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.

Executive Vice President and General Counsel

AXA Equitable Funds Management Group, LLC

1290 Avenue of the Americas

New York, New York 10104

(Name and Address of Agent for Service)

Copies to:

MARK AMOROSI, ESQ.

K&L Gates LLP

1601 K Street, N.W.

Washington, D.C. 20006-1600

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

Date of fiscal year end: December 31

Date of reporting period: January 1, 2016 – December 31, 2016

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

Annual Report

December 31, 2016

AXA Premier VIP Trust Annual Report

December 31, 2016

Table of Contents

Notes on Performance (Unaudited)	4
Portfolios
AXA Allocation Portfolios
AXA Conservative Allocation	8
AXA Conservative-Plus Allocation	17
AXA Moderate Allocation	26
AXA Moderate-Plus Allocation	36
AXA Aggressive Allocation	46
Charter Allocation Portfolios
CharterSM Conservative	56
CharterSM Moderate	64
CharterSM Moderate Growth	72
CharterSM Growth	80
CharterSM Aggressive Growth	88
CharterSM International Moderate	96
CharterSM Income Strategies	103
CharterSM Interest Rate Strategies	110
CharterSM Multi-Sector Bond	117
CharterSM Real Assets	125
CharterSM Small Cap Growth	132
CharterSM Small Cap Value	140
CharterSM Alternative 100 Moderate	148
Target Allocation Portfolios
Target 2015 Allocation	155
Target 2025 Allocation	162
Target 2035 Allocation	169
Target 2045 Allocation	176
Target 2055 Allocation	183
Notes to Financial Statements	190
Report of Independent Registered Public Accounting Firm	211
Approvals of Investment Advisory Agreements (Unaudited)	212
Federal Income Tax Information (Unaudited)	226
Management of the Trust (Unaudited)	227
Proxy Voting Policies and Procedures (Unaudited)	234

FY2016 Market Overview

Economy

In the U.S., the economy expanded modestly during 2016. A weak jobs report in the Spring extinguished expectations for an immediate interest rate hike, although Federal Reserve (Fed) Chair Janet Yellen said that the central bank still expected to gradually increase rates. Concerns over monetary policy, the Bank of Japan’s “comprehensive review,” the European Central Bank’s (ECB) inaction and the Fed’s path toward a potential rate hike caused some concern as the markets headed into the fourth quarter. Donald Trump’s surprise victory in the U.S. presidential election led the way for a domestic equity rally. As many focused on the potential growth-enhancing policies from the new Trump administration — including infrastructure spending, tax reform and deregulation — the Fed followed through with a rate hike in December. The U.S. labor market trended upward as the year advanced, with strong consumer spending, which contributed to the GDP. Inflation, as measured by the Consumer Price Index, remained subdued for most of the period, but rose at the end of the year.

Outside the U.S., global inflation remained elusive and major central banks remained committed to price stability. Central banks in Japan, Sweden, Denmark and Switzerland, and the European Central Bank (ECB) maintained key benchmark rates below zero in a continued effort to fight deflation and encourage economic activity. Overall, global monetary policies appeared accommodative enough to stimulate price appreciation and grow economic activity. China continued to struggle with its transition from an export-dominated manufacturing economy to one more balanced with services and domestic consumption, though the Chinese government and its central bank were willing to provide more stimulus to ease the transition. That policy helped stabilize the global economy in the latter half of the year, and boosted many emerging economies, such as Brazil.

Fixed Income

U.S. bonds produced modest returns throughout the first three quarters of 2016, with the global bond market performing slightly better. The beginning of 2016 saw a continuation of the themes that had plagued markets at the end of the previous year, namely, risk aversion due to falling oil prices and a possible global growth slowdown. Investors eventually relented as oil prices stabilized in mid-February and news from China began looking rosier than expected. The reassuring tone of the Fed, the ECB and the Bank of Japan at the beginning of the year seemed to further reduce volatility across credit markets. Broadly speaking, longer-dated and lower-rated securities performed the best during the period.

Credit spreads in Europe widened dramatically after the United Kingdom (the “U.K.”) voted in June 2016 to withdraw from the European Union, commonly referred to as “Brexit,” which indicated higher risks in that market. Investors initially responded by selling risk-sensitive assets and taking shelter in safe-haven assets. U.S. 10-year Treasuries dropped, and 10-year German bund yields also hit record lows and were negative, for the first time ever, at one point.

In the rest of the world, the Bank of Japan clung to its policy of negative interest rates, maintaining a small charge on reserves held. Inaction in June disappointed the markets, leading the yen to appreciate strongly. By Fall, emerging market economies rallied, due to reduced U.S. rate-hike expectations, oil-price stabilization and market-friendly political developments.

Toward the end of the Fall, bond returns had mostly turned positive. Investors began to favor riskier debt, specifically high-yield corporate bonds and emerging-market debt. Lending growth and availability of credit continue to expand, despite substantial debt issuance and an increase in defaults for the quarter. However, the end of 2016 brought a sudden selloff in the Treasury market as Donald Trump was elected U.S. president and the Fed raised its short-term interest rate target range to 0.50 - 0.75% on December 15.

U.S. Equity

All major equity categories were positive in 2016, with a significant portion of those gains realized in the weeks following the U.S. presidential election. U.S. stocks were among the strongest performers in 2016, with small-caps surging at the end of the year, based on expectations that they would benefit disproportionately from President Trump’s policy agenda.

Equity markets got off to a very rough start in the first six weeks of 2016, falling sharply through early February. Market performance seemed to reflect investor anxiety about global growth, Chinese policy, the stability of European banks and other geopolitical issues. As oil prices began to stabilize and recession concerns receded somewhat, investors turned again to equities, which recovered when the Fed opted in March to keep interest rates unchanged. Telecommunication and utilities firms led the market as investors appeared to seek shares of relatively stable, dividend-paying companies. The energy sector also advanced as oil prices rebounded.

In the second quarter, U.S. equities produced modest returns. Concerns over the health of the global economy weighed on investor sentiment for most of the period, but stocks began to move higher as earnings reports generally exceeded low expectations. By late June, the Brexit vote led to sharp declines, but stocks rebounded quickly. The broad-based market rose modestly and, by early July, U.S. companies were again trading at fresh year-to-date highs, with some indices at all-time highs.

Toward the end of the third quarter, investors shifted to a “risk-on” environment, with cyclical stocks strongly outperforming defensive stocks and emerging markets stocks outperforming developed market stocks.

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Luxury and media companies benefitted in the fourth quarter, with the election of Donald Trump, as did many cyclical companies and industries, such as energy and materials sectors. Energy accumulated the largest gains among the S&P 500 sectors, with the price of crude oil rising on the wake of the OPEC nation’s agreement to curb production late in the year. Metals and mining, and construction-related stocks rebounded, supporting the materials sector’s advance. Health care declined due to speculation about the future of the Affordable Care Act and continued rhetoric around cost cutting.

International Equity

Throughout 2016, the primary drivers of international equity market returns included U.S. growth and the timing of Fed tightening, concerns about China’s economy and the global growth outlook, currency and commodity volatility, the Brexit referendum, risk in the Middle East and the election of Donald Trump in the U.S. Developed-market stocks fell modestly during the first three quarters of the year, while emerging markets offered impressive gains. Toward the end of Fall, global equity markets rose as investors welcomed signs that interest rates would remain low. As in the U.S., global investors also shifted toward riskier stocks, while pulling back from defensive sectors that had been in favor earlier in the year.

In Japan, confidence dropped in Prime Minister Abe’s economic plan and the effectiveness of the Bank of Japan’s monetary policies to reverse two decades of deflation. After three years of weakness, the yen strengthened in the first half of 2016 as negative interest rates spurred a rally in bonds and fixed-income inflows. The yen rallied further as the turmoil from the June Brexit vote drove risk-off sentiment in the market and a flight to safety. A weaker yen had helped prop up corporate profits and spur inflation; the stronger yen drove Japanese stocks to decline.

After an uncertain start to the year, China’s equity markets stabilized as the economy appeared to be growing modestly, with domestic consumption — reflected by new-economy companies and real estate — showing strength. Old-economy stocks, such as cement and steel companies, appeared to be under pressure as the government continued a long-term economic transformation from dependence on high fixed asset investments to reliance on consumption and services. Previous policy decisions by the central government, which appeared to alarm investors, seem to have abated. The renminbi continued to depreciate, but in a more orderly fashion than 2015’s sudden devaluation. By mid-year, the markets appeared to be showing that earlier stimulus measures were slowly taking effect.

However, in the fourth quarter, the emerging markets recovery was cut short because of concerns about the potential impact of a stronger dollar and potential protectionist policies from the new U.S. administration. In fact, the election of Donald Trump seemed to shift investors away from safety, with stocks that are seen as bond proxies (utilities, real estate, consumer staples) underperforming the broad market in the U.S., Europe and Japan.

Source: AXA Equitable Funds Management Group, LLC. As of 12/31/2016.

This information is provided for general information only and is not intended to provide specific advice or recommendations for any individual investor. These opinions are not intended to be a forecast of future events as a guarantee of future results. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Securities and sectors referenced should not be construed as a solicitation or recommendation or be used as the sole basis for any investment decision.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. No investment is risk-free. Bond investments are subject to interest rate risk so that when interest rates rise, the prices of bonds can decrease and the investor can lose principal value. High yield bonds are subject to a high degree of credit and market risk. International securities carry additional risks including currency exchange fluctuation and different government regulations, economic conditions or accounting standards. Smaller company stocks involve a greater risk than is customarily associated with more established companies. Index performance is referenced for illustrative purposes only. You cannot invest directly in an index. AXA Equitable Life Insurance Company (New York, NY). Distributors: AXA Advisors, LLC and AXA Distributors, LLC (members FINRA, SIPC). AXA Equitable Funds Management Group, LLC is a wholly owned subsidiary of AXA Equitable Life Insurance Company. AXA Equitable Life Insurance Company, AXA Advisors, LLC and AXA Distributors, LLC are affiliated companies.

GE-123093 (2/17) (Exp. 2/18)

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NOTES ON PERFORMANCE (Unaudited)

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 contractholder 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 Class A, Class B and/or Class K shares of each Portfolio of the AXA Premier VIP Trust, as applicable. The periods illustrated are from the inception dates shown, or for a ten year period if the inception date is prior to December 31, 2006, through December 31, 2016. 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 to Class B shares. Effective January 1, 2012, 12b-1 fees are applicable to Class A shares. 12b-1 fees are not applicable to Class K shares. The values 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. An 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.

Bloomberg Barclays U.S. Aggregate Bond Index (formerly known as the Barclays U.S. Aggregate Bond Index)

An index which covers the U.S. dollar denominated investment-grade, fixed-rate, taxable bond market of securities. The index includes bonds from the Treasury, government-related and corporate securities, agency fixed rate and hybrid adjustable mortgage pass throughs, asset-backed securities and commercial mortgage-backed securities.

Bloomberg Barclays U.S. Intermediate Government Bond Index (“BIG”) (formerly known as the Barclays U.S. Intermediate Government Bond Index)

An unmanaged index of securities consisting of all U.S. Treasury and agency securities with remaining maturities of from one to ten years.

Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index (“BIG/C”) (formerly known as the Barclays U.S. Intermediate Government/Credit Bond Index)

An unmanaged, market value weighted index which includes Treasuries, government-related issues (i.e., agency, sovereign, supranational, and local authority debt), and corporates with maturities of one to 10 years.

Bloomberg Barclays World Government Inflation-linked Bond Index (formerly known as the Barclays World Government Inflation-linked Bond Index)

An index which measures the performance of the major government inflation-linked bond markets. The index is designed to include only those markets in which a global government linked fund is likely and able to invest. To be included a market must have aggregate issuance of $4 billion or more and have minimum rating of A3/A- for G7 and Eurozone issuers, Aa3/AA- otherwise, using the middle rating from Moody’s, S&P and Fitch (“two out of three” rule).

BofA Merrill Lynch 3-Month U.S. Treasury Bill Index (“BofAML 3 mos T-Bill”)

An index which measures the returns of negotiable debt obligations issued by the U.S. government and backed by its full faith and credit, having a maturity of three months.

BofA Merrill Lynch Global Broad Market ex. U.S. Index (“BofAML Global Broad Market ex. U.S.”)

An index which tracks the performance of investment grade debt publicly issued in the major domestic and eurobond markets, including sovereign, quasi-government, corporate, securitized and collateralized securities and excludes all securities denominated in U.S. dollars.

Dow Jones Moderate Portfolio Index

An index which is composed of a blend of equity, fixed income and cash assets and is designed to represent approximately 60% of the risk of an all-stock index.

Dow Jones Moderately Aggressive Portfolio Index

An index which is composed of a blend of equity, fixed income and cash assets and is designed to represent approximately 80% of the risk of an all-stock index.

Dow Jones Moderately Conservative Portfolio Index

An index which is composed of a blend of equity, fixed income and cash assets and is designed to represent approximately 40% of the risk of an all-stock index.

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NOTES ON PERFORMANCE (Unaudited)

Morgan Stanley Capital International (MSCI) AC World (Net) Index (“MSCI ACWI”)

A free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of 23 developed markets and 23 emerging markets. The index covers approximately 85% of the global investment opportunities.

Morgan Stanley Capital International (MSCI) AC World ex. U.S. (Net) Index (“MSCI ACWI ex. U.S.”)

A free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of 22 developed markets (excludes the U.S.) and 23 emerging markets, and has growth style characteristics.

Morgan Stanley Capital International (MSCI) EAFE^® Index

A free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The index consists of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom.

Russell 2000^® Index (“Russell 2000”)

An unmanaged index which measures the performance of approximately 2000 of the smallest companies in the Russell 3000^® Index, which represents approximately 10% of the total market capitalization of the Russell 3000^® Index. It is market-capitalization weighted.

Russell 2000^® Growth Index

An index which measures the performance of those Russell 2000^® Index companies with higher price-to-book ratios and higher forecasted growth values. It is market-capitalization weighted.

Russell 2000^® Value Index

An index which measures the performance of those Russell 2000^® Index companies with lower price-to-book ratios and lower forecasted growth values. It is market-capitalization weighted.

Standard & Poor’s 500^® Composite Stock Index (“S&P 500 Index”)

A weighted index of common stocks of 500 leading companies in leading industries of the U.S. economy, capturing 75% coverage of U.S. equities. The index is capitalization weighted, thereby giving greater weight to companies with the largest market capitalizations.

Standard & Poor’s MidCap 400 Index (“S&P MidCap 400 Index” or “S&P 400 Index”)

A weighted index of 400 domestic stocks chosen for market size, liquidity, and industry group representation. The index captures approximately 7% of the U.S. equities market. The index returns reflect the reinvestment of dividends.

Standard & Poor’s Target Date^® Indices

The S&P Target Date^® Index Series comprises eleven multi-asset class indices, each corresponding to a particular target retirement date. The asset allocation for each index in the series is determined once a year through a survey of large fund management companies that offer target date products. Each index is fully investable, with varying levels of exposure to equities, fixed income and commodities.

Volatility Managed Index — International (“VMI — International or VMI — Intl”)

An index which applies a formula to the MSCI EAFE adjusting the equity exposure of the MSCI EAFE when certain volatility levels are reached.

Volatility Managed Index — Large Cap Core (“VMI — LCC”)

An index which applies a formula to the S&P 500 Index adjusting the equity exposure of the S&P 500 Index when certain volatility levels are reached.

Volatility Managed Index — Mid Cap Core (“VMI — MCC”)

An index which applies a formula to the S&P 400 Index adjusting the equity exposure of the S&P 400 Index when certain volatility levels are reached.

Volatility Managed Index — Small Cap Core (“VMI — SCC”)

An index which applies a formula to the Russell 2000 adjusting the equity exposure of the Russell 2000 when certain volatility levels are reached.

65% MSCI AC World (Net) Index/7% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index (formerly known as the Barclays U.S. Intermediate Government/Credit Bond Index)/3% BofA Merrill Lynch Global Broad Market ex U.S. Index/25% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is a hypothetical combination of unmanaged indexes. The composite index combines the total return of the MSCI AC World (Net) Index at a weighting of 65%, the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index at a weighting of 7%, the BofA Merrill Lynch Global Broad market ex U.S. Index at a weighting of 3% and the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index at a weighting of 25%.

20% MSCI AC World (Net) Index/50% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index (formerly known as the Barclays U.S. Intermediate Government/Credit Bond Index)/25% BofA Merrill Lynch Global Broad Market ex U.S. Index/5% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is a hypothetical combination of unmanaged indexes. The composite index combines the total return of the MSCI AC World (Net) Index at a weighting of 20%, the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index at a weighting of 50%, the BofA Merrill Lynch Global Broad market ex U.S. Index at a weighting of 25% and the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index at a weighting of 5%.

5

NOTES ON PERFORMANCE (Unaudited)

55% MSCI AC World (Net) Index/17% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index (formerly known as the Barclays U.S. Intermediate Government/Credit Bond Index)/8% BofA Merrill Lynch Global Broad Market ex U.S. Index/20% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is a hypothetical combination of unmanaged indexes. The composite index combines the total return of the MSCI AC World (Net) Index at a weighting of 55%, the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index at a weighting of 17%, the BofA Merrill Lynch Global Broad market ex U.S. Index at a weighting of 8% and the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index at a weighting of 20%.

45% MSCI AC World (Net) Index/27% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index (formerly known as the Barclays U.S. Intermediate Government/Credit Bond Index)/13% BofA Merrill Lynch Global Broad Market ex U.S. Index/15% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is a hypothetical combination of unmanaged indexes. The composite index combines the total return of the MSCI AC World (Net) Index at a weighting of 45%, the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index at a weighting of 27%, the BofA Merrill Lynch Global Broad market ex U.S. Index at a weighting of 13% and the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index at a weighting of 15%.

35% MSCI AC World (Net) Index/37% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index (formerly known as the Barclays U.S. Intermediate Government/Credit Bond Index)/18% BofA Merrill Lynch Global Broad Market ex U.S. Index/10% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is a hypothetical combination of unmanaged indexes. The composite index combines the total return of the MSCI AC World (Net) Index at a weighting of 35%, the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index at a weighting of 37%, the BofA Merrill Lynch Global Broad market ex U.S. Index at a weighting of 18% and the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index at a weighting of 10%.

25% MSCI AC World (Net) Index/50% Bloomberg Barclays U.S. Aggregate Bond Index (formerly known as the Barclays U.S. Aggregate Bond Index)/25% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is a hypothetical combination of unmanaged indexes. The composite index combines the total return of the MSCI AC World (Net) Index at a weighting of 25%, the Bloomberg Barclays U.S. Aggregate Bond Index at a weighting of 50%, and the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index at a weighting of 25%.

30% Bloomberg Barclays World Government Inflation-linked Bond Index (formerly known as the Barclays World Government Inflation-linked Bond Index)/70% BofA Merrill Lynch 3 Month U.S. Treasury Bill Index is a hypothetical combination of unmanaged indexes. The composite index combines the total return of the Bloomberg Barclays World Government Inflationlinked Bond Index at a weighting of 30% and the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index at a weighting of 70%.

35% MSCI AC World (Net) Index/55% Bloomberg Barclays U.S. Aggregate Bond Index (formerly known as the Barclays U.S. Aggregate Bond Index)/10% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is a hypothetical combination of unmanaged indexes. The composite index combines the total return of the MSCI AC World (Net) Index at a weighting of 35%, the Bloomberg Barclays U.S. Aggregate Bond Index at a weighting of 55%, and the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index at a weighting of 10%.

35% MSCI AC World ex. U.S. (Net) Index / 55% BofA Merrill Lynch Global Broad Market ex. U.S. Index / 10% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is a hypothetical combination of unmanaged indexes. The composite index combines the total return of the MSCI AC World ex. U.S. (Net) Index at a weighting of 35%, the BofA Merrill Lynch Global Broad Market ex. U.S. Index at a weighting of 55%, and the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index at a weighting of 10%.

The AXA Aggressive Allocation Index (new) is a hypothetical combination of unmanaged indexes. The composite index combines the total return of the Bloomberg Barclays U.S. Intermediate Government Bond Index at a weighting of 8%, the MSCI EAFE Index at a weighting of 25%, the S&P MidCap 400 Index at a weighting of 14%, the S&P 500 Index at a weighting of 39%, the Russell 2000^® Index at a weighting of 12%, and the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index at a weighting of 2%.

The AXA Conservative Allocation Index (new) is a hypothetical combination of unmanaged indexes. The composite index combines the total return of the Bloomberg Barclays U.S. Intermediate Government Bond Index at a weighting of 66%, the MSCI EAFE Index at a weighting of 5%, the S&P MidCap 400 Index at a weighting of 4%, the S&P 500 Index at a weighting of 10%, the Russell 2000^® Index at a weighting of 1%, and the BofA Merrill Lynch 3 Month U.S. Treasury Bill Index at a weighting of 14%.

The AXA Conservative-Plus Allocation Index (new) is a hypothetical combination of unmanaged indexes. The composite index combines the total return of the Bloomberg Barclays U.S. Intermediate Government Bond Index at a weighting of 50%, the MSCI EAFE Index at a weighting of 10%, the S&P MidCap 400 Index at a weighting of 8%, the S&P 500 Index at a weighting of 18%, the Russell 2000^® Index at a weighting of 4%, and the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index at a weighting of 10%.

The AXA Moderate Allocation Index (new) is a hypothetical combination of unmanaged indexes. The composite index combines the total return of the Bloomberg Barclays U.S. Intermediate Government Bond Index at a weighting of 42%, the MSCI EAFE Index at a weighting of 15%, the S&P MidCap 400 Index at a weighting of 9%, the S&P 500 Index at a weighting of

6

NOTES ON PERFORMANCE (Unaudited)

20%, the Russell 2000^® Index at a weighting of 6%, and the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index at a weighting of 8%.

The AXA Moderate-Plus Allocation Index (new) is a hypothetical combination of unmanaged indexes. The composite index combines the total return of the Bloomberg Barclays U.S. Intermediate Government Bond Index at a weighting of 25%, the MSCI EAFE Index at a weighting of 20%, the S&P MidCap 400 Index at a weighting of 12%, the S&P 500 Index at a weighting of 28%, the Russell 2000^® Index at a weighting of 10%, and the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index at a weighting of 5%.

The below hypothetical composite benchmarks were created by AXA Equitable Funds Management Group, LLC, the Trust’s investment manager, to show how the performance of certain Portfolios compares with the return of a managed volatility index or indices. There is no guarantee that any Portfolio will outperform these or any benchmarks. Portions of a hypothetical composite index against which a Portfolio’s performance is measured were created by AXA Equitable Funds Management Group, LLC to show how a Portfolio’s performance compares with the returns of a volatility managed index.

The AXA Aggressive Allocation Index (old) is a hypothetical combination of unmanaged indexes. The composite index combines the total return of the Bloomberg Barclays U.S. Intermediate Government Bond Index at a weighting of 8%, the Volatility Managed Index- International at a weighting of 25%, the Volatility Managed Index-Mid Cap Core at a weighting of 14%, the Volatility Managed Index-Large Cap Core at a weighting of 39%, the Volatility Managed Index-Small Cap Core at a weighting of 12%, and the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index at a weighting of 2%.

The AXA Conservative Allocation Index (old) is a hypothetical combination of unmanaged indexes. The composite index combines the total return of the Bloomberg Barclays U.S. Intermediate Government Bond Index at a weighting of 66%, the Volatility Managed Index-International at a weighting of 5%, the Volatility Managed Index-Mid Cap Core at a weighting of 4%, the Volatility Managed Index-Large Cap Core at a weighting of 10%, the Volatility Managed Index-Small Cap Core at a weighting of 1%, and the BofA Merrill Lynch 3 Month U.S. Treasury Bill Index at a weighting of 14%.

The AXA Conservative-Plus Allocation Index (old) is a hypothetical combination of unmanaged indexes. The composite index combines the total return of the Bloomberg Barclays U.S. Intermediate Government Bond Index at a weighting of 50%, the Volatility Managed Index-International at a weighting of 10%, the Volatility Managed Index-Mid Cap Core at a weighting of 8%, the Volatility Managed Index-Large Cap Core at a weighting of 18%, the Volatility Managed Index-Small Cap Core at a weighting of 4%, and the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index at a weighting of 10%.

The AXA Moderate Allocation Index (old) is a hypothetical combination of unmanaged indexes. The composite index combines the total return of the Bloomberg Barclays U.S. Intermediate Government Bond Index at a weighting of 42%, the Volatility Managed Index-International at a weighting of 15%, the Volatility Managed Index-Mid Cap Core at a weighting of 9%, the Volatility Managed Index-Large Cap Core at a weighting of 20%, the Volatility Managed Index-Small Cap Core at a weighting of 6%, and the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index at a weighting of 8%.

The AXA Moderate-Plus Allocation Index (old) is a hypothetical combination of unmanaged indexes. The composite index combines the total return of the Bloomberg Barclays U.S. Intermediate Government Bond Index at a weighting of 25%, the Volatility Managed Index-International at a weighting of 20%, the Volatility Managed Index-Mid Cap Core at a weighting of 12%, the Volatility Managed Index-Large Cap Core at a weighting of 28%, the Volatility Managed Index-Small Cap Core at a weighting of 10%, and the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index at a weighting of 5%.

The Charter Alternative 100 Moderate Composite Index is a hypothetical combination of unmanaged indexes which combines the total return of the Morgan Stanley Multi-Strategy Alternative Index at a weighting of 10.20%, the S&P GSCI Index at a weighting of 10.20%, the BofA Merrill Lynch All U.S. Convertibles Index at a weighting of 10.20%, the Deutsche Bank G10 Currency Future Harvest Index at a weighting of 10.20%, the S&P Global Infrastructure Index at a weighting of 10.20%, the FTSE EPRA/NAREIT Developed Index at a weighting of 10.20%, the Red Rocks Global Listed Private Equity Index at a weighting of 1.00%, the Credit Suisse Fixed Income Arbitrage Index at a weighting of 3.60%, the DJ Credit Suisse Managed Futures Index at a weighting of 3.60%, the S&P Long Only Merger Arbitrage Index at a weighting of 10.20%, the S&P North American Natural Resources Sector Index at a weighting of 10.20% and the S&P GSCI Precious Metals Index at a weighting of 10.20%.

7

AXA CONSERVATIVE ALLOCATION PORTFOLIO (Unaudited)

INVESTMENT MANAGER

_Ø AXA Equitable Funds Management Group, LLC

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/16
	1 Year			5 Years			10 Years/ Since Incept.
Portfolio – Class A Shares		2.84	%		2.82	%		2.78	%
Portfolio – Class B Shares		2.95			2.84			2.65
Portfolio – Class K Shares*		3.21			N/A			2.70
S&P 500 Index		11.96			14.66			6.95
Bloomberg Barclays U.S. Intermediate Government Bond Index		1.05			1.04			3.42
The AXA Conservative Allocation Index (new)†		3.06			3.28			3.80
The AXA Conservative Allocation Index (old)		2.80			3.25			4.02
*   Date of inception 8/29/12. †  In 2016, the Portfolio’s benchmark index against which the Portfolio measures its performance, the AXA Conservative Allocation Index (old), was replaced with the AXA Conservative Allocation Index (new). The investment Manager believes the AXA Conservative Allocation Index (new) is more relevant to the Portfolio’s investment strategies.     Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class B shares returned 2.95% for the year ended December 31, 2016. This compares to the returns of the following benchmarks over the same period: the S&P 500 Index, the Bloomberg Barclays U.S. Intermediate Government Bond Index and the AXA Conservative Allocation Index (new), which returned 11.96%, 1.05% and 3.06%, respectively.

Portfolio Highlights

• As of 12/31/2016, the Portfolio’s equity allocation (as a percentage of market value excluding cash) consisted of large cap growth stocks (5.4%), large cap value stocks (5.4%), mid cap stocks (4.4%), small cap stocks (1.2%), international stocks (3.9%) and emerging markets stocks (0.2%).

• As of 12/31/2016, the Portfolio’s fixed income allocation (as a percentage of market value excluding cash) consisted of investment grade bonds (77.5%), international bonds (0.8%) and high yield bonds (1.2%).

• The Portfolio provided positive returns for the year, roughly matching its composite benchmark after a margin for expenses.

• In 2016, high-quality government bonds rose modestly, while the equity markets were up substantially. Although the Portfolio’s equity allocation is small, it nonetheless contributed the bulk of the gains, with certain holdings in large-cap and small-cap value stocks adding value over comparable indexes. The fixed income holdings were also positive, with core and ultra-short holdings outperforming in their sectors as well.

• As would be expected given its combination of bonds and stocks, the Portfolio outperformed the government bond market but underperformed the broad U.S. stock market, as represented by its primary bond and equity benchmarks.

Table by Asset Class (as a percentage of Total Investments) As of December 31, 2016
Fixed Income	79.4	%
Equity	20.6

8

AXA CONSERVATIVE ALLOCATION PORTFOLIO (Unaudited)

Top 10 Holdings (as a percentage of Total Investments) As of December 31, 2016
EQ/Intermediate Government Bond Portfolio	33.9	%
EQ/Core Bond Index Portfolio	25.0
EQ/PIMCO Ultra Short Bond Portfolio	12.2
ATM Large Cap Managed Volatility Portfolio	6.7
Multimanager Core Bond Portfolio	3.1
EQ/Global Bond PLUS Portfolio	2.1
EQ/BlackRock Basic Value Equity Portfolio	2.0
AXA Large Cap Core Managed Volatility Portfolio	1.6
EQ/Quality Bond PLUS Portfolio	1.5
ATM International Managed Volatility Portfolio	1.4

UNDERSTANDING YOUR EXPENSES:

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

(1) transaction costs, including applicable sales charges and redemption fees; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees (in the case of Class A and Class B shares of the Portfolio), 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, 2016 and held for the entire six-month period.

Actual Expenses

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

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

EXAMPLE

	Beginning Account Value 7/1/16		Ending Account Value 12/31/16		Expenses Paid During Period* 7/1/16  - 12/31/16
Class A
Actual		$1,000.00		$1,002.48		$2.33
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.81		2.36
Class B
Actual		1,000.00		1,003.55		2.33
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.81		2.36
Class K
Actual		1,000.00		1,005.00		1.08
Hypothetical (5% average annual return before expenses)		1,000.00		1,024.06		1.09
*   Expenses are equal to the Portfolio’s Class A, Class B and Class K shares annualized expense ratios of 0.46%, 0.46% and 0.21%, respectively, multiplied by the average account value over the period, and multiplied by 184/366 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

December 31, 2016

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
ATM International Managed Volatility Portfolio‡		2,111,926	$	19,237,810
ATM Large Cap Managed Volatility Portfolio‡		6,792,760		90,150,374
ATM Mid Cap Managed Volatility Portfolio‡		537,939		4,318,467
ATM Small Cap Managed Volatility Portfolio‡		277,416		3,390,184
AXA Global Equity Managed Volatility Portfolio‡		423,698		6,355,709
AXA International Core Managed Volatility Portfolio‡		588,531		5,373,213
AXA International Value Managed Volatility Portfolio‡		247,224		2,859,895
AXA Large Cap Core Managed Volatility Portfolio‡		2,240,864		21,849,437
AXA Large Cap Growth Managed Volatility Portfolio‡		542,755		15,105,092
AXA Large Cap Value Managed Volatility Portfolio‡		560,329		9,491,846
AXA/AB Small Cap Growth Portfolio‡		183,237		3,318,521
AXA/Loomis Sayles Growth Portfolio‡		1,136,006		7,400,114
AXA/Lord Abbett Micro Cap Portfolio‡		85,646		851,254
AXA/Morgan Stanley Small Cap Growth Portfolio‡		194,539		1,903,190
EQ/BlackRock Basic Value Equity Portfolio‡		1,177,278		27,256,808
EQ/Boston Advisors Equity Income Portfolio‡		2,008,501		11,566,562
EQ/Core Bond Index Portfolio‡		34,417,937		338,907,088
EQ/GAMCO Small Company Value Portfolio‡		126,915		7,428,398
EQ/Global Bond PLUS Portfolio‡		3,228,673		28,300,585
EQ/High Yield Bond Portfolio‡		1,649,223		15,703,985
EQ/Intermediate Government Bond Portfolio‡		44,791,412		458,318,643
EQ/International Equity Index Portfolio‡		337,945		2,826,652
EQ/JPMorgan Value Opportunities Portfolio‡		723,597	$	13,426,328
EQ/Large Cap Growth Index Portfolio‡		114,090		1,347,371
EQ/MFS International Growth Portfolio‡		2,359,260		15,502,741
EQ/PIMCO Ultra Short Bond Portfolio‡		16,726,394		165,039,564
EQ/Quality Bond PLUS Portfolio‡		2,404,205		20,337,836
EQ/T. Rowe Price Growth Stock Portfolio*‡		106,412		4,142,496
Multimanager Core Bond Portfolio‡		4,257,101		41,631,975
Multimanager Mid Cap Growth Portfolio‡		318,372		2,870,540
Multimanager Mid Cap Value Portfolio‡		123,645		1,934,032
Total Investment Companies (99.5%) (Cost $1,266,507,641)				1,348,146,710
SHORT-TERM INVESTMENT:
Investment Company (0.4%)
JPMorgan Prime Money Market Fund, IM Shares		5,500,520		5,502,170
Total Short-Term Investment (0.4%) (Cost $5,502,170)				5,502,170
Total Investments (99.9%) (Cost $1,272,009,811)				1,353,648,880
Other Assets Less Liabilities (0.1%)				1,495,717
Net Assets (100%)			$	1,355,144,597

* Non-income producing.

‡ All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.

The holdings in affiliated Investment Companies are all Class K shares.

Investments in companies which were affiliates for the year ended December 31, 2016, were as follows: 

Securities	Value December  31, 2015		Purchases at Cost		Sales at Cost		Value December  31, 2016		Dividend Income		Realized Gain (Loss)†
ATM International Managed Volatility Portfolio	$	20,855,056	$	1,483,835	$	2,881,031	$	19,237,810	$	160,622	$	(1,073	)
ATM Large Cap Managed Volatility Portfolio		91,875,256		10,116,303		16,161,008		90,150,374		1,412,802		4,386,053
ATM Mid Cap Managed Volatility Portfolio		3,756,249		627,131		490,060		4,318,467		43,121		291,618
ATM Small Cap Managed Volatility Portfolio		3,105,649		302,263		472,723		3,390,184		32,024		118,764

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2016

Investments in companies which were affiliates for the year ended December 31, 2016, were as follows: 

Securities	Value December  31, 2015		Purchases at Cost		Sales at Cost		Value December  31, 2016		Dividend Income		Realized Gain (Loss)†
AXA Global Equity Managed Volatility Portfolio	$	6,635,418	$	446,402	$	963,622	$	6,355,709	$	74,547	$	(11,062	)
AXA International Core Managed Volatility Portfolio		4,867,344		1,390,166		923,778		5,373,213		29,095		36,208
AXA International Value Managed Volatility Portfolio		3,090,666		241,173		465,363		2,859,895		20,638		14,630
AXA Large Cap Core Managed Volatility Portfolio		24,763,689		2,044,260		4,935,276		21,849,437		290,831		2,134,355
AXA Large Cap Growth Managed Volatility Portfolio		23,875,227		2,323,591		6,784,017		15,105,092		123,736		5,053,287
AXA Large Cap Value Managed Volatility Portfolio		8,330,070		1,844,195		1,883,109		9,491,846		193,660		196,884
AXA/AB Small Cap Growth Portfolio		3,178,495		451,364		471,127		3,318,521		19,617		220,078
AXA/Loomis Sayles Growth Portfolio		7,927,749		1,302,547		2,205,808		7,400,114		42,263		296,971
AXA/Lord Abbett Micro Cap Portfolio		766,749		1,411		—		851,254		1,411		—
AXA/Morgan Stanley Small Cap Growth Portfolio		1,744,935		38,987		—		1,903,190		38		38,949
EQ/BlackRock Basic Value Equity Portfolio		27,667,526		3,244,671		5,939,056		27,256,808		480,388		2,300,887
EQ/Boston Advisors Equity Income Portfolio		20,695,623		3,247,767		10,954,051		11,566,562		268,107		2,963,059
EQ/Core Bond Index Portfolio		362,969,952		28,534,700		52,759,615		338,907,088		6,027,194		(72,625	)
EQ/GAMCO Small Company Value Portfolio		7,263,741		816,786		1,572,851		7,428,398		55,570		645,489
EQ/Global Bond PLUS Portfolio		26,692,185		4,581,474		2,395,841		28,300,585		624,443		58,478
EQ/High Yield Bond Portfolio		11,119,621		3,829,433		—		15,703,985		829,433		—
EQ/Intermediate Government Bond Portfolio		487,398,983		43,763,074		71,209,611		458,318,643		4,326,631		972,464
EQ/International Equity Index Portfolio		564,917		2,082,685		—		2,826,652		82,685		—
EQ/JPMorgan Value Opportunities Portfolio		6,060,365		5,474,474		894,406		13,426,328		164,473		105,593
EQ/Large Cap Growth Index Portfolio		1,623,568		222,623		386,004		1,347,371		16,637		196,400
EQ/MFS International Growth Portfolio		13,396,715		3,726,418		1,860,734		15,502,741		192,807		74,288
EQ/PIMCO Ultra Short Bond Portfolio		182,086,623		21,409,876		40,087,381		165,039,564		2,034,076		22,482
EQ/Quality Bond PLUS Portfolio		14,155,817		6,290,550		—		20,337,836		290,550		—
EQ/T. Rowe Price Growth Stock Portfolio		—		4,223,772		453,742		4,142,496		—		91,277

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2016

Investments in companies which were affiliates for the year ended December 31, 2016, were as follows:

Securities	Value December  31, 2015		Purchases at Cost		Sales at Cost		Value December  31, 2016		Dividend Income		Realized Gain (Loss)†
Multimanager Core Bond Portfolio	$	33,869,827	$	12,550,181	$	4,832,657	$	41,631,975	$	890,775	$	50,583
Multimanager Mid Cap Growth Portfolio		2,103,146		569,154		—		2,870,540		9,983		59,171
Multimanager Mid Cap Value Portfolio		1,620,124		23,320		—		1,934,032		23,320		—
	$	1,404,061,285	$	167,204,586	$	231,982,871	$	1,348,146,710	$	18,761,477	$	20,243,208

† When applicable, realized gain includes net distributions of realized gain received from underlying funds.

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 2016:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Investment Companies
Investment Companies	$	—	$	1,348,146,710	$	—	$	1,348,146,710
Short-Term Investments
Investment Companies		5,502,170		—		—		5,502,170
Total Assets	$	5,502,170	$	1,348,146,710	$	—	$	1,353,648,880
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	5,502,170	$	1,348,146,710	$	—	$	1,353,648,880

There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2016.

The Portfolio held no derivatives contracts during the year ended December 31, 2016.

Investment security transactions for the year ended December 31, 2016 were as follows:

Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	167,204,586
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	245,317,161

As of December 31, 2016, 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	$	87,282,885
Aggregate gross unrealized depreciation		(6,875,074	)
Net unrealized appreciation	$	80,407,811
Federal income tax cost of investments	$	1,273,241,069

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2016

ASSETS
Investments at value:
Affiliated Issuers (Cost $1,266,507,641)	$	1,348,146,710
Unaffiliated Issuers (Cost $5,502,170)		5,502,170
Cash		1,591,000
Receivable from Separate Accounts for Trust shares sold		646,750
Receivable for securities sold		607,947
Dividends, interest and other receivables		3,218
Other assets		4,872
Total assets		1,356,502,667
LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		683,381
Distribution fees payable – Class B		282,454
Administrative fees payable		162,384
Investment management fees payable		51,150
Trustees’ fees payable		35,997
Distribution fees payable – Class A		5,012
Accrued expenses		137,692
Total liabilities		1,358,070
NET ASSETS	$	1,355,144,597
Net assets were comprised of:
Paid in capital	$	1,463,435,474
Accumulated undistributed net investment income (loss)		63,560
Accumulated undistributed net realized gain (loss) on investments		(189,993,506	)
Net unrealized appreciation (depreciation) on investments		81,639,069
Net assets	$	1,355,144,597
Class A
Net asset value, offering and redemption price per share, $23,596,486 / 2,525,277 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.34
Class B
Net asset value, offering and redemption price per share, $1,326,850,816 / 141,929,782 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.35
Class K
Net asset value, offering and redemption price per share, $4,697,295 / 503,647 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.33

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2016

INVESTMENT INCOME
Dividends ($18,761,477 of dividend income received from affiliates)	$	18,788,871
Interest		9,994
Total income		18,798,865
EXPENSES
Distribution fees – Class B		3,468,951
Administrative fees		2,038,310
Investment management fees		1,416,686
Custodian fees		147,700
Printing and mailing expenses		128,623
Professional fees		89,872
Distribution fees – Class A		62,201
Trustees’ fees		53,443
Miscellaneous		26,371
Gross expenses		7,432,157
Less:   Waiver from investment manager		(862,082	)
Net expenses		6,570,075
NET INVESTMENT INCOME (LOSS)		12,228,790
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments ($13,334,290 of realized gain (loss) from affiliates)		13,336,283
Net distributions of realized gain received from underlying funds (All realized gains received from affiliates)		6,908,918
Net realized gain (loss)		20,245,201
Net change in unrealized appreciation (depreciation) on investments (All of change in unrealized appreciation (depreciation) from affiliates)		8,863,710
NET REALIZED AND UNREALIZED GAIN (LOSS)		29,108,911
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	41,337,701

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2016			2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	12,228,790		$	9,820,505
Net realized gain (loss) on investments and net distributions of realized gain received from underlying funds		20,245,201			22,365,908
Net change in unrealized appreciation (depreciation) on investments		8,863,710			(34,260,860	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		41,337,701			(2,074,447	)
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(228,498	)		(213,421	)
Class B		(12,822,549	)		(11,557,190	)
Class K		(57,277	)		(39,110	)
		(13,108,324	)		(11,809,721	)
Distributions from net realized capital gains
Class A		(311,644	)		(457,464	)
Class B		(17,578,514	)		(24,664,079	)
Class K		(62,645	)		(60,586	)
		(17,952,803	)		(25,182,129	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		(31,061,127	)		(36,991,850	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 370,229 and 420,346 shares, respectively ]		3,499,242			4,026,812
Capital shares issued in reinvestment of dividends and distributions [ 57,365 and 71,744 shares, respectively ]		540,142			670,885
Capital shares repurchased [ (639,476) and (599,873) shares, respectively ]		(6,046,895	)		(5,748,623	)
Total Class A transactions		(2,007,511	)		(1,050,926	)
Class B
Capital shares sold [ 20,575,512 and 21,670,530 shares, respectively ]		193,341,983			207,394,818
Capital shares issued in reinvestment of dividends and distributions [ 3,226,978 and 3,871,703 shares, respectively ]		30,401,063			36,221,269
Capital shares repurchased [ (30,643,742) and (36,644,718) shares, respectively ]		(289,192,556	)		(351,325,970	)
Total Class B transactions		(65,449,510	)		(107,709,883	)
Class K
Capital shares sold [ 217,769 and 188,261 shares, respectively ]		2,071,494			1,806,788
Capital shares issued in reinvestment of dividends and distributions [ 12,763 and 10,682 shares, respectively ]		119,922			99,696
Capital shares repurchased [ (120,315) and (64,786) shares, respectively ]		(1,142,246	)		(619,701	)
Total Class K transactions		1,049,170			1,286,783
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(66,407,851	)		(107,474,026	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(56,131,277	)		(146,540,323	)
NET ASSETS:
Beginning of year		1,411,275,874			1,557,816,197
End of year (a)	$	1,355,144,597		$	1,411,275,874
(a) Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	63,560		$	11,681

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Year Ended December 31,
Class A	2016			2015			2014			2013			2012
Net asset value, beginning of year	$	9.29		$	9.55		$	9.67		$	9.60		$	9.39
Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.08			0.06			0.05			0.05			0.06
Net realized and unrealized gain (loss) on investments		0.18			(0.07	)		0.20			0.36			0.36
Total from investment operations		0.26			(0.01	)		0.25			0.41			0.42
Less distributions:
Dividends from net investment income		(0.09	)		(0.08	)		(0.08	)		(0.09	)		(0.08	)
Distributions from net realized gains		(0.12	)		(0.17	)		(0.29	)		(0.25	)		(0.13	)
Total dividends and distributions		(0.21	)		(0.25	)		(0.37	)		(0.34	)		(0.21	)
Net asset value, end of year	$	9.34		$	9.29		$	9.55		$	9.67		$	9.60
Total return		2.84	%		(0.16	)%		2.61	%		4.32	%		4.54	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	23,596		$	25,419		$	27,181		$	28,762		$	29,519
Ratio of expenses to average net assets:
After waivers (f)		0.46	%(j)		0.47	%(j)		0.46	%(j)		0.45	%(j)		0.45	%(j)
Before waivers (f)		0.53	%		0.52	%		0.53	%		0.53	%		0.53	%
Ratio of net investment income (loss) to average net assets:
After waivers (f)(x)		0.86	%		0.64	%		0.53	%		0.53	%		0.59	%
Before waivers (f)(x)		0.80	%		0.60	%		0.46	%		0.46	%		0.51	%
Portfolio turnover rate^		12	%		10	%		7	%		9	%		30	%
	Year Ended December 31,
Class B	2016			2015			2014			2013			2012
Net asset value, beginning of year	$	9.29		$	9.56		$	9.68		$	9.61		$	9.39
Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.08			0.06			0.05			0.04			0.06
Net realized and unrealized gain (loss) on investments		0.19			(0.08	)		0.20			0.37			0.37
Total from investment operations		0.27			(0.02	)		0.25			0.41			0.43
Less distributions:
Dividends from net investment income		(0.09	)		(0.08	)		(0.08	)		(0.09	)		(0.08	)
Distributions from net realized gains		(0.12	)		(0.17	)		(0.29	)		(0.25	)		(0.13	)
Total dividends and distributions		(0.21	)		(0.25	)		(0.37	)		(0.34	)		(0.21	)
Net asset value, end of year	$	9.35		$	9.29		$	9.56		$	9.68		$	9.61
Total return		2.95	%		(0.26	)%		2.61	%		4.32	%		4.65	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,326,851		$	1,382,210		$	1,528,163		$	1,779,026		$	2,230,482
Ratio of expenses to average net assets:
After waivers (f)		0.46	%(j)		0.47	%(j)		0.46	%(j)		0.45	%(j)		0.45	%(j)
Before waivers (f)		0.53	%		0.52	%		0.53	%		0.53	%		0.53	%
Ratio of net investment income (loss) to average net assets:
After waivers (f)(x)		0.86	%		0.66	%		0.53	%		0.43	%		0.62	%
Before waivers (f)(x)		0.80	%		0.61	%		0.45	%		0.36	%		0.54	%
Portfolio turnover rate^		12	%		10	%		7	%		9	%		30	%

See Notes to Financial Statements.

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AXA PREMIER VIP TRUST

AXA CONSERVATIVE ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

	Year Ended December 31,												August 29, 2012* to December 31, 2012
Class K	2016			2015			2014			2013
Net asset value, beginning of period	$	9.27		$	9.54		$	9.66		$	9.59		$	9.67
Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.12			0.11			0.13			0.16			0.12
Net realized and unrealized gain (loss) on investments		0.18			(0.11	)		0.15			0.28			(0.01	)
Total from investment operations		0.30			—	#		0.28			0.44			0.11
Less distributions:
Dividends from net investment income		(0.12	)		(0.10	)		(0.11	)		(0.12	)		(0.11	)
Distributions from net realized gains		(0.12	)		(0.17	)		(0.29	)		(0.25	)		(0.08	)
Total dividends and distributions		(0.24	)		(0.27	)		(0.40	)		(0.37	)		(0.19	)
Net asset value, end of period	$	9.33		$	9.27		$	9.54		$	9.66		$	9.59
Total return (b)		3.21	%		(0.02	)%		2.87	%		4.59	%		1.10	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	4,697		$	3,647		$	2,473		$	1,004		$	14
Ratio of expenses to average net assets:
After waivers (a)(f)		0.21	%(j)		0.22	%(j)		0.21	%(j)		0.20	%(j)		0.21	%(j)
Before waivers (a)(f)		0.28	%		0.27	%		0.28	%		0.28	%		0.29	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)(f)(x)		1.31	%		1.12	%		1.32	%		1.58	%		3.50	%(l)
Before waivers (a)(f)(x)		1.25	%		1.08	%		1.25	%		1.50	%		3.42	%(l)
Portfolio turnover rate^		12	%		10	%		7	%		9	%		30	%

* Commencement of Operations.

# Per share amount is less than $0.005.

^ Portfolio turnover rate excludes derivatives, if any.

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

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

(e) Net investment income (loss) per share is based on average shares outstanding.

(f) Expenses do not include the expenses of the underlying funds (“indirect expenses”), if applicable.

(j) Including direct and indirect expenses, the net expense ratio after waivers would be 1.00% for Class A, 1.00% for Class B and 0.75% for Class K.

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

(x) Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.

See Notes to Financial Statements.

16

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO (Unaudited)

INVESTMENT MANAGER

_Ø AXA Equitable Funds Management Group, LLC

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/16
	1 Year			5 Years			10 Years/ Since Incept.
Portfolio – Class A Shares		4.73	%		4.91	%		3.08	%
Portfolio – Class B Shares		4.84			4.91			2.96
Portfolio – Class K Shares*		4.99			5.17			5.16
S&P 500 Index		11.96			14.66			6.95
Bloomberg Barclays U.S. Intermediate Government Bond Index		1.05			1.04			3.42
The AXA Conservative-Plus Allocation Index (new)†		5.37			5.68			4.54
The AXA Conservative-Plus Allocation Index (old)		4.82			5.62			5.01
*   Date of inception 12/1/11. †  In 2016, the Portfolio’s benchmark index against which the Portfolio measures its performance, the AXA Conservative-Plus Allocation Index (old), was replaced with the AXA Conservative-Plus Allocation Index (new). The investment Manager believes the AXA Conservative-Plus Allocation Index (new) is more relevant to the Portfolio’s investment strategies.     Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class B shares returned 4.84% for the year ended December 31, 2016. This compares to the returns of the following benchmarks over the same period: the S&P 500 Index, the Bloomberg Barclays U.S. Intermediate Government Bond Index and the AXA Conservative-Plus Allocation Index (new), which returned 11.96%, 1.05% and 5.37%, respectively.

Portfolio Highlights

• As of 12/31/2016, the Portfolio’s equity allocation (as a percentage of market value excluding cash) consisted of large cap growth stocks (9.1%), large cap value stocks (8.9%), mid cap stocks (8.0%), small cap stocks (4.3%), international stocks (9.5%) and emerging markets stocks (0.7%).

• As of 12/31/2016, the Portfolio’s fixed income allocation (as a percentage of market value excluding cash) consisted of investment grade bonds (58.0%), international bonds (0.6%) and high yield bonds (0.9%).

• The Portfolio provided positive returns for the year, roughly matching its composite benchmark after a margin for expenses.

• In 2016, high-quality government bonds rose modestly, while the equity markets were up substantially. Although the Portfolio’s equity allocation is modest, it nonetheless contributed the bulk of the gains, with certain holdings in large-cap and small-cap value stocks adding value over comparable indexes. The fixed income holdings were also positive, with core and high-yield holdings outperforming in their sectors as well.

• As would be expected given its combination of bonds and stocks, the Portfolio outperformed the government bond market but underperformed the broad U.S. stock market, as represented by its primary bond and equity benchmarks.

Table by Asset Class (as a percentage of Total Investments) As of December 31, 2016
Fixed Income	58.9	%
Equity	41.1

17

AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO (Unaudited)

Top 10 Holdings (as a percentage of Total Investments) As of December 31, 2016
EQ/Intermediate Government Bond Portfolio	25.2	%
EQ/Core Bond Index Portfolio	18.6
ATM Large Cap Managed Volatility Portfolio	10.5
EQ/PIMCO Ultra Short Bond Portfolio	8.3
ATM International Managed Volatility Portfolio	3.9
AXA Large Cap Core Managed Volatility Portfolio	3.0
EQ/BlackRock Basic Value Equity Portfolio	2.7
EQ/MFS International Growth Portfolio	2.6
Multimanager Core Bond Portfolio	2.5
AXA Global Equity Managed Volatility Portfolio	2.1

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 investment advisory fees, distribution and/or service (12b-1) fees (in the case of Class A and Class B shares of the Portfolio), 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, 2016 and held for the entire six-month period.

Actual Expenses

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

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

EXAMPLE

	Beginning Account Value 7/1/16		Ending Account Value 12/31/16		Expenses Paid During Period* 7/1/16 - 12/31/16
Class A
Actual		$1,000.00		$1,023.50		$2.63
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.54		2.63
Class B
Actual		1,000.00		1,023.51		2.63
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.54		2.63
Class K
Actual		1,000.00		1,023.95		1.36
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.79		1.36
*   Expenses are equal to the Portfolio’s Class A, Class B and Class K shares annualized expense ratios of 0.52%, 0.52% and 0.27%, respectively, multiplied by the average account value over the period, and multiplied by 184/366 (to reflect the one-half year period).

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AXA CONSERVATIVE-PLUS ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2016

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
ATM International Managed Volatility Portfolio‡		5,960,945	$	54,299,030
ATM Large Cap Managed Volatility Portfolio‡		11,197,202		148,604,090
ATM Mid Cap Managed Volatility Portfolio‡		1,202,135		9,650,496
ATM Small Cap Managed Volatility Portfolio‡		2,364,536		28,895,998
AXA Global Equity Managed Volatility Portfolio‡		2,007,345		30,111,326
AXA International Core Managed Volatility Portfolio‡		1,303,237		11,898,387
AXA International Value Managed Volatility Portfolio‡		634,583		7,340,879
AXA Large Cap Core Managed Volatility Portfolio‡		4,264,375		41,579,592
AXA Large Cap Growth Managed Volatility Portfolio‡		1,010,861		28,132,692
AXA Large Cap Value Managed Volatility Portfolio‡		1,425,731		24,151,571
AXA/AB Small Cap Growth Portfolio‡		706,990		12,803,944
AXA/Franklin Small Cap Value Managed Volatility Portfolio‡		215,547		3,731,454
AXA/Horizon Small Cap Value Portfolio‡		616,028		6,057,103
AXA/Loomis Sayles Growth Portfolio‡		1,523,121		9,921,839
AXA/Lord Abbett Micro Cap Portfolio‡		316,139		3,142,188
AXA/Morgan Stanley Small Cap Growth Portfolio‡		285,712		2,795,145
AXA/Pacific Global Small Cap Value Portfolio‡		443,763		4,068,660
EQ/BlackRock Basic Value Equity Portfolio‡		1,627,216		37,673,935
EQ/Boston Advisors Equity Income Portfolio‡		3,383,975		19,487,648
EQ/Core Bond Index Portfolio‡		26,648,077		262,398,710
EQ/GAMCO Small Company Value Portfolio‡		179,152		10,485,816
EQ/Global Bond PLUS Portfolio‡		2,606,917		22,850,649
EQ/High Yield Bond Portfolio‡		1,376,919		13,111,093
EQ/Intermediate Government Bond Portfolio‡		34,670,858		354,762,211
EQ/International Equity Index Portfolio‡		619,003	$	5,177,496
EQ/JPMorgan Value Opportunities Portfolio‡		1,154,709		21,425,599
EQ/Large Cap Growth Index Portfolio‡		206,285		2,436,177
EQ/MFS International Growth Portfolio‡		5,651,408		37,135,502
EQ/PIMCO Ultra Short Bond Portfolio‡		11,916,979		117,585,003
EQ/Quality Bond PLUS Portfolio‡		2,850,702		24,114,884
EQ/T. Rowe Price Growth Stock Portfolio*‡		184,842		7,195,673
Multimanager Core Bond Portfolio‡		3,618,234		35,384,228
Multimanager Mid Cap Growth Portfolio‡		469,733		4,235,255
Multimanager Mid Cap Value Portfolio‡		398,047		6,226,157
Total Investment Companies (99.9%) (Cost $1,240,557,109)				1,408,870,430
SHORT-TERM INVESTMENT:
Investment Company (0.1%)
JPMorgan Prime Money Market Fund, IM Shares		1,785,380		1,785,916
Total Short-Term Investment (0.1%) (Cost $1,785,958)				1,785,916
Total Investments (100.0%) (Cost $1,242,343,067)				1,410,656,346
Other Assets Less Liabilities (0.0%)				(289,171	)
Net Assets (100%)			$	1,410,367,175

* Non-income producing.

‡ All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.

The holdings in affiliated Investment Companies are all Class K shares.

Investments in companies which were affiliates for the year ended December 31, 2016, were as follows:

Securities	Value December 31, 2015		Purchases at Cost		Sales at Cost		Value December 31, 2016		Dividend Income		Realized Gain (Loss)†
ATM International Managed Volatility Portfolio	$	59,978,446	$	1,919,654	$	6,854,178	$	54,299,030	$	453,514	$	(8,980	)
ATM Large Cap Managed Volatility Portfolio		164,398,532		12,028,840		33,116,104		148,604,090		2,361,517		9,446,417
ATM Mid Cap Managed Volatility Portfolio		8,092,119		1,544,869		908,636		9,650,496		96,367		663,863
ATM Small Cap Managed Volatility Portfolio		26,211,005		1,926,856		2,931,239		28,895,998		272,862		1,079,779

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2016

Investments in companies which were affiliates for the year ended December 31, 2016, were as follows:

Securities	Value December 31, 2015		Purchases at Cost		Sales at Cost		Value December 31, 2016		Dividend Income		Realized Gain (Loss)†
AXA Global Equity Managed Volatility Portfolio	$	20,015,996	$	9,996,299	$	1,619,890	$	30,111,326	$	352,225	$	74,201
AXA International Core Managed Volatility Portfolio		13,210,931		428,510		1,469,920		11,898,387		64,435		224,172
AXA International Value Managed Volatility Portfolio		7,949,362		234,975		759,707		7,340,879		52,938		87,339
AXA Large Cap Core Managed Volatility Portfolio		41,009,382		1,847,808		3,341,113		41,579,592		553,015		1,278,724
AXA Large Cap Growth Managed Volatility Portfolio		42,223,639		2,341,429		8,778,564		28,132,692		230,427		8,796,006
AXA Large Cap Value Managed Volatility Portfolio		25,130,776		2,075,184		5,775,098		24,151,571		447,895		420,733
AXA/AB Small Cap Growth Portfolio		12,756,872		1,267,763		1,785,871		12,803,944		75,751		824,641
AXA/Franklin Small Cap Value Managed Volatility Portfolio		2,981,056		21,623		—		3,731,454		21,623		—
AXA/Horizon Small Cap Value Portfolio		5,424,989		636,378		780,888		6,057,103		125,455		336,056
AXA/Loomis Sayles Growth Portfolio		15,438,300		647,929		6,243,467		9,921,839		63,587		952,916
AXA/Lord Abbett Micro Cap Portfolio		2,830,256		5,208		—		3,142,188		5,208		—
AXA/Morgan Stanley Small Cap Growth Portfolio		2,863,954		143,865		404,589		2,795,145		56		42,230
AXA/Pacific Global Small Cap Value Portfolio		3,431,676		118,516		383,396		4,068,660		32,418		5,712
EQ/BlackRock Basic Value Equity Portfolio		40,612,543		1,707,450		6,632,861		37,673,935		620,147		3,614,999
EQ/Boston Advisors Equity Income Portfolio		23,989,550		4,481,529		8,065,247		19,487,648		457,165		3,040,138
EQ/Core Bond Index Portfolio		280,587,215		18,785,750		37,015,907		262,398,710		4,668,335		(138,164	)
EQ/GAMCO Small Company Value Portfolio		12,307,324		802,460		2,780,430		10,485,816		78,596		2,002,945
EQ/Global Bond PLUS Portfolio		21,565,753		4,080,514		2,446,266		22,850,649		505,191		35,600
EQ/High Yield Bond Portfolio		11,578,078		1,953,744		1,162,451		13,111,093		695,452		4,873
EQ/Intermediate Government Bond Portfolio		372,688,922		42,566,330		59,244,485		354,762,211		3,294,234		754,500
EQ/International Equity Index Portfolio		1,213,945		3,651,452		—		5,177,496		151,452		—
EQ/JPMorgan Value Opportunities Portfolio		11,873,056		7,767,032		2,618,672		21,425,599		267,032		381,328
EQ/Large Cap Growth Index Portfolio		6,454,536		429,020		2,458,798		2,436,177		30,765		2,136,970
EQ/MFS International Growth Portfolio		37,141,197		3,733,336		4,053,385		37,135,502		462,203		183,802
EQ/PIMCO Ultra Short Bond Portfolio		134,721,343		11,639,920		30,121,723		117,585,003		1,423,881		(279,578	)
EQ/Quality Bond PLUS Portfolio		20,624,838		5,862,788		2,329,162		24,114,884		346,202		5,486

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2016

Investments in companies which were affiliates for the year ended December 31, 2016, were as follows:

Securities	Value December  31, 2015		Purchases at Cost		Sales at Cost		Value December 31, 2016		Dividend Income		Realized Gain (Loss)†
EQ/T. Rowe Price Growth Stock Portfolio	$	—	$	7,298,031	$	749,650	$	7,195,673	$	—	$	154,402
Multimanager Core Bond Portfolio		32,399,661		6,699,336		3,846,373		35,384,228		839,716		35,280
Multimanager Mid Cap Growth Portfolio		2,105,314		1,702,031		—		4,235,255		14,729		87,303
Multimanager Mid Cap Value Portfolio		4,480,367		1,171,236		401,420		6,226,157		75,297		56,518
	$	1,468,290,933	$	161,517,665	$	239,079,490	$	1,408,870,430	$	19,139,690	$	36,300,211

† When applicable, realized gain includes net distributions of realized gain received from underlying funds.

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 2016:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Investment Companies
Investment Companies	$	—	$	1,408,870,430	$	—	$	1,408,870,430
Short-Term Investments
Investment Companies		1,785,916		—		—		1,785,916
Total Assets	$	1,785,916	$	1,408,870,430	$	—	$	1,410,656,346
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	1,785,916	$	1,408,870,430	$	—	$	1,410,656,346

There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2016.

The Portfolio held no derivatives contracts during the year ended December 31, 2016.

Investment security transactions for the year ended December 31, 2016 were as follows:

Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	161,517,665
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	262,789,174

As of December 31, 2016, 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	$	181,639,884
Aggregate gross unrealized depreciation		(15,728,931	)
Net unrealized appreciation	$	165,910,953
Federal income tax cost of investments	$	1,244,745,393

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2016

ASSETS
Investments at value:
Affiliated Issuers (Cost $1,240,557,109)	$	1,408,870,430
Unaffiliated Issuers (Cost $1,785,958)		1,785,916
Cash		381,000
Receivable for securities sold		437,480
Receivable from Separate Accounts for Trust shares sold		60,124
Dividends, interest and other receivables		936
Other assets		4,861
Total assets		1,411,540,747
LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		446,944
Distribution fees payable – Class B		287,682
Administrative fees payable		168,562
Investment management fees payable		110,912
Trustees’ fees payable		39,618
Distribution fees payable – Class A		3,831
Accrued expenses		116,023
Total liabilities		1,173,572
NET ASSETS	$	1,410,367,175
Net assets were comprised of:
Paid in capital	$	1,575,732,278
Accumulated undistributed net investment income (loss)		193,336
Accumulated undistributed net realized gain (loss) on investments		(333,871,718	)
Net unrealized appreciation (depreciation) on investments		168,313,279
Net assets	$	1,410,367,175
Class A
Net asset value, offering and redemption price per share, $18,135,994 / 1,897,053 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.56
Class B
Net asset value, offering and redemption price per share, $1,354,790,420 / 141,638,574 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.57
Class K
Net asset value, offering and redemption price per share, $37,440,761 / 3,916,194 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.56

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2016

INVESTMENT INCOME
Dividends ($19,139,690 of dividend income received from affiliates)	$	19,148,485
Interest		7,262
Total income		19,155,747
EXPENSES
Distribution fees – Class B		3,454,151
Administrative fees		2,067,936
Investment management fees		1,437,315
Custodian fees		190,400
Printing and mailing expenses		130,209
Professional fees		90,031
Trustees’ fees		54,540
Distribution fees – Class A		46,990
Miscellaneous		26,772
Gross expenses		7,498,344
Less:   Waiver from investment manager		(141,076	)
Net expenses		7,357,268
NET INVESTMENT INCOME (LOSS)		11,798,479
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments ($23,709,684 of realized gain (loss) from affiliates)		23,710,458
Net distributions of realized gain received from underlying funds (All realized gains received from affiliates)		12,590,527
Net realized gain (loss)		36,300,985
Net change in unrealized appreciation (depreciation) on investments ($18,141,322 of change in unrealized appreciation (depreciation) from affiliates)		18,141,280
NET REALIZED AND UNREALIZED GAIN (LOSS)		54,442,265
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	66,240,744

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2016			2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	11,798,479		$	8,706,178
Net realized gain (loss) on investments and net distributions of realized gain received from underlying funds		36,300,985			45,277,845
Net change in unrealized appreciation (depreciation) on investments		18,141,280			(62,002,303	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		66,240,744			(8,018,280	)
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(168,122	)		(157,326	)
Class B		(12,584,803	)		(12,167,144	)
Class K		(438,208	)		(406,379	)
		(13,191,133	)		(12,730,849	)
Distributions from net realized capital gains
Class A		(482,943	)		(670,352	)
Class B		(36,020,804	)		(51,680,121	)
Class K		(969,519	)		(1,360,017	)
		(37,473,266	)		(53,710,490	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		(50,664,399	)		(66,441,339	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 510,758 and 172,912 shares, respectively ]		4,846,027			1,716,671
Capital shares issued in reinvestment of dividends and distributions [ 67,441 and 86,584 shares, respectively ]		651,065			827,678
Capital shares repurchased [ (620,727) and (416,969) shares, respectively ]		(5,977,502	)		(4,148,585	)
Total Class A transactions		(480,410	)		(1,604,236	)
Class B
Capital shares sold [ 11,158,996 and 9,342,410 shares, respectively ]		106,853,227			92,984,792
Capital shares issued in reinvestment of dividends and distributions [ 5,032,470 and 6,675,846 shares, respectively ]		48,605,607			63,847,265
Capital shares repurchased [ (23,992,859) and (27,955,172) shares, respectively ]		(230,020,687	)		(278,631,206	)
Total Class B transactions		(74,561,853	)		(121,799,149	)
Class K
Capital shares sold [ 441,181 and 274,076 shares, respectively ]		4,252,255			2,748,035
Capital shares issued in reinvestment of dividends and distributions [ 145,856 and 184,684 shares, respectively ]		1,407,727			1,766,396
Capital shares repurchased [ (553,847) and (664,670) shares, respectively ]		(5,338,374	)		(6,613,702	)
Total Class K transactions		321,608			(2,099,271	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(74,720,655	)		(125,502,656	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(59,144,310	)		(199,962,275	)
NET ASSETS:
Beginning of year		1,469,511,485			1,669,473,760
End of year (a)	$	1,410,367,175		$	1,469,511,485
(a)  Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	193,336		$	9,843

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Year Ended December 31,
Class A	2016			2015			2014			2013			2012
Net asset value, beginning of year	$	9.46		$	9.96		$	10.15		$	9.64		$	9.17
Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.08			0.05			0.05			0.05			0.05
Net realized and unrealized gain (loss) on investments		0.37			(0.12	)		0.27			0.92			0.63
Total from investment operations		0.45			(0.07	)		0.32			0.97			0.68
Less distributions:
Dividends from net investment income		(0.09	)		(0.08	)		(0.10	)		(0.14	)		(0.08	)
Distributions from net realized gains		(0.26	)		(0.35	)		(0.41	)		(0.32	)		(0.13	)
Total dividends and distributions		(0.35	)		(0.43	)		(0.51	)		(0.46	)		(0.21	)
Net asset value, end of year	$	9.56		$	9.46		$	9.96		$	10.15		$	9.64
Total return		4.73	%		(0.67	)%		3.19	%		10.17	%		7.46	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	18,136		$	18,349		$	20,884		$	22,020		$	20,693
Ratio of expenses to average net assets:
After waivers (f)		0.52	%(j)		0.53	%(j)		0.51	%(j)		0.51	%(j)		0.51	%(j)
Before waivers (f)		0.53	%		0.53	%		0.53	%		0.53	%		0.53	%
Ratio of net investment income (loss) to average net assets:
After waivers (f)(x)		0.79	%		0.53	%		0.48	%		0.52	%		0.56	%
Before waivers (f)(x)		0.78	%		0.53	%		0.47	%		0.50	%		0.55	%
Portfolio turnover rate^		11	%		8	%		10	%		12	%		22	%
	Year Ended December 31,
Class B	2016			2015			2014			2013			2012
Net asset value, beginning of year	$	9.46		$	9.96		$	10.16		$	9.64		$	9.18
Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.08			0.05			0.05			0.05			0.05
Net realized and unrealized gain (loss) on investments		0.38			(0.12	)		0.26			0.93			0.62
Total from investment operations		0.46			(0.07	)		0.31			0.98			0.67
Less distributions:
Dividends from net investment income		(0.09	)		(0.08	)		(0.10	)		(0.14	)		(0.08	)
Distributions from net realized gains		(0.26	)		(0.35	)		(0.41	)		(0.32	)		(0.13	)
Total dividends and distributions		(0.35	)		(0.43	)		(0.51	)		(0.46	)		(0.21	)
Net asset value, end of year	$	9.57		$	9.46		$	9.96		$	10.16		$	9.64
Total return		4.84	%		(0.67	)%		3.08	%		10.28	%		7.34	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,354,790		$	1,414,428		$	1,607,870		$	1,811,723		$	1,921,881
Ratio of expenses to average net assets:
After waivers (f)		0.52	%(j)		0.53	%(j)		0.51	%(j)		0.51	%(j)		0.51	%(j)
Before waivers (f)		0.53	%		0.53	%		0.53	%		0.53	%		0.53	%
Ratio of net investment income (loss) to average net assets:
After waivers (f)(x)		0.81	%		0.54	%		0.46	%		0.49	%		0.57	%
Before waivers (f)(x)		0.80	%		0.54	%		0.45	%		0.47	%		0.55	%
Portfolio turnover rate^		11	%		8	%		10	%		12	%		22	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)

	Year Ended December 31,
Class K	2016			2015			2014			2013			2012
Net asset value, beginning of year	$	9.46		$	9.96		$	10.15		$	9.64		$	9.17
Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.11			0.08			0.08			0.08			0.08
Net realized and unrealized gain (loss) on investments		0.37			(0.12	)		0.27			0.92			0.62
Total from investment operations		0.48			(0.04	)		0.35			1.00			0.70
Less distributions:
Dividends from net investment income		(0.12	)		(0.11	)		(0.13	)		(0.17	)		(0.10	)
Distributions from net realized gains		(0.26	)		(0.35	)		(0.41	)		(0.32	)		(0.13	)
Total dividends and distributions		(0.38	)		(0.46	)		(0.54	)		(0.49	)		(0.23	)
Net asset value, end of year	$	9.56		$	9.46		$	9.96		$	10.15		$	9.64
Total return		4.99	%		(0.42	)%		3.44	%		10.45	%		7.73	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	37,441		$	36,735		$	40,720		$	41,040		$	38,942
Ratio of expenses to average net assets:
After waivers (f)		0.27	%(j)		0.28	%(j)		0.26	%(j)		0.26	%(j)		0.26	%(j)
Before waivers (f)		0.28	%		0.28	%		0.28	%		0.28	%		0.28	%
Ratio of net investment income (loss) to average net assets:
After waivers (f)(x)		1.10	%		0.79	%		0.75	%		0.78	%		0.84	%
Before waivers (f)(x)		1.09	%		0.79	%		0.73	%		0.76	%		0.82	%
Portfolio turnover rate^		11	%		8	%		10	%		12	%		22	%

^ Portfolio turnover rate excludes derivatives, if any.

(e) Net investment income (loss) per share is based on average shares outstanding.

(f) Expenses do not include the expenses of the underlying funds (“indirect expenses”), if applicable.

(j) Including direct and indirect expenses, the net expense ratio after waivers would be 1.10% for Class A, 1.10% for Class B and 0.85% for Class K.

(x) Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.

See Notes to Financial Statements.

25

AXA MODERATE ALLOCATION PORTFOLIO (Unaudited)

INVESTMENT MANAGER

_Ø AXA Equitable Funds Management Group, LLC

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/16
	1 Year			5 Years			10 Years/ Since Incept.
Portfolio – Class A Shares		5.35	%		5.79	%		3.06	%
Portfolio – Class B Shares		5.38			5.79			2.93
Portfolio – Class K Shares*		5.61			6.05			5.99
S&P 500 Index		11.96			14.66			6.95
Bloomberg Barclays U.S. Intermediate Government Bond Index		1.05			1.04			3.42
AXA Moderate Allocation Index (new)†		6.21			6.68			4.70
AXA Moderate Allocation Index (old)		5.47			6.59			5.27
*   Date of inception 12/1/11. †   In 2016, the Portfolio’s benchmark index against which the Portfolio measures its performance, the AXA Moderate Allocation Index (old) was replaced with the AXA Moderate Allocation Index (new). The investment Manager believes the AXA Moderate Allocation Index (new) is more relevant to the Portfolio’s investment strategies.     Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class B shares returned 5.38% for the year ended December 31, 2016. This compares to the returns of the following benchmarks over the same period: the S&P 500 Index, the Bloomberg Barclays U.S. Intermediate Government Bond Index and the AXA Moderate Allocation Index (new), which returned 11.96%, 1.05% and 6.21%, respectively.

Portfolio Highlights

• As of 12/31/2016, the Portfolio’s equity allocation (as a percentage of market value excluding cash) consisted of large cap growth stocks (10.2%), large cap value stocks (9.9%), mid cap stocks (9.5%), small cap stocks (6.3%), international stocks (13.6%) and emerging markets stocks (0.9%).

• As of 12/31/2016, the Portfolio’s fixed income allocation (as a percentage of market value excluding cash) consisted of investment grade bonds (48.2%), international bonds (0.5%) and high yield bonds (0.7%).

• The Portfolio provided positive returns for the year, roughly matching its composite benchmark after a margin for expenses.

• In 2016, the equity markets were up substantially, while high-quality government bonds rose only modestly. The Portfolio’s equity allocation contributed the bulk of its gains, with certain holdings in small-cap and large-cap value stocks adding value over comparable indexes. The fixed income allocation, at around half of assets, was a much more modest relative contributor to returns, although core and high-yield holdings outperformed in their sectors as well.

• As would be expected given its 50%/50% combination of stocks and bonds, the Portfolio underperformed the broad U.S. stock market, but outperformed the government bond market, as represented by its primary bond and equity benchmarks.

Table by Asset Class (as a percentage of Total Investments)
As of December 31, 2016
Equity	51.2	%
Fixed Income	48.8

Top 10 Holdings (as a percentage of Total Investments)
As of December 31, 2016
EQ/Intermediate Government Bond Portfolio	20.9	%
EQ/Core Bond Index Portfolio	15.8
ATM Large Cap Managed Volatility Portfolio	12.0
EQ/PIMCO Ultra Short Bond Portfolio	6.4
ATM International Managed Volatility Portfolio	5.9
EQ/MFS International Growth Portfolio	4.1
AXA Large Cap Core Managed Volatility Portfolio	3.0
ATM Small Cap Managed Volatility Portfolio	2.9
EQ/BlackRock Basic Value Equity Portfolio	2.5
AXA Global Equity Managed Volatility Portfolio	2.4

26

AXA MODERATE ALLOCATION PORTFOLIO (Unaudited)

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 investment advisory fees, distribution and/or service (12b-1) fees (in the case of Class A and Class B shares of the Portfolio), 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, 2016 and held for the entire six-month period.

Actual Expenses

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

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

EXAMPLE

	Beginning Account Value 7/1/16		Ending Account Value 12/31/16		Expenses Paid During Period* 7/1/16 - 12/31/16
Class A
Actual		$1,000.00		$1,032.71		$2.63
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.55		2.62
Class B
Actual		1,000.00		1,032.13		2.63
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.55		2.62
Class K
Actual		1,000.00		1,033.79		1.35
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.81		1.35
*   Expenses are equal to the Portfolio’s Class A, Class B and Class K shares annualized expense ratios of 0.51%, 0.51% and 0.26%, respectively, multiplied by the average account value over the period, and multiplied by 184/366 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

December 31, 2016

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
ATM International Managed Volatility Portfolio‡		51,778,036	$	471,652,920
ATM Large Cap Managed Volatility Portfolio‡		72,669,004		964,429,400
ATM Mid Cap Managed Volatility Portfolio‡		7,382,346		59,263,996
ATM Small Cap Managed Volatility Portfolio‡		18,859,137		230,469,524
AXA Global Equity Managed Volatility Portfolio‡		12,859,687		192,902,685
AXA International Core Managed Volatility Portfolio‡		12,142,495		110,859,418
AXA International Value Managed Volatility Portfolio‡		4,357,812		50,411,332
AXA Large Cap Core Managed Volatility Portfolio‡		24,828,348		242,087,653
AXA Large Cap Growth Managed Volatility Portfolio‡		6,205,684		172,706,765
AXA Large Cap Value Managed Volatility Portfolio‡		10,772,867		182,490,003
AXA/AB Small Cap Growth Portfolio‡		9,553,177		173,012,760
AXA/Franklin Small Cap Value Managed Volatility Portfolio‡		1,762,265		30,507,574
AXA/Horizon Small Cap Value Portfolio‡		3,474,595		34,163,998
AXA/Loomis Sayles Growth Portfolio‡		12,289,903		80,058,294
AXA/Lord Abbett Micro Cap Portfolio‡		2,250,179		22,365,113
AXA/Morgan Stanley Small Cap Growth Portfolio‡		4,245,797		41,536,960
AXA/Pacific Global Small Cap Value Portfolio‡		3,189,460		29,242,738
EQ/BlackRock Basic Value Equity Portfolio‡		8,596,559		199,030,866
EQ/Boston Advisors Equity Income Portfolio‡		21,879,398		125,999,151
EQ/Core Bond Index Portfolio‡		128,569,105		1,265,996,322
EQ/GAMCO Small Company Value Portfolio‡		1,898,866		111,141,424
EQ/Global Bond PLUS Portfolio‡		12,878,974		112,889,272
EQ/High Yield Bond Portfolio‡		6,242,503		59,441,422
EQ/Intermediate Government Bond Portfolio‡		163,609,685		1,674,101,454
EQ/International Equity Index Portfolio‡		2,784,946		23,293,971
EQ/JPMorgan Value Opportunities Portfolio‡		6,467,461		120,003,609
EQ/Large Cap Growth Index Portfolio‡		1,063,698		12,562,031
EQ/MFS International Growth Portfolio‡		49,572,302		325,740,452
EQ/PIMCO Ultra Short Bond Portfolio‡		51,941,152		512,504,078
EQ/Quality Bond PLUS Portfolio‡		14,103,167		119,302,615
EQ/T. Rowe Price Growth Stock Portfolio*‡		1,441,180	$	56,103,508
Multimanager Core Bond Portfolio‡		16,784,614		164,143,779
Multimanager Mid Cap Growth Portfolio‡		1,256,442		11,328,464
Multimanager Mid Cap Value Portfolio‡		2,084,965		32,612,565
Total Investment Companies (99.9%) (Cost $6,942,858,372)				8,014,356,116
SHORT-TERM INVESTMENT:
Investment Company (0.1%)
JPMorgan Prime Money Market Fund, IM Shares		9,283,582		9,286,367
Total Short-Term Investment (0.1%) (Cost $9,286,793)				9,286,367
Total Investments (100.0%) (Cost $6,952,145,165)				8,023,642,483
Other Assets Less Liabilities (0.0%)				(2,864,595	)
Net Assets (100%)			$	8,020,777,888

* Non-income producing.

‡ All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.

The holdings in affiliated Investment Companies are all Class K shares.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2016

Investments in companies which were affiliates for the year ended December 31, 2016, were as follows:
Securities	Value December 31, 2015		Purchases at Cost		Sales at Cost		Value December 31, 2016		Dividend Income		Realized Gain (Loss)†
ATM International Managed Volatility Portfolio	$	562,255,459	$	4,032,397	$	87,828,910	$	471,652,920	$	3,937,590	$	(977,020	)
ATM Large Cap Managed Volatility Portfolio		1,071,157,596		54,596,305		195,510,861		964,429,400		15,341,640		59,850,538
ATM Mid Cap Managed Volatility Portfolio		53,773,586		6,638,678		6,633,304		59,263,996		591,884		4,248,271
ATM Small Cap Managed Volatility Portfolio		211,826,882		10,269,226		20,545,660		230,469,524		2,173,990		9,054,515
AXA Global Equity Managed Volatility Portfolio		181,501,913		34,787,674		31,565,505		192,902,685		2,259,232		996,146
AXA International Core Managed Volatility Portfolio		124,233,128		618,138		10,638,731		110,859,418		599,176		2,875,564
AXA International Value Managed Volatility Portfolio		56,733,293		372,886		5,697,452		50,411,332		363,405		972,582
AXA Large Cap Core Managed Volatility Portfolio		241,670,445		5,484,471		17,681,282		242,087,653		3,215,970		6,789,065
AXA Large Cap Growth Managed Volatility Portfolio		241,115,702		7,160,656		37,764,388		172,706,765		1,408,368		44,840,694
AXA Large Cap Value Managed Volatility Portfolio		184,423,036		7,590,461		21,938,919		182,490,003		3,562,019		11,396,958
AXA/AB Small Cap Growth Portfolio		169,450,523		14,103,098		18,118,689		173,012,760		1,021,412		11,321,380
AXA/Franklin Small Cap Value Managed Volatility Portfolio		26,664,723		180,403		1,205,134		30,507,574		177,242		1,192,437
AXA/Horizon Small Cap Value Portfolio		27,167,959		4,611,390		2,053,474		34,163,998		704,927		1,898,947
AXA/Loomis Sayles Growth Portfolio		89,990,328		2,252,787		15,169,376		80,058,294		473,877		2,793,366
AXA/Lord Abbett Micro Cap Portfolio		20,690,527		1,340,357		2,043,696		22,365,113		37,197		5,423
AXA/Morgan Stanley Small Cap Growth Portfolio		38,731,830		3,861,990		4,204,871		41,536,960		836		748,199
AXA/Pacific Global Small Cap Value Portfolio		22,338,680		2,235,733		2,056,042		29,242,738		232,573		(6,924	)
EQ/BlackRock Basic Value Equity Portfolio		233,565,782		3,358,733		45,019,422		199,030,866		3,320,811		22,638,036
EQ/Boston Advisors Equity Income Portfolio		170,488,110		16,300,363		52,482,555		125,999,151		2,808,064		21,829,279
EQ/Core Bond Index Portfolio		1,349,133,342		112,905,523		196,477,712		1,265,996,322		22,403,269		(583,645	)
EQ/GAMCO Small Company Value Portfolio		98,896,288		4,302,359		7,448,504		111,141,424		778,419		5,478,854

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2016

Investments in companies which were affiliates for the year ended December 31, 2016, were as follows:

Securities	Value December 31, 2015		Purchases at Cost		Sales at Cost		Value December 31, 2016		Dividend Income		Realized Gain (Loss)†
EQ/Global Bond PLUS Portfolio	$	124,264,190	$	2,730,178	$	13,016,748	$	112,889,272	$	2,494,118	$	191,967
EQ/High Yield Bond Portfolio		48,156,947		8,139,502		—		59,441,422		3,139,502		—
EQ/Intermediate Government Bond Portfolio		1,758,803,789		197,306,675		276,390,017		1,674,101,454		15,457,743		3,551,327
EQ/International Equity Index Portfolio		22,737,351		681,397		—		23,293,971		681,397		—
EQ/JPMorgan Value Opportunities Portfolio		57,330,614		43,436,842		5,454,878		120,003,609		1,436,842		545,122
EQ/Large Cap Growth Index Portfolio		39,527,330		802,182		14,297,616		12,562,031		157,052		14,136,336
EQ/MFS International Growth Portfolio		288,575,102		59,805,479		28,330,713		325,740,452		4,046,785		1,190,381
EQ/PIMCO Ultra Short Bond Portfolio		625,468,731		22,005,513		141,810,890		512,504,078		6,310,707		(1,968,280	)
EQ/Quality Bond PLUS Portfolio		107,891,781		21,726,306		10,210,123		119,302,615		1,710,505		35,468
EQ/T. Rowe Price Growth Stock Portfolio		—		54,984,155		3,911,960		56,103,508		—		1,164,111
Multimanager Core Bond Portfolio		155,658,135		23,906,636		16,263,761		164,143,779		3,729,972		151,103
Multimanager Mid Cap Growth Portfolio		8,268,998		2,272,912		—		11,328,464		39,398		233,515
Multimanager Mid Cap Value Portfolio		26,932,285		2,897,343		2,041,178		32,612,565		394,182		356,393
	$	8,439,424,385	$	737,698,748	$	1,293,812,371	$	8,014,356,116	$	105,010,104	$	226,950,108

† When applicable, realized gain includes net distributions of realized gain received from underlying funds.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2016

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 2016:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Investment Companies
Investment Companies	$	—	$	8,014,356,116	$	—	$	8,014,356,116
Short-Term Investments
Investment Companies		9,286,367		—		—		9,286,367
Total Assets	$	9,286,367	$	8,014,356,116	$	—	$	8,023,642,483
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	9,286,367	$	8,014,356,116	$	—	$	8,023,642,483

There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2016.

The Portfolio held no derivatives contracts during the year ended December 31, 2016.

Investment security transactions for the year ended December 31, 2016 were as follows:

Cost of Purchases:
Investment Companies	$	737,698,748
Net Proceeds of Sales and Redemptions:
Investment Companies	$	1,433,337,919

As of December 31, 2016, 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	$	1,145,595,005
Aggregate gross unrealized depreciation		(105,544,198	)
Net unrealized appreciation	$	1,040,050,807
Federal income tax cost of investments	$	6,983,591,676

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2016

ASSETS
Investments at value:
Affiliated Issuers (Cost $6,942,858,372)	$	8,014,356,116
Unaffiliated Issuers (Cost $9,286,793)		9,286,367
Cash		1,838,682
Receivable for securities sold		1,287,973
Receivable from Separate Accounts for Trust shares sold		568,917
Dividends, interest and other receivables		5,032
Other assets		27,563
Total assets		8,027,370,650
LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		2,837,159
Distribution fees payable – Class B		1,202,036
Administrative fees payable		957,180
Investment management fees payable		680,086
Distribution fees payable – Class A		437,461
Trustees’ fees payable		230,155
Accrued expenses		248,685
Total liabilities		6,592,762
NET ASSETS	$	8,020,777,888
Net assets were comprised of:
Paid in capital	$	9,318,200,592
Accumulated undistributed net investment income (loss)		1,682,502
Accumulated undistributed net realized gain (loss) on investments		(2,370,602,524	)
Net unrealized appreciation (depreciation) on investments		1,071,497,318
Net assets	$	8,020,777,888
Class A
Net asset value, offering and redemption price per share, $2,064,205,366 / 151,920,349 shares outstanding (unlimited amount authorized: $0.001 par value)	$	13.59
Class B
Net asset value, offering and redemption price per share, $5,669,408,210 / 420,339,540 shares outstanding (unlimited amount authorized: $0.001 par value)	$	13.49
Class K
Net asset value, offering and redemption price per share, $287,164,312 / 21,134,302 shares outstanding (unlimited amount authorized: $0.001 par value)	$	13.59

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2016

INVESTMENT INCOME
Dividends ($105,010,104 of dividend income received from affiliates)	$	105,046,272
Interest		42,641
Total income		105,088,913
EXPENSES
Distribution fees – Class B		14,465,594
Administrative fees		11,734,955
Investment management fees		8,156,051
Distribution fees – Class A		5,206,837
Printing and mailing expenses		748,288
Professional fees		344,198
Trustees’ fees		310,603
Custodian fees		208,200
Miscellaneous		151,832
Total expenses		41,326,558
NET INVESTMENT INCOME (LOSS)		63,762,355
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments ($139,525,548 of realized gain (loss) from affiliates)		139,537,092
Net distributions of realized gain received from underlying funds (All realized gains received from affiliates)		87,424,560
Net realized gain (loss)		226,961,652
Net change in unrealized appreciation (depreciation) on investments ($131,045,354 of change in unrealized appreciation (depreciation) from affiliates)		131,044,928
NET REALIZED AND UNREALIZED GAIN (LOSS)		358,006,580
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	421,768,935

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2016			2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	63,762,355		$	47,909,122
Net realized gain (loss) on investments and net distributions of realized gain received from underlying funds		226,961,652			280,654,398
Net change in unrealized appreciation (depreciation) on investments		131,044,928			(395,490,416	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		421,768,935			(66,926,896	)
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(18,460,336	)		(18,229,030	)
Class B		(50,697,664	)		(51,962,623	)
Class K		(3,282,979	)		(3,180,926	)
		(72,440,979	)		(73,372,579	)
Distributions from net realized capital gains
Class A		(64,877,694	)		(79,083,869	)
Class B		(180,006,124	)		(228,531,455	)
Class K		(8,975,014	)		(10,755,775	)
		(253,858,832	)		(318,371,099	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		(326,299,811	)		(391,743,678	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 3,516,952 and 4,205,941 shares, respectively ]		47,835,103			59,791,708
Capital shares issued in reinvestment of dividends and distributions [ 6,067,931 and 7,175,590 shares, respectively ]		83,338,030			97,312,899
Capital shares repurchased [ (15,759,330) and (15,980,906) shares, respectively ]		(214,514,532	)		(226,985,024	)
Total Class A transactions		(83,341,399	)		(69,880,417	)
Class B
Capital shares sold [ 8,595,102 and 8,471,566 shares, respectively ]		116,060,897			119,304,226
Capital shares issued in reinvestment of dividends and distributions [ 16,920,444 and 20,829,325 shares, respectively ]		230,703,788			280,494,078
Capital shares repurchased [ (58,053,845) and (59,862,249) shares, respectively ]		(781,660,719	)		(843,521,909	)
Total Class B transactions		(434,896,034	)		(443,723,605	)
Class K
Capital shares sold [ 797,124 and 761,287 shares, respectively ]		10,767,605			10,791,874
Capital shares issued in reinvestment of dividends and distributions [ 892,465 and 1,027,066 shares, respectively ]		12,257,993			13,936,701
Capital shares repurchased [ (1,888,623) and (2,315,247) shares, respectively ]		(25,834,673	)		(32,777,080	)
Total Class K transactions		(2,809,075	)		(8,048,505	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(521,046,508	)		(521,652,527	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(425,577,384	)		(980,323,101	)
NET ASSETS:
Beginning of year		8,446,355,272			9,426,678,373
End of year (a)	$	8,020,777,888		$	8,446,355,272
(a)  Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	1,682,502		$	123,162

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Year Ended December 31,
Class A	2016			2015			2014			2013			2012
Net asset value, beginning of year	$	13.43		$	14.18		$	14.55		$	13.45		$	12.60
Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.11			0.08			0.07			0.08			0.07
Net realized and unrealized gain (loss) on investments		0.60			(0.20	)		0.37			1.66			1.05
Total from investment operations		0.71			(0.12	)		0.44			1.74			1.12
Less distributions:
Dividends from net investment income		(0.12	)		(0.12	)		(0.16	)		(0.23	)		(0.11	)
Distributions from net realized gains		(0.43	)		(0.51	)		(0.65	)		(0.41	)		(0.16	)
Total dividends and distributions		(0.55	)		(0.63	)		(0.81	)		(0.64	)		(0.27	)
Net asset value, end of year	$	13.59		$	13.43		$	14.18		$	14.55		$	13.45
Total return		5.35	%		(0.84	)%		3.04	%		13.07	%		8.85	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	2,064,205		$	2,122,648		$	2,307,372		$	2,408,537		$	2,307,690
Ratio of expenses to average net assets:
After waivers (f)		0.52	%(o)		0.51	%(n)		0.53	%(j)		0.53	%(k)		0.54	%(k)
Before waivers (f)		0.52	%		0.51	%		0.53	%		0.53	%		0.54	%
Ratio of net investment income (loss) to average net assets:
After waivers (f)(x)		0.78	%		0.53	%		0.48	%		0.57	%		0.54	%
Before waivers (f)(x)		0.78	%		0.53	%		0.48	%		0.57	%		0.54	%
Portfolio turnover rate^		9	%		8	%		10	%		11	%		18	%
	Year Ended December 31,
Class B	2016			2015			2014			2013			2012
Net asset value, beginning of year	$	13.33		$	14.09		$	14.46		$	13.36		$	12.52
Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.10			0.07			0.07			0.08			0.07
Net realized and unrealized gain (loss) on investments		0.61			(0.20	)		0.37			1.66			1.03
Total from investment operations		0.71			(0.13	)		0.44			1.74			1.10
Less distributions:
Dividends from net investment income		(0.12	)		(0.12	)		(0.16	)		(0.23	)		(0.10	)
Distributions from net realized gains		(0.43	)		(0.51	)		(0.65	)		(0.41	)		(0.16	)
Total dividends and distributions		(0.55	)		(0.63	)		(0.81	)		(0.64	)		(0.26	)
Net asset value, end of year	$	13.49		$	13.33		$	14.09		$	14.46		$	13.36
Total return		5.38	%		(0.92	)%		3.06	%		13.15	%		8.82	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	5,669,408		$	6,037,275		$	6,809,285		$	7,511,631		$	7,493,390
Ratio of expenses to average net assets:
After waivers (f)		0.52	%(o)		0.51	%(n)		0.53	%(j)		0.53	%(k)		0.54	%(k)
Before waivers (f)		0.52	%		0.51	%		0.53	%		0.53	%		0.54	%
Ratio of net investment income (loss) to average net assets:
After waivers (f)(x)		0.77	%		0.52	%		0.46	%		0.54	%		0.54	%
Before waivers (f)(x)		0.77	%		0.52	%		0.46	%		0.54	%		0.54	%
Portfolio turnover rate^		9	%		8	%		10	%		11	%		18	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)

	Year Ended December 31,
Class K	2016			2015			2014			2013			2012
Net asset value, beginning of year	$	13.43		$	14.18		$	14.55		$	13.45		$	12.60
Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.14			0.11			0.11			0.12			0.11
Net realized and unrealized gain (loss) on investments		0.61			(0.20	)		0.37			1.66			1.04
Total from investment operations		0.75			(0.09	)		0.48			1.78			1.15
Less distributions:
Dividends from net investment income		(0.16	)		(0.15	)		(0.20	)		(0.27	)		(0.14	)
Distributions from net realized gains		(0.43	)		(0.51	)		(0.65	)		(0.41	)		(0.16	)
Total dividends and distributions		(0.59	)		(0.66	)		(0.85	)		(0.68	)		(0.30	)
Net asset value, end of year	$	13.59		$	13.43		$	14.18		$	14.55		$	13.45
Total return		5.61	%		(0.60	)%		3.30	%		13.35	%		9.12	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	287,164		$	286,432		$	310,021		$	317,885		$	298,541
Ratio of expenses to average net assets:
After waivers (f)		0.27	%(o)		0.26	%(n)		0.28	%(j)		0.28	%(k)		0.29	%(k)
Before waivers (f)		0.27	%		0.26	%		0.28	%		0.28	%		0.29	%
Ratio of net investment income (loss) to average net assets:
After waivers (f)(x)		1.04	%		0.78	%		0.74	%		0.82	%		0.79	%
Before waivers (f)(x)		1.04	%		0.78	%		0.74	%		0.82	%		0.79	%
Portfolio turnover rate^		9	%		8	%		10	%		11	%		18	%

^ Portfolio turnover rate excludes derivatives, if any.

(e) Net investment income (loss) per share is based on average shares outstanding.

(f) Expenses do not include the expenses of the underlying funds (“indirect expenses”), if applicable.

(j) Including direct and indirect expenses, the net expense ratio after waivers would be 1.14% for Class A, 1.14% for Class B and 0.89% for Class K.

(k) Including direct and indirect expenses, the net expense ratio after waivers would be 1.15% for Class A, 1.15% for Class B and 0.90% for Class K.

(n) Including direct and indirect expenses, the net expense ratio after waivers would be 1.11% for Class A, 1.11% for Class B and 0.86% for Class K.

(o) Including direct and indirect expenses, the net expense ratio after waivers would be 1.12% for Class A, 1.12% for Class B and 0.87% for Class K.

(x) Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.

See Notes to Financial Statements.

35

AXA MODERATE-PLUS ALLOCATION PORTFOLIO (Unaudited)

INVESTMENT MANAGER

_Ø AXA Equitable Funds Management Group, LLC

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/16
	1 Year			5 Years			10 Years/ Since Incept.
Portfolio – Class A Shares		7.24	%		7.97	%		3.38	%
Portfolio – Class B Shares		7.34			7.99			3.26
Portfolio – Class K Shares*		7.51			8.24			8.14
S&P 500 Index		11.96			14.66			6.95
Bloomberg Barclays U.S. Intermediate Government Bond Index		1.05			1.04			3.42
AXA Moderate-Plus Allocation Index (new)†		8.46			9.05			5.21
AXA Moderate-Plus Allocation Index (old)		7.42			8.92			6.07
*   Date of inception 12/1/11. †  In 2016, the Portfolio’s benchmark index against which the Portfolio measures its performance, the AXA Moderate – Plus Allocation Index (old), was replaced with the AXA Moderate – Plus Allocation Index (new). The investment Manager believes the AXA Moderate – Plus Allocation Index (new) is more relevant to the Portfolio’s investment strategies.     Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class B shares returned 7.34% for the year ended

December 31, 2016. This compares to the returns of the following benchmarks over the same period: the S&P 500 Index, Bloomberg Barclays U.S. Intermediate Government Bond Index and the AXA Moderate-Plus Allocation Index (new) which returned 11.96%, 1.05% and 8.46%, respectively.

Portfolio Highlights

• As of 12/31/2016, the Portfolio’s equity allocation (as a percentage of market value excluding cash) consisted of large cap growth stocks (13.9%), large cap value stocks (13.9%), mid cap stocks (13.3%), small cap stocks (10.3%), international stocks (17.8%) and emerging markets stocks (1.1%).

• As of 12/31/2016, the Portfolio’s fixed income allocation (as a percentage of market value excluding cash) consisted of investment grade bonds (29.2%) and high yield bonds (0.2%).

• The Portfolio provided positive returns for the year, slightly underperforming its composite benchmark after a margin for expenses.

• In 2016, the equity markets were up substantially, while high-quality government bonds rose only modestly. The Portfolio’s equity allocation contributed the bulk of its gains, with certain holdings in small-cap and large-cap value stocks adding value over comparable indexes. The modest fixed income allocation was a much more modest relative contributor to returns, although the EQ/Core Bond Index holding outperformed in its sector.

• As would be expected given its combination of stocks and bonds, the Portfolio underperformed the broad U.S. stock market, but outperformed the government bond market, as represented by its primary bond and equity benchmarks.

Table by Asset Class (as a percentage of Total Investments)
As of December 31, 2016
Equity	71.6	%
Fixed Income	28.4

Top 10 Holdings (as a percentage of Total Investments)
As of December 31, 2016
ATM Large Cap Managed Volatility Portfolio	16.6	%
EQ/Intermediate Government Bond Portfolio	12.7
EQ/Core Bond Index Portfolio	9.2
ATM International Managed Volatility Portfolio	7.7
ATM Small Cap Managed Volatility Portfolio	5.3
AXA Large Cap Core Managed Volatility Portfolio	4.4
EQ/MFS International Growth Portfolio	4.2
AXA Large Cap Value Managed Volatility Portfolio	3.9
EQ/PIMCO Ultra Short Bond Portfolio	3.8
AXA Global Equity Managed Volatility Portfolio	3.4

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AXA MODERATE-PLUS ALLOCATION PORTFOLIO (Unaudited)

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 investment advisory fees, distribution and/or service (12b-1) fees (in the case of Class A and Class B shares of the Portfolio), 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, 2016 and held for the entire six-month period.

Actual Expenses

The first line of the following table 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 following table provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for

the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

EXAMPLE

	Beginning Account Value 7/1/16		Ending Account Value 12/31/16		Expenses Paid During Period* 7/1/16 - 12/31/16
Class A
Actual		$1,000.00		$1,055.17		$2.65
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.55		2.61
Class B
Actual		1,000.00		1,055.14		2.65
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.55		2.61
Class K
Actual		1,000.00		1,055.79		1.36
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.81		1.34
*   Expenses are equal to the Portfolio’s Class A, Class B and Class K shares annualized expense ratios of 0.51%, 0.51% and 0.26%, respectively, multiplied by the average account value over the period, and multiplied by 184/366 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

December 31, 2016

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
ATM International Managed Volatility Portfolio‡		79,223,074	$	721,653,369
ATM Large Cap Managed Volatility Portfolio‡		116,669,665		1,548,385,820
ATM Mid Cap Managed Volatility Portfolio‡		10,466,127		84,019,968
ATM Small Cap Managed Volatility Portfolio‡		40,754,625		498,044,990
AXA Global Equity Managed Volatility Portfolio‡		20,903,535		313,565,019
AXA International Core Managed Volatility Portfolio‡		19,472,320		177,779,773
AXA International Value Managed Volatility Portfolio‡		8,776,546		101,527,401
AXA Large Cap Core Managed Volatility Portfolio‡		41,805,588		407,623,442
AXA Large Cap Growth Managed Volatility Portfolio‡		9,876,947		274,879,522
AXA Large Cap Value Managed Volatility Portfolio‡		21,354,684		361,743,671
AXA/AB Small Cap Growth Portfolio‡		15,934,817		288,587,421
AXA/Franklin Small Cap Value Managed Volatility Portfolio‡		4,153,581		71,905,000
AXA/Horizon Small Cap Value Portfolio‡		4,823,507		47,427,195
AXA/Loomis Sayles Growth Portfolio‡		18,728,388		121,999,562
AXA/Lord Abbett Micro Cap Portfolio‡		5,176,400		51,449,583
AXA/Morgan Stanley Small Cap Growth Portfolio‡		10,374,692		101,496,405
AXA/Pacific Global Small Cap Value Portfolio‡		5,213,971		47,804,573
EQ/BlackRock Basic Value Equity Portfolio‡		13,203,493		305,692,414
EQ/Boston Advisors Equity Income Portfolio‡		36,141,102		208,129,506
EQ/Core Bond Index Portfolio‡		87,590,001		862,482,617
EQ/GAMCO Small Company Value Portfolio‡		3,066,459		179,481,072
EQ/Global Bond PLUS Portfolio‡		1,224,219		10,730,761
EQ/High Yield Bond Portfolio‡		2,426,541		23,105,642
EQ/Intermediate Government Bond Portfolio‡		116,119,940		1,188,172,700
EQ/International Equity Index Portfolio‡		9,976,880		83,449,069
EQ/JPMorgan Value Opportunities Portfolio‡		7,961,852		147,731,998
EQ/Large Cap Growth Index Portfolio‡		3,124,747		36,902,537
EQ/MFS International Growth Portfolio‡		59,434,972		390,548,227
EQ/PIMCO Ultra Short Bond Portfolio‡		35,739,857	$	352,645,672
EQ/Quality Bond PLUS Portfolio‡		11,056,182		93,527,324
EQ/T. Rowe Price Growth Stock Portfolio*‡		1,518,103		59,098,058
Multimanager Core Bond Portfolio‡		12,541,254		122,646,187
Multimanager Mid Cap Growth Portfolio‡		1,794,932		16,183,658
Multimanager Mid Cap Value Portfolio‡		1,536,197		24,028,855
Total Investment Companies (99.9%) (Cost $7,474,161,367)				9,324,449,011
SHORT-TERM INVESTMENT:
Investment Company (0.1%)
JPMorgan Prime Money Market Fund, IM Shares		7,011,809		7,013,913
Total Short-Term Investment (0.1%) (Cost $7,013,480)				7,013,913
Total Investments (100.0%) (Cost $7,481,174,847)				9,331,462,924
Other Assets Less Liabilities (0.0%)				(3,240,534	)
Net Assets (100%)			$	9,328,222,390

* Non-income producing.

‡ All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.

The holdings in affiliated Investment Companies are all Class K shares

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2016

Investments in companies which were affiliates for the year ended December 31, 2016, were as follows:

Securities	Value December  31, 2015		Purchases at Cost		Sales at Cost		Value December  31, 2016		Dividend Income		Realized Gain (Loss)†
ATM International Managed Volatility Portfolio	$	822,700,133	$	6,021,378	$	97,494,831	$	721,653,369	$	6,021,378	$	(1,304,173	)
ATM Large Cap Managed Volatility Portfolio		1,773,096,398		70,780,562		338,111,117		1,548,385,820		24,431,888		103,582,730
ATM Mid Cap Managed Volatility Portfolio		78,556,357		6,554,965		8,904,001		84,019,968		838,539		5,666,971
ATM Small Cap Managed Volatility Portfolio		463,671,695		22,126,444		50,173,575		498,044,990		4,698,426		19,332,521
AXA Global Equity Managed Volatility Portfolio		244,276,133		82,667,499		30,542,517		313,565,019		3,667,499		91,511
AXA International Core Managed Volatility Portfolio		199,671,321		960,749		17,304,980		177,779,773		960,749		4,751,310
AXA International Value Managed Volatility Portfolio		117,066,578		732,444		15,181,783		101,527,401		732,444		971,476
AXA Large Cap Core Managed Volatility Portfolio		405,184,303		19,190,242		37,274,063		407,623,442		5,418,143		12,895,346
AXA Large Cap Growth Managed Volatility Portfolio		350,477,074		11,366,854		46,372,801		274,879,522		2,243,594		52,356,047
AXA Large Cap Value Managed Volatility Portfolio		388,813,234		6,889,435		46,127,810		361,743,671		6,889,435		34,390,475
AXA/AB Small Cap Growth Portfolio		288,538,240		19,972,363		32,614,603		288,587,421		1,703,497		18,120,931
AXA/Franklin Small Cap Value Managed Volatility Portfolio		67,593,388		418,810		7,031,073		71,905,000		418,810		3,663,679
AXA/Horizon Small Cap Value Portfolio		38,260,762		5,619,477		2,510,264		47,427,195		978,237		2,637,968
AXA/Loomis Sayles Growth Portfolio		137,181,378		3,297,998		23,374,320		121,999,562		696,297		3,762,339
AXA/Lord Abbett Micro Cap Portfolio		49,736,224		1,585,574		4,970,690		51,449,583		85,574		43,293
AXA/Morgan Stanley Small Cap Growth Portfolio		99,683,766		5,090,331		9,927,845		101,496,405		2,043		2,188,410
AXA/Pacific Global Small Cap Value Portfolio		37,157,821		2,379,908		2,544,481		47,804,573		379,908		(37,490	)
EQ/BlackRock Basic Value Equity Portfolio		300,653,201		5,023,587		31,203,943		305,692,414		5,023,587		13,172,035

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2016

Investments in companies which were affiliates for the year ended December 31, 2016, were as follows:

Securities	Value December  31, 2015		Purchases at Cost		Sales at Cost		Value December  31, 2016		Dividend Income		Realized Gain (Loss)†
EQ/Boston Advisors Equity Income Portfolio	$	210,100,596	$	26,166,862	$	25,992,553	$	208,129,506	$	4,518,278	$	22,712,321
EQ/Core Bond Index Portfolio		921,021,928		92,968,698		148,143,911		862,482,617		14,968,698		3,567,722
EQ/GAMCO Small Company Value Portfolio		162,311,432		7,934,878		16,260,231		179,481,072		1,258,005		8,521,416
EQ/Global Bond PLUS Portfolio		10,631,880		256,628		—		10,730,761		236,078		20,549
EQ/High Yield Bond Portfolio		14,826,782		7,220,365		—		23,105,642		1,220,365		—
EQ/Intermediate Government Bond Portfolio		1,249,294,458		166,829,255		223,943,140		1,188,172,700		10,922,252		2,633,887
EQ/International Equity Index Portfolio		81,455,014		2,441,057		—		83,449,069		2,441,057		—
EQ/JPMorgan Value Opportunities Portfolio		87,862,346		36,713,618		5,097,338		147,731,998		1,713,618		402,662
EQ/Large Cap Growth Index Portfolio		76,956,515		2,331,367		22,698,484		36,902,537		460,192		21,534,229
EQ/MFS International Growth Portfolio		389,661,522		26,586,198		30,120,192		390,548,227		4,849,199		860,858
EQ/PIMCO Ultra Short Bond Portfolio		421,898,889		40,630,877		114,480,432		352,645,672		4,330,877		(1,506,315	)
EQ/Quality Bond PLUS Portfolio		92,136,924		11,341,872		9,995,177		93,527,324		1,341,872		32,791
EQ/T. Rowe Price Growth Stock Portfolio		—		61,034,199		7,176,298		59,098,058		—		1,378,876
Multimanager Core Bond Portfolio		113,091,358		23,021,167		13,872,010		122,646,187		2,898,123		119,562
Multimanager Mid Cap Growth Portfolio		12,804,739		2,389,879		—		16,183,658		56,282		333,595
Multimanager Mid Cap Value Portfolio		17,423,727		2,789,731		—		24,028,855		289,731		—
	$	9,723,796,116	$	781,335,271	$	1,419,444,463	$	9,324,449,011	$	116,694,675	$	336,897,532

† When applicable, realized gain includes net distributions of realized gain received from underlying funds.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2016

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 2016:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining  the fair value of investments)		Total
Assets:
Investment Companies
Investment Companies	$	—	$	9,324,449,011	$	—	$	9,324,449,011
Short-Term Investments
Investment Companies		7,013,913		—		—		7,013,913
Total Assets	$	7,013,913	$	9,324,449,011	$	—	$	9,331,462,924
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	7,013,913	$	9,324,449,011	$	—	$	9,331,462,924

There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2016.

The Portfolio held no derivatives contracts during the year ended December 31, 2016.

Investment security transactions for the year ended December 31, 2016 were as follows:

Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	781,335,271
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	1,614,801,400

As of December 31, 2016, 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	$	1,872,942,001
Aggregate gross unrealized depreciation		(106,717,575	)
Net unrealized appreciation	$	1,766,224,426
Federal income tax cost of investments	$	7,565,238,498

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2016

ASSETS
Investments at value:
Affiliated Issuers (Cost $7,474,161,367)	$	9,324,449,011
Unaffiliated Issuers (Cost $7,013,480)		7,013,913
Cash		1,343,000
Receivable for securities sold		2,178,740
Receivable from Separate Accounts for Trust shares sold		312,006
Dividends, interest and other receivables		4,141
Other assets		31,112
Total assets		9,335,331,923
LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		2,617,225
Distribution fees payable – Class B		1,915,356
Administrative fees payable		1,113,436
Investment management fees payable		791,109
Trustees’ fees payable		257,876
Distribution fees payable – Class A		46,143
Accrued expenses		368,388
Total liabilities		7,109,533
NET ASSETS	$	9,328,222,390
Net assets were comprised of:
Paid in capital	$	11,389,239,028
Accumulated undistributed net investment income (loss)		2,617,436
Accumulated undistributed net realized gain (loss) on investments		(3,913,922,151	)
Net unrealized appreciation (depreciation) on investments		1,850,288,077
Net assets	$	9,328,222,390
Class A
Net asset value, offering and redemption price per share, $218,034,722 / 20,603,596 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.58
Class B
Net asset value, offering and redemption price per share, $9,033,114,055 / 853,324,388 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.59
Class K
Net asset value, offering and redemption price per share, $77,073,613 / 7,282,426 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.58

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2016

INVESTMENT INCOME
Dividends ($116,694,675 of dividend income received from affiliates)	$	116,721,188
Interest		45,412
Total income		116,766,600
EXPENSES
Distribution fees – Class B		22,587,324
Administrative fees		13,418,382
Investment management fees		9,326,516
Printing and mailing expenses		847,209
Distribution fees – Class A		540,038
Professional fees		371,842
Trustees’ fees		355,582
Custodian fees		185,100
Miscellaneous		173,806
Total expenses		47,805,799
NET INVESTMENT INCOME (LOSS)		68,960,801
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments ($195,356,937 of realized gain (loss) from affiliates)		195,357,841
Net distributions of realized gain received from underlying funds (All realized gains received from affiliates)		141,540,595
Net realized gain (loss)		336,898,436
Net change in unrealized appreciation (depreciation) on investments ($238,762,087 of change in unrealized appreciation (depreciation) from affiliates)		238,762,520
NET REALIZED AND UNREALIZED GAIN (LOSS)		575,660,956
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	644,621,757

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2016			2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	68,960,801		$	49,130,722
Net realized gain (loss) on investments and net distributions of realized gain received from underlying funds		336,898,436			442,890,685
Net change in unrealized appreciation (depreciation) on investments		238,762,520			(609,969,832	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		644,621,757			(117,948,425	)
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(1,907,535	)		(2,063,850	)
Class B		(79,212,478	)		(87,962,821	)
Class K		(869,510	)		(910,356	)
		(81,989,523	)		(90,937,027	)
Distributions from net realized capital gains
Class A		(9,138,277	)		(10,685,684	)
Class B		(380,639,383	)		(456,432,296	)
Class K		(3,219,822	)		(3,723,213	)
		(392,997,482	)		(470,841,193	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		(474,987,005	)		(561,778,220	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 993,164 and 853,780 shares, respectively ]		10,434,332			9,511,383
Capital shares issued in reinvestment of dividends and distributions [ 1,033,038 and 1,215,288 shares, respectively ]		11,045,812			12,749,534
Capital shares repurchased [ (2,768,744) and (2,836,905) shares, respectively ]		(29,045,071	)		(31,580,773	)
Total Class A transactions		(7,564,927	)		(9,319,856	)
Class B
Capital shares sold [ 8,481,636 and 10,103,184 shares, respectively ]		88,714,012			112,213,231
Capital shares issued in reinvestment of dividends and distributions [ 42,992,261 and 51,875,940 shares, respectively ]		459,851,861			544,395,117
Capital shares repurchased [ (106,140,410) and (102,453,571) shares, respectively ]		(1,107,566,158	)		(1,139,497,616	)
Total Class B transactions		(559,000,285	)		(482,889,268	)
Class K
Capital shares sold [ 535,268 and 283,274 shares, respectively ]		5,660,563			3,169,950
Capital shares issued in reinvestment of dividends and distributions [ 382,246 and 441,319 shares, respectively ]		4,089,332			4,633,569
Capital shares repurchased [ (1,045,063) and (1,006,772) shares, respectively ]		(10,956,714	)		(11,164,025	)
Total Class K transactions		(1,206,819	)		(3,360,506	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(567,772,031	)		(495,569,630	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(398,137,279	)		(1,175,296,275	)
NET ASSETS:
Beginning of year		9,726,359,669			10,901,655,944
End of year (a)	$	9,328,222,390		$	9,726,359,669
(a)  Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	2,617,436		$	235,088

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Year Ended December 31,
Class A	2016			2015			2014			2013			2012
Net asset value, beginning of year	$	10.38		$	11.14		$	11.66		$	10.27		$	9.43
Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.08			0.05			0.06			0.07			0.06
Net realized and unrealized gain (loss) on investments		0.68			(0.19	)		0.38			1.95			1.02
Total from investment operations		0.76			(0.14	)		0.44			2.02			1.08
Less distributions:
Dividends from net investment income		(0.10	)		(0.10	)		(0.15	)		(0.24	)		(0.08	)
Distributions from net realized gains		(0.46	)		(0.52	)		(0.81	)		(0.39	)		(0.16	)
Total dividends and distributions		(0.56	)		(0.62	)		(0.96	)		(0.63	)		(0.24	)
Net asset value, end of year	$	10.58		$	10.38		$	11.14		$	11.66		$	10.27
Total return		7.24	%		(1.29	)%		3.72	%		19.86	%		11.50	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	218,035		$	221,573		$	246,364		$	255,926		$	230,680
Ratio of expenses to average net assets:
After waivers (f)		0.51	%(k)		0.51	%(n)		0.52	%(j)		0.52	%(k)		0.52	%(k)
Before waivers (f)		0.51	%		0.51	%		0.52	%		0.52	%		0.52	%
Ratio of net investment income (loss) to average net assets:
After waivers (f)(x)		0.74	%		0.47	%		0.49	%		0.64	%		0.55	%
Before waivers (f)(x)		0.74	%		0.47	%		0.49	%		0.64	%		0.55	%
Portfolio turnover rate^		8	%		9	%		10	%		11	%		15	%
	Year Ended December 31,
Class B	2016			2015			2014			2013			2012
Net asset value, beginning of year	$	10.38		$	11.14		$	11.66		$	10.27		$	9.43
Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.08			0.05			0.06			0.07			0.05
Net realized and unrealized gain (loss) on investments		0.69			(0.19	)		0.38			1.95			1.03
Total from investment operations		0.77			(0.14	)		0.44			2.02			1.08
Less distributions:
Dividends from net investment income		(0.10	)		(0.10	)		(0.15	)		(0.24	)		(0.08	)
Distributions from net realized gains		(0.46	)		(0.52	)		(0.81	)		(0.39	)		(0.16	)
Total dividends and distributions		(0.56	)		(0.62	)		(0.96	)		(0.63	)		(0.24	)
Net asset value, end of year	$	10.59		$	10.38		$	11.14		$	11.66		$	10.27
Total return		7.34	%		(1.29	)%		3.72	%		19.86	%		11.50	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	9,033,114		$	9,427,864		$	10,569,594		$	11,503,301		$	10,828,079
Ratio of expenses to average net assets:
After waivers (f)		0.51	%(k)		0.51	%(n)		0.52	%(j)		0.52	%(k)		0.52	%(k)
Before waivers (f)		0.51	%		0.51	%		0.52	%		0.52	%		0.52	%
Ratio of net investment income (loss) to average net assets:
After waivers (f)(x)		0.74	%		0.47	%		0.48	%		0.61	%		0.55	%
Before waivers (f)(x)		0.74	%		0.47	%		0.48	%		0.61	%		0.55	%
Portfolio turnover rate^		8	%		9	%		10	%		11	%		15	%

See Notes to Financial Statements.

44

AXA PREMIER VIP TRUST

AXA MODERATE-PLUS ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

	Year Ended December 31,
Class K	2016			2015			2014			2013			2012
Net asset value, beginning of year	$	10.38		$	11.14		$	11.66		$	10.27		$	9.43
Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.11			0.08			0.09			0.10			0.08
Net realized and unrealized gain (loss) on investments		0.67			(0.19	)		0.38			1.95			1.03
Total from investment operations		0.78			(0.11	)		0.47			2.05			1.11
Less distributions:
Dividends from net investment income		(0.12	)		(0.13	)		(0.18	)		(0.27	)		(0.11	)
Distributions from net realized gains		(0.46	)		(0.52	)		(0.81	)		(0.39	)		(0.16	)
Total dividends and distributions		(0.58	)		(0.65	)		(0.99	)		(0.66	)		(0.27	)
Net asset value, end of year	$	10.58		$	10.38		$	11.14		$	11.66		$	10.27
Total return		7.51	%		(1.04	)%		3.98	%		20.16	%		11.78	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	77,074		$	76,922		$	85,699		$	87,084		$	75,616
Ratio of expenses to average net assets:
After waivers (f)		0.26	%(k)		0.26	%(n)		0.27	%(j)		0.27	%(k)		0.27	%(k)
Before waivers (f)		0.26	%		0.26	%		0.27	%		0.27	%		0.27	%
Ratio of net investment income (loss) to average net assets:
After waivers (f)(x)		1.02	%		0.72	%		0.74	%		0.89	%		0.81	%
Before waivers (f)(x)		1.02	%		0.72	%		0.74	%		0.89	%		0.81	%
Portfolio turnover rate^		8	%		9	%		10	%		11	%		15	%

^ Portfolio turnover rate excludes derivatives, if any.

(e) Net investment income (loss) per share is based on average shares outstanding.

(f) Expenses do not include the expenses of the underlying funds (“indirect expenses”), if applicable.

(j) Including direct and indirect expenses, the net expense ratio after waivers would be 1.16% for Class A, 1.16% for Class B and 0.91% for Class K.

(k) Including direct and indirect expenses, the net expense ratio after waivers would be 1.18% for Class A, 1.18% for Class B and 0.93% for Class K.

(n) Including direct and indirect expenses, the net expense ratio after waivers would be 1.14% for Class A, 1.14% for Class B and 0.89% for Class K.

(x) Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.

See Notes to Financial Statements.

45

AXA AGGRESSIVE ALLOCATION PORTFOLIO (Unaudited)

INVESTMENT MANAGER

_Ø AXA Equitable Funds Management Group, LLC

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/16
	1 Year			5 Years			10 Years/ Since Incept.
Portfolio – Class A Shares		8.81	%		10.06	%		3.46	%
Portfolio – Class B Shares		8.70			10.06			3.33
Portfolio – Class K Shares*		8.97			10.34			10.18
S&P 500 Index		11.96			14.66			6.95
Bloomberg Barclays U.S. Intermediate Government Bond Index		1.05			1.04			3.42
The AXA Aggressive Allocation Index (new)†		10.42			11.39			5.55
The AXA Aggressive Allocation Index (old)		9.06			11.24			6.76
*   Date of inception 12/1/11. †  In 2016, the Portfolio’s benchmark index against which the Portfolio measures its performance, the AXA Aggressive Allocation Index (old), was replaced with the AXA Aggressive Allocation Index (new). The investment Manager believes the AXA Aggressive Allocation Index (new) is more relevant to the Portfolio’s investment strategies.     Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class B shares returned 8.70% for the year ended December 31, 2016. This compares to the returns of the following benchmarks over the same period: the S&P 500 Index, the Bloomberg Barclays U.S. Intermediate Government Bond Index, and the AXA Aggressive Allocation Index (new), which returned 11.96%, 1.05% and 10.42%, respectively.

Portfolio Highlights

• As of 12/31/2016, the Portfolio’s equity allocation (as a percentage of market value excluding cash) consisted of large cap growth stocks (18.6%), large cap value stocks (18.5%), mid cap stocks (16.9%), small cap stocks (12.1%), international stocks (23.0%) and emerging markets stocks (1.3%).

• As of 12/31/2016, the Portfolio’s fixed income allocation (as a percentage of market value excluding cash) consisted of investment grade bonds (9.5%).

• The Portfolio provided positive returns for the year, slightly underperforming its composite benchmark after a margin for expenses.

• In 2016, the equity markets were up substantially, while high-quality government bonds rose only modestly. The Portfolio’s equity allocation contributed the bulk of its gains, with certain holdings in small-cap and large-cap value stocks adding value over comparable indexes. The small fixed income allocation was a much more modest relative contributor to returns, although the EQ/Core Bond Index holding outperformed in its sector.

• As would be expected given its combination of stocks and bonds, the Portfolio underperformed the broad U.S. stock market, but outperformed the government bond market, as represented by its primary bond and equity benchmarks.

Table by Asset Class (as a percentage of Total Investments) As of December 31, 2016
Equity	91.6	%
Fixed Income	8.4

46

AXA AGGRESSIVE ALLOCATION PORTFOLIO (Unaudited)

Top 10 Holdings (as a percentage of Total Investments) As of December 31, 2016
ATM Large Cap Managed Volatility Portfolio	23.6	%
ATM International Managed Volatility Portfolio	9.2
ATM Small Cap Managed Volatility Portfolio	6.2
AXA Large Cap Value Managed Volatility Portfolio	5.9
EQ/MFS International Growth Portfolio	5.4
AXA Large Cap Core Managed Volatility Portfolio	5.3
EQ/Intermediate Government Bond Portfolio	3.7
EQ/BlackRock Basic Value Equity Portfolio	3.7
AXA Large Cap Growth Managed Volatility Portfolio	3.5
AXA Global Equity Managed Volatility Portfolio	3.5

UNDERSTANDING YOUR EXPENSES:

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

(1) transaction costs, including applicable sales charges and redemption fees; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees (in the case of Class A and Class B shares of the Portfolio), 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, 2016 and held for the entire six-month period.

Actual Expenses

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

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

EXAMPLE

	Beginning Account Value 7/1/16		Ending Account Value 12/31/16		Expenses Paid During Period* 7/1/16 - 12/31/16
Class A
Actual		$1,000.00		$1,074.43		$2.71
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.53		2.64
Class B
Actual		1,000.00		1,073.34		2.70
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.53		2.64
Class K
Actual		1,000.00		1,074.98		1.40
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.78		1.37
*   Expenses are equal to the Portfolio’s Class A, Class B and Class K shares annualized expense ratios of 0.52%, 0.52% and 0.27%, respectively, multiplied by the average account value over the period, and multiplied by 184/366 (to reflect the one-half year period).

47

AXA PREMIER VIP TRUST

AXA AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2016

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
ATM International Managed Volatility Portfolio‡		32,587,149	$	296,840,609
ATM Large Cap Managed Volatility Portfolio‡		57,542,990		763,683,938
ATM Mid Cap Managed Volatility Portfolio‡		5,372,364		43,128,263
ATM Small Cap Managed Volatility Portfolio‡		16,291,621		199,092,990
AXA Global Equity Managed Volatility Portfolio‡		7,451,814		111,781,489
AXA International Core Managed Volatility Portfolio‡		8,679,952		79,246,842
AXA International Value Managed Volatility Portfolio‡		5,108,810		59,098,902
AXA Large Cap Core Managed Volatility Portfolio‡		17,713,181		172,711,551
AXA Large Cap Growth Managed Volatility Portfolio‡		4,107,924		114,325,229
AXA Large Cap Value Managed Volatility Portfolio‡		11,331,802		191,958,242
AXA/AB Small Cap Growth Portfolio‡		5,504,872		99,695,962
AXA/Franklin Small Cap Value Managed Volatility Portfolio‡		1,882,442		32,588,030
AXA/Horizon Small Cap Value Portfolio‡		1,707,709		16,791,073
AXA/Loomis Sayles Growth Portfolio‡		8,723,649		56,827,172
AXA/Lord Abbett Micro Cap Portfolio‡		2,316,251		23,021,817
AXA/Morgan Stanley Small Cap Growth Portfolio‡		4,889,746		47,836,756
AXA/Pacific Global Small Cap Value Portfolio‡		1,797,136		16,477,142
EQ/BlackRock Basic Value Equity Portfolio‡		5,179,808		119,924,935
EQ/Boston Advisors Equity Income Portfolio‡		13,564,031		78,112,591
EQ/Core Bond Index Portfolio‡		8,859,344		87,236,325
EQ/GAMCO Small Company Value Portfolio‡		1,411,781		82,632,117
EQ/High Yield Bond Portfolio‡		157,089		1,495,811
EQ/Intermediate Government Bond Portfolio‡		11,804,655		120,788,634
EQ/International Equity Index Portfolio‡		7,678,561		64,225,364
EQ/JPMorgan Value Opportunities Portfolio‡		2,896,666	$	53,747,584
EQ/Large Cap Growth Index Portfolio‡		2,764,622		32,649,543
EQ/MFS International Growth Portfolio‡		26,564,825		174,557,924
EQ/PIMCO Ultra Short Bond Portfolio‡		3,508,661		34,620,005
EQ/Quality Bond PLUS Portfolio‡		934,271		7,903,262
EQ/T. Rowe Price Growth Stock Portfolio*‡		430,222		16,748,047
Multimanager Core Bond Portfolio‡		1,100,698		10,764,190
Multimanager Mid Cap Growth Portfolio‡		847,674		7,642,891
Multimanager Mid Cap Value Portfolio‡		462,094		7,227,980
Total Investment Companies (99.8%) (Cost $2,449,382,963)				3,225,383,210
SHORT-TERM INVESTMENT:
Investment Company (0.2%)
JPMorgan Prime Money Market Fund, IM Shares		6,394,804	$	6,396,723
Total Short-Term Investment (0.2%) (Cost $6,395,775)				6,396,723
Total Investments (100.0%) (Cost $2,455,778,738)				3,231,779,933
Other Assets Less Liabilities (0.0%)				(47,046	)
Net Assets (100%)			$	3,231,732,887

* Non-income producing.

‡ All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.

The holdings in affiliated Investment Companies are all Class K shares.

Investments in companies which were affiliates for the year ended December 31, 2016, were as follows:

Securities	Value December  31, 2015		Purchases at Cost		Sales at Cost		Value December  31, 2016		Dividend Income		Realized Gain (Loss)†
ATM International Managed Volatility Portfolio	$	332,660,691	$	2,752,247	$	35,190,678	$	296,840,609	$	2,472,755	$	(886,576	)
ATM Large Cap Managed Volatility Portfolio		778,590,167		34,596,062		82,259,496		763,683,938		11,711,325		33,978,687
ATM Mid Cap Managed Volatility Portfolio		40,317,237		3,396,188		4,646,613		43,128,263		430,069		2,849,732

See Notes to Financial Statements.

48

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2016

Investments in companies which were affiliates for the year ended December 31, 2016, were as follows:

Securities	Value December  31, 2015		Purchases at Cost		Sales at Cost		Value December  31, 2016		Dividend Income		Realized Gain (Loss)†
ATM Small Cap Managed Volatility Portfolio	$	183,615,178	$	8,986,074	$	19,175,747	$	199,092,990	$	1,875,982	$	6,865,494
AXA Global Equity Managed Volatility Portfolio		109,120,034		6,876,680		8,431,445		111,781,489		1,306,806		(40,187	)
AXA International Core Managed Volatility Portfolio		88,405,944		504,599		9,342,387		79,246,842		427,739		(5,248	)
AXA International Value Managed Volatility Portfolio		67,208,671		495,424		8,785,668		59,098,902		425,551		(230,172	)
AXA Large Cap Core Managed Volatility Portfolio		174,624,613		4,034,060		14,463,642		172,711,551		2,292,783		5,269,892
AXA Large Cap Growth Managed Volatility Portfolio		120,540,598		4,809,872		8,420,738		114,325,229		930,875		7,863,690
AXA Large Cap Value Managed Volatility Portfolio		194,932,402		3,864,094		16,829,394		191,958,242		3,696,398		13,871,729
AXA/AB Small Cap Growth Portfolio		99,434,683		6,972,867		11,073,599		99,695,962		587,926		6,249,581
AXA/Franklin Small Cap Value Managed Volatility Portfolio		30,138,333		224,389		2,554,697		32,588,030		189,453		1,764,110
AXA/Horizon Small Cap Value Portfolio		14,952,385		1,296,143		1,578,825		16,791,073		346,532		920,096
AXA/Loomis Sayles Growth Portfolio		61,002,905		1,583,613		8,033,213		56,827,172		323,956		1,449,032
AXA/Lord Abbett Micro Cap Portfolio		23,161,800		59,222		2,382,330		23,021,817		38,260		(37,402	)
AXA/Morgan Stanley Small Cap Growth Portfolio		49,324,846		1,033,672		5,064,616		47,836,756		962		1,390,682
AXA/Pacific Global Small Cap Value Portfolio		13,498,887		137,849		797,352		16,477,142		130,862		(15,709	)
EQ/BlackRock Basic Value Equity Portfolio		113,039,987		2,072,518		12,439,478		119,924,935		1,967,708		(222,124	)
EQ/Boston Advisors Equity Income Portfolio		80,703,660		9,655,172		12,678,549		78,112,591		1,655,110		7,496,542
EQ/Core Bond Index Portfolio		96,493,111		3,596,474		12,673,515		87,236,325		1,512,627		323,741
EQ/GAMCO Small Company Value Portfolio		74,583,874		3,250,538		6,149,469		82,632,117		578,433		4,562,078
EQ/High Yield Bond Portfolio		1,335,486		79,004		—		1,495,811		79,004		—
EQ/Intermediate Government Bond Portfolio		134,204,802		11,723,839		24,859,699		120,788,634		1,100,063		316,700
EQ/International Equity Index Portfolio		70,617,097		1,954,865		8,361,135		64,225,364		1,884,992		(544,708	)
EQ/JPMorgan Value Opportunities Portfolio		36,256,907		8,613,166		897,167		53,747,584		613,166		102,833
EQ/Large Cap Growth Index Portfolio		36,260,208		2,090,998		4,367,327		32,649,543		404,702		2,952,325
EQ/MFS International Growth Portfolio		184,540,137		4,121,691		15,643,194		174,557,924		2,166,466		316,083
EQ/PIMCO Ultra Short Bond Portfolio		46,896,828		2,078,680		14,876,407		34,620,005		436,756		(223,838	)

See Notes to Financial Statements.

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AXA AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2016

Investments in companies which were affiliates for the year ended December 31, 2016, were as follows:

Securities	Value December  31, 2015		Purchases at Cost		Sales at Cost		Value December  31, 2016		Dividend Income		Realized Gain (Loss)†
EQ/Quality Bond PLUS Portfolio	$	8,547,112	$	120,228	$	769,230	$	7,903,262	$	113,241	$	12,413
EQ/T. Rowe Price Growth Stock Portfolio		—		18,321,669		2,985,573		16,748,047		—		434,717
Multimanager Core Bond Portfolio		9,335,820		2,229,330		863,761		10,764,190		213,577		8,769
Multimanager Mid Cap Growth Portfolio		8,017,460		192,391		865,807		7,642,891		26,653		156,705
Multimanager Mid Cap Value Portfolio		6,143,337		87,152		62,195		7,227,980		87,152		19,924
	$	3,288,505,200	$	151,810,770	$	357,522,946	$	3,225,383,210	$	40,027,884	$	96,969,591

† When applicable, realized gain includes net distributions of realized gain received from underlying funds.

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 2016:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Investment Companies
Investment Companies	$	—	$	3,225,383,210	$	—	$	3,225,383,210
Short-Term Investments
Investment Companies		6,396,723		—		—		6,396,723
Total Assets	$	6,396,723	$	3,225,383,210	$	—	$	3,231,779,933
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	6,396,723	$	3,225,383,210	$	—	$	3,231,779,933

There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2016.

The Portfolio held no derivatives contracts during the year ended December 31, 2016.

Investment security transactions for the year ended December 31, 2016 were as follows:

Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	151,810,770
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	394,404,578

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2016

As of December 31, 2016, 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	$	826,670,005
Aggregate gross unrealized depreciation		(50,490,270	)
Net unrealized appreciation	$	776,179,735
Federal income tax cost of investments	$	2,455,600,198

See Notes to Financial Statements.

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AXA AGGRESSIVE ALLOCATION PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2016

ASSETS
Investments at value:
Affiliated Issuers (Cost $2,449,382,963)	$	3,225,383,210
Unaffiliated Issuers (Cost $6,395,775)		6,396,723
Cash		1,668,000
Receivable from Separate Accounts for Trust shares sold		512,944
Receivable for securities sold		372,004
Dividends, interest and other receivables		4,028
Other assets		10,382
Total assets		3,234,347,291
LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		1,015,097
Distribution fees payable – Class B		662,261
Administrative fees payable		385,761
Investment management fees payable		274,088
Trustees’ fees payable		85,345
Distribution fees payable – Class A		16,207
Accrued expenses		175,645
Total liabilities		2,614,404
NET ASSETS	$	3,231,732,887
Net assets were comprised of:
Paid in capital	$	3,989,530,205
Accumulated undistributed net investment income (loss)		1,055,459
Accumulated undistributed net realized gain (loss) on investments		(1,534,853,972	)
Net unrealized appreciation (depreciation) on investments		776,001,195
Net assets	$	3,231,732,887
Class A
Net asset value, offering and redemption price per share, $76,624,894 / 7,261,089 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.55
Class B
Net asset value, offering and redemption price per share, $3,123,018,226 / 295,901,256 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.55
Class K
Net asset value, offering and redemption price per share, $32,089,767 / 3,040,408 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.55

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2016

INVESTMENT INCOME
Dividends ($40,027,884 of dividend income received from affiliates)	$	40,055,134
Interest		18,388
Total income		40,073,522
EXPENSES
Distribution fees – Class B		7,637,212
Administrative fees		4,546,665
Investment management fees		3,160,393
Printing and mailing expenses		287,995
Custodian fees		196,300
Distribution fees – Class A		186,377
Professional fees		151,779
Trustees’ fees		120,293
Miscellaneous		57,762
Total expenses		16,344,776
NET INVESTMENT INCOME (LOSS)		23,728,746
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments ($36,881,632 of realized gain (loss) from affiliates)		36,882,450
Net distributions of realized gain received from underlying funds (All realized gains received from affiliates)		60,087,959
Net realized gain (loss)		96,970,409
Net change in unrealized appreciation (depreciation) on investments ($142,590,186 of change in unrealized appreciation (depreciation) from affiliates)		142,591,134
NET REALIZED AND UNREALIZED GAIN (LOSS)		239,561,543
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	263,290,289

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2016			2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	23,728,746		$	15,876,759
Net realized gain (loss) on investments and net distributions of realized gain received from underlying funds		96,970,409			209,073,203
Net change in unrealized appreciation (depreciation) on investments		142,591,134			(282,299,108	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		263,290,289			(57,349,146	)
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		(700,192	)		(747,498	)
Class B		(28,530,825	)		(31,584,326	)
Class K		(371,530	)		(396,928	)
		(29,602,547	)		(32,728,752	)
Distributions from net realized capital gains
Class A		(3,443,017	)		(4,840,321	)
Class B		(140,902,446	)		(206,088,532	)
Class K		(1,414,458	)		(2,097,586	)
		(145,759,921	)		(213,026,439	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		(175,362,468	)		(245,755,191	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 659,720 and 548,018 shares, respectively ]		6,754,625			6,157,649
Capital shares issued in reinvestment of dividends and distributions [ 391,059 and 538,971 shares, respectively ]		4,143,209			5,587,819
Capital shares repurchased [ (1,183,697) and (1,172,615) shares, respectively ]		(12,232,044	)		(13,302,469	)
Total Class A transactions		(1,334,210	)		(1,557,001	)
Class B
Capital shares sold [ 6,970,642 and 9,951,416 shares, respectively ]		71,646,167			111,578,547
Capital shares issued in reinvestment of dividends and distributions [ 15,989,913 and 22,921,163 shares, respectively ]		169,433,271			237,672,858
Capital shares repurchased [ (38,134,731) and (31,436,756) shares, respectively ]		(390,107,149	)		(350,741,962	)
Total Class B transactions		(149,027,711	)		(1,490,557	)
Class K
Capital shares sold [ 201,496 and 190,723 shares, respectively ]		2,050,147			2,142,303
Capital shares issued in reinvestment of dividends and distributions [ 168,350 and 240,369 shares, respectively ]		1,785,988			2,494,514
Capital shares repurchased [ (456,280) and (374,848) shares, respectively ]		(4,700,328	)		(4,110,382	)
Total Class K transactions		(864,193	)		526,435
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(151,226,114	)		(2,521,123	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(63,298,293	)		(305,625,460	)
NET ASSETS:
Beginning of year		3,295,031,180			3,600,656,640
End of year (a)	$	3,231,732,887		$	3,295,031,180
(a)  Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	1,055,459		$	71,055

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Year Ended December 31,
Class A	2016			2015			2014			2013			2012
Net asset value, beginning of year	$	10.24		$	11.24		$	11.94		$	9.94		$	8.90
Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.08			0.05			0.06			0.08			0.06
Net realized and unrealized gain (loss) on investments		0.82			(0.26	)		0.51			2.53			1.19
Total from investment operations		0.90			(0.21	)		0.57			2.61			1.25
Less distributions:
Dividends from net investment income		(0.10	)		(0.10	)		(0.19	)		(0.28	)		(0.08	)
Distributions from net realized gains		(0.49	)		(0.69	)		(1.08	)		(0.33	)		(0.13	)
Total dividends and distributions		(0.59	)		(0.79	)		(1.27	)		(0.61	)		(0.21	)
Net asset value, end of year	$	10.55		$	10.24		$	11.24		$	11.94		$	9.94
Total return		8.81	%		(1.76	)%		4.66	%		26.48	%		14.15	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	76,625		$	75,748		$	84,100		$	86,838		$	75,338
Ratio of expenses to average net assets (f)		0.52	%(o)		0.51	%(n)		0.53	%(j)		0.52	%(k)		0.52	%(k)
Ratio of net investment income (loss) to average net assets (f)		0.75	%		0.45	%		0.54	%		0.70	%		0.58	%
Portfolio turnover rate^		5	%		10	%		12	%		11	%		10	%
	Year Ended December 31,
Class B	2016			2015			2014			2013			2012
Net asset value, beginning of year	$	10.25		$	11.25		$	11.94		$	9.94		$	8.90
Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.08			0.05			0.06			0.07			0.06
Net realized and unrealized gain (loss) on investments		0.81			(0.26	)		0.52			2.54			1.19
Total from investment operations		0.89			(0.21	)		0.58			2.61			1.25
Less distributions:
Dividends from net investment income		(0.10	)		(0.10	)		(0.19	)		(0.28	)		(0.08	)
Distributions from net realized gains		(0.49	)		(0.69	)		(1.08	)		(0.33	)		(0.13	)
Total dividends and distributions		(0.59	)		(0.79	)		(1.27	)		(0.61	)		(0.21	)
Net asset value, end of year	$	10.55		$	10.25		$	11.25		$	11.94		$	9.94
Total return		8.70	%		(1.76	)%		4.75	%		26.48	%		14.15	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	3,123,018		$	3,187,246		$	3,482,029		$	3,695,543		$	3,199,858
Ratio of expenses to average net assets (f)		0.52	%(o)		0.51	%(n)		0.53	%(j)		0.52	%(k)		0.52	%(k)
Ratio of net investment income (loss) to average net assets (f)		0.75	%		0.45	%		0.53	%		0.67	%		0.59	%
Portfolio turnover rate^		5	%		10	%		12	%		11	%		10	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)

	Year Ended December 31,
Class K	2016			2015			2014			2013			2012
Net asset value, beginning of year	$	10.25		$	11.24		$	11.94		$	9.94		$	8.90
Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.10			0.08			0.10			0.11			0.08
Net realized and unrealized gain (loss) on investments		0.82			(0.25	)		0.50			2.54			1.20
Total from investment operations		0.92			(0.17	)		0.60			2.65			1.28
Less distributions:
Dividends from net investment income		(0.13	)		(0.13	)		(0.22	)		(0.32	)		(0.11	)
Distributions from net realized gains		(0.49	)		(0.69	)		(1.08	)		(0.33	)		(0.13	)
Total dividends and distributions		(0.62	)		(0.82	)		(1.30	)		(0.65	)		(0.24	)
Net asset value, end of year	$	10.55		$	10.25		$	11.24		$	11.94		$	9.94
Total return		8.97	%		(1.43	)%		4.92	%		26.80	%		14.44	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	32,090		$	32,037		$	34,528		$	34,281		$	27,641
Ratio of expenses to average net assets (f)		0.27	%(o)		0.26	%(n)		0.28	%(j)		0.27	%(k)		0.27	%(k)
Ratio of net investment income (loss) to average net assets (f)		1.01	%		0.69	%		0.81	%		0.97	%		0.87	%
Portfolio turnover rate^		5	%		10	%		12	%		11	%		10	%

^ Portfolio turnover rate excludes derivatives, if any.

(e) Net investment income (loss) per share is based on average shares outstanding.

(f) Expenses do not include the expenses of the underlying funds (“indirect expenses”), if applicable.

(j) Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.21% for Class A, 1.21% for Class B and 0.96% for Class K.

(k) Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.22% for Class A, 1.22% for Class B and 0.97% for Class K.

(n) Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.17% for Class A, 1.17% for Class B and 0.92% for Class K.

(o) Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.19% for Class A, 1.19% for Class B and 0.94% for Class K.

(x) Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.

See Notes to Financial Statements.

55

CHARTER^SM CONSERVATIVE PORTFOLIO (Unaudited)

INVESTMENT MANAGER

_Ø AXA Equitable Funds Management Group, LLC

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/16
	1 Year			Since Incept.
Portfolio – Class B Shares*		5.69	%		1.61	%
Dow Jones Moderately Conservative Portfolio Index		5.65			3.00
20% MSCI AC World (Net) Index/50% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index/25%BofA Merrill Lynch Global Broad Market ex U.S. Index/5% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		3.19			0.97
*   Date of inception 10/30/13.     Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class B shares returned 5.69% for the year ended December 31, 2016. This compares to the returns of the following benchmarks: Dow Jones Moderately Conservative Portfolio Index, and 20% MSCI AC World (Net) Index/50% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index/25% BofA Merrill Lynch Global Broad Market ex U.S. Index/5% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index, which returned 5.65% and 3.19%, respectively, over the same period.

Portfolio Highlights

• As of 12/31/2016, the Portfolio’s allocation (as a percentage of market value excluding cash) consisted of 19.8% equity investments, 67.0% fixed income investments and 13.1% non-traditional (alternative) investments.

• The Portfolio provided positive returns for the year, slightly exceeding its benchmark after a margin for expenses.

• In 2016, high-quality government bonds rose modestly, while the equity markets were up substantially. The fixed income allocation’s holdings contributed the bulk of the returns, with global inflation-linked, emerging markets and high-yield bonds as top performers. Although the Portfolio’s equity allocation is small, it nonetheless contributed positively to gains, with certain holdings in mid-cap and small-cap value stocks adding value over comparable indexes. Alternative holdings, particularly in convertible securities, also added value.

Table by Asset Class (as a percentage of Total Investments) As of December 31, 2016
Fixed Income	67.2	%
Equity	19.7
Alternatives	13.1

Top 10 Holdings (as a percentage of Total Investments) As of December 31, 2016
EQ/Convertible Securities Portfolio	8.2	%
EQ/PIMCO Ultra Short Bond Portfolio	7.4
iShares JP Morgan USD Emerging Markets Bond Fund	7.3
Multimanager Core Bond Portfolio	7.3
EQ/Global Bond PLUS Portfolio	7.3
EQ/Intermediate Government Bond Portfolio	7.2
EQ/PIMCO Global Real Return Portfolio	6.4
Vanguard Total International Bond Fund	6.3
EQ/High Yield Bond Portfolio	5.0
iShares Floating Rate Bond Fund	4.5

56

CHARTER^SM CONSERVATIVE PORTFOLIO (Unaudited)

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 investment advisory fees, distribution and/or service (12b-1) fees (in the case of Class B shares of the Portfolio), 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, 2016 and held for the entire six-month period.

Actual Expenses

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

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

EXAMPLE

	Beginning Account Value 7/1/16		Ending Account Value 12/31/16		Expenses Paid During Period* 7/1/16  - 12/31/16
Class B
Actual		$1,000.00		$1,019.11		$3.03
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.13		3.04
*   Expenses are equal to the Portfolio’s Class B shares annualized expense ratio of 0.60%, multiplied by the average account value over the period, and multiplied by 184/366 (to reflect the one-half year period).

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CHARTER^SM CONSERVATIVE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2016

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS:
iShares Floating Rate Bond Fund		25,620	$	1,299,703
iShares Global Infrastructure Fund		2,640		103,066
iShares International Treasury Bond Fund		1,420		127,544
iShares JP Morgan USD Emerging Markets Bond Fund		19,320		2,129,450
iShares Micro-Cap Fund		340		29,186
iShares MSCI EAFE Small-Cap Fund		2,670		133,073
iShares U.S. Oil & Gas Exploration & Production Fund		740		48,426
PowerShares DB Base Metals Fund*		1,320		19,694
PowerShares DB Commodity Index Tracking Fund*		1,590		25,186
PowerShares DB G10 Currency Harvest Fund*		7,390		183,346
PowerShares DB Gold Fund*		1,270		47,028
PowerShares DB Silver Fund*		100		2,486
PowerShares S&P 500 BuyWrite Portfolio		6,750		143,572
SPDR Bloomberg Barclays Short Term High Yield Bond Fund		24,930		690,062
Vanguard Short-Term Inflation-Protected Securities Fund		5,980		293,977
Vanguard Total International Bond Fund		33,610		1,824,686
Total Exchange Traded Funds (24.6%) (Cost $7,142,904)				7,100,485
INVESTMENT COMPANIES:
AQR Managed Futures Strategy, Institutional Class		5,568		51,898
AXA Natural Resources Portfolio‡		6,566		52,219
AXA Real Estate Portfolio‡		10,568		110,679
AXA SmartBeta Equity Portfolio‡		13,676		152,557
AXA/AB Small Cap Growth Portfolio‡		16,887		305,833
AXA/ClearBridge Large Cap Growth Portfolio*‡		26,608		289,532
AXA/Janus Enterprise Portfolio*‡		26,800		426,196
AXA/Lord Abbett Micro Cap Portfolio‡		12,175		121,007
BlackRock Global Long/Short Credit Fund, Institutional Class*		7,395		74,840
Eaton Vance Floating-Rate Fund, Institutional Class		92,661		829,314
EQ/BlackRock Basic Value Equity Portfolio‡		13,406		310,385
EQ/Capital Guardian Research Portfolio‡		25,742		581,965
EQ/Convertible Securities Portfolio‡		233,389		2,376,802
EQ/Emerging Markets Equity PLUS Portfolio‡		37,081		296,812
EQ/Energy ETF Portfolio‡		6,813		50,687
EQ/GAMCO Mergers and Acquisitions Portfolio‡		30,426		397,398
EQ/GAMCO Small Company Value Portfolio‡		5,035		294,719
EQ/Global Bond PLUS Portfolio‡		241,837	$	2,119,797
EQ/High Yield Bond Portfolio‡		151,633		1,443,854
EQ/Intermediate Government Bond Portfolio‡		204,824		2,095,820
EQ/International Equity Index Portfolio‡		87,034		727,971
EQ/Invesco Comstock Portfolio‡		18,082		285,412
EQ/Low Volatility Global ETF Portfolio‡		14,555		148,640
EQ/MFS International Growth Portfolio‡		63,405		416,637
EQ/PIMCO Global Real Return Portfolio‡		190,634		1,850,451
EQ/PIMCO Ultra Short Bond Portfolio‡		216,879		2,139,944
EQ/T. Rowe Price Growth Stock Portfolio*‡		7,866		306,226
Financial Investors Trust – Listed Private Equity Fund, Institutional Class		1,437		9,314
Franklin K2 Alternative Strategies Fund, Advisor Class		6,482		69,815
Morgan Stanley Institutional Fund, Inc.-Frontier Emerging Markets Portfolio, Institutional Class		8,434		146,667
Multimanager Core Bond Portfolio‡		217,123		2,123,340
Multimanager Mid Cap Value Portfolio‡		28,586		447,129
PIMCO Foreign Bond Fund Unhedged, Institutional Class		27,727		255,363
Templeton Emerging Markets Small Cap Fund, Advisor Class		9,710		112,736
Templeton Global Smaller Companies Fund, Advisor Class		18,277		160,475
Total Investment Companies (74.6%) (Cost $21,812,948)				21,582,434
SHORT-TERM INVESTMENT:
Investment Company (0.9%)
JPMorgan Prime Money Market Fund, IM Shares		269,249		269,330
Total Short-Term Investment (0.9%) (Cost $269,292)				269,330
Total Investments (100.1%) (Cost $29,225,144)				28,952,249
Other Assets Less Liabilities (-0.1%)				(24,123	)
Net Assets (100%)			$	28,928,126

* Non-income producing.

‡ All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.

The holdings in affiliated Investment Companies are all Class K shares.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2016

Investments in companies which were affiliates for the year ended December 31, 2016, were as follows:

Securities	Value December 31, 2015		Purchases at Cost		Sales at Cost		Value December 31, 2016		Dividend Income		Realized Gain (Loss)†
AXA Natural Resources Portfolio	$	23,759	$	24,886	$	4,515	$	52,219	$	1,210	$	(7	)
AXA Real Estate Portfolio (a)		69,555		49,525		9,016		110,679		950		1,223
AXA SmartBeta Equity Portfolio		88,304		73,339		13,522		152,557		2,299		14
AXA/AB Small Cap Growth Portfolio		177,066		138,767		22,542		305,833		1,796		18,589
AXA/ClearBridge Large Cap Growth Portfolio (b)		174,706		158,404		49,961		289,532		—		1,235
AXA/Janus Enterprise Portfolio (c)		263,498		234,568		66,266		426,196		—		(42	)
AXA/Lord Abbett Micro Cap Portfolio		70,079		47,552		9,213		121,007		100		(97	)
EQ/BlackRock Basic Value Equity Portfolio		167,007		138,449		33,895		310,385		5,071		43
EQ/Capital Guardian Research Portfolio		343,899		296,857		94,591		581,965		6,424		(7	)
EQ/Convertible Securities Portfolio		1,412,600		1,171,683		301,588		2,376,802		72,022		(202	)
EQ/Emerging Markets Equity PLUS Portfolio		159,618		141,455		22,974		296,812		2,665		(24	)
EQ/Energy ETF Portfolio		23,520		24,551		4,527		50,687		865		(9	)
EQ/GAMCO Mergers and Acquisitions Portfolio		237,699		185,398		31,558		397,398		1,010		18,653
EQ/GAMCO Small Company Value Portfolio		172,524		129,660		49,172		294,719		2,055		10,593
EQ/Global Bond PLUS Portfolio		1,278,535		1,158,624		245,345		2,119,797		46,543		4,013
EQ/High Yield Bond Portfolio		853,469		691,689		147,668		1,443,854		75,833		(182	)
EQ/Intermediate Government Bond Portfolio		1,300,409		1,040,444		220,347		2,095,820		19,647		3,729
EQ/International Equity Index Portfolio		413,565		369,039		58,720		727,971		21,220		(86	)
EQ/Invesco Comstock Portfolio		176,894		164,227		94,567		285,412		7,172		3,479
EQ/Low Volatility Global ETF Portfolio		103,397		78,970		35,861		148,640		3,807		4,598
EQ/MFS International Growth Portfolio		258,120		195,209		36,123		416,637		5,130		612
EQ/PIMCO Global Real Return Portfolio		1,108,962		902,359		193,230		1,850,451		93,987		3,428
EQ/PIMCO Ultra Short Bond Portfolio		1,301,020		1,046,839		220,474		2,139,944		26,810		(166	)
EQ/T. Rowe Price Growth Stock Portfolio		167,371		172,225		38,429		306,226		—		5,188
Multimanager Core Bond Portfolio		1,298,336		1,056,399		220,433		2,123,340		39,251		1,993
Multimanager Mid Cap Value Portfolio		258,625		209,787		85,723		447,129		5,381		1,139
	$	11,902,537	$	9,900,905	$	2,310,260	$	19,872,012	$	441,248	$	77,707

† When applicable, realized gain includes net distributions of realized gain received from underlying funds.

(a) Formerly known as EQ/Real Estate PLUS Portfolio.

(b) Formerly known as EQ/Wells Fargo Omega Growth Portfolio.

(c) Formerly known as EQ/Morgan Stanley Mid Cap Growth Portfolio.

See Notes to Financial Statements.

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CHARTER^SM CONSERVATIVE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2016

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 2016:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Exchange Traded Funds
Exchange Traded Funds	$	7,100,485	$	—	$	—	$	7,100,485
Investment Companies
Investment Companies		1,710,422		19,872,012		—		21,582,434
Short-Term Investments
Investment Companies		269,330		—		—		269,330
Total Assets	$	9,080,237	$	19,872,012	$	—	$	28,952,249
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	9,080,237	$	19,872,012	$	—	$	28,952,249

There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2016.

The Portfolio held no derivatives contracts during the year ended December 31, 2016.

Investment security transactions for the year ended December 31, 2016 were as follows:

Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	13,388,801
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	2,430,076

As of December 31, 2016, 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	$	302,992
Aggregate gross unrealized depreciation		(582,775	)
Net unrealized depreciation	$	(279,783	)
Federal income tax cost of investments	$	29,232,032

See Notes to Financial Statements.

60

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CHARTER^SM CONSERVATIVE PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2016

ASSETS
Investments at value:
Affiliated Issuers (Cost $20,080,268)	$	19,872,012
Unaffiliated Issuers (Cost $9,144,876)		9,080,237
Cash		25,000
Receivable from Separate Accounts for Trust shares sold		11,420
Dividends, interest and other receivables		6,945
Receivable from investment manager		6,312
Other assets		59
Total assets		29,001,985
LIABILITIES
Payable for securities purchased		6,230
Distribution fees payable – Class B		6,051
Payable to Separate Accounts for Trust shares redeemed		343
Trustees’ fees payable		289
Accrued expenses		60,946
Total liabilities		73,859
NET ASSETS	$	28,928,126
Net assets were comprised of:
Paid in capital	$	29,178,437
Accumulated undistributed net investment income (loss)		2,290
Accumulated undistributed net realized gain (loss) on investments		20,294
Net unrealized appreciation (depreciation) on investments		(272,895	)
Net assets	$	28,928,126
Class B
Net asset value, offering and redemption price per share, $28,928,126 / 2,957,369 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.78

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2016

INVESTMENT INCOME
Dividends ($441,248 of dividend income received from affiliates)	$	644,004
Interest		2,647
Total income		646,651
EXPENSES
Custodian fees		173,100
Distribution fees – Class B		56,136
Professional fees		38,710
Investment management fees		33,682
Administrative fees		32,557
Printing and mailing expenses		3,254
Trustees’ fees		764
Miscellaneous		351
Gross expenses		338,554
Less:   Waiver from investment manager		(66,239	)
Reimbursement from investment manager		(140,967	)
Net expenses		131,348
NET INVESTMENT INCOME (LOSS)		515,303
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments ($4,902 of realized gain (loss) from affiliates)		5,005
Net distributions of realized gain received from underlying funds ($72,805 received from affiliates)		74,563
Net realized gain (loss)		79,568
Net change in unrealized appreciation (depreciation) on investments ($378,830 of change in unrealized appreciation (depreciation) from affiliates)		576,404
NET REALIZED AND UNREALIZED GAIN (LOSS)		655,972
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,171,275

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2016			2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	515,303		$	221,184
Net realized gain (loss) on investments and net distributions of realized gain received from underlying funds		79,568			17,923
Net change in unrealized appreciation (depreciation) on investments		576,404			(562,659	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		1,171,275			(323,552	)
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class B		(534,649	)		(244,836	)
Distributions from net realized capital gains
Class B		(27,294	)		(77,506	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		(561,943	)		(322,342	)
CAPITAL SHARES TRANSACTIONS:
Class B
Capital shares sold [ 1,388,779 and 1,011,833 shares, respectively ]		13,579,679			9,928,429
Capital shares issued in reinvestment of dividends and distributions [ 57,507 and 33,923 shares, respectively]		561,943			322,342
Capital shares repurchased [ (318,615) and (591,949) shares, respectively ]		(3,093,081	)		(5,950,404	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		11,048,541			4,300,367
TOTAL INCREASE (DECREASE) IN NET ASSETS		11,657,873			3,654,473
NET ASSETS:
Beginning of year		17,270,253			13,615,780
End of year (a)	$	28,928,126		$	17,270,253
(a)  Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	2,290		$	564

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Year Ended December 31,									October 30, 2013* to December 31, 2013
Class B	2016			2015			2014
Net asset value, beginning of period	$	9.44		$	9.90		$	9.88		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.22			0.16			0.21			0.08
Net realized and unrealized gain (loss) on investments		0.32			(0.42	)		(0.01	)		(0.06	)
Total from investment operations		0.54			(0.26	)		0.20			0.02
Less distributions:
Dividends from net investment income		(0.19	)		(0.14	)		(0.18	)		(0.11	)
Distributions from net realized gains		(0.01	)		(0.06	)		—	#		(0.03	)
Total dividends and distributions		(0.20	)		(0.20	)		(0.18	)		(0.14	)
Net asset value, end of period	$	9.78		$	9.44		$	9.90		$	9.88
Total return (b)		5.69	%		(2.67	)%		2.02	%		0.25	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	28,928		$	17,270		$	13,616		$	4,710
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.58	%(j)		0.62	%		0.65	%		0.65	%
Before waivers and reimbursements (a)(f)		1.51	%		2.14	%		3.65	%		3.74	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x)		2.29	%		1.58	%		2.11	%		5.00	%(l)
Before waivers and reimbursements (a)(f)(x)		1.37	%		0.06	%		(0.88	)%		1.91	%(l)
Portfolio turnover rate (z)^		11	%		47	%		19	%		18	%

* Commencement of Operations.

# Per share amount is less than $0.005.

^ Portfolio turnover rate excludes derivatives, if any.

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

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

(e) Net investment income (loss) per share is based on average shares outstanding.

(f) Expenses do not include the expenses of the underlying funds (“indirect expenses”), if applicable.

(j) Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.06%.

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

(x) Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.

(z) Portfolio turnover rate for periods less than one year is not annualized.

See Notes to Financial Statements.

63

CHARTER^SM MODERATE PORTFOLIO (Unaudited)

INVESTMENT MANAGER

_Ø AXA Equitable Funds Management Group, LLC

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/16
	1 Year			Since Incept.
Portfolio – Class B Shares*		6.22	%		1.76	%
Dow Jones Moderately Conservative Portfolio Index		5.65			3.00
35% MSCI AC World (Net) Index/37% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index/18% BofA Merrill Lynch Global Broad Market ex U.S. Index/10% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		4.02			1.57
*   Date of inception 10/30/13.     Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class B shares returned 6.22% for the year ended December 31, 2016. This compares to the returns of the following benchmarks: Dow Jones Moderately Conservative Portfolio Index and 35% MSCI AC World (Net) Index/37% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index/18% BofA Merrill Lynch Global Broad Market ex. U.S. Index/10% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index, which returned 5.65% and 4.02%, respectively, over the same period.

Portfolio Highlights

• As of 12/31/2016, the Portfolio’s allocation (as a percentage of market value excluding cash) consisted of 34.7% equity investments, 49.1% fixed income investments and 16.2% non-traditional (alternative) investments.

• The Portfolio provided positive returns for the year, slightly exceeding its benchmark after a margin for expenses.

• In 2016, high-quality government bonds rose modestly, while the equity markets were up substantially. Although the Portfolio’s equity allocation is moderate, it nonetheless contributed positively to gains, with certain holdings in mid-cap and small-cap value stocks adding value over comparable indexes. The fixed income allocation’s holdings contributed the bulk of the returns, with global inflation-linked, emerging markets and high-yield bonds as top performers. Alternative holdings, particularly in convertible securities, also added value.

Table by Asset Class (as a percentage of Total Investments) As of December 31, 2016
Fixed Income	49.6	%
Equity	34.3
Alternatives	16.1

Top 10 Holdings (as a percentage of Total Investments) As of December 31, 2016
EQ/Convertible Securities Portfolio	6.6	%
EQ/PIMCO Ultra Short Bond Portfolio	5.4
iShares JP Morgan USD Emerging Markets Bond Fund	5.4
EQ/Intermediate Government Bond Portfolio	5.4
Multimanager Core Bond Portfolio	5.4
EQ/Global Bond PLUS Portfolio	5.3
EQ/PIMCO Global Real Return Portfolio	4.8
EQ/International Equity Index Portfolio	4.4
Vanguard Total International Bond Fund	4.0
iShares Floating Rate Bond Fund	3.6

64

CHARTER^SM MODERATE PORTFOLIO (Unaudited)

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 investment advisory fees, distribution and/or service (12b-1) fees (in the case of Class B shares of the Portfolio), 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, 2016 and held for the entire six-month period.

Actual Expenses

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

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

EXAMPLE

	Beginning Account Value 7/1/16		Ending Account Value 12/31/16		Expenses Paid During Period* 7/1/16 - 12/31/16
Class B
Actual		$1,000.00		$1,028.39		$3.03
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.15		3.02
*   Expenses are equal to the Portfolio’s Class B shares annualized expense ratio of 0.59%, multiplied by the average account value over the period, and multiplied by 184/366 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

December 31, 2016

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS:
iShares Floating Rate Bond Fund		16,710	$	847,698
iShares Global Infrastructure Fund		4,460		174,119
iShares International Treasury Bond Fund		1,620		145,509
iShares JP Morgan USD Emerging Markets Bond Fund		11,550		1,273,041
iShares Micro-Cap Fund		830		71,247
iShares MSCI EAFE Small-Cap Fund		3,560		177,431
iShares U.S. Oil & Gas Exploration & Production Fund		1,460		95,542
PowerShares DB Base Metals Fund*		2,410		35,957
PowerShares DB Commodity Index Tracking Fund*		3,830		60,667
PowerShares DB G10 Currency Harvest Fund*		8,920		221,305
PowerShares DB Gold Fund*		2,830		104,795
PowerShares DB Silver Fund*		290		7,209
PowerShares S&P 500 BuyWrite Portfolio		8,090		172,074
SPDR Bloomberg Barclays Short Term High Yield Bond Fund		16,170		447,586
Vanguard Short-Term Inflation-Protected Securities Fund		3,500		172,060
Vanguard Total International Bond Fund		17,320		940,303
Total Exchange Traded Funds (21.0%) (Cost $5,045,160)				4,946,543
INVESTMENT COMPANIES:
AQR Managed Futures Strategy, Institutional Class		17,159		159,925
AXA Natural Resources Portfolio‡		12,332		98,074
AXA Real Estate Portfolio‡		18,237		190,999
AXA SmartBeta Equity Portfolio‡		18,971		211,628
AXA/AB Small Cap Growth Portfolio‡		24,077		436,040
AXA/ClearBridge Large Cap Growth Portfolio*‡		36,940		401,954
AXA/Janus Enterprise Portfoliop*‡		37,067		589,471
AXA/Lord Abbett Micro Cap Portfolio‡		16,701		165,998
BlackRock Global Long/Short Credit Fund, Institutional Class*		17,482		176,922
Eaton Vance Floating-Rate Fund, Institutional Class		49,488		442,915
EQ/BlackRock Basic Value Equity Portfolio‡		18,339		424,596
EQ/Capital Guardian Research Portfolio‡		37,093		838,580
EQ/Convertible Securities Portfolio‡		152,285		1,550,845
EQ/Core Bond Index Portfolio‡		2,074		20,418
EQ/Emerging Markets Equity PLUS Portfolio‡		52,218		417,971
EQ/Energy ETF Portfolio‡		12,620		93,890
EQ/GAMCO Mergers and Acquisitions Portfolio‡		32,226		420,911
EQ/GAMCO Small Company Value Portfolio‡		7,409		433,661
EQ/Global Bond PLUS Portfolio‡		143,699		1,259,579
EQ/High Yield Bond Portfolio‡		88,336		841,144
EQ/Intermediate Government Bond Portfolio‡		124,107	$	1,269,895
EQ/International Equity Index Portfolio‡		124,755		1,043,479
EQ/Invesco Comstock Portfolio‡		26,769		422,535
EQ/Low Volatility Global ETF Portfolio‡		19,030		194,340
EQ/MFS International Growth Portfolio‡		90,246		593,010
EQ/PIMCO Global Real Return Portfolio‡		116,229		1,128,219
EQ/PIMCO Ultra Short Bond Portfolio‡		129,080		1,273,636
EQ/T. Rowe Price Growth Stock Portfolio*‡		11,057		430,418
Financial Investors Trust – Listed Private Equity Fund, Institutional Class		23,019		149,161
Franklin K2 Alternative Strategies Fund, Advisor Class		8,127		87,523
Morgan Stanley Institutional Fund, Inc.-Frontier Emerging Markets Portfolio, Institutional Class		10,903		189,595
Multimanager Core Bond Portfolio‡		129,639		1,267,789
Multimanager Mid Cap Value Portfolio‡		42,476		664,400
PIMCO Foreign Bond Fund Unhedged, Institutional Class		18,200		167,626
Templeton Emerging Markets Small Cap Fund, Advisor Class		15,812		183,578
Templeton Global Smaller Companies Fund, Advisor Class		25,533		224,177
Total Investment Companies (78.2%) (Cost $18,773,267)				18,464,902
SHORT-TERM INVESTMENT:
Investment Company (0.8%)
JPMorgan Prime Money Market Fund, IM Shares		195,638		195,697
Total Short-Term Investment (0.8%) (Cost $195,645)				195,697
Total Investments (100.0%) (Cost $24,014,072)				23,607,142
Other Assets Less Liabilities (0.0%)				3,957
Net Assets (100%)			$	23,611,099

* Non-income producing.

‡ All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.

The holdings in affiliated Investment Companies are all Class K shares.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2016

Investments in companies which were affiliates for the year ended December 31, 2016, were as follows:

Securities	Value December 31, 2015		Purchases at Cost		Sales at Cost		Value December 31, 2016		Dividend Income		Realized Gain (Loss)†
AXA Natural Resources Portfolio	$	67,595	$	20,838	$	9,200	$	98,074	$	2,290	$	(69	)
AXA Real Estate Portfolio (a)		164,709		41,275		18,271		190,999		1,745		2,423
AXA SmartBeta Equity Portfolio		176,855		49,607		22,837		211,628		3,217		9
AXA/AB Small Cap Growth Portfolio		340,223		153,742		85,566		436,040		2,578		26,218
AXA/ClearBridge Large Cap Growth Portfolio (b)		365,228		105,360		76,219		401,954		—		762
AXA/Janus Enterprise Portfolio (c)		513,481		215,097		130,484		589,471		—		(1,111	)
AXA/Lord Abbett Micro Cap Portfolio		134,926		28,099		14,410		165,998		138		(576	)
EQ/BlackRock Basic Value Equity Portfolio		338,834		90,453		63,562		424,596		6,986		526
EQ/Capital Guardian Research Portfolio		685,485		226,259		132,424		838,580		9,325		(249	)
EQ/Convertible Securities Portfolio		1,276,051		418,549		217,156		1,550,845		47,333		(2,511	)
EQ/Core Bond Index Portfolio		20,090		361		—		20,418		361		—
EQ/Emerging Markets Equity PLUS Portfolio		312,929		132,832		66,628		417,971		3,781		45
EQ/Energy ETF Portfolio		67,591		20,182		9,361		93,890		1,616		(212	)
EQ/GAMCO Mergers and Acquisitions Portfolio		353,315		95,848		36,635		420,911		1,077		20,465
EQ/GAMCO Small Company Value Portfolio		349,011		100,302		85,223		433,661		3,045		15,655
EQ/Global Bond PLUS Portfolio		1,105,399		419,171		237,485		1,259,579		27,870		2,768
EQ/High Yield Bond Portfolio		722,189		211,606		134,272		841,144		44,504		(1,930	)
EQ/Intermediate Government Bond Portfolio		1,086,653		395,382		202,887		1,269,895		11,996		2,251
EQ/International Equity Index Portfolio		842,571		306,003		105,735		1,043,479		30,649		(685	)
EQ/Invesco Comstock Portfolio		356,888		94,223		84,819		422,535		10,756		2,268
EQ/Low Volatility Global ETF Portfolio		174,664		56,847		42,308		194,340		5,022		5,974
EQ/MFS International Growth Portfolio		520,419		129,031		59,940		593,010		7,359		517
EQ/PIMCO Global Real Return Portfolio		942,463		305,680		159,633		1,128,219		57,759		2,275
EQ/PIMCO Ultra Short Bond Portfolio		1,086,604		354,374		178,311		1,273,636		16,099		(484	)
EQ/T. Rowe Price Growth Stock Portfolio		349,376		125,945		49,553		430,418		—		7,413
Multimanager Core Bond Portfolio		1,084,114		380,636		197,418		1,267,789		27,213		1,249
Multimanager Mid Cap Value Portfolio		510,921		163,616		111,436		664,400		8,051		(89	)
	$	13,948,584	$	4,641,318	$	2,531,773	$	16,683,480	$	330,770	$	82,902

† When applicable, realized gain includes net distributions of realized gain received from underlying funds.

(a) Formerly known as EQ/Real Estate PLUS Portfolio.

(b) Formerly known as EQ/Wells Fargo Omega Growth Portfolio.

(c) Formerly known as EQ/Morgan Stanley Mid Cap Growth Portfolio.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2016

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 2016:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Exchange Traded Funds
Exchange Traded Funds	$	4,946,543	$	—	$	—	$	4,946,543
Investment Companies
Investment Companies		1,781,422		16,683,480		—		18,464,902
Short-Term Investments
Investment Companies		195,697		—		—		195,697
Total Assets	$	6,923,662	$	16,683,480	$	—	$	23,607,142
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	6,923,662	$	16,683,480	$	—	$	23,607,142

There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2016.

The Portfolio held no derivatives contracts during the year ended December 31, 2016.

Investment security transactions for the year ended December 31, 2016 were as follows:

Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	5,680,681
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	2,711,443

As of December 31, 2016, 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	$	452,661
Aggregate gross unrealized depreciation		(819,644	)
Net unrealized depreciation	$	(366,983	)
Federal income tax cost of investments	$	23,974,125

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2016

ASSETS
Investments at value:
Affiliated Issuers (Cost $16,918,838)	$	16,683,480
Unaffiliated Issuers (Cost $7,095,234)		6,923,662
Cash		35,078
Receivable from Separate Accounts for Trust shares sold		42,685
Receivable from investment manager		5,890
Dividends, interest and other receivables		4,200
Other assets		64
Total assets		23,695,059
LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		15,342
Distribution fees payable – Class B		4,988
Payable for securities purchased		2,501
Trustees’ fees payable		418
Accrued expenses		60,711
Total liabilities		83,960
NET ASSETS	$	23,611,099
Net assets were comprised of:
Paid in capital	$	23,956,722
Accumulated undistributed net investment income (loss)		2,815
Accumulated undistributed net realized gain (loss) on investments		58,492
Net unrealized appreciation (depreciation) on investments		(406,930	)
Net assets	$	23,611,099
Class B
Net asset value, offering and redemption price per share, $23,611,099 / 2,408,733 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.80

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2016

INVESTMENT INCOME
Dividends ($330,770 of dividend income received from affiliates)	$	483,921
Interest		2,724
Total income		486,645
EXPENSES
Custodian fees		165,900
Distribution fees – Class B		54,018
Professional fees		38,664
Administrative fees		32,542
Investment management fees		32,411
Printing and mailing expenses		3,044
Trustees’ fees		783
Miscellaneous		387
Gross expenses		327,749
Less:   Waiver from investment manager		(64,953	)
Reimbursement from investment manager		(137,253	)
Net expenses		125,543
NET INVESTMENT INCOME (LOSS)		361,102
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments ($(6,204) of realized gain (loss) from affiliates)		(6,114	)
Net distributions of realized gain received from underlying funds ($89,106 received from affiliates)		91,299
Net realized gain (loss)		85,185
Net change in unrealized appreciation (depreciation) on investments ($625,351 of change in unrealized appreciation (depreciation) from affiliates)		862,936
NET REALIZED AND UNREALIZED GAIN (LOSS)		948,121
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,309,223

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2016			2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	361,102		$	229,605
Net realized gain (loss) on investments and net distributions of realized gain received from underlying funds		85,185			118,418
Net change in unrealized appreciation (depreciation) on investments		862,936			(825,038	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		1,309,223			(477,015	)
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class B		(378,663	)		(273,933	)
Distributions from net realized capital gains
Class B		(109,477	)		(135,166	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		(488,140	)		(409,099	)
CAPITAL SHARES TRANSACTIONS:
Class B
Capital shares sold [ 561,803 and 953,193 shares, respectively ]		5,425,745			9,427,556
Capital shares issued in reinvestment of dividends and distributions [ 49,619 and 43,053 shares, respectively ]		488,140			409,099
Capital shares repurchased [ (303,434) and (681,183) shares, respectively ]		(2,912,934	)		(6,891,992	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		3,000,951			2,944,663
TOTAL INCREASE (DECREASE) IN NET ASSETS		3,822,034			2,058,549
NET ASSETS:
Beginning of year		19,789,065			17,730,516
End of year (a)	$	23,611,099		$	19,789,065
(a)  Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	2,815		$	911

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Year Ended December 31,									October 30, 2013* to December 31, 2013
Class B	2016			2015			2014
Net asset value, beginning of period	$	9.42		$	9.93		$	9.93		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.16			0.12			0.19			0.08
Net realized and unrealized gain (loss) on investments		0.43			(0.43	)		(0.02	)		—	#
Total from investment operations		0.59			(0.31	)		0.17			0.08
Less distributions:
Dividends from net investment income		(0.16	)		(0.13	)		(0.16	)		(0.12	)
Distributions from net realized gains		(0.05	)		(0.07	)		(0.01	)		(0.03	)
Total dividends and distributions		(0.21	)		(0.20	)		(0.17	)		(0.15	)
Net asset value, end of period	$	9.80		$	9.42		$	9.93		$	9.93
Total return (b)		6.22	%		(3.04	)%		1.78	%		0.84	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	23,611		$	19,789		$	17,731		$	4,481
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.58	%(j)		0.63	%		0.65	%		0.65	%
Before waivers and reimbursements (a)(f)		1.52	%		1.81	%		2.86	%		3.78	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x).		1.67	%		1.24	%		1.87	%		4.87	%(l)
Before waivers and reimbursements (a)(f)(x)		0.74	%		0.06	%		(0.35	)%		1.74	%(l)
Portfolio turnover rate (z)^		13	%		39	%		13	%		15	%

* Commencement of Operations.

# Per share amount is less than $0.005.

^ Portfolio turnover rate excludes derivatives, if any.

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

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

(e) Net investment income (loss) per share is based on average shares outstanding.

(f) Expenses do not include the expenses of the underlying funds (“indirect expenses”), if applicable.

(j) Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.07%.

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

(x) Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.

(z) Portfolio turnover rate for periods less than one year is not annualized.

See Notes to Financial Statements.

71

CHARTER^SM MODERATE GROWTH PORTFOLIO (Unaudited)

INVESTMENT MANAGER

_Ø AXA Equitable Funds Management Group, LLC

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/16
	1 Year			Since Incept.
Portfolio – Class B Shares*		6.88	%		2.04	%
Dow Jones Moderate Portfolio Index		7.67			4.09
45% MSCI AC World (Net) Index/27% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index/13% BofA Merrill Lynch Global Broad Market ex U.S. Index/15% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		4.52			1.94
*   Date of inception 10/30/13.     Returnsfor periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class B shares returned 6.88% for the year ended December 31, 2016. This compares to the returns of the following benchmarks: Dow Jones Moderate Portfolio Index and 45% MSCI AC World (Net) Index/27% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index/13% BofA Merrill Lynch Global Broad Market ex U.S. Index/15% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index, which returned 7.67% and 4.52%, respectively, over the same period.

Portfolio Highlights

• As of 12/31/2016, the Portfolio’s allocation (as a percentage of market value excluding cash) consisted of 44.6% equity investments, 35.5% fixed income investments and 20.0% non-traditional (alternative) investments.

• The Portfolio provided positive returns for the year, roughly matching its benchmark after a margin for expenses.

• In 2016, high-quality government bonds rose modestly, while the equity markets were up substantially. The Portfolio’s equity allocation contributed the bulk of gains, with certain value-style holdings in small-, mid-, and large-cap stocks adding value over comparable indexes. The fixed income allocation’s holdings also contributed to returns, with global inflation-linked, emerging markets and high-yield bonds as top performers. Alternative holdings, particularly in convertible securities and natural resources, also added value.

Table by Asset Class (as a percentage of Total Investments) As of December 31, 2016
Equity	44.0	%
Fixed Income	36.2
Alternatives	19.8

Top 10 Holdings (as a percentage of Total Investments) As of December 31, 2016
EQ/International Equity Index Portfolio	5.7	%
EQ/Convertible Securities Portfolio	5.4
EQ/Capital Guardian Research Portfolio	4.5
EQ/PIMCO Ultra Short Bond Portfolio	4.0
Multimanager Core Bond Portfolio	4.0
EQ/Global Bond PLUS Portfolio	3.9
EQ/Intermediate Government Bond Portfolio	3.9
iShares JP Morgan USD Emerging Markets Bond Fund	3.9
Multimanager Mid Cap Value Portfolio	3.6
EQ/PIMCO Global Real Return Portfolio	3.4

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CHARTER^SM MODERATE GROWTH PORTFOLIO (Unaudited)

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 investment advisory fees, distribution and/or service (12b-1) fees (in the case of Class B shares of the Portfolio), 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, 2016 and held for the entire six-month period.

Actual Expenses

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

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

EXAMPLE

	Beginning Account Value 7/1/16		Ending Account Value 12/31/16		Expenses Paid During Period* 7/1/16 - 12/31/16
Class B
Actual		$1,000.00		$1,037.81		$3.12
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.07		3.10
*   Expenses are equal to the Portfolio’s Class B shares annualized expense ratio of 0.61%, multiplied by the average account value over the period, and multiplied by 184/366 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

December 31, 2016

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS:
iShares Floating Rate Bond Fund		13,110	$	665,070
iShares Global Infrastructure Fund		6,280		245,171
iShares International Treasury Bond Fund		865		77,694
iShares JP Morgan USD Emerging Markets Bond Fund		7,770		856,409
iShares Micro-Cap Fund		1,040		89,274
iShares MSCI EAFE Small-Cap Fund		4,820		240,229
iShares U.S. Oil & Gas Exploration & Production Fund		3,070		200,901
PowerShares DB Base Metals Fund*		3,860		57,591
PowerShares DB Commodity Index Tracking Fund*		7,350		116,424
PowerShares DB G10 Currency Harvest Fund*		10,265		254,675
PowerShares DB Gold Fund*		3,530		130,716
PowerShares DB Silver Fund*		1,350		33,561
PowerShares S&P 500 BuyWrite Portfolio		11,580		246,307
SPDR Bloomberg Barclays Short Term High Yield Bond Fund		10,450		289,256
Vanguard Short-Term Inflation-Protected Securities Fund		2,450		120,442
Vanguard Total International Bond Fund		11,850		643,336
Total Exchange Traded Funds (19.5%) (Cost $4,292,761)				4,267,056
INVESTMENT COMPANIES:
AQR Managed Futures Strategy, Institutional Class		23,813		221,934
AXA Natural Resources Portfolio‡		18,912		150,400
AXA Real Estate Portfolio‡		23,346		244,503
AXA SmartBeta Equity Portfolio‡		22,749		253,768
AXA/AB Small Cap Growth Portfolio‡		28,388		514,128
AXA/ClearBridge Large Cap Growth Portfolio*‡		44,004		478,823
AXA/Janus Enterprise Portfolio*‡		44,197		702,853
AXA/Lord Abbett Micro Cap Portfolio‡		23,171		230,300
BlackRock Global Long/Short Credit Fund, Institutional Class*		25,956		262,677
Eaton Vance Floating-Rate Fund, Institutional Class		16,357		146,392
EQ/BlackRock Basic Value Equity Portfolio‡		21,895		506,926
EQ/Capital Guardian Research Portfolio‡		43,643		986,672
EQ/Convertible Securities Portfolio‡		115,624		1,177,501
EQ/Core Bond Index Portfolio‡		1,451		14,292
EQ/Emerging Markets Equity PLUS Portfolio‡		59,765		478,374
EQ/Energy ETF Portfolio‡		21,524		160,129
EQ/GAMCO Mergers and Acquisitions Portfolio‡		35,205		459,815
EQ/GAMCO Small Company Value Portfolio‡		8,599		503,318
EQ/Global Bond PLUS Portfolio‡		98,610		864,351
EQ/High Yield Bond Portfolio‡		59,252		564,199
EQ/Intermediate Government Bond Portfolio‡		83,977	$	859,278
EQ/International Equity Index Portfolio‡		148,111		1,238,839
EQ/Invesco Comstock Portfolio‡		33,345		526,335
EQ/Low Volatility Global ETF Portfolio‡		23,181		236,734
EQ/MFS International Growth Portfolio‡		106,395		699,123
EQ/PIMCO Global Real Return Portfolio‡		76,985		747,281
EQ/PIMCO Ultra Short Bond Portfolio‡		88,936		877,537
EQ/T. Rowe Price Growth Stock Portfolio*‡		12,653		492,553
Financial Investors Trust – Listed Private Equity Fund, Institutional Class		42,704		276,719
Franklin K2 Alternative Strategies Fund, Advisor Class		8,322		89,630
Morgan Stanley Institutional Fund, Inc.-Frontier Emerging Markets Portfolio, Institutional Class		13,081		227,482
Multimanager Core Bond Portfolio‡		88,622		866,673
Multimanager Mid Cap Value Portfolio‡		50,871		795,718
PIMCO Foreign Bond Fund Unhedged, Institutional Class		10,923		100,600
Templeton Emerging Markets Small Cap Fund, Advisor Class		20,629		239,503
Templeton Global Smaller Companies Fund, Advisor Class		25,478		223,698
Total Investment Companies (79.7%) (Cost $17,514,188)				17,419,058
SHORT-TERM INVESTMENT:
Investment Company (1.0%)
JPMorgan Prime Money Market Fund, IM Shares		210,811		210,875
Total Short-Term Investment (1.0%) (Cost $210,845)				210,875
Total Investments (100.2%) (Cost $22,017,794)				21,896,989
Other Assets Less Liabilities (-0.2%)				(40,347	)
Net Assets (100%)			$	21,856,642

* Non-income producing.

‡ All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.

The holdings in affiliated Investment Companies are all Class K shares.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2016

Investments in companies which were affiliates for the year ended December 31, 2016, were as follows:

Securities	Value December 31, 2015		Purchases at Cost		Sales at Cost		Value December 31, 2016		Dividend Income		Realized Gain (Loss)†
AXA Natural Resources Portfolio	$	86,456	$	63,186	$	33,315	$	150,400	$	3,511	$	78
AXA Real Estate Portfolio (a)		217,930		84,665		64,849		244,503		2,228		5,028
AXA SmartBeta Equity Portfolio		196,931		83,230		36,796		253,768		3,858		14
AXA/AB Small Cap Growth Portfolio		378,635		211,046		106,667		514,128		3,041		32,309
AXA/ClearBridge Large Cap Growth Portfolio (b)		396,453		175,953		103,712		478,823		—		2,118
AXA/Janus Enterprise Portfolio (c)		554,610		300,129		143,352		702,853		—		186
AXA/Lord Abbett Micro Cap Portfolio		169,277		66,508		30,922		230,300		192		(76	)
EQ/BlackRock Basic Value Equity Portfolio		373,373		182,042		122,790		506,926		8,345		784
EQ/Capital Guardian Research Portfolio		755,385		355,146		196,098		986,672		10,977		(81	)
EQ/Convertible Securities Portfolio		877,116		415,227		169,940		1,177,501		35,947		(93	)
EQ/Core Bond Index Portfolio		14,063		253		—		14,292		253		—
EQ/Emerging Markets Equity PLUS Portfolio		369,016		165,470		97,594		478,374		4,329		518
EQ/Energy ETF Portfolio		85,579		62,459		18,491		160,129		2,754		(67	)
EQ/GAMCO Mergers and Acquisitions Portfolio		416,787		155,881		122,085		459,815		1,177		21,684
EQ/GAMCO Small Company Value Portfolio		384,269		165,034		129,065		503,318		3,535		19,405
EQ/Global Bond PLUS Portfolio		677,057		406,290		197,526		864,351		19,130		1,763
EQ/High Yield Bond Portfolio		430,199		201,898		94,841		564,199		29,864		(24	)
EQ/Intermediate Government Bond Portfolio		673,321		371,180		177,607		859,278		8,120		1,581
EQ/International Equity Index Portfolio		916,667		493,597		176,907		1,238,839		36,402		(176	)
EQ/Invesco Comstock Portfolio		382,548		172,036		97,608		526,335		13,339		966
EQ/Low Volatility Global ETF Portfolio		194,357		92,109		56,391		236,734		6,115		7,041
EQ/MFS International Growth Portfolio		562,784		234,801		104,427		699,123		8,681		1,102
EQ/PIMCO Global Real Return Portfolio		577,796		289,612		144,228		747,281		38,268		1,524
EQ/PIMCO Ultra Short Bond Portfolio		674,991		358,586		162,781		877,537		11,091		(158	)
EQ/T. Rowe Price Growth Stock Portfolio		382,564		187,252		83,506		492,553		—		8,623
Multimanager Core Bond Portfolio		664,827		371,364		168,785		866,673		17,773		841
Multimanager Mid Cap Value Portfolio		551,397		264,468		142,260		795,718		9,647		(30	)
	$	11,964,388	$	5,929,422	$	2,982,543	$	15,630,423	$	278,577	$	104,860

† When applicable, realized gain includes net distributions of realized gain received from underlying funds.

(a) Formerly known as EQ/Real Estate PLUS Portfolio.

(b) Formerly known as EQ/Wells Fargo Omega Growth Portfolio.

(c) Formerly known as EQ/Morgan Stanley Mid Cap Growth Portfolio.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2016

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 2016:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Exchange Traded Funds
Exchange Traded Funds	$	4,267,056	$	—	$	—	$	4,267,056
Investment Companies
Investment Companies		1,788,635		15,630,423		—		17,419,058
Short-Term Investments
Investment Companies		210,875		—		—		210,875
Total Assets	$	6,266,566	$	15,630,423	$	—	$	21,896,989
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	6,266,566	$	15,630,423	$	—	$	21,896,989

There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2016.

The Portfolio held no derivatives contracts during the year ended December 31, 2016.

Investment security transactions for the year ended December 31, 2016 were as follows:

Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	7,298,117
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	3,253,465

As of December 31, 2016, 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	$	547,815
Aggregate gross unrealized depreciation		(616,888	)
Net unrealized depreciation	$	(69,073	)
Federal income tax cost of investments	$	21,966,062

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2016

ASSETS
Investments at value:
Affiliated Issuers (Cost $15,664,580)	$	15,630,423
Unaffiliated Issuers (Cost $6,353,214)		6,266,566
Cash		27,000
Receivable from Separate Accounts for Trust shares sold		9,586
Receivable from investment manager		5,862
Dividends, interest and other receivables		2,222
Other assets		58
Total assets		21,941,717
LIABILITIES
Payable for securities purchased		19,965
Distribution fees payable – Class B		4,635
Payable to Separate Accounts for Trust shares redeemed		419
Trustees’ fees payable		277
Accrued expenses		59,779
Total liabilities		85,075
NET ASSETS	$	21,856,642
Net assets were comprised of:
Paid in capital	$	21,925,962
Accumulated undistributed net investment income (loss)		2,898
Accumulated undistributed net realized gain (loss) on investments		48,587
Net unrealized appreciation (depreciation) on investments		(120,805	)
Net assets	$	21,856,642
Class B
Net asset value, offering and redemption price per share, $21,856,642 / 2,228,974 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.81

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2016

INVESTMENT INCOME
Dividends ($278,577 of dividend income received from affiliates)	$	392,764
Interest		2,694
Total income		395,458
EXPENSES
Custodian fees		164,500
Distribution fees – Class B		48,902
Professional fees		38,595
Administrative fees		32,509
Investment management fees		29,342
Printing and mailing expenses		2,807
Trustees’ fees		701
Miscellaneous		348
Gross expenses		317,704
Less:   Waiver from investment manager		(61,851	)
Reimbursement from investment manager		(140,094	)
Net expenses		115,759
NET INVESTMENT INCOME (LOSS)		279,699
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments ($5,997 of realized gain (loss) from affiliates)		6,163
Net distributions of realized gain received from underlying funds ($98,863 received from affiliates)		101,659
Net realized gain (loss)		107,822
Net change in unrealized appreciation (depreciation) on investments ($719,156 of change in unrealized appreciation (depreciation) from affiliates)		970,544
NET REALIZED AND UNREALIZED GAIN (LOSS)		1,078,366
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,358,065

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2016			2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	279,699		$	177,070
Net realized gain (loss) on investments and net distributions of realized gain received from underlying funds		107,822			188,899
Net change in unrealized appreciation (depreciation) on investments		970,544			(797,631	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		1,358,065			(431,662	)
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class B		(299,704	)		(224,792	)
Distributions from net realized capital gains
Class B		(169,243	)		(143,187	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		(468,947	)		(367,979	)
CAPITAL SHARES TRANSACTIONS:
Class B
Capital shares sold [ 735,086 and 1,189,857 shares, respectively ]		7,030,677			11,779,692
Capital shares issued in reinvestment of dividends and distributions [ 47,563 and 38,865 shares, respectively ]		468,947			367,979
Capital shares repurchased [ (344,630) and (721,991) shares, respectively ]		(3,334,702	)		(7,316,653	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		4,164,922			4,831,018
TOTAL INCREASE (DECREASE) IN NET ASSETS		5,054,040			4,031,377
NET ASSETS:
Beginning of year		16,802,602			12,771,225
End of year (a)	$	21,856,642		$	16,802,602
(a)  Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	2,898		$	1,361

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Year Ended December 31,									October 30, 2013* to December 31, 2013
Class B	2016			2015			2014
Net asset value, beginning of period	$	9.38		$	9.94		$	9.94		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.14			0.12			0.17			0.10
Net realized and unrealized gain (loss) on investments		0.51			(0.45	)		0.01	†		0.03
Total from investment operations		0.65			(0.33	)		0.18			0.13
Less distributions:
Dividends from net investment income		(0.14	)		(0.13	)		(0.15	)		(0.16	)
Distributions from net realized gains		(0.08	)		(0.10	)		(0.03	)		(0.03	)
Total dividends and distributions		(0.22	)		(0.23	)		(0.18	)		(0.19	)
Net asset value, end of period	$	9.81		$	9.38		$	9.94		$	9.94
Total return (b)		6.88	%		(3.34	)%		1.88	%		1.30	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	21,857		$	16,803		$	12,771		$	4,433
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.59	%(j)		0.63	%		0.65	%		0.65	%
Before waivers and reimbursements (a)(f)		1.62	%		2.24	%		3.80	%		3.58	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x)		1.43	%		1.25	%		1.66	%		5.80	%(l)
Before waivers and reimbursements (a)(f)(x)		0.40	%		(0.37	)%		(1.49	)%		2.86	%(l)
Portfolio turnover rate (z)^		17	%		49	%		21	%		43	%

* Commencement of Operations.

† The amount shown for a share outstanding throughout the period does not accord with the aggregate net income and/or gain on investments for that period because of the timing of sales and repurchases of the Portfolio shares in relation to fluctuating market value of the investments in the Portfolio.

^ Portfolio turnover rate excludes derivatives, if any.

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

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

(e) Net investment income (loss) per share is based on average shares outstanding.

(f) Expenses do not include the expenses of the underlying funds (“indirect expenses”), if applicable.

(j) Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.11%.

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

(x) Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.

(z) Portfolio turnover rate for periods less than one year is not annualized.

See Notes to Financial Statements.

79

CHARTER^SM GROWTH PORTFOLIO (Unaudited)

INVESTMENT MANAGER

_Ø AXA Equitable Funds Management Group, LLC

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/16
	1 Year			Since Incept.
Portfolio – Class B Shares*		7.44	%		1.79	%
Dow Jones Moderately Aggressive Portfolio Index		9.31			4.84
55% MSCI AC World (Net) Index/17% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index/8% BofA Merrill Lynch Global Broad Market ex U.S. Index/20% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		5.01			2.30
*   Date of inception 10/30/13.     Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class B shares returned 7.44% for the year ended December 31, 2016. This compares to the returns of the following benchmarks: Dow Jones Moderately Aggressive Portfolio Index and 55% MSCI AC World (Net) Index/17% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index/8% BofA Merrill Lynch Global Broad Market ex U.S. Index/20% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index, which returned 9.31% and 5.01%, respectively, over the same period.

Portfolio Highlights

• As of 12/31/2016, the Portfolio’s allocation (as a percentage of market value excluding cash) consisted of 54.0% equity investments, 22.1% fixed income investments and 23.8% non-traditional (alternative) investments.

• The Portfolio provided positive returns for the year, underperforming its benchmark after a margin for expenses.

• In 2016, high-quality government bonds rose modestly, while the equity markets were up substantially. The Portfolio’s equity allocation contributed the bulk of gains, with certain value-style holdings in small-, mid-, and large-cap stocks adding value over comparable indexes. The fixed income allocation’s holdings also contributed to returns, with emerging markets, global inflation-linked and high-yield bonds as top performers. Alternative holdings, particularly in natural resources and energy-related securities, also added value.

Table by Asset Class (as a percentage of Total Investments) As of December 31, 2016
Equity	54.0	%
Alternatives	23.9
Fixed Income	22.1

Top 10 Holdings (as a percentage of Total Investments) As of December 31, 2016
EQ/International Equity Index Portfolio	6.9	%
EQ/Capital Guardian Research Portfolio	5.5
Multimanager Mid Cap Value Portfolio	4.5
EQ/Convertible Securities Portfolio	4.2
AXA/Janus Enterprise Portfolio	4.0
EQ/MFS International Growth Portfolio	4.0
EQ/Invesco Comstock Portfolio	3.0
EQ/BlackRock Basic Value Equity Portfolio	2.9
AXA/AB Small Cap Growth Portfolio	2.8
EQ/GAMCO Small Company Value Portfolio	2.8

80

CHARTER^SM GROWTH PORTFOLIO (Unaudited)

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 investment advisory fees, distribution and/or service (12b-1) fees (in the case of Class B shares of the Portfolio), 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, 2016 and held for the entire six-month period.

Actual Expenses

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

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

EXAMPLE

	Beginning Account Value 7/1/16		Ending Account Value 12/31/16		Expenses Paid During Period* 7/1/16 - 12/31/16
Class B
Actual		$1,000.00		$1,042.70		$3.18
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.02		3.15
*   Expenses are equal to the Portfolio’s Class B shares annualized expense ratio of 0.62%, multiplied by the average account value over the period, and multiplied by 184/366 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

December 31, 2016

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS:
iShares Floating Rate Bond Fund		5,030	$	255,172
iShares Global Infrastructure Fund		6,290		245,562
iShares International Treasury Bond Fund		530		47,604
iShares JP Morgan USD Emerging Markets Bond Fund		2,580		284,367
iShares Micro-Cap Fund		380		32,619
iShares MSCI EAFE Small-Cap Fund		1,820		90,709
iShares U.S. Oil & Gas Exploration & Production Fund		2,750		179,960
PowerShares DB Base Metals Fund*		4,080		60,874
PowerShares DB Commodity Index Tracking Fund*		8,190		129,730
PowerShares DB G10 Currency Harvest Fund*		7,940		196,991
PowerShares DB Gold Fund*		4,025		149,046
PowerShares DB Silver Fund*		1,110		27,595
PowerShares S&P 500 BuyWrite Portfolio		7,400		157,398
SPDR Bloomberg Barclays Short Term High Yield Bond Fund		3,280		90,790
Vanguard Short-Term Inflation-Protected Securities Fund		870		42,769
Vanguard Total International Bond Fund		3,920		212,817
Total Exchange Traded Funds (17.8%) (Cost $2,343,184)				2,204,003
INVESTMENT COMPANIES:
AQR Managed Futures Strategy, Institutional Class		14,779		137,744
AXA Natural Resources Portfolio‡		23,017		183,049
AXA Real Estate Portfolio‡		27,112		283,944
AXA SmartBeta Equity Portfolio‡		15,344		171,167
AXA/AB Small Cap Growth Portfolio‡		18,991		343,931
AXA/ClearBridge Large Cap Growth Portfolio*‡		30,488		331,753
AXA/Janus Enterprise Portfolio*‡		31,108		494,708
AXA/Lord Abbett Micro Cap Portfolio‡		17,323		172,179
BlackRock Global Long/Short Credit Fund, Institutional Class*		11,455		115,921
Eaton Vance Floating-Rate Fund, Institutional Class		7,326		65,569
EQ/BlackRock Basic Value Equity Portfolio‡		15,788		365,526
EQ/Capital Guardian Research Portfolio‡		29,931		676,677
EQ/Convertible Securities Portfolio‡		51,054		519,925
EQ/Core Bond Index Portfolio‡		1,555		15,313
EQ/Emerging Markets Equity PLUS Portfolio‡		41,007		328,235
EQ/Energy ETF Portfolio‡		24,334		181,038
EQ/GAMCO Mergers and Acquisitions Portfolio‡		15,728		205,421
EQ/GAMCO Small Company Value Portfolio‡		5,852		342,508
EQ/Global Bond PLUS Portfolio‡		32,953		288,849
EQ/High Yield Bond Portfolio‡		22,744		216,566
EQ/Intermediate Government Bond Portfolio‡		30,364	$	310,696
EQ/International Equity Index Portfolio‡		102,634		858,459
EQ/Invesco Comstock Portfolio‡		23,616		372,769
EQ/Low Volatility Global ETF Portfolio‡		17,048		174,100
EQ/MFS International Growth Portfolio‡		74,629		490,387
EQ/PIMCO Global Real Return Portfolio‡		27,017		262,247
EQ/PIMCO Ultra Short Bond Portfolio‡		31,742		313,203
EQ/T. Rowe Price Growth Stock Portfolio*‡		8,740		340,251
Financial Investors Trust – Listed Private Equity Fund, Institutional Class		14,326		92,835
Franklin K2 Alternative Strategies Fund, Advisor Class		7,291		78,527
Morgan Stanley Institutional Fund, Inc. – Frontier Emerging Markets Portfolio, Institutional Class		8,631		150,092
Multimanager Core Bond Portfolio‡		31,283		305,929
Multimanager Mid Cap Value Portfolio‡		35,816		560,223
PIMCO Foreign Bond Fund Unhedged, Institutional Class		3,087		28,433
Templeton Emerging Markets Small Cap Fund, Advisor Class		14,767		171,446
Templeton Global Smaller Companies Fund, Advisor Class		25,076		220,167
Total Investment Companies (81.9%) (Cost $10,310,790)				10,169,787
SHORT-TERM INVESTMENT:
Investment Company (0.2%)
JPMorgan Prime Money Market Fund, IM Shares		22,244		22,250
Total Short-Term Investment (0.2%) (Cost $22,251)				22,250
Total Investments (99.9%) (Cost $12,676,225)				12,396,040
Other Assets Less Liabilities (0.1%)				13,799
Net Assets (100%)			$	12,409,839

* Non-income producing.

‡ All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.

The holdings in affiliated Investment Companies are all Class K shares.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2016

Investments in companies which were affiliates for the year ended December 31, 2016, were as follows:

Securities	Value December 31, 2015		Purchases at Cost		Sales at Cost		Value December 31, 2016		Dividend Income		Realized Gain (Loss)†
AXA Natural Resources Portfolio	$	141,757	$	47,313	$	49,722	$	183,049	$	4,245	$	672
AXA Real Estate Portfolio (a)		298,396		64,308		86,169		283,944		2,581		8,116
AXA SmartBeta Equity Portfolio		182,690		30,667		49,421		171,167		2,595		976
AXA/AB Small Cap Growth Portfolio		322,566		95,121		96,850		343,931		2,020		20,903
AXA/ClearBridge Large Cap Growth Portfolio (b)		331,860		77,688		83,827		331,753		—		1,012
AXA/Janus Enterprise Portfolio (c)		481,779		140,421		114,581		494,708		—		(230	)
AXA/Lord Abbett Micro Cap Portfolio		159,907		20,334		25,392		172,179		285		(111	)
EQ/BlackRock Basic Value Equity Portfolio		320,405		82,109		90,971		365,526		5,972		2,317
EQ/Capital Guardian Research Portfolio		646,938		140,735		155,184		676,677		7,471		9,335
EQ/Convertible Securities Portfolio		500,921		100,527		101,343		519,925		20,331		(217	)
EQ/Core Bond Index Portfolio		15,067		271		—		15,313		271		—
EQ/Emerging Markets Equity PLUS Portfolio		316,957		74,539		95,615		328,235		3,403		173
EQ/Energy ETF Portfolio		152,232		31,196		35,300		181,038		3,128		94
EQ/GAMCO Mergers and Acquisitions Portfolio		218,354		42,674		60,705		205,421		522		9,819
EQ/GAMCO Small Company Value Portfolio		348,145		69,384		135,920		342,508		2,388		15,727
EQ/Global Bond PLUS Portfolio		299,673		80,013		86,988		288,849		6,344		(760	)
EQ/High Yield Bond Portfolio		200,709		43,499		40,451		216,566		11,420		—
EQ/Intermediate Government Bond Portfolio		304,662		118,092		110,346		310,696		2,914		890
EQ/International Equity Index Portfolio		794,098		242,705		179,028		858,459		25,077		(93	)
EQ/Invesco Comstock Portfolio		329,461		65,513		70,175		372,769		9,376		613
EQ/Low Volatility Global ETF Portfolio		180,677		37,376		49,723		174,100		4,460		5,518
EQ/MFS International Growth Portfolio		499,193		87,183		101,195		490,387		6,062		856
EQ/PIMCO Global Real Return Portfolio		266,752		58,994		75,678		262,247		13,334		448
EQ/PIMCO Ultra Short Bond Portfolio		309,467		122,047		121,740		313,203		3,930		(1,065	)
EQ/T. Rowe Price Growth Stock Portfolio		349,535		62,042		70,220		340,251		—		6,473
Multimanager Core Bond Portfolio		286,717		109,185		90,884		305,929		6,754		153
Multimanager Mid Cap Value Portfolio		488,016		96,941		111,023		560,223		6,745		3,102
	$	8,746,934	$	2,140,877	$	2,288,451	$	9,109,053	$	151,628	$	84,721

† When applicable, realized gain includes net distributions of realized gain received from underlying funds.

(a) Formerly known as EQ/Real Estate PLUS Portfolio.

(b) Formerly known as EQ/Wells Fargo Omega Growth Portfolio.

(c) Formerly known as EQ/Morgan Stanley Mid Cap Growth Portfolio.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2016

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 2016:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Exchange Traded Funds
Exchange Traded Funds	$	2,204,003	$	—	$	—	$	2,204,003
Investment Companies
Investment Companies		1,060,734		9,109,053		—		10,169,787
Short-Term Investments
Investment Companies		22,250		—		—		22,250
Total Assets	$	3,286,987	$	9,109,053	$	—	$	12,396,040
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	3,286,987	$	9,109,053	$	—	$	12,396,040

There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2016.

The Portfolio held no derivatives contracts during the year ended December 31, 2016.

Investment security transactions for the year ended December 31, 2016 were as follows:

Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	2,387,333
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	2,630,303

As of December 31, 2016, 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	$	491,225
Aggregate gross unrealized depreciation		(682,227	)
Net unrealized depreciation	$	(191,002	)
Federal income tax cost of investments	$	12,587,042

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2016

ASSETS
Investments at value:
Affiliated Issuers (Cost $9,203,883)	$	9,109,053
Unaffiliated Issuers (Cost $3,472,342)		3,286,987
Cash		26,000
Receivable from Separate Accounts for Trust shares sold		45,276
Receivable from investment manager		7,485
Dividends, interest and other receivables		742
Other assets		40
Total assets		12,475,583
LIABILITIES
Payable for securities purchased		4,589
Distribution fees payable – Class B		2,632
Payable to Separate Accounts for Trust shares redeemed		369
Trustees’ fees payable		310
Accrued expenses		57,844
Total liabilities		65,744
NET ASSETS	$	12,409,839
Net assets were comprised of:
Paid in capital	$	12,579,474
Accumulated undistributed net investment income (loss)		3,161
Accumulated undistributed net realized gain (loss) on investments		107,389
Net unrealized appreciation (depreciation) on investments		(280,185	)
Net assets	$	12,409,839
Class B
Net asset value, offering and redemption price per share, $12,409,839 / 1,275,343 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.73

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2016

INVESTMENT INCOME
Dividends ($151,628 of dividend income received from affiliates)	$	205,813
Interest		2,463
Total income		208,276
EXPENSES
Custodian fees		154,600
Professional fees		38,334
Administrative fees		32,501
Distribution fees – Class B		30,661
Investment management fees		18,396
Printing and mailing expenses		1,749
Trustees’ fees		459
Miscellaneous		282
Gross expenses		276,982
Less:   Waiver from investment manager		(50,897	)
Reimbursement from investment manager		(152,836	)
Net expenses		73,249
NET INVESTMENT INCOME (LOSS)		135,027
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments ($22,775 of realized gain (loss) from affiliates)		24,488
Net distributions of realized gain received from underlying funds ($61,946 received from affiliates)		63,972
Net realized gain (loss)		88,460
Net change in unrealized appreciation (depreciation) on investments ($509,693 of change in unrealized appreciation (depreciation) from affiliates)		692,720
NET REALIZED AND UNREALIZED GAIN (LOSS)		781,180
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	916,207

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2016			2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	135,027		$	103,098
Net realized gain (loss) on investments and net distributions of realized gain received from underlying funds		88,460			211,698
Net change in unrealized appreciation (depreciation) on investments		692,720			(697,375	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		916,207			(382,579	)
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class B		(145,075	)		(142,305	)
Distributions from net realized capital gains
Class B		(75,498	)		(281,747	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		(220,573	)		(424,052	)
CAPITAL SHARES TRANSACTIONS:
Class B
Capital shares sold [ 216,798 and 483,471 shares, respectively ]		2,023,317			4,805,774
Capital shares issued in reinvestment of dividends and distributions [ 22,541 and 45,401 shares, respectively ]		220,573			424,052
Capital shares repurchased [ (254,140) and (669,689) shares, respectively ]		(2,418,391	)		(6,859,003	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(174,501	)		(1,629,177	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		521,133			(2,435,808	)
NET ASSETS:
Beginning of year		11,888,706			14,324,514
End of year (a)	$	12,409,839		$	11,888,706
(a)  Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	3,161		$	2,056

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Year Ended December 31,									October 30, 2013* to December 31, 2013
Class B	2016			2015			2014
Net asset value, beginning of period	$	9.22		$	10.01		$	10.02		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.10			0.08			0.14			0.08
Net realized and unrealized gain (loss) on investments		0.59			(0.53	)		0.03			0.06
Total from investment operations		0.69			(0.45	)		0.17			0.14
Less distributions:
Dividends from net investment income		(0.12	)		(0.11	)		(0.15	)		(0.10	)
Distributions from net realized gains		(0.06	)		(0.23	)		(0.03	)		(0.02	)
Total dividends and distributions		(0.18	)		(0.34	)		(0.18	)		(0.12	)
Net asset value, end of period	$	9.73		$	9.22		$	10.01		$	10.02
Total return (b)		7.44	%		(4.55	)%		1.64	%		1.48	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	12,410		$	11,889		$	14,325		$	5,785
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.60	%(j)		0.63	%		0.65	%		0.65	%
Before waivers and reimbursements (a)(f)		2.26	%		2.30	%		3.03	%		3.57	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x)		1.10	%		0.77	%		1.36	%		4.90	%(l)
Before waivers and reimbursements (a)(f)(x)		(0.56	)%		(0.90	)%		(1.02	)%		1.99	%(l)
Portfolio turnover rate (z)^		19	%		39	%		55	%		10	%

* Commencement of Operations.

^ Portfolio turnover rate excludes derivatives, if any.

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

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

(e) Net investment income (loss) per share is based on average shares outstanding.

(f) Expenses do not include the expenses of the underlying funds (“indirect expenses”), if applicable.

(j) Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.13%.

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

(x) Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.

(z) Portfolio turnover rate for periods less than one year is not annualized.

See Notes to Financial Statements.

87

CHARTER^SM AGGRESSIVE GROWTH PORTFOLIO (Unaudited)

INVESTMENT MANAGER

_Ø AXA Equitable Funds Management Group, LLC

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/16
	1 Year			Since Incept.
Portfolio – Class B Shares*		8.47	%		1.70	%
Dow Jones Moderately Aggressive Portfolio Index		9.31			4.84
65% MSCI AC World (Net) Index/7% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index/3% BofA Merrill Lynch Global Broad Market ex U.S. Index/25% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		5.49			2.65
*   Date of inception 10/30/13.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class B shares returned 8.47% for the year ended December 31, 2016. This compares to the returns of the following benchmarks: Dow Jones Moderately Aggressive Portfolio Index and the 65% MSCI AC World (Net) Index/7% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index/3% BofA Merrill Lynch Global Broad Market ex U.S. Index/25% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index, which returned 9.31% and 5.49%, respectively, over the same period.

Portfolio Highlights

• As of 12/31/2016, the Portfolio’s allocation (as a percentage of market value excluding cash) consisted of 63.4% equity investments, 9.2% fixed income investments and 27.4% non-traditional (alternative) investments.

• The Portfolio provided positive returns for the year, roughly matching its benchmark after a margin for expenses.

• In 2016, high-quality government bonds rose modestly, while the equity markets were up substantially. The Portfolio’s equity allocation contributed the bulk of gains, with certain value-style holdings in small-, mid-, and large-cap stocks adding value over comparable indexes. The fixed income allocation’s holdings also contributed to returns, with emerging markets, global inflation-linked and high-yield bonds as top performers. Alternative holdings, particularly in natural resources and energy-related securities, also added value.

Table by Asset Class (as a percentage of Total Investments) As of December 31, 2016
Equity	63.2	%
Alternatives	27.3
Fixed Income	9.5

Top 10 Holdings (as a percentage of Total Investments) As of December 31, 2016
EQ/International Equity Index Portfolio	8.1	%
EQ/Capital Guardian Research Portfolio	6.4
Multimanager Mid Cap Value Portfolio	5.2
AXA/Janus Enterprise Portfolio	4.6
EQ/MFS International Growth Portfolio	4.5
EQ/GAMCO Small Company Value Portfolio	3.6
EQ/Invesco Comstock Portfolio	3.5
EQ/BlackRock Basic Value Equity Portfolio	3.5
AXA/AB Small Cap Growth Portfolio	3.3
AXA Real Estate Portfolio	3.2

88

CHARTER^SM AGGRESSIVE GROWTH PORTFOLIO (Unaudited)

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 investment advisory fees, distribution and/or service (12b-1) fees (in the case of Class B shares of the Portfolio), 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, 2016 and held for the entire six-month period.

Actual Expenses

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

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

EXAMPLE

	Beginning Account Value 7/1/16		Ending Account Value 12/31/16		Expenses Paid During Period* 7/1/16 - 12/31/16
Class B
Actual		$1,000.00		$1,050.19		$3.35
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.87		3.30
*   Expenses are equal to the Portfolio’s Class B shares annualized expense ratio of 0.65%, multiplied by the average account value over the period, and multiplied by 184/366 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

December 31, 2016

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS:
iShares Floating Rate Bond Fund		920	$	46,672
iShares Global Infrastructure Fund		3,880		151,474
iShares International Treasury Bond Fund		80		7,186
iShares JP Morgan USD Emerging Markets Bond Fund		490		54,008
iShares Micro-Cap Fund		200		17,168
iShares MSCI EAFE Small-Cap Fund		830		41,367
iShares U.S. Oil & Gas Exploration & Production Fund		1,850		121,064
PowerShares DB Base Metals Fund*		2,430		36,256
PowerShares DB Commodity Index Tracking Fund*		5,460		86,486
PowerShares DB G10 Currency Harvest Fund*		4,275		106,063
PowerShares DB Gold Fund*		2,860		105,906
PowerShares DB Silver Fund*		740		18,396
PowerShares S&P 500 BuyWrite Portfolio		4,190		89,121
SPDR Bloomberg Barclays Short Term High Yield Bond Fund		780		21,590
Vanguard Short-Term Inflation-Protected Securities Fund		270		13,273
Vanguard Total International Bond Fund		910		49,404
Total Exchange Traded Funds (18.3%) (Cost $1,084,405)				965,434
INVESTMENT COMPANIES:
AQR Managed Futures Strategy, Institutional Class		6,281		58,540
AXA Natural Resources Portfolio‡		14,552		115,725
AXA Real Estate Portfolio‡		16,225		169,927
AXA SmartBeta Equity Portfolio‡		7,561		84,341
AXA/AB Small Cap Growth Portfolio‡		9,742		176,439
AXA/ClearBridge Large Cap Growth Portfolio*‡		15,103		164,339
AXA/Janus Enterprise Portfolio*‡		15,203		241,769
AXA/Lord Abbett Micro Cap Portfolio‡		7,689		76,425
BlackRock Global Long/Short Credit Fund, Institutional Class*		2,741		27,742
Eaton Vance Floating-Rate Fund, Institutional Class		1,561		13,973
EQ/BlackRock Basic Value Equity Portfolio‡		7,939		183,803
EQ/Capital Guardian Research Portfolio‡		15,107		341,530
EQ/Convertible Securities Portfolio‡		15,032		153,085
EQ/Emerging Markets Equity PLUS Portfolio‡		20,392		163,220
EQ/Energy ETF Portfolio‡		16,045		119,366
EQ/GAMCO Mergers and Acquisitions Portfolio‡		3,496		45,658
EQ/GAMCO Small Company Value Portfolio‡		3,245		189,923
EQ/Global Bond PLUS Portfolio‡		5,301		46,465
EQ/High Yield Bond Portfolio‡		3,948		37,594
EQ/Intermediate Government Bond Portfolio‡		4,919		50,335
EQ/International Equity Index Portfolio‡		51,058	$	427,063
EQ/Invesco Comstock Portfolio‡		11,777		185,894
EQ/Low Volatility Global ETF Portfolio‡		8,269		84,444
EQ/MFS International Growth Portfolio‡		36,369		238,979
EQ/PIMCO Global Real Return Portfolio‡		4,051		39,321
EQ/PIMCO Ultra Short Bond Portfolio‡		4,766		47,024
EQ/T. Rowe Price Growth Stock Portfolio*‡		4,234		164,834
Financial Investors Trust – Listed Private Equity Fund, Institutional Class		2,709		17,556
Franklin K2 Alternative Strategies Fund, Advisor Class		2,291		24,677
Morgan Stanley Institutional Fund, Inc. – Frontier Emerging Markets Portfolio, Institutional Class		4,691		81,576
Multimanager Core Bond Portfolio‡		5,069		49,568
Multimanager Mid Cap Value Portfolio‡		17,683		276,599
PIMCO Foreign Bond Fund Unhedged, Institutional Class		804		7,401
Templeton Emerging Markets Small Cap Fund, Advisor Class		6,722		78,046
Templeton Global Smaller Companies Fund, Advisor Class		15,006		131,755
Total Investment Companies (82.0%) (Cost $4,522,087)				4,314,936
SHORT-TERM INVESTMENT:
Investment Company (0.5%)
JPMorgan Prime Money Market Fund, IM Shares		24,263		24,270
Total Short-Term Investment (0.5%) (Cost $24,270)				24,270
Total Investments (100.8%) (Cost $5,630,762)				5,304,640
Other Assets Less Liabilities (-0.8%)				(43,917	)
Net Assets (100%)			$	5,260,723

* Non-income producing.

‡ All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.

The holdings in affiliated Investment Companies are all Class K shares.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2016

Investments in companies which were affiliates for the year ended December 31, 2016, were as follows:

Securities	Value December 31, 2015		Purchases at Cost		Sales at Cost		Value December 31, 2016		Dividend Income		Realized Gain (Loss)†
AXA Natural Resources Portfolio	$	145,089	$	65,189	$	137,328	$	115,725	$	2,673	$	(3,404	)
AXA Real Estate Portfolio (a)		267,735		116,436		220,903		169,927		1,588		8,898
AXA SmartBeta Equity Portfolio		123,771		51,287		94,847		84,341		1,273		2,413
AXA/AB Small Cap Growth Portfolio		235,167		112,193		192,008		176,439		1,032		46
AXA/ClearBridge Large Cap Growth Portfolio (b)		241,044		105,791		190,417		164,339		—		(6,834	)
AXA/Janus Enterprise Portfolio (c)		349,283		173,900		283,417		241,769		—		(14,859	)
AXA/Lord Abbett Micro Cap Portfolio		104,979		37,636		74,432		76,425		126		(2,138	)
EQ/BlackRock Basic Value Equity Portfolio		234,683		103,016		180,499		183,803		2,991		6,118
EQ/Capital Guardian Research Portfolio		468,726		212,554		351,235		341,530		3,754		21,368
EQ/Convertible Securities Portfolio		214,551		93,482		162,502		153,085		5,959		(1,549	)
EQ/Emerging Markets Equity PLUS Portfolio		210,458		126,709		201,229		163,220		1,684		(3,511	)
EQ/Energy ETF Portfolio		136,991		84,570		132,279		119,366		2,054		3,744
EQ/GAMCO Mergers and Acquisitions Portfolio		62,916		33,628		52,979		45,658		115		2,138
EQ/GAMCO Small Company Value Portfolio		246,027		107,306		204,637		189,923		1,319		2,643
EQ/Global Bond PLUS Portfolio		65,313		32,361		52,310		46,465		1,015		(60	)
EQ/High Yield Bond Portfolio		51,406		20,730		38,611		37,594		1,975		(614	)
EQ/Intermediate Government Bond Portfolio		69,334		43,818		62,663		50,335		471		591
EQ/International Equity Index Portfolio		579,899		257,326		427,512		427,063		12,418		(19,565	)
EQ/Invesco Comstock Portfolio		245,033		104,694		188,977		185,894		4,668		541
EQ/Low Volatility Global ETF Portfolio		120,795		54,506		96,123		84,444		2,153		4,375
EQ/MFS International Growth Portfolio		353,378		147,192		274,503		238,979		2,940		(5,294	)
EQ/PIMCO Global Real Return Portfolio		63,731		27,085		54,583		39,321		1,989		235
EQ/PIMCO Ultra Short Bond Portfolio		72,621		43,845		70,302		47,024		588		(239	)
EQ/T. Rowe Price Growth Stock Portfolio		245,166		102,889		172,733		164,834		—		9,148
Multimanager Core Bond Portfolio		70,062		37,719		59,009		49,568		1,412		104
Multimanager Mid Cap Value Portfolio		357,979		147,103		275,338		276,599		3,316		5,206
	$	5,336,137	$	2,442,965	$	4,251,376	$	3,873,670	$	57,513	$	9,501

† When applicable, realized gain includes net distributions of realized gain received from underlying funds.

(a) Formerly known as EQ/Real Estate PLUS Portfolio.

(b) Formerly known as EQ/Wells Fargo Omega Growth Portfolio.

(c) Formerly known as EQ/Morgan Stanley Mid Cap Growth Portfolio.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2016

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 2016:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Exchange Traded Funds
Exchange Traded Funds	$	965,434	$	—	$	—	$	965,434
Investment Companies
Investment Companies		441,266		3,873,670		—		4,314,936
Short-Term Investments
Investment Companies		24,270		—		—		24,270
Total Assets	$	1,430,970	$	3,873,670	$	—	$	5,304,640
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	1,430,970	$	3,873,670	$	—	$	5,304,640

There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2016.

The Portfolio held no derivatives contracts during the year ended December 31, 2016.

Investment security transactions for the year ended December 31, 2016 were as follows:

Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	3,017,968
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	5,427,186

As of December 31, 2016, 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	$	226,372
Aggregate gross unrealized depreciation		(481,252	)
Net unrealized depreciation	$	(254,880	)
Federal income tax cost of investments	$	5,559,520

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2016

ASSETS
Investments at value:
Affiliated Issuers (Cost $4,052,857)	$	3,873,670
Unaffiliated Issuers (Cost $1,577,905)		1,430,970
Cash		11,000
Receivable from investment manager		7,798
Dividends, interest and other receivables		190
Other assets		26
Total assets		5,323,654
LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		2,523
Payable for securities purchased		1,205
Distribution fees payable – Class B		1,128
Trustees’ fees payable		165
Accrued expenses		57,910
Total liabilities		62,931
NET ASSETS	$	5,260,723
Net assets were comprised of:
Paid in capital	$	5,521,991
Accumulated undistributed net investment income (loss)		2,636
Accumulated undistributed net realized gain (loss) on investments		62,218
Net unrealized appreciation (depreciation) on investments		(326,122	)
Net assets	$	5,260,723
Class B
Net asset value, offering and redemption price per share, $5,260,723 / 537,387 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.79

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2016

INVESTMENT INCOME
Dividends ($57,513 of dividend income received from affiliates)	$	79,641
Interest		2,346
Total income		81,987
EXPENSES
Custodian fees		153,000
Professional fees		38,130
Administrative fees		32,500
Distribution fees – Class B		16,345
Investment management fees		9,807
Printing and mailing expenses		987
Trustees’ fees		261
Miscellaneous		210
Gross expenses		251,240
Less:   Waiver from investment manager		(42,307	)
Reimbursement from investment manager		(169,074	)
Net expenses		39,859
NET INVESTMENT INCOME (LOSS)		42,128
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments ($(19,037) of realized gain (loss) from affiliates)		(36,450	)
Net distributions of realized gain received from underlying funds ($28,538 received from affiliates)		29,706
Net realized gain (loss)		(6,744	)
Net change in unrealized appreciation (depreciation) on investments ($345,944 of change in unrealized appreciation (depreciation) from affiliates)		520,561
NET REALIZED AND UNREALIZED GAIN (LOSS)		513,817
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	555,945

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2016			2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	42,128		$	54,206
Net realized gain (loss) on investments and net distributions of realized gain received from underlying funds		(6,744	)		96,874
Net change in unrealized appreciation (depreciation) on investments		520,561			(643,778	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		555,945			(492,698	)
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class B		(46,041	)		(72,617	)
Distributions from net realized capital gains
Class B		—			(140,781	)
Return of capital
Class B		(8,410	)		—
TOTAL DIVIDENDS AND DISTRIBUTIONS		(54,451	)		(213,398	)
CAPITAL SHARES TRANSACTIONS:
Class B
Capital shares sold [ 315,775 and 348,180 shares, respectively ]		2,913,844			3,514,078
Capital shares issued in reinvestment of dividends and distributions [ 5,552 and 23,126 shares, respectively ]		54,451			213,398
Capital shares repurchased [ (576,083) and (302,740) shares, respectively ]		(5,429,539	)		(2,988,282	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(2,461,244	)		739,194
TOTAL INCREASE (DECREASE) IN NET ASSETS		(1,959,750	)		33,098
NET ASSETS:
Beginning of year		7,220,473			7,187,375
End of year (a)	$	5,260,723		$	7,220,473
(a)  Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	2,636		$	2,734

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Year Ended December 31,									October 30, 2013* to December 31, 2013
Class B	2016			2015			2014
Net asset value, beginning of period	$	9.12		$	9.93		$	9.98		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.06			0.07			0.12			0.09
Net realized and unrealized gain (loss) on investments		0.72			(0.62	)		(0.01	)		0.10
Total from investment operations		0.78			(0.55	)		0.11			0.19
Less distributions:
Dividends from net investment income		(0.09	)		(0.09	)		(0.15	)		(0.14	)
Distributions from net realized gains		—			(0.17	)		(0.01	)		(0.07	)
Return of capital		(0.02	)		—			—			—
Total dividends and distributions		(0.11	)		(0.26	)		(0.16	)		(0.21	)
Net asset value, end of period	$	9.79		$	9.12		$	9.93		$	9.98
Total return (b)		8.47	%		(5.58	)%		1.08	%		1.90	%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	5,261		$	7,220		$	7,187		$	4,204
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.61	%(j)		0.63	%		0.65	%		0.65	%
Before waivers and reimbursements (a)(f)		3.84	%		3.54	%		4.93	%		3.80	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x)		0.64	%		0.70	%		1.18	%		5.07	%(l)
Before waivers and reimbursements (a)(f)(x)		(2.59	)%		(2.21	)%		(3.10	)%		1.92	%(l)
Portfolio turnover rate (z)^		46	%		40	%		21	%		10	%

* Commencement of Operations.

^ Portfolio turnover rate excludes derivatives, if any.

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

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

(e) Net investment income (loss) per share is based on average shares outstanding.

(f) Expenses do not include the expenses of the underlying funds (“indirect expenses”), if applicable.

(j) Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.10%.

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

(x) Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.

(z) Portfolio turnover rate for periods less than one year is not annualized.

See Notes to Financial Statements.

95

CHARTER^SM INTERNATIONAL MODERATE PORTFOLIO (Unaudited)

INVESTMENT MANAGER

_Ø AXA Equitable Funds Management Group, LLC

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/16
	1 Year			Since Incept.
Portfolio – Class B Shares*		5.41	%		(0.33	)%
BofA Merrill Lynch Global Broad Market ex. U.S. Index		1.69			(3.12	)
35% MSCI AC World ex. U.S. (Net) Index / 55% BofA Merrill Lynch Global Broad Market ex. U.S. Index / 10% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		2.76			(2.09	)
*   Date of inception 10/30/13.     Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class B shares returned 5.41% for the year ended December 31, 2016. This compares to the returns of the following benchmarks: BofA Merrill Lynch Global Broad Market ex. U.S. Index and 35% MSCI AC World ex. U.S. (Net) Index/55% BofA Merrill Lynch Global Broad Market ex. U.S. Index/10% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index, which returned 1.69% and 2.76%, respectively, over the same period.

Portfolio Highlights

• As of 12/31/2016, the Portfolio’s allocation (as a percentage of market value excluding cash) consisted of 35.9% equity investments, 54.7% fixed income investments and 9.4% non-traditional (alternative) investments.

• The Portfolio provided positive returns for the year, outperforming its benchmark after a margin for expenses.

• In 2016, the equity markets were up substantially, while high-quality government bonds rose only modestly. The Portfolio’s fixed income allocation provided good returns, with emerging markets bonds, global inflation-linked holdings and high-yield bonds adding value over comparable indexes. Equities also provided returns, with holdings in international dividend stocks and emerging markets equity outperforming in their sectors. The Portfolio’s alternative categories all added modestly to total return.

Table by Asset Class (as a percentage of Total Investments) As of December 31, 2016
Fixed Income	55.1	%
Equity	35.5
Alternatives	9.4

Top 10 Holdings (as a percentage of Total Investments) As of December 31, 2016
iShares JP Morgan USD Emerging Markets Bond Fund	13.3	%
iShares International High Yield Bond Fund	11.6
EQ/Global Bond PLUS Portfolio	8.8
EQ/International Equity Index Portfolio	7.9
iShares International Select Dividend Fund	6.8
EQ/PIMCO Global Real Return Portfolio	6.5
SPDR Citi International Government Inflation-Protected Bond Fund	6.4
AXA Real Estate Portfolio	5.6
EQ/MFS International Growth Portfolio	4.2
EQ/Emerging Markets Equity PLUS Portfolio	3.2

96

CHARTER^SM INTERNATIONAL MODERATE PORTFOLIO (Unaudited)

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 investment advisory fees, distribution and/or service (12b-1) fees (in the case of Class B shares of the Portfolio), 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, 2016 and held for the entire six-month period.

Actual Expenses

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

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

EXAMPLE

	Beginning Account Value 7/1/16		Ending Account Value 12/31/16		Expenses Paid During Period* 7/1/16 - 12/31/16
Class B
Actual		$1,000.00		$998.81		$3.14
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.00		3.17
*   Expenses are equal to the Portfolio’s Class B shares annualized expense ratio of 0.62%, multiplied by the average account value over the period, and multiplied by 184/366 (to reflect the one-half year period).

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CHARTER^SM INTERNATIONAL MODERATE PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2016

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS:
iShares Emerging Markets Infrastructure Fund		1,110	$	31,180
iShares Global Infrastructure Fund		3,290		128,442
iShares International High Yield Bond Fund		20,960		961,016
iShares International Select Dividend Fund		19,190		567,256
iShares International Treasury Bond Fund		410		36,826
iShares JP Morgan USD Emerging Markets Bond Fund		10,010		1,103,302
iShares MSCI EAFE Small-Cap Fund		4,240		211,322
iShares MSCI Frontier 100 Fund		240		5,964
PowerShares DB G10 Currency Harvest Fund		6,120		151,837
PowerShares Global Short Term High Yield Bond Portfolio		7,200		175,965
SPDR Citi International Government Inflation-Protected Bond Fund*		10,260		533,725
SPDR S&P Emerging Markets SmallCap Fund		1,400		55,608
Vanguard Short-Term Inflation-Protected Securities Fund		920		45,227
Vanguard Total International Bond Fund		4,120		223,675
Total Exchange Traded Funds (51.3%) (Cost $4,780,124)				4,231,345
INVESTMENT COMPANIES:
AXA Real Estate Portfolio‡		44,290		463,857
AXA SmartBeta Equity Portfolio‡		16,944		189,013
EQ/Emerging Markets Equity PLUS Portfolio‡		32,813		262,647
EQ/Global Bond PLUS Portfolio‡		83,600		732,791
EQ/International Equity Index Portfolio‡		78,611		657,522
EQ/Low Volatility Global ETF Portfolio‡		18,887	$	192,884
EQ/MFS International Growth Portfolio‡		53,327		350,415
EQ/PIMCO Global Real Return Portfolio‡		55,589		539,597
Morgan Stanley Institutional Fund, Inc. – Frontier Emerging Markets Portfolio, Institutional Class		10,784		187,535
PIMCO Foreign Bond Fund Unhedged, Institutional Class		15,794		145,462
Templeton Emerging Markets Small Cap Fund, Advisor Class		11,046		128,240
Templeton Global Smaller Companies Fund, Advisor Class		15,770		138,457
Total Investment Companies (48.4%) (Cost $4,260,738)				3,988,420
SHORT-TERM INVESTMENT:
Investment Company (1.0%)
JPMorgan Prime Money Market Fund, IM Shares		85,159		85,185
Total Short-Term Investment (1.0%) (Cost $85,176)				85,185
Total Investments (100.7%) (Cost $9,126,038)				8,304,950
Other Assets Less Liabilities (-0.7%)				(61,594	)
Net Assets (100%)			$	8,243,356

* Non-income producing.

‡ All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.

The holdings in affiliated Investment Companies are all Class K shares.

Investments in companies which were affiliates for the year ended December 31, 2016, were as follows:

Securities	Value December 31, 2015		Purchases at Cost		Sales at Cost		Value December 31, 2016		Dividend Income		Realized Gain (Loss)†
AXA Real Estate Portfolio (a)	$	846,589	$	73,225	$	473,361	$	463,857	$	4,275	$	35,084
AXA SmartBeta Equity Portfolio		335,341		26,282		171,761		189,013		2,849		16,113
EQ/Emerging Markets Equity PLUS Portfolio		415,055		33,530		241,069		262,647		2,356		(24,025	)
EQ/Global Bond PLUS Portfolio		1,289,654		117,345		705,078		732,791		16,074		(5,017	)
EQ/International Equity Index Portfolio		1,028,384		171,825		591,722		657,522		19,154		(61,199	)
EQ/Low Volatility Global ETF Portfolio		334,567		33,717		182,541		192,884		4,937		17,280
EQ/MFS International Growth Portfolio		593,127		49,353		326,729		350,415		4,311		(25,615	)
EQ/PIMCO Global Real Return Portfolio		792,355		124,211		414,197		539,597		27,413		7,841
	$	5,635,072	$	629,488	$	3,106,458	$	3,388,726	$	81,369	$	(39,538	)

† When applicable, realized gain includes net distributions of realized gain received from underlying funds.

(a) Formerly known as EQ/Real Estate PLUS Portfolio.

See Notes to Financial Statements.

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CHARTER^SM INTERNATIONAL MODERATE PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2016

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 2016:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Exchange Traded Funds
Exchange Traded Funds	$	4,231,345	$	—	$	—	$	4,231,345
Investment Companies
Investment Companies		599,694		3,388,726		—		3,988,420
Short-Term Investments
Investment Companies		85,185		—		—		85,185
Total Assets	$	4,916,224	$	3,388,726	$	—	$	8,304,950
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	4,916,224	$	3,388,726	$	—	$	8,304,950

There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2016.

The Portfolio held no derivatives contracts during the year ended December 31, 2016.

Investment security transactions for the year ended December 31, 2016 were as follows:

Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	965,239
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	6,723,941

As of December 31, 2016, 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	$	51,152
Aggregate gross unrealized depreciation		(861,044	)
Net unrealized depreciation	$	(809,892	)
Federal income tax cost of investments	$	9,114,842

See Notes to Financial Statements.

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CHARTER^SM INTERNATIONAL MODERATE PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2016

ASSETS
Investments at value:
Affiliated Issuers (Cost $3,642,456)	$	3,388,726
Unaffiliated Issuers (Cost $5,483,582)		4,916,224
Cash		10,000
Dividends, interest and other receivables		6,992
Receivable from Separate Accounts for Trust shares sold		154
Receivable for securities sold		37
Other assets		59
Total assets		8,322,192
LIABILITIES
Administrative fees payable		3,588
Distribution fees payable – Class B		1,727
Trustees’ fees payable		837
Payable for securities purchased		198
Payable to Separate Accounts for Trust shares redeemed		50
Accrued expenses		72,436
Total liabilities		78,836
NET ASSETS	$	8,243,356
Net assets were comprised of:
Paid in capital	$	9,345,198
Accumulated undistributed net investment income (loss)		5,075
Accumulated undistributed net realized gain (loss) on investments		(285,829	)
Net unrealized appreciation (depreciation) on investments		(821,088	)
Net assets	$	8,243,356
Class B
Net asset value, offering and redemption price per share, $8,243,356 / 906,792 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.09

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2016

INVESTMENT INCOME
Dividends ($81,369 of dividend income received from affiliates)	$	242,271
Interest		2,827
Total income		245,098
EXPENSES
Custodian fees		53,500
Professional fees		37,589
Administrative fees		32,503
Distribution fees – Class B		27,709
Investment management fees		16,625
Printing and mailing expenses		1,705
Trustees’ fees		459
Miscellaneous		311
Gross expenses		170,401
Less:   Waiver from investment manager		(49,128	)
Reimbursement from investment manager		(55,240	)
Net expenses		66,033
NET INVESTMENT INCOME (LOSS)		179,065
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments ($(54,240) of realized gain (loss) from affiliates)		(250,302	)
Net distributions of realized gain received from underlying funds ($14,702 received from affiliates)		21,911
Net realized gain (loss)		(228,391	)
Net change in unrealized appreciation (depreciation) on investments ($230,624 of change in unrealized appreciation (depreciation) from affiliates)		784,728
NET REALIZED AND UNREALIZED GAIN (LOSS)		556,337
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	735,402

See Notes to Financial Statements.

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CHARTER^SM INTERNATIONAL MODERATE PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2016			2015 (ag)
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	179,065		$	138,265
Net realized gain (loss) on investments and net distributions of realized gain received from underlying funds		(228,391	)		(8,433	)
Net change in unrealized appreciation (depreciation) on investments		784,728			(328,510	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		735,402			(198,678	)
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class B		(187,952	)		(150,705	)
Distributions from net realized capital gains
Class B		—			(16,277	)
Return of capital
Class B		(21,324	)		—
TOTAL DIVIDENDS AND DISTRIBUTIONS		(209,276	)		(166,982	)
CAPITAL SHARES TRANSACTIONS:
Class B
Capital shares sold [ 114,708 and 72,783 shares, respectively ]		1,068,303			672,733
Capital shares issued in connection with merger (Note 9) [ 0 and 962,890 shares, respectively ]		—			8,571,057
Capital shares issued in reinvestment of dividends and distributions [ 23,196 and 18,767 shares, respectively ]		209,276			166,982
Capital shares repurchased [ (757,835) and (32,138) shares, respectively ]		(7,076,461	)		(299,237	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(5,798,882	)		9,111,535
TOTAL INCREASE (DECREASE) IN NET ASSETS		(5,272,756	)		8,745,875
NET ASSETS:
Beginning of year		13,516,112			4,770,237
End of year (a)	$	8,243,356		$	13,516,112
(a)    Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	5,075		$	9,087
(ag)  On September 25, 2015, this Portfolio received, through a merger transaction, the assets and liabilities of the CharterSM International Conservative Portfolio and CharterSM International Growth Portfolio that followed the same objectives as this Portfolio. Information prior to the period ended September 25, 2015 represents the results of operations of the CharterSM International Moderate Portfolio.

See Notes to Financial Statements.

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CHARTER^SM INTERNATIONAL MODERATE PORTFOLIO (ag)

FINANCIAL HIGHLIGHTS

	Year Ended December 31,									October 30, 2013* to December 31, 2013
Class B	2016			2015			2014
Net asset value, beginning of period	$	8.85		$	9.46		$	9.77		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.15			0.18			0.26			0.09
Net realized and unrealized gain (loss) on investments		0.32			(0.66	)		(0.29	)		(0.17	)
Total from investment operations		0.47			(0.48	)		(0.03	)		(0.08	)
Less distributions:
Dividends from net investment income		(0.21	)		(0.10	)		(0.28	)		(0.11	)
Distributions from net realized gains		—			(0.03	)		—			(0.01	)
Return of capital		(0.02	)		—			—			(0.03	)
Total dividends and distributions		(0.23	)		(0.13	)		(0.28	)		(0.15	)
Net asset value, end of period	$	9.09		$	8.85		$	9.46		$	9.77
Total return (b)		5.41	%		(5.07	)%		(0.29	)%		(0.81	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	8,243		$	13,516		$	4,770		$	3,971
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.60	%(j)		0.60	%		0.65	%		0.65	%
Before waivers and reimbursements (a)(f)		1.54	%		2.89	%		4.19	%		3.88	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x)		1.62	%		1.91	%		2.59	%		5.14	%(l)
Before waivers and reimbursements (a)(f)(x)		0.67	%		(0.37	)%		(0.95	)%		1.91	%(l)
Portfolio turnover rate (z)^		9	%		13	%		12	%		13	%

* Commencement of Operations.

^ Portfolio turnover rate excludes derivatives, if any.

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

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

(e) Net investment income (loss) per share is based on average shares outstanding.

(f) Expenses do not include the expenses of the underlying funds (“indirect expenses”), if applicable.

(j) Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.97%.

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

(x) Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.

(z) Portfolio turnover rate for periods less than one year is not annualized.

(ag) On September 25, 2015, this Portfolio received, through a merger transaction, the assets and liabilities of the Charter^SM International Conservative Portfolio and Charter^SM International Growth Portfolio that followed the same objectives as this Portfolio. Information prior to the period ended September 25, 2015 represents the results of operations of the Charter^SM International Moderate Portfolio.

See Notes to Financial Statements.

102

CHARTER^SM INCOME STRATEGIES PORTFOLIO (Unaudited)

INVESTMENT MANAGER

_Ø AXA Equitable Funds Management Group, LLC

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/16
	1 Year			Since Incept.
Portfolio – Class B Shares*		7.00	%		2.43	%
Bloomberg Barclays U.S. Aggregate Bond Index		2.65			2.55
25% MSCI AC World (Net) Index/50% Bloomberg Barclays U.S. Aggregate Bond Index/25% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		3.47			2.37
*   Date of inception 10/30/13.     Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class B shares returned 7.00% for the year ended December 31, 2016. This compares to the returns of the following benchmarks: Bloomberg Barclays U.S. Aggregate Bond Index and 25% MSCI AC World (Net) Index/50% Bloomberg Barclays U.S. Aggregate Bond Index/25% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index, which returned 2.65% and 3.47%, respectively, over the same period.

Portfolio Highlights

• As of 12/31/2016, the Portfolio’s allocation (as a percentage of market value excluding cash) consisted of 25.2% equity investments, 47.1% fixed income investments and 27.6% non-traditional (alternative) investments.

• In 2016, the Portfolio outperformed its benchmark after a margin for expenses.

• For the year, equity markets were up substantially, while high-quality government bonds rose modestly. The Portfolio’s fixed income allocation contributed positively to gains, with high-yield bonds, floating rate and inflation-linked bonds as top performers. The Portfolio’s modest 25% allocation to equities also provided positive returns, particularly equity-income holdings that exceeded their comparable index. Alternative holdings made the biggest contribution to return, with global infrastructure and natural resources among the top performers.

Table by Asset Class (as a percentage of Total Investments) As of December 31, 2016
Fixed Income	47.4	%
Alternatives	27.5
Equity	25.1

Top 10 Holdings (as a percentage of Total Investments) As of December 31, 2016
EQ/Boston Advisors Equity Income Portfolio	12.6	%
Multimanager Core Bond Portfolio	8.8
iShares Global Infrastructure Fund	7.7
iShares US Preferred Stock Fund	7.3
PowerShares S&P 500 BuyWrite Portfolio	6.2
AXA Real Estate Portfolio	5.8
iShares International Select Dividend Fund	5.2
EQ/Core Bond Index Portfolio	5.0
EQ/High Yield Bond Portfolio	4.7
iShares iBoxx $ Investment Grade Corporate Bond Fund	4.1

103

CHARTER^SM INCOME STRATEGIES PORTFOLIO (Unaudited)

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 investment advisory fees, distribution and/or service (12b-1) fees (in the case of Class B shares of the Portfolio), 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, 2016 and held for the entire six-month period.

Actual Expenses

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

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

EXAMPLE

	Beginning Account Value 7/1/16		Ending Account Value 12/31/16		Expenses Paid During Period* 7/1/16 - 12/31/16
Class B
Actual		$1,000.00		$1,012.43		$3.06
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.09		3.08
*   Expenses are equal to the Portfolio’s Class B shares annualized expense ratio of 0.61%, multiplied by the average account value over the period, and multiplied by 184/366 (to reflect the one-half year period).

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CHARTER^SM INCOME STRATEGIES PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2016

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS:
iShares Aaa – A Rated Corporate Bond Fund		2,380	$	122,237
iShares Emerging Markets Infrastructure Fund		3,270		91,854
iShares Floating Rate Bond Fund		1,420		72,037
iShares Global Infrastructure Fund		9,080		354,483
iShares iBoxx $ Investment Grade Corporate Bond Fund		1,600		187,488
iShares International High Yield Bond Fund		950		43,558
iShares International Select Dividend Fund		8,120		240,027
iShares JP Morgan USD Emerging Markets Bond Fund		1,020		112,424
iShares US Preferred Stock Fund		9,040		336,378
PowerShares Global Short Term High Yield Bond Portfolio		420		10,265
PowerShares S&P 500 BuyWrite Portfolio		13,470		286,507
SPDR Bloomberg Barclays Short Term High Yield Bond Fund		2,370		65,602
SPDR Nuveen S&P High Yield Municipal Bond Fund		2,350		131,530
Vanguard Short-Term Inflation-Protected Securities Fund		440		21,630
Vanguard Total International Bond Fund		170		9,229
Total Exchange Traded Funds (45.8%) (Cost $2,200,991)				2,085,249
INVESTMENT COMPANIES:
AXA Natural Resources Portfolio‡		9,903		78,753
AXA Real Estate Portfolio‡		25,505		267,120
BlackRock Global Long/Short Credit Fund, Institutional Class*		11,451		115,880
Eaton Vance Floating-Rate Fund, Institutional Class		18,491	$	165,495
EQ/Boston Advisors Equity Income Portfolio‡		100,905		581,092
EQ/Core Bond Index Portfolio‡		23,277		229,209
EQ/Energy ETF Portfolio‡		9,528		70,882
EQ/Global Bond PLUS Portfolio‡		12,479		109,384
EQ/High Yield Bond Portfolio‡		22,420		213,481
EQ/PIMCO Global Real Return Portfolio‡		10,097		98,009
EQ/Quality Bond PLUS Portfolio‡		8,313		70,323
Multimanager Core Bond Portfolio‡		41,450		405,357
PIMCO Foreign Bond Fund Unhedged, Institutional Class		10,218		94,111
Total Investment Companies (54.9%) (Cost $2,724,655)				2,499,096
SHORT-TERM INVESTMENT:
Investment Company (0.3%)
JPMorgan Prime Money Market Fund, IM Shares		13,329		13,333
Total Short-Term Investment (0.3%) (Cost $13,333)				13,333
Total Investments (101.0%) (Cost $4,938,979)				4,597,678
Other Assets Less Liabilities (-1.0%)				(46,851	)
Net Assets (100%)			$	4,550,827

* Non-income producing.

‡ All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.

The holdings in affiliated Investment Companies are all Class K shares.

Investments in companies which were affiliates for the year ended December 31, 2016, were as follows:

Securities	Value December 31, 2015		Purchases at Cost		Sales at Cost		Value December 31, 2016		Dividend Income		Realized Gain (Loss)†
AXA Natural Resources Portfolio	$	83,231	$	15,892	$	38,707	$	78,753	$	1,834	$	(157	)
AXA Real Estate Portfolio (a)		306,197		76,870		121,348		267,120		2,390		7,797
EQ/Boston Advisors Equity Income Portfolio		630,977		216,962		278,182		581,092		12,318		48,983
EQ/Core Bond Index Portfolio		262,847		71,634		104,708		229,209		4,069		681
EQ/Energy ETF Portfolio		58,701		25,289		25,998		70,882		1,230		852
EQ/Global Bond PLUS Portfolio		125,600		30,629		46,501		109,384		2,414		(265	)
EQ/High Yield Bond Portfolio		246,691		53,485		103,357		213,481		11,310		(2,308	)
EQ/PIMCO Global Real Return Portfolio		107,865		25,666		40,152		98,009		5,007		148
EQ/Quality Bond PLUS Portfolio		93,422		17,620		40,600		70,323		1,008		485
Multimanager Core Bond Portfolio		460,269		127,863		185,348		405,357		9,609		156
	$	2,375,800	$	661,910	$	984,901	$	2,123,610	$	51,189	$	56,372

† When applicable, realized gain includes net distributions of realized gain received from underlying funds.

(a) Formerly known as EQ/Real Estate PLUS Portfolio.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2016

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 2016:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Exchange Traded Funds
Exchange Traded Funds	$	2,085,249	$	—	$	—	$	2,085,249
Investment Companies
Investment Companies		375,486		2,123,610		—		2,499,096
Short-Term Investments
Investment Companies		13,333		—		—		13,333
Total Assets	$	2,474,068	$	2,123,610	$	—	$	4,597,678
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	2,474,068	$	2,123,610	$	—	$	4,597,678

There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2016.

The Portfolio held no derivatives contracts during the year ended December 31, 2016.

Investment security transactions for the year ended December 31, 2016 were as follows:

Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	1,031,954
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	1,699,365

As of December 31, 2016, 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	$	8,901
Aggregate gross unrealized depreciation		(361,845	)
Net unrealized depreciation	$	(352,944	)
Federal income tax cost of investments	$	4,950,622

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2016

ASSETS
Investments at value:
Affiliated Issuers (Cost $2,329,555)	$	2,123,610
Unaffiliated Issuers (Cost $2,609,424)		2,474,068
Cash		9,197
Receivable from investment manager		3,313
Dividends, interest and other receivables		1,478
Receivable for securities sold		59
Other assets		16
Total assets		4,611,741
LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		9,243
Distribution fees payable – Class B		962
Payable for securities purchased		742
Trustees’ fees payable		653
Accrued expenses		49,314
Total liabilities		60,914
NET ASSETS	$	4,550,827
Net assets were comprised of:
Paid in capital	$	4,856,705
Accumulated undistributed net investment income (loss)		2,165
Accumulated undistributed net realized gain (loss) on investments		33,258
Net unrealized appreciation (depreciation) on investments		(341,301	)
Net assets	$	4,550,827
Class B
Net asset value, offering and redemption price per share, $4,550,827 / 484,237 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.40

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2016

INVESTMENT INCOME
Dividends ($51,189 of dividend income received from affiliates)	$	138,635
Interest		2,578
Total income		141,213
EXPENSES
Custodian fees		67,000
Professional fees		35,866
Administrative fees		32,500
Distribution fees – Class B		11,799
Investment management fees		7,080
Printing and mailing expenses		681
Trustees’ fees		182
Miscellaneous		176
Gross expenses		155,284
Less:   Waiver from investment manager		(39,580	)
Reimbursement from investment manager		(88,020	)
Net expenses		27,684
NET INVESTMENT INCOME (LOSS)		113,529
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments ($(6,722) of realized gain (loss) from affiliates)		(10,918	)
Net distributions of realized gain received from underlying funds ($63,094 received from affiliates)		65,466
Net realized gain (loss)		54,548
Net change in unrealized appreciation (depreciation) on investments ($70,801 of change in unrealized appreciation (depreciation) from affiliates)		151,231
NET REALIZED AND UNREALIZED GAIN (LOSS)		205,779
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	319,308

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2016			2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	113,529		$	117,185
Net realized gain (loss) on investments and net distributions of realized gain received from underlying funds		54,548			64,083
Net change in unrealized appreciation (depreciation) on investments		151,231			(306,865	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		319,308			(125,597	)
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class B		(120,377	)		(128,728	)
Distributions from net realized capital gains
Class B		(58,344	)		(76,347	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		(178,721	)		(205,075	)
CAPITAL SHARES TRANSACTIONS:
Class B
Capital shares sold [ 105,519 and 114,223 shares, respectively ]		1,001,264			1,112,369
Capital shares issued in reinvestment of dividends and distributions [ 18,828 and 22,204 shares, respectively ]		178,721			205,075
Capital shares repurchased [ (196,490) and (255,788) shares, respectively ]		(1,856,434	)		(2,566,992	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(676,449	)		(1,249,548	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(535,862	)		(1,580,220	)
NET ASSETS:
Beginning of year		5,086,689			6,666,909
End of year (a)	$	4,550,827		$	5,086,689
(a)  Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	2,165		$	5,674

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Year Ended December 31,									October 30, 2013* to December 31, 2013
Class B	2016			2015			2014
Net asset value, beginning of period	$	9.14		$	9.87		$	9.76		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.23			0.21			0.30			0.16
Net realized and unrealized gain (loss) on investments		0.41			(0.55	)		0.15			(0.18	)
Total from investment operations		0.64			(0.34	)		0.45			(0.02	)
Less distributions:
Dividends from net investment income		(0.26	)		(0.24	)		(0.30	)		(0.19	)
Distributions from net realized gains		(0.12	)		(0.15	)		(0.04	)		(0.03	)
Total dividends and distributions		(0.38	)		(0.39	)		(0.34	)		(0.22	)
Net asset value, end of period	$	9.40		$	9.14		$	9.87		$	9.76
Total return (b)		7.00	%		(3.46	)%		4.58	%		(0.11	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	4,551		$	5,087		$	6,667		$	4,017
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.59	%(j)		0.63	%		0.65	%		0.65	%
Before waivers and reimbursements (a)(f)		3.29	%		3.46	%		3.94	%		3.85	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x)		2.41	%		2.16	%		2.94	%		9.54	%(l)
Before waivers and reimbursements (a)(f)(x)		(0.30	)%		(0.67	)%		(0.36	)%		6.33	%(l)
Portfolio turnover rate (z)^		22	%		25	%		17	%		11	%

* Commencement of Operations.

^ Portfolio turnover rate excludes derivatives, if any.

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

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

(e) Net investment income (loss) per share is based on average shares outstanding.

(f) Expenses do not include the expenses of the underlying funds (“indirect expenses”), if applicable.

(j) Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.98%.

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

(x) Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.

(z) Portfolio turnover rate for periods less than one year is not annualized.

See Notes to Financial Statements.

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INVESTMENT MANAGER

_Ø AXA Equitable Funds Management Group, LLC

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/16
	1 Year			Since Incept.
Portfolio – Class B Shares*		7.82	%		1.70	%
Bloomberg Barclays U.S. Aggregate Bond Index		2.65			2.55
25% MSCI AC World (Net) Index/50% Bloomberg Barclays U.S. Aggregate Bond Index/25% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		3.47			2.37
*   Date of inception 10/30/13.     Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class B shares returned 7.82% for the year ended December 31, 2016. This compares to the returns of the following benchmarks: Bloomberg Barclays U.S. Aggregate Bond Index and the 25% MSCI AC World (Net) Index/50% Bloomberg Barclays U.S. Aggregate Bond Index/25% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index, which returned 2.65% and 3.47%, respectively, over the same period.

Portfolio Highlights

• As of 12/31/2016, the Portfolio’s allocation (as a percentage of market value excluding cash) consisted of 25.1% equity investments, 44.8% fixed income investments and 30.1% non-traditional (alternative) investments.

• In 2016, the Portfolio outperformed its benchmark after a margin for expenses.

• For the year, equity markets were up substantially, while high-quality government bonds rose modestly. The Portfolio’s 25% allocation to equities provided the bulk of gains, particularly equity-income holdings that exceeded their comparable index in return. The fixed income allocation also contributed positively to gains, with global inflation-linked and emerging market bonds as top performers.

Table by Asset Class (as a percentage of Total Investments) As of December 31, 2016
Fixed Income	45.1	%
Alternatives	29.8
Equity	25.1

Top 10 Holdings (as a percentage of Total Investments) As of December 31, 2016
iShares Floating Rate Bond Fund	15.5	%
EQ/Boston Advisors Equity Income Portfolio	9.3
EQ/PIMCO Global Real Return Portfolio	8.4
EQ/Convertible Securities Portfolio	8.4
EQ/Low Volatility Global ETF Portfolio	8.3
iShares International Select Dividend Fund	7.5
AXA Real Estate Portfolio	5.2
iShares Global Infrastructure Fund	4.5
PIMCO Unconstrained Bond Fund, Institutional Class	4.0
EQ/PIMCO Ultra Short Bond Portfolio	3.3

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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 investment advisory fees, distribution and/or service (12b-1) fees (in the case of Class B shares of the Portfolio), 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, 2016 and held for the entire six-month period.

Actual Expenses

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

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

EXAMPLE

	Beginning Account Value 7/1/16		Ending Account Value 12/31/16		Expenses Paid During Period* 7/1/16 - 12/31/16
Class B
Actual		$1,000.00		$1,028.49		$2.96
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.22		2.95
*   Expenses are equal to the Portfolio’s Class B shares annualized expense ratio of 0.58%, multiplied by the average account value over the period, and multiplied by 184/366 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

December 31, 2016

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS:
iShares Emerging Markets Infrastructure Fund		1,520	$	42,697
iShares Floating Rate Bond Fund		12,960		657,461
iShares Global Infrastructure Fund		4,920		192,077
iShares International High Yield Bond Fund		710		32,553
iShares International Select Dividend Fund		10,720		316,883
iShares JP Morgan USD Emerging Markets Bond Fund		980		108,016
PowerShares Global Short Term High Yield Bond Portfolio		210		5,132
PowerShares S&P 500 BuyWrite Portfolio		3,900		82,953
SPDR Bloomberg Barclays Short Term High Yield Bond Fund		3,070		84,978
Vanguard Short-Term Inflation-Protected Securities Fund		1,270		62,433
Vanguard Total International Bond Fund		1,850		100,436
Total Exchange Traded Funds (39.9%) (Cost $1,816,629)				1,685,619
INVESTMENT COMPANIES:
AXA Natural Resources Portfolio‡		16,630		132,252
AXA Real Estate Portfolio‡		21,094		220,920
BlackRock Global Long/Short Credit Fund, Institutional Class*		10,706		108,347
Eaton Vance Floating-Rate Fund, Institutional Class		4,668		41,775
EQ/Boston Advisors Equity Income Portfolio‡		68,338		393,548
EQ/Convertible Securities Portfolio‡		35,075		357,197
EQ/Energy ETF Portfolio‡		18,532	$	137,870
EQ/Global Bond PLUS Portfolio‡		10,693		93,724
EQ/High Yield Bond Portfolio‡		4,694		44,693
EQ/Low Volatility Global ETF Portfolio‡		34,763		355,019
EQ/PIMCO Global Real Return Portfolio‡		36,897		358,151
EQ/PIMCO Ultra Short Bond Portfolio‡		14,046		138,594
PIMCO Unconstrained Bond Fund, Institutional Class		15,905		169,387
Total Investment Companies (60.5%) (Cost $2,745,030)				2,551,477
SHORT-TERM INVESTMENT:
Investment Company (0.3%)
JPMorgan Prime Money Market Fund, IM Shares		14,385		14,389
Total Short-Term Investment (0.3%) (Cost $14,389)				14,389
Total Investments (100.7%) (Cost $4,576,048)				4,251,485
Other Assets Less Liabilities (-0.7%)				(31,377	)
Net Assets (100%)			$	4,220,108

* Non-income producing.

‡ All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.

The holdings in affiliated Investment Companies are all Class K shares.

Investments in companies which were affiliates for the year ended December 31, 2016, were as follows:

Securities	Value December 31, 2015		Purchases at Cost		Sales at Cost		Value December 31, 2016		Dividend Income		Realized Gain (Loss)†
AXA Natural Resources Portfolio	$	155,965	$	36,319	$	103,620	$	132,252	$	3,073	$	(10,109	)
AXA Real Estate Portfolio (a)		342,693		33,438		159,362		220,920		2,040		7,467
EQ/Boston Advisors Equity Income Portfolio		524,349		101,828		254,757		393,548		8,320		9,386
EQ/Convertible Securities Portfolio		494,347		71,236		226,717		357,197		10,853		(7,785	)
EQ/Energy ETF Portfolio		148,571		43,633		89,693		137,870		2,359		(8,153	)
EQ/Global Bond PLUS Portfolio		144,156		14,989		67,841		93,724		2,063		(1,799	)
EQ/High Yield Bond Portfolio		61,482		7,610		29,237		44,693		2,351		(1,857	)
EQ/Low Volatility Global ETF Portfolio		533,108		62,635		249,488		355,019		9,117		15,224
EQ/PIMCO Global Real Return Portfolio		506,436		77,772		248,066		358,151		18,252		(1,350	)
EQ/PIMCO Ultra Short Bond Portfolio		210,772		26,489		101,340		138,594		1,744		(1,232	)
	$	3,121,879	$	475,949	$	1,530,121	$	2,231,968	$	60,172	$	(208	)

† When applicable, realized gain includes net distributions of realized gain received from underlying funds.

(a) Formerly known as EQ/Real Estate PLUS Portfolio.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2016

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 2016:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Exchange Traded Funds
Exchange Traded Funds	$	1,685,619	$	—	$	—	$	1,685,619
Investment Companies
Investment Companies		319,509		2,231,968		—		2,551,477
Short-Term Investments
Investment Companies		14,389		—		—		14,389
Total Assets	$	2,019,517	$	2,231,968	$	—	$	4,251,485
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	2,019,517	$	2,231,968	$	—	$	4,251,485

There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2016.

The Portfolio held no derivatives contracts during the year ended December 31, 2016.

Investment security transactions for the year ended December 31, 2016 were as follows:

Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	624,236
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	2,504,659

As of December 31, 2016, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	19,901
Aggregate gross unrealized depreciation		(343,194	)
Net unrealized depreciation	$	(323,293	)
Federal income tax cost of investments	$	4,574,778

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2016

ASSETS
Investments at value:
Affiliated Issuers (Cost $2,408,570)	$	2,231,968
Unaffiliated Issuers (Cost $2,167,478)		2,019,517
Cash		19,000
Receivable from investment manager		2,877
Dividends, interest and other receivables		884
Other assets		17
Total assets		4,274,263
LIABILITIES
Payable for securities purchased		2,243
Distribution fees payable – Class B		888
Trustees’ fees payable		680
Payable to Separate Accounts for Trust shares redeemed		122
Accrued expenses		50,222
Total liabilities		54,155
NET ASSETS	$	4,220,108
Net assets were comprised of:
Paid in capital	$	4,623,835
Accumulated undistributed net investment income (loss)		5,469
Accumulated undistributed net realized gain (loss) on investments		(84,633	)
Net unrealized appreciation (depreciation) on investments		(324,563	)
Net assets	$	4,220,108
Class B
Net asset value, offering and redemption price per share, $4,220,108 / 446,404 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.45

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2016

INVESTMENT INCOME
Dividends ($60,172 of dividend income received from affiliates)	$	113,479
Interest		2,156
Total income		115,635
EXPENSES
Custodian fees		62,300
Professional fees		35,862
Administrative fees		32,500
Distribution fees – Class B		11,601
Investment management fees		6,961
Printing and mailing expenses		676
Trustees’ fees		188
Miscellaneous		186
Gross expenses		150,274
Less:   Waiver from investment manager		(39,461	)
Reimbursement from investment manager		(84,392	)
Net expenses		26,421
NET INVESTMENT INCOME (LOSS)		89,214
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments ($(53,870) of realized gain (loss) from affiliates)		(124,792	)
Net distributions of realized gain received from underlying funds ($53,662 received from affiliates)		54,652
Net realized gain (loss)		(70,140	)
Net change in unrealized appreciation (depreciation) on investments ($164,261 of change in unrealized appreciation (depreciation) from affiliates)		302,823
NET REALIZED AND UNREALIZED GAIN (LOSS)		232,683
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	321,897

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2016			2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	89,214		$	105,084
Net realized gain (loss) on investments and net distributions of realized gain received from underlying funds		(70,140	)		48,248
Net change in unrealized appreciation (depreciation) on investments		302,823			(416,462	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		321,897			(263,130	)
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class B		(103,175	)		(115,616	)
Distributions from net realized capital gains
Class B		(40,070	)		(66,016	)
Return of capital
Class B		(14,012	)		—
TOTAL DIVIDENDS AND DISTRIBUTIONS		(157,257	)		(181,632	)
CAPITAL SHARES TRANSACTIONS:
Class B
Capital shares sold [ 50,613 and 149,886 shares, respectively ]		476,808			1,455,709
Capital shares issued in reinvestment of dividends and distributions [ 16,495 and 19,785 shares, respectively ]		157,257			181,632
Capital shares repurchased [ (274,951) and (388,917) shares, respectively ]		(2,529,302	)		(3,831,662	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(1,895,237	)		(2,194,321	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(1,730,597	)		(2,639,083	)
NET ASSETS:
Beginning of year		5,950,705			8,589,788
End of year (a)	$	4,220,108		$	5,950,705
(a)  Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	5,469		$	12,022

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Year Ended December 31,									October 30, 2013* to December 31, 2013
Class B	2016			2015			2014
Net asset value, beginning of period	$	9.10		$	9.83		$	9.84		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.18			0.14			0.24			0.09
Net realized and unrealized gain (loss) on investments		0.53			(0.60	)		0.01	†		(0.10	)
Total from investment operations		0.71			(0.46	)		0.25			(0.01	)
Less distributions:
Dividends from net investment income		(0.24	)		(0.17	)		(0.25	)		(0.12	)
Distributions from net realized gains		(0.09	)		(0.10	)		(0.01	)		(0.03	)
Return of capital		(0.03	)		—			—			—
Total dividends and distributions		(0.36	)		(0.27	)		(0.26	)		(0.15	)
Net asset value, end of period	$	9.45		$	9.10		$	9.83		$	9.84
Total return (b)		7.82	%		(4.55	)%		2.51	%		(0.01	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	4,220		$	5,951		$	8,590		$	4,000
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.57	%(j)		0.63	%		0.65	%		0.65	%
Before waivers and reimbursements (a)(f)		3.24	%		2.60	%		3.19	%		3.86	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x)		1.92	%		1.46	%		2.37	%		5.53	%(l)
Before waivers and reimbursements (a)(f)(x)		(0.75	)%		(0.51	)%		(0.17	)%		2.33	%(l)
Portfolio turnover rate (z)^		13	%		27	%		26	%		14	%

* Commencement of Operations.

† The amount shown for a share outstanding throughout the period does not accord with the aggregate net income and/or gain on investments for that period because of the timing of sales and repurchases of the Portfolio shares in relation to fluctuating market value of the investments in the Portfolio.

^ Portfolio turnover rate excludes derivatives, if any.

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

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

(e) Net investment income (loss) per share is based on average shares outstanding.

(f) Expenses do not include the expenses of the underlying funds (“indirect expenses”), if applicable.

(j) Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.96%.

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

(x) Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.

(z) Portfolio turnover rate for periods less than one year is not annualized.

See Notes to Financial Statements.

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CHARTER^SM MULTI-SECTOR BOND PORTFOLIO (Unaudited)

INVESTMENT MANAGER

_Ø AXA Equitable Funds Management Group, LLC

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/16
	1 Year			5 Years			10 Years/ Since Incept.
Portfolio – Class A Shares		2.89	%		1.80	%		0.69	%
Portfolio – Class B Shares		2.89			1.80			0.58
Portfolio – Class K Shares*		3.15			2.11			2.14
Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index		2.08			1.85			3.84
*   Date of inception 8/26/11.     Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class B shares returned 2.89% for the year ended December 31, 2016. The Portfolio’s benchmark, the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index, returned 2.08% over the same period.

Portfolio Highlights

• In 2016, the Portfolio slightly outperformed its benchmark after a margin for expenses.

• The Portfolio’s fixed income allocation contributed positively to returns for the year, with U.S. high-yield bond and global inflation-linked security holdings outperforming in their sectors.

Table by Asset Class (as a percentage of Total Investments)
As of December 31, 2016
Fixed Income	100.0	%

Top Holdings (as a percentage of Total Investments)
As of December 31, 2016
EQ/Core Bond Index Portfolio	49.8	%
EQ/Quality Bond PLUS Portfolio	22.7
EQ/High Yield Bond Portfolio	11.0
EQ/PIMCO Global Real Return Portfolio	5.2
AXA/DoubleLine Opportunistic Core Plus Bond Portfolio	4.6
BlackRock Strategic Income Opportunities Portfolio, Institutional Class	4.1
Natixis Loomis Sayles Strategic Income Fund, Institutional Class Shares	2.5
JPMorgan Prime Money Market Fund, IM Shares	0.1

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CHARTER^SM MULTI-SECTOR BOND PORTFOLIO (Unaudited)

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 investment advisory fees, distribution and/or service (12b-1) fees (in the case of Class A and Class B shares of the Portfolio), 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, 2016 and held for the entire six-month period.

Actual Expenses

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

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

EXAMPLE

	Beginning Account Value 7/1/16		Ending Account Value 12/31/16		Expenses Paid During Period* 7/1/16 - 12/31/16
Class A
Actual		$1,000.00		$991.98		$2.69
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.43		2.73
Class B
Actual		1,000.00		991.88		2.69
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.43		2.73
Class K
Actual		1,000.00		992.03		1.44
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.69		1.46
*   Expenses are equal to the Portfolio’s Class A, Class B and Class K shares annualized expense ratios of 0.54%, 0.54% and 0.29%, respectively, multiplied by the average account value over the period, and multiplied by 184/366 (to reflect the one-half year period).

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CHARTER^SM MULTI-SECTOR BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2016

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
AXA/DoubleLine Opportunistic Core Plus Bond Portfolio‡		973,342	$	9,551,774
BlackRock Strategic Income Opportunities Portfolio, Institutional Class		869,565		8,547,829
EQ/Core Bond Index Portfolio‡		10,511,512		103,504,926
EQ/High Yield Bond Portfolio‡		2,406,638		22,916,129
EQ/PIMCO Global Real Return Portfolio‡		1,122,821		10,899,041
EQ/Quality Bond PLUS Portfolio‡		5,566,851		47,091,540
Natixis Loomis Sayles Strategic Income Fund, Institutional Class Shares		366,559		5,168,479
Total Investment Companies (100.0%) (Cost $211,911,468)				207,679,718
SHORT-TERM INVESTMENT:
Investment Company (0.1%)
JPMorgan Prime Money Market Fund, IM Shares		163,556		163,605
Total Short-Term Investment (0.1%) (Cost $163,605)				163,605
Total Investments (100.1%) (Cost $212,075,073)				207,843,323
Other Assets Less Liabilities (-0.1%)				(276,603	)
Net Assets (100%)			$	207,566,720

‡ All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.

The holdings in affiliated Investment Companies are all Class K shares.

Investments in companies which were affiliates for the year ended December 31, 2016, were as follows:

Securities	Value December 31, 2015		Purchases at Cost		Sales at Cost		Value December 31, 2016		Dividend Income		Realized Gain (Loss)†
AXA/DoubleLine Opportunistic Core Plus Bond Portfolio	$	9,085,321	$	271,897	$	—	$	9,551,774	$	271,897	$	—
EQ/Core Bond Index Portfolio		114,016,447		5,935,647		16,402,608		103,504,926		1,839,263		119,641
EQ/High Yield Bond Portfolio		21,362,395		1,478,777		1,206,115		22,916,129		1,212,132		(557	)
EQ/PIMCO Global Real Return Portfolio		9,928,543		1,697,130		1,199,184		10,899,041		556,787		30,072
EQ/Quality Bond PLUS Portfolio		50,108,667		1,741,330		4,773,475		47,091,540		674,750		48,756
	$	204,501,373	$	11,124,781	$	23,581,382	$	193,963,410	$	4,554,829	$	197,912

† When applicable, realized gain includes net distributions of realized gain received from underlying funds.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2016

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 2016:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Investment Companies
Investment Companies	$	13,716,308	$	193,963,410	$	—	$	207,679,718
Short-Term Investments
Investment Companies		163,605		—		—		163,605
Total Assets	$	13,879,913	$	193,963,410	$	—	$	207,843,323
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	13,879,913	$	193,963,410	$	—	$	207,843,323

There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2016.

The Portfolio held no derivatives contracts during the year ended December 31, 2016.

Investment security transactions for the year ended December 31, 2016 were as follows:

Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	11,912,231
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	25,593,029

As of December 31, 2016, 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	$	58,010
Aggregate gross unrealized depreciation		(4,290,815	)
Net unrealized depreciation	$	(4,232,805	)
Federal income tax cost of investments	$	212,076,128

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2016

ASSETS
Investments at value:
Affiliated Issuers (Cost $197,177,631)	$	193,963,410
Unaffiliated Issuers (Cost $14,897,442)		13,879,913
Cash		38,292
Receivable from Separate Accounts for Trust shares sold		45,893
Receivable for securities sold		31,510
Dividends, interest and other receivables		21,551
Other assets		747
Total assets		207,981,316
LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		220,320
Distribution fees payable – Class A		29,861
Administrative fees payable		24,706
Payable for securities purchased		21,461
Investment management fees payable		13,193
Distribution fees payable – Class B		10,604
Trustees’ fees payable		3,967
Accrued expenses		90,484
Total liabilities		414,596
NET ASSETS	$	207,566,720
Net assets were comprised of:
Paid in capital	$	720,202,013
Accumulated undistributed net investment income (loss)		(217	)
Accumulated undistributed net realized gain (loss) on investments		(508,403,326	)
Net unrealized appreciation (depreciation) on investments		(4,231,750	)
Net assets	$	207,566,720
Class A
Net asset value, offering and redemption price per share, $141,039,078 / 37,227,035 shares outstanding (unlimited amount authorized: $0.001 par value)	$	3.79
Class B
Net asset value, offering and redemption price per share, $50,503,872 / 13,372,655 shares outstanding (unlimited amount authorized: $0.001 par value)	$	3.78
Class K
Net asset value, offering and redemption price per share, $16,023,770 / 4,218,055 shares outstanding (unlimited amount authorized: $0.001 par value)	$	3.80

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2016

INVESTMENT INCOME
Dividends ($4,554,829 of dividend income received from affiliates)	$	4,962,689
Interest		1,025
Total income		4,963,714
EXPENSES
Distribution fees – Class A		368,390
Investment management fees		321,525
Administrative fees		308,390
Distribution fees – Class B		126,792
Professional fees		55,271
Custodian fees		52,500
Printing and mailing expenses		34,683
Trustees’ fees		8,134
Miscellaneous		3,352
Gross expenses		1,279,037
Less: Waiver from investment manager		(162,677	)
Net expenses		1,116,360
NET INVESTMENT INCOME (LOSS)		3,847,354
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments ($174,214 of realized gain (loss) from affiliates)		179,497
Net distributions of realized gain received from underlying funds ($23,698 received from affiliates)		138,528
Net realized gain (loss)		318,025
Net change in unrealized appreciation (depreciation) on investments ($1,918,638 of change in unrealized appreciation (depreciation) from affiliates)		2,148,379
NET REALIZED AND UNREALIZED GAIN (LOSS)		2,466,404
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	6,313,758

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2016			2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	3,847,354		$	3,384,931
Net realized gain (loss) on investments and net distributions of realized gain received from underlying funds		318,025			633,805
Net change in unrealized appreciation (depreciation) on investments		2,148,379			(5,258,278	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		6,313,758			(1,239,542	)
DIVIDENDS:
Dividends from net investment income
Class A		(2,607,263	)		(2,451,247	)
Class B		(930,166	)		(823,843	)
Class K		(333,932	)		(290,002	)
		(3,871,361	)		(3,565,092	)
Return of capital
Class A		(255,077	)		—
Class B		(91,001	)		—
Class K		(32,670	)		—
		(378,748	)		—
TOTAL DIVIDENDS:		(4,250,109	)		(3,565,092	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 1,831,802 and 1,536,184 shares, respectively ]		7,083,122			5,940,555
Capital shares issued in reinvestment of dividends [ 758,719 and 652,336 shares, respectively ]		2,862,340			2,451,247
Capital shares repurchased [ (5,873,194) and (5,492,936) shares, respectively ]		(22,611,184	)		(21,241,404	)
Total Class A transactions		(12,665,722	)		(12,849,602	)
Class B
Capital shares sold [ 1,514,171 and 1,328,635 shares, respectively ]		5,839,621			5,119,692
Capital shares issued in reinvestment of dividends [ 271,538 and 219,943 shares, respectively ]		1,021,167			823,843
Capital shares repurchased [ (2,106,335) and (1,935,723) shares, respectively ]		(8,085,395	)		(7,464,371	)
Total Class B transactions		(1,224,607	)		(1,520,836	)
Class K
Capital shares sold [ 811,564 and 512,814 shares, respectively ]		3,152,637			1,995,288
Capital shares issued in reinvestment of dividends [ 96,919 and 76,971 shares, respectively ]		366,602			290,002
Capital shares repurchased [ (829,751) and (997,325) shares, respectively ]		(3,213,504	)		(3,873,763	)
Total Class K transactions		305,735			(1,588,473	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(13,584,594	)		(15,958,911	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(11,520,945	)		(20,763,545	)
NET ASSETS:
Beginning of year		219,087,665			239,851,210
End of year (a)	$	207,566,720		$	219,087,665
(a)  Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(217	)	$	(5,338	)

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Year Ended December 31,
Class A	2016			2015			2014			2013			2012
Net asset value, beginning of year	$	3.76		$	3.84		$	3.85		$	4.04		$	3.92
Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.07			0.06			0.08			0.08			0.09
Net realized and unrealized gain (loss) on investments		0.04			(0.08	)		0.01			(0.13	)		0.12
Total from investment operations		0.11			(0.02	)		0.09			(0.05	)		0.21
Less distributions:
Dividends from net investment income		(0.07	)		(0.06	)		(0.10	)		(0.14	)		(0.09	)
Return of capital		(0.01	)		—			—			—			—
Total dividends and distributions		(0.08	)		(0.06	)		(0.10	)		(0.14	)		(0.09	)
Net asset value, end of year	$	3.79		$	3.76		$	3.84		$	3.85		$	4.04
Total return		2.89	%		(0.48	)%		2.39	%		(1.14	)%		5.49	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	141,039		$	152,206		$	168,386		$	180,754		$	208,917
Ratio of expenses to average net assets:
After waivers (f)		0.54	%(k)		0.58	%(k)		0.77	%(j)		1.00	%		0.98	%
Before waivers (f)		0.62	%		0.62	%		0.79	%		1.00	%		0.98	%
Ratio of net investment income (loss) to average net assets:
After waivers (f)(x)		1.76	%		1.43	%		1.93	%		2.03	%		2.25	%
Before waivers (f)(x)		1.68	%		1.39	%		1.92	%		2.03	%		2.25	%
Portfolio turnover rate^		6	%		21	%		81	%(h)		189	%		204	%
	Year Ended December 31,
Class B	2016			2015			2014			2013			2012
Net asset value, beginning of year	$	3.75		$	3.83		$	3.84		$	4.02		$	3.91
Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.07			0.06			0.08			0.08			0.09
Net realized and unrealized gain (loss) on investments		0.04			(0.08	)		0.01			(0.12	)		0.11
Total from investment operations		0.11			(0.02	)		0.09			(0.04	)		0.20
Less distributions:
Dividends from net investment income		(0.07	)		(0.06	)		(0.10	)		(0.14	)		(0.09	)
Return of capital		(0.01	)		—			—			—			—
Total dividends and distributions		(0.08	)		(0.06	)		(0.10	)		(0.14	)		(0.09	)
Net asset value, end of year	$	3.78		$	3.75		$	3.83		$	3.84		$	4.02
Total return		2.89	%		(0.49	)%		2.39	%		(0.92	)%		5.23	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	50,504		$	51,286		$	53,942		$	55,294		$	741,031
Ratio of expenses to average net assets:
After waivers (f)		0.54	%(k)		0.58	%(k)		0.77	%(j)		1.00	%		0.98	%
Before waivers (f)		0.62	%		0.62	%		0.79	%		1.00	%		0.98	%
Ratio of net investment income (loss) to average net assets:
After waivers (f)(x)		1.82	%		1.47	%		1.94	%		2.04	%		2.25	%
Before waivers (f)(x)		1.75	%		1.42	%		1.93	%		2.04	%		2.25	%
Portfolio turnover rate^		6	%		21	%		81	%(h)		189	%		204	%

See Notes to Financial Statements.

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CHARTER^SM MULTI-SECTOR BOND PORTFOLIO

FINANCIAL HIGHLIGHTS (Continued)

	Year Ended December 31,
Class K	2016			2015			2014			2013			2012
Net asset value, beginning of year	$	3.77		$	3.85		$	3.85		$	4.04		$	3.92
Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.08			0.06			0.09			0.09			0.10
Net realized and unrealized gain (loss) on investments		0.04			(0.07	)		0.02			(0.12	)		0.13
Total from investment operations		0.12			(0.01	)		0.11			(0.03	)		0.23
Less distributions:
Dividends from net investment income		(0.08	)		(0.07	)		(0.11	)		(0.16	)		(0.11	)
Return of capital		(0.01	)		—			—			—			—
Total dividends and distributions		(0.09	)		(0.07	)		(0.11	)		(0.16	)		(0.11	)
Net asset value, end of year	$	3.80		$	3.77		$	3.85		$	3.85		$	4.04
Total return		3.15	%		(0.23	)%		2.92	%		(0.88	)%		5.75	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	16,024		$	15,595		$	17,523		$	242,889		$	236,550
Ratio of expenses to average net assets:
After waivers (f)		0.29	%(k)		0.33	%(k)		0.74	%(j)		0.75	%		0.73	%
Before waivers (f)		0.37	%		0.37	%		0.76	%		0.75	%		0.73	%
Ratio of net investment income (loss) to average net assets:
After waivers (f)(x)		2.07	%		1.65	%		2.22	%		2.28	%		2.53	%
Before waivers (f)(x)		1.99	%		1.61	%		2.20	%		2.28	%		2.53	%
Portfolio turnover rate^		6	%		21	%		81	%(h)		189	%		204	%

^ Portfolio turnover rate excludes derivatives, if any.

(e) Net investment income (loss) per share is based on average shares outstanding.

(f) Expenses do not include the expenses of the underlying funds (“indirect expenses”), if applicable.

(h) Change in investments strategy resulted in lower portfolio turnover.

(j) Including direct and indirect expenses, the net expense ratio after waivers would be 1.31% for Class A, 1.31% for Class B and 1.28% for Class K.

(k) Including direct and indirect expenses, the net expense ratio after waivers would be 1.10% for Class A, 1.10% for Class B and 0.85% for Class K.

(x) Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.

See Notes to Financial Statements.

124

CHARTER^SM REAL ASSETS PORTFOLIO (Unaudited)

INVESTMENT MANAGER

_Ø AXA Equitable Funds Management Group, LLC

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/16
	1 Year			Since Incept.
Portfolio – Class B Shares*		12.73	%		(0.91	)%
Bloomberg Barclays World Government Inflation-Linked Bond Index		10.22			4.71
30% Bloomberg Barclays World Government Inflation-linked Bond Index/70% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		3.24			1.52
*   Date of inception 10/30/13.      Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class B shares returned 12.73% for the year ended December 31, 2016. This compares to the returns of the following benchmarks: Bloomberg Barclays World Government Inflation-Linked Bond Index and 30% Bloomberg Barclays World Government Inflation-Linked Bond Index/70% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index, which returned 10.22% and 3.24%, respectively, over the same period.

Portfolio Highlights

• As of 12/31/2016, the Portfolio’s allocation (as a percentage of market value excluding cash) consisted of 30.4% fixed income investments and 69.9% non-traditional (alternative) investments.

• The Portfolio provided positive returns for the year, outperforming its benchmark after a margin for expenses.

• In 2016, the U.S. equity markets were up substantially, while high-quality government bonds rose only modestly. The Portfolio’s alternative strategies and categories contributed the bulk of its gains, with certain holdings in natural resources, energy and gold adding value well in excess of their comparable indexes. The fixed income allocation was a much more modest relative contributor to returns, although the global inflation-linked holdings outperformed in their sector.

Table by Asset Class (as a percentage of Total Investments)
As of December 31, 2016
Alternatives	68.5	%
Fixed Income	31.5

Top 10 Holdings (as a percentage of Total Investments)
As of December 31, 2016
EQ/PIMCO Global Real Return Portfolio	24.8	%
AXA Real Estate Portfolio	11.3
PowerShares DB G10 Currency Harvest Fund	9.4
iShares Global Infrastructure Fund	9.2
EQ/Energy ETF Portfolio	6.8
AXA Natural Resources Portfolio	6.3
PowerShares DB Gold Fund	5.5
Vanguard Short-Term Inflation-Protected Securities Fund	5.2
iShares U.S. Oil & Gas Exploration & Production Fund	4.0
PowerShares DB Commodity Index Tracking Fund	3.2

125

CHARTER^SM REAL ASSETS PORTFOLIO (Unaudited)

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 investment advisory fees, distribution and/or service (12b-1) fees (in the case of Class B shares of the Portfolio), 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, 2016 and held for the entire six-month period.

Actual Expenses

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

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

EXAMPLE

	Beginning Account Value 7/1/16		Ending Account Value 12/31/16		Expenses Paid During Period* 7/1/16 - 12/31/16
Class B
Actual		$1,000.00		$1,006.10		$3.72
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.43		3.75
*   Expenses are equal to the Portfolio’s Class B shares annualized expense ratio of 0.74%, multiplied by the average account value over the period, and multiplied by 184/366 (to reflect the one-half year period).

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CHARTER^SM REAL ASSETS PORTFOLIO

PORTFOLIO OF INVESTMENTS

December 31, 2016

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS:
iShares Emerging Markets Infrastructure Fund		3,870	$	108,708
iShares Global Infrastructure Fund		11,560		451,302
iShares MSCI Global Agriculture Producers Fund		3,540		88,373
iShares MSCI Global Gold Miners Fund		4,475		76,657
iShares U.S. Oil & Gas Exploration & Production Fund		2,990		195,666
PowerShares DB Agriculture Fund*		950		18,972
PowerShares DB Base Metals Fund*		7,150		106,678
PowerShares DB Commodity Index Tracking Fund*		9,960		157,766
PowerShares DB G10 Currency Harvest Fund*		18,590		461,218
PowerShares DB Gold Fund*		7,330		271,430
PowerShares DB Silver Fund*		1,830		45,494
Vanguard Short-Term Inflation-Protected Securities Fund		5,170		254,157
Total Exchange Traded Funds (46.5%) (Cost $2,463,932)				2,236,421
INVESTMENT COMPANIES:
AXA Natural Resources Portfolio‡		38,885		309,239
AXA Real Estate Portfolio‡		53,065		555,757
Eaton Vance Diversified Currency Income Fund, Institutional Class		9,637		83,265
EQ/Energy ETF Portfolio‡		44,588	$	331,712
EQ/PIMCO Global Real Return Portfolio‡		125,045		1,213,796
PIMCO Commodity RealReturn Strategy Fund, Institutional Class		13,499		96,656
Total Investment Companies (53.8%) (Cost $2,729,697)				2,590,425
SHORT-TERM INVESTMENT:
Investment Company (1.5%)
JPMorgan Prime Money Market Fund, IM Shares		71,559		71,580
Total Short-Term Investment (1.5%) (Cost $71,568)				71,580
Total Investments (101.8%) (Cost $5,265,197)				4,898,426
Other Assets Less Liabilities (-1.8%)				(85,830	)
Net Assets (100%)			$	4,812,596

* Non-income producing

‡ All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.

The holdings in affiliated Investment Companies are all Class K shares.

Investments in companies which were affiliates for the year ended December 31, 2016, were as follows:

Securities	Value December 31, 2015		Purchases at Cost		Sales at Cost		Value December 31, 2016		Dividend Income		Realized Gain (Loss)†
AXA Natural Resources Portfolio	$	228,956	$	94,126	$	84,499	$	309,239	$	7,130	$	(1,667	)
AXA Real Estate Portfolio (a)		506,248		151,889		114,952		555,757		4,815		9,290
EQ/Energy ETF Portfolio		248,065		95,299		71,635		331,712		5,638		(2,640	)
EQ/PIMCO Global Real Return Portfolio		1,064,717		376,343		272,027		1,213,796		61,298		2,124
	$	2,047,986	$	717,657	$	543,113	$	2,410,504	$	78,881	$	7,107

† When applicable, realized gain includes net distributions of realized gain received from underlying funds.

(a) Formerly known as EQ/Real Estate PLUS Portfolio.

See Notes to Financial Statements.

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CHARTER^SM REAL ASSETS PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2016

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 2016:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Exchange Traded Funds
Exchange Traded Funds	$	2,236,421	$	—	$	—	$	2,236,421
Investment Companies
Investment Companies		179,921		2,410,504		—		2,590,425
Short-Term Investments
Investment Companies		71,580		—		—		71,580
Total Assets	$	2,487,922	$	2,410,504	$	—	$	4,898,426
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	2,487,922	$	2,410,504	$	—	$	4,898,426

There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2016.

The Portfolio held no derivatives contracts during the year ended December 31, 2016.

Investment security transactions for the year ended December 31, 2016 were as follows:

Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	1,232,038
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	953,469

As of December 31, 2016, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	24,294
Aggregate gross unrealized depreciation		(242,344	)
Net unrealized depreciation	$	(218,050	)
Federal income tax cost of investments	$	5,116,476

See Notes to Financial Statements.

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CHARTER^SM REAL ASSETS PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2016

ASSETS
Investments at value:
Affiliated Issuers (Cost $2,505,862)	$	2,410,504
Unaffiliated Issuers (Cost $2,759,335)		2,487,922
Cash		10,000
Receivable from Separate Accounts for Trust shares sold		45
Dividends, interest and other receivables		45
Other assets		14
Total assets		4,908,530
LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		28,828
Payable for securities purchased		12,661
Administrative fees payable		1,442
Distribution fees payable – Class B		1,014
Trustees’ fees payable		614
Accrued expenses		51,375
Total liabilities		95,934
NET ASSETS	$	4,812,596
Net assets were comprised of:
Paid in capital	$	5,203,996
Accumulated undistributed net investment income (loss)		6,536
Accumulated undistributed net realized gain (loss) on investments		(31,165	)
Net unrealized appreciation (depreciation) on investments		(366,771	)
Net assets	$	4,812,596
Class B
Net asset value, offering and redemption price per share, $4,812,596 / 529,533 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.09

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2016

INVESTMENT INCOME
Dividends ($78,881 of dividend income received from affiliates)	$	102,909
Interest		2,538
Total income		105,447
EXPENSES
Professional fees		37,057
Administrative fees		32,509
Custodian fees		29,700
Distribution fees – Class B		11,120
Investment management fees		6,672
Printing and mailing expenses		637
Trustees’ fees		164
Miscellaneous		163
Gross expenses		118,022
Less:   Waiver from investment manager		(39,181	)
Reimbursement from investment manager		(47,241	)
Net expenses		31,600
NET INVESTMENT INCOME (LOSS)		73,847
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments ($(1,741) of realized gain (loss) from affiliates)		9,894
Net distributions of realized gain received from underlying funds ($8,848 received from affiliates)		9,025
Net realized gain (loss)		18,919
Net change in unrealized appreciation (depreciation) on investments ($187,974 of change in unrealized appreciation (depreciation) from affiliates)		425,559
NET REALIZED AND UNREALIZED GAIN (LOSS)		444,478
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	518,325

See Notes to Financial Statements.

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CHARTER^SM REAL ASSETS PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2016			2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	73,847		$	31,782
Net realized gain (loss) on investments and net distributions of realized gain received from underlying funds		18,919			(34,898	)
Net change in unrealized appreciation (depreciation) on investments		425,559			(535,968	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		518,325			(539,084	)
DIVIDENDS:
Dividends from net investment income
Class B		(82,701	)		(39,104	)
Return of capital
Class B		(8,704	)		—
TOTAL DIVIDENDS:		(91,405	)		(39,104	)
CAPITAL SHARES TRANSACTIONS:
Class B
Capital shares sold [ 107,751 and 46,244 shares, respectively ]		982,601			416,988
Capital shares issued in reinvestment of dividends [ 10,121 and 4,723 shares, respectively ]		91,405			39,104
Capital shares repurchased [ (88,057) and (59,529) shares, respectively ]		(795,816	)		(527,941	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		278,190			(71,849	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		705,110			(650,037	)
NET ASSETS:
Beginning of year		4,107,486			4,757,523
End of year (a)	$	4,812,596		$	4,107,486
(a)  Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	6,536		$	6,659

See Notes to Financial Statements.

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CHARTER^SM REAL ASSETS PORTFOLIO

FINANCIAL HIGHLIGHTS

	Year Ended December 31,
Class B	2016			2015			2014			October 30, 2013* to December 31, 2013
Net asset value, beginning of period	$	8.22		$	9.36		$	9.60		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.15			0.06			0.23			0.06
Net realized and unrealized gain (loss) on investments		0.90			(1.12	)		(0.22	)		(0.35	)
Total from investment operations		1.05			(1.06	)		0.01			(0.29	)
Less distributions:
Dividends from net investment income		(0.16	)		(0.08	)		(0.25	)		(0.07	)
Return of capital		(0.02	)		—			—			(0.04	)
Total dividends and distributions		(0.18	)		(0.08	)		(0.25	)		(0.11	)
Net asset value, end of period	$	9.09		$	8.22		$	9.36		$	9.60
Total return (b)		12.73	%		(11.34	)%		0.09	%		(2.88	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	4,813		$	4,107		$	4,758		$	3,886
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.71	%(j)		0.65	%		0.65	%		0.65	%
Before waivers and reimbursements (a)(f)		2.65	%		3.22	%		3.87	%		3.92	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x)		1.66	%		0.70	%		2.31	%		3.44	%(l)
Before waivers and reimbursements (a)(f)(x)		(0.28	)%		(1.88	)%		(0.90	)%		0.17	%(l)
Portfolio turnover rate (z)^		21	%		21	%		14	%		15	%

* Commencement of Operations.

^ Portfolio turnover rate excludes derivatives, if any.

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

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

(e) Net investment income (loss) per share is based on average shares outstanding.

(f) Expenses do not include the expenses of the underlying funds (“indirect expenses”), if applicable.

(j) Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.17% for Class B.

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

(x) Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.

(z) Portfolio turnover rate for periods less than one year is not annualized.

See Notes to Financial Statements.

131

CHARTER^SM SMALL CAP GROWTH PORTFOLIO (Unaudited)

INVESTMENT MANAGER

_Ø AXA Equitable Funds Management Group, LLC

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/16
	1 Year			5 Years			10 Years/ Since Incept.
Portfolio – Class A Shares*		9.34	%		10.49	%		3.74	%
Portfolio – Class B Shares		9.34			10.50			3.65
Russell 2000® Growth Index		11.32			13.74			7.76
*   Date of inception 1/22/08. Returns for Class A shares prior to this period are derived from the historical performance of Class B shares which reflect the effect of 12b-1 fees applicable to Class B shares.     Class A shares were not subject to 12b-1 fees prior to January 1, 2012.     Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

On April 21, 2014, the Multimanager Small Cap Growth Portfolio was converted into the Charter^SM Small Cap Growth Portfolio. Prior to April 21, 2014, the Portfolio invested directly in securities, rather than pursuing a “Fund of Funds” strategy.

PERFORMANCE SUMMARY

The Portfolio’s Class B shares returned 9.34% for the year ended December 31, 2016. The Portfolio’s benchmark, the Russell 2000^®Growth Index returned 11.32% over the same period.

Portfolio Highlights

For the year ended December 31, 2016

For the year, domestic equity markets were up substantially, especially small-cap growth stocks, which profited from outstanding performance of small-cap banks in 2016. One of Portfolio’s holdings performed well based on overweightings in financial services companies and energy. The other was hurt by overweights in health care and an underweighting in energy. On balance, the Portfolio underperformed its benchmark after a margin for expenses.

Table by Asset Class (as a percentage of Total Investments)
As of December 31, 2016
Equity	99.6	%
Fixed Income	0.4

Top Holdings (as a percentage of Total Investments)
As of December 31, 2016
AXA/Morgan Stanley Small Cap Growth Portfolio	71.4	%
AXA/Lord Abbett Micro Cap Portfolio	28.2
JPMorgan Prime Money Market Fund, IM Shares	0.4

132

CHARTER^SM SMALL CAP GROWTH PORTFOLIO (Unaudited)

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 investment advisory fees, distribution and/or service (12b-1) fees (in the case of Class A and Class B shares of the Portfolio), 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, 2016 and held for the entire six-month period.

Actual Expenses

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help

you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. Also note that the table does not reflect any variable life insurance or variable annuity contract-related fees and expenses, which would increase overall fees and expenses.

EXAMPLE

	Beginning Account Value 7/1/16		Ending Account Value 12/31/16		Expenses Paid During Period* 7/1/16 - 12/31/16
Class A
Actual		$1,000.00		$1,108.17		$2.59
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.68		2.48
Class B
Actual		1,000.00		1,108.24		2.59
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.68		2.48
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.49% and 0.49% respectively, multiplied by the average account value over the period, and multiplied by 184/366 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

December 31, 2016

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
AXA/Lord Abbett Micro Cap Portfolio‡		2,384,165	$	23,696,835
AXA/Morgan Stanley Small Cap Growth Portfolio‡		6,138,371		60,052,159
Total Investment Companies (99.8%) (Cost $73,467,231)				83,748,994
SHORT-TERM INVESTMENT:
Investment Company (0.4%)
JPMorgan Prime Money Market Fund, IM Shares		371,429		371,541
Total Short-Term Investment (0.4%) (Cost $371,503)			$	371,541
Total Investments (100.2%) (Cost $73,838,734)				84,120,535
Other Assets Less Liabilities (-0.2%)				(130,405	)
Net Assets (100%)			$	83,990,130

‡ All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.

The holdings in affiliated Investment Companies are all Class K shares.

Investments in companies which were affiliates for the year ended December 31, 2016, were as follows:

Securities	Value December  31, 2015		Purchases at Cost		Sales at Cost		Value December  31, 2016		Dividend Income		Realized Gain (Loss)†
AXA/Lord Abbett Micro Cap Portfolio	$	23,625,873	$	458,126	$	2,749,417	$	23,696,835	$	39,414	$	(113,810	)
AXA/Morgan Stanley Small Cap Growth Portfolio		60,905,902		2,341,030		6,579,075		60,052,159		1,209		1,605,290
	$	84,531,775	$	2,799,156	$	9,328,492	$	83,748,994	$	40,623	$	1,491,480

† When applicable, realized gain includes net distributions of realized gain received from underlying funds.

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 2016:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Investment Companies
Investment Companies	$	—	$	83,748,994	$	—	$	83,748,994
Short-Term Investments
Investment Companies		371,541		—		—		371,541
Total Assets	$	371,541	$	83,748,994	$	—	$	84,120,535
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	371,541	$	83,748,994	$	—	$	84,120,535

There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2016.

The Portfolio held no derivatives contracts during the year ended December 31, 2016.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2016

Investment security transactions for the year ended December 31, 2016 were as follows:

Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	2,799,156
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	9,585,663

As of December 31, 2016, 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	$	10,270,733
Aggregate gross unrealized depreciation		—
Net unrealized appreciation	$	10,270,733
Federal income tax cost of investments	$	73,849,802

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2016

ASSETS
Investments at value:
Affiliated Issuers (Cost $73,467,231)	$	83,748,994
Unaffiliated Issuers (Cost $371,503)		371,541
Cash		28,000
Receivable for securities sold		27,609
Receivable from Separate Accounts for Trust shares sold		6,010
Dividends, interest and other receivables		256
Other assets		253
Total assets		84,182,663
LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		111,407
Distribution fees payable – Class B		17,912
Administrative fees payable		10,127
Investment management fees payable		3,356
Trustees’ fees payable		1,428
Distribution fees payable – Class A		77
Accrued expenses		48,226
Total liabilities		192,533
NET ASSETS	$	83,990,130
Net assets were comprised of:
Paid in capital	$	72,512,604
Accumulated undistributed net investment income (loss)		(2,122	)
Accumulated undistributed net realized gain (loss) on investments		1,197,847
Net unrealized appreciation (depreciation) on investments		10,281,801
Net assets	$	83,990,130
Class A
Net asset value, offering and redemption price per share, $342,678 / 28,271 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.12
Class B
Net asset value, offering and redemption price per share, $83,647,452 / 6,965,788 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.01

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2016

INVESTMENT INCOME
Dividends ($40,623 of dividend income received from affiliates) (net of $154 foreign withholding tax)	$	41,646
Interest		438
Other income		236,758
Total income		278,842
EXPENSES
Distribution fees – Class B		199,930
Investment management fees		120,449
Administrative fees		115,502
Professional fees		39,152
Custodian fees		24,600
Printing and mailing expenses		12,339
Trustees’ fees		3,062
Distribution fees – Class A		817
Miscellaneous		1,212
Gross expenses		517,063
Less:   Waiver from investment manager		(130,166	)
Net expenses		386,897
NET INVESTMENT INCOME (LOSS)		(108,055	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments ($255,533 of realized gain (loss) from affiliates)		255,217
Net distributions of realized gain received from underlying funds (All realized gains received from affiliates)		1,235,947
Net realized gain (loss)		1,491,164
Net change in unrealized appreciation (depreciation) on investments ($5,746,555 of change in unrealized appreciation (depreciation) from affiliates)		5,746,593
NET REALIZED AND UNREALIZED GAIN (LOSS)		7,237,757
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	7,129,702

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2016			2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(108,055	)	$	(215,507	)
Net realized gain (loss) on investments and net distributions of realized gain received from underlying funds		1,491,164			5,762,626
Net change in unrealized appreciation (depreciation) on investments		5,746,593			(10,877,376	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		7,129,702			(5,330,257	)
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class A		—			(925	)
Class B		—			(247,303	)
		—			(248,228	)
Distributions from net realized capital gains
Class A		(6,396	)		—
Class B		(1,508,262	)		—
		(1,514,658	)		—
TOTAL DIVIDENDS AND DISTRIBUTIONS		(1,514,658	)		(248,228	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 9,575 and 37,630 shares, respectively ]		110,723			487,020
Capital shares issued in reinvestment of dividends [ 526 and 81 shares, respectively ]		6,396			925
Capital shares repurchased [ (10,352) and (42,631) shares, respectively ]		(121,984	)		(492,151	)
Total Class A transactions		(4,865	)		(4,206	)
Class B
Capital shares sold [ 501,879 and 668,487 shares, respectively ]		5,443,247			7,998,255
Capital shares issued in reinvestment of dividends [ 125,275 and 21,800 shares, respectively ]		1,508,262			247,303
Capital shares repurchased [ (1,206,642) and (1,248,271) shares, respectively ]		(13,230,554	)		(15,085,546	)
Total Class B transactions		(6,279,045	)		(6,839,988	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(6,283,910	)		(6,844,194	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(668,866	)		(12,422,679	)
NET ASSETS:
Beginning of year		84,658,996			97,081,675
End of year (a)	$	83,990,130		$	84,658,996
(a)  Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	(2,122	)	$	(2,003	)

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Year Ended December 31,
Class A	2016			2015			2014			2013			2012
Net asset value, beginning of year	$	11.28		$	12.04		$	12.37		$	8.37		$	7.51
Income (loss) from investment operations:
Net investment income (loss) (e)		(0.02	)(x)		(0.03	)(x)		(0.08	)(x)		(0.08	)		(0.04	)
Net realized and unrealized gain (loss) on investments		1.07			(0.70	)		(0.25	)		4.08			0.90
Total from investment operations		1.05			(0.73	)		(0.33	)		4.00			0.86
Less distributions:
Dividends from net investment income		—			(0.03	)		—			—			—
Distributions from net realized gains		(0.21	)		—			—			—			—
Total dividends and distributions		(0.21	)		(0.03	)		—			—			—
Net asset value, end of year	$	12.12		$	11.28		$	12.04		$	12.37		$	8.37
Total return		9.34	%(ee)		(6.05	)%(aa)		(2.67	)%		47.79	%		11.45	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	343		$	322		$	403		$	336		$	127
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.48	%(k)		0.46	%(k)		0.84	%(j)		1.30	%		1.30	%
After waivers, reimbursements and fees paid indirectly (f)		0.48	%(k)		0.46	%(k)		0.84	%(j)		1.27	%		1.30	%
Before waivers, reimbursements and fees paid indirectly (f)		0.64	%		0.67	%		1.00	%		1.32	%		1.30	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (f)		(0.14	)%(x)(gg)		(0.23	)%(x)(cc)		(0.72	)%(x)		(0.83	)%		(0.51	)%
After waivers, reimbursements and fees paid indirectly (f)		(0.14	)%(x)(gg)		(0.23	)%(x)(cc)		(0.72	)%(x)		(0.80	)%		(0.51	)%
Before waivers, reimbursements and fees paid indirectly (f)		(0.30	)%(x)(gg)		(0.44	)%(x)(cc)		(0.87	)%(x)		(0.85	)%		(0.51	)%
Portfolio turnover rate^		3	%		9	%		93	%		85	%		58	%
	Year Ended December 31,
Class B	2016			2015			2014			2013			2012
Net asset value, beginning of year	$	11.18		$	11.93		$	12.25		$	8.29		$	7.44
Income (loss) from investment operations:
Net investment income (loss) (e)		(0.01	)(x)		(0.03	)(x)		(0.08	)(x)		(0.08	)		(0.04	)
Net realized and unrealized gain (loss) on investments		1.05			(0.69	)		(0.24	)		4.04			0.89
Total from investment operations		1.04			(0.72	)		(0.32	)		3.96			0.85
Less distributions:
Dividends from net investment income		—			(0.03	)		—			—			—
Distributions from net realized gains		(0.21	)		—			—			—			—
Total dividends and distributions		(0.21	)		(0.03	)		—			—			—
Net asset value, end of year	$	12.01		$	11.18		$	11.93		$	12.25		$	8.29
Total return		9.34	%(ff)		(6.02	)%(bb)		(2.61	)%		47.77	%		11.42	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	83,647		$	84,337		$	96,679		$	112,748		$	255,737
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.48	%(k)		0.46	%(k)		0.85	%(j)		1.30	%		1.30	%
After waivers, reimbursements and fees paid indirectly (f)		0.48	%(k)		0.46	%(k)		0.85	%(j)		1.27	%		1.30	%
Before waivers, reimbursements and fees paid indirectly (f)		0.64	%		0.67	%		1.00	%		1.32	%		1.30	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (f)		(0.13	)%(x)(hh)		(0.23	)%(x)(dd)		(0.72	)%(x)		(0.85	)%		(0.54	)%
After waivers, reimbursements and fees paid indirectly (f)		(0.13	)%(x)(hh)		(0.23	)%(x)(dd)		(0.72	)%(x)		(0.84	)%		(0.54	)%
Before waivers, reimbursements and fees paid indirectly (f)		(0.30	)%(x)(hh)		(0.44	)%(x)(dd)		(0.88	)%(x)		(0.86	)%		(0.54	)%
Portfolio turnover rate^		3	%		9	%		93	%		85	%		58	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)

	January 1, 2014 to April 17,  2014+			Year Ended December 31,
Class K				2013			2012
Net asset value, beginning of year	$	12.43		$	8.39		$	7.51
Income (loss) from investment operations:
Net investment income (loss) (e)		(0.02	)(x)		(0.06	)		(0.02	)
Net realized and unrealized gain (loss) on investments		(0.83	)		4.10			0.90
Total from investment operations		(0.85	)		4.04			0.88
Net asset value, end of year	$	11.58		$	12.43		$	8.39
Total return (b)		(6.84	)%		48.15	%		11.72	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	—		$	318,274		$	240,397
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.06	%		1.05	%		1.05	%
After waivers, reimbursements and fees paid indirectly (a)		1.06	%		1.02	%		1.05	%
Before waivers, reimbursements and fees paid indirectly (a)		1.08	%		1.07	%		1.05	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements		(0.67	)%		(0.59	)%		(0.29	)%
After waivers, reimbursements and fees paid indirectly (a)		(0.67	)%		(0.57	)%		(0.29	)%
Before waivers, reimbursements and fees paid indirectly (a)		(0.69	)%		(0.61	)%		(0.30	)%
Portfolio turnover rate^		93	%		85	%		58	%

# Per share amount is less than $0.005.

^ Portfolio turnover rate excludes derivatives, if any.

+ On April 17, 2014, shares were fully redeemed.

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

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

(e) Net investment income (loss) per share is based on average shares outstanding.

(f) Expenses do not include the expenses of the underlying funds (“indirect expenses”), if applicable.

(j) Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.85% for Class A and 1.86% for Class B.

(k) Including direct and indirect expenses, the net expense ratio after waivers and reimbursement would be 1.45% for Class A and 1.45% for Class B.

(x) Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.

(aa) Includes income resulting from a litigation payment. Without this income, the total return would have been (6.21)%.

(bb) Includes income resulting from a litigation payment. Without this income, the total return would have been (6.18)%.

(cc) Includes income resulting from litigation income. Without this income, the ratios would have been (0.46)% after waivers and reimbursements, (0.46)% after waivers, reimbursements and fees paid indirectly and (0.67)% before waivers, reimbursements and fees paid indirectly.

(dd) Includes income resulting from litigation income. Without this income, the ratios would have been (0.46)% after waivers and reimbursements, (0.46)% after waivers, reimbursements and fees paid indirectly and (0.67)% before waivers, reimbursements and fees paid indirectly.

(ee) Includes income resulting from a litigation payment. Without this income, the total return would have been 9.07%.

(ff) Includes income resulting from a litigation payment. Without this income, the total return would have been 9.06%.

(gg) Includes income resulting from litigation income. Without this income, the ratios would have been (0.43)% after waivers and reimbursements, (0.43)% after waivers, reimbursements and fees paid indirectly and (0.60)% before waivers, reimbursements and fees paid indirectly.

(hh) Includes income resulting from litigation income. Without this income, the ratios would have been (0.43)% after waivers and reimbursements, (0.43)% after waivers, reimbursements and fees paid indirectly and (0.59)% before waivers, reimbursements and fees paid indirectly.

See Notes to Financial Statements.

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CHARTER^SM SMALL CAP VALUE PORTFOLIO (Unaudited)

INVESTMENT MANAGER

_Ø AXA Equitable Funds Management Group, LLC

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/16
	1 Year			5 Years			10 Years
Portfolio – Class A Shares		25.22	%		11.46	%		3.41	%
Portfolio – Class B Shares		25.20			11.47			3.27
Russell 2000® Value Index		31.74			15.07			6.26
Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

On April 21, 2014, the Multimanager Small Cap Value Portfolio was converted into the Charter Small Cap Value Portfolio. Prior to April 21, 2014, the Portfolio invested directly in securities, rather than pursuing a “Fund of Funds” strategy.

PERFORMANCE SUMMARY

The Portfolio’s Class B shares returned 25.20% for the year ended December 31, 2016. The Portfolio’s benchmark, the Russell 2000^®Value Index returned 31.74% over the same period.

Portfolio Highlights

For the year ended December 31, 2016

For the year, domestic equity markets were up substantially, especially small-cap value stocks, which profited from outstanding performance of small-cap banks in 2016. Investors appeared to believe small banks would profit from tax and regulatory changes under the new presidential administration. One of the Portfolio’s small-cap holdings currently has a high cash level, which contributed to underperformance versus its benchmark. In addition, another small-cap fund held a somewhat lower-than-benchmark allocation to financials, which also hurt performance of the Portfolio.

The Portfolio provided positive returns for the year, underperforming its benchmark after a margin for expenses.

Table by Asset Class (as a percentage of Total Investments)
As of December 31, 2016
Equity	99.8	%
Fixed Income	0.2

Top Holdings (as a percentage of Total Investments)
As of December 31, 2016
AXA/Horizon Small Cap Value Portfolio	39.0	%
AXA/Pacific Global Small Cap Value Portfolio	36.1
EQ/GAMCO Small Company Value Portfolio	24.0
Snow Capital Small Cap Value Fund, Institutional Class	0.7
JPMorgan Prime Money Market Fund, IM Shares	0.2

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CHARTER^SM SMALL CAP VALUE PORTFOLIO (Unaudited)

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 investment advisory fees, distribution and/or service (12b-1) fees (in the case of Class A and Class B shares of the Portfolio), 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, 2016 and held for the entire six-month period.

Actual Expenses

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

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

EXAMPLE

	Beginning Account Value 7/1/16		Ending Account Value 12/31/16		Expenses Paid During Period* 7/1/16 - 12/31/16
Class A
Actual		$1,000.00		$1,209.25		$2.95
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.46		2.70
Class B
Actual		1,000.00		1,209.09		2.95
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.46		2.70
*   Expenses are equal to the Portfolio’s Class A and Class B shares annualized expense ratios of 0.53% and 0.53% respectively, multiplied by the average account value over the period, and multiplied by 184/366 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

December 31, 2016

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
AXA/Horizon Small Cap Value Portfolio‡		6,999,381	$	68,821,504
AXA/Pacific Global Small Cap Value Portfolio‡		6,960,229		63,815,237
EQ/GAMCO Small Company Value Portfolio‡		725,290		42,451,517
Snow Capital Small Cap Value Fund, Institutional Class*		37,938		1,193,920
Total Investment Companies (99.9%) (Cost $144,654,746)				176,282,178
SHORT-TERM INVESTMENT:
Investment Company (0.2%)
JPMorgan Prime Money Market Fund, IM Shares		276,699		276,782
Total Short-Term Investment (0.2%) (Cost $276,750)				276,782
Total Investments (100.1%) (Cost $144,931,496)				176,558,960
Other Assets Less Liabilities (-0.1%)				(188,760	)
Net Assets (100%)			$	176,370,200

* Non-income producing.

‡ All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.

The holdings in affiliated Investment Companies are all Class K shares.

Investments in companies which were affiliates for the year ended December 31, 2016, were as follows:

Securities	Value December  31, 2015		Purchases at Cost		Sales at Cost		Value December  31, 2016		Dividend Income		Realized Gain (Loss)†
AXA/Horizon Small Cap Value Portfolio	$	63,480,362	$	9,337,112	$	13,509,457	$	68,821,504	$	314,410	$	3,268,463
AXA/Pacific Global Small Cap Value Portfolio		57,936,549		4,597,628		12,918,041		63,815,237		448,746		(1,013,941	)
EQ/GAMCO Small Company Value Portfolio		33,890,443		2,146,609		—		42,451,517		296,484		1,335,126
Snow Capital Small Cap Value Fund, Institutional Class*		1,456,133		—		556,575		1,193,920		—		(41,575	)
	$	156,763,487	$	16,081,349	$	26,984,073	$	176,282,178	$	1,059,640	$	3,548,073

* Was an Affiliate during the year.

† When applicable, realized gain includes net distributions of realized gain received from underlying funds.

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 2016:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Investment Companies
Investment Companies	$	1,193,920	$	175,088,258	$	—	$	176,282,178
Short-Term Investments
Investment Companies		276,782		—		—		276,782
Total Assets	$	1,470,702	$	175,088,258	$	—	$	176,558,960
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	1,470,702	$	175,088,258	$	—	$	176,558,960

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2016

There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2016.

The Portfolio held no derivative contracts during the year ended December 31, 2016.

Investment security transactions for the year ended December 31, 2016 were as follows:

Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	16,081,350
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	24,207,506

As of December 31, 2016, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	31,826,472
Aggregate gross unrealized depreciation		(5,347	)
Net unrealized appreciation	$	31,821,125
Federal income tax cost of investments	$	144,737,835

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2016

ASSETS
Investments at value:
Affiliated Issuers (Cost $143,461,089)	$	175,088,258
Unaffiliated Issuers (Cost $1,470,407)		1,470,702
Cash		23,000
Receivable from Separate Accounts for Trust shares sold		9,476
Dividends, interest and other receivables		176
Other assets		472
Total assets		176,592,084
LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		67,310
Distribution fees payable – Class B		34,570
Administrative fees payable		21,132
Investment management fees payable		16,168
Payable for securities purchased		9,654
Trustees’ fees payable		6,295
Distribution fees payable – Class A		2,967
Accrued expenses		63,788
Total liabilities		221,884
NET ASSETS	$	176,370,200
Net assets were comprised of:
Paid in capital	$	402,455,456
Accumulated undistributed net investment income (loss)		195,543
Accumulated undistributed net realized gain (loss) on investments		(257,908,263	)
Net unrealized appreciation (depreciation) on investments		31,627,464
Net assets	$	176,370,200
Class A
Net asset value, offering and redemption price per share, $13,939,983 / 851,602 shares outstanding (unlimited amount authorized: $0.001 par value)	$	16.37
Class B
Net asset value, offering and redemption price per share, $162,430,217 / 9,916,288 shares outstanding (unlimited amount authorized: $0.001 par value)	$	16.38

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2016

INVESTMENT INCOME
Dividends ($1,059,640 of dividend income received from affiliates)	$	1,060,378
Interest		736
Other income		154,845
Total income		1,215,959
EXPENSES
Distribution fees – Class B		348,025
Investment management fees		226,900
Administrative fees		217,475
Professional fees		39,255
Distribution fees – Class A		30,139
Custodian fees		24,100
Printing and mailing expenses		21,795
Trustees’ fees		5,690
Miscellaneous		2,249
Gross expenses		915,628
Less: Waiver from investment manager		(117,830	)
Net expenses		797,798
NET INVESTMENT INCOME (LOSS)		418,161
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments ($(969,827) of realized gain (loss) from affiliates)		(963,312	)
Net distributions of realized gain received from underlying funds (All realized gains received from affiliates)		4,517,900
Net realized gain (loss)		3,554,588
Net change in unrealized appreciation (depreciation) on investments ($30,421,415 of change in unrealized appreciation (depreciation) from affiliates)		30,421,445
NET REALIZED AND UNREALIZED GAIN (LOSS)		33,976,033
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	34,394,194

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2016			2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	418,161		$	87,436
Net realized gain (loss) on investments and net distributions of realized gain received from underlying funds		3,554,588			10,264,788
Net change in unrealized appreciation (depreciation) on investments		30,421,445			(33,469,219	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		34,394,194			(23,116,995	)
DIVIDENDS:
Dividends from net investment income
Class A		(167,413	)		(69,196	)
Class B		(1,946,771	)		(854,782	)
TOTAL DIVIDENDS:		(2,114,184	)		(923,978	)
CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 41,724 and 36,818 shares, respectively ]		590,351			545,295
Capital shares issued in reinvestment of dividends [ 10,130 and 5,148 shares, respectively ]		167,413			69,196
Capital shares repurchased [ (87,391) and (101,215) shares, respectively ]		(1,227,064	)		(1,502,082	)
Total Class A transactions		(469,300	)		(887,591	)
Class B
Capital shares sold [ 1,040,226 and 1,133,034 shares, respectively ]		14,886,086			16,087,658
Capital shares issued in reinvestment of dividends [ 117,717 and 63,550 shares, respectively ]		1,946,771			854,782
Capital shares repurchased [ (2,200,841) and (1,165,210) shares, respectively ]		(29,078,157	)		(17,198,705	)
Total Class B transactions		(12,245,300	)		(256,265	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(12,714,600	)		(1,143,856	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		19,565,410			(25,184,829	)
NET ASSETS:
Beginning of year		156,804,790			181,989,619
End of year (a)	$	176,370,200		$	156,804,790
(a)  Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	195,543		$	(4,039	)

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Year Ended December 31,
Class A	2016			2015			2014			2013			2012
Net asset value, beginning of year	$	13.23		$	15.32		$	16.17		$	11.40		$	9.81
Income (loss) from investment operations:
Net investment income (loss) (e)		0.04	(x)		—	#(x)		(0.05	)(x)		0.09			0.04
Net realized and unrealized gain (loss) on investments		3.30			(2.01	)		(0.77	)		4.76			1.61
Total from investment operations		3.34			(2.01	)		(0.82	)		4.85			1.65
Less distributions:
Dividends from net investment income		(0.20	)		(0.08	)		(0.03	)		(0.08	)		(0.06	)
Net asset value, end of year	$	16.37		$	13.23		$	15.32		$	16.17		$	11.40
Total return		25.22	%		(13.14	)%		(5.09	)%		42.56	%		16.87	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	13,940		$	11,735		$	14,496		$	17,119		$	12,577
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.53	%(k)		0.47	%(k)		0.85	%(j)		1.30	%		1.30	%
After waivers, reimbursements and fees paid indirectly (f)		0.53	%(k)		0.47	%(k)		0.85	%(j)		1.30	%		1.30	%
Before waivers, reimbursements and fees paid indirectly (f)		0.61	%		0.62	%		0.93	%		1.33	%		1.30	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (f)		0.27	%(x)		0.03	%(x)		(0.31	)%(x)		0.62	%		0.37	%
After waivers, reimbursements and fees paid indirectly (f)		0.27	%(x)		0.03	%(x)		(0.31	)%(x)		0.62	%		0.37	%
Before waivers, reimbursements and fees paid indirectly (f)		0.19	%(x)		(0.13	)%(x)		(0.39	)%(x)		0.59	%		0.37	%
Portfolio turnover rate^		11	%		29	%		47	%		17	%		14	%
	Year Ended December 31,
Class B	2016			2015			2014			2013			2012
Net asset value, beginning of year	$	13.24		$	15.33		$	16.18		$	11.41		$	9.81
Income (loss) from investment operations:
Net investment income (loss) (e)		0.04	(x)		0.01	(x)		(0.05	)(x)		0.02			0.04
Net realized and unrealized gain (loss) on investments		3.30			(2.02	)		(0.77	)		4.83			1.62
Total from investment operations		3.34			(2.01	)		(0.82	)		4.85			1.66
Less distributions:
Dividends from net investment income		(0.20	)		(0.08	)		(0.03	)		(0.08	)		(0.06	)
Net asset value, end of year	$	16.38		$	13.24		$	15.33		$	16.18		$	11.41
Total return		25.20	%		(13.13	)%		(5.08	)%		42.52	%		16.97	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	162,430		$	145,069		$	167,494		$	194,185		$	531,314
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.53	%(k)		0.47	%(k)		0.85	%(j)		1.30	%		1.30	%
After waivers, reimbursements and fees paid indirectly (f)		0.53	%(k)		0.47	%(k)		0.85	%(j)		1.30	%		1.30	%
Before waivers, reimbursements and fees paid indirectly (f)		0.60	%		0.62	%		0.93	%		1.33	%		1.30	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (f)		0.28	%(x)		0.05	%(x)		(0.31	)%(x)		0.13	%		0.36	%
After waivers, reimbursements and fees paid indirectly (f)		0.28	%(x)		0.05	%(x)		(0.31	)%(x)		0.13	%		0.36	%
Before waivers, reimbursements and fees paid indirectly (f)		0.20	%(x)		(0.10	)%(x)		(0.39	)%(x)		0.12	%		0.36	%
Portfolio turnover rate^		11	%		29	%		47	%		17	%		14	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)

	January 1, 2014 to April 17,  2014+			Year Ended December 31,
Class K				2014			2013
Net asset value, beginning of year	$	16.17		$	11.40		$	9.81
Income (loss) from investment operations:
Net investment income (loss) (e)		—	#(x)		0.11			0.06
Net realized and unrealized gain (loss) on investments		(0.18	)		4.78			1.62
Total from investment operations		(0.18	)		4.89			1.68
Less distributions:
Dividends from net investment income		—			(0.12	)		(0.09	)
Net asset value, end of year	$	15.99		$	16.17		$	11.40
Total return (b)		(1.11	)%		42.92	%		17.16	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	—		$	113,216		$	96,562
Ratio of expenses to average net assets:
After waivers and reimbursements (a)		1.09	%		1.05	%		1.05	%
After waivers, reimbursements and fees paid indirectly (a)		1.09	%		1.05	%		1.05	%
Before waivers, reimbursements and fees paid indirectly (a)		1.12	%		1.08	%		1.05	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)		(0.05	)%		0.81	%		0.56	%
After waivers, reimbursements and fees paid indirectly (a)		(0.05	)%		0.81	%		0.56	%
Before waivers, reimbursements and fees paid indirectly (a)		(0.08	)%		0.78	%		0.56	%
Portfolio turnover rate^		47	%		17	%		14	%

* Commencement of Operations.

# Per share amount is less than $0.005.

^ Portfolio turnover rate excludes derivatives, if any.

+ On April 17, 2014, shares were fully redeemed.

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

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

(e) Net investment income (loss) per share is based on average shares outstanding.

(f) Expenses do not include the expenses of the underlying funds (“indirect expenses”), if applicable.

(j) Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.85% for Class A and 1.85% for Class B.

(k) Including direct and indirect expenses, the net expense ratio after waivers and reimbursement would be 1.45% for Class A and 1.45% for Class B.

(x) Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.

See Notes to Financial Statements.

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INVESTMENT MANAGER

_Ø AXA Equitable Funds Management Group, LLC

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/16
	1 Year			Since Incept.
Portfolio – Class B Shares*		10.58	%		(0.35	)%
Charter Alternative 100 Moderate Composite Index		9.71			(0.76	)
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		0.33			0.14
S&P 500 Index		11.96			10.14
*   Date of inception 10/30/13, except for the Composite Index, which uses 10/31/13.     Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class B shares returned 10.58% for the year ended December 31, 2016. This compares to the returns of the following benchmarks: Charter Alternative 100 Moderate Composite Index, BofA Merrill Lynch 3-Month U.S. Treasury Bill Index and S&P 500 Index, which returned 9.71%, 0.33% and 11.96%, respectively, over the same period.

Portfolio Highlights

For the year ended December 31, 2016

• As of 12/31/2016, the Portfolio’s allocation (as a percentage of market value excluding cash) consisted of 100.0% non-traditional (alternative) investments.

• The Portfolio provided positive returns for the year, exceeding its composite benchmark after a margin for expenses.

• In 2016, multi-alternative portfolios performed moderately well, mainly due to high returns in non-traditional categories. The Portfolio’s holdings in funds that invest in natural resources, oil, energy and gold mines all produced attractive returns. Convertibles, commodities and currency strategies were also positive.

Table by Asset Class (as a percentage of Total Investments) As of December 31, 2016
Alternatives	98.8	%
Fixed Income	1.2

Top 10 Holdings (as a percentage of Total Investments) As of December 31, 2016
EQ/GAMCO Mergers and Acquisitions Portfolio	13.8	%
EQ/Convertible Securities Portfolio	10.2
PowerShares DB G10 Currency Harvest Fund	9.9
AXA Real Estate Portfolio	9.5
iShares Global Infrastructure Fund	8.2
PowerShares Multi-Strategy Alternative Portfolio	5.5
PowerShares DB Gold Fund	5.2
AXA Natural Resources Portfolio	5.1
EQ/Energy ETF Portfolio	5.1
iShares U.S. Oil & Gas Exploration & Production Fund	5.0

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CHARTER^SM ALTERNATIVE 100 MODERATE PORTFOLIO (Unaudited)

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 investment advisory fees, distribution and/or service (12b-1) fees (in the case of Class B shares of the Portfolio), 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, 2016 and held for the entire six-month period.

Actual Expenses

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

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

EXAMPLE

	Beginning Account Value 7/1/16		Ending Account Value 12/31/16		Expenses Paid During Period* 7/1/16 - 12/31/16
Class B
Actual		$1,000.00		$1,014.75		$3.71
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.46		3.72
*   Expenses are equal to the Portfolio’s Class B shares annualized expense ratio of 0.73%, multiplied by the average account value over the period, and multiplied by 184/366 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

December 31, 2016

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS:
iShares Emerging Markets Infrastructure Fund		6,670	$	187,360
iShares Global Infrastructure Fund		17,300		675,392
iShares MSCI Global Agriculture Producers Fund		6,700		167,260
iShares MSCI Global Gold Miners Fund		7,440		127,447
iShares U.S. Oil & Gas Exploration & Production Fund		6,280		410,963
PowerShares DB Agriculture Fund*		1,780		35,547
PowerShares DB Base Metals Fund*		11,220		167,402
PowerShares DB Commodity Index Tracking Fund*		17,550		277,992
PowerShares DB G10 Currency Harvest Fund*		32,940		817,241
PowerShares DB Gold Fund*		11,585		428,993
PowerShares DB Silver Fund*		2,930		72,840
PowerShares Multi-Strategy Alternative Portfolio‡		19,900		454,516
WisdomTree Managed Futures Strategy Fund*		2,770		114,844
Total Exchange Traded Funds (48.0%) (Cost $4,558,344)				3,937,797
INVESTMENT COMPANIES:
AQR Managed Futures Strategy, Institutional Class		21,780		202,988
AXA Natural Resources Portfolio‡		52,668		418,847
AXA Real Estate Portfolio‡		74,836		783,773
BlackRock Global Long/Short Credit Fund, Institutional Class*		25,938		262,492
EQ/Convertible Securities Portfolio‡		82,438	$	839,538
EQ/Energy ETF Portfolio‡		56,138		417,646
EQ/GAMCO Mergers and Acquisitions Portfolio‡		87,551		1,143,515
Financial Investors Trust - Listed Private Equity Fund, Institutional Class		12,113		78,492
Franklin K2 Alternative Strategies Fund, Advisor Class		6,445		69,416
Total Investment Companies (51.5%) (Cost $4,566,112)				4,216,707
SHORT-TERM INVESTMENT:
Investment Company (1.2%)
JPMorgan Prime Money Market Fund, IM Shares		100,721		100,752
Total Short-Term Investment (1.2%) (Cost $100,752)				100,752
Total Investments (100.7%) (Cost $9,225,208)				8,255,256
Other Assets Less Liabilities (-0.7%)				(59,432	)
Net Assets (100%)			$	8,195,824

* Non-income producing.

‡ All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.

The holdings in affiliated Investment Companies are all Class K shares except PowerShares Multi-Strategy Alternative Portfolio.

Investments in companies which were affiliates for the year ended December 31, 2016, were as follows:

Securities	Value December 31, 2015		Purchases at Cost		Sales at Cost		Value December 31, 2016		Dividend Income		Realized Gain (Loss)†
AXA Natural Resources Portfolio	$	671,243	$	90,407	$	604,038	$	418,847	$	9,649	$	(121,874	)
AXA Real Estate Portfolio (a)		1,376,046		200,488		814,528		783,773		7,119		48,795
EQ/Convertible Securities Portfolio		1,361,218		185,410		751,980		839,538		25,286		(13,180	)
EQ/Energy ETF Portfolio		589,322		167,927		554,356		417,646		7,089		(108,212	)
EQ/GAMCO Mergers and Acquisitions Portfolio		1,843,689		414,932		1,174,864		1,143,515		2,883		38,330
PowerShares Multi-Strategy Alternative Portfolio*		623,271		—		188,895		454,516		6,865		(5,071	)
	$	6,464,789	$	1,059,164	$	4,088,661	$	4,057,835	$	58,891	$	(161,212	)

* Not affiliated at December 31, 2015.

† When applicable, realized gain includes net distributions of realized gain received from underlying funds.

(a) Formerly known as EQ/Real Estate PLUS Portfolio.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2016

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 2016:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Exchange Traded Funds
Exchange Traded Funds	$	3,937,797	$	—	$	—	$	3,937,797
Investment Companies
Investment Companies		613,388		3,603,319		—		4,216,707
Short-Term Investments
Investment Companies		100,752		—		—		100,752
Total Assets	$	4,651,937	$	3,603,319	$	—	$	8,255,256
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	4,651,937	$	3,603,319	$	—	$	8,255,256

There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2016.

The Portfolio held no derivatives contracts during the year ended December 31, 2016.

Investment security transactions for the year ended December 31, 2016 were as follows:

Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	1,651,398
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	7,345,969

As of December 31, 2016, 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	$	37,028
Aggregate gross unrealized depreciation		(596,267	)
Net unrealized depreciation	$	(559,239	)
Federal income tax cost of investments	$	8,814,495

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2016

ASSETS
Investments at value:
Affiliated Issuers (Cost $4,387,126)	$	4,057,835
Unaffiliated Issuers (Cost $4,838,082)		4,197,421
Cash		22,000
Receivable from Separate Accounts for Trust shares sold		62
Dividends, interest and other receivables		43
Other assets		60
Total assets		8,277,421
LIABILITIES
Administrative fees payable		6,290
Distribution fees payable – Class B		1,725
Trustees’ fees payable		934
Payable for securities purchased		716
Payable to Separate Accounts for Trust shares redeemed		172
Accrued expenses		71,760
Total liabilities		81,597
NET ASSETS	$	8,195,824
Net assets were comprised of:
Paid in capital	$	9,464,407
Accumulated undistributed net investment income (loss)		9,190
Accumulated undistributed net realized gain (loss) on investments		(307,821	)
Net unrealized appreciation (depreciation) on investments		(969,952	)
Net assets	$	8,195,824
Class B
Net asset value, offering and redemption price per share, $8,195,824 / 898,592 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.12

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2016

INVESTMENT INCOME
Dividends ($58,891 of dividend income received from affiliates)	$	106,888
Interest		2,561
Total income		109,449
EXPENSES
Custodian fees		39,500
Professional fees		37,564
Administrative fees		32,507
Distribution fees – Class B		25,977
Investment management fees		15,587
Printing and mailing expenses		1,575
Trustees’ fees		430
Miscellaneous		325
Gross expenses		153,465
Less:   Waiver from investment manager		(48,094	)
Reimbursement from investment manager		(32,641	)
Net expenses		72,730
NET INVESTMENT INCOME (LOSS)		36,719
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments ($(227,151) of realized gain (loss) from affiliates)		(471,827	)
Net distributions of realized gain received from underlying funds (All realized gains received from affiliates)		65,939
Net realized gain (loss)		(405,888	)
Net change in unrealized appreciation (depreciation) on investments ($622,543 of change in unrealized appreciation (depreciation) from affiliates)		1,530,301
NET REALIZED AND UNREALIZED GAIN (LOSS)		1,124,413
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,161,132

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2016			2015 (ag)
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	36,719		$	120,215
Net realized gain (loss) on investments and net distributions of realized gain received from underlying funds		(405,888	)		119,723
Net change in unrealized appreciation (depreciation) on investments		1,530,301			(815,215	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		1,161,132			(575,277	)
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class B		(70,904	)		(185,335	)
Distributions from net realized capital gains
Class B		—			(123,957	)
Return of capital
Class B		(38,932	)		—
TOTAL DIVIDENDS AND DISTRIBUTIONS		(109,836	)		(309,292	)
CAPITAL SHARES TRANSACTIONS:
Class B
Capital shares sold [ 189,141 and 228,623 shares, respectively ]		1,679,734			2,128,331
Capital shares issued in connection with merger (Note 9) [ 0 and 859,895 shares, respectively ]		—			7,365,800
Capital shares issued in reinvestment of dividends and distributions [ 12,077 and 36,490 shares, respectively ]		109,836			309,292
Capital shares repurchased [ (832,263) and (405,905) shares, respectively ]		(7,425,910	)		(3,871,760	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(5,636,340	)		5,931,663
TOTAL INCREASE (DECREASE) IN NET ASSETS		(4,585,044	)		5,047,094
NET ASSETS:
Beginning of year		12,780,868			7,733,774
End of year (a)	$	8,195,824		$	12,780,868
(a)    Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	9,190		$	15,164
(ag)  On September 25, 2015, this Portfolio received, through a merger transaction, the assets and liabilities of the CharterSM Alternative 100 Conservative Plus Portfolio and CharterSM Alternative 100 Growth Portfolio that followed the same objectives as this Portfolio. Information prior to the period ended September 25, 2015 represents the results of operations of the CharterSM Alternative 100 Moderate Portfolio.

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Year Ended December 31,									October 30, 2013* to December 31, 2013
Class B	2016			2015			2014
Net asset value, beginning of period	$	8.36		$	9.54		$	9.73		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.03			0.13			0.13			0.07
Net realized and unrealized gain (loss) on investments		0.85			(1.04	)		(0.15	)		(0.17	)
Total from investment operations		0.88			(0.91	)		(0.02	)		(0.10	)
Less distributions:
Dividends from net investment income		(0.08	)		(0.13	)		(0.17	)		(0.14	)
Distributions from net realized gains		—			(0.14	)		—			(0.02	)
Return of capital		(0.04	)		—			—			(0.01	)
Total dividends and distributions		(0.12	)		(0.27	)		(0.17	)		(0.17	)
Net asset value, end of period	$	9.12		$	8.36		$	9.54		$	9.73
Total return (b)		10.58	%		(9.50	)%		(0.16	)%		(1.01	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	8,196		$	12,781		$	7,734		$	4,269
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.70	%(j)		0.66	%**		0.65	%		0.65	%
Before waivers and reimbursements (a)(f)		1.48	%		2.36	%		3.01	%		3.82	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x)		0.35	%		1.40	%		1.27	%		4.13	%(l)
Before waivers and reimbursements (a)(f)(x)		(0.42	)%		(0.31	)%		(1.09	)%		0.96	%(l)
Portfolio turnover rate (z)^		16	%		30	%		13	%		7	%

* Commencement of Operations.

** Includes Tax Expense of 0.01%.

^ Portfolio turnover rate excludes derivatives, if any.

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

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

(e) Net investment income (loss) per share is based on average shares outstanding.

(f) Expenses do not include the expenses of the underlying funds (“indirect expenses”), if applicable.

(j) Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.20%.

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

(x) Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.

(z) Portfolio turnover rate for periods less than one year is not annualized.

(ag) On September 25, 2015, this Portfolio received, through a merger transaction, the assets and liabilities of the Charter^SM Alternative 100 Conservative Plus Portfolio and Charter^SM Alternative 100 Growth Portfolio that followed the same objectives as this Portfolio. Information prior to the period ended September 25, 2015 represents the results of operations of the Charter^SM Alternative 100 Moderate Portfolio.

See Notes to Financial Statements.

154

TARGET 2015 ALLOCATION PORTFOLIO (Unaudited)

INVESTMENT MANAGER

_Ø AXA Equitable Funds Management Group, LLC

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/16
	1 Year			5 Years			10 Years/ Since Incept.
Portfolio – Class B Shares		5.69	%		6.18	%		2.68	%
Portfolio – Class K Shares*		5.83			6.45			6.31
S&P Target Date 2015 Index		6.56			6.79			4.50
*   Date of inception 12/1/11.     Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class B shares returned 5.69% for the year ended December 31, 2016. The Portfolio’s benchmark, the S&P Target Date 2015 Index, returned 6.56% over the same period.

Portfolio Highlights

• As of 12/31/2016, the Portfolio’s equity allocation (as a percentage of market value excluding cash) consisted of large cap growth stocks (10.3%), large cap value stocks (9.6%), mid cap stocks (7.8%), small cap stocks (2.9%), international stocks (13.7%) and emerging market stocks (4.7%).

• As of 12/31/2016, the Portfolio’s fixed income allocation (as a percentage of market value excluding cash) consisted of investment grade bonds (43.6%) and high yield bonds (7.5%).

• The Portfolio provided positive returns for the year, slightly underperforming its benchmark after a margin for expenses.

• In 2016, the equity markets were up substantially, while high-quality government bonds rose only modestly. The Portfolio’s equity allocation contributed the bulk of its gains, with certain holdings in large-cap U.S. stocks adding the most return, along with large-cap and small-cap value equity. The fixed income allocation was a much more modest relative contributor to returns, although the high-yield holding outperformed in its sector.

Table by Asset Class (as a percentage of Total Investments) As of December 31, 2016
Fixed Income	50.7	%
Equity	49.3

Top 10 Holdings (as a percentage of Total Investments) As of December 31, 2016
EQ/Equity 500 Index Portfolio	21.6	%
EQ/Core Bond Index Portfolio	21.3
EQ/International Equity Index Portfolio	11.3
EQ/Quality Bond PLUS Portfolio	8.1
EQ/High Yield Bond Portfolio	7.4
EQ/Global Bond PLUS Portfolio	7.1
EQ/PIMCO Ultra Short Bond Portfolio	6.1
EQ/Emerging Markets Equity PLUS Portfolio	4.3
EQ/BlackRock Basic Value Equity Portfolio	3.0
EQ/MFS International Growth Portfolio	2.3

155

TARGET 2015 ALLOCATION PORTFOLIO (Unaudited)

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 investment advisory fees, distribution and/or service (12b-1) fees (in the case of Class B shares of the Portfolio), 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, 2016 and held for the entire six-month period.

Actual Expenses

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

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

EXAMPLE

	Beginning Account Value 7/1/16		Ending Account Value 12/31/16		Expenses Paid During Period* 7/1/16 - 12/31/16
Class B
Actual		$1,000.00		$1,028.95		$2.89
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.28		2.88
Class K
Actual		1,000.00		1,029.18		1.62
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.54		1.62
*   Expenses are equal to the Portfolio’s Class B and Class K shares annualized expense ratios of 0.57% and 0.32%, respectively, multiplied by the average account value over the period, and multiplied by 184/366 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

December 31, 2016

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/BlackRock Basic Value Equity Portfolio‡		75,714	$	1,752,955
EQ/Core Bond Index Portfolio‡		1,273,229		12,537,252
EQ/Emerging Markets Equity PLUS Portfolio‡		315,396		2,524,530
EQ/Equity 500 Index Portfolio‡		340,204		12,680,386
EQ/Global Bond PLUS Portfolio‡		476,338		4,175,290
EQ/High Yield Bond Portfolio‡		457,480		4,356,143
EQ/International Equity Index Portfolio‡		795,413		6,653,027
EQ/MFS International Growth Portfolio‡		205,193		1,348,327
EQ/PIMCO Ultra Short Bond Portfolio‡		365,589		3,607,273
EQ/Quality Bond PLUS Portfolio‡		566,403		4,791,358
EQ/Small Company Index Portfolio‡		102,048		1,158,134
Multimanager Aggressive Equity Portfolio‡		13,918		655,262
Multimanager Mid Cap Growth Portfolio‡		97,687		880,778
Multimanager Mid Cap Value Portfolio‡		80,993		1,266,881
Total Investment Companies (99.3%) (Cost $51,268,816)				58,387,596
SHORT-TERM INVESTMENT:
Investment Company (0.7%)
JPMorgan Prime Money Market Fund, IM Shares		405,051	$	405,173
Total Short-Term Investment (0.7%) (Cost $405,179)				405,173
Total Investments (100.0%) (Cost $51,673,995)				58,792,769
Other Assets Less Liabilities (0.0%)				6,101
Net Assets (100%)			$	58,798,870

‡ All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.

The holdings in affiliated Investment Companies are all Class K shares.

Investments in companies which were affiliates for the year ended December 31, 2016, were as follows:

Securities	Value December  31, 2015		Purchases at Cost		Sales at Cost		Value December  31, 2016		Dividend Income		Realized Gain (Loss)†
EQ/BlackRock Basic Value Equity Portfolio	$	1,727,586	$	380,433	$	618,088	$	1,752,955	$	29,852	$	21,782
EQ/Core Bond Index Portfolio		13,650,592		2,094,455		3,199,398		12,537,252		223,625		17,666
EQ/Emerging Markets Equity PLUS Portfolio		2,805,959		540,609		1,172,508		2,524,530		26,465		(47,940	)
EQ/Equity 500 Index Portfolio		14,475,197		1,590,965		3,284,363		12,680,386		236,427		1,360,023
EQ/Global Bond PLUS Portfolio		4,621,862		426,137		852,689		4,175,290		92,555		(11,875	)
EQ/High Yield Bond Portfolio		4,119,546		956,814		975,774		4,356,143		232,035		(4,224	)
EQ/International Equity Index Portfolio		7,498,626		697,902		1,552,056		6,653,027		196,051		(68,222	)
EQ/MFS International Growth Portfolio		1,329,124		771,995		794,660		1,348,327		17,074		6,357
EQ/PIMCO Ultra Short Bond Portfolio		4,030,270		208,320		673,654		3,607,273		45,557		(7,276	)
EQ/Quality Bond PLUS Portfolio		4,173,118		2,467,321		1,837,044		4,791,358		63,452		1,961
EQ/Small Company Index Portfolio		1,176,865		232,211		354,195		1,158,134		14,797		95,700
Multimanager Aggressive Equity Portfolio		1,130,531		73,004		252,974		655,262		5,186		305,517
Multimanager Mid Cap Growth Portfolio		1,238,809		103,012		474,048		880,778		3,090		37,682
Multimanager Mid Cap Value Portfolio		1,117,177		182,674		153,336		1,266,881		15,547		76,060
	$	63,095,262	$	10,725,852	$	16,194,787	$	58,387,596	$	1,201,713	$	1,783,211

† When applicable, realized gain includes net distributions of realized gain received from underlying funds.

See Notes to Financial Statements.

157

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TARGET 2015 ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2016

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 2016:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Investment Companies
Investment Companies	$	—	$	58,387,596	$	—	$	58,387,596
Short-Term Investments
Investment Companies		405,173		—		—		405,173
Total Assets	$	405,173	$	58,387,596	$	—	$	58,792,769
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	405,173	$	58,387,596	$	—	$	58,792,769

There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2016.

The Portfolio held no derivatives contracts during the year ended December 31, 2016.

Investment security transactions for the year ended December 31, 2016 were as follows:

Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	10,725,852
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	17,719,284

As of December 31, 2016, 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	$	9,615,392
Aggregate gross unrealized depreciation		(2,535,630	)
Net unrealized appreciation	$	7,079,762
Federal income tax cost of investments	$	51,713,007

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2016

ASSETS
Investments at value:
Affiliated Issuers (Cost $51,268,816)	$	58,387,596
Unaffiliated Issuers (Cost $405,179)		405,173
Cash		104,000
Receivable from Separate Accounts for Trust shares sold		8,936
Dividends, interest and other receivables		230
Other assets		209
Total assets		58,906,144
LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		38,962
Distribution fees payable – Class B		5,904
Administrative fees payable		4,282
Payable for securities purchased		4,193
Trustees’ fees payable		1,749
Accrued expenses		52,184
Total liabilities		107,274
NET ASSETS	$	58,798,870
Net assets were comprised of:
Paid in capital	$	69,797,843
Accumulated undistributed net investment income (loss)		2,784
Accumulated undistributed net realized gain (loss) on investments		(18,120,531	)
Net unrealized appreciation (depreciation) on investments		7,118,774
Net assets	$	58,798,870
Class B
Net asset value, offering and redemption price per share, $27,911,724 / 3,228,349 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.65
Class K
Net asset value, offering and redemption price per share, $30,887,146 / 3,574,787 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.64

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2016

INVESTMENT INCOME
Dividends ($1,201,713 of dividend income received from affiliates)	$	1,203,606
Interest		497
Total income		1,204,103
EXPENSES
Administrative fees		89,235
Custodian fees		86,000
Distribution fees – Class B		72,594
Investment management fees		62,010
Professional fees		39,085
Printing and mailing expenses		7,591
Trustees’ fees		2,360
Miscellaneous		1,049
Gross expenses		359,924
Less:   Waiver from investment manager		(80,324	)
Net expenses		279,600
NET INVESTMENT INCOME (LOSS)		924,503
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments ($1,524,497 of realized gain (loss) from affiliates)		1,524,612
Net distributions of realized gain received from underlying funds (All realized gains received from affiliates)		258,714
Net realized gain (loss)		1,783,326
Net change in unrealized appreciation (depreciation) on investments ($761,269 of change in unrealized appreciation (depreciation) from affiliates)		761,263
NET REALIZED AND UNREALIZED GAIN (LOSS)		2,544,589
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	3,469,092

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2016			2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	924,503		$	837,195
Net realized gain (loss) on investments and net distributions of realized gain received from underlying funds		1,783,326			81,358
Net change in unrealized appreciation (depreciation) on investments		761,263			(2,000,253	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		3,469,092			(1,081,700	)
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class B		(404,552	)		(362,902	)
Class K		(525,728	)		(495,547	)
		(930,280	)		(858,449	)
Distributions from net realized capital gains
Class B		(538,337	)		(394,643	)
Class K		(595,491	)		(434,199	)
		(1,133,828	)		(828,842	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		(2,064,108	)		(1,687,291	)
CAPITAL SHARES TRANSACTIONS:
Class B
Capital shares sold [ 393,972 and 539,225 shares, respectively ]		3,391,266			4,801,323
Capital shares issued in reinvestment of dividends and distributions [ 108,990 and 88,849 shares, respectively ]		942,889			757,545
Capital shares repurchased [ (788,702) and (912,472) shares, respectively ]		(6,836,056	)		(8,097,593	)
Total Class B transactions		(2,501,901	)		(2,538,725	)
Class K
Capital shares sold [ 477,833 and 514,023 shares, respectively ]		4,135,879			4,617,244
Capital shares issued in reinvestment of dividends and distributions [ 129,697 and 109,032 shares, respectively ]		1,121,219			929,746
Capital shares repurchased [ (1,020,554) and (1,296,387) shares, respectively ]		(8,886,933	)		(11,583,193	)
Total Class K transactions		(3,629,835	)		(6,036,203	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(6,131,736	)		(8,574,928	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(4,726,752	)		(11,343,919	)
NET ASSETS:
Beginning of year		63,525,622			74,869,541
End of year (a)	$	58,798,870		$	63,525,622
(a)  Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	2,784		$	25

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Year Ended December 31,
Class B	2016			2015			2014			2013			2012
Net asset value, beginning of year	$	8.47		$	8.85		$	9.95		$	9.13		$	8.51
Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.12			0.10			0.10			0.11			0.11
Net realized and unrealized gain (loss) on investments		0.36			(0.27	)		0.20			1.16			0.81
Total from investment operations		0.48			(0.17	)		0.30			1.27			0.92
Less distributions:
Dividends from net investment income		(0.13	)		(0.10	)		(0.12	)		(0.13	)		(0.12	)
Distributions from net realized gains		(0.17	)		(0.11	)		(1.28	)		(0.32	)		(0.18	)
Total dividends and distributions		(0.30	)		(0.21	)		(1.40	)		(0.45	)		(0.30	)
Net asset value, end of year	$	8.65		$	8.47		$	8.85		$	9.95		$	9.13
Total return		5.69	%		(1.88	)%		2.91	%		14.06	%		10.87	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	27,912		$	29,766		$	33,628		$	35,782		$	35,308
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.58	%		0.60	%		0.60	%		0.60	%		0.60	%
Before waivers and reimbursements (f)		0.71	%		0.69	%		0.73	%		0.75	%		0.72	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (f)(x)		1.37	%		1.08	%		1.00	%		1.10	%		1.17	%
Before waivers and reimbursements (f)(x)		1.24	%		0.99	%		0.88	%		0.95	%		1.05	%
Portfolio turnover rate^		17	%		23	%		40	%		27	%		17	%
	Year Ended December 31,
Class K	2016			2015			2014			2013			2012
Net asset value, beginning of year	$	8.47		$	8.85		$	9.94		$	9.12		$	8.50
Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.14			0.11			0.12			0.13			0.13
Net realized and unrealized gain (loss) on investments		0.35			(0.25	)		0.22			1.17			0.82
Total from investment operations		0.49			(0.14	)		0.34			1.30			0.95
Less distributions:
Dividends from net investment income		(0.15	)		(0.13	)		(0.15	)		(0.16	)		(0.15	)
Distributions from net realized gains		(0.17	)		(0.11	)		(1.28	)		(0.32	)		(0.18	)
Total dividends and distributions		(0.32	)		(0.24	)		(1.43	)		(0.48	)		(0.33	)
Net asset value, end of year	$	8.64		$	8.47		$	8.85		$	9.94		$	9.12
Total return		5.83	%		(1.64	)%		3.27	%		14.36	%		11.17	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	30,887		$	33,759		$	41,241		$	44,469		$	41,448
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.33	%		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (f)		0.46	%		0.44	%		0.48	%		0.50	%		0.47	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (f)(x)		1.60	%		1.28	%		1.22	%		1.38	%		1.46	%
Before waivers and reimbursements (f)(x)		1.47	%		1.19	%		1.09	%		1.23	%		1.34	%
Portfolio turnover rate^		17	%		23	%		40	%		27	%		17	%

^ Portfolio turnover rate excludes derivatives, if any.

(e) Net investment income (loss) per share is based on average shares outstanding.

(f) Expenses do not include the expenses of the underlying funds (“indirect expenses”), if applicable.

(x) Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.

See Notes to Financial Statements.

161

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INVESTMENT MANAGER

_Ø AXA Equitable Funds Management Group, LLC

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/16
	1 Year			5 Years			10 Years/ Since Incept.
Portfolio – Class B Shares		7.34	%		8.01	%		3.13	%
Portfolio – Class K Shares*		7.73			8.31			8.14
S&P Target Date 2025 Index		7.82			8.37			4.78
*   Date of inception 12/1/11.     Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class B shares returned 7.34% for the year ended December 31, 2016. This compares to the returns of the following benchmark: the S&P Target Date 2025 Index, which returned 7.82% over the same period.

Portfolio Highlights

• As of 12/31/2016, the Portfolio’s equity allocation (as a percentage of market value excluding cash) consisted of large cap growth stocks (15.8%), large cap value stocks (14.4%), mid cap stocks (10.5%), small cap stocks (5.6%), international stocks (17.2%) and emerging market stocks (5.6%).

• As of 12/31/2016, the Portfolio’s fixed income allocation (as a percentage of market value excluding cash) consisted of investment grade bonds (25.7%) and high yield bonds (5.0%).

• The Portfolio provided positive returns for the year, roughly matching its benchmark, after a margin for expenses.

• In 2016, the equity markets were up substantially, while high-quality government bonds rose only modestly. The Portfolio’s equity allocation contributed the bulk of its gains, with certain holdings in large-cap and small-cap U.S. stocks adding the most return. The fixed income allocation was a much more modest relative contributor to returns, although the high-yield holding outperformed in its sector.

Table by Asset Class (as a percentage of Total Investments) As of December 31, 2016
Equity	70.1	%
Fixed Income	29.9

Top 10 Holdings (as a percentage of Total Investments) As of December 31, 2016
EQ/Equity 500 Index Portfolio	34.3	%
EQ/International Equity Index Portfolio	12.8
EQ/Core Bond Index Portfolio	11.9
EQ/Small Company Index Portfolio	5.7
EQ/Quality Bond PLUS Portfolio	5.2
EQ/Emerging Markets Equity PLUS Portfolio	5.2
EQ/High Yield Bond Portfolio	5.0
EQ/MFS International Growth Portfolio	4.5
EQ/Global Bond PLUS Portfolio	4.1
EQ/PIMCO Ultra Short Bond Portfolio	3.7

162

TARGET 2025 ALLOCATION PORTFOLIO (Unaudited)

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 investment advisory fees, distribution and/or service (12b-1) fees (in the case of Class B shares of the Portfolio), 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, 2016 and held for the entire six-month period.

Actual Expenses

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

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

EXAMPLE

	Beginning Account Value 7/1/16		Ending Account Value 12/31/16		Expenses Paid During Period* 7/1/16 - 12/31/16
Class B
Actual		$1,000.00		$1,047.83		$2.97
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.24		2.93
Class K
Actual		1,000.00		1,049.39		1.68
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.49		1.66
*   Expenses are equal to the Portfolio’s Class B and Class K shares annualized expense ratios of 0.58% and 0.33%, respectively, multiplied by the average account value over the period, and multiplied by 184/366 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

December 31, 2016

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/BlackRock Basic Value Equity Portfolio‡		178,632	$	4,135,748
EQ/Core Bond Index Portfolio‡		1,638,334		16,132,370
EQ/Emerging Markets Equity PLUS Portfolio‡		875,111		7,004,664
EQ/Equity 500 Index Portfolio‡		1,251,001		46,628,458
EQ/Global Bond PLUS Portfolio‡		634,896		5,565,110
EQ/High Yield Bond Portfolio‡		719,013		6,846,475
EQ/International Equity Index Portfolio‡		2,087,525		17,460,568
EQ/MFS International Growth Portfolio‡		930,730		6,115,840
EQ/PIMCO Ultra Short Bond Portfolio‡		516,036		5,091,735
EQ/Quality Bond PLUS Portfolio‡		838,392		7,092,193
EQ/Small Company Index Portfolio‡		682,365		7,744,085
Multimanager Aggressive Equity Portfolio‡		46,618		2,194,741
Multimanager Mid Cap Growth Portfolio‡		133,702		1,205,495
Multimanager Mid Cap Value Portfolio‡		184,299		2,882,762
Total Investment Companies (99.9%) (Cost $115,981,642)				136,100,244
SHORT-TERM INVESTMENT:
Investment Company (0.0%)
JPMorgan Prime Money Market Fund, IM Shares		16,783	$	16,788
Total Short-Term Investment (0.0%) (Cost $16,788)				16,788
Total Investments (99.9%) (Cost $115,998,430)				136,117,032
Other Assets Less Liabilities (0.1%)				112,932
Net Assets (100%)			$	136,229,964

‡ All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.

The holdings in affiliated Investment Companies are all Class K shares.

Investments in companies which were affiliates for the year ended December 31, 2016, were as follows:

Securities	Value December 31, 2015		Purchases at Cost		Sales at Cost		Value December 31, 2016		Dividend Income		Realized Gain (Loss)†
EQ/BlackRock Basic Value Equity Portfolio	$	3,731,994	$	963,704	$	1,200,210	$	4,135,748	$	71,043	$	15,418
EQ/Core Bond Index Portfolio		15,201,588		3,394,647		2,426,466		16,132,370		280,474		(1,176	)
EQ/Emerging Markets Equity PLUS Portfolio		6,051,816		1,395,000		1,115,159		7,004,664		73,489		(5,497	)
EQ/Equity 500 Index Portfolio		45,714,871		5,415,831		7,934,634		46,628,458		858,027		871,154
EQ/Global Bond PLUS Portfolio		5,753,061		593,006		703,278		5,565,110		123,614		7,228
EQ/High Yield Bond Portfolio		5,845,409		1,356,133		721,649		6,846,475		365,197		30
EQ/International Equity Index Portfolio		17,363,239		1,830,008		1,638,035		17,460,568		515,260		(4,762	)
EQ/MFS International Growth Portfolio		5,466,561		1,808,164		1,255,119		6,115,840		77,200		10,295
EQ/PIMCO Ultra Short Bond Portfolio		4,506,216		1,284,506		739,137		5,091,735		59,326		(7,289	)
EQ/Quality Bond PLUS Portfolio		5,768,116		2,810,092		1,428,073		7,092,193		102,825		1,420
EQ/Small Company Index Portfolio		6,651,226		1,284,941		1,009,735		7,744,085		98,809		454,178
Multimanager Aggressive Equity Portfolio		2,171,936		262,024		292,120		2,194,741		17,420		11,745
Multimanager Mid Cap Growth Portfolio		1,145,826		121,110		113,884		1,205,495		4,229		25,220
Multimanager Mid Cap Value Portfolio		3,258,979		97,073		661,722		2,882,762		35,922		279,244
	$	128,630,838	$	22,616,239	$	21,239,221	$	136,100,244	$	2,682,835	$	1,657,208

† When applicable, realized gain includes net distributions of realized gain received from underlying funds.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2016

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 2016:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Investment Companies
Investment Companies	$	—	$	136,100,244	$	—	$	136,100,244
Short-Term Investments
Investment Companies		16,788		—		—		16,788
Total Assets	$	16,788	$	136,100,244	$	—	$	136,117,032
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	16,788	$	136,100,244	$	—	$	136,117,032

There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2016.

The Portfolio held no derivatives contracts during the year ended December 31, 2016.

Investment security transactions for the year ended December 31, 2016 were as follows:

Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	22,616,239
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	21,813,238

As of December 31, 2016, 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	$	25,052,088
Aggregate gross unrealized depreciation		(5,078,815	)
Net unrealized appreciation	$	19,973,273
Federal income tax cost of investments	$	116,143,759

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2016

ASSETS
Investments at value:
Affiliated Issuers (Cost $115,981,642)	$	136,100,244
Unaffiliated Issuers (Cost $16,788)		16,788
Receivable for securities sold		435,267
Receivable from Separate Accounts for Trust shares sold		42,142
Dividends, interest and other receivables		198
Other assets		424
Total assets		136,595,063
LIABILITIES
Overdraft payable		61,064
Payable to Separate Accounts for Trust shares redeemed		207,188
Administrative fees payable		16,398
Distribution fees payable – Class B		16,373
Investment management fees payable		7,452
Trustees’ fees payable		3,146
Accrued expenses		53,478
Total liabilities		365,099
NET ASSETS	$	136,229,964
Net assets were comprised of:
Paid in capital	$	131,941,641
Accumulated undistributed net investment income (loss)		4,953
Accumulated undistributed net realized gain (loss) on investments		(15,835,232	)
Net unrealized appreciation (depreciation) on investments		20,118,602
Net assets	$	136,229,964
Class B
Net asset value, offering and redemption price per share, $76,579,254 / 7,678,088 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.97
Class K
Net asset value, offering and redemption price per share, $59,650,710 / 5,984,330 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.97

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2016

INVESTMENT INCOME
Dividends ($2,682,835 of dividend income received from affiliates)	$	2,684,436
Interest		738
Total income		2,685,174
EXPENSES
Administrative fees		191,625
Distribution fees – Class B		182,922
Investment management fees		133,212
Custodian fees		89,300
Professional fees		41,411
Printing and mailing expenses		16,510
Trustees’ fees		4,950
Miscellaneous		1,963
Gross expenses		661,893
Less:   Waiver from investment manager		(28,761	)
Net expenses		633,132
NET INVESTMENT INCOME (LOSS)		2,052,042
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments ($574,017 of realized gain (loss) from affiliates)		574,135
Net distributions of realized gain received from underlying funds (All realized gains received from affiliates)		1,083,191
Net realized gain (loss)		1,657,326
Net change in unrealized appreciation (depreciation) on investments (All of change in unrealized appreciation (depreciation) from affiliates)		6,092,388
NET REALIZED AND UNREALIZED GAIN (LOSS)		7,749,714
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	9,801,756

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2016			2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	2,052,042		$	1,733,925
Net realized gain (loss) on investments and net distributions of realized gain received from underlying funds		1,657,326			(3,187,068	)
Net change in unrealized appreciation (depreciation) on investments		6,092,388			(1,271,073	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		9,801,756			(2,724,216	)
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class B		(1,080,864	)		(885,515	)
Class K		(983,931	)		(917,350	)
		(2,064,795	)		(1,802,865	)
Distributions from net realized capital gains
Class B		—			(933,636	)
Class K		—			(837,142	)
		—			(1,770,778	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		(2,064,795	)		(3,573,643	)
CAPITAL SHARES TRANSACTIONS:
Class B
Capital shares sold [ 1,312,755 and 1,319,079 shares, respectively ]		12,625,717			13,069,640
Capital shares issued in reinvestment of dividends and distributions [ 108,168 and 192,499 shares, respectively ]		1,080,864			1,819,151
Capital shares repurchased [ (1,077,019) and (1,013,628) shares, respectively ]		(10,493,239	)		(10,027,117	)
Total Class B transactions		3,213,342			4,861,674
Class K
Capital shares sold [ 582,944 and 887,174 shares, respectively ]		5,600,593			8,897,071
Capital shares issued in reinvestment of dividends and distributions [ 98,531 and 185,554 shares, respectively ]		983,931			1,754,492
Capital shares repurchased [ (1,060,075) and (1,033,003) shares, respectively ]		(10,255,733	)		(10,148,222	)
Total Class K transactions		(3,671,209	)		503,341
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(457,867	)		5,365,015
TOTAL INCREASE (DECREASE) IN NET ASSETS		7,279,094			(932,844	)
NET ASSETS:
Beginning of year		128,950,870			129,883,714
End of year (a)	$	136,229,964		$	128,950,870
(a)  Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	4,953		$	901

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Year Ended December 31,
Class B	2016			2015			2014			2013			2012
Net asset value, beginning of year	$	9.42		$	9.87		$	10.67		$	9.23		$	8.40
Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.14			0.12			0.12			0.12			0.11
Net realized and unrealized gain (loss) on investments		0.55			(0.32	)		0.32			1.63			0.96
Total from investment operations		0.69			(0.20	)		0.44			1.75			1.07
Less distributions:
Dividends from net investment income		(0.14	)		(0.12	)		(0.14	)		(0.13	)		(0.13	)
Distributions from net realized gains		—			(0.13	)		(1.10	)		(0.18	)		(0.11	)
Total dividends and distributions		(0.14	)		(0.25	)		(1.24	)		(0.31	)		(0.24	)
Net asset value, end of year	$	9.97		$	9.42		$	9.87		$	10.67		$	9.23
Total return		7.34	%		(1.98	)%		4.04	%		19.06	%		12.79	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	76,579		$	69,065		$	67,492		$	62,418		$	52,292
Ratio of expenses to average net assets:
After waivers (f)		0.59	%		0.60	%		0.60	%		0.60	%		0.60	%
Before waivers (f)		0.61	%		0.60	%		0.65	%		0.69	%		0.67	%
Ratio of net investment income (loss) to average net assets:
After waivers (f)(x)		1.48	%		1.21	%		1.12	%		1.17	%		1.21	%
Before waivers (f)(x)		1.46	%		1.20	%		1.07	%		1.09	%		1.14	%
Portfolio turnover rate^		16	%		22	%		36	%		25	%		21	%
	Year Ended December 31,
Class K	2016			2015			2014			2013			2012
Net asset value, beginning of year	$	9.41		$	9.87		$	10.67		$	9.23		$	8.39
Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.15			0.14			0.14			0.15			0.14
Net realized and unrealized gain (loss) on investments		0.58			(0.32	)		0.32			1.63			0.96
Total from investment operations		0.73			(0.18	)		0.46			1.78			1.10
Less distributions:
Dividends from net investment income		(0.17	)		(0.15	)		(0.16	)		(0.16	)		(0.15	)
Distributions from net realized gains		—			(0.13	)		(1.10	)		(0.18	)		(0.11	)
Total dividends and distributions		(0.17	)		(0.28	)		(1.26	)		(0.34	)		(0.26	)
Net asset value, end of year	$	9.97		$	9.41		$	9.87		$	10.67		$	9.23
Total return		7.73	%		(1.84	)%		4.31	%		19.36	%		13.21	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	59,651		$	59,886		$	62,392		$	61,851		$	49,692
Ratio of expenses to average net assets:
After waivers (f)		0.34	%		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers (f)		0.36	%		0.35	%		0.40	%		0.44	%		0.42	%
Ratio of net investment income (loss) to average net assets:
After waivers (f)(x)		1.61	%		1.43	%		1.32	%		1.47	%		1.59	%
Before waivers (f)(x)		1.59	%		1.42	%		1.27	%		1.39	%		1.52	%
Portfolio turnover rate^		16	%		22	%		36	%		25	%		21	%

^ Portfolio turnover rate excludes derivatives, if any.

(e) Net investment income (loss) per share is based on average shares outstanding.

(f) Expenses do not include the expenses of the underlying funds (“indirect expenses”), if applicable.

(x) Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.

See Notes to Financial Statements.

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INVESTMENT MANAGER

_Ø AXA Equitable Funds Management Group, LLC

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/16
	1 Year			5 Years			10 Years/ Since Incept.
Portfolio – Class B Shares		7.94	%		9.05	%		3.31	%
Portfolio – Class K Shares*		8.32			9.33			9.15
S&P Target Date 2035 Index		8.85			9.59			4.86
*   Date of inception 12/1/11.     Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class B shares returned 7.94% for the year ended December 31, 2016. This compares to the returns of the following benchmark: the S&P Target Date 2035 Index which returned 8.85% over the same period.

Portfolio Highlights

• As of 12/31/2016, the Portfolio’s equity allocation (as a percentage of market value excluding cash) consisted of large cap growth stocks (18.6%), large cap value stocks (17.3%), mid cap stocks (11.5%), small cap stocks (6.8%), international stocks (19.9%) and emerging market stocks (6.2%).

• As of 12/31/2016, the Portfolio’s fixed income allocation (as a percentage of market value excluding cash) consisted of investment grade bonds (16.8%) and high yield bonds (3.1%).

• The Portfolio provided positive returns for the year, slightly underperforming its benchmark after a margin for expenses.

• In 2016, the equity markets were up substantially, while high-quality government bonds rose only modestly. The Portfolio’s equity allocation contributed the bulk of its gains, with certain holdings in large-cap and small-cap U.S. stocks adding the most return. The fixed income allocation was a much more modest relative contributor to returns, although the high-yield holding outperformed in its sector.

Table by Asset Class (as a percentage of Total Investments) As of December 31, 2016
Equity	80.8	%
Fixed Income	19.2

Top 10 Holdings (as a percentage of Total Investments) As of December 31, 2016
EQ/Equity 500 Index Portfolio	42.1	%
EQ/International Equity Index Portfolio	14.0
EQ/Small Company Index Portfolio	7.5
EQ/Core Bond Index Portfolio	7.3
EQ/MFS International Growth Portfolio	6.1
EQ/Emerging Markets Equity PLUS Portfolio	5.5
EQ/Quality Bond PLUS Portfolio	3.5
EQ/High Yield Bond Portfolio	3.1
EQ/BlackRock Basic Value Equity Portfolio	2.7
EQ/Global Bond PLUS Portfolio	2.6

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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 investment advisory fees, distribution and/or service (12b-1) fees (in the case of Class B shares of the Portfolio), 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, 2016 and held for the entire six-month period.

Actual Expenses

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

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

EXAMPLE

	Beginning Account Value 7/1/16		Ending Account Value 12/31/16		Expenses Paid During Period* 7/1/16 - 12/31/16
Class B
Actual		$1,000.00		$1,056.17		$3.03
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.19		2.98
Class K
Actual		1,000.00		1,057.76		1.74
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.44		1.71
*   Expenses are equal to the Portfolio’s Class B and Class K shares annualized expense ratios of 0.59% and 0.34%, respectively, multiplied by the average account value over the period, and multiplied by 184/366 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

December 31, 2016

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/BlackRock Basic Value Equity Portfolio‡		120,719	$	2,794,939
EQ/Core Bond Index Portfolio‡		760,161		7,485,161
EQ/Emerging Markets Equity PLUS Portfolio‡		702,268		5,621,168
EQ/Equity 500 Index Portfolio‡		1,153,584		42,997,427
EQ/Global Bond PLUS Portfolio‡		298,791		2,619,021
EQ/High Yield Bond Portfolio‡		327,267		3,116,252
EQ/International Equity Index Portfolio‡		1,705,710		14,266,978
EQ/MFS International Growth Portfolio‡		950,453		6,245,446
EQ/PIMCO Ultra Short Bond Portfolio‡		246,769		2,434,873
EQ/Quality Bond PLUS Portfolio‡		424,063		3,587,271
EQ/Small Company Index Portfolio‡		674,475		7,654,552
Multimanager Aggressive Equity Portfolio‡		19,890		936,387
Multimanager Mid Cap Growth Portfolio‡		95,745		863,266
Multimanager Mid Cap Value Portfolio‡		80,866		1,264,894
Total Investment Companies (99.7%) (Cost $85,330,878)				101,887,635
SHORT-TERM INVESTMENT:
Investment Company (0.3%)
JPMorgan Prime Money Market Fund, IM Shares		348,739	$	348,844
Total Short-Term Investment (0.3%) (Cost $348,844)				348,844
Total Investments (100.0%) (Cost $85,679,722)				102,236,479
Other Assets Less Liabilities (0.0%)				(30,129	)
Net Assets (100%)			$	102,206,350

‡ All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.

The holdings in affiliated Investment Companies are all Class K shares.

Investments in companies which were affiliates for the year ended December 31, 2016, were as follows:

Securities	Value December 31, 2015		Purchases at Cost		Sales at Cost		Value December 31, 2016		Dividend Income		Realized Gain (Loss)†
EQ/BlackRock Basic Value Equity Portfolio	$	2,186,252	$	728,589	$	509,429	$	2,794,939	$	46,690	$	(3,824	)
EQ/Core Bond Index Portfolio		6,626,629		1,520,071		638,807		7,485,161		128,172		(202	)
EQ/Emerging Markets Equity PLUS Portfolio		4,398,198		1,334,401		578,726		5,621,168		58,183		2,770
EQ/Equity 500 Index Portfolio		38,742,819		5,238,566		4,151,593		42,997,427		777,127		536,224
EQ/Global Bond PLUS Portfolio		2,475,166		429,543		242,194		2,619,021		57,373		4,972
EQ/High Yield Bond Portfolio		2,507,137		647,810		196,469		3,116,252		164,088		(37	)
EQ/International Equity Index Portfolio		13,419,217		1,727,510		827,115		14,266,978		416,168		(8,645	)
EQ/MFS International Growth Portfolio		5,099,255		1,679,527		591,502		6,245,446		76,986		9,170
EQ/PIMCO Ultra Short Bond Portfolio		2,043,084		605,119		231,751		2,434,873		27,758		(2,535	)
EQ/Quality Bond PLUS Portfolio		2,979,860		997,898		371,288		3,587,271		51,042		(9	)
EQ/Small Company Index Portfolio		6,068,303		1,270,375		459,635		7,654,552		96,325		438,406
Multimanager Aggressive Equity Portfolio		813,128		243,323		148,881		936,387		7,282		(1,557	)
Multimanager Mid Cap Growth Portfolio		888,462		73,201		133,105		863,266		2,997		17,384
Multimanager Mid Cap Value Portfolio		1,624,691		41,948		419,912		1,264,894		15,721		176,457
	$	89,872,201	$	16,537,881	$	9,500,407	$	101,887,635	$	1,925,912	$	1,168,574

† When applicable, realized gain includes net distributions of realized gain received from underlying funds.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2016

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 2016:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Investment Companies
Investment Companies	$	—	$	101,887,635	$	—	$	101,887,635
Short-Term Investments
Investment Companies		348,844		—		—		348,844
Total Assets	$	348,844	$	101,887,635	$	—	$	102,236,479
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	348,844	$	101,887,635	$	—	$	102,236,479

There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2016.

The Portfolio held no derivatives contracts during the year ended December 31, 2016.

Investment security transactions for the year ended December 31, 2016 were as follows:

Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	16,537,881
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	9,667,755

As of December 31, 2016, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	19,881,760
Aggregate gross unrealized depreciation		(3,439,891	)
Net unrealized appreciation	$	16,441,869
Federal income tax cost of investments	$	85,794,610

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2016

ASSETS
Investments at value:
Affiliated Issuers (Cost $85,330,878)	$	101,887,635
Unaffiliated Issuers (Cost $348,844)		348,844
Cash		71,000
Receivable from Separate Accounts for Trust shares sold		100,501
Dividends, interest and other receivables		185
Other assets		298
Total assets		102,408,463
LIABILITIES
Payable for securities purchased		108,816
Distribution fees payable – Class B		14,835
Administrative fees payable		12,098
Payable to Separate Accounts for Trust shares redeemed		7,470
Investment management fees payable		4,939
Trustees’ fees payable		2,083
Accrued expenses		51,872
Total liabilities		202,113
NET ASSETS	$	102,206,350
Net assets were comprised of:
Paid in capital	$	93,609,524
Accumulated undistributed net investment income (loss)		4,419
Accumulated undistributed net realized gain (loss) on investments		(7,964,350	)
Net unrealized appreciation (depreciation) on investments		16,556,757
Net assets	$	102,206,350
Class B
Net asset value, offering and redemption price per share, $70,608,631 / 6,932,996 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.18
Class K
Net asset value, offering and redemption price per share, $31,597,719 / 3,103,757 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.18

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2016

INVESTMENT INCOME
Dividends ($1,925,912 of dividend income received from affiliates)	$	1,927,216
Interest		555
Total income		1,927,771
EXPENSES
Distribution fees – Class B		162,431
Administrative fees		136,129
Investment management fees		94,647
Custodian fees		88,800
Professional fees		40,152
Printing and mailing expenses		11,776
Trustees’ fees		3,491
Miscellaneous		1,401
Gross expenses		538,827
Less:   Waiver from investment manager		(51,831	)
Net expenses		486,996
NET INVESTMENT INCOME (LOSS)		1,440,775
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments ($167,348 of realized gain (loss) from affiliates)		167,411
Net distributions of realized gain received from underlying funds (All realized gains received from affiliates)		1,001,226
Net realized gain (loss)		1,168,637
Net change in unrealized appreciation (depreciation) on investments (All of change in unrealized appreciation (depreciation) from affiliates)		4,977,960
NET REALIZED AND UNREALIZED GAIN (LOSS)		6,146,597
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	7,587,372

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2016			2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,440,775		$	1,172,116
Net realized gain (loss) on investments and net distributions of realized gain received from underlying funds		1,168,637			(1,764,323	)
Net change in unrealized appreciation (depreciation) on investments		4,977,960			(1,204,471	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		7,587,372			(1,796,678	)
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class B		(946,503	)		(793,960	)
Class K		(502,851	)		(438,983	)
		(1,449,354	)		(1,232,943	)
Distributions from net realized capital gains
Class B		—			(931,260	)
Class K		—			(461,281	)
		—			(1,392,541	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		(1,449,354	)		(2,625,484	)
CAPITAL SHARES TRANSACTIONS:
Class B
Capital shares sold [ 1,120,503 and 1,097,391 shares, respectively ]		10,930,350			11,007,011
Capital shares issued in reinvestment of dividends and distributions [ 92,675 and 180,354 shares, respectively ]		946,503			1,725,220
Capital shares repurchased [ (734,210) and (714,099) shares, respectively ]		(7,180,901	)		(7,211,830	)
Total Class B transactions		4,695,952			5,520,401
Class K
Capital shares sold [ 425,924 and 454,208 shares, respectively ]		4,092,051			4,575,503
Capital shares issued in reinvestment of dividends and distributions [ 49,257 and 94,027 shares, respectively ]		502,851			900,264
Capital shares repurchased [ (354,065) and (322,441) shares, respectively ]		(3,394,124	)		(3,226,708	)
Total Class K transactions		1,200,778			2,249,059
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		5,896,730			7,769,460
TOTAL INCREASE (DECREASE) IN NET ASSETS		12,034,748			3,347,298
NET ASSETS:
Beginning of year		90,171,602			86,824,304
End of year (a)	$	102,206,350		$	90,171,602
(a)  Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	4,419		$	1,662

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Year Ended December 31,
Class B	2016			2015			2014			2013			2012
Net asset value, beginning of year	$	9.56		$	10.04		$	10.86		$	9.18		$	8.28
Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.14			0.12			0.13			0.12			0.11
Net realized and unrealized gain (loss) on investments		0.62			(0.32	)		0.37			1.90			1.06
Total from investment operations		0.76			(0.20	)		0.50			2.02			1.17
Less distributions:
Dividends from net investment income		(0.14	)		(0.13	)		(0.14	)		(0.13	)		(0.13	)
Distributions from net realized gains		—			(0.15	)		(1.18	)		(0.21	)		(0.14	)
Total dividends and distributions		(0.14	)		(0.28	)		(1.32	)		(0.34	)		(0.27	)
Net asset value, end of year	$	10.18		$	9.56		$	10.04		$	10.86		$	9.18
Total return		7.94	%		(1.98	)%		4.50	%		22.16	%		14.20	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	70,609		$	61,678		$	59,151		$	54,174		$	42,962
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.59	%		0.60	%		0.60	%		0.60	%		0.60	%
Before waivers and reimbursements (f)		0.65	%		0.65	%		0.72	%		0.78	%		0.76	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (f)(x)		1.46	%		1.24	%		1.17	%		1.20	%		1.23	%
Before waivers and reimbursements (f)(x)		1.40	%		1.19	%		1.05	%		1.02	%		1.07	%
Portfolio turnover rate^		10	%		19	%		30	%		23	%		23	%
	Year Ended December 31,
Class K	2016			2015			2014			2013			2012
Net asset value, beginning of year	$	9.55		$	10.04		$	10.86		$	9.17		$	8.28
Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.16			0.14			0.15			0.15			0.15
Net realized and unrealized gain (loss) on investments		0.64			(0.33	)		0.38			1.91			1.03
Total from investment operations		0.80			(0.19	)		0.53			2.06			1.18
Less distributions:
Dividends from net investment income		(0.17	)		(0.15	)		(0.17	)		(0.16	)		(0.15	)
Distributions from net realized gains		—			(0.15	)		(1.18	)		(0.21	)		(0.14	)
Total dividends and distributions		(0.17	)		(0.30	)		(1.35	)		(0.37	)		(0.29	)
Net asset value, end of year	$	10.18		$	9.55		$	10.04		$	10.86		$	9.17
Total return		8.32	%		(1.83	)%		4.76	%		22.60	%		14.36	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	31,598		$	28,494		$	27,674		$	25,591		$	19,777
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.34	%		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and rembersement (f)		0.40	%		0.40	%		0.47	%		0.53	%		0.51	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (f)(x)		1.67	%		1.41	%		1.40	%		1.48	%		1.70	%
Before waivers and rembersement (f)(x)		1.61	%		1.36	%		1.28	%		1.30	%		1.54	%
Portfolio turnover rate^		10	%		19	%		30	%		23	%		23	%

^ Portfolio turnover rate excludes derivatives, if any.

(e) Net investment income (loss) per share is based on average shares outstanding.

(f) Expenses do not include the expenses of the underlying funds (“indirect expenses”), if applicable.

(x) Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.

See Notes to Financial Statements.

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INVESTMENT MANAGER

_Ø AXA Equitable Funds Management Group, LLC

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/16
	1 Year			5 Years			10 Years/ Since Incept.
Portfolio – Class B Shares		8.65	%		9.98	%		3.36	%
Portfolio – Class K Shares*		8.93			10.26			10.06
S&P Target Date 2045 Index		9.54			10.31			4.89
*   Date of inception 12/1/11.     Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class B shares returned 8.65% for the year ended December 31, 2016. This compares to the returns of the following benchmark: the S&P Target Date 2045 Index which returned 9.54% over the same period.

Portfolio Highlights

• As of 12/31/2016, the Portfolio’s equity allocation (as a percentage of market value excluding cash) consisted of large cap growth stocks (20.8%), large cap value stocks (19.5%), mid cap stocks (12.9%), small cap stocks (7.3%), international stocks (22.5%) and emerging market stocks (6.9%).

• As of 12/31/2016, the Portfolio’s fixed income allocation (as a percentage of market value excluding cash) consisted of investment grade bonds (8.4%) and high yield bonds (1.7%).

• The Portfolio provided positive returns for the year, slightly underperforming its benchmark after a margin for expenses.

• In 2016, the equity markets were up substantially, while high-quality government bonds rose only modestly. The Portfolio’s equity allocation contributed the bulk of its gains, with certain holdings in large-cap and small-cap U.S. stocks adding the most return. The fixed income allocation was a much more modest relative contributor to returns, although the high-yield holding outperformed in its sector.

Table by Asset Class (as a percentage of Total Investments) As of December 31, 2016
Equity	90.7	%
Fixed Income	9.3

Top 10 Holdings (as a percentage of Total Investments) As of December 31, 2016
EQ/Equity 500 Index Portfolio	47.1	%
EQ/International Equity Index Portfolio	15.9
EQ/Small Company Index Portfolio	8.1
EQ/MFS International Growth Portfolio	6.9
EQ/Emerging Markets Equity PLUS Portfolio	6.1
EQ/Core Bond Index Portfolio	3.5
EQ/BlackRock Basic Value Equity Portfolio	3.5
EQ/High Yield Bond Portfolio	1.7
EQ/Quality Bond PLUS Portfolio	1.5
Multimanager Mid Cap Value Portfolio	1.4

176

TARGET 2045 ALLOCATION PORTFOLIO (Unaudited)

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 investment advisory fees, distribution and/or service (12b-1) fees (in the case of Class B shares of the Portfolio), 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, 2016 and held for the entire six-month period.

Actual Expenses

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

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

EXAMPLE

	Beginning Account Value 7/1/16		Ending Account Value 12/31/16		Expenses Paid During Period* 7/1/16 - 12/31/16
Class B
Actual		$1,000.00		$1,066.09		$3.06
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.18		2.99
Class K
Actual		1,000.00		1,066.62		1.76
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.43		1.73
*   Expenses are equal to the Portfolio’s Class B and Class K shares annualized expense ratios of 0.59% and 0.34%, respectively, multiplied by the average account value over the period, and multiplied by 184/366 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

December 31, 2016

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/BlackRock Basic Value Equity Portfolio‡		112,838	$	2,612,470
EQ/Core Bond Index Portfolio‡		267,715		2,636,136
EQ/Emerging Markets Equity PLUS Portfolio‡		581,362		4,653,403
EQ/Equity 500 Index Portfolio‡		956,511		35,651,942
EQ/Global Bond PLUS Portfolio‡		110,731		970,602
EQ/High Yield Bond Portfolio‡		135,705		1,292,191
EQ/International Equity Index Portfolio‡		1,437,957		12,027,422
EQ/MFS International Growth Portfolio‡		790,267		5,192,859
EQ/PIMCO Ultra Short Bond Portfolio‡		84,543		834,186
EQ/Quality Bond PLUS Portfolio‡		131,866		1,115,492
EQ/Small Company Index Portfolio‡		538,306		6,109,178
Multimanager Aggressive Equity Portfolio‡		14,072		662,513
Multimanager Mid Cap Growth Portfolio‡		71,155		641,556
Multimanager Mid Cap Value Portfolio‡		67,832		1,061,010
Total Investment Companies (100.0%) (Cost $63,758,974)				75,460,960
SHORT-TERM INVESTMENT:
Investment Company (0.2%)
JPMorgan Prime Money Market Fund, IM Shares		171,634	$	171,685
Total Short-Term Investment (0.2%) (Cost $171,688)				171,685
Total Investments (100.2%) (Cost $63,930,662)				75,632,645
Other Assets Less Liabilities (-0.2%)				(171,570	)
Net Assets (100%)			$	75,461,075

‡ All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.

The holdings in affiliated Investment Companies are all Class K shares.

Investments in companies which were affiliates for the year ended December 31, 2016, were as follows:

Securities	Value December 31, 2015		Purchases at Cost		Sales at Cost		Value December 31, 2016		Dividend Income		Realized Gain (Loss)†
EQ/BlackRock Basic Value Equity Portfolio	$	1,905,384	$	630,365	$	286,014	$	2,612,470	$	43,410	$	309
EQ/Core Bond Index Portfolio		2,403,211		319,022		78,270		2,636,136		46,384		(9	)
EQ/Emerging Markets Equity PLUS Portfolio		3,593,211		933,743		239,825		4,653,403		47,988		925
EQ/Equity 500 Index Portfolio		30,416,509		4,451,998		1,825,819		35,651,942		638,654		435,615
EQ/Global Bond PLUS Portfolio		605,374		433,015		42,684		970,602		19,848		1,732
EQ/High Yield Bond Portfolio		1,030,317		254,598		56,856		1,292,191		67,680		61
EQ/International Equity Index Portfolio		10,941,072		1,543,643		420,245		12,027,422		349,494		(483	)
EQ/MFS International Growth Portfolio		4,528,872		922,955		298,931		5,192,859		63,605		9,160
EQ/PIMCO Ultra Short Bond Portfolio		642,852		200,292		14,231		834,186		9,812		(2	)
EQ/Quality Bond PLUS Portfolio		615,046		561,458		49,804		1,115,492		14,779		(1	)
EQ/Small Company Index Portfolio		4,625,729		1,093,528		234,824		6,109,178		76,547		349,026
Multimanager Aggressive Equity Portfolio		504,359		207,486		71,188		662,513		5,088		(42	)
Multimanager Mid Cap Growth Portfolio		585,773		35,655		7,113		641,556		2,228		13,188
Multimanager Mid Cap Value Portfolio		1,398,417		33,376		435,196		1,061,010		13,136		101,918
	$	63,796,126	$	11,621,134	$	4,061,000	$	75,460,960	$	1,398,653	$	911,397

† When applicable, realized gain includes net distributions of realized gain received from underlying funds.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2016

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 2016:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Investment Companies
Investment Companies	$	—	$	75,460,960	$	—	$	75,460,960
Short-Term Investments
Investment Companies		171,685		—		—		171,685
Total Assets	$	171,685	$	75,460,960	$	—	$	75,632,645
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	171,685	$	75,460,960	$	—	$	75,632,645

There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2016.

The Portfolio held no derivatives contracts during the year ended December 31, 2016.

Investment security transactions for the year ended December 31, 2016 were as follows:

Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	11,621,134
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	4,165,842

As of December 31, 2016, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	14,122,457
Aggregate gross unrealized depreciation		(2,456,070	)
Net unrealized appreciation	$	11,666,387
Federal income tax cost of investments	$	63,966,258

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2016

ASSETS
Investments at value:
Affiliated Issuers (Cost $63,758,974)	$	75,460,960
Unaffiliated Issuers (Cost $171,688)		171,685
Cash		29,000
Receivable from Separate Accounts for Trust shares sold		35,085
Dividends, interest and other receivables		93
Other assets		211
Total assets		75,697,034
LIABILITIES
Payable to Separate Accounts for Trust shares redeemed		94,956
Payable for securities purchased		65,379
Distribution fees payable – Class B		12,905
Administrative fees payable		8,930
Investment management fees payable		1,528
Trustees’ fees payable		1,423
Accrued expenses		50,838
Total liabilities		235,959
NET ASSETS	$	75,461,075
Net assets were comprised of:
Paid in capital	$	68,816,131
Accumulated undistributed net investment income (loss)		3,323
Accumulated undistributed net realized gain (loss) on investments		(5,060,362	)
Net unrealized appreciation (depreciation) on investments		11,701,983
Net assets	$	75,461,075
Class B
Net asset value, offering and redemption price per share, $61,360,734 / 6,075,355 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.10
Class K
Net asset value, offering and redemption price per share, $14,100,341 / 1,397,175 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.09

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2016

INVESTMENT INCOME
Dividends ($1,398,653 of dividend income received from affiliates)	$	1,399,316
Interest		334
Total income		1,399,650
EXPENSES
Distribution fees – Class B		139,000
Administrative fees		98,729
Custodian fees		88,700
Investment management fees		68,649
Professional fees		39,235
Printing and mailing expenses		8,593
Trustees’ fees		2,515
Miscellaneous		1,012
Gross expenses		446,433
Less:   Waiver from investment manager		(71,087	)
Net expenses		375,346
NET INVESTMENT INCOME (LOSS)		1,024,304
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments ($104,842 of realized gain (loss) from affiliates)		104,886
Net distributions of realized gain received from underlying funds (All realized gains received from affiliates)		806,555
Net realized gain (loss)		911,441
Net change in unrealized appreciation (depreciation) on investments ($4,104,700 of change in unrealized appreciation (depreciation) from affiliates)		4,104,697
NET REALIZED AND UNREALIZED GAIN (LOSS)		5,016,138
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	6,040,442

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31,
	2016			2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,024,304		$	825,043
Net realized gain (loss) on investments and net distributions of realized gain received from underlying funds		911,441			(1,440,957	)
Net change in unrealized appreciation (depreciation) on investments		4,104,697			(853,156	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		6,040,442			(1,469,070	)
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class B		(808,478	)		(681,984	)
Class K		(221,001	)		(189,586	)
		(1,029,479	)		(871,570	)
Distributions from net realized capital gains
Class B		—			(843,150	)
Class K		—			(204,593	)
		—			(1,047,743	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		(1,029,479	)		(1,919,313	)
CAPITAL SHARES TRANSACTIONS:
Class B
Capital shares sold [ 1,069,378 and 1,091,724 shares, respectively ]		10,224,097			10,854,507
Capital shares issued in reinvestment of dividends and distributions [ 79,761 and 162,037 shares, respectively ]		808,478			1,525,134
Capital shares repurchased [ (579,769) and (411,176) shares, respectively ]		(5,583,419	)		(4,095,119	)
Total Class B transactions		5,449,156			8,284,522
Class K
Capital shares sold [ 188,382 and 258,800 shares, respectively ]		1,796,660			2,582,805
Capital shares issued in reinvestment of dividends and distributions [ 21,821 and 41,847 shares, respectively ]		221,001			394,179
Capital shares repurchased [ (94,661) and (160,757) shares, respectively ]		(922,740	)		(1,613,544	)
Total Class K transactions		1,094,921			1,363,440
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		6,544,077			9,647,962
TOTAL INCREASE (DECREASE) IN NET ASSETS		11,555,040			6,259,579
NET ASSETS:
Beginning of year		63,906,035			57,646,456
End of year (a)	$	75,461,075		$	63,906,035
(a)  Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	3,323		$	855

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

	Year Ended December 31,
Class B	2016			2015			2014			2013			2012
Net asset value, beginning of year	$	9.42		$	9.93		$	10.73		$	8.81		$	7.87
Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.14			0.13			0.14			0.12			0.13
Net realized and unrealized gain (loss) on investments		0.68			(0.34	)		0.38			2.10			1.08
Total from investment operations		0.82			(0.21	)		0.52			2.22			1.21
Less distributions:
Dividends from net investment income		(0.14	)		(0.13	)		(0.14	)		(0.13	)		(0.13	)
Distributions from net realized gains		—			(0.17	)		(1.18	)		(0.17	)		(0.14	)
Total dividends and distributions		(0.14	)		(0.30	)		(1.32	)		(0.30	)		(0.27	)
Net asset value, end of year	$	10.10		$	9.42		$	9.93		$	10.73		$	8.81
Total return		8.65	%		(2.18	)%		4.73	%		25.31	%		15.34	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	61,361		$	51,847		$	46,316		$	39,901		$	30,093
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.59	%		0.60	%		0.60	%		0.60	%		0.60	%
Before waivers and reimbursements (f)		0.70	%		0.73	%		0.81	%		0.92	%		0.95	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (f)(x)		1.45	%		1.29	%		1.27	%		1.22	%		1.47	%
Before waivers and reimbursements (f)(x)		1.35	%		1.16	%		1.06	%		0.91	%		1.13	%
Portfolio turnover rate^		6	%		16	%		32	%		26	%		25	%
	Year Ended December 31,
Class K	2016			2015			2014			2013			2012
Net asset value, beginning of year	$	9.41		$	9.92		$	10.72		$	8.81		$	7.86
Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.16			0.15			0.14			0.16			0.15
Net realized and unrealized gain (loss) on investments		0.68			(0.34	)		0.41			2.07			1.09
Total from investment operations		0.84			(0.19	)		0.55			2.23			1.24
Less distributions:
Dividends from net investment income		(0.16	)		(0.15	)		(0.17	)		(0.15	)		(0.15	)
Distributions from net realized gains		—			(0.17	)		(1.18	)		(0.17	)		(0.14	)
Total dividends and distributions		(0.16	)		(0.32	)		(1.35	)		(0.32	)		(0.29	)
Net asset value, end of year	$	10.09		$	9.41		$	9.92		$	10.72		$	8.81
Total return		8.93	%		(1.94	)%		4.99	%		25.51	%		15.79	%
Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	14,100		$	12,059		$	11,331		$	10,301		$	7,042
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.34	%		0.35	%		0.35	%		0.35	%		0.35	%
Before waivers and reimbursements (f)		0.45	%		0.48	%		0.56	%		0.67	%		0.70	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (f)(x)		1.65	%		1.47	%		1.28	%		1.63	%		1.75	%
Before waivers and reimbursements (f)(x)		1.55	%		1.34	%		1.07	%		1.31	%		1.41	%
Portfolio turnover rate^		6	%		16	%		32	%		26	%		25	%

^ Portfolio turnover rate excludes derivatives, if any.

(e) Net investment income (loss) per share is based on average shares outstanding.

(f) Expenses do not include the expenses of the underlying funds (“indirect expenses”), if applicable.

(x) Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.

See Notes to Financial Statements.

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INVESTMENT MANAGER

_Ø AXA Equitable Funds Management Group, LLC

PERFORMANCE RESULTS

Annualized Total Returns as of 12/31/16
	1 Year			Since Incept.
Portfolio – Class B Shares*		9.46	%		1.60	%
Portfolio – Class K Shares*		9.73			1.85
S&P Target Date 2055+ Index		9.94			2.88
*   Date of inception 04/30/15.     Returns for periods greater than one year are annualized.

Past performance is not indicative of future results.

PERFORMANCE SUMMARY

The Portfolio’s Class B shares returned 9.46% for the year ended December 31, 2016. This compares to the returns of the following benchmark: the S&P Target Date 2055+ Index, which returned 9.94% over the same period.

Portfolio Highlights

• As of 12/31/2016, the Portfolio’s equity allocation (as a percentage of market value excluding cash) consisted of large cap growth stocks (22.3%), large cap value stocks (20.7%), mid cap stocks (13.9%), small cap stocks (8.9%), international stocks (25.2%) and emerging market stocks (7.9%).

• As of 12/31/2016, the Portfolio’s fixed income allocation (as a percentage of market value excluding cash) consisted of investment grade bonds (1.1%).

• The Portfolio provided positive returns for the year, roughly matching its benchmark after a margin for expenses.

• In 2016, the equity markets were up substantially, while high-quality government bonds rose only modestly. The Portfolio’s nearly 100% equity allocation contributed gains, with certain holdings in large-cap core and small-cap U.S. stocks adding the most return. Large-cap value holdings, along with emerging markets equity, were also strongly positive.

Table by Asset Class (as a percentage of Total Investments) As of December 31, 2016
Equity	99.7	%
Fixed Income	0.3

Top 10 Holdings (as a percentage of Total Investments) As of December 31, 2016
EQ/Equity 500 Index Portfolio	47.7	%
EQ/International Equity Index Portfolio	14.5
EQ/MFS International Growth Portfolio	11.4
EQ/Small Company Index Portfolio	10.4
EQ/Emerging Markets Equity PLUS Portfolio	6.7
EQ/BlackRock Basic Value Equity Portfolio	5.5
Multimanager Aggressive Equity Portfolio	2.5
Multimanager Mid Cap Value Portfolio	0.8
JPMorgan Prime Money Market Fund, IM Shares	0.3
Multimanager Mid Cap Growth Portfolio	0.2

183

TARGET 2055 ALLOCATION PORTFOLIO (Unaudited)

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 investment advisory fees, distribution and/or service (12b-1) fees (in the case of Class B shares of the Portfolio), 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, 2016 and held for the entire six-month period.

Actual Expenses

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

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

EXAMPLE

	Beginning Account Value 7/1/16		Ending Account Value 12/31/16		Expenses Paid During Period* 7/1/16 - 12/31/16
Class B
Actual		$1,000.00		$1,073.73		$3.02
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.23		2.94
Class K
Actual		1,000.00		1,075.15		1.73
Hypothetical (5% average annual return before expenses)		1,000.00		1,023.47		1.69
*   Expenses are equal to the Portfolio’s Class B and Class K shares annualized expense ratios of 0.58% and 0.33%, respectively, multiplied by the average account value over the period, and multiplied by 184/366 (to reflect the one-half year period).

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PORTFOLIO OF INVESTMENTS

December 31, 2016

	Number of Shares		Value (Note 1)
INVESTMENT COMPANIES:
EQ/BlackRock Basic Value Equity Portfolio‡		22,220	$	514,437
EQ/Emerging Markets Equity PLUS Portfolio‡		77,733		622,197
EQ/Equity 500 Index Portfolio‡		119,310		4,447,036
EQ/International Equity Index Portfolio‡		162,240		1,357,017
EQ/MFS International Growth Portfolio‡		161,586		1,061,781
EQ/Small Company Index Portfolio‡		85,251		967,506
Multimanager Aggressive Equity Portfolio‡		4,922		231,715
Multimanager Mid Cap Growth Portfolio‡		2,680		24,168
Multimanager Mid Cap Value Portfolio‡		4,800		75,083
Total Investment Companies (100.3%) (Cost $9,465,025)				9,300,940
SHORT-TERM INVESTMENT:
Investment Company (0.3%)
JPMorgan Prime Money Market Fund, IM Shares		26,253	$	26,261
Total Short-Term Investment (0.3%) (Cost $26,261)				26,261
Total Investments (100.6%) (Cost $9,491,286)				9,327,201
Other Assets Less Liabilities (-0.6%)				(53,891	)
Net Assets (100%)			$	9,273,310

‡ All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.

The holdings in affiliated Investment Companies are all Class K shares.

Investments in companies which were affiliates for the year ended December 31, 2016, were as follows:

Securities	Value December  31, 2015		Purchases at Cost		Sales at Cost		Value December  31, 2016		Dividend Income		Realized Gain (Loss)†
EQ/BlackRock Basic Value Equity Portfolio	$	2,170,965	$	248,901	$	2,179,362	$	514,437	$	9,639	$	(331,346	)
EQ/Emerging Markets Equity PLUS Portfolio		1,661,591		230,426		1,667,432		622,197		6,026		(410,918	)
EQ/Equity 500 Index Portfolio		13,662,500		1,627,561		11,585,797		4,447,036		78,591		(917,578	)
EQ/International Equity Index Portfolio		4,521,271		539,041		4,174,340		1,357,017		37,994		(748,557	)
EQ/MFS International Growth Portfolio		3,269,870		388,098		2,863,451		1,061,781		12,523		(375,292	)
EQ/Small Company Index Portfolio		3,034,609		342,894		2,866,539		967,506		12,006		(553,030	)
Multimanager Aggressive Equity Portfolio		541,725		106,445		424,084		231,715		1,768		(35,577	)
Multimanager Mid Cap Growth Portfolio		72,529		8,039		65,354		24,168		84		(14,625	)
Multimanager Mid Cap Value Portfolio		70,927		48,378		58,652		75,083		900		(8,401	)
	$	29,005,987	$	3,539,783	$	25,885,011	$	9,300,940	$	159,531	$	(3,395,324	)

† When applicable, realized gain includes net distributions of realized gain received from underlying funds.

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

December 31, 2016

The following is a summary of the inputs used to value the Portfolio’s assets and liabilities carried at fair value as of December 31, 2016:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Portfolio’s own assumptions in determining the fair value of investments)		Total
Assets:
Investment Companies
Investment Companies	$	—	$	9,300,940	$	—	$	9,300,940
Short-Term Investments
Investment Companies		26,261		—		—		26,261
Total Assets	$	26,261	$	9,300,940	$	—	$	9,327,201
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	26,261	$	9,300,940	$	—	$	9,327,201

There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2016.

The Portfolio held no derivatives contracts during the year ended December 31, 2016.

Investment security transactions for the year ended December 31, 2016 were as follows:

Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	3,539,783
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	22,380,207

As of December 31, 2016, 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	$	153,991
Aggregate gross unrealized depreciation		(376,885	)
Net unrealized depreciation	$	(222,894	)
Federal income tax cost of investments	$	9,550,095

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

December 31, 2016

ASSETS
Investments at value:
Affiliated Issuers (Cost $9,465,025)	$	9,300,940
Unaffiliated Issuers (Cost $26,261)		26,261
Cash		1,000
Receivable from Separate Accounts for Trust shares sold		9,959
Receivable from investment manager		5,734
Dividends, interest and other receivables		11
Other assets		392
Total assets		9,344,297
LIABILITIES
Payable for securities purchased		30,736
Distribution fees payable – Class B		752
Trustees’ fees payable		10
Payable to Separate Accounts for Trust shares redeemed		5
Accrued expenses		39,484
Total liabilities		70,987
NET ASSETS	$	9,273,310
Net assets were comprised of:
Paid in capital	$	12,840,596
Accumulated undistributed net investment income (loss)		176
Accumulated undistributed net realized gain (loss) on investments		(3,403,377	)
Net unrealized appreciation (depreciation) on investments		(164,085	)
Net assets	$	9,273,310
Class B
Net asset value, offering and redemption price per share, $3,786,952 / 404,541 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.36
Class K
Net asset value, offering and redemption price per share, $5,486,358 / 586,001 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.36

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2016

INVESTMENT INCOME
Dividends ($159,531 of dividend income received from affiliates)	$	160,080
Interest		127
Total income		160,207
EXPENSES
Custodian fees		56,900
Professional fees		38,842
Administrative fees		32,551
Investment management fees		10,224
Distribution fees – Class B		5,046
Printing and mailing expenses		876
Trustees’ fees		427
Miscellaneous		265
Gross expenses		145,131
Less:   Waiver from investment manager		(42,775	)
Reimbursement from investment manager		(62,320	)
Net expenses		40,036
NET INVESTMENT INCOME (LOSS)		120,171
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments ($(3,504,804) of realized gain (loss) from affiliates)		(3,504,794	)
Net distributions of realized gain received from underlying funds (All realized gains received from affiliates)		109,480
Net realized gain (loss)		(3,395,314	)
Net change in unrealized appreciation (depreciation) on investments (All of change in unrealized appreciation (depreciation) from affiliates)		2,640,181
NET REALIZED AND UNREALIZED GAIN (LOSS)		(755,133	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(634,962	)

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Year Ended December 31, 2016			May 1, 2015* to December 31, 2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	120,171		$	432,190
Net realized gain (loss) on investments and net distributions of realized gain received from underlying funds		(3,395,314	)		550,723
Net change in unrealized appreciation (depreciation) on investments		2,640,181			(2,804,266	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(634,962	)		(1,821,353	)
DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income
Class B		(42,897	)		(9,837	)
Class K		(77,334	)		(449,408	)
		(120,231	)		(459,245	)
Distributions from net realized capital gains
Class B		(159,356	)		(693	)
Class K		(343,343	)		(28,276	)
		(502,699	)		(28,969	)
TOTAL DIVIDENDS AND DISTRIBUTIONS		(622,930	)		(488,214	)
CAPITAL SHARES TRANSACTIONS:
Class B
Capital shares sold [ 330,595 and 81,301 shares, respectively ]		3,056,308			782,704
Capital shares issued in reinvestment of dividends and distributions [ 21,555 and 1,127 shares, respectively ]		202,253			10,530
Capital shares repurchased [ (24,565) and (5,472) shares, respectively ]		(229,285	)		(51,900	)
Total Class B transactions		3,029,276			741,334
Class K
Capital shares sold [ 13,590 and 3,015,314 shares, respectively ]		126,329			30,134,942
Capital shares issued in reinvestment of dividends and distributions [ 44,766 and 51,112 shares, respectively ]		420,677			477,684
Capital shares repurchased [ (2,531,637) and (7,144) shares, respectively ]		(22,018,095	)		(71,378	)
Total Class K transactions		(21,471,089	)		30,541,248
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(18,441,813	)		31,282,582
TOTAL INCREASE (DECREASE) IN NET ASSETS		(19,699,705	)		28,973,015
NET ASSETS:
Beginning of period		28,973,015			—
End of period (a)	$	9,273,310		$	28,973,015
(a)  Includes accumulated undistributed (overdistributed) net investment income (loss) of	$	176		$	—
*    The Portfolio commenced operations on May 1, 2015.

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

Class B	Year Ended December 31, 2016			May 1, 2015* to December 31, 2015
Net asset value, beginning of period	$	9.24		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.24			0.28
Net realized and unrealized gain (loss) on investments		0.63	†		(0.90	)
Total from investment operations		0.87			(0.62	)
Less distributions:
Dividends from net investment income		(0.11	)		(0.13	)
Distributions from net realized gains		(0.64	)		(0.01	)
Total dividends and distributions		(0.75	)		(0.14	)
Net asset value, end of period	$	9.36		$	9.24
Total return (b)		9.46	%		(6.19	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	3,787		$	711
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.59	%		0.60	%
Before waivers and reimbursements (a)(f)		2.06	%		0.86	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x)		2.57	%		4.39	%(l)
Before waivers and reimbursements (a)(f)(x)		1.10	%		4.13	%(l)
Portfolio turnover rate (z)^		33	%		1	%
Class K	Year Ended December 31, 2016			May 1, 2015* to December 31, 2015
Net asset value, beginning of period	$	9.24		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.07			0.14
Net realized and unrealized gain (loss) on investments		0.82	†		(0.74	)
Total from investment operations		0.89			(0.60	)
Less distributions:
Dividends from net investment income		(0.13	)		(0.15	)
Distributions from net realized gains		(0.64	)		(0.01	)
Total dividends and distributions		(0.77	)		(0.16	)
Net asset value, end of period	$	9.36		$	9.24
Total return (b)		9.73	%		(6.03	)%
Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	5,486		$	28,262
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.34	%		0.35	%
Before waivers and reimbursements (a)(f)		1.26	%		0.57	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x)		0.83	%		2.17	%(l)
Before waivers and reimbursements (a)(f)(x)		(0.09	)%		1.95	%(l)
Portfolio turnover rate (z)^		33	%		1	%

* Commencement of Operations.

^ Portfolio turnover rate excludes derivatives, if any.

† The amount shown for a share outstanding throughout the period does not accord with the aggregate net income and/or gain on investments for that period because of the timing of sales and repurchases of the Portfolio shares in relation to fluctuating market value of the investments in the Portfolio.

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

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

(e) Net investment income (loss) per share is based on average shares outstanding.

(f) Expenses do not include the expenses of the underlying funds (“indirect expenses”), if applicable.

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

(x) Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Portfolio invests.

(z) Portfolio turnover rate for periods less than one year is not annualized.

See Notes to Financial Statements.

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NOTES TO FINANCIAL STATEMENTS

December 31, 2016

Note  1 Organization and Significant Accounting Policies

AXA Premier VIP Trust (the “Trust”) was organized as a Delaware statutory 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 twenty-three diversified Portfolios (each a “Portfolio” and together “the Portfolios”). The investment manager to each Portfolio is AXA Equitable Funds Management Group, LLC (“FMG LLC” or the “Manager”), a wholly-owned subsidiary of AXA Equitable Life Insurance Company (“AXA Equitable”).

On April 30, 2015, FMG LLC contributed seed capital into the Target 2055 Allocation Portfolio in the amounts of $100,000 and $29,900,000 for Class B and Class K, respectively. Operations for this fund commenced on May 1, 2015.

Under the Trust’s organizational documents, the Trust’s 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 certain 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 the risk of loss to be remote.

The Portfolios are types of mutual funds often described as a “fund of funds.” Each of the AXA Conservative Allocation Portfolio, AXA Conservative-Plus Allocation Portfolio, AXA Moderate Allocation Portfolio, AXA Moderate-Plus Allocation Portfolio and AXA Aggressive Allocation Portfolio (each an “AXA Allocation Portfolio” and together the “AXA Allocation Portfolios”) and the Target 2015 Allocation Portfolio, Target 2025 Allocation Portfolio, Target 2035 Allocation Portfolio, Target 2045 Allocation Portfolio and Target 2055 Allocation Portfolio (each a “Target Allocation Portfolio” and together the “Target Allocation Portfolios”) pursues its investment objective by investing exclusively in other affiliated mutual funds within the EQ Advisors Trust, a separate registered investment company managed by FMG LLC. Each of the Charter^SM Conservative Portfolio, Charter^SM Moderate Portfolio, Charter^SM Moderate Growth Portfolio, Charter^SM Growth Portfolio, Charter^SM Aggressive Growth Portfolio, Charter^SM International Moderate Portfolio, Charter^SM Income Strategies Portfolio, Charter^SM Interest Rate Strategies Portfolio, Charter^SM Multi-Sector Bond Portfolio, Charter^SM Real Assets Portfolio, Charter^SM Small Cap Growth Portfolio, Charter^SM Small Cap Value Portfolio and Charter^SM Alternative 100 Moderate Portfolio (each a “Charter Allocation Portfolio” and together the “Charter Allocation Portfolios”) pursues its investment objective by investing in other affiliated mutual funds within the EQ Advisors Trust managed by FMG LLC and unaffiliated investment companies or exchange-traded funds (“ETFs”).

The Trust issues three classes of shares, Class A, Class B and Class K. The Class A and Class B shares are each subject to distribution fees imposed under distribution plans (“Distribution Plans”) adopted pursuant to Rule 12b-1 under the 1940 Act. Under the Trust’s multiple class distribution system, each class of shares has identical voting, dividend, liquidation and other rights, other than the payment of distribution fees under the applicable 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, AXA Life and Annuity Company and other affiliated or unaffiliated insurance companies and to the AXA Equitable 401(k) Plan. Shares also may be sold to other tax-qualified retirement plans.

The investment objectives of each Portfolio are as follows:

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

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

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December 31, 2016

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

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

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

Charter^SM Conservative Portfolio — Seeks a high level of current income.

Charter^SM Moderate Portfolio — Seeks long-term capital appreciation and current income, with a greater emphasis on current income.

Charter^SM Moderate Growth Portfolio — Seeks long-term capital appreciation and current income, with a greater emphasis on current income.

Charter^SM Growth Portfolio — Seeks long-term capital appreciation and current income.

Charter^SM Aggressive Growth Portfolio — Seeks long-term capital appreciation and current income, with a greater emphasis on capital appreciation.

Charter^SM International Moderate Portfolio — Seeks long-term capital appreciation and current income, with a greater emphasis on current income.

Charter^SM Income Strategies Portfolio — Seeks a high level of current income.

Charter^SM Interest Rate Strategies Portfolio — Seeks to achieve long-term total return, consistent with the preservation of capital and prudent investment management.

Charter^SM Multi-Sector Bond Portfolio — Seeks to achieve high total return through a combination of current income and capital appreciation.

Charter^SM Real Assets Portfolio — Seeks to achieve maximum real return.

Charter^SM Small Cap Growth Portfolio — Seeks to achieve long-term growth of capital.

Charter^SM Small Cap Value Portfolio — Seeks to achieve long-term growth of capital.

Charter^SM Alternative 100 Moderate Portfolio — Seeks long-term capital appreciation.

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

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

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.

Target 2055 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:

In October 2016, the Securities and Exchange Commission (“SEC”) issued a new rule, Investment Company Reporting Modernization, which, among other provisions, amends Regulation S-X to require standardized, enhanced disclosures, particularly related to derivatives, in Investment Company financial statements. Compliance with the guidance is required for financial statements filed with the SEC on or after August 1, 2017; management believes that the adoption of the rule will have no material effect on the Portfolios’ net assets or results of operations.

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NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2016

The preparation of financial statements in accordance with United States of America generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates. The Portfolios are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. GAAP.

Valuation:

Equity securities (including securities issued by ETFs) 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. Securities listed on the NASDAQ stock market 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. Other unlisted stocks are valued at their last sale price or official closing price, or if there is no such price, at a bid price estimated by a broker.

Investments in shares of open-end investment companies (other than ETFs) held by a Portfolio will be valued at the net asset value (“NAV”) of the shares of such funds as described in the underlying funds’ prospectuses.

If market quotations are not readily available for a security or other financial instruments, such securities and instruments shall be referred to the Trust’s Valuation Committee (“Committee”), who will value the assets in good faith pursuant to procedures (“Pricing Procedures”) adopted by the Board of Trustees of the Trust (the “Board”).

The Board is responsible for ensuring that appropriate valuation methods are used to price securities for the Trust’s Portfolios. The Board has delegated the responsibility of calculating the NAVs of the Trust’s Portfolios and classes pursuant to these Pricing Procedures to the Trust’s administrator, FMG LLC (in its capacity as administrator, the “Administrator”). The Administrator has entered into a sub-administration agreement with JPMorgan Chase Bank, N.A. (the “Sub- Administrator”) to assist in performing certain of the duties described herein. The Committee, established by the Board, determines the value of the Trust’s securities and assets for which market quotations are not readily available or for which valuation cannot otherwise be provided in accordance with procedures adopted by the Board. The Committee is comprised of senior employees from FMG LLC.

Due to the inherent uncertainty of valuations of such securities, the fair value may differ significantly from the values that would have been used had a ready market for such securities existed.

Various inputs are used in determining the value of a Portfolio’s assets or liabilities carried at fair value. These inputs are summarized in three broad levels below:

• Level 1 - quoted prices in active markets for identical assets

• Level 2 - other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 - significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

A summary of inputs used to value each Portfolio’s assets and liabilities carried at fair value as of December 31, 2016 is included in the Portfolio of Investments for each Portfolio. Changes in valuation techniques may result in transfers into or out of an investment’s assigned level. The Portfolios’ policy is to recognize transfers into and transfers out of the valuation levels as of the end of the reporting period.

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December 31, 2016

Transfers between levels are included after the Summary of Level 1, Level 2 and Level 3 inputs, following the Portfolio of Investments for each Portfolio. Transfers between levels may be due to a decline or an increase in market activity (e.g., frequency of trades), which may result in a lack of, or increase in, available observable market inputs to determine price.

The inputs or methodology used to value securities are not necessarily an indication of the risk associated with investing in those securities. An investment’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in aggregate, that is significant to the fair value measurement.

The Committee has the ability to meet and review reports based on the valuation techniques used to value Level 3 securities. As part of a review, the Committee would consider obtaining updates from its pricing vendors for fair valued securities. For example, with respect to model driven prices, the Committee could receive reports regarding a review and recalculation of pricing models and related discounts. For those securities which are valued based on broker quotes, the Committee may evaluate variances between existing broker quotes and any alternative broker quotes or other pricing source.

To substantiate unobservable inputs used in a fair valuation, the Secretary of the Committee can perform an independent verification as well as additional research for fair value notifications received from the pricing agents. Among other factors, particular areas of focus may include: description of security, historical pricing, intra-day price movement, last trade information, corporate actions, related securities, any available company news and announcements, any available trade data or other information. The Committee also notes the materiality of holdings and price changes on a Portfolio’s NAV.

The Committee reviews and considers changes in value for all fair valued securities that have occurred since the last review.

Pursuant to procedures approved by the Board, events or circumstances affecting the values of portfolio securities that occur between the closing of their principal markets and the time the NAV is determined may be reflected in the Trust’s calculation of NAVs for each applicable Portfolio when the Manager deems that the particular event or circumstance would materially affect such Portfolio’s NAV. At December 31, 2016, none of the Portfolios applied these procedures.

Security Transactions and Investment Income:

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 accretion of discount on long-term securities using the effective yield method) and interest expense are accrued daily.

The Portfolios record distributions received in excess of income from underlying investments as a reduction of cost of investments and/or realized gain. Those classified as short-term gain distributions are reflected as such for book but as ordinary income for tax. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Portfolios adjust the estimated amounts of components of distributions (and consequently its net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

Realized gains and losses on the sale of investments are computed on the basis of the specific identified cost of the investments sold.

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December 31, 2016

Allocation of Expenses and Income:

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.

Market and Credit Risk:

Because the Portfolios invest in affiliated mutual funds, unaffiliated investment companies or ETFs, the Portfolios indirectly pay a portion of the expenses incurred by the underlying funds and ETFs. As a result, the cost of investing in the Portfolios may be higher than the cost of investing in a Portfolio that invests directly in individual securities and financial instruments. The Portfolios are also subject to certain risks related to the underlying funds’ and ETFs’ investments in securities and financial instruments such as fixed income securities, including high yield, asset-backed and mortgage-related securities; equity securities, foreign and emerging markets securities, commodities and real estate securities. These securities are subject to risks specific to their structure, sector or market. In addition, the underlying funds and ETFs may use derivative instruments in connection with their individual investment strategies including futures, forward currency exchange contracts, options, swaps, and other derivatives, which are also subject to specific risks related to their structure, sector or market and may be riskier than investments in other types of securities.

Taxes:

The Trust intends to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies (“RICs”) and to distribute substantially all of its net investment income and net realized capital gains to shareholders of each Portfolio. Therefore, no Federal, state and local income tax provisions are required.

The Portfolios are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. However, the Portfolios’ conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolios recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended December 31, 2016, the Portfolios did not incur any interest or penalties. Each of the tax years in the four-year period ended December 31, 2016 remains subject to examination by the Internal Revenue Service, state and local taxing authorities.

Dividends from net investment income, if any, 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 distributions are calculated on a tax basis and, as such, the amounts may differ from financial statement investment income and realized gains. Those differences which are significant to the Portfolios are primarily due to Capital Loss Carryforwards (Charter^SM International Moderate, Charter^SM Interest Rate Strategies, Charter^SM Real Assets, Charter^SM Multi-Sector Bond, Charter^SM Small Cap Value, Charter^SM Alternative 100 Moderate, Target 2025 Allocation, Target 2035 Allocation, Target 2045 Allocation and Target 2055 Allocation), Wash Sale Loss Deferrals (Target 2055 Allocation), Loss Deferrals due to investments in

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affiliated Fund of Fund Investments (AXA Conservative Allocation, AXA Conservative-Plus Allocation, AXA Moderate Allocation, AXA Moderate-Plus Allocation, AXA Aggressive Allocation, Target 2015 Allocation, Target 2025 Allocation, Target 2035 Allocation and Target 2045 Allocation), Partnership Basis Adjustments (Charter^SM Growth, Charter^SM Aggressive Growth, Charter^SM Real Assets and Charter^SM Alternative 100 Moderate) and Conversion Transactions (AXA Moderate-Plus Allocation and AXA Aggressive Allocation). In addition, short-term capital gains and foreign currency gains are treated as capital gains for U.S. GAAP purposes but are considered ordinary income for tax purposes. Capital and net specified losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of a Portfolio’s next taxable year. The tax composition of distributed and undistributed income and gains for the years ended December 31, 2016 and December 31, 2015, were as follows:

	Year Ended December 31, 2016								Year Ended December 31, 2015
Portfolios:	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	$	14,244,205	$	16,816,922	$	62,367	$	11,881,836	$	12,296,344	$	24,695,506	$	230,326	$	10,319,134
AXA Conservative-Plus Allocation		13,812,322		36,852,077		104,097		15,546,017		13,765,821		52,675,518		208,257		18,202,417
AXA Moderate Allocation		74,296,779		252,003,032		1,757,470		92,875,566		81,509,431		310,234,247		1,694,495		130,018,320
AXA Moderate-Plus Allocation		81,989,523		392,997,482		8,503		155,660,927		99,150,913		462,627,307		1,524,141		227,295,077
AXA Aggressive Allocation		29,589,635		145,772,833		—		59,813,772		35,023,649		210,731,542		1,052,846		114,942,716
CharterSM Conservative		534,649		27,294		—		29,722		244,574		77,768		—		7,690
CharterSM Moderate		378,663		109,477		—		21,742		270,914		138,185		—		90,219
CharterSM Moderate Growth		299,704		169,243		—		—		244,110		123,869		—		132,659
CharterSM Growth		145,075		75,498		—		21,653		229,310		194,742		—		112,782
CharterSM Aggressive Growth		46,041		—		—		—		76,484		136,914		—		70,665
CharterSM International Moderate		187,952		—		—		—		150,902		16,080		—		—
CharterSM Income Strategies		123,040		55,681		—		47,210		137,954		67,121		3,453		42,489
CharterSM Interest Rate Strategies		108,006		35,239		—		—		115,616		66,016		13,505		35,236
CharterSM Multi-Sector Bond		3,871,361		—		—		—		3,565,092		—		—		—
CharterSM Real Assets		82,701		—		—		—		39,104		—		—		—
CharterSM Small Cap Growth		—		1,514,658		—		1,208,915		247,194		1,034		—		1,173,363
CharterSM Small Cap Value		2,114,184		—		—		—		923,978		—		—		—
CharterSM Alternative 100 Moderate		70,904		—		—		—		209,371		99,921		—		18,628
Target 2015 Allocation		955,926		1,108,182		17,276		666,397		917,151		770,140		—		39,668
Target 2025 Allocation		2,064,795		—		153		—		1,891,608		1,682,035		—		—
Target 2035 Allocation		1,449,354		—		199		—		1,263,397		1,362,087		—		—
Target 2045 Allocation		1,029,479		—		588		—		902,417		1,016,896		—		—
Target 2055 Allocation		120,828		502,102		—		—		459,364		28,850		—		502,870

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The following Portfolios had a Return of Capital during the year ended December 31, 2016:

Portfolios:	Return of Capital
CharterSM Aggressive Growth	$	8,410
CharterSM International Moderate		21,324
CharterSM Interest Rate Strategies		14,012
CharterSM Multi-Sector Bond		378,748
CharterSM Real Assets		8,704
CharterSM Alternative 100 Moderate		38,932

There was no Return of Capital for 2015.

Permanent book and tax basis differences relating to shareholder distributions resulted in reclassifications to undistributed (overdistributed) net investment income (loss), accumulated net realized gain (loss) and paid-in capital at December 31, 2016 as follows:

Portfolios:	Undistributed Net Investment Income (Loss)		Accumulated Net Realized Gain (Loss)			Paid In Capital
AXA Conservative Allocation	$	931,413	$	(931,413	)	$	—
AXA Conservative-Plus Allocation		1,576,147		(1,576,147	)		—
AXA Moderate Allocation		10,237,964		(10,237,964	)		—
AXA Moderate-Plus Allocation		15,411,070		(16,097,047	)		685,977
AXA Aggressive Allocation		6,858,205		(6,858,205	)		—
CharterSM Conservative		21,072		(20,313	)		(759	)
CharterSM Moderate		19,465		(19,467	)		2
CharterSM Moderate Growth		21,542		(30,148	)		8,606
CharterSM Growth		11,153		(11,153	)		—
CharterSM Aggressive Growth		3,815		6,795			(10,610	)
CharterSM International Moderate		4,875		(1,378	)		(3,497	)
CharterSM Income Strategies		3,339		(3,339	)		—
CharterSM Interest Rate Strategies		7,408		(7,408	)		—
CharterSM Multi-Sector Bond		29,128		1,499,661			(1,528,789	)
CharterSM Real Assets		8,731		(731	)		(8,000	)
CharterSM Small Cap Growth		107,936		56,568			(164,504	)
CharterSM Small Cap Value		1,895,605		(492,890	)		(1,402,715	)
CharterSM Alternative 100 Moderate		28,211		150,765			(178,976	)
Target 2015 Allocation		8,536		(8,536	)		—
Target 2025 Allocation		16,805		(12,480	)		(4,325	)
Target 2035 Allocation		11,336		(8,565	)		(2,771	)
Target 2045 Allocation		7,643		(5,636	)		(2,007	)
Target 2055 Allocation		236		(148	)		(88	)

The significant permanent book to tax differences related to the adjustments above are related to Expired Capital Loss Carryforwards (Charter^SM Multi-Sector Bond) and Dividends in excess of taxable income (Charter^SM Small Cap Value).

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Net Capital and net specified gains/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 year ended December 31, 2016, the following Portfolios deferred to January 1, 2017 post-October losses of:

Portfolios:	Specified Loss		Short-Term Capital Loss		Long-Term Capital Loss
AXA Conservative Allocation	$	—	$	—	$	—
AXA Conservative-Plus Allocation		—		—		—
AXA Moderate Allocation		—		—		—
AXA Moderate-Plus Allocation		—		—		—
AXA Aggressive Allocation		—		—		—
CharterSM Conservative		—		—		—
CharterSM Moderate		—		—		—
CharterSM Moderate Growth		—		—		—
CharterSM Growth		—		—		—
CharterSM Aggressive Growth		—		—		—
CharterSM International Moderate		—		—		—
CharterSM Income Strategies		—		—		—
CharterSM Interest Rate Strategies		—		—		—
CharterSM Multi-Sector Bond		—		—		—
CharterSM Real Assets		—		925		—
CharterSM Small Cap Growth		—		—		—
CharterSM Small Cap Value		—		—		—
CharterSM Alternative 100 Moderate		—		123		431
Target 2015 Allocation		—		—		—
Target 2025 Allocation		—		—		—
Target 2035 Allocation		—		—		—
Target 2045 Allocation		—		—		—
Target 2055 Allocation		—		—		—

Under the Regulated Investment Company Modernization Act of 2010 (the “RIC Mod Act”), net capital losses recognized by the Portfolios after December 31, 2010, may get carried forward indefinitely, and retain their character as short-term and/or long term losses. Prior to the RIC Mod Act, net capital losses incurred by the Portfolios were carried forward for up to eight years and treated as 100% short-term. The RIC Mod Act requires that post-enactment net capital losses be used before pre-enactment net capital losses, therefore some net capital loss carryforwards that would have been utilized under prior law may expire unused. Pre-enactment and post-enactment net capital losses that will be carried forward, if any, are presented in the table below.

The following Portfolios have capital loss carryforward amounts available for use and utilized during 2016 as follows:

	Expiring
Portfolios:	2017		2018		Total		Utilized
CharterSM Multi-Sector Bond	$	507,367,626	$	—	$	507,367,626	$	—
CharterSM Small Cap Value		257,902,125		—		257,902,125		3,047,808

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The following Portfolios utilized net capital loss carryforwards during 2016 and/or have losses incurred that will be carried forward under the provisions of the Regulated Investment Company Modernization Act of 2010 are as follows:

	Utilized				Losses carried forward
Portfolios:	Short Term		Long Term		Short Term		Long Term
CharterSM Aggressive Growth	$	—	$	—	$	—	$	6,234
CharterSM International Moderate		13,261		—		—		291,628
CharterSM Interest Rate Strategies		—		—		6,943		73,321
CharterSM Multi-Sector Bond		5,801		271,349		764,779		264,435
CharterSM Real Assets		—		—		68,716		103,603
CharterSM Alternative 100 Moderate		—		—		116,874		591,496
Target 2025 Allocation		153,636		1,487,584		168,643		1,407,606
Target 2035 Allocation		19,297		1,170,200		337,892		234,935
Target 2045 Allocation		2,911		905,460		187,325		413,050
Target 2055 Allocation		—		—		3,344,392		—

Note  2 Management of the Trust

The Trust has entered into an investment management agreement (the “Management Agreement”) with FMG LLC. The Management Agreement for the Portfolios obligates the Manager to, among other things: (i) provide investment management and advisory services; (ii) render investment advice concerning the underlying funds in which to invest and the appropriate allocations for each of the Portfolios; (iii) implement and monitor the investment programs and results; (iv) apprise the Trustees/Trust of developments materially affecting the Portfolios; (v) oversee each Portfolio’s compliance with investment objectives and policies as well as the Trust’s compliance with various federal and state statutes; and (vi) carry out the directives of the Board. For the year ended December 31, 2016, for its services under the Management Agreement, 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
CharterSM Conservative	0.150% of average daily net assets
CharterSM Moderate	0.150% of average daily net assets
CharterSM Moderate Growth	0.150% of average daily net assets
CharterSM Growth	0.150% of average daily net assets
CharterSM Aggressive Growth	0.150% of average daily net assets
CharterSM International Moderate	0.150% of average daily net assets
CharterSM Income Strategies	0.150% of average daily net assets
CharterSM Interest Rate Strategies	0.150% of average daily net assets
CharterSM Multi-Sector Bond	0.150% of average daily net assets
CharterSM Real Assets	0.150% of average daily net assets
CharterSM Small Cap Growth	0.150% of average daily net assets
CharterSM Small Cap Value	0.150% of average daily net assets
CharterSM Alternative 100 Moderate	0.150% of average daily net assets
Target 2015 Allocation	0.100% of average daily net assets
Target 2025 Allocation	0.100% of average daily net assets
Target 2035 Allocation	0.100% of average daily net assets
Target 2045 Allocation	0.100% of average daily net assets
Target 2055 Allocation	0.100% of average daily net assets

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	(as a percentage of average daily net assets)
Portfolios:	First $10 Billion			Next $3 Billion			Thereafter
AXA Conservative Allocation		0.100	%		0.095	%		0.090	%
AXA Conservative-Plus Allocation		0.100	%		0.095	%		0.090	%
AXA Moderate Allocation		0.100	%		0.095	%		0.090	%
AXA Moderate-Plus Allocation		0.100	%		0.095	%		0.090	%
AXA Aggressive Allocation		0.100	%		0.095	%		0.090	%

Note  3 Administrative Fees

Pursuant to an administrative agreement (“Mutual Funds Service Agreement”), the Administrator provides the Trust with necessary administrative, fund accounting, and compliance services. In addition, the Administrator makes available the office space, equipment, personnel and facilities required to provide such administrative services to the Trust. FMG LLC may carry out its responsibilities either directly or through sub-contracting with third party providers. For these services, each AXA Allocation Portfolio, Target Allocation Portfolio and Charter Allocation Portfolio pays FMG LLC, as Administrator, its proportionate share of an asset-based administration fee, subject to a minimum annual fee of $32,500.

For purposes of calculating the asset-based administration fee, the assets of the AXA Allocation Portfolios, Target Allocation Portfolios and Charter Allocation Portfolios are aggregated with those of the AXA Strategic Allocation Portfolios, AXA All Asset Allocation Series Portfolios and the AXA/Franklin Templeton Allocation Managed Volatility Portfolio of EQ Advisors Trust (the “EQAT Fund-of-Funds Portfolios”), which are also managed by FMG LLC. The asset-based administration fee is equal to an annual rate of 0.150% of the first $35 billion of the aggregate average daily net assets of the AXA Allocation Portfolios, Target Allocation Portfolios and Charter Allocation Portfolios and EQAT Fund-of-Funds Portfolios; 0.110% on the next $10 billion; 0.100% on the next $5 billion; and 0.095% thereafter.

Prior to October 1, 2016, the Administration fees were as follows:

For purposes of calculating the asset-based administration fee, the assets of the AXA Allocation Portfolios, Target Allocation Portfolios and Charter Allocation Portfolios were aggregated. The asset-based administration fee was equal to an annual rate of 0.150% of the first $20 billion of the aggregate average daily net assets of the AXA Allocation Portfolios, Target Allocation Portfolios and Charter Allocation Portfolios; 0.125% on the next $5 billion; and 0.100% thereafter.

Pursuant to a sub-administration agreement with FMG LLC, the Sub-Administrator provides the Trust with certain administrative services, including monitoring of portfolio compliance and portfolio accounting services.

Note  4 Custody Fees

The Trust has entered into a Custody Agreement with JPMorgan Chase Bank, N.A. (in this capacity, the “Custodian”). The Custody Agreement provides for an annual fee based on the amount of assets under custody plus transaction charges. The Custodian serves as custodian of the Trust’s portfolio securities and other assets. Under the terms of the Custody Agreement between the Trust and the Custodian, the Custodian maintains and deposits in each Portfolio’s account, cash, securities and other assets of the Portfolios. The Custodian is also required, upon the order of the Trust, to deliver securities held by the Custodian, and to make payments for securities purchased by the Trust. The Custodian 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 Distributors, LLC (“AXA Distributors” or the “Distributor”), an indirect wholly-owned subsidiary of AXA Equitable and an

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affiliate of FMG LLC, pursuant to which the Distributor serves as the principal underwriter of the Class A, Class B and Class K 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 each of the Class A and Class B shares of the Trust (“Distribution Plans”). The Distribution Plans provide that the Distributor will be entitled to receive a maximum distribution fee at the annual rate of 0.25% of the average daily net assets attributable to each of the Trust’s Class A and Class B shares for which it provides service.

Note  6 Expense Limitation

In the interest of limiting through April 30, 2017 (unless the Board consents to an earlier revision or termination of this arrangement) the expenses of certain Portfolios, FMG LLC has entered into an expense limitation agreement with the Trust (“Expense Limitation Agreement”). Pursuant to that Expense Limitation Agreement, FMG LLC has agreed to make payments or waive its management, administrative and other fees so that the annual operating expenses of each Portfolio (other than interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, expenses of Underlying Portfolios and Underlying ETFs, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of each Portfolio’s business), do not exceed the following annualized rates:

	Maximum Annual Operating Expense Limit
Portfolios:	Class K			Class A+			Class B+
Target 2015 Allocation**		0.35	%		0.60	%		0.60	%
Target 2025 Allocation**		0.35			0.60			0.60
Target 2035 Allocation*,**		0.35			N/A			0.60
Target 2045 Allocation*,**		0.35			N/A			0.60
Target 2055 Allocation*,**		0.35			N/A			0.60

+ Includes amounts payable pursuant to Rule 12b-1.

* The Trust offers only Class B and Class K shares of this Portfolio.

** Effective October 1, 2016, FMG LLC voluntarily agreed to forgo any amounts eligible for recoupment that were waived or reimbursed prior to October 1, 2016.

The expenses as a percentage of daily net assets for each AXA Allocation Portfolio and Charter Allocation Portfolio, inclusive of fees and expenses of other investment companies in which a Portfolio invests (but exclusive of interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, other expenditures that are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of each Portfolio’s business), are limited to the following annualized rates:

	Maximum Annual Operating Expense Limit
Portfolios:	Class K			Class A+			Class B+
AXA Aggressive Allocation		1.00	%		1.25	%		1.25	%
AXA Conservative Allocation		0.75			1.00			1.00
AXA Conservative-Plus Allocation		0.85			1.10			1.10
AXA Moderate Allocation		0.90			1.15			1.15
AXA Moderate-Plus Allocation		0.95			1.20			1.20
CharterSM Conservative*		N/A			N/A			1.25
CharterSM Moderate*		N/A			N/A			1.30
CharterSM Moderate Growth*		N/A			N/A			1.35
CharterSM Growth*		N/A			N/A			1.40
CharterSM Aggressive Growth*		N/A			N/A			1.45
CharterSM International Moderate*		N/A			N/A			1.25
CharterSM Income Strategies*		N/A			N/A			1.20
CharterSM Interest Rate Strategies*		N/A			N/A			1.20
CharterSM Real Assets*		N/A			N/A			1.40

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	Maximum Annual Operating Expense Limit
Portfolios:	Class K			Class A+			Class B+
CharterSM Alternative 100 Moderate*		N/A			N/A			1.55	%
CharterSM Small Cap Growth		1.20	%		1.45	%		1.45
CharterSM Small Cap Value		1.20			1.45			1.45
CharterSM Multi-Sector Bond		0.85			1.10			1.10

+ Includes amounts payable pursuant to Rule 12b-1

* The Trust offers only Class B shares of this Portfolio.

Prior to May 1, 2016, FMG LLC had agreed to make payments or waive its management, administrative and other fees so that the annual operating expenses of each Portfolio (other than interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, expenses of Underlying Portfolios and Underlying ETFs, other expenditures that are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of each Portfolio’s business), did not exceed the following annualized rates:

	Maximum Annual Operating Expense Limit
Portfolios:	Class K		Class A+		Class B+
CharterSM Conservative*		N/A		N/A		0.65	%
CharterSM Moderate*		N/A		N/A		0.65
CharterSM Moderate Growth*		N/A		N/A		0.65
CharterSM Growth*		N/A		N/A		0.65
CharterSM Aggressive Growth*		N/A		N/A		0.65
CharterSM International Moderate*		N/A		N/A		0.65
CharterSM Income Strategies*		N/A		N/A		0.65
CharterSM Interest Rate Strategies*		N/A		N/A		0.65
CharterSM Real Assets*		N/A		N/A		0.65
CharterSM Alternative 100 Moderate*		N/A		N/A		0.65

+ Includes amounts payable pursuant to Rule 12b-1.

* The Trust offers only Class B shares of this Portfolio.

FMG LLC first waives its management fees, then waives its administration fees, and then reimburses a Portfolio’s expenses out of its own resources. FMG LLC may be reimbursed the amount of any such payments or waivers in the future provided that the payments or waivers are reimbursed within three years of the payments or waivers being made and the combination of the Portfolio’s expense ratio and such reimbursements do not exceed the Portfolio’s expense cap. If the actual expense ratio is less than the expense cap and FMG LLC has recouped any eligible previous payments or waivers made, the Portfolio will be charged such lower expenses. FMG LLC’s selection of Underlying Portfolios and Underlying ETFs may positively or negatively impact its obligations under the Expense Limitation Agreement and its ability to recoup previous payments or waivers made under the Expense Limitation Agreement.

During the year ended December 31, 2016, FMG LLC received recoupment from the following Portfolios:

Portfolios:	Recoupment
AXA Conservative-Plus Allocation	$	91,795
Target 2055 Allocation		1,589
	$	93,384

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Recoupments in excess of waivers during the period would be presented as Recoupment Fees in the Statement of Operations. At December 31, 2016, under the Expense Limitation Agreement, the amount that would be recoverable from each Portfolio is as follows:

Portfolios:	2017		2018		2019		Total Eligible For Recoupment
AXA Conservative Allocation	$	1,277,561	$	723,718	$	862,082	$	2,863,361
AXA Conservative-Plus Allocation		353,170		1,397		141,076		495,643
CharterSM Conservative		255,995		208,223		201,250		665,468
CharterSM Moderate		256,110		213,810		195,749		665,669
CharterSM Moderate Growth		260,069		225,225		196,206		681,500
CharterSM Growth		257,940		220,014		199,830		677,784
CharterSM Aggressive Growth		251,513		223,475		208,837		683,825
CharterSM International Moderate		157,720		161,752		99,884		419,356
CharterSM Income Strategies		176,457		152,377		125,994		454,828
CharterSM Interest Rate Strategies		176,251		140,317		122,166		438,734
CharterSM Multi-Sector Bond		—		73,615		162,677		236,292
CharterSM Real Assets		138,870		117,616		86,422		342,908
CharterSM Small Cap Growth		122,184		128,582		130,166		380,932
CharterSM Small Cap Value		79,565		158,778		117,830		356,173
CharterSM Alternative 100 Moderate		145,055		146,465		80,735		372,255

During the year ended December 31, 2016, FMG LLC voluntarily agreed to waive the following (voluntary waivers may be reduced or discontinued at anytime without notice and are not eligible for recoupment):

Portfolios:	Voluntary Waivers
CharterSM Conservative	$	5,956
CharterSM Moderate		6,457
CharterSM Moderate Growth		5,739
CharterSM Growth		3,903
CharterSM Aggressive Growth		2,544
CharterSM International Moderate		4,484
CharterSM Income Strategies		1,606
CharterSM Interest Rate Strategies		1,687
Target 2015 Allocation		21,801
Target 2025 Allocation		12,203
Target 2035 Allocation		10,946
Target 2045 Allocation		13,713
Target 2055 Allocation		39,197

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, 2016, the total amount deferred by the Trustees participating in the Plan was $814,091.

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Note  8 Percentage of Ownership by Affiliates

At December 31, 2016, AXA Equitable held investments in each of the Portfolios as follows:

Portfolios:	Percentage of Ownership
CharterSM International Moderate		71.35	%
CharterSM Income Strategies		28.12
CharterSM Interest Rate Strategies		13.50
CharterSM Real Assets		70.07
Target 2055 Allocation		57.01

Shares of affiliated underlying investment companies may be held by the Portfolios. The following tables represent the percentage of ownership that each Portfolio has in each respective affiliated underlying investment company’s net assets as of December 31, 2016.

Portfolios:	AXA Conservative Allocation			AXA Conservative- Plus Allocation			AXA Moderate Allocation			AXA Moderate- Plus Allocation			AXA Aggressive Allocation
AXA Global Equity Managed Volatility		0.30	%		1.44	%		9.21	%		14.96	%		5.33	%
AXA International Core Managed Volatility		0.35			0.77			7.18			11.51			5.13
AXA International Value Managed Volatility		0.31			0.79			5.40			10.87			6.33
AXA Large Cap Core Managed Volatility		0.87			1.65			9.60			16.16			6.85
AXA Large Cap Growth Managed Volatility		0.33			0.62			3.81			6.06			2.52
AXA Large Cap Value Managed Volatility		0.19			0.47			3.58			7.09			3.76
AXA/AB Small Cap Growth		0.18			0.70			9.45			15.76			5.45
AXA/Franklin Small Cap Value Managed Volatility		—			1.21			9.88			23.28			10.55
AXA/Horizon Small Cap Value		—			3.49			19.67			27.31			9.67
AXA/Loomis Sayles Growth		1.38			1.85			14.96			22.80			10.62
AXA/Lord Abbett Micro Cap		0.68			2.51			17.84			41.03			18.36
AXA/Morgan Stanley Small Cap Growth		0.74			1.09			16.24			39.69			18.71
AXA/Pacific Global Small Cap Value		—			2.51			18.06			29.52			10.18
ATM International Managed Volatility		1.23			3.47			30.16			46.15			18.98
ATM Large Cap Managed Volatility		2.56			4.23			27.44			44.05			21.73
ATM Mid Cap Managed Volatility		2.16			4.82			29.58			41.93			21.52
ATM Small Cap Managed Volatility		0.35			3.01			24.01			51.89			20.74
EQ/BlackRock Basic Value Equity		1.44			1.99			10.51			16.14			6.33
EQ/Boston Advisors Equity Income		1.75			2.95			19.07			31.49			11.82
EQ/Core Bond Index		4.09			3.17			15.28			10.41			1.05
EQ/GAMCO Small Company Value		0.24			0.34			3.56			5.74			2.64
EQ/Global Bond PLUS		9.23			7.45			36.82			3.50			—
EQ/High Yield Bond		8.50			7.10			32.17			12.50			0.81
EQ/Intermediate Government Bond		5.64			4.37			20.61			14.62			1.49
EQ/International Equity Index		0.18			0.32			1.45			5.20			4.00
EQ/JPMorgan Value Opportunities		2.34			3.73			20.87			25.70			9.35

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Portfolios:	AXA Conservative Allocation			AXA Conservative- Plus Allocation			AXA Moderate Allocation			AXA Moderate- Plus Allocation			AXA Aggressive Allocation
EQ/Large Cap Growth Index		0.12	%		0.21	%		1.08	%		3.17	%		2.81	%
EQ/MFS International Growth		1.24			2.97			26.02			31.19			13.94
EQ/PIMCO Ultra Short Bond		12.00			8.55			37.28			25.65			2.52
EQ/Quality Bond PLUS		1.26			1.50			7.41			5.81			0.49
EQ/T. Rowe Price Growth Stock		0.42			0.72			5.64			5.94			1.68
Multimanager Core Bond		5.86			4.98			23.09			17.25			1.51
Multimanager Mid Cap Growth		1.70			2.51			6.73			9.61			4.54
Multimanager Mid Cap Value		0.91			2.94			15.41			11.35			3.42

Portfolios:	CharterSM Conservative			CharterSM Moderate			CharterSM Moderate Growth			CharterSM Growth			CharterSM Aggressive Growth			CharterSM International Moderate
EQ/Energy ETF		0.85	%		1.58	%		2.69	%		3.04	%		2.00	%		—	%
EQ/Low Volatility Global ETF		2.92			3.82			4.65			3.42			1.66			3.79
AXA Natural Resources		0.23			0.43			0.65			0.79			0.50			—
AXA Real Estate		0.36			0.63			0.80			0.93			0.56			1.52
AXA SmartBeta Equity		1.06			1.46			1.76			1.18			0.58			1.31
AXA/AB Small Cap Growth		0.02			0.02			0.03			0.02			0.01			—
AXA/ClearBridge Large Cap Growth		0.08			0.12			0.14			0.10			0.05			—
AXA/DoubleLine Opportunistic Core Plus Bond		—			—			—			—			—			—
AXA/Horizon Small Cap Value		—			—			—			—			—			—
AXA/Janus Enterprise		0.05			0.08			0.09			0.06			0.03			—
AXA/Lord Abbett Micro Cap		0.10			0.13			0.18			0.14			0.06			—
AXA/Morgan Stanley Small Cap Growth		—			—			—			—			—			—
AXA/Pacific Global Small Cap Value		—			—			—			—			—			—
EQ/BlackRock Basic Value Equity		0.02			0.02			0.03			0.02			0.01			—
EQ/Boston Advisors Equity Income		—			—			—			—			—			—
EQ/Capital Guardian Research		0.17			0.24			0.28			0.19			0.10			—
EQ/Convertible Securities		14.26			9.31			7.07			3.12			0.92			—
EQ/Core Bond Index		—			—	#		—	#		—	#		—			—
EQ/Emerging Markets Equity PLUS		0.72			1.01			1.16			0.79			0.39			0.63
EQ/GAMCO Mergers and Acquisitions		0.16			0.17			0.19			0.08			0.02			—
EQ/GAMCO Small Company Value		0.01			0.01			0.02			0.01			0.01			—
EQ/Global Bond PLUS		0.69			0.41			0.28			0.09			0.02			0.24
EQ/High Yield Bond		0.78			0.46			0.31			0.12			0.02			—
EQ/Intermediate Government Bond		0.03			0.02			0.01			—	#		—	#		—
EQ/International Equity Index		0.05			0.06			0.08			0.05			0.03			0.04

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Portfolios:	CharterSM Conservative			CharterSM Moderate			CharterSM Moderate Growth			CharterSM Growth			CharterSM Aggressive Growth			CharterSM International Moderate
EQ/Invesco Comstock		0.13	%		0.20	%		0.24	%		0.17	%		0.09	%		—	%
EQ/MFS International Growth		0.03			0.05			0.06			0.04			0.02			0.03
EQ/PIMCO Global Real Return		2.64			1.61			1.07			0.37			0.06			0.77
EQ/PIMCO Ultra Short Bond		0.16			0.09			0.06			0.02			—	#		—
EQ/Quality Bond PLUS		—			—			—			—			—			—
EQ/T. Rowe Price Growth Stock		0.03			0.04			0.05			0.03			0.02			—
Multimanager Core Bond		0.30			0.18			0.12			0.04			0.01			—
Multimanager Mid Cap Value		0.21			0.31			0.38			0.26			0.13			—

# Percentage of ownership is less than 0.005%.

Portfolios:	CharterSM Income Strategies			CharterSM Interest Rate Strategies			CharterSM Multi- Sector Bond			CharterSM Real Assets			CharterSM Small Cap Growth			CharterSM Small Cap Value			CharterSM Alternative 100 Moderate
EQ/Energy ETF		1.19	%		2.31	%		—	%		5.57	%		—	%		—	%		7.01	%
EQ/Low Volatility Global ETF		—			6.98			—			—			—			—			—
AXA Natural Resources		0.34			0.57			—			1.34			—			—			1.82
AXA Real Estate		0.87			0.72			—			1.82			—			—			2.56
AXA SmartBeta Equity		—			—			—			—			—			—			—
AXA/AB Small Cap Growth		—			—			—			—			—			—			—
AXA/ClearBridge Large Cap Growth		—			—			—			—			—			—			—
AXA/DoubleLine Opportunistic Core Plus Bond		—			—			13.41			—			—			—			—
AXA/Horizon Small Cap Value		—			—			—			—			—			39.63			—
AXA/Janus Enterprise		—			—			—			—			—			—			—
AXA/Lord Abbett Micro Cap		—			—			—			—			18.90			—			—
AXA/Morgan Stanley Small Cap Growth		—			—			—			—			23.48			—			—
AXA/Pacific Global Small Cap Value		—			—			—			—			—			39.41			—
EQ/BlackRock Basic Value Equity		—			—			—			—			—			—			—
EQ/Boston Advisors Equity Income		0.09			0.06			—			—			—			—			—
EQ/Capital Guardian Research		—			—			—			—			—			—			—
EQ/Convertible Securities		—			2.14			—			—			—			—			5.04
EQ/Core Bond Index		—	#		—			1.25			—			—			—			—
EQ/Emerging Markets Equity PLUS		—			—			—			—			—			—			—
EQ/GAMCO Mergers and Acquisitions		—			—			—			—			—			—			0.46

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Portfolios:	CharterSM Income Strategies			CharterSM Interest Rate Strategies			CharterSM Multi- Sector Bond			CharterSM Real Assets			CharterSM Small Cap Growth			CharterSM Small Cap Value			CharterSM Alternative 100 Moderate
EQ/GAMCO Small Company Value		—	%		—	%		—	%		—	%		—	%		1.36	%		—	%
EQ/Global Bond PLUS		0.04			0.03			—			—			—			—			—
EQ/High Yield Bond		0.12			0.02			12.40			—			—			—			—
EQ/Intermediate Government Bond		—			—			—			—			—			—			—
EQ/International Equity Index		—			—			—			—			—			—			—
EQ/Invesco Comstock		—			—			—			—			—			—			—
EQ/MFS International Growth		—			—			—			—			—			—			—
EQ/PIMCO Global Real Return		0.14			0.51			15.55			1.73			—			—			—
EQ/PIMCO Ultra Short Bond		—			0.01			—			—			—			—			—
EQ/Quality Bond PLUS		—	#		—			2.93			—			—			—			—
EQ/T. Rowe Price Growth Stock		—			—			—			—			—			—			—
Multimanager Core Bond		0.06			—			—			—			—			—			—
Multimanager Mid Cap Value		—			—			—			—			—			—			—

# Percentage of ownership is less than 0.005%.

Portfolios:	Target 2015 Allocation			Target 2025 Allocation			Target 2035 Allocation			Target 2045 Allocation			Target 2055 Allocation
EQ/BlackRock Basic Value Equity		0.09	%		0.22	%		0.15	%		0.14	%		0.03	%
EQ/Core Bond Index		0.15			0.19			0.09			0.03			—
EQ/Emerging Markets Equity PLUS		6.10			16.92			13.58			11.24			1.50
EQ/Equity 500 Index		0.27			0.97			0.90			0.75			0.09
EQ/Global Bond PLUS		1.36			1.81			0.85			0.32			—
EQ/High Yield Bond		2.36			3.71			1.69			0.70			—
EQ/International Equity Index		0.41			1.09			0.89			0.75			0.08
EQ/MFS International Growth		0.11			0.49			0.50			0.41			0.08
EQ/PIMCO Ultra Short Bond		0.26			0.37			0.18			0.06			—
EQ/Quality Bond PLUS		0.30			0.44			0.22			0.07			—
EQ/Small Company Index		0.11			0.71			0.70			0.56			0.09
Multimanager Aggressive Equity		0.07			0.22			0.09			0.07			0.02
Multimanager Mid Cap Growth		0.52			0.72			0.51			0.38			0.01
Multimanager Mid Cap Value		0.60			1.36			0.60			0.50			0.04

Note  9 Substitution, Reorganization and In-Kind Transactions

The following transactions occurred during 2015:

After the close of business on September 25, 2015, Charter^SM International Moderate Portfolio acquired the net assets of Charter^SM International Conservative Portfolio and Charter^SM International Growth Portfolio pursuant to a Plan of Reorganization and Termination as approved by contractholders on September 17, 2015. For U.S. GAAP purposes, this transaction was treated as a merger. The purpose of this merger was to combine funds managed by FMG LLC with comparable investment objectives. The reorganization was accomplished by a tax-free exchange

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resulting in Charter^SM International Moderate Portfolio issuing 962,890 Class B shares (valued at $8,571,057) in exchange for 475,178 and 499,110 Class B shares of the Charter^SM International Conservative Portfolio and Charter^SM International Growth Portfolio, respectively. The securities held by Charter^SM International Conservative Portfolio and Charter^SM International Growth Portfolio, with a fair value of $4,252,534 and $4,399,558, respectively, and identified cost of $4,723,379 and $4,957,409, respectively, at September 25, 2015, were the principal assets acquired by Charter^SM International Moderate Portfolio. For U.S. GAAP purposes, assets received and shares issued by Charter^SM International Moderate Portfolio were recorded at fair value; however, the cost basis of the investments from Charter^SM International Conservative Portfolio and Charter^SM International Growth Portfolio was carried forward to align ongoing reporting of Charter^SM International Moderate Portfolio’s realized and unrealized gains and losses with amounts distributable to contractholders for tax purposes. Charter^SM International Conservative Portfolio and Charter^SM International Growth Portfolio’s net assets at the merger date of $4,210,022 and $4,361,035, respectively, including $(470,845) and $(557,851), respectively, of unrealized depreciation, $2,583 and $(10,396), respectively, of undistributed net investment income/(loss) and $(24,282) and $(17,443) respectively, of undistributed net realized loss on investments, were combined with those of Charter^SM International Moderate Portfolio. Assuming the acquisition had been completed January 1, 2015, the beginning of the annual reporting period of Charter^SM International Moderate Portfolio, pro forma results of operations for the year ended December 31, 2015 would include net investment income of $212,891 and net realized and unrealized loss on investments of $(932,442), resulting in a decrease in net assets from operations of $(719,551). Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition date, it is not practicable to separate the amounts of revenue and earnings of the Charter^SM International Conservative Portfolio and Charter^SM International Growth Portfolio that have been included in Charter^SM International Moderate Portfolio’s Statement of Operations since the merger date, September 25, 2015. Prior to the combination, the net assets of the Charter^SM International Moderate Portfolio totaled $4,669,340. Immediately after the combination, the net assets of the Charter^SM International Moderate Portfolio totaled $13,240,397. The cost of securities transferred by Charter^SM International Conservative Portfolio and Charter^SM International Growth Portfolio is excluded from Charter^SM International Moderate Portfolio’s portfolio turnover calculation and excluded from the cost of long-term purchases.

After the close of business on September 25, 2015, Charter^SM Alternative 100 Moderate Portfolio acquired the net assets of the Charter^SM Alternative 100 Conservative-Plus Portfolio and Charter^SM Alternative 100 Growth Portfolio pursuant to a Plan of Reorganization and Termination as approved by contractholders on September 17, 2015. For U.S. GAAP purposes, this transaction was treated as a merger. The purpose of this merger was to combine funds managed by FMG LLC with identical investment objectives. The reorganization was accomplished by a tax-free exchange resulting in the Charter^SM Alternative 100 Moderate Portfolio issuing 859,895 Class B shares (valued at $7,365,800) in exchange for 412,800 and 479,681 Class B shares of the Charter^SM Alternative 100 Conservative-Plus Portfolio and Charter^SM Alternative 100 Growth Portfolio, respectively. The securities held by Charter^SM Alternative 100 Conservative-Plus Portfolio and Charter^SM Alternative 100 Growth Portfolio, with a fair value of $3,551,807 and $3,873,133, respectively, and identified cost of $3,973,545 and $4,732,004, respectively, at September 25, 2015, were the principal assets acquired by Charter^SM Alternative 100 Moderate Portfolio. For U.S. GAAP purposes, assets received and shares issued by Charter^SM Alternative 100 Moderate Portfolio were recorded at fair value; however, the cost basis of the investments from Charter^SM Alternative 100 Conservative-Plus Portfolio and Charter^SM Alternative 100 Growth Portfolio was carried forward to align ongoing reporting of Charter^SM Alternative 100 Moderate Portfolio’s realized and unrealized gains and losses with amounts distributable to contractholders for tax purposes. Charter^SM Alternative 100 Conservative Plus Portfolio and Charter^SM Alternative 100 Growth Portfolio’s net assets at the merger date of $3,519,922 and $3,845,878, respectively, including $(421,738) and $(858,871), respectively, of unrealized depreciation, $(78,810) and $(20,481), respectively, of undistributed net investment loss and $(53,584) and $(13,740), respectively, of undistributed net realized loss on investments, were

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combined with those of Charter^SM Alternative 100 Moderate Portfolio. Assuming the acquisition had been completed January 1, 2015, the beginning of the annual reporting period of Charter^SM Alternative 100 Moderate Portfolio, pro forma results of operations for the year ended December 31, 2015 would include net investment income of $122,875 and net realized and unrealized loss on investments of $(1,366,198), resulting in a decrease in net assets from operations of $(1,243,323). Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition date, it is not practicable to separate the amounts of revenue and earnings of the Charter^SM Alternative 100 Conservative Plus Portfolio and Charter^SM Alternative 100 Growth Portfolio that have been included in Charter^SM Alternative 100 Moderate Portfolio’s Statement of Operations since the merger date, September 25, 2015. Prior to the combination, the net assets of the Charter^SM Alternative 100 Moderate Portfolio totaled $5,577,677. Immediately after the combination, the net assets of the Charter^SM Charter^SM Alternative 100 Moderate Portfolio totaled $12,943,477. The cost of securities transferred from Charter^SM Alternative 100 Conservative Plus Portfolio and Charter^SM Alternative 100 Growth Portfolio is excluded from Charter^SM Alternative 100 Moderate Portfolio’s portfolio turnover calculation and excluded from the cost of long-term purchases.

After the close of business on September 25, 2015, the Charter^SM Equity Portfolio merged into the EQ/Common Stock Index Portfolio, a series of the EQ Advisors Trust.

After the close of business on September 25, 2015, the Charter^SM Fixed Income Portfolio merged into the EQ/Core Bond Index Portfolio, a series of the EQ Advisors Trust.

Note  10 Subsequent Events

The Manager evaluated subsequent events from December 31, 2016, the date of these financial statements, through the date these financial statements were issued and available.

On December 5, 2016, the Board approved a form of Plan of Reorganization and Termination and a form of Agreement and Plan of Reorganization and Termination (each, a “Reorganization Plan,” and collectively, the “Reorganization Plans”) that provide for the reorganization of certain Portfolios of the Trust into another existing Portfolio of the Trust or other existing Portfolios of EQ Advisors Trust (each, a “Reorganization,” and collectively, the “Reorganizations”) as follows:

Proposed Acquired Portfolios	Proposed Acquiring Portfolios
CharterSM International Moderate Portfolio	CharterSM Moderate Portfolio
CharterSM Alternative 100 Moderate Portfolio	All Asset Growth-Alt 20 Portfolio
CharterSM Income Strategies Portfolio CharterSM Interest Rate Strategies Portfolio	AXA/DoubleLine Opportunistic Core Plus Bond Portfolio
CharterSM Real Assets Portfolio	EQ/PIMCO Global Real Return Portfolio
(each, an “Acquired Portfolio,” and collectively, the “Acquired Portfolios”)	(each, an “Acquiring Portfolio,” and collectively, the “Acquiring Portfolios”)

Each Reorganization Plan is subject to approval by the shareholders of the respective Acquired Portfolio. A special shareholder meeting of the Acquired Portfolios is anticipated to be held on or about March 28, 2017 to vote on the Reorganization Plans. If shareholders approve the Reorganization Plans, it is anticipated that the Reorganizations will take place on or about May 19, 2017.

Note  11 Pending Legal Proceedings

In July 2011, a lawsuit was filed in the United States District Court for the District of New Jersey, entitled Mary Ann Sivolella v. AXA Equitable Life Insurance Company and AXA Equitable Funds Management Group, LLC (“Sivolella Litigation”). The lawsuit was filed derivatively on behalf of eight portfolios of EQ Advisors Trust, which is also managed by FMG

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LLC: EQ/Common Stock Index Portfolio; EQ/Equity Growth PLUS Portfolio; EQ/Equity 500 Index Portfolio; AXA Large Cap Value Managed Volatility Portfolio; AXA Global Equity Managed Volatility Portfolio; AXA Mid Cap Value Managed Volatility Portfolio; EQ/Intermediate Government Bond Index Portfolio; and EQ/GAMCO Small Company Value Portfolio (the “Sivolella Portfolios”). Note, in June 2014, the EQ/Equity Growth PLUS Portfolio was reorganized into the AXA Large Cap Growth Managed Volatility Portfolio. The lawsuit seeks recovery under Section 36(b) of the 1940 Act, for alleged excessive fees paid to FMG LLC and AXA Equitable (the “Defendants”) for investment management services. The Plaintiff seeks recovery of the alleged overpayments, or alternatively, rescission of the contracts and restitution of all fees paid, interest, costs and fees. In October 2011, FMG LLC and AXA Equitable filed a motion to dismiss the complaint. In November 2011, the Plaintiff filed an Amended Complaint seeking the same relief, but adding new claims under: (1) Section 26(f) of the 1940 Act alleging that the variable annuity contracts sold by the Defendants charged excessive management fees, and seeking restitution and rescission of those contracts under Section 47(b) of the 1940 Act; and (2) a claim for unjust enrichment. The Defendants filed a motion to dismiss the Amended Complaint in December 2011. In May 2012, Plaintiff voluntarily dismissed the Section 26(f) claim seeking restitution and rescission under Section 47(b). In September 2012, the United States District Court for the District of New Jersey denied the motion to dismiss the Amended Complaint as it related to the Section 36(b) claim and granted the motion to dismiss as it related to the unjust enrichment claim.

In January 2013, a second lawsuit against FMG LLC was filed in the United States District Court for the District of New Jersey by a group of plaintiffs asserting substantially similar claims under Section 36(b) and seeking substantially similar damages as in the Sivolella Litigation. The lawsuit, entitled Glenn D. Sanford, et al. v. AXA Equitable Funds Management Group, LLC (“Sanford Litigation”), was filed derivatively on behalf of the EQ/PIMCO Ultra Short Bond Portfolio, the EQ/T. Rowe Price Growth Stock Portfolio, the EQ/Global Bond PLUS Portfolio, and the EQ/Core Bond Index Portfolio, in addition to four of the Sivolella Portfolios. In light of the similarities of the allegations in the Sivolella and Sanford Litigations, the parties agreed to consolidate the two lawsuits.

In April 2013, the Plaintiffs in the Sivolella and Sanford Litigations amended the complaints to add additional claims under Section 36(b) of the 1940 Act for recovery of alleged excessive fees paid to FMG LLC in its capacity as the Administrator of EQ Advisors Trust. The Plaintiffs seek recovery of the alleged overpayments, or alternatively, rescission of the contract and restitution of the excessive fees paid, interest, costs and fees. In January 2015, Plaintiffs and Defendants filed motions for summary judgment and other pre-trial motions, which were denied by the Court in August 2015.

The non-jury trial commenced in January 2016 and testimony concluded in February 2016. Closing arguments occurred in June 2016 following post-trial briefing. On August 25, 2016, the Court issued its decision in favor of FMG LLC and AXA Equitable, finding that the Plaintiffs had failed to meet their burden to demonstrate that FMG LLC and AXA Equitable breached their fiduciary duty in violation of Section 36(b) or show any actual damages. In September 2016, the Plaintiffs filed a motion to amend the trial opinion and to amend or make new findings of fact and/or conclusions of law, which was denied by the Court in December 2016. In December 2016, Plaintiffs filed a notice to appeal the Court’s decision to the United States Court of Appeals for the Third Circuit.

No liability for litigation relating to these matters has been accrued in the financial statements of the portfolios because any potential damages would be the responsibility of the Defendants.

In November 2010, the Trust and EQ Advisors Trust, and several of their respective portfolios, were named as defendants and putative members of the proposed defendant class of

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AXA PREMIER VIP TRUST

NOTES TO FINANCIAL STATEMENTS (Concluded)

December 31, 2016

shareholders in a lawsuit brought by The Official Committee of Unsecured Creditors of Tribune Company (the “Committee”) in the United States Bankruptcy Court for the District of Delaware regarding Tribune Company’s Chapter 11 bankruptcy proceeding (In re Tribune Company). The lawsuit relates to amounts paid to the Trust and EQ Advisors Trust, and several of their respective portfolios, as holders of publicly-traded shares of Tribune Company, which were components of certain broad-based securities market indices, for which there were public tender offers during 2007. The suit seeks return of the share price received by Tribune Company shareholders in the tender offers plus interest and attorneys’ fees and expenses.

The Committee’s suit has been consolidated with a number of related lawsuits around the United States into a single multi-district litigation proceeding now pending in the United States District Court for the Southern District of New York (In re: Tribune Company Fraudulent Conveyance Litigation).

The lawsuits do not allege any misconduct by the Trust, EQ Advisors Trust or their respective portfolios. Certain of the Plaintiffs’ claims have been dismissed and in March 2016 the United States Court of Appeals for the Second Circuit (the “Second Circuit”) affirmed the dismissal of those claims. In September 2016, Plaintiffs filed a petition for a writ of certiorari with the United States Supreme Court, which is currently pending. In January 2017, the United States District Court for the Southern District of New York dismissed the remaining claims involving shareholders, such as the portfolios, who sold their shares as part of the public tender offers. The Plaintiffs have requested permission from the court to appeal its decision to the Second Circuit. The portfolios cannot predict the outcome of these lawsuits. If the lawsuits were to be decided or settled in a manner adverse to the portfolios, the payment of such judgments or settlements could have an adverse effect on each portfolio’s net asset value. However, no liability for litigation relating to this matter has been accrued in the financial statements of the portfolios, as FMG LLC believes a loss is not probable.

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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 portfolios of AXA Premier VIP Trust listed in the Table of Contents to the Annual Report in which these financial statements appear (collectively referred to as the “Trust”) as of December 31, 2016, the results of each of their operations, the changes in each of their net assets and the 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 as of December 31, 2016 by correspondence with the custodian, transfer agents and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

February 17, 2017

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AXA PREMIER VIP TRUST

DISCLOSURE REGARDING INVESTMENT MANAGEMENT AGREEMENT APPROVAL

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT DURING THE SIX-MONTH PERIOD ENDED DECEMBER 31, 2016 (UNAUDITED)

At a meeting held on September 21-22, 2016, the Board of Trustees (the “Board”) of AXA Premier VIP Trust (the “Trust”), including those Trustees who are not parties to the Agreement (as defined below) or “interested persons” (as that term is defined in the Investment Company Act of 1940, as amended) of such parties or the Trust (the “Independent Trustees”), considered and unanimously approved the renewal of the Investment Management Agreement (the “Agreement”) with AXA Equitable Funds Management Group, LLC (“FMG LLC” or the “Manager”) with respect to the Portfolios listed, for an additional one-year term.

AXA Aggressive Allocation Portfolio

AXA Conservative Allocation Portfolio

AXA Conservative-Plus Allocation Portfolio

AXA Moderate Allocation Portfolio

AXA Moderate-Plus Allocation Portfolio

(collectively, the “AXA Allocation Portfolios”)

Target 2015 Allocation Portfolio

Target 2025 Allocation Portfolio

Target 2035 Allocation Portfolio

Target 2045 Allocation Portfolio

Target 2055 Allocation Portfolio

(collectively, the “Target Allocation Portfolios”)

Charter^SM Aggressive Growth Portfolio

Charter^SM Alternative 100 Moderate Portfolio

Charter^SM Conservative Portfolio

Charter^SM Growth Portfolio

Charter^SM Income Strategies Portfolio

Charter^SM Interest Rate Strategies Portfolio

Charter^SM International Moderate Portfolio

Charter^SM Moderate Growth Portfolio

Charter^SM Moderate Portfolio

Charter^SM Multi-Sector Bond Portfolio

Charter^SM Real Assets Portfolio

Charter^SM Small Cap Growth Portfolio

Charter^SM Small Cap Value Portfolio

(collectively, the “Charter Portfolios”)

In reaching its decision to renew the Agreement with respect to each Portfolio, the Board considered the overall fairness of the Agreement and whether the Agreement was in the best interests of the Portfolio and its investors. The Board further considered all factors it deemed relevant with respect to each Portfolio, including: (1) the nature, quality and extent of the overall services to be provided to the Portfolio by the Manager and its affiliates, including the investment performance of the Portfolio; (2) the level of the Portfolio’s management fee and the Portfolio’s expense ratios relative to those of peer funds; (3) the costs of the services to be provided by and the profits to be realized by the Manager and its affiliates from their relationships with the Portfolio; (4) the anticipated effect of growth and size on the Portfolio’s performance and expenses, including any potential economies of scale and, if so, whether any such economies of scale are equitably shared with investors; and (5) “fall out” benefits that may accrue to the Manager and its affiliates (i.e., indirect benefits that the Manager or its affiliates would be unable to generate but for the existence of the Portfolios). In considering the Agreement, the Board did not identify any single factor or information as all-important or controlling, and each Trustee may have attributed different weight to each factor.

In connection with its deliberations, the Board took into account information (both written and oral) provided to the Board (including its various committees) throughout the year at regular meetings, as well as information provided specifically in connection with the annual renewal process. Information provided and

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discussed throughout the year included investment performance reports and related financial information for each Portfolio, as well as periodic reports on, among other matters, brokerage allocation and execution, if applicable; pricing and valuation; and legal, compliance, shareholder and other services and support provided by the Manager and its affiliates. Information provided and discussed specifically in connection with the annual renewal process included a report prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent organization, regarding expenses of each Portfolio, as well as additional material prepared by management regarding each Portfolio. Each Portfolio’s Broadridge report compared that Portfolio’s expenses with those of other mutual funds (or peers) deemed by Broadridge to be comparable to the Portfolio. The additional material prepared by management generally included Portfolio-by-Portfolio information showing each Portfolio’s average net assets; management fees; expense ratios; expense limitation arrangements; investment performance (including performance information prepared by Broadridge); and profitability information, including information regarding the profitability of the Manager’s operations on an overall Trust basis, as well as on a Portfolio-by-Portfolio basis. In addition, for each Portfolio, the Manager provided separate materials describing the Portfolio’s investment performance (including the Portfolio’s performance versus benchmark and peers for various time periods) and the services provided and the fees charged with respect to the Portfolio, and discussing whether the Portfolio had performed as expected over time and other matters.

The Independent Trustees met in advance of the meeting at which the Board approved the renewal of the Agreement and in executive sessions during the meeting to review the information provided. When invited, management representatives attended portions of the executive sessions to review and discuss matters relating to the Agreement and to provide additional information requested by the Independent Trustees. At the meeting and during the portions of the executive sessions attended by management, the Independent Trustees and management engaged in extensive discussions regarding the Agreement. As noted below, as a result of these extensive discussions, the Manager agreed to implement revised fee rates and breakpoints in the administrative fee rate schedules for all of the Portfolios and implement new, voluntary expense limitations for the Target Allocation Portfolios. The Independent Trustees were assisted by independent legal counsel prior to and during the meeting and during their deliberations regarding the Agreement, and also received materials discussing the legal standards applicable to their consideration of the Agreement. In addition, the Independent Trustees reviewed information and met during the year to discuss information relevant to their annual consideration of the Agreement.

Although the Board approved the renewal of the Agreement for all of the Portfolios at the same Board meeting, the Board considered each Portfolio separately. In approving the renewal of the Agreement with respect to each Portfolio, each Trustee, including the Independent Trustees, on the basis of their business judgment after review of all information, determined that the management fee was fair and reasonable and that the renewal of the Agreement was in the best interests of the applicable Portfolio and its investors. Although the Board gave attention to all information provided, the following discusses some of the primary factors that the Board deemed relevant to its decision to renew the Agreement.

Nature, Quality and Extent of Services

The Board evaluated the nature, quality and extent of the overall services to be provided to each Portfolio and its investors by the Manager and its affiliates. In addition to the investment performance and expense information discussed below, the Board considered the Manager’s responsibilities with respect to each Portfolio and the Manager’s experience in serving as an investment adviser for the Portfolio and for portfolios and accounts similar to the Portfolio. The Board considered that the Manager is responsible for, among other things, developing investment strategies for the Portfolios; making investment decisions for the Portfolios; monitoring and evaluating the performance of the Portfolios; monitoring the investment operations and composition of the Portfolios and, in connection therewith, monitoring compliance with the Portfolios’ investment objectives, policies and restrictions, as well as the Portfolios’ compliance with applicable law and the Trust’s compliance policies and procedures; placing all orders for the purchase and sale of investments for the Portfolios; monitoring brokerage selection, commission and other trading costs, quality of execution, and other brokerage matters, where applicable; coordinating and managing the flow of information and communications relating to the Portfolios among the applicable parties; coordinating responses to regulatory agency inquiries relating to the operations of the Trust and coordinating litigation matters involving the Manager and the Trust; and implementing Board directives as they relate to the Portfolios. The Board also considered information regarding the Manager’s process for making investment decisions for the Portfolios, as

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well as information regarding the qualifications and experience of, and resources available to, the personnel who perform those functions with respect to the Portfolios. The Board further considered that the Manager has provided the Trust with personnel, including Trust officers, in connection with carrying out its responsibilities. The Board also considered that the Manager has assumed significant entrepreneurial risk in sponsoring new Portfolios and that the Manager’s responsibilities with respect to all Portfolios include daily monitoring of investment, operational, enterprise, litigation, regulatory and compliance risks as they relate to the Portfolios. The Board also considered information regarding the Manager’s ongoing risk management activities.

The Board also considered, among other factors, periodic reports provided to the Board regarding the services provided by the Manager and its affiliates. In addition, the Board considered the allocation of Portfolio brokerage, including allocations to broker-dealers affiliated with the Manager, if any. In this regard, the Board also considered the Manager’s trading experience and received information regarding how the Manager seeks to achieve “best execution” on behalf of a Portfolio, including a report by an independent portfolio trading analytical firm. The Board also considered the Portfolios’ Chief Compliance Officer’s evaluation of the Manager’s compliance program, policies, and procedures, and compliance matters involving the Manager that had been brought to the Board’s attention during the year. In addition, the Board considered whether there were any pending lawsuits, enforcement proceedings or regulatory investigations involving the Manager and reviewed information regarding the Manager’s financial condition and history of operations and potential conflicts of interest in managing the Portfolios.

The Board also considered the benefits to investors from participation in an FMG LLC-sponsored mutual fund, including the benefits of investing in a fund that is part of a large family of funds offering a wide range of portfolios, advisers and investment styles. The Board likewise considered that investors have chosen to invest in FMG LLC-sponsored mutual funds. In addition, the Board considered the nature, quality and extent of the administrative, investor servicing and distribution services that the Manager and its affiliates provide to the Portfolios and their shareholders. The Board also noted that, throughout the past year, the Manager and its affiliates had continued or undertaken initiatives, including in response to investor behavior, intended to improve various aspects of the Trust’s operations and investors’ experience with the FMG LLC-sponsored mutual funds.

The Board also considered strategic and other actions taken by the Manager in response to recent events within the mutual fund industry, including actions taken in response to financial regulatory reform and other regulatory initiatives, as well as other significant developments within the mutual fund industry. The Board also considered strategic and other actions taken by the Manager in response to recent market conditions and considered the overall performance of the Manager in this context. In this regard, among other things, the Board requested and received throughout the past year information from the Manager and various service providers on various topics impacting all mutual funds, including valuation; fixed-income market liquidity and potential volatility; cybersecurity; and trends in the Securities and Exchange Commission’s priorities. The Board noted that certain of these topics may present significant challenges for mutual funds and result in an increase in the responsibilities of mutual fund service providers, including the Manager.

For purposes of evaluating the nature, quality and extent of the overall services provided to each Portfolio, the Board also took into account discussions with the Manager about Portfolio investment performance that occur at Board meetings throughout the year. In this regard, the Board noted that, as part of regularly scheduled Portfolio reviews and other detailed reports to the Board on Portfolio performance, the Board periodically considered information regarding each Portfolio’s performance over various time periods on both an absolute basis and relative to an appropriate broad-based securities market index (“benchmark”), a peer group of other mutual funds deemed by Broadridge to be comparable to the Portfolio (“peer group”), a custom blended index developed by the Manager and approved by the Board that comprises broad-based indexes (“blended benchmark”), and/or a custom volatility-managed index developed by the Manager and approved by the Board (which, in the case of certain Portfolios, may be a blended index that comprises both broad-based and volatility-managed indexes) (“VMI”). The performance information generally included, among other information, annual total returns, average annual total returns, cumulative returns and/or rolling period total returns. The Board also considered Appendix A, which includes certain information provided to the Board regarding each Portfolio’s performance relative to a benchmark, a peer group, a blended benchmark, and/or a VMI for the one-, three-, five- and ten-year periods, as applicable, and since inception periods ended June 30, 2016. The Board noted that this information supplemented other performance information provided to the Board in connection with the annual renewal process and throughout the year.

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The Board also factored into its evaluation of each Portfolio’s performance the limitations inherent in Broadridge’s methodology for developing and constructing peer groups and determining which mutual funds should be included in which peer groups, among other things. While recognizing these inherent limitations, the Board believed the independent analysis conducted by Broadridge remained a useful measure of comparative performance.

In evaluating the Portfolios’ performance, the Board generally considered long-term performance to be more important than short-term performance and also took into account factors including general market conditions (including the amount of volatility in the market over the past year); the “style” in which the Portfolios are managed, as applicable, and whether that style is in or out of favor in the market; issuer-specific information; and fund cash flows. In this regard, the Board also noted how changes in time periods for performance calculations (e.g., whether a one-year period is from December to December or June to June) can impact a Portfolio’s returns and peer ranking on a relative basis. The Board also considered that variations in performance among a Portfolio’s operating classes reflect variations in class expenses, which result in lower performance for higher expense classes.

AXA Allocation Portfolios

With respect to the performance of the AXA Allocation Portfolios, the Board considered that each Portfolio operates as a fund-of-funds and invests in a combination of other mutual funds (underlying portfolios) and recognized, therefore, that each Portfolio’s performance is based, in part, on the total returns of the underlying portfolios in which it invests.

The Board further considered that the underlying portfolios in which each Portfolio invests may employ a tactical volatility management strategy that is intended to reduce the volatility associated with investing in equity securities and to produce more favorable risk-adjusted returns over extended market cycles. The Board also noted that, for each Portfolio, the Manager had developed and implemented a custom VMI as an additional analytical tool to be used in evaluating the Portfolio’s performance. The Board also noted that the funds in each Portfolio’s peer group may or may not employ a tactical volatility management strategy like that employed by certain of the underlying portfolios in which a Portfolio invests. In this respect, the Board also noted that, for each Portfolio, the Manager had developed and implemented a custom blended benchmark that comprises broad-based indexes that are not volatility-managed. The Board considered each Portfolio’s blended benchmark and VMI in evaluating the Portfolio’s performance.

With respect to the benchmark performance comparisons, the Board took into account each Portfolio’s current allocation target (that is, the approximate percentage of a Portfolio’s assets allocated to equity securities or fixed income securities through its investments in underlying portfolios) and compared each Portfolio’s performance to the performance of the S&P 500 Index and/or the Bloomberg Barclays U.S. Intermediate Government Bond Index, accordingly.

The Board factored into its evaluation of each AXA Allocation Portfolio’s performance the limitations inherent in comparing the performance of asset allocation funds, such as the Portfolios, which may invest in equity and debt securities, to the performance of a benchmark that consists entirely of equity or debt securities and to the performance of a peer group that includes funds that may allocate their assets between equity and debt securities in different percentages over time than the Portfolios and among other asset classes.

The Board and the Manager discussed the performance of each AXA Allocation Portfolio in detail, including whether each Portfolio had performed as expected over time. The Board and the Manager also discussed, where applicable, the reasons for a Portfolio’s underperformance for certain periods relative to its peer group, benchmark, blended benchmark, and/or VMI, as well as actions being taken to enhance that Portfolio’s performance. In this regard, the Board noted that performance is only one of the factors that it deems relevant to its consideration of a Portfolio’s Agreement and that, after considering all relevant factors, it can reach a decision to renew the Agreement notwithstanding a Portfolio’s underperformance.

Based on its review and the explanations provided by the Manager regarding the performance of each AXA Allocation Portfolio, the Board determined, with respect to each Portfolio, that the Portfolio and its investors would benefit from the Manager’s continued management of the Portfolio.

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Target Allocation Portfolios

With respect to the performance of the Target Allocation Portfolios, the Board considered that each Portfolio operates as a fund-of-funds and invests in a combination of other mutual funds (underlying portfolios) and recognized, therefore, that each Portfolio’s performance is based, in part, on the total returns of the underlying portfolios in which it invests.

The Board factored into its evaluation of each Target Allocation Portfolio’s performance the limitations inherent in comparing the performance of time-weighted asset allocation funds, such as the Portfolios, which may invest in equity and debt securities, to the performance of a peer group that includes funds that may allocate their assets between equity and debt securities in different percentages over time than the Portfolios and among other asset classes. The Board also factored into its evaluation of each Target Allocation Portfolio’s performance that, although the Portfolio’s benchmark may correspond to a particular target retirement date, it may have levels of exposure to equity and debt securities that vary from the Portfolio’s asset allocation over time. The Board also took note of the relatively small size of each Target Allocation Portfolio and the likely impact that a Portfolio’s size has on its relative expenses and performance. The Board also noted that the Target 2055 Allocation Portfolio had only a short operating history on which to evaluate performance.

The Board and the Manager discussed the performance of each Target Allocation Portfolio in detail, including whether each Portfolio had performed as expected over time. The Board and the Manager also discussed, where applicable, the reasons for a Portfolio’s underperformance for certain periods relative to its peer group and/or benchmark, as well as actions being taken to enhance that Portfolio’s performance. In this regard, the Board noted that performance is only one of the factors that it deems relevant to its consideration of a Portfolio’s Agreement and that, after considering all relevant factors, it can reach a decision to renew the Agreement notwithstanding a Portfolio’s underperformance.

Based on its review and the explanations provided by the Manager regarding the performance of each Target Allocation Portfolio, the Board determined, with respect to each Portfolio, that the Portfolio and its investors would benefit from the Manager’s continued management of the Portfolio.

Charter Portfolios

With respect to the performance of the Charter Portfolios, the Board considered that each Portfolio currently operates as a fund-of-funds and invests in securities of other mutual funds and in exchange-traded securities of other investment companies or investment vehicles (referred to collectively as underlying portfolios) and recognized, therefore, that each Portfolio’s performance is based, in part, on the total returns of the underlying portfolios in which it invests.

The Board noted, however, that prior to April 18, 2014 (the “Conversion Date”) each of the Charter^SM Multi-Sector Bond, Charter^SM Small Cap Growth and Charter^SM Small Cap Value Portfolios had different investment policies and operated as a multimanager fund by allocating its assets among multiple investment advisers who managed their allocated portions of a Portfolio using different but complimentary investment strategies. The Board noted that the performance information that had been provided to the Board for each Portfolio reflected the Portfolio’s operation as a multimanager fund prior to the Conversion Date and may have been different if the Portfolio had historically been managed as a fund-of-funds using its current investment policies and strategies.

The Board also noted that each of the Charter^SM Aggressive Growth, Charter^SM Alternative 100 Moderate, Charter^SM Conservative, Charter^SM Growth, Charter^SM Income Strategies, Charter^SM Interest Rate Strategies, Charter^SM International Moderate, Charter^SM Moderate Growth, Charter^SM Moderate and Charter^SM Real Assets Portfolios had only a short operating history on which to evaluate performance.

The Board and the Manager discussed the performance of each Charter Portfolio in detail, including whether the Portfolio had performed as expected over time. The Board and the Manager also discussed, where applicable, the reasons for a Portfolio’s underperformance for certain periods relative to its peer group, benchmark, and/or blended benchmark, as applicable, as well as actions being taken to enhance that Portfolio’s performance. In this regard, the Board noted that performance is only one of the factors that it deems relevant to its consideration of a Portfolio’s Agreement and that, after considering all relevant factors, it can reach a decision to renew the Agreement notwithstanding a Portfolio’s underperformance.

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Based on its review and the explanations provided by the Manager regarding the performance of each Charter Portfolio, the Board determined, with respect to each Portfolio, that the Portfolio and its investors would benefit from the Manager’s continued management of the Portfolio.

All Portfolios

Based on its review, the Board determined, with respect to each Portfolio, that the nature, quality and extent of the overall services provided by the Manager and its affiliates were appropriate for the Portfolio in light of its investment objectives and, thus, supported a decision to approve the renewal of the Agreement.

Expenses

The Board considered each Portfolio’s management fee in light of the nature, quality and extent of the overall services provided by the Manager. The Board also reviewed a comparative analysis of the contractual and net management fees, expense components, and expense ratios of each Portfolio compared with those of peer funds selected by Broadridge as constituting the Portfolio’s appropriate expense group. Broadridge provided information on each Portfolio’s contractual management fee in comparison with the contractual management fee that would have been charged by other funds within the Portfolio’s expense group assuming the other funds were similar in size to the Portfolio, as well as each Portfolio’s actual management fee and expense ratios in comparison with those of other funds within its expense group. The Broadridge management fee analysis included within such fee the separate administrative fees paid to the Manager, in its capacity as administrator for the Portfolios. The Broadridge management fee analysis also provided comparative fee information net of administrative fees. The Broadridge expense data was based upon historical information taken from each Portfolio’s audited annual report for the period ended December 31, 2015, and the total expense ratios (both including and excluding fees and expenses of underlying portfolios) were shown for Class A, Class B and Class K shares, as applicable, of each Portfolio.

The contractual management fees discussed below include within such fees the separate administrative fees paid to the Manager. Where contractual management fee comparisons were provided for Class A and/or Class B shares of a Portfolio as well as for Class K shares of that Portfolio, the contractual management fees discussed below reflect the comparisons for only Class A and/or Class B shares of that Portfolio. The total expense ratios for Class A, Class B and Class K shares, as applicable, of a Portfolio discussed below exclude the fees and expenses of underlying portfolios in which that Portfolio invests.

The Board factored into its evaluation of each Portfolio’s fees and expenses the limitations inherent in Broadridge’s methodology for developing and constructing peer groups and determining which mutual funds should be included in which peer groups, among other things. While recognizing these inherent limitations and recognizing that current expense ratios (prior to any applicable expense limitation arrangement) may increase if assets decline, the Board believed that the independent analysis conducted by Broadridge remained a useful measure of comparative fees and expenses. The Board also considered that all fees and expenses of each Portfolio are explicitly disclosed in Portfolio offering documents.

AXA Allocation Portfolios

The Board considered that the contractual management fee for each Portfolio (at a common asset level) was at or above (but within five basis points of) the median for the Portfolio’s respective peer group. The Board also considered that the actual expense ratio for the Class A and Class B shares of each Portfolio was at (in the case of the AXA Conservative Allocation Portfolio) or above the median for the Portfolio’s respective peer group, and that the actual expense ratio for the Class K shares of each Portfolio (except the AXA Conservative-Plus Allocation Portfolio, which was above) was at or below the median for the Portfolio’s respective peer group.

The Board further considered that the management and administrative fee rate schedules for each Portfolio include breakpoints so that the fee rates are reduced as the assets of the Portfolio increase above certain levels. The Board noted that any such reduction in a Portfolio’s effective management and/or administrative fee would result in corresponding reductions in the Portfolio’s total expense ratios. In addition, the Board noted that the Manager had contractually agreed to make payments or waive all or a portion of its management, administrative and other fees so that each Portfolio’s total expense ratios (including the fees and expenses of the underlying portfolios in which the Portfolio invests) do not exceed certain levels as set forth in

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its prospectus. The Board also noted that, as a result of these expense limitation arrangements, the actual management fee for the AXA Conservative Allocation Portfolio was lower than the Portfolio’s contractual management fee.

The Board also considered that, after extensive discussions and negotiations with the Manager, the Manager had agreed, effective October 1, 2016, to (a) implement revised fee rates and breakpoints in the Portfolios’ administrative fee rate schedules that are expected to lower the Portfolios’ administrative fees at current and higher asset levels, and (b) aggregate the assets of all funds-of-funds series of the Trust with the assets of certain funds-of-funds series of EQ Advisors Trust for purposes of calculating these Portfolios’ asset-based administrative fee. The Board noted that the revisions to the Portfolios’ administrative fee rate schedules are expected to reduce the likelihood that a Portfolio’s administrative fees would increase in the future if Portfolio assets decline over time.

Based on its review, the Board determined, with respect to each AXA Allocation Portfolio, that the Manager’s management fee is fair and reasonable.

Target Allocation Portfolios

The Board considered that the contractual management fee for each Portfolio (at a common asset level) was at the median for the Portfolio’s respective peer group. The Board also considered that the actual expense ratios for the Class B and Class K shares of each Portfolio were above the medians for the Portfolio’s respective peer group. The Board also took note of the relatively small size of each Portfolio and the likely impact that a Portfolio’s size has on its relative expenses.

The Board further considered that the administrative fee rate schedule for each Portfolio includes breakpoints so that the fee rate is reduced as the assets of the Portfolio increase above certain levels. The Board noted that any such reduction in a Portfolio’s effective administrative fee would result in corresponding reductions in the Portfolio’s total expense ratios. In addition, the Board noted that the Manager had contractually agreed to make payments or waive all or a portion of its management, administrative and other fees so that each Portfolio’s total expense ratios do not exceed certain levels as set forth in its prospectus. The Board noted that, as a result of these expense limitation arrangements, the actual management fee for each Portfolio was lower than the Portfolio’s contractual management fee.

The Board also considered that, after extensive discussions and negotiations with the Manager: (i) the Manager had agreed, effective October 1, 2016, to (a) implement revised fee rates and breakpoints in the Portfolios’ administrative fee rate schedules that are expected to lower the Portfolios’ administrative fees at current and higher asset levels, and (b) aggregate the assets of all funds-of-funds series of the Trust with the assets of certain funds-of-funds series of EQ Advisors Trust for purposes of calculating these Portfolios’ asset-based administrative fee, and (ii) the Manager had agreed, effective October 1, 2016, to implement new, voluntary expense limitations with respect to each Portfolio that include the fees and expenses of the underlying portfolios in which the Portfolio invests. In this regard, the Board noted that each of these Portfolios’ existing expense limitations exclude the fees and expenses of the underlying portfolios in which the Portfolio invests. The Board also noted that the revisions to the Portfolios’ administrative fee rate schedules are expected to reduce the likelihood that a Portfolio’s administrative fees would increase in the future if Portfolio assets decline over time.

Based on its review, the Board determined, with respect to each Target Allocation Portfolio, that the Manager’s management fee is fair and reasonable.

Charter Portfolios

The Board considered that the contractual management fee for each of the Charter^SM Multi-Sector Bond, Charter^SM Small Cap Growth and Charter^SM Small Cap Value Portfolios (at a common asset level) was below the median for the Portfolio’s respective peer group. The Board also considered that the actual expense ratios for the Class A, Class B, and Class K (as applicable) shares of each of the Charter^SM Multi-Sector Bond, Charter^SM Small Cap Growth and Charter^SM Small Cap Value Portfolios were below the medians for the Portfolio’s respective peer group. The Board noted that, due to the limited number of comparable funds-of-funds, the Portfolios’ peer groups were comprised of funds that do not operate as funds-of-funds. The Board noted that funds, like the Portfolios, that operate as funds-of-funds typically have lower management fees than funds that do not operate as funds-of-funds due to the different services performed by an investment manager in managing funds-of-funds.

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The Board considered that the contractual management fee for each of the Charter^SM Income Strategies, Charter^SM Interest Rate Strategies and Charter^SM International Moderate Portfolios (at a common asset level) was at the median for the Portfolio’s respective peer group. The Board also considered that the actual expense ratio for the Class B shares of the Charter^SM Interest Rate Strategies Portfolio was at the median for the Portfolio’s peer group, and that the actual expense ratio for the Class B shares of each of the Charter^SM Income Strategies and Charter^SM International Moderate Portfolios was above (but, for the Charter^SM Income Strategies Portfolio, within five basis points of) the median for the Portfolio’s respective peer group.

The Board considered that the contractual management fee for each of the Charter^SM Alternative 100 Moderate and Charter^SM Real Assets Portfolios (at a common asset level) was above (but within five basis points of) the median for the Portfolio’s respective peer group. The Board also considered that the actual expense ratio for the Class B shares of the Charter^SM Alternative 100 Moderate Portfolio was at the median for the Portfolio’s peer group, and that the actual expense ratio for the Class B shares of the Charter^SM Real Assets Portfolio was above (but within five basis points of) the median for the Portfolio’s peer group.

The Board considered that the contractual management fee for each of the Charter^SM Aggressive Growth, Charter^SM Conservative, Charter^SM Growth, Charter^SM Moderate Growth and Charter^SM Moderate Portfolios (at a common asset level) was above the median for the Portfolio’s respective peer group. The Board also considered that the actual expense ratio for the Class B shares of each Portfolio was above the median for the Portfolio’s respective peer group.

The Board further considered that the administrative fee rate schedule for each Portfolio includes breakpoints so that the fee rate is reduced as the assets of the Portfolio increase above certain levels. The Board noted that any such reduction in a Portfolio’s effective administrative fee would result in corresponding reductions in the Portfolio’s total expense ratios. In addition, the Board noted that the Manager had contractually agreed to make payments or waive all or a portion of its management, administrative and other fees so that each Portfolio’s total expense ratios (including the fees and expenses of the underlying portfolios in which the Portfolio invests) do not exceed certain levels as set forth in its prospectus. The Board noted that, as a result of these expense limitation arrangements, the actual management fee for each Portfolio was lower than the Portfolio’s contractual management fee.

The Board also considered that, after extensive discussions and negotiations with the Manager, the Manager had agreed, effective October 1, 2016, to (a) implement revised fee rates and breakpoints in the Portfolios’ administrative fee rate schedules that are expected to lower the Portfolios’ administrative fees at current and higher asset levels, and (b) aggregate the assets of all funds-of-funds series of the Trust with the assets of certain funds-of-funds series of EQ Advisors Trust for purposes of calculating these Portfolios’ asset-based administrative fee. The Board noted that the revisions to the Portfolios’ administrative fee rate schedules are expected to reduce the likelihood that a Portfolio’s administrative fees would increase in the future if Portfolio assets decline over time.

Based on its review, the Board determined, with respect to each Charter Portfolio, that the Manager’s management fee is fair and reasonable.

Profitability and Costs

The Board also considered the level of profits realized by the Manager and its affiliates in connection with the operation of each Portfolio. In this respect, the Board reviewed profitability information setting forth the overall profitability of the Trust to the Manager and its affiliates, as well as the Manager’s and its affiliates’ profits in providing management and other services to each of the individual Portfolios during the 12-month period ended December 31, 2015, which was the most recent fiscal year for the Manager.

In reviewing the analysis, attention was given to the methodology followed in allocating costs to each Portfolio, it being recognized that allocation methodologies are inherently subjective and various allocation methodologies may each be reasonable while producing different results. In this respect, the Board noted that, while being continuously refined and reflecting changes in the Manager’s and its affiliates’ cost accounting and other appropriate adjustments, the cost allocation methodology (which includes the expenses attributable to the services that AXA Equitable Life Insurance Company provides to support the Manager in its role as investment manager and administrator for the Portfolios) was consistent with that followed in profitability report presentations for the Portfolios made in prior years. In reviewing and discussing such analysis, the

219

Manager discussed with the Board its belief that costs incurred in establishing the infrastructure necessary for the type of mutual fund operations conducted by the Manager and its affiliates may not be fully reflected in the expenses allocated to each Portfolio in determining its profitability, as well as the fact that the level of profits, to a certain extent, reflected operational cost savings and efficiencies initiated by management. The Board also took into account management’s ongoing costs and expenditures in providing and improving services for the Portfolios, as well as the need to meet additional regulatory and compliance requirements resulting from changes in rules and other regulations and to adapt to other challenges impacting the mutual fund industry. In addition, the Board considered information prepared by management and from third party sources comparing the profitability of the Manager on an overall basis to the profitability of other publicly held asset managers (including asset managers similar to the Manager).

Based on its consideration of the factors above, the Board determined that the level of profits realized by the Manager from providing services to each Portfolio was not excessive in view of the nature, quality and extent of services provided.

Economies of Scale

The Board also considered whether economies of scale or efficiencies are realized by the Manager as the Portfolios grow larger and the extent to which this is reflected in the level of management and administrative fees charged. While recognizing that any precise determination is inherently subject to assumptions and subjective assessments, the Board considered that any realized economies of scale or efficiencies may be shared with portfolios and their shareholders in a variety of ways, including: (i) breakpoints in the management fee or other fees so that a portfolio’s effective fee rate declines as the portfolio grows in size, (ii) subsidizing a portfolio’s expenses by making payments or waiving all or a portion of the management fee or other fees so that the portfolio’s total expense ratio does not exceed certain levels, (iii) setting the management fee or other fees so that a portfolio is priced to scale, which assumes that the portfolio has sufficient assets from inception to operate at a competitive fee rate without any fee waiver or expense reimbursement from the manager, and (iv) reinvestment in, and enhancements to, the services that the manager and its affiliates provide to a portfolio and its shareholders. The Board noted that the management fee rate schedules for the AXA Allocation Portfolios include breakpoints that reduce the fee rate as Portfolio assets increase above certain levels. The Board also noted that the administrative fee rate schedules for all Portfolios include breakpoints that reduce the fee rate as Portfolio assets increase above certain levels and also aggregate the assets managed by the Manager in these Portfolios. In this connection, the Board also considered that, after extensive discussions and negotiations with the Manager, the Manager had agreed, effective October 1, 2016, to implement revisions to the administrative fee rate schedules for all of the Portfolios, as noted above. The Board also considered that, as funds-of-funds that indirectly bear the expenses charged by the underlying portfolios in which they invest, the Portfolios would benefit from any breakpoints in the management and/or administrative fee rate schedules for the underlying portfolios, in particular the underlying portfolios managed by the Manager. The Board also noted that, although the management fees for the Target Allocation Portfolios and the Charter Portfolios do not include breakpoints, the Manager was subsidizing each of the Portfolios’ expenses by making payments or waiving all or a portion of its management, administrative and other fees so that the Portfolios’ total expense ratios do not exceed certain contractual levels as set forth in their prospectuses. In this connection, the Board also considered that, after extensive discussions and negotiations with the Manager, the Manager had agreed, effective October 1, 2016, to implement new, voluntary expense limitations for the Target Allocation Portfolios, as noted above. In addition, the Board considered that the Manager shares any realized economies of scale with the Portfolios in other ways, which may include setting the management or other fees for a Portfolio so that they are priced to scale. The Board considered that the effect of this pricing strategy is that the Manager could lose money in the early stages of a Portfolio’s operation (and bear the risk that the Portfolio will never become profitable), while shareholders of the Portfolio receive the benefit of economies of scale that the Manager expects the Portfolio will achieve as it grows. The Board further considered that the Manager shares any realized economies of scale with the Portfolios through reinvestment in, and enhancements to, the services that the Manager and its affiliates provide to the Portfolios and their shareholders, such as hiring additional personnel and providing additional resources in areas relating to management and administration of the Portfolios. Based on its consideration of the factors above, the Board concluded that there was a reasonable sharing of any realized economies of scale or efficiencies under the management and administrative fee schedules at the present time.

220

Fall-Out Benefits

The Board also considered the extent to which fall-out benefits may accrue to the Manager and its affiliates. In this connection, the Board considered several possible fall-out benefits and other types of benefits, including the following. The Board noted that the Manager also serves as the administrator for the Portfolios and receives compensation for acting in this capacity. The Board also recognized that AXA Distributors, LLC, an affiliate of the Manager, serves as the underwriter for the Trust and receives from the Portfolios payments pursuant to Rule 12b-1 plans with respect to their Class A and Class B shares to compensate it 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 considered that Sanford C. Bernstein & Co., LLC, a registered broker-dealer, is an affiliate of the Manager and may, from time to time, receive brokerage commissions from the Portfolios in connection with the purchase and sale of portfolio securities; provided, however, that those transactions, among other things, are consistent with seeking best execution. The Board also recognized that the Portfolios invest in other (underlying) portfolios managed by the Manager and advised by sub-advisers that may be affiliated with the Manager and that these underlying portfolios pay management and administrative fees to the Manager, who may in certain cases pay sub-advisory fees to an affiliated sub-adviser, and pay distribution fees to the Manager’s distribution affiliate. The Board also noted that the Manager’s affiliated insurance companies, as depositors of the insurance company separate accounts investing in the Portfolios, receive certain significant tax benefits associated with such investments as well as other potential benefits. The Board also considered that the Portfolios are offered as investment options through variable insurance contracts offered and sold by the Manager’s affiliated insurance companies and that the performance of each Portfolio may impact, positively or negatively, each insurance company’s ability to hedge the risks associated with guarantees that each insurance company may provide as the issuer of such contracts. The Board also noted that the Manager’s affiliated insurance companies and AXA Distributors, LLC receive compensation, which may include sales charges, separate account fees and charges, and other variable contract fees and charges, from the sale and administration of these variable insurance contracts. The Board also considered that certain Portfolios are subject to certain investment controls that are designed to reduce volatility for investors and that may benefit both investors and the Manager and its affiliates (including by making it easier for the insurance companies to hedge their risks under the guarantees). Based on its review, the Board determined that any “fall-out” benefits and other types of benefits that may accrue to the Manager are fair and reasonable.

Appendix A

The Board noted that the following information regarding each Portfolio’s performance relative to a benchmark, a peer group, a blended benchmark, and/or a VMI for the one-, three-, five- and ten-year periods, as applicable, and since inception periods ended June 30, 2016, supplemented other performance information provided to the Board in connection with the annual renewal process and throughout the year.

AXA Premier VIP Trust Performance Summary

For the period ended June 30, 2016

	Annualized
	1 Year		3 Years		5 Years		10 Years		Since Inception
AXA Conservative Allocation - A		1.78		2.76		2.65		3.37		3.79
AXA Conservative Allocation - B		1.68		2.72		2.62		3.23		3.62
AXA Conservative Allocation - K		1.93		2.98						2.92
Lipper Mixed-Asset Target Allocation Conservative Funds		1.74		4.30		4.38		4.73		5.44
S&P 500 Index		3.99		11.66		12.10		7.42		8.20

221

	Annualized
	1 Year			3 Years		5 Years		10 Years		Since Inception
Bloomberg Barclays U.S. Intermediate Government Bond Index		3.93			2.41		2.31		4.07		3.62
66% Bloomberg Barclays U.S. Intermediate Government Bond Index / 5% MSCI EAFE Index / 4% S&P MidCap 400 Index / 10% S&P 500 Index / 1% Russell 2000 Index / 14% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		2.64			3.45		3.46		4.31		4.43
66% Bloomberg Barclays U.S. Intermediate Government Bond Index / 5% Volatility Managed Index - International / 4% Volatility Managed Index - Mid Cap Core / 10% Volatility Managed Index - Large Cap Core / 1% Volatility Managed Index - Small Cap Core / 14% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		2.57			3.41		3.29		4.54		N/A
AXA Conservative-Plus Allocation - A		0.53			3.77		3.61		3.62		4.39
AXA Conservative-Plus Allocation - B		0.54			3.80		3.60		3.49		4.23
AXA Conservative-Plus Allocation - K		0.79			4.06						5.19
Lipper Mixed-Asset Target Allocation Conservative Funds		1.74			4.30		4.38		4.73		5.44
S&P 500 Index		3.99			11.66		12.10		7.42		8.20
Bloomberg Barclays U.S. Intermediate Government Bond Index		3.93			2.41		2.31		4.07		3.62
50% Bloomberg Barclays U.S. Intermediate Government Bond Index / 10% MSCI EAFE Index / 8% S&P MidCap 400 Index / 18% S&P 500 Index / 4% Russell 2000 Index / 10% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		1.74			4.79		4.89		4.98		5.56
50% Bloomberg Barclays U.S. Intermediate Government Bond Index / 10% Volatility Managed Index - International / 8% Volatility Managed Index - Mid Cap Core / 18% Volatility Managed Index - Large Cap Core / 4% Volatility Managed Index - Small Cap Core / 10% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		1.57			4.71		4.53		5.43		N/A
AXA Moderate Allocation - A		(0.39	)		4.10		3.88		3.61		7.61
AXA Moderate Allocation - B		(0.33	)		4.12		3.86		3.47		3.95
AXA Moderate Allocation - K		(0.14	)		4.39						5.90
Lipper Mixed-Asset Target Allocation Moderate Funds		0.05			5.60		5.82		5.34		7.50
S&P 500 Index		3.99			11.66		12.10		7.42		10.34
Bloomberg Barclays U.S. Intermediate Government Bond Index		3.93			2.41		2.31		4.07		5.93
42% Bloomberg Barclays U.S. Intermediate Government Bond Index / 15% MSCI EAFE Index / 9% S&P MidCap 400 Index / 20% S&P 500 Index / 6% Russell 2000 Index / 8% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		0.86			5.20		5.33		5.11		N/A
42% Bloomberg Barclays U.S. Intermediate Government Bond Index / 15% Volatility Managed Index - International / 9% Volatility Managed Index - Mid Cap Core / 20% Volatility Managed Index - Large Cap Core / 6% Volatility Managed Index - Small Cap Core / 8% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		0.59			5.08		4.88		5.67		N/A
AXA Moderate-Plus Allocation - A		(1.70	)		5.21		4.87		3.89		5.70
AXA Moderate-Plus Allocation - B		(1.61	)		5.21		4.86		3.75		5.53
AXA Moderate-Plus Allocation - K		(1.36	)		5.47						7.78
Lipper Mixed-Asset Target Allocation Growth Funds		(0.90	)		6.25		6.63		5.67		6.91
S&P 500 Index		3.99			11.66		12.10		7.42		8.20

222

	Annualized
	1 Year			3 Years		5 Years		10 Years		Since Inception
Bloomberg Barclays U.S. Intermediate Government Bond Index		3.93			2.41		2.31		4.07		3.62
25% Bloomberg Barclays U.S. Intermediate Government Bond Index / 20% MSCI EAFE Index / 12% S&P MidCap 400 Index / 28% S&P 500 Index / 10% Russell 2000 Index / 5% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		(0.29	)		6.41		6.61		5.52		6.98
25% Bloomberg Barclays U.S. Intermediate Government Bond Index / 20% Volatility Managed Index - International / 12% Volatility Managed Index - Mid Cap Core / 28% Volatility Managed Index - Large Cap Core / 10% Volatility Managed Index - Small Cap Core / 5% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		(0.66	)		6.25		5.98		6.37		N/A
AXA Aggressive Allocation - A		(2.94	)		6.29		5.81		3.93		6.00
AXA Aggressive Allocation - B		(2.84	)		6.29		5.80		3.79		5.84
AXA Aggressive Allocation - K		(2.68	)		6.56						9.61
Lipper Mixed-Asset Target Allocation Aggressive Growth Funds		(3.42	)		6.33		6.45		4.64		6.55
S&P 500 Index		3.99			11.66		12.10		7.42		8.20
Bloomberg Barclays U.S. Intermediate Government Bond Index		3.93			2.41		2.31		4.07		3.62
8% Bloomberg Barclays U.S. Intermediate Government Bond Index / 25% MSCI EAFE Index / 14% S&P MidCap 400 Index / 39% S&P 500 Index / 12% Russell 2000 Index / 2% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		(1.29	)		7.67		7.91		5.81		7.78
8% Bloomberg Barclays U.S. Intermediate Government Bond Index / 25% Volatility Managed Index - International / 14% Volatility Managed Index - Mid Cap Core / 39% Volatility Managed Index - Large Cap Core / 12% Volatility Managed Index - Small Cap Core / 2% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		(1.73	)		7.47		7.12		7.00		N/A
Charter Alternative 100 Moderate - B		0.30									(0.96	)
Lipper Alternative Other Funds		(1.41	)								1.27
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		0.19									0.10
S&P 500 Index		3.99									9.05
Charter Alternative 100 Moderate Composite Index		(0.04	)								(1.13	)
Charter Conservative - B		0.73									1.20
Lipper Mixed-Asset Target Allocation Conservative Funds		1.74									3.06
Dow Jones Moderately Conservative Portfolio Index		4.09									3.60
20% MSCI AC World (Net) Index / 50% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index / 25% BofA Merrill Lynch Global Broad Market ex. U.S. Index / 5% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		4.54									1.97
Charter Moderate - B		(0.75	)								1.03
Lipper Mixed-Asset Target Allocation Conservative Funds		1.74									3.06
Dow Jones Moderately Conservative Portfolio Index		4.09									3.60
35% MSCI AC World (Net) Index / 37% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index / 18% BofA Merrill Lynch Global Broad Market ex. U.S. Index / 10% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		2.63									1.95

223

	Annualized
	1 Year			3 Years		5 Years		10 Years		Since Inception
Charter Moderate Growth - B		(1.74	)								1.02
Lipper Mixed-Asset Target Allocation Moderate Funds		0.05									3.61
Dow Jones Moderate Portfolio Index		1.73									3.78
45% MSCI AC World (Net) Index / 27% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index / 13% BofA Merrill Lynch Global Broad Market ex. U.S. Index / 15% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		1.25									1.88
Charter Growth - B		(3.00	)								0.54
Lipper Mixed-Asset Target Allocation Moderate Funds		0.05									3.61
Dow Jones Moderately Aggressive Portfolio Index		(1.10	)								3.65
55% MSCI AC World (Net) Index / 17% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index / 8% BofA Merrill Lynch Global Broad Market ex. U.S. Index / 20% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		(0.13	)								1.81
Charter Aggressive Growth - B		(4.02	)								0.17
Lipper Mixed-Asset Target Allocation Growth Funds		(0.90	)								3.81
Dow Jones Moderately Aggressive Portfolio Index		(1.10	)								3.65
65% MSCI AC World (Net) Index / 7% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index / 3% BofA Merrill Lynch Global Broad Market ex. U.S. Index / 25% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		(1.51	)								1.71
Charter Income Strategies - B		2.76									2.42
Lipper Flexible Portfolio Funds		(1.77	)								1.68
Bloomberg Barclays U.S. Aggregate Bond Index		6.00									4.03
25% MSCI AC World (Net) Index / 50% Bloomberg Barclays U.S. Aggregate Bond Index / 25% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		2.25									2.68
Charter Interest Rate Strategies - B		0.78									0.96
Lipper Flexible Portfolio Funds		(1.77	)								1.68
Bloomberg Barclays U.S. Aggregate Bond Index		6.00									4.03
25% MSCI AC World (Net) Index / 50% Bloomberg Barclays U.S. Aggregate Bond Index / 25% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		2.25									2.68
Charter International Moderate - B		1.15									(0.34	)
Lipper Flexible Portfolio Funds		(1.77	)								1.68
BofA Merrill Lynch Global Broad Market ex. U.S. Index		12.05									(0.02	)
35% MSCI AC World ex. U.S. (Net) Index / 55% BofA Merrill Lynch Global Broad Market ex. U.S. Index / 10% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		2.88									(1.19	)
Charter Multi-Sector Bond - A		2.69			2.07		2.51		1.48		5.41
Charter Multi-Sector Bond - B		2.69			2.06		2.50		1.36		2.41
Charter Multi-Sector Bond - K		2.94			2.42						2.54
Lipper Core Plus Bond Funds		4.48			3.78		3.82		4.99		6.18
Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index		4.33			2.95		2.90		4.48		6.01

224

	Annualized
	1 Year			3 Years		5 Years		10 Years		Since Inception
Charter Real Assets - B		1.95									(1.31	)
Lipper Alternative Other Funds		(1.41	)								1.27
Bloomberg Barclays World Government Inflation-Linked Bond Index		7.39									4.98
30% Bloomberg Barclays World Government Inflation-Linked Bond Index / 70% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index		2.33									1.56
Charter Small Cap Growth - A		(13.61	)		3.56		3.90				4.69
Charter Small Cap Growth - B		(13.65	)		3.56		3.85		2.85		5.78
Lipper Small-Cap Growth Funds		(9.76	)		7.08		7.77		6.82		7.27
Russell 2000 Growth Index		(10.75	)		7.74		8.51		7.14		6.16
Charter Small Cap Value - A		(10.58	)		0.84		4.10		2.38		6.64
Charter Small Cap Value - B		(10.57	)		0.84		4.08		2.24		5.16
Lipper Small-Cap Value Funds		(3.11	)		6.98		8.34		5.97		9.20
Russell 2000 Value Index		(2.58	)		6.36		8.15		5.15		7.64
Target 2015 Allocation - B		(0.68	)		4.22		4.17				3.22
Target 2015 Allocation - K		(0.43	)		4.52						6.36
Lipper Mixed-Asset Target 2015 Funds		(0.13	)		4.96		5.32				4.55
S&P Target Date 2015 Index		2.21			5.73		5.65				4.98
Target 2025 Allocation - B		(1.39	)		5.31		5.26				3.56
Target 2025 Allocation - K		(1.14	)		5.61						7.93
Lipper Mixed-Asset Target 2025 Funds		(0.66	)		5.92		5.93				4.40
S&P Target Date 2025 Index		1.36			6.48		6.41				5.26
Target 2035 Allocation - B		(1.78	)		5.92		5.86				3.74
Target 2035 Allocation - K		(1.53	)		6.18						8.85
Lipper Mixed-Asset Target 2035 Funds		(2.14	)		6.30		6.37				3.82
S&P Target Date 2035 Index		0.61			7.07		6.97				5.31
Target 2045 Allocation - B		(2.47	)		6.32		6.32				3.76
Target 2045 Allocation - K		(2.22	)		6.59						9.66
Lipper Mixed-Asset Target 2045 Funds		(2.76	)		6.68		6.69				3.91
S&P Target Date 2045 Index		0.06			7.38		7.29				5.31
Target 2055 Allocation - B		(3.00	)								(3.75	)
Target 2055 Allocation - K		(2.74	)								(3.52	)
Lipper Mixed-Asset Target 2055+ Funds		(2.66	)								(3.59	)
S&P Target Date 2055+ Index		(0.38	)								(1.46	)

225

Federal Income Tax Information (Unaudited)

For the year ended December 31, 2016, 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, and long-term capital gain dividends for the purpose of the dividend paid deduction on its Federal income tax return were as follows:

Portfolios:	70% Dividend Received Deduction			Foreign Taxes		Foreign Source Income		Long Term Capital Gain
AXA Conservative Allocation		25.46	%	$	100,397	$	1,312,848	$	16,816,922
AXA Conservative-Plus Allocation		48.06			270,340		3,542,860		36,852,077
AXA Moderate Allocation		58.12			2,211,469		29,013,354		252,003,032
AXA Moderate-Plus Allocation		85.97			3,344,965		44,280,839		392,997,482
AXA Aggressive Allocation		100.00			1,493,247		19,758,527		145,772,833
CharterSM Conservative		8.14			2,519		32,308		27,294
CharterSM Moderate		14.15			3,638		46,773		109,477
CharterSM Moderate Growth		20.37			4,351		56,111		169,243
CharterSM Growth		28.25			3,115		40,490		75,498
CharterSM Aggressive Growth		43.25			1,527		19,968		—
CharterSM International Moderate		1.41			2,173		27,738		—
CharterSM Income Strategies		10.73			67		1,206		55,681
CharterSM Interest Rate Strategies		11.23			113		2,024		35,239
CharterSM Multi-Sector Bond		0.17			—		—		—
CharterSM Real Assets		4.26			263		4,696		—
CharterSM Small Cap Growth		0.00			—		—		1,514,658
CharterSM Small Cap Value		59.50			—		—		—
CharterSM Alternative 100 Moderate		23.95			355		6,357		—
Target 2015 Allocation		31.33			17,639		230,979		1,108,182
Target 2025 Allocation		51.57			52,350		676,562		—
Target 2035 Allocation		64.05			44,274		568,837		—
Target 2045 Allocation		74.30			37,023		475,907		—
Target 2055 Allocation		83.64			4,955		62,413		502,102

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MANAGEMENT OF THE TRUST (UNAUDITED)

The Trust’s Board is responsible for the overall management of the Trust and the Portfolios, including general supervision and review of the Portfolios’ investment activities and their conformity with federal and state law as well as 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 of the Trust are identified in the table below along with information as to their principal business occupations held during the last five years and certain other information.

The Trustees

Name, Address and Year of Birth	Position(s) Held With Fund	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen  by Trustee***	Other Directorships Held by Trustee
Interested Trustee
Steven M. Joenk* 1290 Avenue of the Americas New York, New York 10104 (1958)	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 May 2011 to present, Chairman of the Board, Chief Executive Officer and President, FMG LLC; from September 1999 to present, Managing Director, AXA Equitable; from September 2004 to April 2011, President, AXA Equitable’s FMG unit; from July 2004 to October 1, 2013, Senior Vice President, MONY Life Insurance Company; from July 2004 to present, Senior Vice President, MONY Life Insurance Company of America and Director, MONY Capital Management, Inc., Director and President, 1740 Advisers, Inc; from July 2004 to January 2011, Director, Chairman of the Board and President, MONY Asset Management, Inc. and Enterprise Capital Management; from January 2005 to January 2011, Director, MONY Financial Resources of Americas Limited; and from November 2005 to present, Director MONY International Holdings, LLC.	118	None
Independent Trustees
Gerald C. Crotty c/o AXA Premier VIP Trust 1290 Avenue of the Americas New York, New York 10104 (1951)	Trustee	From November 2001 to present	Since 2001, President of Weichert Enterprise, LLC, a private equity investment firm.	23	From 2005 to April 2014, Director of The Jones Group, Inc.; from 2002 to 2011, Director of Cinedigm Digital Cinema Corp.

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Name, Address and Year of Birth	Position(s) Held With Fund	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen  by Trustee***	Other Directorships Held by Trustee
Barry Hamerling c/o AXA Premier VIP Trust 1290 Avenue of the Americas New York, New York 10104 (1946)	Trustee	From November 2001 to present	Since 1998, Managing Partner of Premium Ice Cream of America; from 1970 to 1998, President of Ayco Co. L.P., the largest independent financial counseling firm in the United States; and from 1998 to 2013, Chairman of Ayco Charitable Foundation.	23	From 2014 to present, Lead Independent Director of The Westchester Event Driven Fund; from 2007 to present, Independent Lead Director of The Merger Fund VL and from April 2007 to present Director of The Merger Fund and Lead Director since 2012.
Thomas P. Lemke c/o AXA Premier VIP Trust 1290 Avenue of the Americas New York, New York 10104 (1954)	Trustee	From January 2014 to present	From 2005 to 2013, Executive Vice President, General Counsel, and Head of the Governance Group of Legg Mason, Inc.	23	From February 2014 to present, Independent Trustee of the J.P. Morgan Exchange-Traded Fund Trust (5 portfolios); from February 2014 to present, Independent Trustee of SEI family of funds; from February 2014 to present, Independent Trustee of Advisors’ Inner Circle Fund III (16 portfolios); from 2014 to present, Independent Trustee of Winton Series Trust (5 portfolios); from 2014 to present, Independent Trustee of Winton Diversified Opportunities Fund; from 2015 to present, Independent Trustee of Gallery Trust (2 portfolios); from May 2014 to February 2016, Independent Trustee of O’Connor EQUUS; from October 2014 to March 2015, Independent Trustee of Victory Portfolios and Victory Institutional Funds; and from January 2014 to October 2014, Independent Trustee of Munder Series Trust.

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Name, Address and Year of Birth	Position(s) Held With Fund	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen  by Trustee***	Other Directorships Held by Trustee
Cynthia R. Plouché c/o AXA Premier VIP Trust 1290 Avenue of the Americas New York, New York 10104 (1957)	Lead Independent Trustee	From March 2010 to present; Trustee from November 2001 to March 2010	From January 2014 to present, Assessor, Moraine Township (IL); from June 2006 to April 2012, 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.	23	From May 2014 to present, Independent Trustee of the Northern Funds (48 portfolios) and Northern Institutional Funds (8 portfolios).
Rayman L. Solomon c/o AXA Premier VIP Trust 1290 Avenue of the Americas New York, New York 10104 (1947)	Trustee	From November 2001 to present	From July 2015 to present, University Professor & Dean Emeritus, Rutgers School of Law-Camden; from January 2014 to June 2015, Provost of the Camden Campus of Rutgers University; from 1998 to June 2014, Dean and a Professor of Law at Rutgers School of Law-Camden; prior to 1998, Associate Dean for Academic Affairs at Northwestern University School of Law.	23	None

* Affiliated with the portfolios’ investment manager and the distributor.

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

*** The registered investment companies in the fund complex include EQ Advisors Trust, 1290 Funds and the Trust. Mr. Joenk serves as Trustee, President and Chief Executive Officer for each of the registered investment companies in the fund complex, as well as Chairman for each such company.

Qualifications and Experience

In addition to the information set forth in the table above, the following sets forth additional information about the qualifications and experience of each of the Trustees.

Interested Trustee

Steven M. Joenk — Mr. Joenk has a background in the financial services industry; senior management experience with multiple insurance companies, investment management firms and investment companies; multiple years of service as an officer, Trustee and Chairman of the Trust and other registered investment companies, including other registered investment companies in the fund complex.

Independent Trustees

Gerald C. Crotty — Mr. Crotty has a background in the financial services industry; business management experience, including chief executive and chief operating officer experience, with multiple years of service as a

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Trustee of the Trust and as a director of publicly-traded operating companies; multiple years of executive experience with a publicly-traded operating company and private equity investment firm; and legal and governmental experience.

Barry Hamerling — Mr. Hamerling has a background in the financial services industry; business management experience, including chief executive officer experience, with multiple years of service as a Trustee of the Trust and other registered investment companies; and prior executive experience with a financial consulting firm.

Thomas P. Lemke — Mr. Lemke has a legal background and served as General Counsel in the financial services industry, experience in senior management positions with financial services firms in addition to multiple years of service with a regulatory agency.

Cynthia R. Plouché — Ms. Plouché has a background in the financial services industry; business management experience with multiple years of service as a Trustee of the Trust; and multiple years of executive experience as a chief investment officer and portfolio manager with investment management firms.

Rayman L. Solomon — Mr. Solomon has a legal and higher education background, including executive management experience as Provost and Dean of the Rutgers School of Law — Camden and Associate Dean of Northwestern University School of Law; and multiple years of service as a Trustee of the Trust.

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The Trust’s Officers

No officer of the Trust receives any compensation paid by the Trust. Each officer of the Trust is an employee of AXA Equitable, FMG LLC, and/or AXA Distributors, LLC (“AXA Distributors”). The Trust’s principal officers are:

Name, Address and Year of Birth	Position(s) Held With Fund*	Term of Office and Length of Time Served**	Principal Occupation(s) During Past 5 Years
Steven M. Joenk 1290 Avenue of the Americas, New York, New York 10104 (1958)	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 May 2011 to present, Chairman of the Board, Chief Executive Officer and President, FMG LLC; from September 1999 to present, Managing Director, AXA Equitable; from September 2004 to April 2011, President, AXA Equitable’s FMG unit; from July 2004 to October 1, 2013, Senior Vice President, MONY Life Insurance Company; from July 2004 to present, Senior Vice President, MONY Life Insurance Company of America and Director, MONY Capital Management, Inc., Director and President, 1740 Advisers, Inc; from July 2004 to January 2011, Director, Chairman of the Board and President, MONY Asset Management, Inc. and Enterprise Capital Management; from January 2005 to January 2011, Director, MONY Financial Resources of Americas Limited; and from November 2005 to present, Director MONY International Holdings, LLC.
Brian E. Walsh 525 Washington Boulevard Jersey City, New Jersey 07310 (1968)	Chief Financial Officer and Treasurer	From June 2007 to present	From May 2011 to present, Senior Vice President of FMG LLC; from February 2011 to present, member of Board of Directors of FMG LLC; from February 2003 to present, Lead Director of AXA Equitable.
Joseph J. Paolo 1290 Avenue of the Americas New York, New York 10104 (1970)	Chief Compliance Officer, Vice President and Anti-Money Laundering (“AML”) Compliance Officer	Chief Compliance Officer from May 2007 to present; Vice President and AML Compliance Officer from December 2005 to present	From May 2011 to present, Senior Vice President and Chief Compliance Officer of FMG LLC; from June 2007 to present, Lead Director of AXA Equitable and Chief Compliance Officer of AXA Equitable FMG.
Patricia Louie, Esq. 1290 Avenue of the Americas, New York, New York 10104 (1955)	Vice President and Secretary	From November 2001 to present	From June 2012 to present, Executive Vice President and General Counsel of FMG LLC; from May 2011 to June 2012, Senior Vice President and Corporate Counsel of FMG LLC; from February 2011 to present, Managing Director and Associate General Counsel of AXA Financial and AXA Equitable; from May 2003 to February 2011, Vice President and Associate General Counsel of AXA Financial and AXA Equitable.
Alwi Chan 1290 Avenue of the Americas New York, New York 10104 (1974)	Vice President	From June 2007 to present	From June 2012 to present, Senior Vice President and Deputy Chief Investment Officer of FMG LLC; from May 2011 to June 2012, Vice President of FMG LLC; from February 2007 to present, Lead Director of AXA Financial and AXA Equitable.
Mary E. Cantwell 1290 Avenue of the Americas, New York, New York 10104 (1961)	Vice President	From November 2001 to present	From June 2012 to present, Senior Vice President of FMG LLC; from February 2011 to present, member of Board of Directors of FMG LLC; from May 2011 to June 2012, Vice President of FMG LLC; from February 2001 to present, Lead Director of AXA Equitable; from July 2004 to January 2011, a Director of Enterprise Capital Management, Inc.

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Name, Address and Year of Birth	Position(s) Held With Fund*	Term of Office and Length of Time Served**	Principal Occupation(s) During Past 5 Years
Kiesha Astwood-Smith, Esq. 1290 Avenue of the Americas, New York, New York 10104 (1973)	Vice President and Assistant Secretary	From December 2015 to present	From December 2015 to present, Vice President, Assistant Secretary and Associate General Counsel of FMG LLC; from September 2015 to present, Senior Director and Counsel of AXA Equitable; from July 2006 to September 2015, Counsel of The Bank of New York Mellon; and from January 2010 to September 2015, Vice President and Assistant Secretary of the Dreyfus Family of Funds.
Anthony Geron, Esq. 1290 Avenue of the Americas, New York, New York 10104 (1971)	Vice President and Assistant Secretary	From July 2014 to present	From August 2015 to present, Senior Vice President, Secretary and Associate General Counsel of FMG LLC and Lead Director and Associate General Counsel of AXA Equitable; from June 2014 to August 2015, Vice President, Assistant Secretary and Associate General Counsel of FMG LLC; from May 2014 to August 2015, Senior Director and Counsel of AXA Equitable; and from October 2007 to May 2014, Associate of Wilkie Farr & Gallagher LLP.
Michael Weiner, Esq. 1290 Avenue of the Americas New York, New York 10104 (1982)	Vice President and Assistant Secretary	From July 2014 to present	From June 2014 to present, Vice President, Assistant Secretary and Associate General Counsel of FMG LLC; from May 2014 to present, Senior Director and Counsel of AXA Equitable; from October 2007 to April 2014, Associate of Milbank, Tweed, Hadley & McCloy LLP.
Kenneth T. Kozlowski 1290 Avenue of the Americas New York, New York 10104 (1961)	Vice President	From June 2010 to present	From June 2012 to present, Executive Vice President and Chief Investment Officer of FMG LLC; from May 2011 to June 2012, Senior Vice President of FMG LLC; from September 2011 to present, Managing Director of AXA Financial and AXA Equitable; from February 2001 to September 2011, Vice President, AXA Equitable.
Joseph Signora 1290 Avenue of the Americas, New York, New York 10104 (1977)	Vice President	From December 2015 to present	From December 2015 to present, Vice President of FMG LLC; from October 2015 to present, Senior Director, AXA Equitable; from July 2014 to October 2015, Deputy CCO, Emerging Global Advisors, LLC; from September 2014 to October 2015, CCO, EGA Emerging Global Shares Trust and EGA Diversified Core Fund; from October 2011 to June 2014, Director of Compliance, Van Eck Associates Corp.; and from April 2007 to October 2011, Vice President, Compliance, Artio Global Management LLC.
Richard Guinnessey 1290 Avenue of the Americas New York, New York 10104 (1963)	Vice President	From March 2010 to present	From June 2012 to present, Vice President of FMG LLC, from September 2010 to present, Senior Director of AXA Equitable; from November 2005 to September 2010, Assistant Vice President of AXA Equitable.
James Kelly 525 Washington Boulevard Jersey City, New Jersey 07310 (1968)	Controller	From June 2007 to present	From May 2011 to present, Vice President of FMG LLC; from September 2008 to present, Senior Director of AXA Equitable.
Roselle Ibanga 525 Washington Boulevard Jersey City, New Jersey 07310 (1978)	Assistant Controller	From February 2009 to present	From February 2009 to present, Director of AXA Equitable.
Lisa Perrelli 525 Washington Boulevard Jersey City, New Jersey 07310 (1974)	Assistant Controller	From February 2009 to present	From November 2012 to present, Senior Director of AXA Equitable; from September 2008 to November 2012, Assistant Vice President of AXA Equitable.
Jennifer Mastronardi 1290 Avenue of the Americas, New York, New York 10104 (1985)	Assistant Vice President	From March 2012 to present	From February 2009 to present, Director of AXA Equitable; from June 2007 to February 2009, Operations Associate in Managed Futures Department, Morgan Stanley.
Lorelei Fajardo 1290 Avenue of the Americas New York, New York 10104 (1978)	Assistant Secretary	From March 2014 to present	From July 2013 to present, Senior Manager/Legal Assistant of AXA Equitable; from July 2008 to June 2013, Lead Associate/Legal Assistant of AXA Equitable.

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Name, Address and Year of Birth	Position(s) Held With Fund*	Term of Office and Length of Time Served**	Principal Occupation(s) During Past 5 Years
Kathleen Chapman 1290 Avenue of the Americas, New York, New York 10104 (1954)	Assistant Secretary	From March 2015 to present	From April 2014 to present, Lead Manager/Senior Legal Assistant of AXA Equitable; from March 2011 to April 2014 Mutual Funds Regulatory Manager of GE Asset Management Incorporated; from 2005 to March 2011 Vice President and Senior Paralegal of Allianz Global Investors of America L.P.

* The officers in the table above hold similar positions with another registered investment company in the fund complex. The registered investment companies in the fund complex include the Trust, EQ Advisors Trust and 1290 Funds.

** Each officer is elected on an annual basis.

CONTROL PERSON AND PRINCIPAL HOLDERS OF SECURITIES (Unaudited)

Shares of the Trust are offered to separate accounts of insurance companies in connection with the Contracts and may be offered to tax-qualified retirement plans and other qualified investors. AXA Equitable may be deemed to be a control person with respect to the Trust by virtue of its record ownership of the Trust’s shares. Shareholders owning more than 25% of the outstanding shares of a portfolio may take actions without the approval of other investors in the portfolio.

233

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 1-877-222-2144 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 is available without charge (i) on the Trust’s website at www.axa-equitablefunds.com 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. You may also review and obtain copies at the Securities and Exchange Commission’s Public Reference Room in Washington, D.C. Information about 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 12(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 2016: $652,930 and fiscal year 2015: $875,368

(b) Audit-Related Fees for fiscal year 2016: $50,206 and fiscal year 2015: $98,239

(c) Tax Fees for fiscal year 2016: $324,620 and fiscal year 2015: $187,098

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

(d) All Other Fees for fiscal year 2016: $0 and fiscal year 2015: $125,000.

All other fees include amounts related to consultation on or 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. In the event that the audit fees exceed the pre-approved estimated amount, the audit committee’s delegate, consisting of the audit committee chair, the registrant’s chief executive officer and chief financial officer, acting by at least two of such individuals, has the authority to increase the amount by up to 10% of the pre-approved amount. Any additional amount requires pre-approval by the entire audit committee. The audit committee chair or the lead independent trustee 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 were 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 2016: $6,473,792

      For fiscal year 2015: $6,705,931

(h) The registrant’s audit committee has considered and determined 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.

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended ( “1940 Act”)) are effective as of a date within 90 days prior to the filing date of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) The registrant’s certifying officers are not aware of any changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) 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 Code of Ethics for Senior Officers of the Registrant is filed herewith.
(a)(2)	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.
(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.

SIGNATURES

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

AXA Premier VIP Trust
By:	/s/ Steven M. Joenk
	Steven M. Joenk
	President and Chief Executive Officer
	March 6, 2017

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

By:	/s/ Steven M. Joenk
	Steven M. Joenk
	President and Chief Executive Officer
	March 6, 2017
By:	/s/ Brian E. Walsh
	Brian E. Walsh
	Chief Financial Officer
	March 6, 2017