	4,867,869		$	3,518,020		$	2,341,547		$	1,261,402		$	665,088
Ratio of expenses to average net assets:
After waivers and reimbursements		0.35	%		0.35	%		0.35	%		0.67	%		0.90	%
After waivers, reimbursements and fees paid indirectly		0.35	%		0.35	%		0.34	%		0.62	%		0.88	%
Before waivers, reimbursements and fees paid indirectly		0.52	%		0.52	%		0.51	%		0.74	%		0.91	%
Ratio of net investment income to average net assets:
After waivers and reimbursements		2.26	%		1.86	%		1.40	%		2.17	%		1.66	%
After waivers, reimbursements and fees paid indirectly		2.26	%		1.86	%		1.41	%		2.22	%		1.68	%
Before waivers, reimbursements and fees paid indirectly		2.09	%		1.69	%		1.24	%		2.10	%		1.65	%
Portfolio turnover rate		19	%		34	%		—	‡%		324	%(h)		337	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	0.03		$	0.03		$	0.02		$	0.01		$	—	#

See Notes to Financial Statements.

160

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class A	Year Ended December 31,									July 31, 2003* to December 31,
Class A	2006 (c)			2005 (c)			2004(c)			2003
Net asset value, beginning of period	$	12.60		$	12.25		$	11.17		$	10.00

Income from investment operations:
Net investment income		0.32			0.23			0.26			0.09
Net realized and unrealized gain on investments		1.52			0.62			1.07			1.17

Total from investment operations		1.84			0.85			1.33			1.26

Less distributions:
Dividends from net investment income		(0.33	)		(0.25	)		(0.25	)		(0.09	)
Distributions from net realized gains		(0.22	)		(0.25	)		—	#		—

Total dividends and distributions		(0.55	)		(0.50	)		(0.25	)		(0.09	)

Net asset value, end of period	$	13.89		$	12.60		$	12.25		$	11.17

Total return (b)		14.77	%		6.97	%		12.00	%		12.62	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	100,459		$	37,779		$	13,194		$	1,179
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.10	%		0.10	%		0.10	%		0.10	%
Before waivers and reimbursements (a)		0.27	%		0.27	%		0.30	%		1.87	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		2.38	%		1.84	%		2.24	%		6.91	%(l)
Before waivers and reimbursements (a)		2.22	%		1.67	%		2.04	%		5.14	%(l)
Portfolio turnover rate		4	%		29	%		—	‡%		2	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.02		$	0.02		$	0.02		$	0.02

Class B	Year Ended December 31,									July 31, 2003* to December 31,
Class B	2006 (c)			2005 (c)			2004(c)			2003
Net asset value, beginning of period	$	12.60		$	12.25		$	11.17		$	10.00

Income from investment operations:
Net investment income		0.26			0.20			0.23			0.08
Net realized and unrealized gain on investments		1.55			0.62			1.07			1.17

Total from investment operations		1.81			0.82			1.30			1.25

Less distributions:
Dividends from net investment income		(0.30	)		(0.22	)		(0.22	)		(0.08	)
Distributions from net realized gains		(0.22	)		(0.25	)		—	#		—

Total dividends and distributions		(0.52	)		(0.47	)		(0.22	)		(0.08	)

Net asset value, end of period	$	13.89		$	12.60		$	12.25		$	11.17

Total return (b)		14.48	%		6.70	%		11.71	%		12.50	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	6,607,618		$	2,956,385		$	1,003,694		$	28,383
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (a)		0.52	%		0.52	%		0.55	%		2.12	%
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		1.95	%		1.59	%		1.99	%		6.66	%(l)
Before waivers and reimbursements (a)		1.79	%		1.42	%		1.79	%		4.89	%(l)
Portfolio turnover rate		4	%		29	%		—	‡%		2	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.02		$	0.02		$	0.02		$	0.02

See Notes to Financial Statements.

161

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class A	Year Ended December 31,									July 31, 2003* to December 31,
Class A	2006 (c)			2005 (c)			2004(c)			2003(c)
Net asset value, beginning of period	$	12.96		$	12.44		$	11.26		$	10.00

Income from investment operations:
Net investment income		0.24			0.19			0.11			0.15
Net realized and unrealized gain on investments		2.10			0.84			1.26			1.16

Total from investment operations		2.34			1.03			1.37			1.31

Less distributions:
Dividends from net investment income		(0.30	)		(0.24	)		(0.18	)		(0.05	)
Distributions from net realized gains		(0.29	)		(0.27	)		(0.01	)		—

Total dividends and distributions		(0.59	)		(0.51	)		(0.19	)		(0.05	)

Net asset value, end of period	$	14.71		$	12.96		$	12.44		$	11.26

Total return (b)		18.22	%		8.27	%		12.15	%		13.08	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	51,217		$	18,069		$	5,704		$	555
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.10	%		0.10	%		0.10	%		0.10	%
Before waivers and reimbursements (a)		0.28	%		0.29	%		0.39	%		6.01	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		1.72	%		1.50	%		0.91	%		3.38	%(l)
Before waivers and reimbursements (a)		1.54	%		1.31	%		0.62	%		(2.53	)%(l)
Portfolio turnover rate		6	%		50	%		2	%		2	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.02		$	0.02		$	0.03		$	0.27

Class B	Year Ended December 31,									July 31, 2003* to December 31,
Class B	2006 (c)			2005 (c)			2004(c)			2003(c)
Net asset value, beginning of period	$	12.96		$	12.43		$	11.26		$	10.00

Income from investment operations:
Net investment income		0.18			0.17			0.08			0.14
Net realized and unrealized gain on investments		2.13			0.84			1.25			1.16

Total from investment operations		2.31			1.01			1.33			1.30

Less distributions:
Dividends from net investment income		(0.27	)		(0.21	)		(0.15	)		(0.04	)
Distributions from net realized gains		(0.29	)		(0.27	)		(0.01	)		—

Total dividends and distributions		(0.56	)		(0.48	)		(0.16	)		(0.04	)

Net asset value, end of period	$	14.71		$	12.96		$	12.43		$	11.26

Total return (b)		17.92	%		8.08	%		11.78	%		12.97	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,595,326		$	609,650		$	241,623		$	7,807
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (a)		0.53	%		0.54	%		0.64	%		6.26	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		1.30	%		1.25	%		0.66	%		3.13	%(l)
Before waivers and reimbursements (a)		1.12	%		1.06	%		0.37	%		(2.78	)%(l)
Portfolio turnover rate		6	%		50	%		2	%		2	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.02		$	0.02		$	0.03		$	0.27

See Notes to Financial Statements.

162

AXA PREMIER VIP TRUST

AXA PREMIER VIP AGGRESSIVE EQUITY PORTFOLIO(j)

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class A	2006 (c)			2005 (c)			2004			2003			2002
Net asset value, beginning of year	$	27.36		$	25.23		$	22.45		$	16.29		$	22.83

Income (loss) from investment operations:
Net investment income (loss)		0.05			(0.02	)		(0.03	)		(0.01	)		(0.01	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.42			2.15			2.81			6.17			(6.53	)

Total from investment operations		1.47			2.13			2.78			6.16			(6.54	)

Less distributions:
Dividends from net investment income		(0.05	)		—			—			—			—	#

Net asset value, end of year	$	28.78		$	27.36		$	25.23		$	22.45		$	16.29

Total return		5.38	%		8.44	%		12.38	%		37.90	%		(28.68	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	2,332,898		$	2,122,576		$	2,485,132		$	2,141,844		$	1,333,623
Ratio of expenses to average net assets:
After fees paid indirectly		0.78	%		0.73	%		0.68	%		0.70	%		0.66	%
Before fees paid indirectly		0.80	%		0.80	%		0.80	%		0.77	%		0.71	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly		0.20	%		(0.07	)%		(0.12	)%		(0.09	)%		(0.11	)%
Before fees paid indirectly		0.18	%		(0.14	)%		(0.24	)%		(0.16	)%		(0.16	)%
Portfolio turnover rate		90	%		96	%		111	%		119	%		112	%

	Year Ended December 31,
Class B	2006 (c)			2005(c)			2004			2003			2002
Net asset value, beginning of year	$	26.96		$	24.91		$	22.22		$	16.16		$	22.72

Income (loss) from investment operations:
Net investment income (loss)		(0.01	)		(0.08	)		(0.08	)		(0.06	)		(0.07	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.38			2.13			2.77			6.12			(6.49	)

Total from investment operations		1.37			2.05			2.69			6.06			(6.56	)

Less distributions:
Dividends from net investment income		—			—			—			—			—	#

Net asset value, end of year	$	28.33		$	26.96		$	24.91		$	22.22		$	16.16

Total return		5.08	%		8.23	%		12.11	%		37.50	%		(28.86	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	261,648		$	267,802		$	258,689		$	225,426		$	146,909
Ratio of expenses to average net assets:
After fees paid indirectly		1.03	%		0.98	%		0.93	%		0.95	%		0.91	%
Before fees paid indirectly		1.05	%		1.05	%		1.05	%		1.02	%		0.96	%
Ratio of net investment income (loss) to average net assets:
After fees paid indirectly		(0.05	)%		(0.32	)%		(0.37	)%		(0.34	)%		(0.36	)%
Before fees paid indirectly		(0.07	)%		(0.39	)%		(0.49	)%		(0.41	)%		(0.41	)%
Portfolio turnover rate		90	%		96	%		111	%		119	%		112	%

See Notes to Financial Statements.

163

AXA PREMIER VIP TRUST

AXA PREMIER VIP CORE BOND PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class A	2006 (c)			2005 (c)			2004			2003			2002(c)
Net asset value, beginning of year	$	10.25		$	10.43		$	10.42		$	10.37		$	10.00

Income (loss) from investment operations:
Net investment income		0.44			0.36			0.24			0.24			0.34
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.04	)		(0.16	)		0.18			0.18			0.48

Total from investment operations		0.40			0.20			0.42			0.42			0.82

Less distributions:
Dividends from net investment income		(0.44	)		(0.38	)		(0.26	)		(0.25	)		(0.32	)
Distributions from realized gains		—			—			(0.15	)		(0.12	)		(0.13	)

Total dividends and distributions		(0.44	)		(0.38	)		(0.41	)		(0.37	)		(0.45	)

Net asset value, end of year	$	10.21		$	10.25		$	10.43		$	10.42		$	10.37

Total return		3.96	%		2.00	%		4.13	%		4.10	%		8.42	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,911,399		$	1,237,241		$	944,330		$	431,203		$	4,614
Ratio of expenses to average net assets:
After waivers		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
After waivers and fees paid indirectly		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Before waivers and fees paid indirectly		0.77	%		0.78	%		0.80	%		0.86	%		1.01	%
Ratio of net investment income to average net assets:
After waivers		4.31	%		3.51	%		2.38	%		2.23	%		3.28	%
After waivers and fees paid indirectly		4.31	%		3.51	%		2.38	%		2.23	%		3.28	%
Before waivers and fees paid indirectly		4.24	%		3.43	%		2.28	%		2.07	%		2.97	%
Portfolio turnover rate		366	%		654	%		767	%		633	%		536	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	0.01		$	0.01		$	0.01		$	0.02		$	0.03

	Year Ended December 31,
Class B	2006 (c)			2005 (c)			2004			2003			2002(c)
Net asset value, beginning of year	$	10.24		$	10.42		$	10.41		$	10.37		$	10.00

Income (loss) from investment operations:
Net investment income		0.41			0.34			0.22			0.20			0.31
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.03	)		(0.16	)		0.18			0.19			0.49

Total from investment operations		0.38			0.18			0.40			0.39			0.80

Less distributions:
Dividends from net investment income		(0.42	)		(0.36	)		(0.24	)		(0.23	)		(0.30	)
Distributions from realized gains		—			—			(0.15	)		(0.12	)		(0.13	)

Total dividends and distributions		(0.42	)		(0.36	)		(0.39	)		(0.35	)		(0.43	)

Net asset value, end of year	$	10.20		$	10.24		$	10.42		$	10.41		$	10.37

Total return		3.80	%		1.74	%		3.87	%		3.74	%		8.21	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	825,182		$	806,356		$	781,977		$	666,007		$	345,589
Ratio of expenses to average net assets:
After waivers		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
After waivers and fees paid indirectly		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Before waivers and fees paid indirectly		1.02	%		1.03	%		1.05	%		1.11	%		1.26	%
Ratio of net investment income to average net assets:
After waivers		4.04	%		3.26	%		2.13	%		1.98	%		3.03	%
After waivers and fees paid indirectly		4.04	%		3.26	%		2.13	%		1.98	%		3.03	%
Before waivers and fees paid indirectly		3.97	%		3.18	%		2.03	%		1.82	%		2.72	%
Portfolio turnover rate		366	%		654	%		767	%		633	%		536	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	0.01		$	0.01		$	0.01		$	0.02		$	0.03

See Notes to Financial Statements.

164

AXA PREMIER VIP TRUST

AXA PREMIER VIP HEALTH CARE PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class A	2006 (c)			2005 (c)			2004			2003(c)			2002(c)
Net asset value, beginning of year	$	10.98		$	10.78		$	10.22		$	8.02		$	10.00

Income (loss) from investment operations:
Net investment loss		(0.03	)		(0.05	)		(0.05	)		(0.06	)		(0.06	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.59			0.81			1.28			2.35			(1.92	)

Total from investment operations		0.56			0.76			1.23			2.29			(1.98	)

Less distributions:
Distributions from net realized gains		(0.51	)		(0.56	)		(0.67	)		(0.09	)		—

Net asset value, end of year	$	11.03		$	10.98		$	10.78		$	10.22		$	8.02

Total return		5.39	%		7.30	%		12.32	%		28.59	%		(19.80	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	16,808		$	15,347		$	10,588		$	6,376		$	2,506
Ratio of expenses to average net assets:
After waivers and reimbursements		1.43	%		1.48	%		1.60	%		1.60	%		1.60	%
After waivers, reimbursements and fees paid indirectly		1.38	%		1.46	%		1.56	%		1.59	%		1.57	%
Before waivers, reimbursements and fees paid indirectly		1.43	%		1.48	%		1.60	%		1.68	%		2.34	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements		(0.34	)%		(0.46	)%		(0.59	)%		(0.69	)%		(0.73	)%
After waivers, reimbursements and fees paid indirectly		(0.28	)%		(0.44	)%		(0.55	)%		(0.68	)%		(0.70	)%
Before waivers, reimbursements and fees paid indirectly		(0.34	)%		(0.46	)%		(0.59	)%		(0.77	)%		(1.47	)%
Portfolio turnover rate		145	%		109	%		127	%		108	%		91	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment loss	$	—		$	—		$	—		$	0.01		$	0.06

	Year Ended December 31,
Class B	2006 (c)			2005 (c)			2004			2003(c)			2002(c)
Net asset value, beginning of year	$	10.86		$	10.70		$	10.17		$	8.01		$	10.00

Income (loss) from investment operations:
Net investment loss		(0.06	)		(0.07	)		(0.07	)		(0.08	)		(0.08	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.59			0.79			1.27			2.33			(1.91	)

Total from investment operations		0.53			0.72			1.20			2.25			(1.99	)

Less distributions:
Distributions from net realized gains		(0.51	)		(0.56	)		(0.67	)		(0.09	)		—

Net asset value, end of year	$	10.88		$	10.86		$	10.70		$	10.17		$	8.01

Total return		5.08	%		6.98	%		12.09	%		28.12	%		(19.90	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	381,449		$	334,012		$	270,570		$	167,416		$	49,826
Ratio of expenses to average net assets:
After waivers and reimbursements		1.68	%		1.73	%		1.85	%		1.85	%		1.85	%
After waivers, reimbursements and fees paid indirectly		1.63	%		1.71	%		1.81	%		1.84	%		1.82	%
Before waivers, reimbursements and fees paid indirectly		1.68	%		1.73	%		1.85	%		1.93	%		2.59	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements		(0.59	)%		(0.71	)%		(0.84	)%		(0.94	)%		(0.98	)%
After waivers, reimbursements and fees paid indirectly		(0.53	)%		(0.69	)%		(0.80	)%		(0.93	)%		(0.95	)%
Before waivers, reimbursements and fees paid indirectly		(0.59	)%		(0.71	)%		(0.84	)%		(1.02	)%		(1.72	)%
Portfolio turnover rate		145	%		109	%		127	%		108	%		91	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment loss	$	—		$	—		$	—		$	0.01		$	0.06

See Notes to Financial Statements.

165

AXA PREMIER VIP TRUST

AXA PREMIER VIP HIGH YIELD PORTFOLIO(i)

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class A	2006 (c)			2005 (c)			2004(c)			2003(c)			2002(c)
Net asset value, beginning of year	$	5.47		$	5.75		$	5.63		$	4.82		$	5.46

Income (loss) from investment operations:
Net investment income		0.42			0.41			0.42			0.42			0.48
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.14			(0.23	)		0.09			0.69			(0.63	)

Total from investment operations		0.56			0.18			0.51			1.11			(0.15	)

Less distributions:
Dividends from net investment income		(0.42	)		(0.46	)		(0.39	)		(0.30	)		(0.49	)

Net asset value, end of year	$	5.61		$	5.47		$	5.75		$	5.63		$	4.82

Total return		10.21	%		3.26	%		9.02	%		22.97	%		(2.72	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	855,156		$	770,374		$	974,088		$	784,005		$	234,361
Ratio of expenses to average net assets		0.76	%		0.76	%		0.76	%		0.75	%		0.69	%
Ratio of net investment income to average net assets		7.45	%		7.08	%		7.20	%		7.67	%		9.21	%
Portfolio turnover rate		103	%		116	%		78	%		66	%		141	%

	Year Ended December 31,
Class B	2006 (c)			2005 (c)			2004(c)			2003(c)			2002(c)
Net asset value, beginning of year	$	5.44		$	5.71		$	5.59		$	4.79		$	5.43

Income (loss) from investment operations:
Net investment income		0.41			0.39			0.40			0.40			0.47
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.13			(0.21	)		0.09			0.68			(0.63	)

Total from investment operations		0.54			0.18			0.49			1.08			(0.16	)

Less distributions:
Dividends from net investment income		(0.40	)		(0.45	)		(0.37	)		(0.28	)		(0.48	)

Net asset value, end of year	$	5.58		$	5.44		$	5.71		$	5.59		$	4.79

Total return		9.93	%		3.13	%		8.75	%		22.54	%		(2.96	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,101,281		$	1,043,950		$	1,029,570		$	823,114		$	330,804
Ratio of expenses to average net assets		1.01	%		1.01	%		1.01	%		1.00	%		0.94	%
Ratio of net investment income to average net assets		7.20	%		6.83	%		6.95	%		7.42	%		8.96	%
Portfolio turnover rate		103	%		116	%		78	%		66	%		141	%

See Notes to Financial Statements.

166

AXA PREMIER VIP TRUST

AXA PREMIER VIP INTERNATIONAL EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class A	2006 (c)			2005 (c)			2004			2003			2002(c)
Net asset value, beginning of year	$	13.03		$	12.14		$	10.60		$	7.93		$	10.00

Income (loss) from investment operations:
Net investment income		0.11			0.14			0.09			0.05			0.03
Net realized and unrealized gain (loss) on investments, futures, and foreign currency transactions		3.20			1.73			1.83			2.69			(2.10	)

Total from investment operations		3.31			1.87			1.92			2.74			(2.07	)

Less distributions:
Dividends from net investment income		(0.11	)		(0.21	)		(0.12	)		(0.07	)		—
Distributions from realized gains		(0.65	)		(0.77	)		(0.26	)		—			—

Total dividends and distributions		(0.76	)		(0.98	)		(0.38	)		(0.07	)		—

Net asset value, end of year	$	15.58		$	13.03		$	12.14		$	10.60		$	7.93

Total return		25.58	%		15.74	%		18.18	%		34.64	%		(20.70	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,356,428		$	379,616		$	238,906		$	16,003		$	2,180
Ratio of expenses to average net assets:
After waivers and reimbursements		1.28	%		1.33	%		1.55	%		1.55	%		1.55	%
After waivers, reimbursements, and fees paid indirectly		1.27	%		1.29	%		1.50	%		1.48	%		1.53	%
Before waivers, reimbursements, and fees paid indirectly		1.28	%		1.33	%		1.55	%		1.78	%		2.72	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements		0.77	%		1.13	%		0.73	%		0.45	%		0.35	%
After waivers, reimbursements, and fees paid indirectly		0.78	%		1.17	%		0.78	%		0.52	%		0.37	%
Before waivers, reimbursements, and fees paid indirectly		0.77	%		1.13	%		0.73	%		0.22	%		(0.82	)%
Portfolio turnover rate		45	%		67	%		83	%		72	%		22	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—		$	0.02		$	0.10

	Year Ended December 31,
Class B	2006 (c)			2005 (c)			2004			2003			2002(c)
Net asset value, beginning of year	$	13.01		$	12.12		$	10.58		$	7.91		$	10.00

Income (loss) from investment operations:
Net investment income		0.10			0.11			0.07			0.03			0.01
Net realized and unrealized gain (loss) on investments, futures, and foreign currency transactions		3.17			1.72			1.82			2.69			(2.10	)

Total from investment operations		3.27			1.83			1.89			2.72			(2.09	)

Less distributions:
Dividends from net investment income		(0.07	)		(0.17	)		(0.09	)		(0.05	)		—
Distributions from realized gains		(0.65	)		(0.77	)		(0.26	)		—			—

Total dividends and distributions		(0.72	)		(0.94	)		(0.35	)		(0.05	)		—

Net asset value, end of year	$	15.56		$	13.01		$	12.12		$	10.58		$	7.91

Total return		25.30	%		15.47	%		17.91	%		34.39	%		(20.90	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	765,683		$	449,400		$	336,354		$	166,915		$	47,097
Ratio of expenses to average net assets:
After waivers and reimbursements		1.53	%		1.58	%		1.80	%		1.80	%		1.80	%
After waivers, reimbursements, and fees paid indirectly		1.52	%		1.54	%		1.75	%		1.73	%		1.78	%
Before waivers, reimbursements, and fees paid indirectly		1.53	%		1.58	%		1.80	%		2.03	%		2.97	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements		0.67	%		0.88	%		0.48	%		0.20	%		0.10	%
After waivers, reimbursements, and fees paid indirectly		0.68	%		0.92	%		0.53	%		0.27	%		0.12	%
Before waivers, reimbursements, and fees paid indirectly		0.67	%		0.88	%		0.48	%		(0.03	)%		(1.07	)%
Portfolio turnover rate		45	%		67	%		83	%		72	%		22	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—		$	0.02		$	0.10

See Notes to Financial Statements.

167

AXA PREMIER VIP TRUST

AXA PREMIER VIP LARGE CAP CORE EQUITY PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class A	2006 (c)			2005 (c)			2004			2003			2002(c)
Net asset value, beginning of year	$	10.79		$	10.37		$	9.89		$	7.73		$	10.00

Income (loss) from investment operations:
Net investment income		0.08			0.06			0.08			0.03			0.05
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.40			0.67			0.90			2.17			(2.28	)

Total from investment operations		1.48			0.73			0.98			2.20			(2.23	)

Less distributions:
Dividends from net investment income		(0.07	)		(0.03	)		(0.13	)		(0.04	)		(0.04	)
Distributions from realized gains		(0.24	)		(0.28	)		(0.37	)		—			—

Total dividends and distributions		(0.31	)		(0.31	)		(0.50	)		(0.04	)		(0.04	)

Net asset value, end of year	$	11.96		$	10.79		$	10.37		$	9.89		$	7.73

Total return		13.84	%		7.07	%		9.92	%		28.41	%		(22.34	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	598,068		$	309,162		$	6,932		$	5,049		$	2,305
Ratio of expenses to average net assets:
After waivers and reimbursements		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%
After waivers, reimbursements and fees paid indirectly		1.08	%		1.08	%		1.07	%		1.07	%		1.04	%
Before waivers, reimbursements and fees paid indirectly		1.10	%		1.15	%		1.22	%		1.42	%		2.02	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements		0.73	%		0.52	%		0.79	%		0.42	%		0.49	%
After waivers, reimbursements and fees paid indirectly		0.75	%		0.54	%		0.82	%		0.45	%		0.55	%
Before waivers, reimbursements and fees paid indirectly		0.72	%		0.47	%		0.67	%		0.10	%		(0.43	)%
Portfolio turnover rate		49	%		39	%		52	%		45	%		39	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—	#	$	0.01		$	0.01		$	0.03		$	0.08

	Year Ended December 31,
Class B	2006 (c)			2005 (c)			2004			2003			2002(c)
Net asset value, beginning of year	$	10.79		$	10.38		$	9.89		$	7.73		$	10.00

Income (loss) from investment operations:
Net investment income		0.06			0.03			0.05			0.01			0.02
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.39			0.66			0.91			2.16			(2.27	)

Total from investment operations		1.45			0.69			0.96			2.17			(2.25	)

Less distributions:
Dividends from net investment income		(0.04	)		—	#		(0.10	)		(0.01	)		(0.02	)
Distributions from realized gains		(0.24	)		(0.28	)		(0.37	)		—			—

Total dividends and distributions		(0.28	)		(0.28	)		(0.47	)		(0.01	)		(0.02	)

Net asset value, end of year	$	11.96		$	10.79		$	10.38		$	9.89		$	7.73

Total return		13.56	%		6.70	%		9.75	%		28.09	%		(22.53	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	208,296		$	185,408		$	173,875		$	136,178		$	48,689
Ratio of expenses to average net assets:
After waivers and reimbursements		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%
After waivers, reimbursements and fees paid indirectly		1.33	%		1.33	%		1.32	%		1.32	%		1.29	%
Before waivers, reimbursements and fees paid indirectly		1.35	%		1.40	%		1.47	%		1.67	%		2.27	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements		0.47	%		0.27	%		0.54	%		0.17	%		0.24	%
After waivers, reimbursements and fees paid indirectly		0.49	%		0.29	%		0.57	%		0.20	%		0.30	%
Before waivers, reimbursements and fees paid indirectly		0.47	%		0.22	%		0.42	%		(0.15	)%		(0.68	)%
Portfolio turnover rate		49	%		39	%		52	%		45	%		39	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—	#	$	0.01		$	0.01		$	0.03		$	0.08

See Notes to Financial Statements.

168

AXA PREMIER VIP TRUST

AXA PREMIER VIP LARGE CAP GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class A	2006 (c)			2005 (c)			2004			2003			2002(c)
Net asset value, beginning of year	$	10.40		$	9.66		$	9.03		$	6.90		$	10.00

Income (loss) from investment operations:
Net investment loss		(0.03	)		(0.05	)		(0.01	)		(0.01	)		(0.01	)
Net realized and unrealized gain (loss) on investments		0.08			0.79			0.64			2.14			(3.09	)

Total from investment operations		0.05			0.74			0.63			2.13			(3.10	)

Less distributions:
Distributions from realized gains		(0.49	)		—			—			—			—

Net asset value, end of year	$	9.96		$	10.40		$	9.66		$	9.03		$	6.90

Total return		0.44	%		7.66	%		6.98	%		30.87	%		(31.00	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	21,104		$	17,780		$	12,166		$	8,168		$	2,637
Ratio of expenses to average net assets:
After waivers and reimbursements		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%
After waivers, reimbursements and fees paid indirectly		1.08	%		1.08	%		1.05	%		1.07	%		0.96	%
Before waivers, reimbursements and fees paid indirectly		1.12	%		1.13	%		1.16	%		1.33	%		1.84	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements		(0.27	)%		(0.49	)%		(0.23	)%		(0.32	)%		(0.31	)%
After waivers, reimbursements and fees paid indirectly		(0.25	)%		(0.47	)%		(0.18	)%		(0.29	)%		(0.17	)%
Before waivers, reimbursements and fees paid indirectly		(0.28	)%		(0.52	)%		(0.29	)%		(0.55	)%		(1.05	)%
Portfolio turnover rate		48	%		42	%		53	%		30	%		19	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment loss	$	—	#	$	—	#	$	0.01		$	0.01		$	0.06

	Year Ended December 31,
Class B	2006 (c)			2005 (c)			2004			2003			2002(c)
Net asset value, beginning of year	$	10.30		$	9.58		$	8.99		$	6.88		$	10.00

Income (loss) from investment operations:
Net investment loss		(0.05	)		(0.07	)		(0.04	)		(0.03	)		(0.03	)
Net realized and unrealized gain (loss) on investments		0.07			0.79			0.63			2.14			(3.09	)

Total from investment operations		0.02			0.72			0.59			2.11			(3.12	)

Less distributions:
Distributions from realized gains		(0.49	)		—			—			—			—

Net asset value, end of year	$	9.83		$	10.30		$	9.58		$	8.99		$	6.88

Total return		0.15	%		7.52	%		6.56	%		30.67	%		(31.20	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	372,653		$	362,850		$	343,638		$	253,326		$	76,577
Ratio of expenses to average net assets:
After waivers and reimbursements		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%
After waivers, reimbursements and fees paid indirectly		1.33	%		1.33	%		1.30	%		1.32	%		1.21	%
Before waivers, reimbursements and fees paid indirectly		1.37	%		1.38	%		1.41	%		1.58	%		2.09	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements		(0.52	)%		(0.74	)%		(0.48	)%		(0.57	)%		(0.56	)%
After waivers, reimbursements and fees paid indirectly		(0.50	)%		(0.72	)%		(0.43	)%		(0.54	)%		(0.42	)%
Before waivers, reimbursements and fees paid indirectly		(0.53	)%		(0.77	)%		(0.54	)%		(0.80	)%		(1.30	)%
Portfolio turnover rate		48	%		42	%		53	%		30	%		19	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment loss	$	—	#	$	—	#	$	0.01		$	0.01		$	0.05

See Notes to Financial Statements.

169

AXA PREMIER VIP TRUST

AXA PREMIER VIP LARGE CAP VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class A	2006 (c)			2005 (c)			2004			2003			2002(c)
Net asset value, beginning of year	$	11.19		$	10.99		$	10.28		$	7.98		$	10.00

Income (loss) from investment operations:
Net investment income		0.14			0.13			0.13			0.07			0.09
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.05			0.68			1.36			2.43			(2.05	)

Total from investment operations		2.19			0.81			1.49			2.50			(1.96	)

Less distributions:
Dividends from net investment income		(0.12	)		(0.09	)		(0.14	)		(0.07	)		(0.06	)
Distributions from realized gains		(0.43	)		(0.52	)		(0.64	)		(0.13	)		—

Total dividends and distributions		(0.55	)		(0.61	)		(0.78	)		(0.20	)		(0.06	)

Net asset value, end of year	$	12.83		$	11.19		$	10.99		$	10.28		$	7.98

Total return		19.62	%		7.37	%		14.71	%		31.44	%		(19.63	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	914,471		$	309,385		$	9,758		$	5,999		$	2,345
Ratio of expenses to average net assets:
After waivers and reimbursements		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%
After waivers, reimbursements and fees paid indirectly		1.06	%		1.04	%		0.96	%		1.03	%		0.92	%
Before waivers, reimbursements and fees paid indirectly		1.10	%		1.12	%		1.15	%		1.33	%		1.77	%
Ratio of net investment income to average net assets:
After waivers and reimbursements		1.12	%		1.03	%		1.35	%		0.92	%		0.90	%
After waivers, reimbursements and fees paid indirectly		1.16	%		1.09	%		1.49	%		0.99	%		1.08	%
Before waivers, reimbursements and fees paid indirectly		1.12	%		1.01	%		1.30	%		0.69	%		0.23	%
Portfolio turnover rate		63	%		76	%		99	%		135	%		129	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—		$	—	#	$	0.01		$	0.02		$	0.06

	Year Ended December 31,
Class B	2006 (c)			2005 (c)			2004			2003			2002(c)
Net asset value, beginning of year	$	11.19		$	10.99		$	10.28		$	7.98		$	10.00

Income (loss) from investment operations:
Net investment income		0.11			0.09			0.12			0.05			0.07
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.05			0.69			1.34			2.43			(2.05	)

Total from investment operations		2.16			0.78			1.46			2.48			(1.98	)

Less distributions:
Dividends from net investment income		(0.09	)		(0.06	)		(0.11	)		(0.05	)		(0.04	)
Distributions from realized gains		(0.43	)		(0.52	)		(0.64	)		(0.13	)		—

Total dividends and distributions		(0.52	)		(0.58	)		(0.75	)		(0.18	)		(0.04	)

Net asset value, end of year	$	12.83		$	11.19		$	10.99		$	10.28		$	7.98

Total return		19.32	%		7.10	%		14.42	%		31.11	%		(19.84	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	702,312		$	526,727		$	406,626		$	256,460		$	86,036
Ratio of expenses to average net assets:
After waivers and reimbursements		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%
After waivers, reimbursements and fees paid indirectly		1.31	%(m)		1.29	%		1.21	%		1.28	%		1.17	%
Before waivers, reimbursements and fees paid indirectly		1.35	%		1.37	%		1.40	%		1.58	%		2.02	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements		0.85	%		0.78	%		1.10	%		0.67	%		0.65	%
After waivers, reimbursements and fees paid indirectly		0.89	%		0.84	%		1.24	%		0.74	%		0.83	%
Before waivers, reimbursements and fees paid indirectly		0.85	%		0.76	%		1.05	%		0.44	%		(0.02	)%
Portfolio turnover rate		63	%		76	%		99	%		135	%		129	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—		$	—	#	$	0.01		$	0.02		$	0.06

See Notes to Financial Statements.

170

AXA PREMIER VIP TRUST

AXA PREMIER VIP MID CAP GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class A	2006 (c)			2005 (c)			2004			2003			2002(c)
Net asset value, beginning of year	$	9.12		$	9.63		$	8.75		$	6.30		$	10.00

Income (loss) from investment operations:
Net investment loss		(0.07	)		(0.08	)		(0.06	)		(0.02	)		(0.06	)
Net realized and unrealized gain (loss) on investments		0.96			0.89			1.10			2.58			(3.64	)

Total from investment operations		0.89			0.81			1.04			2.56			(3.70	)

Less distributions:
Distributions from net realized gains		(0.97	)		(1.32	)		(0.16	)		(0.11	)		—

Net asset value, end of year	$	9.04		$	9.12		$	9.63		$	8.75		$	6.30

Total return		9.83	%		8.66	%		12.04	%		40.60	%		(37.00	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	230,585		$	223,527		$	395,739		$	242,059		$	2,571
Ratio of expenses to average net assets:
After waivers and reimbursements		1.30	%		1.35	%		1.35	%		1.35	%		1.35	%
After waivers, reimbursements and fees paid indirectly		1.26	%		1.30	%		1.25	%		1.21	%		1.26	%
Before waivers, reimbursements and fees paid indirectly		1.30	%		1.35	%		1.35	%		1.45	%		2.06	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements		(0.78	)%		(0.89	)%		(1.00	)%		(0.96	)%		(0.99	)%
After waivers, reimbursements and fees paid indirectly		(0.74	)%		(0.84	)%		(0.90	)%		(0.82	)%		(0.90	)%
Before waivers, reimbursements and fees paid indirectly		(0.78	)%		(0.89	)%		(1.00	)%		(1.06	)%		(1.70	)%
Portfolio turnover rate		77	%		87	%		76	%		119	%		196	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment loss	$	—		$	—		$	—		$	0.01		$	0.05

	Year Ended December 31,
Class B	2006 (c)			2005 (c)			2004			2003			2002(c)
Net asset value, beginning of year	$	9.01		$	9.55		$	8.70		$	6.28		$	10.00

Income (loss) from investment operations:
Net investment loss		(0.09	)		(0.10	)		(0.09	)		(0.05	)		(0.08	)
Net realized and unrealized gain (loss) on investments		0.95			0.88			1.10			2.58			(3.64	)

Total from investment operations		0.86			0.78			1.01			2.53			(3.72	)

Less distributions:
Distributions from net realized gains		(0.97	)		(1.32	)		(0.16	)		(0.11	)		—

Net asset value, end of year	$	8.90		$	9.01		$	9.55		$	8.70		$	6.28

Total return		9.62	%		8.41	%		11.76	%		40.25	%		37.20	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	543,139		$	498,431		$	468,973		$	334,622		$	85,237
Ratio of expenses to average net assets:
After waivers and reimbursements		1.55	%		1.60	%		1.60	%		1.60	%		1.60	%
After waivers, reimbursements and fees paid indirectly		1.51	%		1.55	%		1.50	%		1.46	%		1.51	%
Before waivers, reimbursements and fees paid indirectly		1.55	%		1.60	%		1.60	%		1.70	%		2.31	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements		(1.03	)%		(1.14	)%		(1.25	)%		(1.21	)%		(1.24	)%
After waivers, reimbursements and fees paid indirectly		(0.99	)%		(1.09	)%		(1.15	)%		(1.07	)%		(1.15	)%
Before waivers, reimbursements and fees paid indirectly		(1.03	)%		(1.14	)%		(1.25	)%		(1.31	)%		(1.95	)%
Portfolio turnover rate		77	%		87	%		76	%		119	%		196	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment loss	$	—		$	—		$	—		$	0.01		$	0.05

See Notes to Financial Statements.

171

AXA PREMIER VIP TRUST

AXA PREMIER VIP MID CAP VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class A	2006 (c)			2005 (c)			2004			2003			2002(c)
Net asset value, beginning of year	$	9.74		$	11.48		$	10.50		$	7.49		$	10.00

Income (loss) from investment operations:
Net investment income		0.03			0.01			0.01			0.01			0.01
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.41			0.83			1.60			3.06			(2.52	)

Total from investment operations		1.44			0.84			1.61			3.07			(2.51	)

Less distributions:
Dividends from net investment income		(0.02	)		—			—			—			—
Distributions from realized gains		(1.13	)		(2.58	)		(0.63	)		(0.06	)		—

Total dividends and distributions		(1.15	)		(2.58	)		(0.63	)		(0.06	)		—

Net asset value, end of year	$	10.03		$	9.74		$	11.48		$	10.50		$	7.49

Total return		15.08	%		7.61	%		15.47	%		40.94	%		(25.10	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	387,990		$	319,455		$	842,150		$	546,951		$	2,981
Ratio of expenses to average net assets:
After waivers and reimbursements		1.31	%		1.29	%		1.35	%		1.35	%		1.35	%
After waivers, reimbursements and fees paid indirectly		1.30	%		1.24	%		1.29	%		1.27	%		1.21	%
Before waivers, reimbursements and fees paid indirectly		1.31	%		1.29	%		1.35	%		1.41	%		1.93	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements		0.24	%		0.04	%		0.02	%		0.01	%		0.03	%
After waivers, reimbursements and fees paid indirectly		0.25	%		0.09	%		0.08	%		0.09	%		0.17	%
Before waivers, reimbursements and fees paid indirectly		0.24	%		0.04	%		0.02	%		(0.05	)%		(0.55	)%
Portfolio turnover rate		67	%		58	%		61	%		63	%		88	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment income	$	—		$	—		$	—		$	0.01		$	0.05

	Year Ended December 31,
Class B	2006 (c)			2005 (c)			2004			2003			2002(c)
Net asset value, beginning of year	$	9.61		$	11.39		$	10.45		$	7.47		$	10.00

Income (loss) from investment operations:
Net investment loss		—	#		(0.02	)		(0.02	)		(0.01	)		(0.01	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.39			0.82			1.59			3.05			(2.52	)

Total from investment operations		1.39			0.80			1.57			3.04			(2.53	)

Less distributions:
Distributions from realized gains		(1.13	)		(2.58	)		(0.63	)		(0.06	)		—

Net asset value, end of year	$	9.87		$	9.61		$	11.39		$	10.45		$	7.47

Total return		14.75	%		7.29	%		15.16	%		40.64	%		(25.30	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	599,824		$	510,799		$	498,370		$	321,345		$	93,565
Ratio of expenses to average net assets:
After waivers and reimbursements		1.56	%(m)		1.54	%		1.60	%		1.60	%		1.60	%
After waivers, reimbursements and fees paid indirectly		1.55	%		1.49	%		1.54	%		1.52	%		1.46	%
Before waivers, reimbursements and fees paid indirectly		1.56	%(m)		1.54	%		1.60	%		1.66	%		2.18	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements		(0.02	)%		(0.21	)%		(0.23	)%		(0.24	)%		(0.22	)%
After waivers, reimbursements and fees paid indirectly		(0.01	)%		(0.16	)%		(0.17	)%		(0.16	)%		(0.08	)%
Before waivers, reimbursements and fees paid indirectly		(0.02	)%		(0.21	)%		(0.23	)%		(0.30	)%		(0.80	)%
Portfolio turnover rate		67	%		58	%		61	%		63	%		88	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment loss	$	—		$	—		$	—		$	0.01		$	0.05

See Notes to Financial Statements.

172

AXA PREMIER VIP TRUST

AXA PREMIER VIP TECHNOLOGY PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


	Year Ended December 31,
Class A	2006 (c)			2005 (c)			2004			2003			2002(c)
Net asset value, beginning of year	$	10.34		$	9.26		$	8.87		$	5.76		$	10.00

Income (loss) from investment operations:
Net investment loss		(0.07	)		(0.08	)		(0.05	)		(0.05	)		(0.08	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.85			1.16			0.50			3.38			(4.16	)

Total from investment operations		0.78			1.08			0.45			3.33			(4.24	)

Less distributions:
Distributions from realized gains		—			—			(0.06	)		(0.22	)		—

Net asset value, end of year	$	11.12		$	10.34		$	9.26		$	8.87		$	5.76

Total return		7.54	%		11.54	%		5.25	%		58.24	%		(42.50	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	28,469		$	27,263		$	25,939		$	9,303		$	1,597
Ratio of expenses to average net assets:
After waivers and reimbursements		1.43	%		1.42	%		1.60	%		1.60	%		1.60	%
After waivers, reimbursements and fees paid indirectly		1.39	%		1.36	%		1.50	%		1.45	%		1.48	%
Before waivers, reimbursements and fees paid indirectly		1.43	%		1.42	%		1.60	%		2.03	%		3.52	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements		(0.72	)%		(0.91	)%		(0.80	)%		(1.35	)%		(1.29	)%
After waivers, reimbursements and fees paid indirectly		(0.69	)%		(0.85	)%		(0.70	)%		(1.20	)%		(1.17	)%
Before waivers, reimbursements and fees paid indirectly		(0.72	)%		(0.91	)%		(0.80	)%		(1.78	)%		(3.21	)%
Portfolio turnover rate		163	%		148	%		160	%		169	%		154	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment loss	$	—		$	—		$	—		$	0.02		$	0.13

	Year Ended December 31,
Class B	2006 (c)			2005 (c)			2004			2003			2002(c)
Net asset value, beginning of year	$	10.23		$	9.19		$	8.82		$	5.74		$	10.00

Income (loss) from investment operations:
Net investment loss		(0.10	)		(0.10	)		(0.06	)		(0.06	)		(0.09	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.85			1.14			0.49			3.36			(4.17	)

Total from investment operations		0.75			1.04			0.43			3.30			(4.26	)

Less distributions:
Distributions from realized gains		—			—			(0.06	)		(0.22	)		—

Net asset value, end of year	$	10.98		$	10.23		$	9.19		$	8.82		$	5.74

Total return		7.33	%		11.20	%		5.05	%		57.64	%		(42.60	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	516,556		$	507,474		$	486,608		$	113,251		$	21,937
Ratio of expenses to average net assets:
After waivers and reimbursements		1.68	%		1.67	%		1.85	%		1.85	%		1.85	%
After waivers, reimbursements and fees paid indirectly		1.64	%		1.61	%		1.75	%		1.70	%		1.73	%
Before waivers, reimbursements and fees paid indirectly		1.68	%		1.67	%		1.85	%		2.28	%		3.77	%
Ratio of net investment loss to average net assets:
After waivers and reimbursements		(0.97	)%		(1.16	)%		(1.05	)%		(1.60	)%		(1.54	)%
After waivers, reimbursements and fees paid indirectly		(0.94	)%		(1.10	)%		(0.95	)%		(1.45	)%		(1.42	)%
Before waivers, reimbursements and fees paid indirectly		(0.97	)%		(1.16	)%		(1.05	)%		(2.03	)%		(3.46	)%
Portfolio turnover rate		163	%		148	%		160	%		169	%		154	%
Effect of contractual expense limitation during the year:
Per share benefit to net investment loss	$	—		$	—		$	—		$	0.02		$	0.13

See Notes to Financial Statements.

173

AXA PREMIER VIP TRUST

TARGET 2015 ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class A	August 31, 2006* to December 31, 2006 (c)
Net asset value, beginning of period	$	10.00

Income from investment operations:
Net investment income		0.23
Net realized and unrealized gain on investments		0.56

Total from investment operations		0.79

Less distributions:
Dividends from net investment income		(0.25	)
Distributions from net realized gains		—	#

Total dividends and distributions		(0.25	)

Net asset value, end of period	$	10.54

Total return (b)		7.94	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	540
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.35	%
Before waivers and reimbursements (a)		7.98	%(m)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		6.68	%(l)
Before waivers and reimbursements (a)		(1.66	)%(l)
Portfolio turnover rate		3	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.29

Class B	August 31, 2006* to December 31, 2006 (c)
Net asset value, beginning of period	$	10.00

Income from investment operations:
Net investment income		0.39
Net realized and unrealized gain on investments		0.39

Total from investment operations		0.78

Less distributions:
Dividends from net investment income		(0.24	)
Distributions from net realized gains		—	#

Total dividends and distributions		(0.24	)

Net asset value, end of period	$	10.54

Total return (b)		7.85	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	2,023
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.60	%
Before waivers and reimbursements (a)		8.23	%(m)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		11.01	%(l)
Before waivers and reimbursements (a)		3.72	%(l)
Portfolio turnover rate		3	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.26

See Notes to Financial Statements.

174

AXA PREMIER VIP TRUST

TARGET 2025 ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class A	August 31, 2006* to December 31, 2006 (c)
Net asset value, beginning of period	$	10.00

Income from investment operations:
Net investment income		0.19
Net realized and unrealized gain on investments		0.68

Total from investment operations		0.87

Less distributions:
Dividends from net investment income		(0.22	)
Distributions from net realized gains		—	#

Total dividends and distributions		(0.22	)

Net asset value, end of period	$	10.65

Total return (b)		8.71	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	544
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.35	%
Before waivers and reimbursements (a)		7.39	%(m)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		5.55	%(l)
Before waivers and reimbursements (a)		(2.33	)%(l)
Portfolio turnover rate		2	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.27

Class B	August 31, 2006* to December 31, 2006 (c)
Net asset value, beginning of period	$	10.00

Income from investment operations:
Net investment income		0.31
Net realized and unrealized gain on investments		0.55

Total from investment operations		0.86

Less distributions:
Dividends from net investment income		(0.21	)
Distributions from net realized gains		—	#

Total dividends and distributions		(0.21	)

Net asset value, end of period	$	10.65

Total return (b)		8.62	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	2,154
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.60	%
Before waivers and reimbursements (a)		7.64	%(m)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		8.86	%(l)
Before waivers and reimbursements (a)		2.18	%(l)
Portfolio turnover rate		2	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.24

See Notes to Financial Statements.

175

AXA PREMIER VIP TRUST

TARGET 2035 ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class A	*August 31, 2006 to December 31, 2006 (c)**
Net asset value, beginning of period	$	10.00

Income from investment operations:
Net investment income		0.16
Net realized and unrealized gain on investments		0.78

Total from investment operations		0.94

Less distributions:
Dividends from net investment income		(0.18	)
Distributions from net realized gains		—	#

Total dividends and distributions		(0.18	)

Net asset value, end of period	$	10.76

Total return (b)		9.45	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	547
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.35	%
Before waivers and reimbursements (a)		9.66	%(m)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		4.50	%(l)
Before waivers and reimbursements (a)		(4.99	)%(l)
Portfolio turnover rate		4	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.33

Class B	*August 31, 2006 to December 31, 2006 (c)**
Net asset value, beginning of period	$	10.00

Income from investment operations:
Net investment income		0.19
Net realized and unrealized gain on investments		0.74

Total from investment operations		0.93

Less distributions:
Dividends from net investment income		(0.17	)
Distributions from net realized gains		—	#

Total dividends and distributions		(0.17	)

Net asset value, end of period	$	10.76

Total return (b)		9.45	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,228
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.60	%
Before waivers and reimbursements (a)		9.91	%(m)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		5.42	%(l)
Before waivers and reimbursements (a)		(3.77	)%(l)
Portfolio turnover rate		4	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.32

See Notes to Financial Statements.

176

AXA PREMIER VIP TRUST

TARGET 2045 ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS — (Continued)


Class A	August 31, 2006* to December 31, 2006 (c)
Net asset value, beginning of period	$	10.00

Income from investment operations:
Net investment income		0.12
Net realized and unrealized gain on investments		0.89

Total from investment operations		1.01

Less distributions:
Dividends from net investment income		(0.15	)
Distributions from net realized gains		—	#

Total dividends and distributions		(0.15	)

Net asset value, end of period	$	10.86

Total return (b)		10.16	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	551
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.35	%
Before waivers and reimbursements (a)		10.59	%(m)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		3.47	%(l)
Before waivers and reimbursements (a)		(6.92	)%(l)
Portfolio turnover rate		7	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.36

Class B	August 31, 2006* to December 31, 2006 (c)
Net asset value, beginning of period	$	10.00

Income from investment operations:
Net investment income		0.18
Net realized and unrealized gain on investments		0.82

Total from investment operations		1.00

Less distributions:
Dividends from net investment income		(0.14	)
Distributions from net realized gains		—	#

Total dividends and distributions		(0.14	)

Net asset value, end of period	$	10.86

Total return (b)		10.06	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,052
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		0.60	%
Before waivers and reimbursements (a)		10.84	%(m)
Ratio of net investment income to average net assets:
After waivers and reimbursements (a)		5.06	%(l)
Before waivers and reimbursements (a)		(5.07	)%(l)
Portfolio turnover rate		7	%
Effect of contractual expense limitation during the period:
Per share benefit to net investment income	$	0.36

See Notes to Financial Statements.

177

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 average shares outstanding.

(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.

(h)

Reflects purchases and sales from change in investment strategy.

(i)

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

(j)

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

(k)

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

(l)

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

(m)

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

See Notes to Financial Statements.

178

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2006

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 eleven non-diversified Portfolios (each a “Portfolio”). The non-diversified Portfolios are: AXA Conservative Allocation Portfolio, AXA Conservative-Plus Allocation Portfolio, AXA Moderate Allocation Portfolio, AXA Moderate-Plus Allocation Portfolio, AXA Aggressive Allocation Portfolio, AXA Premier VIP Health Care Portfolio, AXA Premier VIP Technology Portfolio, Target 2015 Allocation Portfolio, Target 2025 Allocation Portfolio, Target 2035 Allocation Portfolio and Target 2045 Allocation Portfolio (formerly the AXA Target Allocation 2015 Portfolio, AXA Target Allocation 2025 Portfolio, AXA Target Allocation 2035 Portfolio and AXA Target Allocation 2045 Portfolio). The investment manager to each Portfolio is AXA Equitable Life Insurance Company (“AXA Equitable” or the “Manager”). The day-to-day portfolio management of each Portfolio, other than the AXA Conservative Allocation Portfolio, AXA Conservative-Plus Allocation Portfolio, AXA Moderate Allocation Portfolio, AXA Moderate-Plus Allocation Portfolio and AXA Aggressive Allocation Portfolio (“AXA Allocation Portfolios”), and the Target 2015 Allocation Portfolio, Target 2025 Allocation Portfolio, Target 2035 Allocation Portfolio and Target 2045 Allocation Portfolio (“Target Allocation Portfolios”), is provided by multiple investment sub-advisers (each an “Adviser”). On August 31, 2006, AXA Equitable contributed $500,000 per class in seed capital to each of the Target Allocation Portfolios.

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

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

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

The Trust has the right to issue two classes of shares, Class A and Class B. The Class B shares are subject to distribution fees imposed under a distribution plan (“Distribution Plan”) adopted pursuant to Rule 12b-1 under the 1940 Act. Under the Trust’s multiple class distribution system, both classes of shares have identical voting, dividend, liquidation and other rights, other than the payment of distribution fees under the Distribution Plan. The Trust’s shares are currently sold only to insurance company separate accounts in connection with variable life insurance contracts and variable annuity certificates and contracts issued by AXA Equitable, an indirect wholly-owned subsidiary of AXA, AXA Life and Annuity Company (“ALAC”), MONY Life Insurance Company (“MONY”) and MONY Life Insurance

179

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2006

Company of America (“MONY America”), as well as insurance companies that are not affiliated with AXA Equitable, ALAC, MONY or MONY America 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 the AXA Aggressive Allocation Portfolio, AXA Premier VIP Health Care Portfolio, AXA Premier VIP Large Cap Growth Portfolio and AXA Premier VIP Technology Portfolio.

The investment objectives of each Portfolio are as follows:

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

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

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

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

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

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

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

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”)) — Long-term growth of capital.

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

AXA Premier VIP International Equity Portfolio (advised by AllianceBernstein, J.P. Morgan Investment Management Inc. and Marsico) — Long-term growth of capital.

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

AXA Premier VIP Large Cap Growth Portfolio (advised by AllianceBernstein, RCM and TCW Investment Management Company (“TCW”)) — Long-term growth of capital.

AXA Premier VIP Large Cap Value Portfolio (advised by AllianceBernstein, Institutional Capital LLC and MFS) — Long-term growth of capital.

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

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

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

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

180

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2006

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

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

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

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

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

Valuation:

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

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

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

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

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

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

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

181

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2006

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

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

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

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

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

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

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

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

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

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

Foreign Currency Valuation:

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

(i)

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

(ii)

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

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

Net currency gains or losses realized and unrealized as a result of differences between interest or dividends, withholding taxes, forward foreign currency exchange contracts and foreign cash recorded on the Portfolio’s books and the U.S. dollar equivalent amount actually received or paid are presented under foreign currency transactions in the realized and unrealized gains and losses section of the Statements of

182

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2006

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. The tax composition of distributed and undistributed income and gains for the years ended December 31, 2006 and December 31, 2005, were as follows:


	Year Ended December 31, 2006								Year Ended December 31, 2005
	Distributed Ordinary Income		Distributed Long Term Gains		Accumulated Undistributed Ordinary Income		Accumulated Undistributed Long Term Gains		Distributed Ordinary Income		Distributed Long Term Gains		Accumulated Undistributed Ordinary Income		Accumulated Undistributed Long Term Gains
AXA Conservative Allocation	$	12,155,165	$	3,007,958	$	76,320	$	2,949,477	$	6,124,559	$	1,292,730	$	191,452	$	1,031,815
AXA Conservative-Plus Allocation		23,932,435		10,520,989		16,455		11,553,038		12,547,541		4,833,112		20,741		4,302,446
AXA Moderate Allocation		209,595,866		63,678,763		—		116,750,510		159,132,360		—		—		—
AXA Moderate-Plus Allocation		149,622,454		72,286,531		—		153,937,136		60,019,050		41,025,375		66,413		48,372,326
AXA Aggressive Allocation		33,235,844		20,875,656		—		46,796,225		13,856,983		7,104,538		—		10,392,297
AXA Premier VIP Aggressive Equity		4,141,455		—		—		—		—		—		—		—
AXA Premier VIP Core Bond		101,560,686		—		473,929		—		70,669,916		—		108,819		—
AXA Premier VIP Health Care		3,969,662		14,070,779		2,467,161		2,944,577		7,924,937		8,663,562		2,661,164		3,759,160
AXA Premier VIP High Yield		132,414,346		—		374,241		—		139,923,087		—		—		—
AXA Premier VIP International Equity		39,348,707		55,089,392		8,287,249		16,695,808		30,244,186		27,973,282		5,345,870		763,233
AXA Premier VIP Large Cap Core Equity		5,791,436		14,138,188		3,345,257		10,206,029		2,043,421		9,729,840		1,048,082		1,427,011
AXA Premier VIP Large Cap Growth		—		18,677,022		—		2,840,491		—		—		—		—
AXA Premier VIP Large Cap Value		41,096,678		22,757,958		6,670,591		9,149,048		20,662,192		16,696,964		2,505,250		663,668
AXA Premier VIP Mid Cap Growth		3,770,863		72,553,535		—		10,553,731		2,143,337		93,780,249		3,770,862		6,048,865

183

AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2006


	Year Ended December 31, 2006							Year Ended December 31, 2005
	Distributed Ordinary Income		Distributed Long Term Gains	Accumulated Undistributed Ordinary Income		Accumulated Undistributed Long Term Gains		Distributed Ordinary Income		Distributed Long Term Gains		Accumulated Undistributed Ordinary Income		Accumulated Undistributed Long Term Gains
AXA Premier VIP Mid Cap Value	$	16,167,835$	85,244,158	$	1,654,344	$	11,531,340	$	60,768,982	$	132,768,080	$	3,296,561	$	17,708,408
AXA Premier VIP Technology		—	—		—		—		—		—		—		—
Target 2015 Allocation		56,527	—		617		37,850		—		—		—		—
Target 2025 Allocation		51,088	—		907		46,858		—		—		—		—
Target 2035 Allocation		26,415	—		3,119		32,462		—		—		—		—
Target 2045 Allocation		21,553	—		3,605		36,104		—		—		—		—

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, 2006 as follows:


Portfolios:	Undistributed Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss)			Paid In Capital
AXA Conservative Allocation	$	645,442		$	(645,442	)	$	—
AXA Conservative-Plus Allocation		3,346,361			(3,346,361	)		—
AXA Moderate Allocation		44,916,844			(44,916,844	)		—
AXA Moderate-Plus Allocation		46,217,884			(46,217,884	)		—
AXA Aggressive Allocation		14,901,548			(14,901,548	)		—
AXA Premier VIP Aggressive Equity		4,086			(1,007	)		(3,079	)
AXA Premier VIP Core Bond		4,000,438			(4,000,438	)		—
AXA Premier VIP Health Care		1,998,314			(1,998,314	)		—
AXA Premier VIP High Yield		(982,520	)		982,520			—
AXA Premier VIP International Equity		56,218			(56,218	)		—
AXA Premier VIP Large Cap Core Equity		22,620			(22,620	)		—
AXA Premier VIP Large Cap Growth		1,869,754			—			(1,869,754	)
AXA Premier VIP Large Cap Value		(180	)		180			—
AXA Premier VIP Mid Cap Growth		6,881,167			(6,615,048	)		(266,119	)
AXA Premier VIP Mid Cap Value		(21,532	)		(96,417	)		117,949
AXA Premier VIP Technology		5,119,891			182,583			(5,302,474	)
Target 2015 Allocation		4,869			(4,381	)		(488	)
Target 2025 Allocation		5,161			(4,603	)		(558	)
Target 2035 Allocation		3,753			(3,337	)		(416	)
Target 2045 Allocation		4,108			(3,771	)		(337	)

184

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December 31, 2006

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, 2006 to December 31, 2006, the Portfolios elected to defer until the first business day of 2007 for U.S. Federal income tax purposes, net capital and net currency losses, as follows:


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		49,305		569,717
AXA Premier VIP Health Care		18,182		—
AXA Premier VIP High Yield		2,155,698		—
AXA Premier VIP International Equity		152,818		—
AXA Premier VIP Large Cap Core Equity		1,683		—
AXA Premier VIP Large Cap Growth		—		—
AXA Premier VIP Large Cap Value		3,902		—
AXA Premier VIP Mid Cap Growth		—		—
AXA Premier VIP Mid Cap Value		17,867		—
AXA Premier VIP Technology		2,358		—
Target 2015 Allocation		—		—
Target 2025 Allocation		—		—
Target 2035 Allocation		—		—
Target 2045 Allocation		—		—

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, 2006, several Portfolios reduced expenses under these arrangements as follows:


Portfolios:	Amount
AXA Premier VIP Aggressive Equity	$	514,239
AXA Premier VIP Health Care		213,608
AXA Premier VIP International Equity		133,355
AXA Premier VIP Large Cap Core Equity		122,469
AXA Premier VIP Large Cap Growth		58,266
AXA Premier VIP Large Cap Value		536,460
AXA Premier VIP Mid Cap Growth		308,680
AXA Premier VIP Mid Cap Value		99,806
AXA Premier VIP Technology		189,432

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

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December 31, 2006

as collateral on the loan. Any gain or loss in the market price of the securities loaned that might occur and any interest earned or dividends declared during the term of the loan would be for the account of the Portfolio. Risks of delay in recovery of the securities or even loss of rights in the collateral may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the securities loaned increases above the value of the collateral received. Any such loan of Portfolio securities will be continuously secured by collateral in cash or high grade debt securities at least equal at all times to the market value of the security loaned. JPMorgan will indemnify each Portfolio from any loss resulting from a borrower’s failure to return a loaned security when due. JPMorgan invests the cash collateral on behalf of the Portfolios and retains a portion of the interest earned. The net amount of interest earned, after the interest rebate, is included in the Statements of Operations as securities lending income. At December 31, 2006, 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 cancelled in closing purchase transactions are offset against the cost of any securities purchased or added to the proceeds or netted against the amount paid on the transaction to determine the realized gain or loss. In writing options, a Portfolio must assume that the option may be exercised at any time prior to the expiration of its obligation as a writer, and that in such circumstances the net proceeds of the sale or cost of purchase of the underlying securities and currencies pursuant to the call or put option may be substantially below or above the prevailing market price. By writing a covered call option, a Portfolio, in exchange for the premium, foregoes the opportunity for capital appreciation above the exercise price should the market price of the underlying security increase. A Portfolio also has the additional risk of not being able to enter into a closing purchase transaction if a liquid secondary market does not exist and bears the risk of unfavorable changes in the price of the financial instruments underlying the options. The Portfolios, however, are not subject to credit risk on written options as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

Short Sales Against the Box:

Certain Portfolios may enter into a “short sale” of securities in circumstances in which, at the time the short position is open, the Portfolio owns at least an equal amount of the securities sold short or owns preferred stocks or debt securities, convertible or exchangeable without payment of further consideration,

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December 31, 2006

into at least an equal number of securities sold short. This kind of short sale, which is referred to as one “against the box,” may be entered into by the Portfolio to, for example, lock in a sale price for a security the Portfolio does not wish to sell immediately. The Portfolio will designate the segregation, either on its records or with the Trust’s custodian, of the securities sold short or convertible or exchangeable preferred stocks or debt securities sold in connection with short sales against the box. Not more than 10% of a Portfolio’s net assets may be held as collateral for short sales against the box at any one time. Liabilities for securities sold short are reported at market value in the financial statements. Such liabilities are subject to off-balance sheet risk to the extent of any future increases in market value of the securities sold short. The ultimate liability for securities sold short could exceed the liabilities recorded in the Statement of Assets and Liabilities. The Portfolio bears the risk of potential inability of the broker to meet their obligation to perform.

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

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

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December 31, 2006

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

Swaps:

Certain Portfolios may invest in swap contracts, which are derivatives in the form of a contract or other similar instrument which is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The payment streams are calculated by reference to a specified index and agreed upon notional amount. A Portfolio will usually enter into swaps on a net basis, i.e., the two return streams are netted out in a cash settlement on the payment date or dates specified in the instrument, with the Portfolio receiving or paying, as the case may be, only the net amount of the two returns. A Portfolio’s obligations under a swap agreement will be accrued daily (offset against any amounts owing to the Portfolio) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by designating the segregation, either on its records or with the 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, 2006.

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.

188

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December 31, 2006

Note 2 Management of the Trust

The Trust has entered into two separate investment management agreements (the “Management Agreements”) with AXA Equitable. The Management Agreement for the Portfolios (other than the AXA Allocation Portfolios and the Target Allocation Portfolios) obligates the Manager to: (i) provide investment management services to the Trust; (ii) select the sub-advisers for each portfolio: (iii) monitor each sub-adviser’s investment programs and results; (iv) review brokerage matters: (v) oversee the Trust’s compliance with various federal and state statutes; and (vi) carry out the directives of the Board of Trustees. The Management Agreement for the AXA Allocation Portfolios and the Target Allocation Portfolios obligates the Manager to: (i) provide investment management and advisory services; (ii) render investment advice concerning the underlying portfolios in which to invest and the appropriate allocations for each of the AXA Allocation Portfolios and the Target Allocation Portfolios; (iii) review brokerage matters; (iv) oversee the Trust’s compliance with various federal and state statutes; and (v) carry out the directives of the Board of Trustees. For the year ended December 31, 2006, for its services under the Management Agreements, the Manager was entitled to receive an annual fee as a percentage of average daily net assets, for each of the following Portfolios, calculated daily and payable monthly as follows:


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


	(as a percentage of average daily net assets)
Portfolios:	First $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 Mid Cap Growth	1.100		1.050		1.025		1.000		0.975
AXA Premier VIP 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	%

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 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

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December 31, 2006

connection therewith. The Manager pays the expenses of providing investment advisory services to the Portfolios, including the fees of the Advisers of each Portfolio.

Note 3 Administrative Fees

Pursuant to an administrative agreement, AXA Equitable (“Administrator”) provides the Trust with necessary administrative services. In addition, the Administrator makes available the office space, equipment, personnel and facilities required to provide such administrative services to the Trust. For these administrative services, the Trust pays AXA 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 AXA 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. The Custody Agreement provides for an annual fee based on the amount of assets under custody plus transaction charges. Under the terms of the Custody Agreement between the Trust and JPMorgan, JPMorgan maintains cash, securities and other assets of the Portfolios. JPMorgan is also required, upon the order of the Trust, to deliver securities held by JPMorgan, and make payments for securities purchased by the Trust. JPMorgan has also entered into sub-custodian agreements with a number of foreign banks and clearing agencies, pursuant to which portfolio securities purchased outside the U.S. are maintained in the custody of these entities.

Note 5 Distribution Plans

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

Note 6 Expense Limitation

Pursuant to a contract, AXA Equitable has agreed to make payments or waive its fees to limit the expenses of certain Portfolios through April 30, 2008 (“Expense Reimbursement Agreement”). The Manager first waives its management fees, then waives its administration fees, and then reimburses the Portfolio’s expenses out of its own resources. AXA Equitable may be reimbursed the amount of any such payments and waivers in the future provided that the payments and waivers are reimbursed within three years of the payment or waiver being made and the combination of the Portfolio’s expense ratio and such reimbursements do not exceed the Portfolio’s expense ratio cap. If the actual expense ratio is less than the expense cap and AXA Equitable has recouped any eligible previous payments and waivers made, the Portfolio will be charged such lower expenses. The expenses as a percentage of daily average net assets

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December 31, 2006

(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 Mid Cap Growth	1.35	%
AXA Premier VIP Mid Cap Value	1.35	%
AXA Premier VIP Technology	1.60	%
Target 2015 Allocation	0.35	%
Target 2025 Allocation	0.35	%
Target 2035 Allocation	0.35	%
Target 2045 Allocation	0.35	%

During the year ended December 31, 2006, the Manager received $319,706 in recoupment for all of the Portfolios within the Trust. These recoupments in excess of waivers during the year are presented as Recoupment Fees in the Statement of Operations. At December 31, 2006, 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:	2007		2008		2009		Total Eligible for Reimbursement
AXA Conservative Allocation	$	209,274	$	390,859	$	618,709	$	1,218,842
AXA Conservative-Plus Allocation		290,018		661,740		1,196,229		2,147,987
AXA Moderate Allocation		7,543,344		9,769,040		11,899,559		29,211,943
AXA Moderate-Plus Allocation		801,029		3,142,219		7,678,378		11,621,626
AXA Aggressive Allocation		309,575		756,958		1,843,837		2,910,370
AXA Premier VIP Core Bond		1,360,744		1,549,648		1,606,496		4,516,888
AXA Premier VIP Large Cap Core Equity		194,463		136,218		39,438		370,119
AXA Premier VIP Large Cap Growth		184,899		93,920		63,008		341,827
AXA Premier VIP Large Cap Value		145,703		72,205		—		217,908
Target 2015 Allocation		—		—		40,611		40,611
Target 2025 Allocation		—		—		40,627		40,627
Target 2035 Allocation		—		—		40,740		40,740
Target 2045 Allocation		—		—		40,673		40,673

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

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December 31, 2006

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		0.50% to 0.75%
AXA Conservative-Plus Allocation		0.60% to 0.85%
AXA Moderate Allocation		0.65% to 0.90%
AXA Moderate-Plus Allocation		0.75% to 1.00%
AXA Aggressive Allocation		0.80% to 1.05%
Target 2015 Allocation		0.45% to 0.70%
Target 2025 Allocation		0.45% to 0.70%
Target 2035 Allocation		0.45% to 0.70%
Target 2045 Allocation		0.45% to 0.70%

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	0.60% to 0.85%	0.85% to 1.10%
AXA Conservative-Plus Allocation	0.70% to 0.95%	0.95% to 1.20%
AXA Moderate Allocation	0.75% to 1.00%	1.00% to 1.25%
AXA Moderate-Plus Allocation	0.85% to 1.10%	1.10% to 1.35%
AXA Aggressive Allocation	0.90% to 1.15%	1.15% to 1.40%
Target 2015 Allocation	0.80% to 1.05%	1.05% to 1.30%
Target 2025 Allocation	0.80% to 1.05%	1.05% to 1.30%
Target 2035 Allocation	0.80% to 1.05%	1.05% to 1.30%
Target 2045 Allocation	0.80% to 1.05%	1.05% to 1.30%

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


Portfolios:	Class A	Class B
AXA Conservative Allocation	0.82% to 1.07%	1.07% to 1.32%
AXA Conservative-Plus Allocation	0.88% to 1.13%	1.13% to 1.38%
AXA Moderate Allocation	0.92% to 1.17%	1.17% to 1.42%
AXA Moderate-Plus Allocation	1.02% to 1.27%	1.27% to 1.52%
AXA Aggressive Allocation	1.08% to 1.33%	1.33% to 1.58%
Target 2015 Allocation	8.43% to 8.68%	8.68% to 8.93%
Target 2025 Allocation	7.84% to 8.09%	8.09% to 8.34%
Target 2035 Allocation	10.11% to 10.36%	10.36% to 10.61%
Target 2045 Allocation	11.04% to 11.29%	11.29% to 11.54%

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

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December 31, 2006

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, 2006, the total amount deferred by the Trustees participating in the Plan was $390,380.

Note 8 Percentage of Ownership

At December 31, 2006, AXA Equitable held investments in each of the Portfolios as follows:


Portfolios:	Percentage of Ownership
AXA Conservative Allocation	—	#%
AXA Conservative-Plus Allocation	—	#
AXA Moderate Allocation	0.10
AXA Moderate-Plus Allocation	—	#
AXA Aggressive Allocation	0.10
AXA Premier VIP Aggressive Equity	0.10
AXA Premier VIP Core Bond	—	#
AXA Premier VIP Health Care	0.40
AXA Premier VIP High Yield	—	#
AXA Premier VIP International Equity	—	#
AXA Premier VIP Large Cap Core Equity	0.20
AXA Premier VIP Large Cap Growth	0.30
AXA Premier VIP Large Cap Value	0.10
AXA Premier VIP Mid Cap Growth	—	#
AXA Premier VIP Mid Cap Value.	—	#
AXA Premier VIP Technology	0.20
Target 2015 Allocation	42.10
Target 2025 Allocation	40.30
Target 2035 Allocation	61.60
Target 2045 Allocation	68.70

#	Percentage of ownership is less than 0.005%.

The following table represents the percentage of ownership that each AXA Allocation Portfolio has in each respective Underlying Portfolio’s net assets as of December 31, 2006:


Portfolios:	AXA Conservative Allocation		AXA Conservative- Plus Allocation		AXA Moderate Allocation		AXA Moderate- Plus Allocation		AXA Aggressive Allocation
AXA Premier VIP Aggressive Equity	0.25	%	0.68	%	11.58	%	14.60	%	4.72	%
AXA Premier VIP Core Bond	1.95		3.54		33.51		24.35		2.64
AXA Premier VIP High Yield	0.96		1.79		19.77		—		—
AXA Premier VIP International Equity	0.43		2.37		24.41		26.74		7.69

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NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2006


Portfolios:	AXA Conservative Allocation		AXA Conservative- Plus Allocation		AXA Moderate Allocation		AXA Moderate- Plus Allocation		AXA Aggressive Allocation
AXA Premier VIP Large Cap Core Equity	0.34	%	1.47	%	21.99	%	34.59	%	10.14	%
AXA Premier VIP Large Cap Value	0.57		1.99		18.09		25.80		8.02
AXA Premier VIP Mid Cap Growth	—		0.26		19.93		5.21		1.00
AXA Premier VIP Mid Cap Value	0.48		1.08		22.61		9.63		2.07
EQ/AllianceBernstein Large Cap Growth	—		—		8.92		2.41		0.95
EQ/AllianceBernstein Quality Bond	0.42		1.07		49.43		11.08		1.15
EQ/AllianceBernstein Value	0.46		1.82		10.42		13.99		4.55
EQ/Capital Guardian International	0.17		0.91		11.82		12.67		2.13
EQ/Evergreen International Bond	4.24		8.18		61.29		—		—
EQ/Franklin Small Cap Value	—		0.25		0.48		1.51		0.48
EQ/Long Term Bond	4.81		7.63		29.90		33.36		—
EQ/Marsico Focus	0.29		1.39		12.67		16.43		5.57
EQ/Mercury Basic Value Equity	0.29		1.25		22.85		21.34		5.93
EQ/Mercury International Value	0.11		0.60		7.80		13.36		5.85
EQ/Money Market	—	#	—	#	—	#	—		—
EQ/Short Duration Bond	6.99		11.42		43.74		30.07		—
EQ/Small Cap Value	—		0.73		11.18		12.12		4.48
EQ/Small Company Index	—		1.29		5.86		17.20		6.63
EQ/Van Kampen Emerging Markets Equity	—		—		9.07		11.09		3.06

#	Percentage of ownership is less than 0.005%.

The following table represents the percentage of ownership that the EQ/Enterprise Moderate Allocation Portfolio, as an affiliate of the Trust, has in each respective Underlying Portfolio’s net assets as of December 31, 2006:


Portfolios:	EQ/ Enterprise Moderate Allocation
AXA Premier VIP Aggressive Equity	0.58	%
AXA Premier VIP Core Bond	2.91
AXA Premier VIP High Yield	1.04
AXA Premier VIP Large Cap Core Equity	4.27
AXA Premier VIP Large Cap Value	0.60
AXA Premier VIP Mid Cap Growth	0.45
AXA Premier VIP Mid Cap Value	0.88

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NOTES TO FINANCIAL STATEMENTS — (Continued)

December 31, 2006

The following table represents the percentage of ownership that each Target Allocation Portfolio has in each respective Underlying Portfolio’s net assets as of December 31, 2006:


Portfolios:	Target 2015 Allocation		Target 2025 Allocation		Target 2035 Allocation		Target 2045 Allocation
AXA Premier VIP Aggressive Equity	0.01	%	0.01	%	0.01	%	0.01	%
AXA Premier VIP High Yield	0.01		—	#	—	#	—
AXA Premier VIP Large Cap Value	0.01		0.01		—	#	—	#
AXA Premier VIP Mid Cap Growth	—	#	—	#	—	#	—	#
AXA Premier VIP Mid Cap Value	—	#	—	#	—	#	—	#
EQ/Bond Index	1.44		1.03		0.29		—
EQ/Equity 500 Index	0.02		0.02		0.02		0.02
EQ/International ETF	8.11		9.99		7.59		7.58
EQ/Small Company Index	0.02		0.02		0.02		0.02
EQ/Van Kampen Emerging Markets Equity	0.01		0.01		—	#	—	#

#	Percentage of ownership is less than 0.005%.

Note 9 New Accounting Pronouncements

In July 2006, the Financial Accounting Standards Board issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes — an Interpretation of FASB Statement No. 109” (the “Interpretation”). The Interpretation establishes for all entities, including pass-through entities such as the Portfolio, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures. The Interpretation is effective for fiscal years beginning after December 15, 2006, and is to be applied to all open tax years as of the date of effectiveness. On December 22, 2006, the Securities and Exchange Commission notified the industry that the implementation of the Interpretation must be incorporated no later than the last day on which a NAV is calculated preceding the Portfolio’s 2007 semi-annual report. Management continues to evaluate the application of the Interpretation to the Portfolio, and is not in a position at this time to estimate the significance of its impact, if any, on the Portfolio’s financial statements.

In addition, in September 2006, Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Portfolio’s financial statement disclosures.

Note 10 Subsequent Events

The following Administration fee structure is effective January 1, 2007, for all of the Portfolios, except the Allocation Portfolios and the Target Allocation Portfolios:

0.150 of 1% of total Trust assets up to and including $15 billion;

0.140 of 1% of total Trust assets in excess of $15 billion and up to and including $30 billion;

0.125 of 1% of total Trust assets in excess of $30 billion.

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AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS — (Concluded)

December 31, 2006

At a meeting held on December 7, 2006, the Board of Trustees approved the following:

1) Name changes effective on or about May 25, 2007 as follows:


Current Name		Proposed Name
AXA Premier VIP Aggressive Equity		Multimanager Aggressive Equity
AXA Premier VIP Core Bond		Multimanager Core Bond
AXA Premier VIP Health Care		Multimanager Health Care
AXA Premier VIP High Yield		Multimanager High Yield
AXA Premier VIP International Equity		Multimanager International Equity
AXA Premier VIP Large Cap Core Equity		Multimanager Large Cap Core Equity
AXA Premier VIP Large Cap Growth		Multimanager Large Cap Growth
AXA Premier VIP Large Cap Value		Multimanager Large Cap Value
AXA Premier VIP Mid Cap Growth		Multimanager Mid Cap Growth
AXA Premier VIP Mid Cap Value		Multimanager Mid Cap Value
AXA Premier VIP Technology		Multimanager Technology

2) On November 30, 2006 and December 7, 2006, the Boards of Trustees of EQ Advisors Trust (“EQ Trust”) and the Trust, respectively, approved (1) an Agreement and Plan of Reorganization, relating to the reorganization of the EQ/Small Company Growth Portfolio and the EQ/Wells Fargo Montgomery Small Cap Portfolio of EQ Trust into the Multimanager Small Cap Growth Portfolio of the Trust, and (2) an Agreement and Plan of Reorganization relating to the reorganization of the EQ/Small Cap Value Portfolio of the EQ Trust into the Multimanager Small Cap Value Portfolio of the Trust. The Multimanager Small Cap Growth Portfolio and Multimanager Small Cap Value Portfolio (each, a “Multimanager Portfolio”) are new portfolios of the Trust. Each of the reorganizations requires the approval of the shareholders of the applicable EQ Trust Portfolio. Pending shareholder approval, it is anticipated that the reorganization of the EQ/Small Company Growth Portfolio and EQ/Small Cap Value Portfolio into the corresponding Multimanager Portfolio will occur on or about May 25, 2007. The reorganization of the EQ/Wells Fargo Montgomery Small Cap Portfolio into the corresponding Multimanager Portfolio will occur on or about July 6, 2007.

3) An Investment Advisory Agreement between AXA Equitable and T. Rowe Price Associates, Inc. (“T. Rowe”) for the purpose of appointing T. Rowe as a new sub-adviser to an allocated portion of the AXA Premier VIP Large Cap Growth Portfolio. T. Rowe replaced AllianceBernstein L.P. as sub-adviser, effective January 12, 2007.

4) An Investment Advisory Agreement between AXA Equitable and ClearBridge Advisors, LLC (“ClearBridge”) for the purpose of appointing ClearBridge as a new sub-adviser to an allocated portion of the AXA Premier VIP Aggressive Equity Portfolio. ClearBridge replaced MFS Investment Management as sub-adviser, effective January 12, 2007.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders 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 20 portfolios constituting the AXA Premier VIP Trust (the “Trust”) at December 31, 2006, and the results of each of their operations, the changes in each of their net assets and their financial highlights for each of the periods presented, 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, 2006 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

February 15, 2007

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APPROVALS OF INVESTMENT MANAGEMENT AGREEMENTS DURING THE SIX-MONTH PERIOD ENDED DECEMBER 31, 2006 (UNAUDITED)

During the six-month period ended December 31, 2006, the Board of Trustees, including the Independent Trustees, unanimously approved or renewed, as applicable, the Investment Management Agreement with AXA Equitable (“Manager”) (the “Management Agreement”) and the Investment Advisory Agreement (each, an “Advisory Agreement” and together with the Management Agreement, the “Agreements”) with each investment sub-adviser (“Adviser”) as shown in the table below with respect to the Portfolio(s) listed.


Portfolios		Agreements Approved or Renewed by the Trust’s Board of Trustees with respect to the Portfolio(s)
AXA Aggressive Allocation Portfolio		Management Agreement with AXA Equitable
AXA Conservative Allocation Portfolio
AXA Conservative-Plus Allocation Portfolio
AXA Moderate Allocation Portfolio
AXA Moderate-Plus Allocation Portfolio

AXA Premier VIP Aggressive Equity Portfolio		Management Agreement with AXA Equitable
		Advisory Agreement with AllianceBernstein L.P.
		Advisory Agreement with ClearBridge Advisors, LLC*
		Advisory Agreement with Legg Mason Capital
		Management, Inc.
		Advisory Agreement with Marsico Capital
		Management, LLC
		Advisory Agreement with MFS Investment Management

AXA Premier VIP Core Bond Portfolio		Management Agreement with AXA Equitable
		Advisory Agreement with BlackRock Financial
		Management, Inc.
		Advisory Agreement with Pacific Investment Management
		Company LLC

AXA Premier VIP Health Care Portfolio		Management Agreement with AXA Equitable
		Advisory Agreement with A I M Capital Management, Inc.
		Advisory Agreement with RCM Capital Management LLC
		Advisory Agreement with Wellington Management
		Company, LLP

AXA Premier VIP High Yield Portfolio		Management Agreement with AXA Equitable
		Advisory Agreement with Pacific Investment Management
		Company LLC
		Advisory Agreement with Post Advisory Group, LLC

AXA Premier VIP International Equity Portfolio		Management Agreement with AXA Equitable
		Advisory Agreement with AllianceBernstein L.P.
		Advisory Agreement with JPMorgan Investment
		Management Inc.
		Advisory Agreement with Marsico Capital
		Management, LLC

AXA Premier VIP Large Cap Core Portfolio		Management Agreement with AXA Equitable
		Advisory Agreement with AllianceBernstein L.P.
		Advisory Agreement with Janus Capital Management LLC
		Advisory Agreement with Thornburg Investment
		Management, Inc.

AXA Premier VIP Large Cap Growth Portfolio		Management Agreement with AXA Equitable
		Advisory Agreement with AllianceBernstein L.P.
		Advisory Agreement with RCM Capital Management LLC
		Advisory Agreement with TCW Investment
		Management Company
		Advisory Agreement with T. Rowe Price Associates, Inc.**

AXA Premier VIP Large Cap Value Portfolio		Management Agreement with AXA Equitable
		Advisory Agreement with AllianceBernstein L.P.
		Advisory Agreement with Institutional Capital LLC
		Advisory Agreement with MFS Investment Management

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AXA Premier VIP Mid Cap Growth Portfolio		Management Agreement with AXA Equitable
		Advisory Agreement with AllianceBernstein L.P.
		Advisory Agreement with Franklin Advisers, Inc.
		Advisory Agreement with Provident Investment
		Counsel, Inc.

AXA Premier VIP Mid Cap Value Portfolio		Management Agreement with AXA Equitable
		Advisory Agreement with AXA Rosenberg Investment
		Management LLC
		Advisory Agreement with TCW Investment
		Management Company
		Advisory Agreement with Wellington Management
		Company, LLP

Multimanager Small Cap Growth Portfolio***		Management Agreement with AXA Equitable
		Advisory Agreement with Bear Stearns Asset
		Management Inc.
		Advisory Agreement with Eagle Asset Management, Inc.
		Advisory Agreement with Wells Asset Management Inc.

Multimanager Small Cap Value Portfolio***		Management Agreement with AXA Equitable
		Advisory Agreement with Franklin Advisory Services LLC
		Advisory Agreement with Lazard Asset Management LLC

AXA Premier VIP Technology Portfolio		Management Agreement with AXA Equitable
		Advisory Agreement with Firsthand Capital Management, Inc.
		Advisory Agreement with RCM Capital Management LLC
		Advisory Agreement with Wellington Management
		Company, LLP

*	ClearBridge Advisors, LLC replaced MFS Investment Management as an Adviser to the AXA Premier VIP Aggressive Equity Portfolio effective January 12, 2007.

**	T. Rowe Price Associates, Inc. replaced AlliancBernstein L.P. as an Adviser to the AXA Premier VIP Large Cap Growth Portfolio effective January 12, 2007.

***	These portfolios will be available for purchase on or about May 25, 2007. On or about that date, all portfolio names in the Trust will be changed whereby ‘Multimanager’ will replace ‘AXA Premier VIP’. The name of the Trust will not change.

In approving each Agreement, the Board considered the overall fairness of the Agreement and whether the Agreement was in the best interest of the affected Portfolio. The Board further considered factors it deemed relevant with respect to each Portfolio, including, as applicable: (1) the nature, quality and extent of the services provided to the Portfolio by the Manager, the Adviser and their respective affiliates; (2) the performance of the Portfolio (or, in the case of a new Adviser, the performance of comparable accounts) as compared to a peer group and, as applicable, an appropriate benchmark; (3) the level of the Portfolio’s management and subadvisory fees; (4) the costs of the services provided and profits realized by the Manager and, to the extent information was available, the Adviser and their respective affiliates from the relationship with the Portfolio; (5) the anticipated effect of growth and size on the Portfolio’s performance and expenses; (6) the Manager’s and the Adviser’s investment process, personnel and operations; (7) the Manager’s and the Adviser’s financial condition; (8) the adequacy of the Manager’s and the Adviser’s compliance programs and records; (9) the “fall out” benefits to be realized by the Manager, the Adviser and their respective affiliates (i.e., any direct or indirect benefits to be derived by the Manager, the Adviser and their respective affiliates from their relationship with the Trust); (10) the profitability of the Manager and, to the extent information was available, the Adviser under their respective Agreements; and (11) possible conflicts of interest. In considering each Agreement, the Board did not identify any single factor or information as all-important or controlling.

Moreover, with respect to the Portfolios with multiple Advisers, the Board considered factors in the context of the overall objectives for the Portfolios including the following: (1) to offer a multi-manager product to investors which provides access to Advisers that would not otherwise be available to many of the Portfolios’ investors because of those Advisers’ minimum investment amounts; (2) to offer a broad array of investment disciplines; (3) to provide active oversight through the Manager to monitor compliance with performance, volatility and other stated objectives; and (4) to provide performance over extended market cycles with lower volatility than the selected market sector index by combining different Advisers within the same discipline. The Board considered the fact that the cost of creating and maintaining this structure

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places Portfolios in a comparatively high mutual fund expense quartile. However, the Board factored into its decision on the Management Agreement the totality of services provided by the Manager and the fact that the disclosure of all fees and expenses is explicit to potential and current shareholders.

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

The Board, in examining the nature and quality of the services provided by the Manager and each Adviser to the Portfolios, considered the Manager’s and each Adviser’s experience in serving as an investment adviser for the Trust and accounts comparable to the Portfolios advised. The Board noted the responsibilities that the Manager has as investment manager to the Trust and the Portfolios and each Adviser has as a sub-adviser to its Portfolio(s). In particular, with respect to the Manager, the Board considered that the Manager is responsible for the selection and monitoring of sub-advisers for the Portfolios, oversight of compliance with the Portfolios’ policies and objectives, review of brokerage matters, oversight of the Portfolios’ compliance with applicable law, and implementation of Board directives as related to the Portfolios. With respect to the Allocation Portfolios, the Board also received information regarding the Manager’s investment process and the qualifications and experience of each of the Manager’s portfolio managers who provide services to the Allocation Portfolios. Regarding each Adviser, the Board considered that each Adviser is responsible for making investment decisions on behalf of the allocated portion of the Portfolio(s) it advises, placing all orders for the purchase and sale of investments with brokers or dealers for the allocated portions of the Portfolio(s) it advises and performing related administrative functions. In addition, the Board reviewed requested information regarding each Adviser’s investment process and the background of each portfolio manager of each Adviser who provides services to the Portfolios. The Board also reviewed information regarding the adequacy of the Manager’s and each Adviser’s compliance program and its results. Further, the Board reviewed financial information regarding the Manager and each Adviser.

As discussed further below with respect to each Portfolio, the Board also considered the short-, intermediate- and long-term performance of each Portfolio (or, in the case of a new Adviser, of comparable accounts) relative to its primary benchmark and peer group. The Board generally considered long-term performance to be more important in its evaluation than short-term performance. The Board also considered the performance of the allocated portions of each Portfolio allocated to each of its Advisers. The Board considered whether the performance of the portions allocated to each of the Advisers met the Board’s expectations as to the compatibility of the Advisers’ different investment strategies and styles and the contribution of each to the overall Portfolio strategy and performance.

The Board reviewed the fees payable under each Agreement. The Board examined the fees paid by each Portfolio in light of fees charged by the Manager to similar portfolios it manages and similar portfolios that serve as underlying funds for variable insurance products that are advised by other investment advisers. In evaluating the management fee schedules, the Board considered the quality and level of services provided and the Manager’s responsibilities to each Portfolio. In connection with the annual renewal of the relevant Agreements, the Board considered a report provided by Lipper Inc., an independent third party company, containing information regarding the management fee (including the administration fee) and the expense ratios for each Portfolio relative to the median and average management fees and expense ratios of its peer group, as discussed further below with respect to each Portfolio. The Board also considered that, while the management fee structure and total expense ratios for manager-of-managers funds generally are higher than for funds with single advisers, each Portfolio (except for the Allocation Portfolios, which have management fee rates lower than the median) has a fee structure that provides for breakpoints, that is, a reduction of the applicable advisory fee rate as assets increase. The Board further considered that the Manager had undertaken contractual expense limitations with respect to certain Portfolios, which are subject to renewal by the Board and the Manager on an annual basis. The Board also considered that the Allocation Portfolios invest in underlying portfolios managed by the Manager and

200

that the Allocation Portfolios will bear the fees of such portfolios, which include management and administration fees paid to the Manager, and, in certain instances, advisory fees paid by the Manager to its affiliates.

The Board evaluated the Manager’s costs and profitability in providing services to the Portfolios, including the costs associated with the research and investment processes, personnel, systems and equipment necessary to perform its functions. The Board determined that the Manager’s management fee and profitability and the Portfolio’s overall expense ratios generally were more significant to the Board’s evaluation of the fees and expenses paid by the Portfolios than each Adviser’s costs and profitability.

As part of its evaluation of the Manager’s and each Adviser’s compensation, the Board considered other benefits that may be realized by the Manager, the Adviser and each of their respective affiliates from their relationship with the Trust. The Board noted, among other things, that AXA Equitable serves as the administrator for the Portfolios, receiving compensation for acting in this capacity, and is responsible for, among other things, coordinating the Trust’s audits, financial statements and tax returns and managing expenses and budgeting for the Trust. In addition, the Board recognized that the Manager’s affiliates, AllianceBernstein, L.P. and AXA Rosenberg Investment Management, LLC, serves as Advisers to certain Portfolios and, as such, receive advisory fees that are paid by the Manager out of the fees that it earns from the Trust. The Board also recognized that certain other affiliates of the Manager, AXA Advisors LLC and AXA Distributors LLC, serve as the underwriters for the Trust, and, as such, receive payments pursuant to Rule 12b-1 from the Portfolios with respect to their Class B shares to compensate them for providing shareholder services and selling activities, which could lead to growth in the Trust’s assets and corresponding benefits from such growth, including economies of scale. Further, the Board recognized that Sanford C. Bernstein & Co., LLC, a registered broker-dealer, is an affiliate of the Manager and from time to time may receive brokerage commissions from the Portfolios in connection with the purchase and sale of portfolio securities, provided, however, that those transactions, among other things, must be consistent with best execution.

Relating to the Advisers, the Board noted that each Adviser, through its relationship as a sub-adviser to its Portfolio(s), may engage in soft dollar transactions. In this regard, the Board considered each Adviser’s procedures for executing portfolio transactions for the allocated portion of the Portfolio(s) it advises and each Adviser’s policies and procedures for the selection of brokers and dealers and obtaining research from those brokers and dealers. In addition, the Board recognized that many Advisers are affiliated with registered broker-dealers, who may, from time to time, receive brokerage commissions from the Portfolios in connection with the purchase and sale of portfolio securities; provided, however, that such transactions, among other things, must be consistent with best execution. Finally, the Board recognized that affiliates of the Advisers may sell, and earn sales commissions from, insurance products, the proceeds of which are invested in the Portfolios.

The Board also considered conflicts of interest that may arise between the Trust and the Manager and the Advisers in connection with the services provided to the Trust and the various relationships that the Advisers and their affiliates may have with the Trust. For example, actual or potential conflicts of interest may arise as a result of an Adviser having responsibility for multiple accounts (including the Portfolio(s) it advises), such as devotion of unequal time and attention to the management of the accounts, inability to allocate limited investment opportunities across accounts and incentive to allocate opportunities to an account where the Adviser has a greater financial incentive, such as a performance fee account. Conflicts may also arise as a result of the Manager advising the Allocation Portfolios, as its selection of underlying portfolios in which to invest may have a positive or negative effect on its revenues and/or profits. In this connection, the Board also considered the manner in which such conflicts are addressed by the Manager and the Advisers.

Based on these considerations, the Board was satisfied, with respect to each Portfolio, that: (1) the Portfolio was reasonably likely to benefit from the nature, quality and extent of the Manager’s and the Adviser’s services; (2) the Portfolio was reasonably likely to benefit from the Manager’s and the Adviser’s investment process, personnel and operations; (3) the Manager and the Adviser have the resources to provide the services and to carry out their responsibilities under their respective Agreements; and (4) the Manager and the Adviser have adequate compliance programs. The Board also reached the determinations

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described below with respect to the Manager’s and each Adviser’s compensation, including any direct or indirect benefits derived by them and their respective affiliates, and performance with respect to each Portfolio. Based on the foregoing, the information described below and the more detailed information provided at the relevant meeting, the Board, including the Independent Trustees, approved or renewed, as applicable, each Agreement with respect to the relevant Portfolio(s).

AXA Aggressive Allocation Portfolio

With respect to the AXA Aggressive Allocation Portfolio, the Board considered, among other things, that (1) the management fee for the Portfolio is lower than the median management fee of its peer group; (2) the expense ratios of the Class A and Class B shares of the Portfolio are lower than the median expense ratio of its peer group; (3) the Portfolio outperformed its benchmark for the one-year period ended June 30, 2006 and since inception (July 31, 2003); and (4) the Portfolio outperformed the average of its peer group for the one-year period ended June 30, 2006. The Board was satisfied that the Manager’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable and that the performance of the Portfolio generally has been reasonable in relation to the performance of its benchmark and peer group.

AXA Conservative Allocation Portfolio

With respect to the AXA Conservative Allocation Portfolio, the Board considered, among other things, that (1) the management fee for the Portfolio is lower than the median management fee of its peer group; (2) the expense ratios of the Class A and Class B shares of the Portfolio are lower than the median expense ratio of its peer group; (3) the Portfolio outperformed its benchmark for the one-year period ended June 30, 2006 and since inception (July 31, 2003); and (4) the Portfolio outperformed the average of its peer group for the one year period ended June 30, 2006. The Board was satisfied that the Manager’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable and that the performance of the Portfolio generally has been reasonable in relation to the performance of its benchmark and peer group.

AXA Conservative-Plus Allocation Portfolio

With respect to the AXA Conservative-Plus Allocation Portfolio, the Board considered, among other things, that (1) the management fee for the Portfolio is lower than the median management fee of its peer group; (2) the expense ratios of the Class A and Class B shares of the Portfolio are lower than the median expense ratio of its peer group; (3) the Portfolio outperformed its benchmark for the one-year period ended June 30, 2006 and since inception (July 31, 2006); and (4) the Portfolio outperformed the average of its peer group for the one-year period ended June 30, 2006. The Board was satisfied that the Manager’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable and that the performance of the Portfolio generally has been reasonable in relation to the performance of its benchmark and peer group.

AXA Moderate Allocation Portfolio

With respect to the AXA Moderate Allocation Portfolio, the Board considered, among other things, that (1) the management fee for the Portfolio is equal to the median management fee of its peer group; (2) the expense ratio of the Class A shares of the Portfolio is lower than the median expense ratio of its peer group and the expense ratio of the Class B shares of the Portfolio is slightly higher than the median expense ratio of its peer group; (3) the Portfolio outperformed its benchmark for the one- and three-year periods ended June 30, 2006 but underperformed its benchmark for the five- and ten-year periods ended the same date; and (4) the Portfolio outperformed the average of its peer group for the one- and three-year periods ended June 30, 2006 but underperformed the average of its peer group for the five-year period ended the same date. The Board also considered that the Portfolio converted to its current fund-of-funds structure in July 2003. The Board was satisfied that the Manager’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable and that the performance of the Portfolio generally has been reasonable in relation to the performance of its benchmark and peer group.

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AXA Moderate-Plus Allocation Portfolio

With respect to the AXA Moderate-Plus Allocation Portfolio, the Board considered, among other things, that (1) the management fee for the Portfolio is higher than the median management fee of its peer group; (2) the expense ratio of the Class A shares of the Portfolio is lower than the median expense ratio of its peer group and the expense ratio of the Class B shares of the Portfolio is slightly higher than the median expense ratio of its peer group; (3) the Portfolio outperformed its benchmark for the one-year period ended June 30, 2006 and since inception (July 31, 2003); and (4) the Portfolio outperformed the average of its peer group for the one-year period ended June 30, 2006. The Board was satisfied that the Manager’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable and that the performance of the Portfolio generally has been reasonable in relation to the performance of its benchmark and peer group.

AXA Premier VIP Aggressive Equity Portfolio

With respect to the AXA Premier VIP Aggressive Equity Portfolio, the Board considered, among other things, that (1) the management fee for the Portfolio is higher than the median management fee of its peer group; (2) the expense ratio of the Class A shares of the Portfolio is lower than the median expense ratio of its peer group, while the expense ratio of the Class B shares of the Portfolio is slightly higher than the median expense ratio of its peer group; (3) the Portfolio outperformed its benchmark for the one-, three-and five-year periods ended June 30, 2006; and (4) the Portfolio underperformed the average of its peer group for the one-, three- and five-year periods ended June 30, 2006. The Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable and that the performance of the Portfolio generally has been reasonable in relation to the performance of its benchmark and peer group. In December 2006, the Board approved the replacement of MFS Investment Management with ClearBridge Advisors, LLC as an Adviser to the Portfolio.

AXA Premier VIP Core Bond Portfolio

With respect to the AXA Premier VIP Core Bond Portfolio, the Board considered, among other things, that (1) the management fee for the Portfolio is higher than the median management fee of its peer group; (2) the expense ratio of the Class A shares of the Portfolio is slightly lower than the median expense ratio of its peer group, while the expense ratio of the Class B shares of the Portfolio is higher than the median expense ratio of its peer group; (3) the Portfolio generally outperformed its benchmark for the one-year period ended June 30, 2006 but underperformed its benchmark for the three-year period ended the same date; and (4) the Portfolio underperformed the average of its peer group for the one- and three-year periods ended June 30, 2006. The Board was generally satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board however expressed concerns regarding the Portfolio’s performance and had discussed with the Manager actions that could be taken to improve the Portfolio’s performance. The Board further noted that the Portfolio is operating at its expense cap.

AXA Premier VIP Health Care Portfolio

With respect to the AXA Premier VIP Health Care Portfolio, the Board considered, among other things, that (1) the management fee for the Portfolio is higher than the median management fee of its peer group; (2) the expense ratios of the Class A and Class B shares of the Portfolio are higher than the median expense ratio of its peer group; (3) the Portfolio outperformed its benchmark for the one- and three-year periods ended June 30, 2006; and (4) the Portfolio slightly outperformed the average of its peer group for the three-year period ended June 31, 2006 but slightly underperformed the average of its peer group for the one-year period ended the same date. The Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable and that the performance of the Portfolio generally has been reasonable in relation to the performance of its benchmark and peer group.

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AXA Premier VIP High Yield Portfolio

With respect to the AXA Premier VIP High Yield Portfolio, the Board considered, among other things, that (1) the management fee for the Portfolio is higher than the median management fee of its peer group; (2) the expense ratio of the Class A shares of the Portfolio is lower than the median expense ratio of its peer group, while the expense ratio of the Class B shares of the Portfolio is higher than the median expense ratio of its peer group; (3) the Portfolio underperformed its benchmark for the one- and three-year periods ended June 30, 2006; and (4) the Portfolio equaled the performance of the average of its peer group for the one-year period ended June 30, 2006, but underperformed the average of its peer group for the three- and five-year periods ended that same date. The Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable and that the performance of the Portfolio generally has been reasonable in relation to the performance of its benchmark and peer group. In June 2005, the Board approved the replacement of one of the current Advisers with Post Advisory Group, LLC as an Adviser to the Portfolio.

AXA Premier VIP International Equity Portfolio

With respect to the AXA Premier VIP International Equity Portfolio, the Board considered, among other things, that (1) the management fee for the Portfolio is higher than the median management fee of its peer group; (2) the expense ratios of the Class A and Class B shares of the Portfolio are higher than the median expense ratio of its peer group; (3) the Portfolio outperformed its benchmark for the one-year period ended June 30, 2006, but underperformed its benchmark for the three-year period ended that same date; and (4) the Portfolio outperformed the average of its peer group for the one-year period ended June 30, 2006, but slightly underperformed the average of its peer group for the three-year period ended that same date. The Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable and that the performance of the Portfolio generally has been reasonable in relation to the performance of its benchmark and peer group.

AXA Premier VIP Large Cap Growth Portfolio

With respect to the AXA Premier VIP Large Cap Growth Portfolio, the Board considered, among other things, that (1) the management fee for the Portfolio is higher than the median management fee of its peer group; (2) the expense ratios of the Class A and Class B shares of the Portfolio are higher than the median expense ratio of its peer group; (3) the Portfolio underperformed its benchmark for the one- and three-year periods ended June 30, 2006; and (4) the Portfolio underperformed the average of its peer group for the one- and three-year periods ended June 30, 2006. The Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board however expressed concerns regarding the Portfolio’s performance and had discussed with the Manager actions that could be taken to improve the Portfolio’s performance. In December 2006, the Board approved the replacement of AllianceBernstein, L.P. with T. Rowe Price Associates, Inc. as an Adviser to the Portfolio. The Board further noted that the Portfolio is operating at its expense cap.

AXA Premier VIP Large Cap Core Equity Portfolio

With respect to the AXA Premier VIP Large Cap Core Equity Portfolio, the Board considered, among other things, that (1) the management fee for the Portfolio is higher than the median management fee of its peer group; (2) the expense ratios of the Class A and Class B shares of the Portfolio are higher than the median expense ratio of its peer group; (3) the Portfolio had underperformed its benchmark for the one-and three-year periods ended June 30, 2006; and (4) the Portfolio had underperformed the average of its peer group for the one- and three-year periods ended June 30, 2006. The Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board however expressed concerns regarding the Portfolio’s performance and had discussed with the Manager

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actions that could be taken to improve the Portfolio’s performance. The Board further noted that the Portfolio is operating at its expense cap.

AXA Premier VIP Large Cap Value Portfolio

With respect to the AXA Premier VIP Large Cap Value Portfolio, the Board considered, among other things, that (1) the management fee for the Portfolio is higher than the median management fee of its peer group; (2) the expense ratios of the Class A and Class B shares of the Portfolio are higher than the median expense ratio of its peer group; (3) the Portfolio underperformed its benchmark for the one- and three-year periods ended June 30, 2006; and (4) the Portfolio outperformed the average of its peer group for the one- and three-year periods ended June 30, 2006. The Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable and that the performance of the Portfolio generally has been reasonable in relation to the performance of its benchmark and peer group. The Board further noted that the Portfolio is operating at its expense cap. In December 2006, the Board approved the internal replacement of the portfolio management team at AllianceBernstein, L.P., an Adviser to the Portfolio.

AXA Premier VIP Mid Cap Growth Portfolio

With respect to the AXA Premier VIP Mid Cap Growth Portfolio, the Board considered, among other things, that (1) the management fee for the Portfolio is higher than the median management fee of its peer group; (2) the expense ratios of the Class A and Class B shares of the Portfolio are higher than the median expense ratio of its peer group; (3) the Portfolio outperformed its benchmark for the one-year period ended June 30, 2006, but slightly underperformed its benchmark for the three-year period ended that same date; and (4) the Portfolio outperformed the average of its peer group for the one-year period ended June 30, 2006, but slightly underperformed the average of its peer group for the three year period ended that same date. The Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable and that the performance of the Portfolio generally has been reasonable in relation to the performance of its benchmark and peer group. The Board noted that recent performance has shown improvement. The Board further noted that the Portfolio is operating at its expense cap.

AXA Premier VIP Mid Cap Value Portfolio

With respect to the AXA Premier VIP Mid Cap Value Portfolio, the Board considered, among other things, that (1) the management fee for the Portfolio is higher than the median management fee of its peer group; (2) the expense ratios of the Class A and Class B shares of the Portfolio are higher than the median expense ratio of its peer group; (3) the Portfolio underperformed its benchmark for the one- and three-year periods ended June 30, 2006; and (4) the Portfolio outperformed the average of its peer group for the one-year period ended June 30, 2006, but underperformed the average of its peer group for the three-year period ended that same date. The Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable. The Board noted that the Portfolio’s benchmark was difficult to beat, but expressed concerns regarding the Portfolio’s performance and had discussed with the Manager actions that could be taken to improve the Portfolio’s performance.

Multimanager Small Cap Growth Portfolio

With respect to the Multimanager Small Cap Growth Portfolio, the Board considered, among other things, that (1) the management fee for the Portfolio is comparable to the management fee of the other similar Portfolios with multiple Advisers; (2) the estimated expense ratios of the Class A and Class B shares of the Portfolio are comparable to those of the other similar Portfolios with multiple Advisers; (3) the Portfolio’s predecessor outperformed its benchmark for the one-year period ended May 31, 2006, but underperformed its benchmark for the three- and five-year periods ended that same date; and (4) the Portfolio’s predecessor outperformed the average of its peer group for the one-year period ended May 31, 2006, but underperformed the average of its peer group for the three- and five-year periods ended that

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same date. The Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable and that the performance of the Manager’s comparable portfolios sub-advised by the Advisers generally has been reasonable in relation to the performance of its benchmark and peer group.

Multimanager Small Cap Value Portfolio

With respect to the Multimanager Small Cap Value Portfolio, the Board considered, among other things, that (1) the management fee for the Portfolio is comparable to the management fee of the other similar Portfolios with multiple Advisers; (2) the estimated expense ratios of the Class A and Class B shares of the Portfolio are comparable to those of the other similar Portfolios with multiple Advisers; (3) the Portfolio’s predecessor underperformed its benchmark for the one-, three- and five-year periods ended May 31, 2006; and (4) the Portfolio’s predecessor outperformed the average of its peer group for the five-year period ended May 31, 2006, but underperformed the average of its peer group for the one- and three-year periods ended that same date. The Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable and that the performance of the Manager’s comparable portfolios sub-advised by the Advisers generally has been reasonable in relation to the performance of its benchmark and peer group.

AXA Premier VIP Technology Portfolio

With respect to the AXA Premier VIP Technology Portfolio, the Board considered, among other things, that (1) the management fee for the Portfolio is higher than the median management fee of its peer group; (2) the expense ratios of the Class A and Class B shares of the Portfolio are higher than the median expense ratio of its peer group; (3) the Portfolio significantly outperformed its benchmark for the one-and three-year periods ended June 30, 2006; and (4) the Portfolio outperformed the average of its peer group for the one- and three-year periods ended June 30, 2006. The Board was satisfied that the Manager’s and the Adviser’s compensation, including any direct and indirect benefits derived by them and their respective affiliates from their relationships with the Trust, is fair and reasonable and that the performance of the Portfolio generally has been reasonable in relation to the performance of its benchmark and peer group.

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Federal Income Tax Information (Unaudited)

For the year ended December 31, 2006, 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	6.76	%	$	—	$	—	$	3,007,958
AXA Conservative-Plus Allocation Portfolio	14.00			—		—		10,520,989
AXA Moderate Allocation Portfolio	16.95			—		—		63,678,763
AXA Moderate-Plus Allocation Portfolio	25.85			—		—		72,286,531
AXA Aggressive Allocation Portfolio	35.67			—		—		20,875,656
AXA Premier VIP Aggressive Equity Portfolio	100.00			—		—		—
AXA Premier VIP Core Bond Portfolio	—			—		—		—
AXA Premier VIP Health Care Portfolio	30.57			—		—		14,070,779
AXA Premier VIP High Yield Portfolio	—			—		—		—
AXA Premier VIP International Equity Portfolio	—			675,686		29,863,448		55,089,392
AXA Premier VIP Large Cap Core Equity Portfolio	98.68			—		—		14,138,188
AXA Premier VIP Large Cap Growth Portfolio	—			—		—		18,677,022
AXA Premier VIP Large Cap Value Portfolio	50.75			—		—		22,757,958
AXA Premier VIP Mid Cap Growth Portfolio	43.85			—		—		72,553,535
AXA Premier VIP Mid Cap Value Portfolio	42.24			—		—		85,244,158
AXA Premier VIP Technology Portfolio	—			—		—		—
Target 2015 Allocation Portfolio	26.02			—		—		—
Target 2025 Allocation Portfolio	35.75			—		—		—
Target 2035 Allocation Portfolio	44.06			—		—		—
Target 2045 Allocation Portfolio	56.96			—		—		—

#	Percentage is less than 0.01%.

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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 10104 (48)	Trustee, Chairman, President and Chief Executive Officer	Trustee and Chairman from September 2004 to present; Chief Executive Officer from December 2002 to present; President from November 2001 to present.	From July 1999 to present, Senior Vice President of AXA Financial; from September 2004 to present, President of AXA Financial’s Funds Management Group; since July 2004, Chairman and President of Enterprise Capital Management, Inc., Co- Chairman of Enterprise Funds Distributor, Inc. and a director of 1740 Advisers, Inc., MONY Asset Management Inc., MONY Financial Resources of the Americas Limited (Jamaica), MONY International Life Insurance Co. (Argentina), MONY Bank & Trust Company of the Americas Ltd. (Cayman Islands) and MONY Consultoria de Correlagem de Seguros Ltd. (Brazil).	114	None

Gerald C. Crotty c/o AXA Premier VIP Trust 1290 Avenue of the Americas, New York, New York 10104 (55)	Trustee	From November 2001 to present	President of Weichert Enterprise LLC, 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	33	From 2002 to present, Director of Access Integrated Technologies, Inc.; from 2005 to present, director of Jones Apparel Group, Inc.
			Services.

*	Affiliated with the Manager and Distributors.

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

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Name, Address and Age	Position(s) Held With Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past 5 Years	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 10104 (60)	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.	33	From 2005 to present, Trustee of Granum Series Trust — Granum Value Fund; from 1998 to present, Director of Ayco Charitable Foundation.

Cynthia R. Plouché c/o AXA Premier VIP Trust 1290 Avenue of the Americas, New York, New York 10104 (49)	Trustee	From November 2001 to present	Since June 2006, Portfolio Manager at Williams Capital Management, Inc.; from June 2003 to 2006, Managing Director and Chief Investment Officer of Blaylock-Abacus Asset Management, Inc.; prior thereto, Founder, Chief Investment Officer and Managing Director of Abacus Financial Group from May 1991 to 2003, a manager of fixed income portfolios for institutional clients.	33	None

Rayman Louis Solomon c/o AXA Premier VIP Trust 1290 Avenue of the Americas, New York, New York 10104 (59)	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.	33	None

*	Affiliated with the Manager and Distributors.

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

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Name, Address and Age	Position(s) Held With Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past 5 Years
Officers
Steven M. Joenk 1290 Avenue of the Americas, New York, New York 10104 (48)	Trustee, Chairman, President and Chief Executive Officer	Trustee and Chairman from September 2004 to present; Chief Executive Officer from December 2002 to present; President from November 2001 to present	From July 1999 to present, Senior Vice President of AXA Financial; from September 2004 to present, President of AXA Financial’s Funds Management Group; since July 2004, Chairman and President of Enterprise Capital Management, Inc., Co- Chairman of Enterprise Funds Distributor, Inc. and a director of 1740 Advisers, Inc., MONY Asset Management Inc., MONY Financial Resources of the Americas Limited (Jamaica), MONY International Life Insurance Co. (Argentina), MONY Bank & Trust Company of the Americas Ltd. (Cayman Islands) and MONY Consultoria de Correlagem de Seguros Ltd. (Brazil).

Patricia Louie, Esq. 1290 Avenue of the Americas, New York, New York 10104 (51)	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.

Kenneth T. Kozlowski 1290 Avenue of the Americas, New York, New York 10104 (45)	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.

Andrew S. Novak, Esq. 1290 Avenue of the Americas, New York, New York 10104 (38)	Chief Compliance Officer	From September 2005 to present	From September 2005 to present, Chief Compliance Officer of AXA Financial’s Funds Management Group; from May 2003 to September 2005, 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.

Kenneth B. Beitler 1290 Avenue of the Americas, New York, New York 10104 (48)	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.

Mary E. Cantwell 1290 Avenue of the Americas, New York, New York 10104 (45)	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.

William T. MacGregor 1290 Avenue of the Americas, New York, New York 10104 (31)	Vice President and Assistant Secretary	From June 2006 to present	From May 2006 to present, Counsel of AXA Equitable; from March 2005 to April 2006, Associate Attorney, Sidley Austin LLP; from September 2003 to February 2005, Contract Attorney, Prudential Financial, Inc.; from September 2000 to April 2002, Associate Attorney, Zack Kosnitzky, P.A.

*	Affiliated with the Manager and Distributors.

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

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Name, Address and Age	Position(s) Held With Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past 5 Years
Officers (Continued)
Joseph J. Paolo 1290 Avenue of the Americas, New York, New York 10104 (36)	Vice President and Anti- Money Laundering (“AML”) Compliance Officer	From December 2005 to present	From August 2005 to present, Vice President of AXA Financial and AXA Equitable; from March 2004 to August 2005, Vice President of AXA Financial and AXA Equitable and Compliance Officer of AXA Financial’s Funds Management Group; from May 2002 to March 2004, Compliance Director and Assistant Vice President of AXA Financial and AXA Equitable; from February 2001 to May 2002, Compliance Officer of AXA Financial and AXA Equitable.

Brian E. Walsh 1290 Avenue of the Americas, New York, New York 10104 (39)	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.

Carla Price 1290 Avenue of the Americas, New York, New York 10104 (30)	Assistant Treasurer	From December 2006 to present	From February 2004 to present, Assistant Vice President of AXA Financial and AXA Equitable; from January 2003 to February 2004 Mutual Fund Manager of AXA Financial and AXA Equitable; from October 2000 to January 2003 Senior Fund Administrator of AXA Financial and AXA Equitable.

David Shagawat 1290 Avenue of the Americas, New York, New York 10104 (32)	Assistant AML Compliance Officer	From December 2005 to present	From August 2005 to present, Associate Compliance Officer of AXA Equitable; from June 2004 to August 2005, Fiduciary Oversight Analyst, Citigroup Asset Management; from April 2002 to June 2004, Project Manager, AllianceBernstein L.P.; from January 1999 to April 2002, Business Analyst, AllianceBernstein L.P.

Judy Guhring 1290 Avenue of the Americas, New York, New York 10104 (35)	Assistant Secretary	From December 2005 to present	From August 2001 to present, Senior Legal Assistant of AXA Financial; from October 1995 to August 2001, Senior Paralegal of The Dreyfus Corporation.

*	Affiliated with the Manager and Distributors.

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

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PROXY VOTING POLICIES AND PROCEDURES (UNAUDITED)

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

Information regarding how the Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, 2006 is available (i) on the Trust’s proxy voting information website at http://www.axaonline.com (go to “Tools & Calculators” and click on “Proxy Voting” box under the “Investing Tools” column) and (ii) on the Securities and Exchange Commission’s website at http:// www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

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

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Item 2.

Code of Ethics.

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 2006: $580,700 and fiscal year 2005: $454,250

(b)	Audit-Related Fees for fiscal year 2006: $31,000 and fiscal year 2005: $68,950

(c)	Tax Fees for fiscal year 2006: $174,340 and fiscal year 2005: $215,570

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

(d)	All Other Fees for fiscal year 2006: $0 and fiscal year 2005 $0

All other fees include amounts related to review of the registrant’s various regulatory filings.

(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 included 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 2006: $5,257,288.50

For fiscal year 2005: $2,808,281

(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 11(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 11(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, 2007

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, 2007

/s/ Kenneth T. Kozlowski

Kenneth T. Kozlowski

Chief Financial Officer

February 28, 2007