Accumulator® Variable Annuity Contract Series B, Series L and Series CP® Prospectus

Accumulator® variable annuity contract Series B, Series L and Series CP® prospectus

May 1, 2017

Variable Annuities: • Are Not a Deposit of Any Bank • Are Not FDIC Insured • Are Not Insured by Any Federal Government Agency • Are Not Guaranteed by Any Bank or Savings Association • May Go Down in Value

Issued by AXA Equitable Life Insurance Company. Table of Contents

Variable Product Prospectus Page The Accumulator® Series 13A 1

Summary Prospectuses

Page Label Page Label AXA Premier VIP Trust EQ/MFS International Growth EQMG 1-4 CharterSM Multi-Sector Bond CMSB 1-6 EQ/Money Market EQMM 1-4 CharterSM Small Cap Growth CSCG 1-5 EQ/Oppenheimer Global EQOG 1-4 CharterSM Small Cap Value CSCV 1-5 EQ/PIMCO Ultra Short Bond EQPUS 1-5 EQ Advisors Trust EQ/Quality Bond PLUS EQQBP 1-5 1290 VT Equity Income VTEI 1-4 EQ/T. Rowe Price Growth Stock EQTGS 1-4 1290 VT Socially Responsible VTSR 1-5 EQ/UBS Growth and Income EQUGI 1-3 AXA Balanced Strategy ABSA 1-5 Multimanager Aggressive Equity MMAE 1-5 AXA Conservative Growth Strategy ACGA 1-5 Multimanager Core Bond MMCB 1-6 AXA Conservative Strategy ACSA 1-5 Multimanager Mid Cap Growth MMMCG 1-4 AXA/AB Dynamic Moderate Growth AABDMG 1-7 Multimanager Mid Cap Value MMMCV 1-4 AXA/AB Small Cap Growth AASCG 1-4 Multimanager Technology MMT 1-5 AXA/ClearBridge Large Cap Growth ACBLC 1-4 AXA/Franklin Balanced Managed Volatility AFBMV 1-7 AXA/Franklin Small Cap Value Managed Volatility AFSCVMV 1-6 AXA/Franklin Templeton Allocation Managed Volatility EQFTAMV 1-7 AXA Global Equity Managed Volatility AGEMV 1-6 AXA Growth Strategy AGSA 1-5 AXA International Core Managed Volatility AICMV 1-7 AXA International Managed Volatility AIMV 1-6 AXA/Janus Enterprise AJEG 1-4 AXA Large Cap Core Managed Volatility ALCCMV 1-6 AXA Large Cap Growth Managed Volatility EQLCGMV 1-6 AXA Large Cap Value Managed Volatility ALCVMV 1-6 AXA/Loomis Sayles Growth ALSG 1-4 AXA 2000 Managed Volatility A2000MV 1-5 AXA 400 Managed Volatility A400MV 1-5 AXA 500 Managed Volatility A500MV 1-5 AXA Mid Cap Value Managed Volatility AMCVMV 1-7 AXA Moderate Growth Strategy AMGSA 1-5 AXA/Mutual Large Cap Equity Managed Volatility AMLCEMV 1-8 AXA/Templeton Global Equity Managed Volatility ATGEMV 1-6 AXA Ultra Conservative Strategy AUCSA 1-5 EQ/Capital Guardian Research EQCGR 1-4 EQ/Core Bond Index EQCBI 1-4 EQ/Global Bond PLUS EQGBP 1-6 EQ/Intermediate Government Bond EQIGB 1-4 EQ/Invesco Comstock EQICK 1-4 EQ/JPMorgan Value Opportunities EQJPMV 1-3

(340633) ® Please read and keep this Prospectus for future reference. It contains The Accumulator Series 13A important information that you should know before purchasing or taking A combination variable and fixed deferred annuity contract any other action under your contract. This Prospectus supersedes all prior prospectuses and supplements. You should read the prospectuses Prospectus dated May 1, 2017 for each Trust, which contain important information about the portfolios.

What is the Accumulator® Series 13A? Variable investment options (1) ® ® • 1290 VT Equity Income • AXA Large Cap Value Managed Volatility The Accumulator Series 13A (the “Accumulator Series”) are • 1290 VT Socially Responsible • AXA/Loomis Sayles Growth deferred annuity contracts issued by AXA Equitable Life Insurance • AXA Balanced Strategy(*) • AXA Mid Cap Value Managed Volatility (*) ® • AXA Conservative Growth Strategy • AXA/Mutual Large Cap Equity Managed Company. The series consists of Series B, Series CP and Series L. • AXA Conservative Strategy(*) Volatility The contracts provide for the accumulation of retirement savings and • AXA Growth Strategy(*) • AXA/Templeton Global Equity Managed • AXA Moderate Growth Strategy(*) Volatility for income. The contracts offer income and death benefit protection. • AXA Ultra Conservative Strategy(**) • CharterSM Multi-Sector Bond They also offer a number of payout options. You invest to accumulate • AXA 400 Managed Volatility • CharterSM Small Cap Growth • AXA 500 Managed Volatility • CharterSM Small Cap Value value on a tax-deferred basis in one or more of our “investment • AXA 2000 Managed Volatility • EQ/Capital Guardian Research options”: (i) variable investment options, (ii) the guaranteed interest • AXA/AB Dynamic Moderate Growth • EQ/Core Bond Index •AXA/ABSmallCapGrowth • EQ/Global Bond PLUS option, or (iii) the account for special dollar cost averaging or the • AXA/ClearBridge Large Cap Growth • EQ/Intermediate Government Bond account for special money market dollar cost averaging (together, the • AXA/Franklin Balanced Managed • EQ/Invesco Comstock (†) Volatility • EQ/JPMorgan Value Opportunities “Special DCA programs”). • AXA/Franklin Small Cap Value Managed • EQ/MFS International Growth ® Volatility • EQ/Money Market For Series CP contracts, we allocate a credit to your account value at • AXA/Franklin Templeton Allocation • EQ/Oppenheimer Global the same time we allocate your contribution. Under the Series CP® Managed Volatility • EQ/PIMCO Ultra Short Bond • AXA Global Equity Managed Volatility • EQ/Quality Bond PLUS contracts, a portion of the withdrawal charge and operations charge • AXA International Core Managed • EQ/T. Rowe Price Growth Stock are used to recover the cost of providing the credit. The charge asso- Volatility • EQ/UBS Growth and Income • AXA International Managed Volatility • Multimanager Aggressive Equity ciated with the credit may, over time, exceed the sum of the credit • AXA/Janus Enterprise • Multimanager Core Bond and related earnings. Expenses for a contract with a credit may be • AXA Large Cap Core Managed Volatility • Multimanager Mid Cap Growth • AXA Large Cap Growth Managed • Multimanager Mid Cap Value higher than expenses for a contract without a credit. Volatility • Multimanager Technology This Prospectus is a disclosure document and describes all of the * The “AXA Strategic Allocation Portfolios.” (**) The AXA Ultra Conservative Strategy investment option is part of the asset transfer contract’s material features, benefits, rights and obligations, as well program and is not part of Option A or Option B. You may not directly allocate a as other information. The description of the contract’s material provi- contribution to or request a transfer of account value into this investment option. sions in this Prospectus is current as of the date of this Prospectus. If (1) This is the variable investment option’s new name, effective on or about May 19, 2017, subject to regulatory approval. Please see “Portfolios of the certain material provisions under the contract are changed after the Trusts” later in this Prospectus for the variable investment option’s former name. date of this Prospectus in accordance with the contract, those Each variable investment option is a subaccount of Separate Account changes will be described in a supplement to this Prospectus. You No. 70. Each variable investment option, in turn, invests in a corre- should carefully read this Prospectus in conjunction with any appli- sponding securities portfolio (“Portfolio”) of AXA Premier VIP Trust or cable supplements. the EQ Advisors Trust (the “Trusts”). Your investment results in a The contract may not currently be available in all states. In addition, variable investment option will depend on the investment perform- certain features and benefits described in this Prospectus may vary in ance of the related Portfolio. At any time, we have the right to limit or your state and may not be available at the time you purchase the terminate your contributions and allocations to any of the variable contract. For a state-by-state description of all material variations to investment options and to limit the number of variable investment this contract, see Appendix IX later in this Prospectus. All features options which you may elect. The contract also includes a guaranteed and benefits described in this Prospectus may not be available in all interest option and a Special DCA program. contracts or from all selling broker-dealers. You may contact us to purchase any version of the contract if a version is not offered by the selling broker-dealer. We have the right to restrict availability of any optional feature or benefit. Not all optional features and benefits may be available in combination with other optional features and benefits. We can refuse to accept any application. We can refuse to accept any contribution from you at any time, including after you purchase the contract. No contributions are accepted after the first contract year (other than QP contracts). The SEC has not approved or disapproved these securities or determined if this Prospectus is accurate or complete. Any representation to the contrary is a criminal offense. The contracts are not insured by the FDIC or any other agency. They are not deposits or other obligations of any bank and (†) The account for special dollar cost averaging is only available with Series B and are not bank guaranteed. They are subject to investment Series L contracts. The account for special money market dollar cost averaging is risks and possible loss of principal. only available with Series CP® contracts. #477730/13A The contract includes investment restrictions. You must allocate amounts under either Option A — Asset Allocation (“Option A”) or Option B — Custom Selection (“Option B”), which are discussed later in this Prospectus. Option A requires that 100% of your account value be invested in the AXA Strategic Allocation Portfolios, the AXA/AB Dynamic Moderate Growth Portfolio, the EQ/Money Market Portfolio, the guaranteed interest option or a Special DCA program. Option B permits allocation to additional variable investment options subject to certain category and percentage limitations. Consequently, a contract owner who is interested in having more investment options would elect Option B. If you elect the Guaranteed minimum income benefit I — Asset Allocation (“GMIB I — Asset Allocation”), your contract will be restricted to Option A. If you don’t elect a Guaranteed minimum income benefit or if you elect Guaranteed minimum income benefit II — Cus- tom Selection (“GMIB II — Custom Selection”), you can choose either Option A or Option B. Because GMIB II — Custom Selection permits you to allocate amounts under either Option A or Option B, the fees associated with GMIB II — Custom Selection are higher than those associated with GMIB I — Asset Allocation. See “Allocating your contributions” later in this Prospectus for more information on the requirements related to Options A and B. If the GMIB, “Greater of” Guaranteed minimum death benefit (“GMDB”) or the Guaranteed withdrawal benefit for life (“GWBL”) is in effect, you are required to participate in the asset transfer program (“ATP”). The ATP helps us manage our financial exposure in providing the guaranteed benefits, by using predetermined mathematical formulas to move account value between the AXA Ultra Conservative Strategy investment option and the variable investment options. For more information, see “Asset transfer program (“ATP”)” in “Contract features and benefits” later in this Prospectus. Types of contracts. We offer the contracts for use as: • A nonqualified annuity (“NQ”) for after-tax contributions only. • An individual retirement annuity (“IRA”), either traditional IRA or Roth IRA. • Traditional and Roth Inherited IRA beneficiary continuation contract (“Inherited IRA”) (direct transfer and specified direct rollover contributions only). • An annuity that is an investment vehicle for a qualified plan (“QP”) (whether defined contribution or defined benefit; transfer contributions only). Not all types of contracts are available with each version of the Accumulator® Series contracts. See “Rules regarding contributions to your contract” in “Appendix VII” for more information. The registration statement relating to this offering has been filed with the Securities and Exchange Commission (“SEC”). The statement of additional information (“SAI”) dated May 1, 2017 is part of the registration statement. The SAI is available free of charge. You may request one by writing to our processing office at P.O. Box 1547, Secaucus, NJ 07096-1547 or calling 1-800-789-7771. The SAI is incorporated by this reference into this Prospectus. This Prospectus and the SAI can also be obtained from the SEC’s website at www.sec.gov. The table of contents for the SAI appears at the back of this Prospectus. Contents of this Prospectus

Definitions of key terms 5 Who is AXA Equitable? 8 How to reach us 9 The Accumulator® Series at a glance — key features 11

Fee table 14

Examples 16 Condensed financial information 17

1. Contract features and benefits 18 How you can purchase and contribute to your contract 18 Owner and annuitant requirements 18 How you can make your contributions 19 What are your investment options under the contract? 19 Portfolios of the Trusts 21 Allocating your contributions 27 Dollar cost averaging 30 Credits (for Series CP® contracts only) 31 Guaranteed minimum death benefit and Guaranteed minimum income benefit base 32 Annuity purchase factors 35 Guaranteed minimum income benefit (“GMIB”) 35 Guaranteed minimum death benefit 41 Guaranteed withdrawal benefit for life (“GWBL”) 43 How withdrawals affect your guaranteed benefits 49 Guaranteed benefit offers 50 Inherited IRA beneficiary continuation contract 50 Your right to cancel within a certain number of days 52

2. Determining your contract’s value 53 Your account value and cash value 53 Your contract’s value in the variable investment options 53 Your contract’s value in the guaranteed interest option 53 Your contract’s value in the account for special dollar cost averaging 53 Effect of your account value falling to zero 53 Termination of your contract 54

When we use the word “contract” it also includes certificates that are issued under “We,”“our,” and “us” refer to AXA Equitable. group contracts in some states. When we address the reader of this Prospectus with words such as “you” and “your,” we mean the person who has the right or responsibility that the Prospectus is discussing at that point. This is usually the contract owner.

3 Contents of this Prospectus 3. Transferring your money among investment Transfers of ownership, collateral assignments, loans and options 55 borrowing 91 Transferring your account value 55 About Custodial IRAs 91 Disruptive transfer activity 55 How divorce may affect your guaranteed benefits 92 Rebalancing your account value 56 How divorce may affect your Joint life GWBL 92 Distribution of the contracts 92

4. Accessing your money 57 Appendices Withdrawing your account value 57 How withdrawals are taken from your account value 60 Withdrawals treated as surrenders 60 I — Condensed financial information I-1 Surrendering your contract to receive its cash value 61 II — Examples of automatic payment plans II-1 When to expect payments 61 III — Purchase considerations for QP contracts III-1 Your annuity payout options 61 IV — Guaranteed benefit base examples IV-1 V — Hypothetical illustrations V-1 5. Charges and expenses 64 VI — Earnings enhancement benefit example VI-1 VII — Rules regarding contributions to your contract VII-1 Charges that AXA Equitable deducts 64 Charges that the Trusts deduct 68 VIII — Formula for asset transfer program for Group or sponsored arrangements 68 guaranteed benefits VIII-1 Other distribution arrangements 69 IX — State contract availability and/or variations of certain features and benefits IX-1

6. Payment of death benefit 70 Statement of additional information Your beneficiary and payment of benefit 70 Table of contents Non-spousal joint owner contract continuation 71 Spousal continuation 71 Beneficiary continuation option 73

7. Tax information 75 Overview 75 Contracts that fund a retirement arrangement 75 Transfers among investment options 75 Taxation of nonqualified annuities 75 Individual retirement arrangements (IRAs) 78 Traditional individual retirement annuities (traditional IRAs) 78 Roth individual retirement annuities (Roth IRAs) 83 Federal and state income tax withholding and information reporting 86 Special rules for contracts funding qualified plans 87 Impact of taxes to AXA Equitable 87

8. More information 88 About Separate Account No. 70 88 About the Trusts 88 About the general account 88 About other methods of payment 89 Dates and prices at which contract events occur 89 About your voting rights 90 Cybersecurity 90 Misstatement of age 90 Statutory compliance 91 About legal proceedings 91 Financial statements 91

4 Contents of this Prospectus Definitions of key terms

Annual Roll-up amount — The “Annual Roll-up amount” is the Contract Date — The “contract date” is the effective date of the amount credited to your Roll-up benefit base on each contract date contract. This usually is the business day we receive the properly anniversary if there has ever been a withdrawal from your contract. completed and signed application, along with any other required documents, and your initial contribution. Your contract date will be Annual Roll-up rate — The “Annual Roll-up rate” is the rate used shown in your contract. to calculate the Annual withdrawal amount. It is also used to calculate amounts credited to your Roll-up benefit base once you take a Contract date anniversary — The end of each 12-month period is withdrawal from your contract. Beginning with the contract year in your “contract date anniversary.” For example, if your contract date is which the first withdrawal is taken out of the contract until the con- May 1st, your contract date anniversary is April 30th. tract date anniversary following age 85, the Annual Roll-up rate is: Contract monthiversary — The “contract monthiversary” means • 5%, if withdrawals begin after the contract date anniversary the same date of the month as the contract date. when the owner is age 64. Contract Year — The “contract year” is the 12-month period begin- • 4%, if withdrawals begin on or prior to the contract date anniver- ning on your contract date and each 12-month period after that date. sary when the owner is age 64. Conversion effective date — The “Conversion effective date” is Annual withdrawal amount — The “Annual withdrawal amount” the date the contract converts from GMIB to GWBL and occurs on the is the amount you can withdraw without reducing your Roll-up benefit contract date anniversary following the contract owner’s age 85. base. It is equal to the Annual Roll-up rate, multiplied by the Roll-up Credit — An amount credited to your account value at the same benefit base as of the most recent contract date anniversary. time we allocate your contribution. The amount of the credit is 3% of Annuitant each contribution based on total first year contributions. The credit — The “annuitant” is the person who is the measuring ® life for determining the contract’s maturity date. The annuitant is not applies only to Series CP contracts. necessarily the contract’s owner. Where the owner of the contract is a Customized payment plan — For contracts with GMIB, our non-natural person, such as a company or trust, the annuitant is the “Customized payment plan” provides scheduled payments up to your measuring life for determining benefits under the contract. Annual withdrawal amount. For contracts that convert from GMIB to GWBL, our “Customized payment plan” provides scheduled pay- Applicable percentage — The “Applicable percentage” is the rate ments up to your Guaranteed annual withdrawal amount. used to calculate your Guaranteed annual withdrawal amount if your GMIB is converted to the GWBL on the contract date anniversary fol- Custom Selection Rules — The “Custom Selection Rules” are rules lowing age 85. for the allocation of contributions to, and transfers among, the Option B investment options. These rules require that allocations be Asset transfer program — The asset transfer program (“ATP”) is made according to certain categories and investment option limits. a feature of the GMIB, the “Greater of“ GMDB and the GWBL. The ATP uses predetermined mathematical formulas to move account Deferral Roll-up amount — The “Deferral Roll-up amount” is the value between the AXA Ultra Conservative Strategy investment amount credited to your Roll-up benefit base on each contract date option and the variable investment options. anniversary provided you have never taken a withdrawal from your contract. ATP exit option — Beginning in your second contract year if you elected a GMIB, the “ATP exit option” allows you to transfer 100% Deferral Roll-up rate — The “Deferral Roll-up rate” is used to calcu- of your account value from the AXA Ultra Conservative Strategy late amounts credited to your Roll-up benefit base before you take your investment option to your variable investment options. first withdrawal from your contract. The Deferral Roll-up rate is 5%. ATP transfer — A transfer between the AXA Ultra Conservative Earnings enhancement benefit — The “Earnings enhancement Strategy investment option and the variable investment options. benefit” is an optional benefit that provides additional death benefit protection. Business Day — Our “business day” is generally any day the New York Stock Exchange (“NYSE”) is open for regular trading and generally Excess withdrawal — For contracts with the GMIB, an “Excess ends at 4:00 p.m. Eastern Time (or as of an earlier close of regular withdrawal” is the portion of your cumulative withdrawals that trading). If the Securities and Exchange Commission determines the exceeds your Annual withdrawal amount. For contracts that convert existence of emergency conditions on any day, and consequently, the from the GMIB to the GWBL, an “Excess withdrawal” is the portion NYSE does not open, then that day is not a business day. of your cumulative withdrawals that exceeds your Guaranteed annual withdrawal amount. An Excess withdrawal will always reduce your Cash Value — At any time before annuity payments begin, your con- benefit bases on a pro rata basis. In your first contract year, all with- tract’s “cash value” is equal to the account value less: (i) the total drawals (except for RMD payments through our automatic RMD serv- amount or a pro rata portion of the annual administrative charge and ice) will reduce your benefit bases on a pro rata basis, because you do any optional benefit charges; and (ii) any applicable withdrawal charges. not have an Annual withdrawal amount in that year.

5 Definitions of key terms Free look — If for any reason you are not satisfied with your contract, NQ contract — Nonqualified annuity contract. you may exercise your cancellation right under the contract to receive a Owner — The “owner” is the person who is the named owner in refund, but only if you return your contract within the prescribed the contract and, if an individual, is the measuring life for determining period. This is your “Free look” right under the contract. Your refund contract benefits. will generally reflect any gain or loss in your investment options. “Greater of” GMDB — The “Greater of” Guaranteed minimum QP contract — An annuity contract that is an investment vehicle for death benefit (“GMDB”) is an optional guaranteed minimum death a qualified plan. benefit. The death benefit and its charge are calculated using the Return of Principal death benefit — The “Return of Principal” greater of two benefit bases — (1) the Roll-up benefit base and death benefit is calculated based on the total contributions to your (2) the Highest Anniversary Value benefit base. There is an additional contract, adjusted for withdrawals. There is no additional charge for charge for the “Greater of” GMDB under the contract. This contract this death benefit. offers two different versions of the “Greater of” GMDB. Roll-up benefit base — The Roll-up benefit base is used to Guaranteed annual withdrawal amount — The “Guaranteed determine the value of the GMIB and the “Greater of” GMDB. The annual withdrawal amount” is the maximum annual amount you can Roll-up benefit base is also used to determine your Annual with- withdraw without reducing your GWBL benefit base. It is equal to the drawal amount. Your Roll-up benefit base is created and increased by Applicable percentage in effect at the time, multiplied by the GWBL contributions to your contract. The Roll-up benefit base is not an benefit base as of the most recent contract date anniversary. account value or cash value. Guaranteed minimum income benefit (“GMIB”) — The GMIB • For GMIB: The Roll-up benefit base is used to determine your (i) is an optional benefit that provides income protection for you during lifetime payments upon exercise of the benefit and (ii) charge for your life once you elect to annuitize your contract by exercising the the benefit. benefit. There is an additional charge for the GMIB under the contract. This contract offers two different versions of the GMIB. • For “Greater of” GMDB: The Roll-up benefit base is one component of the “Greater of” GMDB. The other component is the Guaranteed withdrawal benefit for life (“GWBL”) —The Guaranteed withdrawal benefit for life (“GWBL”) is not available at Highest Anniversary Value benefit base. issue. The GWBL is only available to owners who have elected a Special DCA Programs — We use the term “Special DCA Pro- GMIB. If you do not elect to exercise or terminate your GMIB, it will grams” to collectively refer to our special dollar cost averaging pro- automatically convert to the GWBL as of the contract date anniver- gram and our special money market dollar cost averaging program, sary following age 85. The GWBL guarantees that you can take with- which are described below: drawals up to a maximum amount (“Guaranteed annual withdrawal amount”) each contract year following the conversion. • Special dollar cost averaging — Our “Special dollar cost averaging program” allows for the systematic transfers of GWBL benefit base — The “GWBL benefit base” is calculated amounts in the account for special dollar cost averaging into the upon conversion from the GMIB on the contract date anniversary fol- variable investment options and the guaranteed interest option. lowing age 85. The initial GWBL benefit base is your account value or The account for special dollar cost averaging is part of our gen- Roll-up benefit base on the Conversion effective date, whichever eral account. This program is only available with Series B and produces the higher Guaranteed annual withdrawal amount. Series L contracts. Highest Anniversary Value death benefit — The “Highest • Special money market dollar cost averaging —Our Anniversary Value death benefit” is an optional guaranteed minimum “Special money market dollar cost averaging program” allows death benefit. The death benefit is calculated using your highest for the systematic transfers of amounts in the account for special account value on any contract date anniversary up to the contract money market dollar cost averaging into the variable investment date anniversary following age 85. There is an additional charge for options and the guaranteed interest option. This program is only the Highest Anniversary Value death benefit under the contract. available with Series CP® contracts. Investment Simplifier — Our “Investment simplifier” allows for Valuation day — A “valuation day” is a scheduled date each systematic transfers of amounts in the guaranteed interest option to month the contract is in effect that the asset transfer program for- the variable investment options. There are two options under the mulas are calculated to determine whether a transfer is required. program — the Fixed dollar option and the Interest sweep option. IRA — Individual retirement annuity contract, either traditional IRA Variable investment options — The “variable investment or Roth IRA (may also refer to an individual retirement account or an options” available under your contract differ depending on whether individual retirement arrangement). you elect Option A or Option B. Except where noted, when we refer to variable investment options we are not including the AXA Ultra Maturity date — The contract’s “maturity date” is generally the Conservative Strategy investment option, which is part of the ATP. contract date anniversary that follows the annuitant’s 95th birthday. Maximum payment plan — For contracts with GMIB, our “Maximum payment plan” provides scheduled payments of your Annual withdrawal amount. For contracts that convert from the GMIB to the GWBL, our “Maximum payment plan” provides scheduled payments of your Guaranteed annual withdrawal amount.

6 Definitions of key terms To make this Prospectus easier to read, we sometimes use different words than in the contract or supplemental materials. This is illustrated below. Although we use different words, they have the same meaning in this Prospectus as in the contract or supplemental materials. Your financial professional can provide further explanation about your contract or supplemental materials.

Prospectus Contract or Supplemental Materials account value Annuity Account Value unit Accumulation Unit Deferral Roll-up amount Deferral bonus Roll-up amount Deferral Roll-up rate Deferral bonus Roll-up rate

7 Definitions of key terms Who is AXA Equitable?

We are AXA Equitable Life Insurance Company (“AXA Equitable”) a New York stock life insurance corporation. We have been doing business since 1859. AXA Equitable Life Insurance Company is an indirect wholly owned subsidiary of AXA Financial, Inc., which is an indirect wholly owned subsidiary of AXA S.A. (“AXA”), a French holding company for an international group of insurance and related financial services companies. As the ultimate sole shareholder of AXA Equitable, AXA exercises significant influence over the operations and capital structure of AXA Equitable. No company other than AXA Equitable, however, has any legal responsibility to pay amounts that AXA Equi- table owes under the contracts. AXA Equitable is solely responsible for paying all amounts owed to you under your contract. AXA Financial, Inc. and its consolidated subsidiaries managed approximately $588.7 billion in assets as of December 31, 2016. For more than 150 years AXA Equitable has been among the largest insurance companies in the United States. We are licensed to sell life insurance and annuities in all fifty states, the District of Columbia, Puerto Rico and U.S. Virgin Islands. Our home office is located at 1290 Avenue of the Americas, New York, NY 10104.

8 Who is AXA Equitable? How to reach us • annual statement of your account value as of the close of the contract year, including notification of eligibility to exercise the Please communicate with us at the mailing addresses listed below for the GMIB and/or the Roll-up benefit base reset option and eligibility purposes described. Certain methods of contacting us, such as by tele- to convert the GMIB to the GWBL as of the contract date anni- phone or electronically, may be unavailable, delayed or discontinued. For versary following age 85. example, our facsimile service may not be available at all times and/or we may be unavailable due to emergency closing. In addition, the level and Online Account Access (“OAA”) system: type of service available may be restricted based on criteria established by OAA is designed to provide this information through the Internet. You us. In order to avoid delays in processing, please send your corre- can obtain information on: spondence and check to the appropriate location, as follows: • your current account value; For correspondence with checks: • your current allocation percentages; For contributions sent by regular mail: • the number of units you have in the variable investment options; Retirement Service Solutions P.O. Box 1577 • the daily unit values for the variable investment options; and Secaucus, NJ 07096-1577 • performance information regarding the variable investment options. For contributions sent by express delivery: You can also: Retirement Service Solutions • change your allocation percentages and/or transfer among the 500 Plaza Drive, 6th Floor investment options, excluding transfers into or out of the AXA Secaucus, NJ 07094 Ultra Conservative Strategy Portfolio; For correspondence without checks: • rebalance under Option A; For all other communications (e.g., requests for transfers, • elect to receive certain contract statements electronically; withdrawals, or required notices) sent by regular mail: • change your address; Retirement Service Solutions P.O. Box 1547 • sign up for one-time or automatic resets; Secaucus, NJ 07096-1547 • change your password; and For all other communications (e.g., requests for transfers, • access Frequently Asked Questions and Service Forms. withdrawals, or required notices) sent by express delivery: OAA is normally available seven days a week, 24 hours a day. You may Retirement Service Solutions access OAA by visiting our website at www.axa.com. Of course, for 500 Plaza Drive, 6th Floor reasons beyond our control, this service may sometimes be unavailable. Secaucus, NJ 07094 We have established procedures to reasonably confirm that the Your correspondence will be picked up at the mailing address noted instructions communicated by the Internet are genuine. For example, we above and delivered to our processing office. Your correspondence, will require certain personal identification information before we will act however, is not considered received by us until it is received at our proc- on Internet instructions and we will provide written confirmation of your essing office. Where this Prospectus refers to the day when we receive a transfers. If we do not employ reasonable procedures to confirm the contribution, request, election, notice, transfer or any other transaction genuineness of Internet instructions, we may be liable for any losses request from you, we mean the day on which that item (or the last thing arising out of any act or omission that constitutes negligence, lack of necessary for us to process that item) arrives in complete and proper form good faith, or willful misconduct. In light of our procedures, we will not at our processing office or via the appropriate telephone or fax number if be liable for following Internet instructions we reasonably believe to be the item is a type we accept by those means. There are two main genuine. exceptions: if the item arrives (1) on a day that is not a business day or (2) after the close of a business day, then, in each case, we are deemed We reserve the right to limit access to this service if we determine to have received that item on the next business day. Our processing office that you engaged in a disruptive transfer activity, such as “market is: 500 Plaza Drive, 6th Floor, Secaucus, New Jersey 07094. timing” (see “Disruptive transfer activity” in “Transferring your money among investment options” later in this Prospectus). Reports we provide: Customer service representative: • written confirmation of financial transactions and certain non- financial transactions, including termination of a systematic You may also use our toll-free number (1-800-789-7771) to speak withdrawal option; with one of our customer service representatives. Our customer service representatives are available on the following business days: • statement of your account value at the close of each calendar year, and any calendar quarter in which there was a financial • Monday through Thursday from 8:30 a.m. until 7:00 p.m., East- transaction; and ern time. • Friday from 8:30 a.m. until 5:30 p.m., Eastern time.

9 Who is AXA Equitable? We require that the following types of To cancel or change any of the following, we communications be on specific forms we require written notification generally at least provide for that purpose (and submitted in the seven calendar days before the next scheduled manner that the forms specify): transaction: (1) authorization for telephone transfers by your financial pro- (1) Investment simplifier; fessional; (2) special money market dollar cost averaging (if available); (2) conversion of a traditional IRA to a Roth IRA contract; (3) special dollar cost averaging (if available); (3) tax withholding elections (see withdrawal request form); (4) Maximum payment plan; (4) election of the Beneficiary continuation option; (5) Customized payment plan; (5) IRA contribution recharacterizations; (6) substantially equal withdrawals; (6) Section 1035 exchanges; (7) systematic withdrawals; (7) direct transfers and rollovers; (8) the date annuity payments are to begin; and (8) election of the ATP exit option; (9) RMD payments from inherited IRAs. (9) exercise of the GMIB or election of an annuity payout option; To cancel or change any of the following, we (10) requests to reset your Roll-up benefit base by electing one of the require written notification at least one following: one-time reset option, automatic annual reset pro- calendar day prior to your contract date gram or automatic customized reset program; anniversary: (11) death claims; (1) automatic annual reset program; and (12) change in ownership (NQ only, if available under your contract); (2) automatic customized reset program. (13) requests for enrollment in either our Maximum payment plan or Customized payment plan; You must sign and date all these requests. Any written request that is (14) purchase by, or change of ownership to, a nonnatural owner; not on one of our forms must include your name and your contract number along with adequate details about the notice you wish to (15) requests to collaterally assign your NQ contract; give or the action you wish us to take. We reserve the right to add, (16) requests to drop the GWBL or the GMIB; remove or change our administrative forms, procedures and programs at any time. (17) election to convert the GMIB to the GWBL as of the contract date anniversary following age 85; Signatures: (18) requests to add a Joint life after conversion of the GMIB to the The proper person to sign forms, notices and requests would normally GWBL as of the contract date anniversary following age 85; be the owner. If there are joint owners, both must sign. (19) requests to transfer, re-allocate, rebalance and change your future allocations (except that certain transactions may be permitted through the Online Account Access system); (20) transfers into and among the investment options; and (21) withdrawal requests. We also have specific forms that we recommend you use for the following types of requests: (1) beneficiary changes; (2) contract surrender; (3) Investment simplifier; (4) special money market dollar cost averaging (if available); and (5) special dollar cost averaging (if available).

10 Who is AXA Equitable? The Accumulator® Series at a glance — key features

Three Contract Series This Prospectus describes The Accumulator® Series contracts — Series B, Series CP® and Series L. Each series provides for the accumulation of retirement savings and income, offers income and death benefit protection, and offers various payout options. Also, each series offers the Guaranteed minimum income benefit (“GMIB”), the Guaranteed minimum death benefits and the ability to convert from the GMIB to the Guaranteed withdrawal benefit for life (“GWBL”). Each series provides a schedule of expenses and withdrawal charge periods. While certain series have no or short surrender charge periods, these series typically have higher separate account expenses. You should consider the cumulative impact of these higher expenses over time when deciding which series to purchase. For details, please see the summary of the contract features below, the “Fee table” and “Charges and expenses” later in this Prospectus. Additionally, certain optional features may not be exercised until after waiting periods that extends beyond the applicable surrender charge period. So while you may prefer the flexibility of a shorter surrender charge period, you should consider this important fact if electing an optional feature. Each series is subject to contribution rules, which are described in “Contribution amounts” later in this section and in “How you can purchase and contribute to your contract” in “Contract features and benefits” and in “Rules regarding contributions to your contract” in Appendix VII later in this Prospectus. The chart below shows the availability of key features under each series of the contract. Series B Series CP® Series L Special dollar cost averaging Yes No Yes Special money market dollar cost averaging No Yes No Credits No Yes No Throughout the Prospectus, any differences among the contract series are identified. You should work with your financial professional to decide which series of the contract may be appropriate for you based on a thorough analysis of your particular insurance needs, financial objectives, investment goals, time horizons and risk tolerance. Not all series may be available through your financial professional. Professional investment The Accumulator® Series’ variable investment options invest in different Portfolios managed by professional management investment advisers. Guaranteed interest option • Principal and interest guarantees. • Interest rates set periodically. Tax considerations • No tax on earnings inside the contract until you make withdrawals from your contract or receive annuity payments. • No tax on transfers among investment options inside the contract. If you are purchasing or contributing to an annuity contract which is an Individual Retirement Annuity (IRA) or to fund an employer retirement plan (QP or Qualified Plan), you should be aware that such annuities do not provide tax deferral benefits beyond those already provided by the Internal Revenue Code for these types of arrangements. Before purchasing or contributing to one of these contracts, you should consider whether its features and benefits beyond tax deferral meet your needs and goals. You may also want to consider the relative features, benefits and costs of these annuities compared with any other investment that you may use in connection with your retirement plan or arrangement. Depending on your personal situation, the contract’s guaranteed benefits may have limited usefulness because of required minimum distributions (“RMDs”). Guaranteed minimum The GMIB provides income protection for you during your life once you elect to annuitize the contract by income benefit (“GMIB”) exercising the benefit. If you elect GMIB I — Asset Allocation, your contract will be restricted to Option A. If you elect GMIB II — Custom Selection, you may allocate amounts under either Option A or Option B, and therefore, the fees associated with GMIB II — Custom Selection are higher than those associated with GMIB I — Asset Allocation. If you do not elect to exercise the GMIB, this benefit will automatically convert to the GWBL as of the contract date anniversary following age 85, unless you terminate the benefit. If you elect GMIB, your investment allocations are subject to our asset transfer program (“ATP”). The ATP uses predetermined mathematical formulas to move account value between the AXA Ultra Conservative Strategy investment option and the variable investment options. Under these formulas, your account value may be transferred between the variable investment options which you have selected and the AXA Ultra Conservative Strategy investment option. For more information, please see “Guaranteed minimum income benefit (“GMIB”)” in “Contract features and benefits” later in this Prospectus and Appendix VIII to this Prospectus.

11 The Accumulator® Series at a glance — key features Guaranteed minimum The GWBL guarantees that you can take withdrawals up to a maximum amount each contract year. Excess income benefit (“GMIB”) withdrawals can cause a significant reduction in your guaranteed benefit bases and in some cases result in a (continued) termination of your contract. The GWBL is available only upon a conversion from the GMIB on the contract date anniversary following age 85. If you have not elected to exercise the GMIB as of the contract date anniversary following age 85, the GMIB will automatically convert to the GWBL effective on that date. Upon conversion to GWBL, you will continue to have the investment option choices that were available to you under your GMIB and your contract will continue to be subject to the ATP. The guaranteed benefits under the contract are supported by AXA Equitable’s general account and are subject to AXA Equitable’s claims paying ability. Contract owners should look to the financial strength of AXA Equitable for its claims paying ability. Guaranteed minimum death • Return of Principal death benefit benefits (“GMDBs”) • Highest Anniversary Value death benefit • “Greater of” GMDB — The “Greater of” GMDB I (available only if elected with the GMIB I — Asset Allocation); or — The “Greater of” GMDB II (available only if elected with the GMIB II — Custom Selection) All three GMDBs are available in combination with the GMIB. The Return of Principal death benefit and the Highest Anniversary Value death benefit are available without the GMIB. However, the “Greater of” GMDB can only be selected in combination with the GMIB. If you do not select either the Highest Anniversary Value death benefit or the “Greater of” GMDB, the Return of Principal death benefit will automatically be issued with all eligible contracts. Eligible contracts are those that meet the owner and annuitant issue age requirements described under “Rules regarding contributions to your contract” in “Appendix VII”. The guaranteed benefits under the contract are supported by AXA Equitable’s general account and are subject to AXA Equitable’s claims paying ability. Contract owners should look to the financial strength of AXA Equitable for its claims paying ability. Contribution amounts The chart below shows the minimum initial and, in parenthesis, additional contribution amounts under the contracts. Please see “How you can purchase and contribute to your contract” in “Contract features and benefits” and “Rules regarding contributions to your contract” in “Appendix VII” for more information, including important limitations on contributions. Series B Series CP® Series L NQ $25,000($500) $25,000($500) $25,000($500) Traditional IRA $25,000($50) $25,000($50) $25,000($50) Roth IRA $25,000($50) $25,000($50) $25,000($50) Inherited IRA Beneficiary Continuation contract $25,000($1,000) n/a $25,000($1,000) (traditional IRA or Roth IRA) (“Inherited IRA”) QP $25,000($500) $25,000($500) $25,000($500)

• No contributions will be accepted after the first contract year (other than QP contracts). For QP contracts, the maximum aggregate contributions for any contract year is 100% of first-year contributions. Subsequent contributions are not permitted after conversion to the GWBL. • Maximum contribution limitations apply to all contracts. We currently do not accept any contribution to your contract if: (i) the sum total of all contributions under your Accumulator® Series 13A contract would then total more than $1,000,000 ($500,000 for owners or annuitants who are age 81 and older at contract issue); (ii) the sum total of all contributions under all Accumulator® Series and Retirement Cornerstone® Series contracts with the same owner or annuitant would then total more than $1,500,000; or (iii) the aggregate contributions under all AXA Equitable annuity accumulation contracts with the same owner or annuitant would then total more than $2,500,000. Upon advance notice to you, we may exercise certain rights we have under the contract regarding contributions, including our rights to (i) change minimum and maximum contribution requirements and limitations, and (ii) discontinue acceptance of contributions. Further, we may at any time exercise our rights to limit or terminate your contributions and transfers to any of the variable investment options and to limit the number of variable investment options which you may elect. Credit We allocate your contributions to your account value. We allocate a credit to your account value at the same (Series CP® contracts only) time that we allocate your contributions. The credit will apply to additional contribution amounts only to the extent that those amounts exceed total withdrawals from the contract. The amount of credit is 3% of each contribution. The credit is subject to recovery by us in certain limited circumstances.

12 The Accumulator® Series at a glance — key features Access to your money • Partial withdrawals • Several withdrawal options on a periodic basis • Contract surrender • Maximum payment plan (only under contracts with GMIB or GWBL) • Customized payment plan (only under contracts with GMIB or GWBL) You may incur a withdrawal charge for certain withdrawals or if you surrender your contract. You may also incur income tax and a tax penalty. Certain withdrawals will diminish the value of optional benefits. Payout options • Fixed annuity payout options • Other payout options through other contracts Additional features • Guaranteed minimum death benefit options • Dollar cost averaging • Automatic quarterly account value rebalancing (Option B only) • Free transfers • Waiver of withdrawal charge for certain withdrawals, disability, terminal illness, or confinement to a nursing home • Earnings enhancement benefit, an optional death benefit available under certain contracts • Option to drop the GMIB after issue • Option to drop the GWBL after conversion • Spousal continuation • Beneficiary continuation option (IRA and NQ only) • Roll-up benefit base reset Fees and charges Please see “Fee table” later in this section for complete details. Owner and annuitant issue Please see “Rules regarding contributions to your contract” in “Appendix VII” for owner and annuitant issue ages ages applicable to your contract. Your right to cancel To exercise your cancellation right you must mail the contract, with a signed letter of instruction electing this right, to our processing office within 10 days after you receive it. If state law requires, this “free look” period may be longer. See “Your right to cancel within a certain number of days” in “Contract features and benefits” later in this Prospectus for more information. Effect of your account value Your contract will terminate without value if your account value is insufficient to pay any applicable charges falling to zero when due. Your account value could become insufficient due to withdrawals and/or poor market performance. Upon such termination, you will lose all your rights under your contract and any applicable guaranteed benefits, except as discussed under “Effect of your account value falling to zero” in “Determining your contract’s value” later in this Prospectus. Guaranteed benefit offers From time to time, we may offer you some form of payment or incentive in return for terminating or modifying certain guaranteed benefits. See “Guaranteed benefit offers” in “Contract features and benefits” for more information.

The table above summarizes only certain current key features and benefits of the contract. The table also summarizes certain current limitations, restrictions and exceptions to those features and benefits that we have the right to impose under the contract and that are subject to change in the future. In some cases, other limitations, restrictions and exceptions may apply. The contract may not currently be available in all states. Certain features and benefits described in this Prospectus may vary in your state; all features and benefits may not be available in all contracts, in all states or from all selling broker-dealers. You may contact us to purchase any version of the contract if a version is not offered by the selling broker-dealer. Please see Appendix IX later in this Prospectus for more information on state availability and/or variations of certain features and benefits. For more detailed information, we urge you to read the contents of this Prospectus, as well as your contract. This Prospectus is a disclosure document and describes all of the contract’s material features, benefits, rights and obligations, as well as other information. The Prospectus should be read carefully before investing. Please feel free to speak with your financial professional, or call us, if you have any questions.

Other contracts We offer a variety of fixed and variable annuity contracts. They may offer features, including investment options, credits, fees and/or charges that are different from those in the contracts offered by this Prospectus. Not every contract is offered through every selling broker-dealer. Some selling broker- dealers may not offer and/or limit the offering of certain features or options, as well as limit the availability of the contracts, based on issue age or other criteria established by the selling broker-dealer. Upon request, your financial professional can show you information regarding other AXA Equi- table annuity contracts that he or she distributes. You can also contact us to find out more about the availability of any of the AXA Equitable annuity contracts. You should work with your financial professional to decide whether an optional benefit is appropriate for you based on a thorough analysis of your particular insurance needs, financial objectives, investment goals, time horizons and risk tolerance.

13 The Accumulator® Series at a glance — key features Fee table

The following tables describe the fees and expenses that you will pay when buying, owning, and surrendering the contract. Each of the charges and expenses is more fully described in “Charges and expenses” later in this Prospectus. The first table describes fees and expenses that you will pay at the time you surrender the contract, if you make certain withdrawals or transfers, request special services or apply your cash value to certain payout options. Charges designed to approximate certain taxes that may be imposed on us, such as premium taxes in your state, may also apply.(1) Charges we deduct from your account value at the time you request certain transactions Maximum withdrawal charge as a percentage of contributions withdrawn(2) (deducted if you Series B Series CP® Series L surrender your contract or make certain withdrawals or apply your cash value to certain 7.00% 8.00% 8.00% payout options). Charge for each additional transfer in excess of 12 transfers per contract year:(3) Maximum Charge: $35 Current Charge: $ 0

Special service charges:(4) • Express mail charge Current and Maximum Charge: $35 • Wire transfer charge Current and Maximum Charge: $90 • Check preparation charge(5) Maximum Charge: $85 Current Charge: $0 • Charge for third party transfer or exchange(5) Maximum Charge: $125 Current Charge: $65(6) • Duplicate contract charge Current and Maximum Charge: $35(6)

The following tables describe the fees and expenses that you will pay periodically during the time that you own the contract, not including the underlying trust portfolio fees and expenses. Charges we deduct from your account value on each contract date anniversary Maximum annual administrative charge(7) If your account value on a contract date anniversary is less than $50,000(8) $30 If your account value on a contract date anniversary is $50,000 or more $0 Charges we deduct from your variable investment options expressed as an annual percentage of daily net assets(9) Separate account annual expenses(10): Series B Series CP® Series L Operations 0.80% 1.05% 1.10% Administrative 0.30% 0.35% 0.35% Distribution 0.20% 0.25% 0.25% Total Separate account annual expenses (“Contract fee”) 1.30% 1.65% 1.70% Charges we deduct from your account value each year if you elect any of the following optional benefits Guaranteed minimum death benefit charge (Calculated as a percentage of the applicable benefit base.(11) Deducted annually(12) on each contract date anniversary for which the benefit is in effect.) Return of Principal death benefit no additional charge Highest Anniversary Value death benefit 0.35% (current and maximum) “Greater of” GMDB I (only available if you also elect GMIB I — Asset Allocation) Maximum Charge 2.30% Current Charge(13) 1.15%

14 Fee table “Greater of” GMDB II (only available if you also elect GMIB II — Custom Selection) Maximum Charge 2.60% Current Charge(13) 1.30% Guaranteed minimum income benefit charge(14) (Calculated as a percentage of the applicable benefit base.(11) Deducted annually(12) on each contract date anniversary for which the benefit is in effect.) If you elect GMIB I — Asset Allocation Maximum Charge 2.30% Current Charge(13) 1.15% If you elect GMIB II — Custom Selection Maximum Charge 2.60% Current Charge(13) 1.30% Earnings enhancement benefit charge(14) (Calculated as a percentage of the account value. Deducted annually(7) on each contract date anniversary for which the benefit is in effect.) 0.35% Guaranteed withdrawal benefit for life benefit charge(14)(15) (Available only upon conversion of the GMIB and calculated as a percentage of the GWBL benefit base(11) deducted annually(12) on each contract date anniversary for which the benefit is in effect.) Conversion from GMIB I — Asset Allocation Maximum Charge 2.30% Current Charge(13) 1.15% Conversion from GMIB II — Custom Selection Maximum Charge 2.60% Current Charge(13) 1.30%

You also bear your proportionate share of all fees and expenses paid by a “Portfolio” that corresponds to any variable investment option you are using. This table shows the lowest and highest total operating expenses charged by any of the Portfolios that you will pay periodically during the time that you own the contract. These fees and expenses are reflected in the Portfolio’s net asset value each day. Therefore, they reduce the investment return of the Portfolio and the related variable investment option. Actual fees and expenses are likely to fluctuate from year to year. More detail concerning each Portfolio’s fees and expenses is contained in the prospectus for the Portfolio. Portfolio operating expenses expressed as an annual percentage of daily net assets(9) Total Annual Portfolio Operating Expenses for 2016 (expenses that are deducted from Portfolio Lowest Highest assets including management fees, 12b-1 fees, service fees, and/or other expenses)(16) 0.71% 1.59%

15 Fee table Notes: (1) The current tax charge that might be imposed varies by jurisdiction and currently ranges from 0% to 3.5%. (2) Deducted upon a withdrawal of amounts in excess of the 10% free withdrawal amount, if applicable: The withdrawal charge percentage we use is determined by the contract year in which you make a withdrawal or surrender your contract to receive its cash value. For each contribution, we consider the contract year in which we receive that contribution to be “contract year 1”) Contract Year Series B Series CP® Series L 1 ...... 7.00% 8.00% 8.00% 2 ...... 7.00% 8.00% 7.00% 3 ...... 6.00% 7.00% 6.00% 4 ...... 6.00% 6.00% 5.00% 5 ...... 5.00% 5.00% 0.00% 6 ...... 3.00% 4.00% 0.00% 7 ...... 1.00% 3.00% 0.00% 8 ...... 0.00% 2.00% 0.00% 9 ...... 0.00% 1.00% 0.00% 10+...... 0.00% 0.00% 0.00% (3) Currently, we do not charge for transfers among investment options under the contract. However, we reserve the right to charge for transfers in excess of 12 transfers per contract year. We will charge no more than $35 for each transfer at the time each transfer is processed. See “Transfer charge” under “Charges that AXA Equitable deducts” in “Charges and expenses” later in this Prospectus. (4) These charges may increase over time to cover our administrative costs. We may discontinue these services at any time, with or without notice. (5) The sum of these charges will never exceed 2% of the amount disbursed or transferred.

(6) This charge is currently waived. This waiver may be discontinued at any time, with or without notice. (7) If the contract is surrendered or annuitized or a death benefit is paid on any date other than the contract date anniversary, we will deduct a pro rata portion of the charge for that year. (8) During the first two contract years this charge, if applicable, is equal to the lesser of $30 or 2% of your account value. Thereafter, the charge, if applicable, is $30 for each contract year. (9) Daily net assets is the sum of the value of the amounts invested in all your portfolios before we deduct applicable contract charges, which are set forthinthetablesabove. (10) The separate account annual expenses compensate us for certain risks we assume and expenses we incur under the contract. We expect to make a profit from these charges. For Series CP® contracts,boththeseparateaccountannualexpensesandthewithdrawalchargecompensateusfortheexpenseassociatedwiththecredit. (11) The benefit base is not an account value or cash value. If you elect the GMIB and/or the Guaranteed minimum death benefit at issue, your initial benefit base is equal to your initial contributions to your contract. For Series CP® contracts, your initial benefit base does not include the credit. Subsequent adjustments to the applicable benefit base may result in a benefit base that is significantly different from your total contributions or account value. See “Guaranteed minimum income benefit and Guaranteed minimum death benefit base” and “GWBL benefit base” in “Contract features and benefits” later in this Prospectus. (12) If the contract is surrendered or annuitized, or a death benefit is paid, or the benefit is dropped (if applicable), on any date other than the contract date anniversary, we will deduct a pro rata portion of the charge for that year. (13) We reserve the right to increase or decrease this charge any time after your second contract date anniversary. See “Fee changes for the guaranteed benefits” in “Charges and expenses” later in this Prospectus. (14) If you elect the Earnings enhancement benefit at issue, and your GMIB then converts to the GWBL, the Earnings enhancement benefit will continue in force after conversion, although it may be adversely affected by withdrawals under the GWBL. (15) Please see “Guaranteed withdrawal benefit for life (“GWBL”)” in “Contract features and benefits” for more information about this feature, including its benefit base and the Annual Ratchet provision, and “Guaranteed withdrawal benefit for life benefit charge” in “Charges and expenses,” both later in this Prospectus. (16) “Total Annual Portfolio Operating Expenses” are based, in part, on estimated amounts of such expenses.

Examples These examples are intended to help you compare the cost of investing in the contract with the cost of investing in other variable annuity contracts. These costs include contract owner transaction expenses, contract fees, separate account annual expenses, and underlying trust fees and expenses (including the underlying portfolio fees and expenses). These examples do not reflect charges for any special service you may request. The examples below show the expenses that a hypothetical contract owner (who has elected the “Greater of” GMDB II and the Earnings enhancement benefit with the GMIB II — Custom Selection) would pay in the situations illustrated. These examples use an average annual administrative charge based on the charges paid in the prior calendar year which results in an estimated administrative charge calculated as a percentage of contract value, as follows: Series B 0.010%; Series CP® 0.010%; and Series L 0.006%. The example assumes the maximum charges that would apply based on a 5% return for the “Greater of” GMDB II and the GMIB II — Custom Selection, both of which are calculated as a percentage of each benefit’s benefit base.

16 Fee table The guaranteed interest option and amounts allocated to the Special DCA programs (as available) are not covered by these examples. The annual administrative charge, any applicable withdrawal charge and the charge for any optional benefits do apply to the guaranteed interest option and amounts allocated to the Special DCA programs (as available). These examples assume that you invest $10,000 in the contract for the time periods indicated, and that your investment has a 5% return each year. The example for Series CP® contracts assumes that a 3% credit was applied to your contribution. Other than the administrative charge and the charges for the guaranteed benefits (which are described immediately above), the example also assumes separate account annual expenses and total annual expenses of the Portfolios (before expense limitations). These examples should not be considered a representation of past or future expenses for each option. Actual expenses may be greater or less than those shown. Similarly, the annual rate of return assumed in the example is not an estimate or guarantee of future investment performance. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Series B If you surrender your If you do not surrender your contract at the end of the contract at the end of the applicable time period applicable time period 1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years (a) assuming maximum fees and expenses of any of the Portfolios $1,314 $2,773 $4,588 $9,146 $614 $2,173 $4,088 $9,146 (b) assuming minimum fees and expenses of any of the Portfolios $1,222 $2,506 $4,169 $8,480 $522 $1,906 $3,669 $8,480 Series L If you surrender your If you do not surrender your contract at the end of the contract at the end of the applicable time period applicable time period 1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years (a) assuming maximum fees and expenses of any of the Portfolios $1,456 $2,892 $4,270 $9,424 $656 $2,292 $4,270 $9,424 (b) assuming minimum fees and expenses of any of the Portfolios $1,363 $2,627 $3,860 $8,788 $563 $2,027 $3,860 $8,788 Series CP® If you surrender your If you do not surrender your contract at the end of the contract at the end of the applicable time period applicable time period 1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years (a) assuming maximum fees and expenses of any of the Portfolios $1,462 $3,012 $4,807 $9,512 $662 $2,312 $4,307 $9,512 (b) assuming minimum fees and expenses of any of the Portfolios $1,368 $2,740 $4,383 $8,848 $568 $2,040 $3,883 $8,848

For information on how your contract works under certain hypothetical circumstances, please see Appendix V at the end of this Prospectus.

Condensed financial information Please see Appendix I at the end of this Prospectus or the Statement of Additional Information for the unit values and the number of units outstanding as of the end of the periods shown for each of the variable investment options available as of December 31, 2016.

17 Fee table 1. Contract features and benefits

How you can purchase and contribute to your Owner and annuitant requirements contract Under NQ contracts, the annuitant can be different from the owner. A You may purchase a contract by making payments to us that we call joint owner may also be named. Only natural persons can be joint owners. “contributions.” We can refuse to accept any application or con- This means that an entity such as a corporation cannot be a joint owner. tribution from you at any time, including after you purchase the contract. We require a minimum contribution for each type of contract Owners which are not individuals may be required to document their purchased. Maximum contribution limitations also apply. The tables status to avoid 30% FATCA withholding from U.S.-source income. in Appendix VII summarize our current rules regarding contributions For NQ contracts (with a single owner, joint owners, or a non-natural to your contract, which rules are subject to change. In some states owner) we permit the naming of joint annuitants only when the contract is our rules may vary. Both the owner and the annuitant named in the purchased through an exchange that is intended not to be taxable under contract must meet the issue age requirements shown in the table, Section 1035 of the Internal Revenue Code. In all cases, the joint annui- and rules for contributions are based on the age of the older of the tants must be spouses. In addition, a spouse may be added as a joint original owner and annuitant. No contributions will be accepted after annuitant under a non-natural owner contract upon conversion to the the first contract year (other than QP contracts). For QP contracts, (i) GWBL with a Joint life option. See “Additional owner and annuitant the maximum aggregate contributions for any contract year is 100% requirements” under “Guaranteed withdrawal benefit for life (“GWBL”).” of first-year contributions and (ii) subsequent contributions are not permitted after conversion to the GWBL. Under all IRA contracts, the owner and annuitant must be the same person. In some cases, an IRA contract may be held in a custodial No contributions are accepted after the first contract year (other than QP individual retirement account for the benefit of the individual annui- contracts). Upon advance notice to you, we may exercise certain rights tant. See “Inherited IRA beneficiary continuation contract” later in we have under the contract regarding contributions, including our rights this section for Inherited IRA owner and annuitant requirements. to (i) change minimum and maximum contribution requirements and limitations, and (ii) discontinue acceptance of contributions. We may For the Spousal continuation feature to apply, the spouses must either discontinue acceptance of contributions within the first year. Further, we be joint owners, or, for single owner contracts, the surviving spouse may at any time exercise our rights to limit or terminate your con- must be the sole primary beneficiary. The determination of spousal sta- tributions and transfers to any of the variable investment options and to tus is made under applicable state law. Certain same-sex civil union and limit the number of variable investment options which you may elect. domestic partners may not be eligible for tax benefits under federal law and in some circumstances will be required to take post-death dis- We reserve the right to change our current limitations on your contributions that dilute or eliminate the value of the contractual benefit. tributions and to discontinue acceptance of contributions. Series CP® contracts are not available for purchase by Charitable We currently do not accept any contribution to your contract if: (i) the Remainder Trusts. ® sum total of all contributions under your Accumulator Series 13A con- In general, we will not permit a contract to be owned by a minor tract would then total more than $1,000,000 ($500,000 for owners or unless it is pursuant to the Uniform Gifts to Minors Act or the Uniform annuitants who are age 81 and older at contract issue); (ii) the sum total Transfers to Minors Act in your state. of all contributions under all Accumulator® Series and Retirement Cornerstone® Series contracts with the same owner or annuitant would Under QP contracts, the owner must be the qualified plan trust and the then total more than $1,500,000; or (iii) the aggregate contributions annuitant must be the plan participant/employee. See Appendix III at under all AXA Equitable annuity accumulation contracts with the same the end of this Prospectus for more information on QP contracts. owner or annuitant would then total more than $2,500,000. We may Certain benefits under your contract, as described in this Prospectus, waive these contribution limitations based on certain criteria, including are based on the age of the owner. If the owner of the contract is not a benefits that have been elected, issue age, the total amount of con- natural person, these benefits will be based on the age of the annui- tributions, variable investment option allocations and selling broker- tant. Under QP contracts, all benefits are based on the age of the dealer compensation. These contribution limitations may not be annuitant. In this Prospectus, when we use the terms owner and joint applicable in your state. Please see Appendix IX later in this Prospectus. owner, we intend these to be references to annuitant and joint annuitant, respectively, if the contract has a non-natural owner. If the The “owner” is the person who is the named owner in the contract Guaranteed minimum income benefit (“GMIB”) converts to the GWBL, and, if an individual, is the measuring life for determining contract the terms owner and successor owner are intended to be references to benefits. The “annuitant” is the person who is the measuring life for annuitant and joint annuitant, respectively, if the contract has a determining the contract’s maturity date. The annuitant is not non-natural owner. If the contract is jointly owned or is issued to a necessarily the contract owner. Where the owner of a contract is a non-natural owner and the GWBL is not in effect, benefits are based on non-natural person such as a company or trust, the annuitant is the the age of the older joint owner or older joint annuitant, as applicable. measuring life for determining contract benefits. There are additional owner and annuitant requirements if the GMIB

18 Contract features and benefits converts to the GWBL. See “Guaranteed withdrawal benefit for life account value is not sufficient to pay fees on your next contract date (“GWBL”)” in “Contract features and benefits” later in this Prospectus. anniversary, your contract will terminate without value and you will not have an opportunity to exercise your Guaranteed minimum Purchase considerations for a charitable remainder trust income benefit unless the no lapse guarantee provision under your (This section only applies to Series B and Series L contracts.) contract is still in effect. See “Effect of your account value falling to zero” in “Determining your contract’s value” later in this Prospectus. If you are purchasing the contract to fund a charitable remainder trust and elect either the Highest Anniversary Value death benefit, a If your application is in good order when we receive it for application “Greater of” GMDB and/or the GMIB, which you may be able to processing purposes, your contribution will be applied within two convert to the GWBL as of the contract date anniversary following business days. If any information we require to issue your contract is age 85, you should strongly consider “split-funding”: that is, the trust ® missing or unclear, we will hold your contribution while we try to holds investments in addition to this Accumulator Series contract. obtain this information. If we are unable to obtain all of the Charitable remainder trusts are required to take specific distributions. information we require within five business days after we receive an The charitable remainder trust annual withdrawal requirement may incomplete application or form, we will inform the financial pro- be equal to a percentage of the donated amount or a percentage of ® fessional submitting the application on your behalf. We will then the current value of the donated amount. If your Accumulator Series return the contribution to you, unless you or your financial pro- contract is the only source for such distributions, the payments you fessional acting on your behalf, specifically direct us to keep your need to take may significantly reduce the value of those guaranteed contribution until we receive the required information. The con- benefits. Such amount may be greater than the annual increase in the tribution will be applied as of the date we receive the missing GMIB, and/or the Guaranteed minimum death benefit base and/or information. greater than the Guaranteed annual withdrawal amount under GWBL. See the discussion of these benefits later in this section. If your financial professional is with a selling broker-dealer other than AXA Advisors, your initial contribution must generally be accom- How you can make your contributions panied by a completed application and any other form we need to process the payments. If any information is missing or unclear, we will Except as noted below, contributions must be by check drawn on a hold the contribution, whether received via check or wire, in a U.S. bank, in U.S. dollars, and made payable to AXA Equitable. We non-interest bearing suspense account while we try to obtain this may also apply contributions made pursuant to an exchange intended information. If we are unable to obtain all of the information we to be a Section 1035 tax-free exchange or a direct transfer. We do require within five business days after we receive an incomplete not accept starter checks or travelers’ checks. All checks are subject to application or form, we will inform the financial professional submit- our ability to collect the funds. We reserve the right to reject a pay- ting the application on your behalf. We will then return the con- mentifitisreceivedinanunacceptableform. tribution to you unless you or your financial professional on your If your contract is sold by a financial professional of AXA Advisors, behalf, specifically direct us to keep your contribution until we receive AXA Advisors will direct us to hold your initial contribution, whether the required information. The contribution will be applied as of the received via check or wire, in a non-interest bearing “Special Bank date we receive the missing information. Account for the Exclusive Benefit of Customers” while AXA Advisors Our “business day” is generally any day the New York Stock Exchange ensures your application is complete and that suitability standards are is open for regular trading and generally ends at 4:00 p.m. Eastern met. AXA Advisors will either complete this process or instruct us to Time (or as of an earlier close of regular trading). A business day return your contribution to you within the applicable Financial does not include a day on which we are not open due to emergency Industry Regulatory Authority (“FINRA”) time requirements. Upon conditions determined by the Securities and Exchange Commission. timely and successful completion of this review, AXA Advisors will We may also close early due to such emergency conditions. For more instruct us to transfer your contribution into our non-interest bearing information about our business day and our pricing of transactions, suspense account and transmit your application to us, so that we can please see “Dates and prices at which contract events occur.” consider your application for processing.

The “contract date” is the effective date of a contract. This usually is What are your investment options under the the business day we receive the properly completed and signed appli- contract? cation, along with any other required documents, and your initial contribution. Your contract date will be shown in your contract. The The contract provides the following investment options: the variable 12 month period beginning on your contract date and each 12 month investment options, the guaranteed interest option and the account period after that date is a “contract year.” The end of each 12 month for special dollar cost averaging (for Series B and Series L contracts) or period is your “contract date anniversary.” For example, if your con- the account for special money market dollar cost averaging (for Series ® tract date is May 1, your contract date anniversary is April 30. CP contracts). This section lists each of the variable investment options and describes the guaranteed interest option. The next section, “Allocating your contributions,” discusses dollar cost averaging As described later in this Prospectus, we deduct guaranteed benefit in general, including the Special DCA programs. and annual administrative charges from your account value on your contract date anniversary. If you elected the Guaranteed minimum Your investment options depend on whether you select Option A or income benefit, you can only exercise the benefit during the 30 day Option B. If you elect Guaranteed minimum income benefit I — Asset period following your contract date anniversary. Therefore, if your Allocation (“GMIB I — Asset Allocation”), your contract will be

19 Contract features and benefits restricted to Option A. If you elect Guaranteed minimum income benefit II — Custom Selection (“GMIB II — Custom Selection”) or if you do not elect a GMIB, you can choose either Option A — Asset Allocation or Option B — Custom Selection. For additional information, see “Allocating your contributions” later in this Prospectus. Variable investment options Your investment results in any one of the variable investment options will depend on the investment performance of the underlying portfolios. You can lose your principal when investing in the variable investment options. In periods of poor market performance, the net return, after charges and expenses, may result in negative yields, including for the EQ/Money Market variable investment option. Listed below are the currently available Portfolios, their investment objectives and their advisers. We may, at any time, exercise our rights to limit or terminate your contributions, allocations and transfers to any of the variable investment options and to limit the number of variable investment options which you may elect.

20 Contract features and benefits Portfolios of the Trusts We offer affiliated Trusts, which in turn offer one or more Portfolios. AXA Equitable Funds Management Group, LLC (“AXA FMG”), a wholly owned subsidiary of AXA Equitable, serves as the investment manager of the Portfolios of AXA Premier VIP Trust and EQ Advisors Trust. For some Portfolios, AXA FMG has entered into sub-advisory agreements with one or more investment advisers (the “sub-advisers”) to carry out investment decisions for the Portfolios. As such, among other responsibilities, AXA FMG oversees the activities of the sub-advisers with respect to the Trusts and is responsible for retaining or discontinuing the services of those sub-advisers. The chart below indicates the sub-adviser(s) for each Portfolio, if any. The chart below also shows the currently available Portfolios and their investment objectives. You should be aware that AXA Advisors, LLC and AXA Distributors, LLC (together, the “Distributors”) directly or indirectly receive 12b-1 fees from the Portfolios for providing certain distribution and/or shareholder support services. These fees will not exceed 0.25% of the Portfolios’ average daily net assets. The Portfolios’ sub-advisers and/or their affiliates may also contribute to the cost of expenses for sales meetings or seminar spon- sorships that may relate to the contracts and/or the sub-advisers’ respective Portfolios. In addition, AXA FMG receives management fees and administrative fees in connection with the services it provides to the affiliated Portfolios. As a contract owner, you may bear the costs of some or all of these fees and payments through your indirect investment in the Portfolios. (See the Portfolios’ prospectuses for more information.) These fees and payments, as well as the Portfolios’ investment management fees and administrative expenses, will reduce the underlying Portfolios’ investment returns. AXA Equitable may profit from these fees and payments. AXA Equi- table considers the availability of these fees and payment arrangements during the selection process for the underlying Portfolios. These fees and payment arrangements may create an incentive for us to select Portfolios (and classes of shares of Portfolios) that pay us higher amounts. Some Portfolios invest in other affiliated Portfolios (the “AXA Fund of Fund Portfolios”). The AXA Fund of Fund Portfolios offer contract owners a convenient opportunity to invest in other Portfolios that are managed and have been selected for inclusion in the AXA Fund of Fund Portfolios by AXA FMG. AXA Advisors, LLC, an affiliated broker-dealer of AXA Equitable, may promote the benefits of such Portfolios to contract owners and/or suggest that contract owners consider whether allocating some or all of their account value to such Portfolios is consistent with their desired investment objectives. In doing so, AXA Equitable, and/or its affiliates, may be subject to conflicts of interest insofar as AXA Equitable may derive greater revenues from the AXA Fund of Fund Portfolios than certain other Portfolios available to you under your contract. Please see “Allocating your contributions” later in this section for more information about your role in managing your allocations. As described in more detail in the Portfolio prospectuses, the AXA Managed Volatility Portfolios may utilize a proprietary volatility management strategy developed by AXA FMG (the “AXA volatility management strategy”), and, in addition, certain AXA Fund of Fund Portfolios may invest in affiliated Portfolios that utilize this strategy. The AXA volatility management strategy uses futures and options, such as exchange-traded futures and options contracts on securities indices, to reduce the Portfolio’s equity exposure during periods when certain market indicators indicate that market volatility above specific thresholds set for the Portfolio. When market volatility is increasing above the specific thresholds set for a Portfolio utilizing the AXA volatility management strategy, the manager of the Portfolio may reduce equity exposure. Although this strategy is intended to reduce the overall risk of investing in the Portfolio, it may not effectively protect the Portfolio from market declines and may increase its losses. Further, during such times, the Portfolio’s exposure to equity securities may be less than that of a traditional equity portfolio. This may limit the Portfolio’s participation in market gains and result in periods of underperformance, including those periods when the specified benchmark index is appreciating, but market volatility is high. It may also impact the value of certain guaranteed benefits, as discussed below. The AXA Managed Volatility Portfolios that include the AXA volatility management strategy as part of their investment objective and/or principal investment strategy, and the AXA Fund of Fund Portfolios that invest in Portfolios that use the AXA volatility management strategy, are identified below in the chart by a “✓“ under the column entitled “Volatility Management.” Asset Transfer Program. You should be aware that having the GMIB and/or certain other guaranteed benefits or converting GMIB to GWBL limits your ability to invest in some of the variable investment options that would otherwise be available to you under the contract. In addition, if you have the GMIB, the “Greater of” GMDB, or convert to the GWBL, you are required to participate in the asset transfer program which moves account value between the AXA Ultra Conservative Strategy Portfolio investment option and the variable investment options. See “Asset transfer program (“ATP”)” in “Contract features and benefits” later in this prospectus. See “Allocating your contributions” under “Contract features and benefits” for more information about the investment restrictions under your contract. Portfolios that utilize the AXA volatility management strategy (or, in the case of certain AXA Fund of Fund Portfolios, invest in other Portfolios that use the AXA volatility management strategy); investment option restrictions in connection with any guaranteed benefit that include these Portfo- lios; and the ATP are designed to reduce the overall volatility of your account value and provide you with risk-adjusted returns over time. The reduction in volatility helps us manage the risks associated with providing guaranteed benefits during times of high volatility in the equity market. During rising markets, the AXA volatility management strategy, however, could result in your account value rising less than would have been the case had you been invested in a Portfolio that does not utilize the AXA volatility management strategy (or, in the case of the AXA Fund of Fund Portfolios, invest exclusively in other Portfolios that do not use the AXA volatility management strategy). This may effectively suppress the value of guaranteed benefit(s) that are eligible for periodic benefit base resets because your benefit base is available for resets only when your account value is higher. Conversely, investing in investment options that feature a managed-volatility strategy may be helpful in a declining market when high market volatility triggers a reduction in the investment option’s equity exposure because during these periods of high volatility, the risk of losses from investing in equity securities may increase. In these instances, your account value may decline less than would have been the case had you not been invested in investment options that feature a volatility management strategy.

21 Contract features and benefits Please see the underlying Portfolio prospectuses for more information in general, as well as more information about the AXA volatility management strategy. Please further note that certain other Portfolios may utilize volatility management techniques that differ from the AXA volatility management strategy. Affiliated Portfolios that utilize these volatility management techniques are identified below in the chart by a “Δ” under the column entitled “Volatility Management.” Any such Portfolio is not identified under “Volatility Management” below in the chart. Such techniques could also impact your account value and guaranteed benefit(s), if any, in the same manner described above. Please see the Portfolio prospectuses for more information about the Portfolios’ objective and strategies. Whether or not you elected a guaranteed benefit that requires you to participate in the ATP, you should be aware that operation of the predetermined mathematical formulas underpinning the ATP has the potential to adversely impact the Portfolios, including their performance, risk profile and expenses. Particularly during times of high market volatility, if the ATP triggers substantial asset flows into and out of a Portfolio, it could have the following effects on all contract owners invested in that Portfolio: (a) By requiring a Portfolio sub-adviser to buy and sell large amounts of securities at inopportune times, a Portfolio’s investment performance and the ability of the sub-adviser to fully implement the Portfolio’s investment strategy could be negatively affected; and (b) By generating higher turnover in its securities or other assets than it would have experienced without being impacted by the ATP, a Portfolio could incur higher operating expense ratios and transaction costs than comparable funds. In addition, even Portfolios structured as funds-of-funds that are not available for investment by contract owners who are subject to the ATP could also be impacted by the ATP if those Portfolios invest in underlying funds that are themselves subject to significant asset turnover caused by the ATP. Because the ATP formulas generate unique results for each contract, not all contract owners who are subject to the ATP will be affected by operation of the ATP in the same way. On any particular day on which the ATP is activated, some contract owners may have a portion of their account value transferred to the AXA Ultra Conservative Strategy Portfolio investment option and others may not. If the ATP causes significant transfers of total account value out of one or more Portfolios, any resulting negative effect on the performance of those Portfolios will be experienced to a greater extent by a contract owner (with or without the ATP) invested in those Portfolios whose account value was not subject to the transfers. AXA Premier VIP Trust Investment Manager Class B Shares (or Sub-Adviser(s), Volatility Portfolio Name Objective as applicable) Management CHARTERSM MULTI-SECTOR Seeks to achieve high total return through a • AXA Equitable Funds Management BOND combination of current income and capital Group, LLC appreciation. CHARTERSM SMALL CAP Seeks to achieve long-term growth of capital. • AXA Equitable Funds Management GROWTH Group, LLC CHARTERSM SMALL CAP Seeks to achieve long-term growth of capital. • AXA Equitable Funds Management VALUE Group, LLC EQ Advisors Trust Investment Manager Class IB Shares (or Sub-Adviser(s), Volatility Portfolio Name Objective as applicable) Management 1290 VT EQUITY INCOME(1) Seeks a combination of growth and income to • Boston Advisors, LLC achieve an above-average and consistent total return. 1290 VT SOCIALLY Seeks to track the investment results of the • BlackRock Investment Management, RESPONSIBLE MSCI KLD 400 Social Index. LLC AXA 400 MANAGED Seeks to achieve long-term growth of capital • AllianceBernstein L.P. VOLATILITY with an emphasis on risk-adjusted returns • AXA Equitable Funds Management and managing volatility in the Portfolio. Group, LLC ✓ • BlackRock Investment Management, LLC AXA 500 MANAGED Seeks to achieve long-term growth of capital • AllianceBernstein L.P. VOLATILITY with an emphasis on risk-adjusted returns • AXA Equitable Funds Management and managing volatility in the Portfolio. Group, LLC ✓ • BlackRock Investment Management, LLC AXA 2000 MANAGED Seeks to achieve long-term growth of capital • AllianceBernstein L.P. VOLATILITY with an emphasis on risk-adjusted returns • AXA Equitable Funds Management and managing volatility in the Portfolio. Group, LLC ✓ • BlackRock Investment Management, LLC

22 Contract features and benefits EQ Advisors Trust Investment Manager Class IB Shares (or Sub-Adviser(s), Volatility Portfolio Name Objective as applicable) Management AXA BALANCED STRATEGY Seeks long-term capital appreciation and • AXA Equitable Funds Management ✓ current income. Group, LLC AXA CONSERVATIVE Seeks current income and growth of capital, • AXA Equitable Funds Management ✓ GROWTH STRATEGY with a greater emphasis on current income. Group, LLC AXA CONSERVATIVE Seeks a high level of current income. • AXA Equitable Funds Management ✓ STRATEGY Group, LLC AXA GROWTH STRATEGY Seeks long-term capital appreciation and • AXA Equitable Funds Management current income, with a greater emphasis on Group, LLC ✓ capital appreciation. AXA MODERATE GROWTH Seeks long-term capital appreciation and • AXA Equitable Funds Management STRATEGY current income, with a greater emphasis on Group, LLC ✓ current income. AXA ULTRA CONSERVATIVE Seeks current income. • AXA Equitable Funds Management ✓ STRATEGY(*) Group, LLC AXA/AB DYNAMIC Seeks to achieve total return from long-term • AllianceBernstein L.P. Δ MODERATE GROWTH growth of capital and income. AXA/AB SMALL CAP Seeks to achieve long-term growth of • AllianceBernstein L.P. GROWTH capital. • AXA Equitable Funds Management Group, LLC AXA/CLEARBRIDGE LARGE Seeks to achieve long-term capital growth. • ClearBridge Investments, LLC CAP GROWTH • AXA Equitable Funds Management Group, LLC AXA/FRANKLIN BALANCED Seeks to maximize income while maintaining • AXA Equitable Funds Management MANAGED VOLATILITY prospects for capital appreciation with an Group, LLC emphasis on risk-adjusted returns and • BlackRock Investment Management, ✓ managing volatility in the Portfolio. LLC • Franklin Advisers, Inc. AXA/FRANKLIN SMALL CAP Seeks to achieve long-term total return with • AXA Equitable Funds Management VALUE MANAGED an emphasis on risk-adjusted returns and Group, LLC VOLATILITY managing volatility in the Portfolio. • BlackRock Investment Management, ✓ LLC • Franklin Advisory Services, LLC AXA/FRANKLIN TEMPLETON Primarily seeks capital appreciation and • AXA Equitable Funds Management ALLOCATION MANAGED secondarily seeks income. Group, LLC ✓ VOLATILITY AXA GLOBAL EQUITY Seeks to achieve long-term capital • AXA Equitable Funds Management MANAGED VOLATILITY appreciation with an emphasis on risk- Group, LLC adjusted returns and managing volatility in • BlackRock Investment Management, the Portfolio. LLC ✓ • Morgan Stanley Investment Management Inc. • OppenheimerFunds, Inc. AXA INTERNATIONAL CORE Seeks to achieve long-term growth of capital • AXA Equitable Funds Management MANAGED VOLATILITY with an emphasis on risk-adjusted returns Group, LLC and managing volatility in the Portfolio. • BlackRock Investment Management, LLC • EARNEST Partners, LLC ✓ • Federated Global Investment Management Corp. • Massachusetts Financial Services Company d/b/a MFS Investment Management

23 Contract features and benefits EQ Advisors Trust Investment Manager Class IB Shares (or Sub-Adviser(s), Volatility Portfolio Name Objective as applicable) Management AXA INTERNATIONAL Seeks to achieve long-term growth of capital • AllianceBernstein L.P. MANAGED VOLATILITY with an emphasis on risk-adjusted returns • AXA Equitable Funds Management and managing volatility in the Portfolio. Group, LLC ✓ • BlackRock Investment Management, LLC AXA/JANUS ENTERPRISE Seeks to achieve capital growth. • Janus Capital Management LLC AXA LARGE CAP CORE Seeks to achieve long-term growth of capital • AXA Equitable Funds Management MANAGED VOLATILITY with an emphasis on risk-adjusted returns Group, LLC and managing volatility in the Portfolio. • BlackRock Investment Management, LLC • Capital Guardian Trust Company ✓ • Thornburg Investment Management, Inc. • Vaughn Nelson Investment Management AXA LARGE CAP GROWTH Seeks to provide long-term capital growth • AXA Equitable Funds Management MANAGED VOLATILITY with an emphasis on risk-adjusted returns Group, LLC and managing volatility in the Portfolio. • BlackRock Investment Management, LLC ✓ • HS Management Partners, LLC • Loomis, Sayles & Company, L.P. • Polen Capital Management, LLC • T. Rowe Price Associates, Inc. AXA LARGE CAP VALUE Seeks to achieve long-term growth of capital • AllianceBernstein L.P. MANAGED VOLATILITY with an emphasis on risk-adjusted returns • AXA Equitable Funds Management and managing volatility in the Portfolio. Group, LLC • BlackRock Investment Management, ✓ LLC • Massachusetts Financial Services Company d/b/a MFS Investment Management AXA/LOOMIS SAYLES Seeks to achieve capital appreciation. • Loomis, Sayles & Company, L.P. GROWTH AXA MID CAP VALUE Seeks to achieve long-term capital • AXA Equitable Funds Management MANAGED VOLATILITY appreciation with an emphasis on risk Group, LLC adjusted returns and managing volatility in • BlackRock Investment Management, the Portfolio. LLC ✓ • Diamond Hill Capital Management, Inc. • Wellington Management Company, LLP AXA/MUTUAL LARGE CAP Seeks to achieve capital appreciation, which • AXA Equitable Funds Management EQUITY MANAGED may occasionally be short-term, with an Group, LLC VOLATILITY emphasis on risk adjusted returns and • BlackRock Investment Management, ✓ managing volatility in the Portfolio. LLC • Franklin Mutual Advisers, LLC AXA/TEMPLETON GLOBAL Seeks to achieve long-term capital growth • AXA Equitable Funds Management EQUITY MANAGED with an emphasis on risk adjusted returns Group, LLC VOLATILITY and managing volatility in the Portfolio. • BlackRock Investment Management, ✓ LLC • Templeton Investment Counsel, LLC

24 Contract features and benefits EQ Advisors Trust Investment Manager Class IB Shares (or Sub-Adviser(s), Volatility Portfolio Name Objective as applicable) Management EQ/CAPITAL GUARDIAN Seeks to achieve long-term growth of • Capital Guardian Trust Company RESEARCH capital. EQ/CORE BOND INDEX Seeks to achieve a total return before • SSgA Funds Management, Inc. expenses that approximates the total return performance of the Barclays U.S. Intermediate Government/Credit Bond Index, including reinvestment of dividends, at a risk level consistent with that of the Barclays U.S. Intermediate Government/Credit Bond Index. EQ/GLOBAL BOND PLUS Seeks to achieve capital growth and current • AXA Equitable Funds Management income. Group, LLC • BlackRock Investment Management, LLC • First International Advisors, LLC • Wells Capital Management, Inc. EQ/INTERMEDIATE Seeks to achieve a total return before • AXA Equitable Funds Management GOVERNMENT BOND expenses that approximates the total return Group, LLC performance of the Barclays U.S. • SSgA Funds Management, Inc. Intermediate Government Bond Index, including reinvestment of dividends, at a risk level consistent with that of the Barclays U.S. Intermediate Government Bond Index. EQ/INVESCO COMSTOCK Seeks to achieve capital growth and income. • Invesco Advisers, Inc. EQ/JPMORGAN VALUE Seeks to achieve long-term capital • J.P. Morgan Investment OPPORTUNITIES appreciation. Management Inc. EQ/MFS INTERNATIONAL Seeks to achieve capital appreciation. • Massachusetts Financial Services GROWTH Company d/b/a MFS Investment Management EQ/MONEY MARKET(**) Seeks to obtain a high level of current income, • The Dreyfus Corporation preserve its assets and maintain liquidity. EQ/OPPENHEIMER GLOBAL Seeks to achieve capital appreciation. • OppenheimerFunds, Inc. EQ/PIMCO ULTRA SHORT Seeks to generate a return in excess of • Pacific Investment Management BOND traditional money market products while Company LLC maintaining an emphasis on preservation of capital and liquidity. EQ/QUALITY BOND PLUS Seeks to achieve high current income • AllianceBernstein L.P. consistent with moderate risk to capital. • AXA Equitable Funds Management Group, LLC • Pacific Investment Management Company LLC EQ/T. ROWE PRICE GROWTH Seeks to achieve long-term capital appreciation • T. Rowe Price Associates, Inc. STOCK and secondarily, income. EQ/UBS GROWTH AND Seeks to achieve total return through capital • UBS Global Asset Management INCOME appreciation with income as a secondary (Americas) Inc. consideration.

25 Contract features and benefits EQ Advisors Trust Investment Manager Class IB Shares (or Sub-Adviser(s), Volatility Portfolio Name Objective as applicable) Management MULTIMANAGER AGGRESSIVE Seeks to achieve long-term growth of capital. • AllianceBernstein L.P. EQUITY • AXA Equitable Funds Management Group, LLC • ClearBridge Investments, LLC • Scotia Institutional Asset Management US, Ltd. • T. Rowe Price Associates, Inc. • Westfield Capital Management Company, L.P. MULTIMANAGER CORE BOND Seeks to achieve a balance of high current • AXA Equitable Funds Management income and capital appreciation, consistent Group, LLC with a prudent level of risk. • BlackRock Financial Management, Inc. • DoubleLine Capital LP • Pacific Investment Management Company LLC • SSgA Funds Management, Inc. MULTIMANAGER MID CAP Seeks to achieve long-term growth of capital. • AllianceBernstein L.P. GROWTH • AXA Equitable Funds Management Group, LLC • BlackRock Investment Management, LLC • Franklin Advisers, Inc. • Wellington Management Company, LLP MULTIMANAGER MID CAP Seeks to achieve long-term growth of capital. • AXA Equitable Funds Management VALUE Group, LLC • BlackRock Investment Management, LLC • Diamond Hill Capital Management, Inc. • Knightbridge Asset Management, LLC • Lord, Abbett & Co. LLc MULTIMANAGER Seeks to achieve long-term growth of • Allianz Global Investors U.S. LLC TECHNOLOGY capital. • AXA Equitable Funds Management Group, LLC • SSgA Funds Management, Inc. • Wellington Management Company, LLP

(*) The AXA Ultra Conservative Strategy investment option is part of the asset transfer program and is not part of Option A or Option B. You may not directly allocate a contribution to or request a transfer of account value into this investment option. (**) The Board of Trustees of EQ Advisors Trust approved changes to the Portfolio’s principal investment strategies that will allow the Portfolio to operate as a “government money market fund.” The Portfolio will invest at least 99.5% of its total assets in U.S. government securities, cash, and/or repurchase agreements that are fully collateralized by U.S. government securities or cash. (1) This information reflects the Portfolio’s name change effective on or about May 19, 2017, subject to regulatory approval. The Portfolio’s name in effect until on or about May 19, 2017, is EQ/Boston Advisors Equity Income. You should consider the investment objective, risks, and charges and expenses of the Portfolios carefully before investing. The prospectuses for the Trusts contain this and other important information about the Portfolios. The prospectuses should be read carefully before investing. In order to obtain copies of Trust prospectuses that do not accompany this Prospectus, you may call one of our customer service representatives at 1-800-789-7771.

26 Contract features and benefits Guaranteed interest option Subsequent contributions will be allocated according to the investment allocations on file. If you would like your subsequent con- The guaranteed interest option is part of our general account and tributions to be allocated differently, you must submit new allocation pays interest at guaranteed rates. We discuss our general account instructions on a form that we provide. We will not honor letters of under “More information” later in this Prospectus. instruction directing the allocation. If you submit new allocation We credit interest daily to amounts in the guaranteed interest option. instructions for subsequent contributions, those allocation instructions There are three levels of interest in effect at the same time in the must comply with the Option rules that are in effect at the time that guaranteed interest option: you submit the new allocation instructions.

(1) the minimum interest rate guaranteed over the life of the contract, Option A — Asset Allocation (2) the yearly guaranteed interest rate for the calendar year, and Under Option A, the Asset Allocation option, all of your account value (3) the current interest rate. must be allocated to one or more of the following options: (1) the AXA Strategic Allocation Portfolios; (2) the AXA/AB Dynamic Moder- Based on the interest rates in effect at the time, we will apply the ate Growth Portfolio; (3) the guaranteed interest option; (4) the EQ/ highest of the three interest rates described above to amounts allo- Money Market Portfolio; and (5) a Special DCA program. cated to the guaranteed interest option. Although the interest rate may vary over the course of your investment in the guaranteed inter- The AXA Strategic Allocation Portfolios are: est option, the interest rate will never be lower than the lifetime AXA Balanced Strategy minimum rate. For information regarding the interest rate currently in AXA Conservative Growth Strategy effect for the guaranteed interest option, call us or visit us online. See AXA Conservative Strategy “How to reach us” earlier in this Prospectus. AXA Growth Strategy The lifetime minimum rate is 1.00%. The data page for your contract AXA Moderate Growth Strategy shows the lifetime minimum rate. The minimum yearly rate, which is Allocations must be in whole percentages, and you may change your set each calendar year, will never be less than the lifetime minimum allocations at any time. No more than 25% of any contribution may rate. The minimum yearly rate for 2017 is 1.00%. Current interest be allocated to the guaranteed interest option. The total of your allo- rates, which may be set monthly, will never be less than the yearly cations into all available investment options must equal 100%. guaranteed interest rate. We set current interest rates periodically, based on our discretion and Special DCA programs are available in connection with Option A, and according to our procedures that we have in effect at the time. We they are discussed in “Dollar cost averaging” below. reserve the right to change these procedures. All interest rates are You can rebalance your account value under Option A by submitting a effective annual rates, but before deduction of annual administrative request to rebalance your account value as of the date we receive your charges, any withdrawal charges (if applicable) and any optional benefit request, however, scheduled recurring rebalancing is not available. charges. See Appendix IX later in this Prospectus for state variations. Therefore, any subsequent rebalancing transactions would require a We assign an interest rate to each amount allocated to the guaran- subsequent rebalancing request. Your rebalance request must indicate teed interest option. This rate is guaranteed for a specified period. the percentage you want rebalanced in each investment option (whole Therefore, different interest rates may apply to different amounts in percentages only) and must comply with the limits regarding transfers the guaranteed interest option. into and out of the guaranteed interest option. You can rebalance only to the investment options available under Option A. Generally, contributions and transfers into and out of the guaranteed interest option are limited. See “Transferring your money among the When we rebalance your account, we will transfer amounts among investment options” later in this Prospectus for restrictions on trans- the investment options so that the percentage of your account value fers to and from the guaranteed interest option. in each option at the end of the rebalancing date matches the most If the asset transfer program (“ATP”) is in effect, ATP transfers are recent allocation instructions that we have on file. Rebalancing does not taken out of or allocated to the guaranteed interest option. not assure a profit or protect against loss, so you should periodically Please see “Asset transfer program (“ATP”)” later in this section. review your allocation percentages as your needs change. Amounts in the AXA Ultra Conservative Strategy investment option are excluded The account for special dollar cost averaging is part of our general account. from rebalancing, however, a one-time rebalancing request may trig- See “Special dollar cost averaging program” below for more information. ger an off cycle ATP transfer if any amounts are moved out of the guaranteed interest option as a result of the rebalance. Please see Allocating your contributions “Asset transfer program (“ATP”)” later in this section.

Your allocation alternatives and procedures depend on whether you Option B — Custom Selection select Option A — Asset Allocation or Option B — Custom Selection, which we describe below. You must select either Option A — Asset Under Option B, the Custom Selection option, all of your account Allocation or Option B — Custom Selection with your initial value must be allocated to: (1) the variable investment options contribution. If you elect GMIB I — Asset Allocation, your contract is according to the category and investment option limits described restricted to Option A. If you elect GMIB II — Custom Selection or if below; or (2) a Special DCA program. The guaranteed interest option you don’t elect a GMIB, you can choose either Option A or Option B. is not available under Option B.

27 Contract features and benefits If you do not elect a Special DCA program, all of your account value Your contributions in the four categories must also generally be allo- must be allocated among the investment options in the following four cated according to the following category and investment option limits. categories: Category and Investment option limits. The chart below sets Category 1 — Fixed Income forth the general category and investment option limits of Option B EQ/Core Bond Index — Custom Selection. EQ/Intermediate Government Bond 2 EQ/Money Market 1 Asset 3 4 Fixed Allocation/ Core Manager EQ/Quality Bond PLUS Category Income Indexed Diversified Select Multimanager Core Bond Maximum for 100% 70% 50% 25% Category 2 — Asset Allocation/Indexed category AXA Balanced Strategy Minimum for 30%(1) 20%(1) 0% 0% AXA Conservative Growth Strategy category AXA Conservative Strategy (2) (3) AXA Growth Strategy Maximum for each 100% 70% 25% 15% AXA Moderate Growth Strategy option AXA 400 Managed Volatility (1) You are required to invest a minimum of 30% of your account value in AXA 500 Managed Volatility Category 1 at all times. In addition, a minimum of 20% of your account value is AXA 2000 Managed Volatility also required to be invested in Category 2 if any percentage of your account value is allocated to Category 3 and/or Category 4. AXA International Managed Volatility (2) The maximum option limit for the EQ/Money Market is 30%. AXA/AB Dynamic Moderate Growth (3) AXA 2000 Managed Volatility, AXA 400 Managed Volatility, AXA 500 Category 3 — Core Diversified Managed Volatility and AXA International Managed Volatility have a 40% per AXA/Franklin Balanced Managed Volatility option maximum limit. AXA/Franklin Small Cap Value Managed Volatility There are no minimum allocations for any one investment option. Allo- AXA/Franklin Templeton Allocation Managed Volatility cations must be in whole percentages. The total of your allocations into AXA Global Equity Managed Volatility all available investment options must equal 100%. Your ability to allo- AXA International Core Managed Volatility cate contributions to investment options may be subject to restrictions AXA Large Cap Growth Managed Volatility in certain states. See Appendix IX later in this Prospectus for state AXA Large Cap Value Managed Volatility variations. AXA Large Cap Core Managed Volatility AXA Mid Cap Value Managed Volatility Quarterly Rebalancing (Option B — Custom Selection only). AXA/Mutual Large Cap Equity Managed Volatility Under Option B, your account value will be rebalanced automatically AXA/Templeton Global Equity Managed Volatility each quarter of your contract year. Rebalancing will occur on the CharterSM Multi-Sector Bond same day of the month as your contract date. If that date is after the CharterSM Small Cap Growth 28th of a month, rebalancing will occur on the first business day of CharterSM Small Cap Value the following month. If the date occurs on a date other than a busi- EQ/Global Bond PLUS ness day, the rebalancing will occur on the next business day. The Multimanager Aggressive Equity rebalance for the last quarter of the contract year will occur on the Multimanager Mid Cap Growth contract anniversary date. If this date occurs on a day other than a Multimanager Mid Cap Value business day, the rebalance will occur on the business day immediately preceding the contract anniversary date. When we rebalance Category 4 — Manager Select your account value, we will transfer amounts among the investment 1290 VT Equity Income* options so that the percentage of your account value in each option 1290 VT Socially Responsible at the end of the rebalancing date matches the most recent allocation AXA/Loomis Sayles Growth instructions that we have on file. For contracts with GMIB, the AXA/AB Small Cap Growth “Greater of” GMDB or the GWBL, any amounts in the AXA Ultra AXA/ClearBridge Large Cap Growth Conservative Strategy investment option will be excluded from AXA/Janus Enterprise rebalancing. Please see “Asset transfer program (“ATP”)” later in this EQ/Capital Guardian Research section. Rebalancing does not assure a profit or protect against loss, EQ/Invesco Comstock so you should periodically review your allocation percentages as your EQ/JPMorgan Value Opportunities needs change. EQ/MFS International Growth EQ/Oppenheimer Global Transfers. Generally, you may transfer your account value among EQ/PIMCO Ultra Short Bond the variable investment options. We may, at any time, exercise our EQ/T. Rowe Price Growth Stock right to terminate transfers to any of the variable investment options EQ/UBS Growth and Income and to limit the number of variable investment options which you Multimanager Technology may elect. Under Option A, a transfer into the guaranteed interest option (other than a transfer pursuant to a Special DCA program) will * Please see “Portfolios of the Trusts” earlier in this Prospectus for the variable investment option’s former name.

28 Contract features and benefits not be permitted if such transfer would result in more than 25% of same or in different categories (collectively, “category and investment the account value being allocated to the guaranteed interest option, option limits”). based on the account value as of the previous business day. If we change our category and investment option limits, please note You may make transfers among the investment options available the following: under Option B, provided that the transfer meets the category and investment option limits in place at the time of the transfer. In the • Any amounts you have allocated among the variable investment remainder of this section, we explain our current Option B transfer options will not be automatically reallocated to conform with the rules, which we may change in the future. You may make a transfer new category and investment option limits. from one investment option to another investment option within the • If your allocation instructions on file prior to a change to our same category provided the resulting allocation to the receiving category and investment option limits do not comply with our investment option does not exceed the investment option maximum new category and investment option limits: in place at the time of the transfer. You can make a transfer from an investment option in one category to an investment option in another — you will not be automatically required to change your category as long as the minimum rules for the transferring category, allocation instructions; the minimum and maximum rules for the receiving category and the — if you make a subsequent contribution, you will not be maximum rule for the receiving investment option are met. You may required to change your allocation instructions; also request a transfer that would reallocate your account value based on percentages, provided those percentages are consistent — if you initiate a transfer, you will be required to change your with the category and investment option limits in place at the time of instructions. the transfer. In calculating the limits for any transfer, we use the • Any change to your allocation instructions must comply with our account value percentages as of the date prior to the transfer. Trans- new category and investment option limits. Your new allocation fer requests do not change the allocation instructions on file for any instructions will apply to all future transactions, including sub- future contribution or rebalancing, although transfer requests will be considered subject to the Custom Selection rules at the time of the sequent contributions, transfers and rebalancing. request. An investment option transfer under Option B does not Switching between options automatically change your allocation instructions for the rebalancing of your account on a quarterly basis. This means that upon the next If you elect the GMIB I — Asset Allocation, your contract will be scheduled rebalancing, we will transfer amounts among your invest- restricted to Option A (even if you drop the Guaranteed minimum ment options pursuant to the allocation instructions previously on file income benefit I — Asset Allocation). If you elect the GMIB I — for your account. If you wish to change your allocation instructions for Asset Allocation and convert to the GWBL, your contract will continue the quarterly rebalancing of your account, these instructions must to be restricted to Option A at the time of the conversion. meet the category and investment option limits in place at the time of If you do not have the GMIB I — Asset Allocation, you may select the transfer and must be made in writing on a form we provide and either Option A or Option B. In addition, you may switch between sent to the processing office. Please note, however, that an allocation Option A and Option B. There are currently no limits on the number of change for future contributions will automatically change the switches between options, but the Company reserves the right to rebalancing instructions on file for your account. For more impose a limit. If you move from one option to another, you are subject information about transferring your account value, please see to the rules applicable to the new option that are in place at the time of “Transferring your money among investment options” later in this the switch. Prospectus. For more information about allocation changes upon an automatic For contracts with GMIB (or for contracts that have converted to the conversion to the GWBL, see “Automatic conversion” in “Guaranteed GWBL), you cannot contribute or initiate a transfer into the AXA Ultra withdrawal benefit for life (“GWBL”)” later in this Prospectus. Conservative Strategy investment option. On a limited basis, you can initiate a complete transfer out of the AXA Ultra Conservative Strat- Your responsibility for allocation decisions egy investment option up to your contract date anniversary following The contract is between you and AXA Equitable. The contract is not age 85, subject to certain restrictions. We refer to this as the ATP exit an investment advisory account, and AXA Equitable is not providing option. Please see “Asset transfer program (“ATP”)” later in this sec- any investment advice or managing the allocations under your con- tion. Transfers into or out of the AXA Ultra Conservative Strategy tract. In the absence of a specific written arrangement to the contrary, investment option do not require new allocation instructions. you, as the owner of the contract, have the sole authority to select Allocation instruction changes. You may change your investment allocations and make other decisions under the contract. instructions for allocations of future contributions. Any revised alloca- (Your investment allocations may be subject to the ATP if the GMIB, tion instructions will also be used for quarterly rebalancing. Any the “Greater of” GMDB or the GWBL is in effect, as described in revised allocation instructions must meet the category and investment “Asset transfer program (“ATP”)” later in this Prospectus.) If your limits in place at the time that the instructions are received. financial professional is with AXA Advisors, he or she is acting as a broker-dealer registered representative, and is not authorized to act Possible changes to the category and investment option lim- as an investment advisor or to manage the allocations under your its. We may in the future revise the category limits, the investment contract. If your financial professional is a registered representative limits, the categories themselves, and the investment options within with a broker-dealer other than AXA Advisors, you should speak with each category, as well as combine the investment options within the him/her regarding any different arrangements that may apply.

29 Contract features and benefits Dollar cost averaging with the interest rate offered on the date of application for the remainder of the time period selected at application. Any We offer a variety of dollar cost averaging programs. Under Option A contribution(s) received after the 60 day rate lock period has ended or Option B, you may participate in a Special DCA program. Under will be credited with the then current interest rate for the remainder Option A, but not Option B, you may participate in one of two of the time period selected at application. Contribution(s) made to a Investment simplifier programs. You may only participate in one pro- special dollar cost averaging program selected after your contract has gram at a time. Each program allows you to gradually allocate been issued will be credited with the then current interest rate on the amounts to available investment options by periodically transferring date the contribution is received by AXA Equitable for the time period approximately the same dollar amount to the investment options you initially selected by you. Once the time period you selected has ended, select. Under Option A, your dollar cost averaging transfer allocations you may select an additional time period if you are still eligible to to the guaranteed interest option cannot exceed 25% of your dollar make contributions under your contract. At that time, you may also cost averaging transfer allocations. Under Option B, dollar cost aver- select a different allocation for transfers to the investment options, or, aging transfer allocations must also meet Custom Selection guide- if you wish, we will continue to use the selection that you have pre- lines. Regular allocations to the variable investment options will cause viously made. you to purchase more units if the unit value is low and fewer units if the unit value is high. Therefore, you may get a lower average cost Special money market dollar cost averaging program per unit over the long term. These plans of investing, however, do not guarantee that you will earn a profit or be protected against losses. You may dollar cost average from the account for special money We may, at any time, exercise our right to terminate transfers to any market dollar cost averaging option, which is part of the EQ/Money of the variable investment options and to limit the number of variable Market investment option. investment options which you may elect. Under both Special DCA programs, the following applies: Units measure your value in each variable investment option. • Initial contributions to a program must be at least $2,000; subsequent contributions to an existing program must be at least We offer the following dollar cost averaging programs: $250. • Special dollar cost averaging: • Subsequent contributions to an existing program do not extend • Special money market dollar cost averaging: the time period of the program. • Investment simplifier. • Contributions into a program must be new contributions; you Our Special DCA programs. We currently offer the “Special dollar may not make transfers from amounts allocated to other cost averaging program” with Series B and Series L contracts and the investment options to initiate a program. “Special money market dollar cost averaging program” with Series CP® contracts. Collectively, we refer to the special dollar cost averag- • We offer time periods of 3, 6 or 12 months. We may also offer ing program and the special money market dollar cost averaging other time periods; you may only have one time period in effect program as the “Special DCA programs”. at any time and once you select a time period, you may not change it. Special dollar cost averaging program • Currently, your account value will be transferred from the pro- You may dollar cost average from the account for special dollar cost gram into the investment options on a monthly basis. We may averaging, which is part of the general account. We pay interest at offer these programs in the future with transfers on a different guaranteed rates in this account for specified time periods. We credit basis. Your financial professional can provide information in the daily interest, which will never be less than 1% or the guaranteed time periods and interest rates currently available in your state, lifetime minimum rate for the guaranteed interest option, whichever or you may contact our processing office. is greater, to amounts allocated to this account. The guaranteed lifetime minimum rate is 1.00%. There is no maximum rate. We guaran- • Contributions to a program may be designated for the variable tee to pay the current interest rate that is in effect on the date that investment options and/or the guaranteed interest option, sub- your contribution is allocated to this account. That interest rate will ject to the following: apply to that contribution as long as it remains in this account. The guaranteed interest rate for the time period that you select will be — If you want to take advantage of one of our programs, shown in your contract for your initial contribution. We set the 100% of your contribution must be allocated to that pro- interest rates periodically, based on our discretion and according to gram. In other words, your contribution cannot be split procedures that we have. We reserve the right to change these between your Special DCA program and any other invest- procedures. ment options available under the contract. We will transfer amounts from the account for special dollar cost — You may designate up to 25% of your program to the averaging into the investment options over an available time period guaranteed interest option, even if such a transfer would that you select. If the special dollar cost averaging program is selected result in more than 25% of your account value being allo- at the time of application to purchase the Accumulator® Series con- cated to the guaranteed interest option. See “Transferring tract, a 60 day rate lock will apply from the date of application. Any your account value” in “Transferring your money among contribution(s) received during this 60 day period will be credited investment options” later in this Prospectus.

30 Contract features and benefits • Your instructions for the program must match your allocation the 28th day of the month. The minimum transfer amount is $50. This instructions on file on the day the program is established. If you option is subject to the guaranteed interest option transfer limitations change your allocation instructions on file, the instructions for your described under “Transferring your account value” in “Transferring program will change to match your new allocation instructions. your money among investment options” later in this Prospectus. While the program is running, any transfer that exceeds those limitations will • We will transfer all amounts by the end of the chosen time cause the program to end for that contract year. You will be notified if period. The transfer date will be the same day of the month as such a transfer ends the program. You must send in a request form to the contract date, but not later than the 28th day of the month. resume the program in the next or subsequent contract years. For a program selected after application, the first transfer date and each subsequent transfer date for the time period selected If, on any transfer date, your value in the guaranteed interest option will be one month from the date the first contribution is made is equal to or less than the amount you have elected to have trans- into the program, but not later than the 28th day of the month. ferred, the entire amount will be transferred, and the program will The only transfers that will be made are your regularly scheduled end. You may change the transfer amount once each contract year or transfers to the investment options. If you request to transfer or cancel this program at any time. withdraw any other amounts from your program, we will trans- Interest sweep option. Under this option, you may elect to have fer all of the value that you have remaining in the account to the monthly transfers from amounts in the guaranteed interest option investment options according to the allocation percentages for into the investment options available under Option A. The transfer the program that we have on file for you. date will be the last business day of the month. The amount we will • Except for withdrawals made under our Automatic RMD with- transfer will be the interest credited to amounts you have in the drawal service or our other automated withdrawal programs guaranteed interest option from the last business day of the prior (systematic withdrawals and substantially equal withdrawals), or month to the last business day of the current month. You must have for the assessment of contract charges, any unscheduled partial at least $7,500 in the guaranteed interest option on the date we withdrawal from your program will terminate your Special DCA receive your election. We will automatically cancel the interest sweep program. Any amounts remaining in the account after the pro- program if the amount in the guaranteed interest option is less than gram terminates will be transferred to the destination invest- $7,500 on the last day of the month for two months in a row. For the ment options according to your program allocation instructions. interest sweep option, the first monthly transfer will occur on the last Any withdrawal from a program will reduce your guaranteed business day of the month following the month that we receive your benefit bases. See “How withdrawals affect your guaranteed election form at our processing office. benefits” later in this section. Interaction of dollar cost averaging programs with other • For contracts with GMIB, ATP transfers are not taken out of contract features and benefits amounts allocated to a Special DCA program. Please see “Asset You may only participate in one dollar cost averaging program at a transfer program (“ATP”)” later in this section. time. See “Transferring your money among investment options” later • If the GMIB converts to the GWBL, the Special DCA programs in this Prospectus. If your GMIB converts to the GWBL, that will are not available. terminate any dollar cost averaging program you have in place at the time, and may limit your ability to elect a new dollar cost averaging • You may cancel your participation in the program at any time by program after conversion. See “Guaranteed withdrawal benefit for notifying us in writing. If you terminate your program, we will life (“GWBL”)” later in this Prospectus. Also, for information on how allocate any remaining amounts in your program pursuant to the dollar cost averaging program you select may affect certain guar- your program allocations instructions on file. anteed benefits see “Guaranteed minimum death benefit and Investment simplifier Guaranteed minimum income benefit base” below. Under Option A, we offer two Investment simplifier options which are We do not deduct a transfer charge for any transfer made in con- dollar cost averaging programs. You may not participate in an nection with our dollar cost averaging programs. Not all dollar cost Investment simplifier option when you are participating in a Special averaging programs are available in all states. See Appendix IX later DCA program. The Investment simplifier options are not available in this Prospectus for more information on state availability. under Option B. Credits (for Series CP® contracts only) Fixed-dollar option. Under this option you may elect to have a fixed-dollar amount transferred out of the guaranteed interest option A credit will also be allocated to your account value at the and into the investment options available under Option A. Transfers same time that we allocate your contribution. Credits are may be made on a monthly, quarterly or annual basis. You can allocated to the same investment options based on the same specify the number of transfers or instruct us to continue to make percentages used to allocate your contributions. We do not transfers until all available amounts in the guaranteed interest option consider credits to be contributions for purposes of any dis- have been transferred out. cussion in this Prospectus. We do not include credits in calculating any of your benefit bases under the contract, In order to elect the fixed-dollar option, you must have a minimum of except to the extent that any credits are part of your $5,000 in the guaranteed interest option on the date we receive your account value, which is used to calculate a reset of the election form at our processing office. The transfer date will be the Highest Anniversary Value benefit base or the Roll-up same calendar day of the month as the contract date but not later than

31 Contract features and benefits benefit base. Credits are included in the assessment of any We will recover any credit on a pro rata basis from the value in your charge that is based on your account value. Credits are also variable investment options (including any amounts in the AXA Ultra not considered to be part of your investment in the contract Conservative Strategy investment option) and guaranteed interest for tax purposes. option. If there is insufficient value or no value in the variable investment options (including any amounts in the AXA Ultra Conservative The amount of the credit will be 3% of your initial contribution and Strategy investment option) and guaranteed interest option, any each subsequent contribution made in the first contract year. For QP additional amount of the withdrawal required or the total amount of contracts only, the credit percentage will also be credited for con- the withdrawal will be withdrawn from the account for special money tributions in the second and later contract years. Please note that we market dollar cost averaging. We do not include credits in the calcu- may discontinue acceptance of contributions, including within the first lation of any withdrawal charge. contract year. Please also note that the credit percentage may be different for certain contract owners. The credit will apply to sub- We use a portion of the operations charge and withdrawal charge to sequent contributions only to the extent that the sum of help recover our cost of providing the credit. We expect to make a that contribution and prior contributions to which no credit profit from these charges. See “Charges and expenses” later in this was applied exceeds the total withdrawals made from the Prospectus. The charge associated with the credit may, over time, contract since the issue date. The credit will not be applied exceed the sum of the credit and any related earnings. While we in connection with a partial conversion of a traditional IRA cannot state with any certainty when this will happen, we believe contract to a Roth IRA contract. that it is likely that if you hold your Series CP® contract for longer For example, assume you make an initial contribution of $100,000 to than 10 years, you may be better off in a contract without a credit, your contract and your account value is credited with $3,000 (3% x and with a lower operations charge. Your actual results will depend $100,000). After that, you decide to withdraw $7,000 from your con- on the investment returns on your contract. Therefore, if you plan to tract. Later, you make a subsequent contribution of $3,000. You receive hold the contract for an extended period of time, you may wish to no credit on your $3,000 contribution since it does not exceed your consider purchasing a contract that does not include a credit. You total withdrawals ($7,000). Further assume that you make another should consider this possibility before purchasing the contract. subsequent contribution of $10,000. At that time, your account value Any amount transferred from another AXA Equitable contract in will be credited with $180 [3% x (10,000 + 3,000 -7,000)]. which a credit was previously applied, is not eligible for an additional ® We will recover all of the credit or a portion of the credit in the follow- credit on the amount transferred to your Series CP contract. ing situations: Guaranteed minimum death benefit and • If you exercise your right to cancel the contract, we will recover Guaranteed minimum income benefit base the entire credit made to your contract (see “Your right to cancel within a certain number of days” later in this Prospectus). Also, The Guaranteed minimum death benefit base and Guaranteed mini- you will not be reimbursed for any charges deducted before mum income benefit base (hereinafter, in this section called your cancellation, except in states where we are required to return “guaranteed benefit bases”) are used to calculate the Guaranteed the amount of your contributions. In states where we are minimum income benefit (“GMIB”) and the Guaranteed minimum required to return your account value, the amount we return to death benefits, as described in this section. The benefit base for a you upon cancellation will reflect any investment gain or loss in GMIB and Guaranteed minimum death benefit will be calculated as the variable investment options (less the daily charges we described below in this section whether these options are elected deduct) associated with your contributions and the full amount individually or in combination. Your benefit base is not an account of the credit. See “Charges and expenses” later in this Pro- value or a cash value. See also “Guaranteed minimum income benefit spectus for more information. (“GMIB”)” and “Guaranteed minimum death benefit” below. • If you start receiving annuity payments within three years of We refer to the following collectively, as the “Guaranteed minimum making any contribution, we will recover the credit that applies income benefit (“GMIB”)”: (i) GMIB I — Asset Allocation and to any contribution made within the prior three years. (ii) GMIB II — Custom Selection. • If the owner (or older joint owner, if applicable) dies during the We refer to the following, collectively, as “Guaranteed minimum one-year period following our receipt of a contribution to which death benefits:” (i) Return of Principal death benefit; (ii) the Highest a credit was applied, we will recover the amount of such credit. Anniversary Value death benefit; and (iii) the “Greater of” GMDB, (If the younger joint owner dies, we will not recover the amount which includes both the “Greater of” GMDB I and the “Greater of” of such credit. The contract would continue based on the older GMDB II. joint owner.) As discussed immediately below, when calculating your guaranteed For example: benefits, one or more of the following may apply: (1) the Return of Principal death benefit is based on the Return of Principal death You make an initial contribution of $100,000 to your contract and your benefit base; (2) the Highest Anniversary Value death benefit is based account value is credited with $3,000 (3% x $100,000). If you on the Highest Anniversary Value benefit base; (3) the “Greater of” (i) exercise your right to cancel the contract, (ii) start receiving annuity GMDB is based on the greater of the Roll-up benefit base and the payments within three years of making the contribution, or (iii) die dur- Highest Anniversary Value benefit base; (4) the GMIB is based on the ing the one-year period following the receipt of the contribution, we will Roll-up benefit base. recapture the entire credit and reduce your account value by $3,000.

32 Contract features and benefits For Series CP® contracts only, any credit amounts attributable to your owner’s (or older joint owner’s, if applicable) 85th birthday (plus contributions are not included in your guaranteed benefit bases. any subsequent contributions made since the most recent “reset” of the Highest Anniversary Value benefit base that established your For a description of how the ATP exit option will impact your guaran- account value as your new Highest Anniversary Value benefit base) teed benefit bases, see “ATP exit option” below. Your Highest Anniversary benefit base is no longer eligible to increase See “How withdrawals affect your guaranteed benefits” later in this after the contract date anniversary following your 85th birthday. section for a discussion of how withdrawals impact your guaranteed However, the associated guaranteed death benefit will remain in benefit bases. The amount of any withdrawal charge is described effect, and we will continue to deduct the charge for the benefit. If under “Withdrawal charge” in “Charges and expenses” later in this the contract owner subsequently dies while the contract is still in Prospectus. Please see Appendix IV for an example of how your effect, we will pay a death benefit equal to the higher of the account guaranteed benefit bases are calculated. value and the applicable benefit base amount. Return of Principal death benefit base Roll-up benefit base (Used for the GMIB I — Asset Allocation, “Greater of” GMDB I, Your Return of Principal death benefit base is equal to: GMIB II — Custom Selection and “Greater of” GMDB II)

• your initial contribution and any subsequent contributions to the Your Roll-up benefit base is equal to: contract; less • your initial contribution and any subsequent contributions to • a deduction that reflects any withdrawals you make (including your contract; less any applicable withdrawal charges). The amount of this • a deduction that reflects any “Excess withdrawal” amounts (plus deduction is described under “How withdrawals affect your any applicable withdrawal charges); less guaranteed benefits” later in this section. The amount of any withdrawal charge is described under “Withdrawal charge” in • a deduction that reflects (a) the dollar amount of any RMD taken “Charges and expenses” later in the Prospectus. through our RMD program in the first contract year and (b) the dollar amount of any RMD in excess of the Annual withdrawal Highest Anniversary Value benefit base amount taken through our RMD program in subsequent contract (Used for the Highest Anniversary Value death benefit, years; plus “Greater of” GMDB I and “Greater of” GMDB II) • “Deferral Roll-up amount” OR any “Annual Roll-up amount” The calculation of your Highest Anniversary Value benefit base will minus a deduction that reflects any withdrawals up to the “Annual depend on whether you have taken a withdrawal from your contract. withdrawal amount.” Any withdrawals during the first contract year will reduce your Annual Roll-up amount on a dollar-for-dollar If you have not taken a withdrawal from your contract, your benefit basis, but not less than zero. (Withdrawal charges do not apply to base is equal to the greater of either: amounts withdrawn up to the Annual withdrawal amount.) • your initial contribution and any subsequent contributions to The “Annual Roll-up amount” and the “Deferral Roll-up amount” are your contract, described under “Guaranteed minimum income benefit (“GMIB”)” later in this section. -OR- The Roll-up benefit base is used to calculate (i) the Annual with- • your highest account value on any contract date anniversary up drawal amount (as described later in this section), (ii) the benefit to the contract date anniversary following the owner’s (or older bases for the GMIB and “Greater of” GMDB, and (iii) the charges for joint owner’s, if applicable) 85th birthday (plus any subsequent these guaranteed benefits. contributions made since the most recent “reset” of the Highest Anniversary Value benefit base that established your account The Roll-up benefit base stops rolling up on the contract date anni- value as your new Highest Anniversary Value benefit base). versary following the owner’s (or older joint owner’s, if applicable) 85th birthday. However, even after the Roll-Up benefit base stops If you have taken a withdrawal from your contract, your Highest rolling up, the associated “Guaranteed minimum” death benefit Anniversary Value benefit base will be reduced from the amount will remain in effect, and we will continue to deduct the charge for described above. the benefit. If the contract owner subsequently dies while the contract is still in effect, we will pay a death benefit equal to the higher At any time after a withdrawal, your Highest Anniversary Value bene- of the account value and the applicable benefit base amount. For fit base is equal to the greater of either: the GMIB, the Roll-up benefit base is reduced by any applicable • your Highest Anniversary Value benefit base immediately follow- withdrawal charge remaining when the option is exercised prior to ing the most recent withdrawal (plus any subsequent con- the contract date anniversary following age 85. For more tributions made after any such withdrawal), information, see “Withdrawal charge” in “Charges and expenses” later in this Prospectus. -OR- For contracts with non-natural owners, the Roll-up benefit bases will • your highest account value on any contract date anniversary after be based on the annuitant’s (or older joint annuitant’s) age. the withdrawal, up to the contract date anniversary following the

33 Contract features and benefits Either the Deferral Roll-up amount or the Annual Roll-up amount is If your request to reset your Roll-up benefit base is received at our credited to the Roll-up benefit base on each contract date anniversary. processing office more than 30 days after your contract date anniver- These amounts are calculated by taking into account your Roll-up sary, your Roll-up benefit base will reset on the next contract date benefit base from the preceding contract date anniversary, the appli- anniversary if you are eligible for a reset. cable Roll-up rate under your contract, subsequent contributions to One-time reset requests will be processed as follows: your contract during the contract year and for the Annual Roll-up amount, any withdrawals up to the Annual withdrawal amount during (i) if your request is received within 30 days following your contract the contract year. The calculation of both the Deferral Roll-up amount date anniversary, your Roll-up benefit base will be reset, if and the Annual Roll-up amount are discussed later in this section. eligible, as of that contract date anniversary. If your benefit base was not eligible for a reset on that contract date anniversary, “Greater of” GMDB I and “Greater of” GMDB II benefit bases your one-time reset request will be terminated; Your “Greater of” death benefit base is equal to the greater of: (ii) if your request is received outside the 30 day period following • The Roll-up benefit base; and your contract date anniversary, your Roll-up benefit base will be • The Highest Anniversary Value benefit base. reset, if eligible, on the next contract date anniversary. If your benefit base is not eligible for a reset, your one-time reset Both of these are described immediately above. request will be terminated. Please see Appendix IV later in this Prospectus for an example of how Once your one-time reset request is terminated, you must submit a the benefit base for the “Greater of” GMDB is calculated. new request in order to reset your benefit base. Your guaranteed benefit base(s) is not an account value. As such, the benefit base(s) will not be split or divided in any proportion in con- If you wish to cancel your elected reset program, your request must be nection with an event, such as a divorce or Roth IRA conversion. received by our processing office at least one business day prior to your contract date anniversary to terminate your reset program for such con- Roll-up benefit base reset tract date anniversary. Cancellation requests received after this deadline As described in this section, you will be eligible to reset your Roll-up will be applied the following year. A reset cannot be cancelled after it benefit base on certain contract date anniversaries. The reset amount will has occurred. For more information, see “How to reach us” earlier in equal the account value as of the contract date anniversary on which you this Prospectus. If you die before the contract date anniversary following reset your Roll-up benefit base. The Roll-up continues to the contract age 85 and your spouse continues the contract, the benefit base will be date anniversary following age 85 on any reset benefit base. We reserve eligible to be reset on each contract date anniversary until the contract the right to change or discontinue our reset programs at any time. date anniversary following the spouse’s age 85 as described above. If you elect GMIB with or without the “Greater of” GMDB, you are eligi- It is important to note that once you have reset your Roll-up ble to reset the Roll-up benefit base for these guaranteed benefits to benefit base, a new waiting period to exercise the GMIB equal the account value on any contract date anniversary starting with will apply from the date of the reset. Your new exercise your first contract date anniversary and ending with the contract date date will be the tenth contract date anniversary following anniversary following your 85th birthday. After the contract date the reset or, if later, the earliest date you would have been anniversary following your 85th birthday, the “Greater of” Guaranteed permitted to exercise without regard to the reset, but in no minimum death benefit and its associated charge will remain in effect but the associated Roll-up benefit base will no longer be eligible for resets. event will it be later than the contract date anniversary following age 85. See “Exercise rules” under “Guaranteed mini- If you elect both a “Greater of” GMDB and a GMIB, the Roll-up bene- mum income benefit (“GMIB”)” and “How withdrawals affect your fit bases for both guaranteed benefits are reset simultaneously when guaranteed benefits” below for more information. Please note that in you request a Roll-up benefit base reset. You cannot elect a Roll-up most cases, resetting your Roll-up benefit base will lengthen the benefit base reset for one benefit and not the other. exercise waiting period. Also, even when there is no additional If you are not enrolled in one of our programs, we will notify you, charge when you reset your Roll-up benefit base, the total dollar generally in your annual account statement that we issue each year amount charged on future contract date anniversaries may increase following your contract date anniversary, if the Roll-up benefit base is as a result of the reset since the charges may be applied to a higher eligible to be reset. If eligible, you will have 30 days from your contract benefit base than would have been otherwise applied. See “Charges date anniversary to request a reset. At any time, you may choose one and expenses” later in this Prospectus. of the three available reset methods: one-time reset option, automatic annual reset program or automatic customized reset program. If you are a traditional IRA or QP contract owner, before you reset your Roll-up benefit base, please consider the effect of the plan’s one-time reset option — resets your Roll-up benefit base on a sin- requirement to make lifetime required minimum distributions with gle contract date anniversary. respect to the contract. If you convert from a QP contract to an IRA, automatic annual reset program — automatically resets your the waiting period for the reset under the IRA contract will take into Roll-up benefit base on each contract date anniversary you are eligible account the time before conversion when the contract was a QP for a reset. contract. If you must begin taking lifetime required minimum distributions during the 10-year waiting period, you may want to con- automatic customized reset program — automatically resets your Roll-up benefit base on each contract date anniversary, if eligible, sider taking the annual lifetime required minimum distribution for the period you designate. calculated for the contract from another permissible contract or funding vehicle that you maintain. See “How withdrawals affect

34 Contract features and benefits your guaranteed benefits” later in this section and “Lifetime amounts. You should consider split-funding so that those distributions required minimum distribution withdrawals” in “Accessing your do not adversely impact your GMIB. See “Owner and annuitant money.” Also, see “Required minimum distributions” under requirements” earlier in this section. If the owner was older than age 60 “Individual retirement arrangements (IRAs)” in “Tax information” at the time an IRA or QP contract was issued, the GMIB may not be an and Appendix III — “Purchase considerations for QP Contracts” appropriate feature because the minimum distributions required by tax later in this Prospectus. law generally must begin before the GMIB can be exercised. See “How withdrawals affect your guaranteed benefits” later in this section. Annuity purchase factors If you elect the GMIB option and change ownership of the contract, Annuity purchase factors are the factors applied to determine your this benefit will automatically terminate, except under certain circum- periodic payments under the GMIB and annuity payout options. The stances. See “Transfers of ownership, collateral assignments, loans GMIB is discussed under “Guaranteed minimum income benefit and borrowing” in “More information,” later in this Prospectus. (“GMIB”)” below and annuity payout options are discussed under The GMIB guarantees you a minimum amount of fixed income under “Your annuity payout options” in “Accessing your money” later in a life annuity fixed payout option. You choose whether you want the this Prospectus. Annuity purchase factors are based on interest rates, option to be paid on a single or joint life basis at the time you mortality tables, frequency of payments, the form of annuity benefit, exercise your GMIB. An additional payout option may be available for and the owner’s (and any joint owner’s) age and sex in certain certain contract owners. Please see Appendix IX for more information. instances. We may provide more favorable current annuity purchase We may also make other forms of payout options available. For a factors for the annuity payout options. description of payout options, see “Your annuity payout options” in “Accessing your money” later in this Prospectus. Guaranteed minimum income benefit (“GMIB”) This section describes the Guaranteed minimum income benefit The Guaranteed minimum income benefit should be regarded as a (“GMIB”). safety net only. The GMIB is available to owners ages 20–80 (ages 20-70 for Series When you exercise the GMIB, the annual lifetime income that you will CP® contracts). For owner ages 66–80 at issue, the “Greater of” receive will be the greater of (i) your GMIB which is calculated by GMDB I and the “Greater of” GMDB II are not available. See Appen- applying your Roll-up benefit base, less any applicable withdrawal dix IX later in this Prospectus for more information. You may elect charge remaining (if exercised prior to age 85), to GMIB guaranteed one of the following: annuity purchase factors, or (ii) the income provided by applying your account value to our then current annuity purchase factors or base • The Guaranteed minimum income benefit I — Asset Allocation contract guaranteed annuity purchase factors. The benefit base is (“GMIB I — Asset Allocation”). applied only to the guaranteed annuity purchase factors under the • The Guaranteed minimum income benefit II — Custom Selection GMIB in your contract and not to any other guaranteed or current (“GMIB II — Custom Selection”). annuity purchase rates. Your account value is never applied to the guaranteed annuity purchase factors under GMIB. The amount of Both options include the ability to reset your Roll-up benefit base. See income you actually receive will be determined when we receive your “Roll-up benefit base reset” earlier in this section. Under GMIB I — request to exercise the benefit. Asset Allocation, you are restricted to the investment options available under Option A — Asset Allocation. Under GMIB II — Custom When you elect to receive annual lifetime income, your contract Selection, you can choose either Option A — Asset Allocation or (including its death benefit and any account or cash values) will Option B — Custom Selection. You should not elect GMIB II — terminate and you will receive a new contract for the annuity payout Custom Selection and invest your account value in Option A if you option. For a discussion of when your payments will begin and end, plan to never switch to Option B, since GMIB I — Asset Allocation’s see “Exercise of GMIB” below. optional benefit charge is lower and offers Option A. Before you elect the GMIB, you should consider the fact that If you elect the GMIB I — Asset Allocation, you may elect the Return of it provides a form of insurance and is based on conservative Principal death benefit, Highest Anniversary Value death benefit, or the actuarial factors. Therefore, even if your account value is “Greater of” GMDB I. You may not elect the “Greater of” GMDB II. less than your benefit base, you may generate more income by applying your account value to current annuity purchase If you elect the GMIB II — Custom Selection, you may elect the Return factors. We will make this comparison for you upon request. of Principal death benefit, Highest Anniversary Value death benefit, or Surrendering your contract will terminate your GMIB. Please see the “Greater of” GMDB II. You may not elect the “Greater of” GMDB I. “Surrendering your contract to receive its cash value” in “Accessing If the contract is jointly owned, the GMIB will be calculated on the your money” later in this Prospectus. basis of the older owner’s age. There is an additional charge for the Annual Roll-up rate GMIB which is described under “Guaranteed minimum income benefit charge” in “Charges and expenses” later in this Prospectus. Beginning with the contract year in which the first withdrawal is taken out of the contract until the contract date anniversary following This feature is not available for an Inherited IRA. If you are using age 85, the Annual Roll-up rate is: the contract to fund a charitable remainder trust (for Series B and • 5%, if withdrawals begin after the contract date anniversary Series L contracts only), you will have to take certain distribution when the owner is age 64.

35 Contract features and benefits • 4%, if withdrawals begin on or prior to the contract date anniver- Amounts withdrawn from your contract in excess of your Annual sary when the owner is age 64. withdrawal amount, and all subsequent withdrawals from your contract in that contract year, will always reduce your Roll-up benefit The Annual Roll-up rate is used to calculate your Annual withdrawal base on a pro rata basis. For more information, see “How with- amount. It is also used to calculate amounts credited to your Roll-up drawals affect your guaranteed benefits” later in this section. benefit base for the contract year in which the first withdrawal is made from your contract and all subsequent contract years. The Deferral Roll-up amount and annual Roll-up benefit base Roll-up rate used to calculate amounts credited to your Roll-up bene- adjustment fit base in the contract years prior to the first withdrawal from your The Deferral Roll-up amount is an amount credited to your Roll-up contract is called the “Deferral Roll-up rate”. benefit base on each contract date anniversary before you take your The Annual Roll rate operates differently if your spouse continues the first withdrawal from your contract. The amount is calculated by tak- contract as successor owner upon your death. Please see “Spousal ing into account your Roll-up benefit base from the preceding con- continuation” in “Payment of death benefit“ for more information on tract date anniversary, the Deferral Roll-up rate and contributions to how the Annual Roll-up rate is determined for the contract if your your contract during the contract year. spouse continues the contract as successor owner upon your death. Your Deferral Roll-up amount at the end of the contract year is calcu- Deferral Roll-up rate lated as follows: The Deferral Roll-up rate is 5%. The Deferral Roll-up rate is only used • your Roll-up benefit base on the preceding contract date anniver- to calculate amounts credited to your Roll-up benefit base through sary, or initial benefit base in the first contract year, multiplied by: the end of the contract year that precedes the contract year in which • 5% (the Deferral Roll-up rate); plus the first withdrawal is made from your contract. Annual Roll-up amount and annual Roll-up benefit base • A pro-rated Deferral Roll-up amount for any contribution to your adjustment contract during the contract year. The Annual Roll-up amount is an amount credited to your Roll-up A pro-rated Deferral Roll-up amount is based on the number of days in benefit base on each contract date anniversary once you take a with- the contract year after the contribution. drawal from your contract. The Annual Roll-up amount adjustment to In the event of your death, a pro-rated portion of the Deferral Roll-up your Roll-up benefit base is a primary way to increase the value of amount will be added to the Roll-up benefit base, if applicable. your Roll-up benefit base. This amount is calculated by taking into account your Roll-up benefit base from the preceding contract date Annual withdrawal amount anniversary, the Annual Roll-up rate, contributions to your contract Your Annual withdrawal amount is calculated on the first day of each during the contract year and any withdrawals up to the Annual with- contract year beginning in the second contract year, and is equal to: drawal amount during the contract year. A withdrawal taken in the first contract year is an Excess withdrawal and will reduce (i) your • the Annual Roll-up rate, or initial benefit base in the first con- Roll-up benefit base on pro rata basis and (ii) your Annual Roll-up tract year, multiplied by; amount on a dollar-for-dollar basis, but not less than zero. However, • the Roll-up benefit base as of the most recent contract date a RMD withdrawal from our RMD program in the first contract year anniversary. will reduce your Roll-up benefit base on a dollar-for-dollar basis. You do not have an Annual withdrawal amount in the first contract Your Annual Roll-up amount at the end of the contract year is calcu- year. Any withdrawal from your contract during the first contract year lated, as follows: is treated as an Excess withdrawal and will reduce your Roll-up bene- • your Roll-up benefit base on the preceding contract date anniver- fit base on a pro rata basis and your Annual Roll-up amount on a sary, multiplied by: dollar-for-dollar basis. • the Annual Roll-up rate; less Beginning in the second contract year, you may withdraw up to your Annual withdrawal amount without reducing your Roll-up benefit • any withdrawals up to the Annual withdrawal amount resulting base. Amounts withdrawn from your contract in excess of your in a dollar-for-dollar reduction of the Annual Roll-up amount; Annual withdrawal amount, and all subsequent withdrawals from plus your contract in that contract year, will always reduce your Roll-up • A pro-rated Roll-up amount for any contribution to your contract benefit base on a pro rata basis. Each such withdrawal is referred to during the contract year. as an “Excess withdrawal”. For an example of how a pro rata reduction works, see “How withdrawals affect your guaranteed benefits” A pro-rated Roll-up amount is based on the number of days in the later in this section. It is important to note that withdrawals in contract year after the contribution. excess of your Annual withdrawal amount may have a The Roll-up benefit base, used in connection with the GMIB and the harmful effect on your guaranteed benefit bases. An Excess “Greater of” GMDB, stops rolling up on the contract date anniversary withdrawal that reduces your account value to zero will following the owner’s (or older joint owner, if applicable) 85th birthday. causeyourGMIBtoterminate. In the event of your death, a pro-rated portion of the Annual Roll-up Please remember that the Roll-up benefit base is only one component amount will be added to the Roll-up benefit base, if applicable. of the benefit base for the “Greater of” GMDB I and “Greater of”

36 Contract features and benefits GMDB II. These benefit bases are equal to the greater of the Roll-up We deduct guaranteed benefit and annual administrative charges benefit base and the Highest Anniversary Value benefit base. This from your account value on your contract date anniversary. If you means if the Highest Anniversary Value benefit base is greater than elected the Guaranteed minimum income benefit, you can only the Roll-up benefit base at the time of a withdrawal, even if your exercise the benefit during the 30 day period following your contract Roll-up benefit base is not reduced as a result of the withdrawal, your date anniversary. Therefore, if your account value is not sufficient to “Greater of” death benefit base will be reduced. Your Annual with- pay fees on your next contract date anniversary, your contract will drawal amount is based solely on your Roll-up benefit base; it is not terminate without value and you will not have an opportunity to impacted by your Highest Anniversary Value benefit base. exercise your Guaranteed minimum income benefit unless the no Your Annual withdrawal amount is calculated using the Annual lapse guarantee provision under your contract is still in effect. See Roll-up rate. Your Annual withdrawal amounts are not cumulative. If “Effect of your account value falling to zero” in “Determining your you withdraw less than your Annual withdrawal amount in any con- contract’s value” later in this Prospectus. tract year, you may not add the remainder to your Annual withdrawal amount in any subsequent year. You must return your contract to us, along with all required information within 30 days following your contract date anniversary, Effect of an Excess withdrawal. An Excess withdrawal will in order to exercise this benefit. Upon exercising the GMIB, any always reduce your Roll-up benefit base and your Highest Anniversary Guaranteed minimum death benefit you elected will terminate with- Value benefit base on a pro rata basis. This means that once a without value. Also, upon exercise of the GMIB, the owner (or older joint drawal is taken that causes the sum of the withdrawals from your owner, if applicable) will become the annuitant, and the contract will contract to exceed the Annual withdrawal amount, that portion of be annuitized on the basis of the annuitant’s life. You will begin the withdrawal that exceeds the Annual withdrawal amount and any receiving annual payments one year after the annuity payout contract subsequent withdrawals in that contract year will reduce your is issued. If you choose monthly or quarterly payments, you will guaranteed benefit bases on a pro rata basis. receive your payment one month or one quarter after the annuity For an example of how your Annual withdrawal amount, Annual Roll- payout contract is issued. Under monthly or quarterly payments, the up amount, Deferral Roll-up amount and an Excess withdrawal affect aggregate payments you receive in a contract year will be less than your Roll-up benefit base see Appendix IV later in this Prospectus. what you would have received if you had elected an annual payment, as monthly and quarterly payments reflect the time value of money GMIB “no lapse guarantee”. In general, if your account value with regard to both interest and mortality. You may choose to take a falls to zero (except as discussed below), the GMIB will be exercised withdrawal prior to exercising the GMIB, which will reduce your automatically, based on the owner’s (or older joint owner’s, if appli- payments. You may not partially exercise this benefit. See “Accessing cable) current age and benefit base, as follows: your money” under “Withdrawing your account value” later in this • You will be issued a life only supplementary contract based on Prospectus. Payments end with the last payment before the annui- your life. Upon exercise, your contract (including its death bene- tant’s (or joint annuitant’s, if applicable) death. fit and any account or cash values) will terminate. Please see “Exercise of the GMIB in the event of a GMIB fee increase” under “Charges and expenses” later in this Prospectus for • You will have 30 days from when we notify you to change the information on exercising your GMIB upon notice of a change to the payout option and/or the payment frequency. GMIB fee. The no lapse guarantee will terminate under the following circumstances: Exercise rules. The latest date you may exercise the GMIB is the • If your aggregate withdrawals during your second or later con- 30th day following the contract date anniversary following your 85th tract year exceed your Annual withdrawal amount; birthday. Withdrawal charges, if any, will not apply when the GMIB is exercised at age 85. Other options are available to you on the con- • Upon the contract date anniversary following the owner (or tract date anniversary following your 85th birthday. See “Guaranteed older joint owner, if applicable) reaching age 85. withdrawal benefit for life (“GWBL”)” later in this Prospectus. In If your no lapse guarantee is no longer in effect and your account addition, eligibility to exercise the GMIB is based on the owner’s (or value subsequently falls to zero, your contract will terminate without older joint owner’s, if applicable) age, as follows: value, and you will lose the Guaranteed minimum income benefit, • If you were at least age 20 and no older than age 44 when the Guaranteed minimum death benefit (if elected) and any other contract was issued, you are eligible to exercise the GMIB within guaranteed benefits. 30 days following each contract date anniversary beginning with Please note that if you participate in our Automatic RMD service, an the 15th contract date anniversary. automatic withdrawal under that program will not cause the no lapse • If you were at least age 45 and no older than age 49 when the guarantee to terminate even if a withdrawal causes your total con- contract was issued, you are eligible to exercise the GMIB tract year withdrawals to exceed your Annual withdrawal amount. within 30 days following each contract date anniversary after Exercise of GMIB. On each contract date anniversary that you are age 60. eligible to exercise the GMIB, we will send you an eligibility notice • If you were at least age 50 and no older than age 75 when the illustrating how much income could be provided as of the contract contract was issued, you are eligible to exercise the GMIB within date anniversary. You must notify us within 30 days following the 30 days following each contract date anniversary beginning with contract date anniversary if you want to exercise the GMIB. the 10th contract date anniversary.

37 Contract features and benefits To exercise the Guaranteed minimum income benefit: of the benefit and which of the exercise rules applies. For example, if an owner is age 70 at issue, and he dies at age 79, — We must receive your notification in writing within 30 days and the spouse beneficiary is 86 on the date of his death, she following any contract date anniversary on which you are will not be able to exercise the GMIB, even though she was 77 eligible; and at the time the contract was issued, because eligibility is meas- — Your account value must be greater than zero on the ured using her age at the time of the owner’s death, not her age exercise date. See “Effect of your account value falling to on the issue date. The original contract issue date will continue zero” in “Determining your contract’s value” for more to apply for purposes of the exercise rules; information about the impact of insufficient account value (vi) if the contract is jointly owned, you can elect to have the GMIB on your ability to exercise the Guaranteed minimum income paid either: (a) as a joint life benefit or (b) as a single life benefit benefit. paid on the basis of the older owner’s age (if applicable); and Please note: (vii) if the contract is owned by a trust or other non-natural person, (i) if you were age 76 when the contract was issued or the Roll-up eligibility to elect or exercise the GMIB is based on the annui- benefit base was reset when you were between the ages of 75 tant’s (or older joint annuitant’s, if applicable) age, rather than and 80, the only time you may exercise the GMIB is within 30 the owner’s. days following the contract date anniversary following your See “Effect of the owner’s death” under “Payment of death benefit” attainment of age 85; later in this Prospectus for more information. (ii) for Accumulator® Series QP contracts, the Plan participant can If your account value is insufficient to pay applicable charges when exercise the GMIB only if he or she elects to take a distribution due, your contract will terminate, which could cause you to lose your from the Plan and, in connection with this distribution, the Guaranteed minimum income benefit. For more information, please Plan’s trustee changes the ownership of the contract to the par- see ‘‘Effect of your account value falling to zero’’ in ‘‘Determining ticipant. This effects a rollover of the Accumulator® Series QP your contract’s value” and the section entitled ‘‘Charges and contract into an Accumulator® Series traditional IRA. This proc- expenses’’ later in this Prospectus. ess must be completed within the 30-day time frame following the contract date anniversary in order for the Plan participant to For information about the impact of withdrawals on the Guaranteed be eligible to exercise. However, if the GMIB is automatically minimum income benefit and any other guaranteed benefits you may exercised as a result of the no lapse guarantee, a rollover into an have elected, please see ‘‘How withdrawals affect your guaranteed IRA will not be affected and payments will be made directly to benefits’’ later in this section. the trustee; From time to time, we may offer you some form of payment or (iii) since no partial exercise is permitted, owners of defined benefit incentive in return for terminating or modifying certain guaranteed QP contracts who plan to change ownership of the contract to benefits. See “Guaranteed benefit offers” later in this section for the participant must first compare the participant’s lump sum more information. benefit amount and annuity benefit amount to the Roll-up bene- If you previously accepted an offer to terminate a guaranteed benefit, fit base and account value, and make a withdrawal from the you no longer have an enhanced or the standard death benefit. contract if necessary. See “How withdrawals affect your guaran- Please refer to the terms of your offer for information about your teed benefits” later in this section; remaining death benefit. (iv) if you reset the Roll-up benefit base (as described ear- Asset transfer program (“ATP”) lier in this section), your new exercise date will be the tenth contract date anniversary following the reset or, If the GMIB, the “Greater of” GMDB or the GWBL is in effect, you are if later, the earliest date you would have been permit- required to participate in the asset transfer program (“ATP”). The ted to exercise without regard to the reset, but in no ATP helps us manage our financial exposure in providing the guaran- event will it be later than the contract date anniversary teed benefits, by using predetermined mathematical formulas to following age 85. Please note that in most cases, reset- move account value between the AXA Ultra Conservative Strategy ting your Roll-up benefit base will lengthen the waiting investment option and the variable investment options. The formulas period; applicable to you may not be altered once you elect the benefit. In essence, we seek to preserve account value by transferring some or (v) a spouse beneficiary or younger spouse joint owner under all of your account value to a more stable option (i.e., the AXA Ultra Spousal continuation may only continue the GMIB if the contract Conservative Strategy investment option). The formulas also con- is not past the last date on which the original owner could have template the transfer of some or all of the account value from the exercised the benefit. In addition, the spouse beneficiary or AXA Ultra Conservative Strategy investment option to the variable younger spouse joint owner must be eligible to continue the investment options according to your allocation instructions on file. benefit and to exercise the benefit under the applicable exercise The formulas are described below and are also described in greater rule (described in the above bullets) using the following addi- detail in Appendix VIII later in this Prospectus. tional rules. The spouse beneficiary or younger spouse joint owner’s age on the date of the owner’s death replaces the The AXA Ultra Conservative Strategy investment option will only be owner’s age at issue, for purposes of determining the availability used to hold amounts transferred out of your variable investment

38 Contract features and benefits options in accordance with the formulas described below. The AXA file. Any amounts that would have been allocated to the guaranteed Ultra Conservative Strategy investment option is not part of Option A interest option, based on your allocation instructions on file, will be or Option B, and you may not directly allocate a contribution to the allocated among the variable investment options. No amounts will be AXA Ultra Conservative Strategy investment option or request a transferred into or out of the guaranteed interest option or a Special transfer of account value into the AXA Ultra Conservative Strategy DCA program as a result of any ATP transfer. investment option. The ATP applies regardless of whether you elect If you make a contribution after the contract date, that contribution Option A or Option B. On a limited basis, you may request a transfer will be allocated according to the instructions that you provide or, if out of the AXA Ultra Conservative Strategy investment option, subject we do not receive any instructions, according to the allocation to the rules discussed below. For a summary description of the AXA instructions on file for your contract. If the contribution is processed Ultra Conservative Strategy investment option, please see “Portfolios on a valuation day, it will be subject to an ATP transfer calculation on of the Trusts” in “Contract features and benefits” earlier in this that day. If the contribution is received between valuation days, the Prospectus. amount contributed will be subject to an ATP transfer calculation on Transfers into or out of the AXA Ultra Conservative Strategy invest- the next valuation day. ment option, if required, are processed on each valuation day. The A separate formula, called the transfer amount formula, is used to valuation day occurs on each contract monthiversary. The contract calculate the amount that must be transferred either into or out of the monthiversary is the same date of the month as the contract date. If AXA Ultra Conservative Strategy investment option when the ATP the contract monthiversary is not a business day in any month, the formula indicates that such a transfer is required. For example, the valuation day will be the preceding business day. For contracts with transfer amount formula reallocates account value such that for every issue dates after the 28th day of the month, the valuation day will be 1% by which the contract ratio exceeds the minimum transfer point on the first business day of the following month. In the twelfth month after the transaction 10% of the account value will be invested in the of the contract year, the valuation day will be on the contract date AXA Ultra Conservative Strategy investment option, the guaranteed anniversary. If the contract date anniversary occurs on a day other interest option, and a Special DCA program. When the contract ratio than a business day, the valuation day will be the business day exceeds the minimum transfer point by 10% (i.e., it reaches the immediately preceding the contract date anniversary. maximum transfer point), amounts will be transferred into the AXA In general, the formulas work as follows. On each valuation day, two Ultra Conservative Strategy investment option such that 100% of formulas — the ATP formula and the transfer amount formula — are account value will be invested in the AXA Ultra Conservative Strategy used to automatically perform an analysis with respect to your GMIB. investment option, the guaranteed interest option, and a Special DCA For purposes of these calculations, amounts in the guaranteed interest program. On the first day of your first contract year, the minimum option and any Special DCA program are excluded from amounts that transfer point is 10% and the maximum transfer point is 20%. The are transferred into the AXA Ultra Conservative Strategy investment minimum and maximum transfer points increase each contract option. monthiversary. After the 20th contract year, the minimum transfer point is 50% and the maximum transfer point is 60%. See Appendix The first formula, called the ATP formula, begins by calculating a VIII for a list of transfer points. contract ratio, which is determined by dividing the account value by the Roll-up benefit base, and subtracting the resulting number from On any day that a transfer (excluding a dollar cost averaging transfer) one. The contract ratio is then compared to predetermined “transfer is made out of the guaranteed interest option into a variable invest- points” to determine what portion of account value needs to be held ment option, the formulas described above will be run, which may in in the AXA Ultra Conservative Strategy investment option. turn trigger an off cycle ATP transfer. Regardless of when this off cycle valuation occurs, an ATP valuation will again occur on the next If the contract ratio is equal to or less than the minimum transfer valuation day. An off cycle valuation will not occur on a month- point, all of the account value in the AXA Ultra Conservative Strategy iversary. Cancellation of any dollar cost averaging program will not investment option, if any, will be transferred to the variable invest- trigger an off cycle ATP transfer. For the purposes of any off cycle ment options according to your allocation instructions on file. If the calculation, the ATP transfer formula will use the account value as of contract ratio on the valuation day exceeds the minimum transfer the previous business day. Off cycle calculations will use the transfer point but is less than the maximum transfer point, amounts may be points for the most recent valuation day. transferred either into or out of the AXA Ultra Conservative Strategy investment option depending on the account value already in the If you take a withdrawal from your contract and there is account value AXA Ultra Conservative Strategy investment option, the guaranteed allocated to the AXA Ultra Conservative Strategy investment option, the interest option and a Special DCA program. If the contract ratio on withdrawal will be taken pro rata out of your variable investment the valuation day is equal to or greater than the maximum transfer options (including the AXA Ultra Conservative Strategy investment point, the total amount of your account value in the variable invest- option) and the guaranteed interest option, if applicable. If there is ment options, will be transferred into the AXA Ultra Conservative insufficient value or no value in those investment options, any addi- Strategy investment option. tional amount of the withdrawal required or the total amount of the withdrawal will be withdrawn from the Special DCA program. ATP transfers into the AXA Ultra Conservative Strategy investment option will be transferred out of your variable investment options on Subject to any necessary regulatory approvals and advance notice to a pro rata basis. ATP transfers out of the AXA Ultra Conservative affected contract owners, we reserve the right to utilize an investment Strategy investment option will be allocated among the variable option other than the AXA Ultra Conservative Strategy investment investment options in accordance with your allocation instructions on option as part of the ATP.

39 Contract features and benefits ATP exit option. Apart from the operation of the formulas, you that the Roll-up benefit base will be adjusted without a corre- may request a transfer of account value in the AXA Ultra Conservative sponding adjustment to the Highest Anniversary Value benefit Strategy investment option. You may wish to exercise the ATP exit base and vice versa. option if you seek greater equity exposure and if it meets your • Highest Anniversary Value death benefit: The benefit base value investment goals and risk tolerance. This strategy may result in higher for the Highest Anniversary Value death benefit will be adjusted growth of your account value if the market increases which may also to the lesser of the current value of that benefit base or the new increase your benefit bases upon a reset. On the other hand, if the benefit base produced by the ATP exit option formula. market declines, your account value will also decline which will reduce the likelihood that your benefit bases will increase. You should • Return of Principal death benefit: The Return of Principal death consult with your financial professional to assist you in determining benefit base is not adjusted. whether exercising the ATP exit option meets your investment goals and risk tolerance. For information about the ATP exit option, please see Appendix VIII later in this Prospectus. The ATP exit option is subject to the following limitations: ATP continuation rules. Under the following circumstances the • You may not transfer out of the AXA Ultra Conservative Strategy ATP will continue as described above, except that the ATP exit option investment option during the first contract year. will no longer be available. See Appendix VIII later in this Prospectus • Beginning in the second contract year, you may make a transfer for more information. out of the AXA Ultra Conservative Strategy investment option • If the GMIB converts to the GWBL on the contract date anniver- only once per contract year. sary following age 85, the ATP will use the GWBL benefit base • You must elect the transfer on a specific transfer form we provide. for all applicable calculations. • 100% of your account value in the AXA Ultra Conservative Strat- • If the “Greater of” GMDB is elected with the GMIB and the egy investment option must be transferred out. You cannot request GMIB is dropped without converting to GWBL on the contract a partial transfer. The transfer will be allocated to your variable date anniversary following age 85, the ATP will use the GMDB investment options based on the instructions we have on file. benefit base for all applicable calculations. • There is no minimum account value requirement for the ATP exit • If you convert to the GWBL while the “Greater of” GMDB is in option. You may make this election if you have any account effect and later drop the GWBL, the ATP will use the GMDB value in the AXA Ultra Conservative Strategy investment option. benefit base for all applicable calculations. Dropping the Guaranteed minimum income benefit after • We are not able to process an ATP exit option on a valuation day issue or on a day where we process an off cycle transfer. If your transfer form is received in good order on a valuation day or a day on You may drop the GMIB from your contract after issue and prior to which we process an off cycle transfer, your ATP exit option will be conversion to the GWBL, subject to the following restrictions: processed on the next business day. If no account value remains in • You may not drop the GMIB if there are any withdrawal charges the AXA Ultra Conservative Strategy investment option on that in effect under your contract, including withdrawal charges day, there will be no transfer and your election will not count as applicable to subsequent contributions. your one permitted ATP exit option for that contract year. • The GMIB will be dropped from your contract on the date we If we process an ATP exit option, we will recalculate your benefit receive your election form at our processing office in good order. bases. A transfer may result in a reduction in your benefit bases and If you drop the GMIB on a date other than a contract date anni- therefore a reduction in the value of your benefits. versary, we will deduct a pro rata portion of the GMIB charge for On the day the ATP exit option is processed, the current value of the the contract year on that date. Roll-up benefit base is compared to the new benefit base produced • If you elect the “Greater of” GMDB I or “Greater of” GMDB II by the ATP exit option formula. The Roll-up benefit base is adjusted and the corresponding GMIB, and subsequently drop the GMIB to the lesser of the current value of that benefit base or the new prior to the contract date anniversary following age 85, we will benefit base produced by the ATP exit option formula. no longer deduct the GMIB charge. We will also automatically If the Roll-up benefit base is adjusted, there are no corresponding terminate the Guaranteed minimum death benefit and its charge adjustments made to the Deferral Roll-up amount, the Annual Roll-up and apply the Return of Principal death benefit. amount and the Annual withdrawal amount in that contract year. Any • If you elect the Highest Anniversary Value death benefit with the such amounts are added to your newly adjusted Roll-up benefit base. GMIB and subsequently drop the GMIB prior to the contract The effect of the ATP exit option on the Guaranteed minimum death date anniversary following age 85, we will no longer deduct the benefit bases is as follows: GMIB charge. Your contract will continue with the Highest Anniversary Value death benefit at the applicable charge. With- • “Greater of” GMDB: Both the Roll-up benefit base and the High- drawals will now reduce your Highest Anniversary Value benefit est Anniversary Value benefit base will be adjusted to the lesser of base on a pro rata basis. See “How withdrawals affect your the current value of that benefit base or the new benefit base guaranteed benefits” later in this section. produced by the ATP exit option formula. There is the potential

40 Contract features and benefits • If you drop the GMIB from your contract prior to the contract associated withdrawal charges, if applicable). The Return of Principal date anniversary following age 85, the ATP will no longer be in death benefit is available to all owners. effect. Any account value in the AXA Ultra Conservative Strategy If you elect one of the “Greater of” death benefits or the Highest investment option will be allocated to your variable investment Anniversary Value death benefit, your death benefit is equal to your options. account value as of the date we receive satisfactory proof of the If a benefit has been dropped, you will receive a letter confirming that owner’s (or older joint owner’s, if applicable) death, any required the benefit has been dropped. If you drop the GMIB you will not be instructions for the method of payment, information and forms permitted to add the GMIB to your contract again. See “Guaranteed necessary to effect payment, or the benefit base of your elected minimum death benefit” below for more information regarding how “Greater of” GMDB or the Highest Anniversary Value death benefit dropping the GMIB will affect the Guaranteed minimum death on the date of the owner’s (or older joint owner’s, if applicable) benefit. See “How withdrawals affect your guaranteed benefits” death, adjusted for any subsequent withdrawals (and associated below in this section for more information on how withdrawals are withdrawal charges, if applicable), whichever provides the higher treated after the GMIB is dropped. amount. Once your contract is issued, you may not change or voluntarily terminate your death benefit. However, dropping the GMIB can Dropping your guaranteed benefits in the event of a fee cause the corresponding “Greater of” GMDB to also be dropped. change. In the event that we exercise our contractual right to Please see below and “Payment of death benefit” later in this Pro- change the fees for the guaranteed benefits, you may be given a one- spectus for more information. time opportunity to drop your guaranteed benefits, subject to our rules. You may drop your guaranteed benefits only within 30 days of The Highest Anniversary Value death benefit can be elected by itself. the fee change notification. The requirement that all withdrawal Each “Greater of” GMDB is available only with the corresponding charges have expired will be waived. Please see “Fee changes for the GMIB. Therefore, the “Greater of” GMDB I can only be elected if you guaranteed benefits” under “Charges and expenses” later in this also elect the GMIB I — Asset Allocation. The “Greater of” GMDB II Prospectus for information on dropping your GMIB upon notice of a can only be elected if you also elect the GMIB II — Custom Selection. change to the GMIB fee. There is an additional charge for the “Greater of” GMDB and the Highest Anniversary Value death benefit. There is no additional Guaranteed minimum death benefit charge for the Return of Principal death benefit. See “Charges and expenses” later in this Prospectus. You may choose from three death benefit options: If you elect to drop the GMIB prior to the contract date anniversary fol- • Return of Principal death benefit; lowing age 85, the “Greater of” GMDB will be dropped automatically. • Highest Anniversary Value death benefit; If the GMIB is dropped without converting to the GWBL within 30 • “Greater of” death benefits: days after the contract date anniversary following age 85, then the “Greater of” GMDB will be retained, along with the associated — The “Greater of” GMDB I (available only if elected with the charges and withdrawal treatment. If a benefit has been dropped, GMIB I — Asset Allocation); or you will receive a letter confirming that the drop has occurred. See — The “Greater of” GMDB II (available only if elected with the “Dropping the Guaranteed minimum income benefit after issue” GMIB II — Custom Selection). earlier in this section for more information. The Return of Principal death benefit, if elected without a GMIB, is If the “Greater of” GMDB is dropped, your death benefit value will available at issue to all owners. If elected with a GMIB, the Return of be what the value of the Return of Principal death benefit would Principal death benefit is issued to owners age 20-80 (age 20-70 for have been if the Return of Principal death benefit were elected at Series CP®). The Highest Anniversary Value death benefit, if elected issue. If the “Greater of” GMDB is dropped on a contract anniver- without a GMIB, is issued to owners age 0-80 (age 0-70 for Series sary, the charges will be taken, but will not be taken on future con- CP®). If elected with a GMIB, the Highest Anniversary Value death tract date anniversaries. If the “Greater of” GMDB is not dropped benefit is issued to owners age 20-80 (age 20-70 for Series CP®). The on a contract anniversary, then the pro rata portion of the fees will “Greater of” GMDB, which must be elected with a GMIB, is issued to be charged. owners age 20-65. Please note that the maximum issue age for the The Highest Anniversary death benefit and the “Greater of” death death benefit options may be different for certain contract owners. benefits have an additional charge. There is no additional charge for Please see Appendix IX later in this Prospectus for more information. the Return of Premium death benefit. Although the amount of your Your contract provides a Return of Principal death benefit. If you do Highest Anniversary or “Greater of” death benefit will no longer not elect one of the “Greater of” death benefits or the Highest Anni- increase after age 85, we will continue to deduct the charge for that versary Value death benefit described below when your contract is death benefit as long as it remains in effect. See “Guaranteed benefit issued, the death benefit is equal to your account value as of the date charges” in “Charges and expenses” for more information. we receive satisfactory proof of death, any required instructions for If you elect one of the death benefit options described above and the method of payment, information and forms necessary to effect change ownership of the contract, generally the benefit will payment, OR the Return of Principal death benefit, whichever pro- automatically terminate, except under certain circumstances. If this vides the higher amount. The Return of Principal death benefit is occurs, any death benefit elected will be replaced automatically with equal to your total contributions, adjusted for withdrawals (and any the Return of Principal death benefit. See “Transfers of ownership,

41 Contract features and benefits collateral assignments, loans and borrowing” in “More information” and your GMIB then converts to the GWBL, the Earnings enhance- later in this Prospectus for more information. ment benefit will continue in force after conversion, although it may be adversely affected by withdrawals under the GWBL. See If your contract terminates for any reason, your Guaranteed minimum “Guaranteed withdrawal benefit for life (“GWBL”)” later in this death benefit will also terminate. See “Termination of your contract” Prospectus. in “Determining your contract’s value” for information about the circumstances under which your contract will terminate. If you elect the Earnings enhancement benefit described below and change ownership of the contract, generally this benefit will Subject to state availability (see Appendix IX later in this Prospectus for automatically terminate, except under certain circumstances. See state availability of these benefits), your age at contract issue, and your “Transfers of ownership, collateral assignments, loans and borrow- contract type, you may elect one of the death benefits described above. ing” in “More information,” later in this Prospectus. This benefit will For contracts with non-natural owners, the available death benefits also terminate if your contract terminates for any reason. See are based on the annuitant’s age. “Termination of your contract” in “Determining your contract’s value later in this Prospectus.” Each death benefit is equal to its corresponding benefit base described earlier in “Guaranteed minimum death benefit and The additional death benefit will be 40% of: Guaranteed minimum income benefit base.” Once you have made your death benefit election, you may not change it. the greater of: If you purchase a “Greater of” GMDB with a GMIB, you will be eligi- • the account value, or ble to reset your Roll-up benefit base. See “Roll-up benefit base • any applicable death benefit reset” earlier in this section. decreased by: Please see “How withdrawals affect your guaranteed benefits” later in this section and “Effect of your account value falling to zero” in • total net contributions “Determining your contract’s value” and the section entitled For purposes of calculating your Earnings enhancement benefit, the “Charges and expenses” later in this Prospectus for more information following applies: (i) “Net contributions” are the total contributions on these guaranteed benefits. made (or if applicable, the total amount that would otherwise have If you are using your Series B or Series L contract to fund a charitable been paid as a death benefit had the spouse beneficiary or younger remainder trust, you will have to take certain distribution amounts. spouse joint owner not continued the contract plus any subsequent You should consider split-funding so that those distributions do not contributions) adjusted for each withdrawal that exceeds your Earn- adversely impact your Guaranteed minimum death benefit. See ings enhancement benefit earnings. “Net contributions” are “Owner and annuitant requirements” earlier in this section. reduced by the amount of that excess. Earnings enhancement benefit earnings are equal to (a) minus (b) where (a) is the greater of the See Appendix IV later in this Prospectus for an example of how we account value and the death benefit immediately prior to the with- calculate the guaranteed benefit bases. drawal, and (b) is the net contributions as adjusted by any prior From time to time, we may offer you some form of payment or incentive withdrawals (for Series CP® contracts, credit amounts are not in return for terminating or modifying certain guaranteed benefits. See included in “net contributions”); and (ii) “Death benefit” is equal to “Guaranteed benefit offers” later in this section for more information. the greater of the account value as of the date we receive satisfactory proof of death or any applicable Guaranteed minimum If you previously accepted an offer to terminate a guaranteed benefit, death benefit as of the date of death. you no longer have an enhanced or the standard death benefit. Please refer to the terms of your offer for information about your For Series CP® contracts, for purposes of calculating your Earnings remaining death benefit. enhancement benefit, if any contributions are made in the one-year period prior to death of the owner (or older joint owner, if Surrendering your contract will terminate your death benefit. Please applicable), the account value will not include any credits applied in see “Surrendering your contract to receive its cash value” in the one-year period prior to death. “Accessing your money” later in this Prospectus. Earnings enhancement benefit If the owner (or older joint owner, if applicable) is age 71 through 75 when we issue your contract (or if the spouse beneficiary or younger Subject to state and contract availability (see Appendix IX later in this spouse joint owner is between the ages of 71 and 75 when he or she Prospectus for state availability of these benefits), if you are purchas- becomes the successor owner and the Earnings enhancement benefit ing a contract under which the Earnings enhancement benefit is had been elected at issue), the additional death benefit will be 25% of: available, you may elect the Earnings enhancement benefit at the time you purchase your contract. The Earnings enhancement benefit the greater of: provides an additional death benefit as described below. See the • the account value, or appropriate part of “Tax information” later in this Prospectus for the potential tax consequences of electing to purchase the Earnings • any applicable death benefit enhancement benefit in an NQ or IRA contract. Once you purchase decreased by: the Earnings enhancement benefit you may not voluntarily terminate this feature. If you elect the Earnings enhancement benefit at issue, • total net contributions

42 Contract features and benefits The value of the Earnings enhancement benefit is frozen on the first The “Conversion effective date” is the contract date anniversary fol- contract date anniversary after the owner (or older joint owner, if lowing the contract owner’s age 85, if applicable. applicable) turns age 85, except that the benefit will be reduced for withdrawals on a pro rata basis. Reduction on a pro rata basis means A Roll-up benefit base reset for the GMIB does not extend the waiting that we calculate the percentage of the current account value that is period during which you can convert. being withdrawn and we reduce the benefit by that percentage. For example, if the account value is $30,000 and you withdraw $12,000, If you have neither exercised the GMIB nor dropped it from your con- you have withdrawn 40% of your account value. If the benefit is tract as of the contract date anniversary following age 85 (“last $40,000 before the withdrawal, it would be reduced by $16,000 exercise date”), you will have up to 30 days after that contract date ($40,000 x 0.40) and the benefit after the withdrawal would be anniversary to choose what you want to do with your GMIB. You will $24,000 ($40,000 – $16,000). have three choices available to you: For an example of how the Earnings enhancement benefit is calcu- • You may affirmatively convert the GMIB to a GWBL; lated, please see Appendix VI. • You may exercise the GMIB, and begin to receive lifetime Although the value of your Earnings enhancement benefit will no income under that benefit; longer increase after age 85, we will continue to deduct the charge • You may elect to terminate the GMIB without converting to the for this benefit as long as it remains in effect. GWBL. For contracts continued under Spousal continuation, upon the death If you take no action within 30 days after the contract date of the spouse (or older spouse, in the case of jointly owned anniversary following age 85, the GMIB will convert auto- contracts), the account value will be increased by the value of the matically to the Single life GWBL. Earnings enhancement benefit as of the date we receive due proof of death. Your spouse beneficiary or younger spouse joint owner must If you exercise the GMIB, it will function as described earlier in this be 75 or younger when he or she becomes the successor owner for Prospectus under “Guaranteed minimum income benefit (“GMIB”)”. the Earnings enhancement benefit that had been elected at issue to If you elect to terminate the GMIB without converting to the GWBL, continue after your death. The benefit will then be based on the age your contract will continue in force, without either benefit, but you of the surviving spouse as of the date of the deceased spouse’s death will retain your Guaranteed minimum death benefit. If you take no for the remainder of the contract. If the surviving spouse is age 76 or action, or affirmatively convert the GMIB, your GMIB will be con- older, the benefit will terminate and the charge will no longer be in verted to the GWBL, retroactive to the Conversion effective date. effect. The spouse may also take the death benefit (increased by the Please note that if you exercise the GMIB prior to the Conversion Earnings enhancement benefit) in a lump sum. See “Spousal con- effective date, you will not have the option to convert the GMIB to tinuation” in “Payment of death benefit” later in this Prospectus for the GWBL. If you drop the GMIB prior to conversion, you will lose the more information. “Greater of” GMDB and any withdrawals will now reduce your remaining death benefit base on a pro rata basis. The Earnings enhancement benefit must be elected when the contract is first issued: neither the owner nor the successor owner can add it The charge for the GWBL will be deducted from your account value after the contract has been issued. Ask your financial professional or on each contract date anniversary. Please see “Guaranteed with- see Appendix IX later in this Prospectus to see if this feature is avail- drawal benefit for life charge” later in this Prospectus for a descrip- able in your state. tion of the charge. From time to time, we may offer you some form of payment or You should not convert to the GWBL if: incentive in return for terminating or modifying certain guaranteed • You plan to take withdrawals in excess of your Guaranteed benefits. See “Guaranteed benefit offers” later in this section for annual withdrawal amount because those withdrawals may more information. significantly reduce or eliminate the value of the benefit (see If you previously accepted an offer to terminate a guaranteed benefit, “Effect of Excess withdrawals” below in this section); you no longer have an enhanced or the standard death benefit. • You are not interested in taking withdrawals prior to the con- Please refer to the terms of your offer for information about your tract’s maturity date; or remaining death benefit. • You are using the contract to fund a QP contract where with- Guaranteed withdrawal benefit for life drawal restrictions under the qualified plan may apply. (“GWBL”) For traditional IRAs and QP contracts, you may take your lifetime For an additional charge, the Guaranteed withdrawal benefit for life required minimum distributions (“RMDs”) without losing the value of (“GWBL”) guarantees that you can take withdrawals up to a max- the GWBL, provided you comply with the conditions described under imum amount per year (your “Guaranteed annual withdrawal “Lifetime required minimum distribution withdrawals” in “Accessing amount”). The GWBL is only available as a conversion option from your money” later in this Prospectus, including utilizing our Auto- the GMIB. The opportunity to convert from the GMIB to the GWBL is matic RMD service. The Automatic RMD service is not available under the contract date anniversary following age 85. You may elect to QP contracts. If you do not expect to comply with these conditions, make this conversion only during the 30 days after the contract anni- this benefit may have limited usefulness for you and you should con- versary following the attainment of age 85. sider whether it is appropriate. Please consult your tax adviser.

43 Contract features and benefits From time to time, we may offer you some form of payment or GWBL benefit base incentive in return for terminating or modifying certain guaranteed Upon conversion, your GWBL benefit base is equal to either your benefits. See “Guaranteed benefit offers” later in this section for account value or the Roll-up benefit base, as described below under more information. “Guaranteed annual withdrawal amount”. It will increase or If you previously accepted an offer to terminate a guaranteed benefit, decrease, as follows: you no longer have an enhanced or the standard death benefit. Please refer to the terms of your offer for information about your • Your GWBL benefit base may be increased on each contract remaining death benefit. date anniversary, as described below under “Annual Ratchet”. Additional owner and annuitant requirements • Your GWBL benefit base is not reduced by withdrawals except any amounts withdrawn in excess of your Guaranteed annual Converting the GMIB to the GWBL may alter the ownership of your withdrawal amount will always reduce your GWBL benefit base contract. The options you may choose depend on the original owner- on a pro rata basis. This means that once a withdrawal is taken ship of your contract. You may only choose among the ownership that causes the sum of the withdrawals from your contract to options below if you affirmatively choose to convert the GMIB to the exceed the Guaranteed annual withdrawal amount, that portion GWBL. If your benefit is converted automatically, your contract will be of the withdrawal that exceeds the Guaranteed annual with- structured as a Single life contract. Your ability to add a Joint life is drawal amount and any subsequent withdrawals in that contract limited by the age and timing requirements described below under year will reduce the GWBL benefit base on a pro rata basis. See “Guaranteed annual withdrawal amount”. “Effect of Excess withdrawals” below in this section. Single owner. If the contract has a single owner, and the owner Guaranteed annual withdrawal amount converts the GMIB to the GWBL with the single life (“Single life”) option, there will be no change to the ownership of the contract. The Guaranteed annual withdrawal amount may be withdrawn at However, if the owner converts the GMIB to the GWBL with the joint any time during the contract year that begins on the Conversion life (“Joint life”) option, the owner must add his or her spouse as the effective date, or any subsequent contract year. You may elect one of successor owner. We will use the age of the younger spouse in our automated payment plans or you may take partial withdrawals. determining the Joint life Applicable percentage. If the contract is an The initial Guaranteed annual withdrawal amount is calculated as of NQ contract, the owner may grant the successor owner ownership the Conversion effective date. All withdrawals reduce your account rights in the contract at the time of conversion. value and Guaranteed minimum death benefit. Any withdrawals taken during the 30 days after the Conversion effective date will be Joint owners. If the contract has joint owners and the GMIB con- counted toward the Guaranteed annual withdrawal amount. verts to the GWBL with the Single life option, there will be no change to the ownership of the contract, unless the joint owners request that We will recalculate the Guaranteed annual withdrawal amount on the younger joint owner be dropped from the contract. If the contract each contract date anniversary and as of the date of any Excess with- has spousal joint owners, and they request a Joint life benefit, we will drawal, as described below under “Effect of Excess withdrawals”. use the younger spouse’s age in determining the Applicable percent- The withdrawal amount is guaranteed never to decrease as long as age. If the contract has non-spousal joint owners, and the joint own- there are no Excess withdrawals. ers request a Joint life benefit, the younger owner may be dropped from the contract, and the remaining owner’s spouse added as the Your Guaranteed annual withdrawals are not cumulative. If you successor owner. We will use the age of the younger spouse in withdraw less than the Guaranteed annual withdrawal amount in any determining the Joint life Applicable percentage. contract year, you may not add the remainder to your Guaranteed annual withdrawal amount in any subsequent year. Non-natural owner. Contracts with non-natural owners that convert to the GWBL will have different options available to them, The withdrawal charge, if applicable, is waived for withdrawals up to depending on whether they have an individual annuitant or joint the Guaranteed annual withdrawal amount, but all withdrawals are annuitants. If the contract has a non-natural owner and an individual counted toward your free withdrawal amount. See “Withdrawal annuitant, and the owner converts to the GWBL with the Single life charge” in “Charges and expenses” later in this Prospectus. option, there will be no change to the ownership of the contract. If Your Guaranteed annual withdrawal amount is calculated based on the owner converts to the GWBL with the Joint life option under a whether the benefit is based on a Single Life or Joint Life as described contract with an individual annuitant, the owner must add the annui- below: tant’s spouse as the joint annuitant. We will use the age of the younger spouse in determining the Joint life Applicable percentage. Single life. If your GMIB is converted to a GWBL on a Single life basis, the Guaranteed annual withdrawal amount will be equal to If the contract has a non-natural owner and joint annuitants, and the (1) either: (i) your account value on the Conversion effective date or owner converts to the GWBL with the Single life option, there will be (ii) your Roll-up benefit base on the Conversion effective date, multi- no change to the ownership of the contract, unless the owner plied by (2) the Applicable percentage. requests that the younger annuitant be dropped from the contract. If the owner converts to the GWBL on a Joint life basis, there will be no Your initial GWBL benefit base and Applicable percentage will be change to the ownership of your contract. We will use the age of the determined by whichever combination of benefit base and percentage younger spouse in determining the Applicable percentage on a Joint set forth in the table below results in a higher Guaranteed annual life basis. withdrawal amount.

44 Contract features and benefits The Applicable percentage applied to your account value is 6.0% base and Applicable percentage. If the withdrawal exceeds the Guar- (Column A). The Applicable percentage applied to your benefit base anteed annual withdrawal amount on a Single life basis, the con- will be determined by the Roll-up rate in effect at the time of the version will still occur, but we will inform you that there is an Excess calculation. If the first withdrawal was taken on the contract date withdrawal. anniversary after the owner was age 64 or if a withdrawal has never Joint life/Successor owner. If you hold an IRA or NQ contract, you been taken, the Applicable percentage is 5.0% (Column B). If the first may convert your GMIB to a Joint life GWBL. You must affirmatively withdrawal was taken on or prior to the contract date anniversary request that the benefit be converted and your spouse must be at when the owner was age 64 the Applicable percentage is 4% least age 70 on the Conversion effective date. If the younger spouse (Column C). is younger than 70 as of the Conversion effective date, the election of Applicable Percentage Joint life will not be available, even if the contract was issued to B C A Roll-up benefit base Roll-up benefit base spousal joint owners. The successor owner must be the owner’s account value (5% Roll-up rate) (4% Roll-up rate) spouse. For NQ contracts, the successor owner can be designated as 6.0% 5.0% 4.0% a joint owner. See “Additional owner and annuitant requirements” earlier in this section for more information regarding the requirements For example, assuming you have never taken a withdrawal, if on the for naming a successor owner. The automatic conversion of the GMIB Conversion effective date your Roll-up benefit base is $115,000, and to the GWBL will create a Single life contract with the GWBL, even if your account value is $100,000, the Guaranteed annual withdrawal you and your spouse are joint owners of your NQ contract. You will amount would be $6,000. This is because $115,000 (the Roll-up be able to change your contract to a Joint life contract at a later date, benefit base) multiplied by 5.0% (the percentage in Column B) equals before the first withdrawal is taken after the Conversion effective only $5,750, while $100,000 (the account value) multiplied by 6.0% date. If you do add a Joint life contract, your spouse must submit any (the percentage in Column A) equals $6,000. Under this example, requested information. your initial GWBL benefit base would be $100,000, and your Appli- For Joint life contracts, the percentages used in determining the Appli- cable percentage would be 6.0%. cable percentage and the Guaranteed annual withdrawal amount will On the other hand, assuming you have never taken a withdrawal, if depend on your age or the age of your spouse, whoever is younger, on the Conversion effective date your Roll-up benefit base is as set forth in the following table. $200,000, and your account value is $100,000, the initial Guaran- The Applicable percentages applied to your account value are listed in teed annual withdrawal amount would be $10,000. This is because Column A. The Applicable percentage applied to your benefit base $100,000 (the account value) multiplied by 6.0% (the percentage in will be determined by the Roll-up rate in effect at the time of the Column A) equals only $6,000, while $200,000 (the Roll-up benefit calculation. If the first withdrawal was taken on the contract date base) multiplied by 5.0% (the percentage in Column B) equals anniversary after the owner was age 64 or if a withdrawal has never $10,000. Under this example, your initial GWBL benefit base would been taken, the Applicable percentages are listed in Column B. If the be $200,000, and your Applicable percentage would be 5.0%. first withdrawal was taken on or prior to the contract date anniver- The initial GWBL benefit base can be increased by an Annual Ratchet sary when the owner was age 64 the Applicable percentage are listed on each subsequent contract date anniversary to equal the account in Column C. value on that date if it is greater than the GWBL benefit base on that Applicable Percentages date. If the GWBL benefit base increases as the result of an Annual B C Ratchet, we reserve the right to increase the charge at the time of the Roll-up benefit Roll-up benefit Younger spouse’s A base base Annual Ratchet. See “Guaranteed withdrawal benefit for life charge” age account value (5% Roll-up rate) (4% Roll-up rate) in “Charges and expenses” later in this Prospectus. 85+ 5.5% 4.0% 3.0% If the initial GWBL benefit base and Applicable percentage are calcu- 80-84 5.0% 3.5% 2.5% lated using your Roll-up benefit base on the Conversion effective date (Column B or Column C above), and the GWBL benefit base is 75-79 4.5% 3.0% 2.0% increased by an Annual Ratchet, then the Applicable percentage will 70-74 4.0% 2.5% 1.5% increase from either 4.0% or 5.0% to 6.0%. For example, assuming you have never taken a withdrawal, if on the However, if the initial GWBL benefit base and Applicable percentage Conversion effective date your account value is $100,000, your Roll- are calculated using your account value on the Conversion effective up benefit base is $150,000, and the younger spouse is age 72, the date (Column A above), then an Annual Ratchet will not affect the Guaranteed annual withdrawal amount would be $4,000. This is Applicable percentage. because $100,000 (the account value) multiplied by 4.0% (the per- If the GWBL benefit base and/or the Applicable percentage increases centage in Column A for the younger spouse’s age band) equals as the result of an Annual Ratchet, the Guaranteed annual with- $4,000, while $150,000 (the Roll-up benefit base) multiplied by 2.5% drawal amount will also increase. (the percentage in Column B for the younger spouse’s age band) equals $3,750. Under this example, your initial GWBL benefit base If you take a withdrawal during the 30 days following the Conversion would be $100,000, and your Applicable percentage would be 4.0%. effective date, and your GMIB is converted to the GWBL on a Single life basis, we will calculate whether that withdrawal exceeds the The initial GWBL benefit base can be increased by an Annual Ratchet Guaranteed annual withdrawal amount based on your GWBL benefit on each subsequent contract date anniversary to equal the account

45 Contract features and benefits value on that date if it is greater than the GWBL benefit base on that first withdrawal is taken after the 30th day following the Conversion date. If the GWBL benefit base increases as the result of an Annual effective date, the Applicable percentage will be based on the own- Ratchet, we reserve the right to increase the charge at the time of the er’s life on a Single life basis. After the first withdrawal is taken after Annual Ratchet. See “Guaranteed withdrawal benefit for life charge” the 30th day following the Conversion effective date, the successor in “Charges and expenses” later in this Prospectus. owner can be dropped but cannot be replaced. If the successor owner is dropped after the first withdrawal is taken after the 30th day If the initial GWBL benefit base and Applicable percentage are calcu- following the Conversion effective date, the Applicable percentage lated using your Roll-up benefit base on the Conversion effective date will continue to be based on the Joint life calculation described earlier (Column B above), and the GWBL benefit base is increased by an in this section. The Applicable percentage will not be adjusted to a Annual Ratchet, then the Applicable percentage will increase to the Single life percentage. percentage listed in Column A. In addition, if the younger spouse has entered a new age band at the time of a ratchet, the Applicable per- For Joint life contracts owned by a non-natural owner, a joint annui- centage will increase to the percentage listed in Column A for that tant may be named. This can only be done before the first withdrawal age band. Similarly, if the initial GWBL benefit base and Applicable is taken after the 30th day following the Conversion effective date. percentage are calculated using your account value on the Con- The annuitant and joint annuitant must be spouses. If the annuitant version effective date (Column A above), and the GWBL benefit base and joint annuitant are no longer married, you may either: (i) drop the is increased by an Annual Ratchet in a year that the younger spouse joint annuitant or (ii) replace the original joint annuitant with the has entered a new age band, the Applicable percentage will increase annuitant’s new spouse. This can only be done before the first with- to the percentage listed in Column A for that age band. drawal is taken after the 30th day following the Conversion effective date. If the joint annuitant is dropped before the first withdrawal is Using the example above, if the account value is $160,000 on the taken after the 30th day following the Conversion effective date, the contract date anniversary that the younger spouse is age 77, then the Applicable percentage will be based on the annuitant’s life on a Sin- GWBL benefit base would ratchet to $160,000, the applicable per- gle life basis. After the first withdrawal is taken after the 30th day centage would increase to 4.5%, and your Guaranteed annual with- following the Conversion effective date, the joint annuitant may be drawal amount would increase to $7,200. dropped but cannot be replaced. If the joint annuitant is dropped You may elect Joint life at any time before you begin taking with- after the first withdrawal is taken after the 30th day following the drawals. If the GMIB has already converted to the GWBL on a Single Conversion effective date, the Applicable percentage will continue to life basis, the calculation of the initial Applicable percentage and be based on the Joint life calculation described earlier in this section. Guaranteed annual withdrawal amount will be based on the younger Joint life QP contracts are not permitted in connection with this bene- spouse’s age as of the Conversion effective date, not at the time you fit. This benefit is not available under an Inherited IRA contract. If you elect Joint life, even if the younger spouse is in a different age band are using your Series B or Series L contract to fund a charitable at that time. remainder trust, you will have to take certain distribution amounts. You can elect Joint life until the later of 30 days following conversion You should consider split-funding so that those distributions do not or your first withdrawal from the GWBL. We will recalculate your adversely impact your GWBL. See “Owner and annuitant require- Guaranteed annual withdrawal amount based on the younger spou- ments” earlier in this section. se’s age as of the Conversion effective date. If the withdrawal does Effect of Excess withdrawals not exceed the recalculated Guaranteed annual withdrawal amount, we will set up the GWBL on a Joint life basis. If the withdrawal For any withdrawal that causes cumulative withdrawals in a contract exceeds the recalculated Guaranteed annual withdrawal amount, we year to exceed your Guaranteed annual withdrawal amount, that will offer you the option of either: (i) setting up the benefit on a Joint portion of the withdrawal that exceeds the Guaranteed annual with- life basis and treating your withdrawal as an Excess withdrawal, or drawal amount and each subsequent withdrawal in that contract year (ii) setting up the benefit on a Single life basis. are considered Excess withdrawals. Under a Joint life contract, lifetime withdrawals are guaranteed for An Excess withdrawal can cause a significant reduction in both your the life of both the owner and the successor owner. GWBL benefit base and your Guaranteed annual withdrawal amount. If you make an Excess withdrawal, we will recalculate your GWBL benefit For Joint life IRA or NQ contracts, a successor owner may only be base and the Guaranteed annual withdrawal amount, as follows: named before the first withdrawal is taken after the 30th day following the Conversion effective date, if your spouse is at least 70 on the • Amounts withdrawn in excess of your Guaranteed annual with- Conversion effective date. (Withdrawals taken during the applicable drawal amount will always reduce your GWBL benefit base on a period following the Conversion effective date will not bar you from pro rata basis. This means that once a withdrawal is taken that selecting a Joint life contract, but may affect your ability to elect Joint causes the sum of the withdrawals from your contract to exceed life if the withdrawals are too large as described earlier in this the Guaranteed annual withdrawal amount, that portion of the section.) withdrawal that exceeds the Guaranteed annual withdrawal amount and any subsequent withdrawals in that contract year If you and the successor owner are no longer married, you may either: will reduce the GWBL benefit base on a pro rata basis. (i) drop the original successor owner or (ii) replace the original successor owner with your new spouse. This can only be done before • The Guaranteed annual withdrawal amount is recalculated on the first withdrawal is taken after the 30th day following the Con- the following contract date anniversary to equal the Applicable version effective date. If the successor owner is dropped before the percentage multiplied by the reset GWBL benefit base. You no

46 Contract features and benefits longer have a Guaranteed annual withdrawal amount for the using your Roll-up benefit base on the Conversion effective date and remainder of the contract year in which you have taken an the GWBL benefit base is increased by an Annual Ratchet, then the Excess withdrawal. Applicable percentage will increase from either 4.0% or 5.0% to 6.0%. For both Single life and Joint life contracts, your Guaranteed You should not convert your GMIB to a GWBL if you plan to take annual withdrawal amount will also be increased, if applicable, to withdrawals in excess of your Guaranteed annual withdrawal amount equal your Applicable percentage times your new GWBL benefit base. as such withdrawals may significantly reduce or eliminate the value of the GWBL benefit. If your account value is less than your GWBL bene- Subsequent contributions fit base (due, for example, to negative market performance), an Subsequent contributions are not permitted after the Conversion effec- Excess withdrawal, even one that is only slightly more than your tive date. Guaranteed annual withdrawal amount, can significantly reduce your GWBL benefit base and the Guaranteed annual withdrawal amount. Investment options For example, assume your GWBL benefit base (based on the Roll-up benefit While the GWBL is in effect, investment options will be restricted to the base) is $100,000 and your account value is $80,000 when you decide to investment options that were available to you when your GMIB was in begin taking withdrawals at age 86, on a Single life basis. Assume the Roll- effect. If you convert from GMIB I — Asset Allocation, your investment up rate in effect prior to conversion was 5%, Your Guaranteed annual option will remain restricted to Option A. If you convert from GMIB II — withdrawal amount is equal to $5,000 (5.0% of $100,000). You take an Custom Selection, you will continue to have access to both Option A and initial withdrawal of $8,000. Your Excess withdrawal amount is $3,000 Option B investment options. You will be able to reallocate your account ($8,000 minus $5,000) and it is 3.75% of your account value. value, at any time after the conversion, subject to the applicable allocation limitations. The ATP will remain in effect on your contract after conversion As your benefit base is $100,000 before the withdrawal, it would be to the GWBL, but you will no longer be able to elect the ATP exit option. reduced by 3.75% or $3,750 (3.75% of $100,000) as your excess portion of withdrawal. Your new benefit base would be $96,250 Dollar cost averaging ($100,000 minus $3,750). In addition, your Guaranteed annual Any dollar cost averaging program in place on the date of conversion withdrawal amount is reduced to $4,813 (5.0% of $96,250), instead will be terminated. of the original $5,000. See “How withdrawals affect your guaranteed benefits” later in this section. You may elect a new Investment simplifier program after conversion, but the Special DCA programs will not be available after conversion. Withdrawal charges, if applicable, are applied to the amount of the See “Dollar cost averaging” in “Allocating your contributions” earlier withdrawal that exceeds the greater of (i) the Guaranteed annual in this section. withdrawal amount or (ii) the 10% free withdrawal amount. A withdrawal charge would not be applied in the example above since the Earnings enhancement benefit $8,000 withdrawal (equal to 10% of the contract’s account value as of If you elected the Earnings enhancement benefit, it will continue in the beginning of the contract year) falls within the 10% free withdrawal force after conversion, although it may be adversely affected by with- amount. Under the example above, additional withdrawals during the drawals under the GWBL, as it is no longer eligible to increase. We same contract year could result in a further reduction of the GWBL will continue to deduct the charge for this benefit as long as it benefit base and the Guaranteed annual withdrawal amount, as well as remains in effect. See “Guaranteed benefit charges” in “Charges and an application of withdrawal charges, if applicable. See “Withdrawal expenses” for more information. charge” in “Charges and expenses” later in this Prospectus. Guaranteed minimum death benefit You should note that an Excess withdrawal that reduces your account value to zero terminates the contract, including all benefits, without value. See The Guaranteed minimum death benefit that is in effect before the “Effect of your account value falling to zero” later in this section. conversion of the GMIB to the GWBL will continue to be in effect after the conversion, but there will be no further Annual Ratchets or Roll-ups In general, if your contract is a traditional IRA and you participate in of the death benefit as of the contract date anniversary following age our Automatic RMD service, an automatic withdrawal under that 85. However, we will continue to deduct the charge for these benefits program will not cause an Excess withdrawal, even if it exceeds your as long they remain in effect. See “Guaranteed benefit charges” in Guaranteed annual withdrawal amount. For more information, see “Charges and expenses” for more information. See “How withdrawals “Lifetime required minimum distribution withdrawals” in “Accessing affect your guaranteed benefits” later in this section and “Spousal con- your money” later in this Prospectus. tinuation” in “Payment of death benefit” later in this Prospectus. Annual Ratchet If you convert your GMIB to a GWBL on a Joint life basis, the Guaran- Your GWBL benefit base is recalculated on each contract date anniver- teed minimum death benefit that would otherwise have been payable sary to equal the greater of: (i) the account value and (ii) the most at the death of the owner (or the older joint owner or the annuitant or recent GWBL benefit base. If your account value is greater, we will older joint annuitant if the contract is owned by a non-natural owner) ratchet up your GWBL benefit base to equal your account value. For will be payable at the death of the second to die of the owner and Joint life contracts, if your GWBL benefit base ratchets on any successor owner (or both joint annuitants if the contract is owned by a contract date anniversary after you begin taking withdrawals, your non-natural owner). Under certain circumstances, Roll-ups and Annual Applicable percentage may increase based on the younger spouse’s Ratchets may resume after the death of the older spouse, depending on attained age at the time of the ratchet. For Single life contracts, if the the age of the younger spouse. See “Spousal continuation” in initial GWBL benefit base and Applicable percentage are calculated “Payment of death benefit” later in this Prospectus.

47 Contract features and benefits Annuity maturity date. If your contract is annuitized at maturity, described in “Charges and expenses” later in this Prospectus. In we will offer an annuity payout option that guarantees you will addition, all withdrawals count toward your free withdrawal receive payments for life that as of your maturity date are at least amount for that contract year. Excess withdrawals can sig- equal to the Guaranteed annual withdrawal amount that you would nificantly reduce or completely eliminate the value of the GWBL. have received under the GWBL. Any remaining Guaranteed minimum See “Effect of Excess withdrawals” above in this section. death benefit value will be terminated. See “Annuity maturity date” • Withdrawals are not considered annuity payments for tax pur- in “Accessing your money” later in this Prospectus. poses. See “Tax information” later in this Prospectus. Effect of your account value falling to zero • All withdrawals reduce your account value and Guaranteed If your account value falls to zero due to an Excess withdrawal, we minimum death benefit. See “How withdrawals affect your will terminate your contract and you will receive no further payments guaranteed benefits” below and “How withdrawals are taken or benefits. If an Excess withdrawal results in a withdrawal that from your account value” in “Accessing your money” later in equals more than 90% of your cash value or reduces your cash value this Prospectus. to less than $500, we will treat your request as a surrender of your contract even if your GWBL benefit base is greater than zero. • If you withdraw less than the Guaranteed annual withdrawal amount in any contract year, you may not add the remainder to your However, if your account value falls to zero, either due to a with- Guaranteed annual withdrawal amount in any subsequent year. drawal or surrender that is not an Excess withdrawal or due to a deduction of charges, please note the following: • The GWBL benefit terminates if the contract is continued under the beneficiary continuation option or under the Spousal con- ® • Your Accumulator Series contract terminates and you will tinuation feature if the spouse is not the successor owner. receive a supplementary life annuity contract setting forth your continuing benefits. The owner of the Accumulator® Series con- • If you surrender your contract to receive its cash value and your tract will be the owner and annuitant. The successor owner, if cash value is greater than your Guaranteed annual withdrawal applicable, will be the joint annuitant. If the owner is amount, all benefits under the contract will terminate, including non-natural, the annuitant and joint annuitant, if applicable, will the GWBL benefit. See “Surrendering your contract to receive its be the same as under your Accumulator® Series contract. cash value” in “Accessing your money” later in this Prospectus. • If you were taking withdrawals through the “Maximum payment • If you transfer ownership of the contract, you terminate the plan,” we will continue the scheduled withdrawal payments on GWBL benefit. See “Transfers of ownership, collateral assign- the same basis. ments, loans and borrowing” in “More information” later in this Prospectus for more information. • If you were taking withdrawals through the “Customized payment plan” or in unscheduled partial withdrawals, we will pay the bal- • Withdrawals are available under other annuity contracts we ance of the Guaranteed annual withdrawal amount for that contract offer and the contract without purchasing a withdrawal benefit. year in a lump sum. Payment of the Guaranteed annual withdrawal • If you elect GWBL on a Joint life basis and subsequently get amount will begin on the next contract date anniversary. divorced, your divorce will not automatically terminate the con- • Payments will continue at the same frequency for Single or Joint tract. For both Joint life and Single life contracts, it is possible life contracts, as applicable, or annually if automatic payments that the terms of your divorce decree could significantly reduce were not being made. or completely eliminate the value of this benefit. Any withdrawal made for the purpose of creating another contract for your • Any Guaranteed minimum death benefit remaining under the origi- ex-spouse will reduce the benefit base(s) as described in “How nal contract will be carried over to the supplementary life annuity withdrawals affect your guaranteed benefits” below, even if contract. The death benefit will no longer grow and will be pursuant to a divorce decree. reduced on a dollar-for-dollar basis as payments are made. If there is any remaining death benefit upon the death of the owner and • Before you name a beneficiary and if you are considering successor owner, if applicable, we will pay it to the beneficiary. whether your joint owner/annuitant or beneficiary is treated as your spouse, please be advised that civil union partners and • The charge for the GWBL and any Guaranteed minimum death domestic partners are not treated as spouses for federal pur- benefit will no longer apply. poses; in the event of a conflict between state and federal law • If at the time of your death the Guaranteed annual withdrawal we follow federal law in the determination of spousal status. See amount was being paid to you as a supplementary life annuity “Payment of Death Benefit” under “Spousal continuation” later contract, your beneficiary may not elect the Beneficiary con- in this prospectus. tinuation option. Dropping the Guaranteed withdrawal benefit for life after Other important considerations conversion • This benefit is not appropriate if you do not intend to take with- You may drop the GWBL from your contract after conversion from the drawals prior to annuitization. GMIB, subject to the following restrictions: • Amounts withdrawn in excess of your Guaranteed annual with- • You may not drop the GWBL if there are any withdrawal charges drawal amount may be subject to a withdrawal charge, as in effect under your contract, including withdrawal charges

48 Contract features and benefits applicable to subsequent contributions. If there are no with- • An Excess withdrawal will always reduce your Roll-up benefit drawal charges in effect under your contract on the Conversion base and your Highest Anniversary Value benefit base on a pro effective date, you may drop the GWBL at any time. rata basis. This means that once a withdrawal is taken that causes the sum of the withdrawals from your contract to exceed • The GWBL will be dropped from your contract on the date we the Annual withdrawal amount, that portion of the withdrawal receive your election form at our processing office in good order. that exceeds the Annual withdrawal amount and any sub- If you drop the GWBL on a date other than a contract date sequent withdrawals in that contract year will reduce your guar- anniversary, we will deduct a pro rata portion of the GWBL anteed benefit bases on a pro rata basis. charge for that year, on that date. • All withdrawals from your contract always reduce your Return of • After the GWBL is dropped, the withdrawal treatment for the Principal death benefit base on a pro rata basis. Guaranteed minimum death benefit will continue to be on a pro rata basis. • Low account value. Due to withdrawals and/or poor market performance, your account value could become insufficient to • Generally, only contracts with the GWBL can have successor pay any applicable charges when due. This will cause your con- owners. However, if your contract has the GWBL with the Joint tract to terminate and could cause you to lose your Guaranteed life option, the successor owner under that contract will continue minimum income benefit and any other guaranteed benefits. to be deemed a successor owner, even if you drop the GWBL. Please see “Effect of your account value falling to zero” in The successor owner will continue to have precedence over any “Determining your contract’s value” for more information. designated beneficiary in the event of the owner’s death. If the Highest Anniversary Value death benefit is elected at • If the GWBL is dropped and the “Greater of” GMDB is not in issue without the GMIB: effect, the ATP will no longer be in effect. Any account value in the AXA Ultra Conservative Strategy investment option will be • All withdrawals from your contract always reduce your Highest allocated to your variable investment options. Anniversary Value benefit base on a pro rata basis. If you have the Return of Principal death benefit (with or • If the GWBL is dropped and the “Greater of” GMDB continues, without the GMIB): the ATP will continue for as long as the “Greater of” GMDB remains in effect. • All withdrawals from your contract reduce your Return of Princi- pal death benefit base on a pro rata basis. After your request has been processed, you will receive a letter confirming that the GWBL has been dropped. If the GMIB is dropped after issue before you are eligible to convert to the GWBL: Dropping your guaranteed benefits in the event of a fee change. In the event that we exercise our contractual right to • If you had the Return of Principal death benefit prior to dropping change the fees for the guaranteed benefits, you may be given a one- the GMIB, the Return of Principal death benefit will continue to time opportunity to drop your guaranteed benefits, subject to our be in effect and withdrawals will continue to reduce your Return rules. You may drop your guaranteed benefits only within 30 days of of Principal death benefit base on a pro rata basis. the fee change notification. The requirement that all withdrawal • If you had the Highest Anniversary Value death benefit prior to charges have expired will be waived. Please see “Fee changes for the dropping the GMIB, the Highest Anniversary Value death benefit guaranteed benefits” under “Charges and expenses” later in this will continue to be in effect and withdrawals will reduce the Prospectus for information on dropping your GWBL upon notice of a Highest Anniversary Value benefit base on a pro rata basis as of change to the GWBL fee. the date you drop the GMIB.

How withdrawals affect your guaranteed • If you had the “Greater of” GMDB prior to dropping the GMIB, benefits the “Greater of” GMDB will automatically be dropped and convert to the Return of Principal death benefit. The value of the Withdrawals affect your guaranteed benefit bases, as follows: Return of Principal death benefit base would be adjusted to reflect what the Return of Principal death benefit base would If the GMIB is elected at issue in combination with any Guaranteed minimum death benefit: have been had your contract been issued with the Return of Principal death benefit. All withdrawals will reduce the Return of • In the first contract year, all withdrawals reduce your Roll-up Principal death benefit base on a pro rata basis. benefit base and Highest Anniversary Value benefit base on a If the GMIB is dropped without converting to GWBL within pro rata basis. 30 days after the contract date anniversary following age 85: • Beginning in the second contract year, withdrawals up to your • All withdrawals from your contract always reduce your Return of Annual withdrawal amount will not reduce your Roll-up benefit Principal death benefit base on a pro rata basis. base. Instead, such withdrawals reduce your Annual Roll-up amount on a dollar-for-dollar basis. • If the Highest Anniversary Value death benefit is still effective, withdrawals are taken on a dollar-for-dollar basis up to 5% of • Beginning in the second contract year, withdrawals up to your the beginning of year Highest Anniversary Value benefit base. Annual withdrawal amount will reduce your Highest Anniversary The portion of any withdrawal over this amount and all Value benefit base on a dollar-for-dollar basis.

49 Contract features and benefits subsequent withdrawals in that contract year will reduce the the amount of any applicable withdrawal charge deducted from your benefit base on a pro rata basis. account value. For more information on the calculation of the charge, see “Withdrawal charge” later in the Prospectus. • If the “Greater of” GMDB is still effective, the Roll-up benefit base and the Highest Anniversary Value benefit base are each Prior to conversion, when an RMD withdrawal using our RMD pro- reduced by withdrawals on a dollar-for-dollar basis up to 5% of gram occurs, the entire withdrawal amount will reduce the Roll-up the beginning of contract year Roll-up benefit base. The portion benefit base and the Highest Anniversary Value benefit base on a of any withdrawal over this amount and all subsequent with- dollar-for-dollar basis. Reduction on a dollar-for-dollar basis means drawals in that contract year will reduce the respective benefit that your Roll-up benefit base and your Highest Anniversary Value bases on a pro rata basis. benefit base will be reduced by the dollar amount of the withdrawal. After conversion, the RMD amount, if greater than the Guaranteed If your GMIB converts to GWBL: annual withdrawal amount, will not reduce the GWBL benefit base. • Withdrawals up to your Guaranteed annual withdrawal amount For QP contracts, after the first contract year, additional contributions will not reduce your GWBL benefit base. made during the contract year do not affect the amount of the • An Excess withdrawal will always reduce your GWBL benefit base withdrawals that can be taken on a dollar-for-dollar basis in that on a pro rata basis. This means that once a withdrawal is taken contract year. that causes the sum of the withdrawals from your contract to exceed the Guaranteed annual withdrawal amount, that portion Guaranteed benefit offers of the withdrawal that exceeds the Guaranteed annual with- From time to time, we may offer you some form of payment or drawal amount and any subsequent withdrawals in that contract incentive in return for terminating or modifying certain guaranteed year will reduce your GWBL benefit base on a pro rata basis. benefits. Previously, we made offers to groups of contract owners If your GMIB converts to GWBL, and you have a “Greater of” that provided for an increase in account value in return for terminat- GMDB, the Highest Anniversary Value death benefit or the ing their guaranteed death or income benefits. In the future, we may Return of Principal death benefit: make additional offers to these and other groups of contract owners. • All withdrawals from your contract reduce your Roll-up benefit When we make an offer, we may vary the offer amount, up or down, base, Highest Anniversary Value benefit base and Return of among the same group of contract owners based on certain criteria Principal death benefit base on a pro rata basis. such as account value, the difference between account value and any See “Dropping the Guaranteed minimum income benefit after issue” applicable benefit base, investment allocations and the amount and described earlier in this section. type of withdrawals taken. For example, for guaranteed benefits that have benefit bases that can be reduced on either a pro rata or dollar- Please consider that the GWBL is not beneficial to you unless you for-dollar basis, depending on the amount of withdrawals taken, we intend to take withdrawals. may consider whether you have taken any withdrawal that has caused a pro rata reduction in your benefit base, as opposed to a For information on how RMD payments affect your guaranteed bene- dollar-for-dollar reduction. Also, we may increase or decrease offer fits, see “Lifetime required minimum distribution withdrawals” in amounts from offer to offer. In other words, we may make an offer to “Accessing your money” later in this Prospectus. a group of contract owners based on an offer amount, and, in the How a pro rata reduction is calculated future, make another offer based on a higher or lower offer amount Reduction on a pro rata basis means that we calculate the percentage to the remaining contract owners in the same group. of your current account value that is being withdrawn and we reduce If you accept an offer that requires you to terminate a guaranteed your current benefit base by the same percentage. If you take a with- benefit, we will no longer charge you for it, and you will not be drawal that reduces your guaranteed benefit base on a pro rata basis eligible for any future offers related to that type of guaranteed bene- and your account value is less than your guaranteed benefit base, the fit, even if such future offer would have included a greater offer amount of the guaranteed benefit base reduction will exceed the amount or different payment or incentive. amount of the withdrawal. Inherited IRA beneficiary continuation contract For example, if your account value is $30,000 and you withdraw (For Series B and Series L contracts only) $12,000, you have withdrawn 40% of your account value. If your benefit was $40,000 before the withdrawal, it would be reduced by The Inherited IRA beneficiary continuation contract is $16,000 ($40,000 x .40) and your new benefit after the withdrawal intended to provide options to beneficiaries in complying would be $24,000 ($40,000 – $16,000). If your account value is with federal income tax rules. There are a number of limi- greater than your guaranteed benefit base, the amount of the tations on who can purchase the contract, how the contract guaranteed benefit base reduction will be less than the amount of the is purchased, and the features that are available under the withdrawal. contract. A prospective purchaser should seek tax advice before making a decision to purchase the contract. For purposes of calculating the adjustment to your guaranteed benefit bases, the amount of the withdrawal will include the amount of any We offer the Inherited IRA beneficiary continuation contract to eligi- applicable withdrawal charge. Using the example above, the $12,000 ble beneficiaries under individual retirement arrangements (traditional withdrawal would include the withdrawal amount paid to you and or Roth) where the original individual retirement account or annuity

50 Contract features and benefits was not issued by AXA Equitable. The beneficiary may want to continuation contract owns the contract in his/her capacity as benefi- change the investments of the “original IRA” inherited from the ciary of the deceased plan participant, and not in his/her own right. now-deceased IRA owner, but must take post-death required mini- For this reason, the contract must also contain the name of the mum distribution (“RMD”) payments from an IRA that was inherited. deceased plan participant. In this discussion, references to “deceased The Inherited IRA beneficiary continuation contract has provisions owner” include “deceased plan participant”; references to “original intended to meet post-death RMD rules, which are similar to those of IRA” include “the deceased plan participant’s interest or benefit the Beneficiary continuation option (“BCO”) restricted to eligible under the Applicable Plan”, and references to “individual beneficiary beneficiaries of contracts issued by AXA Equitable. See “Beneficiary of a traditional IRA” include “individual non-spousal beneficiary continuation option for traditional IRA and Roth IRA contracts only” under an Applicable Plan.” under “Beneficiary continuation option” in “Payment of death bene- Limitations on certain features under the Inherited IRA fit” later in this Prospectus. Further, since the Inherited IRA benefi- beneficiary continuation contract ciary continuation contract is intended to replace the investment originally selected by the now-deceased IRA owner, a prospective This contract is intended only for beneficiaries who plan to take purchaser should carefully consider the features and investments payments at least annually over their life expectancy. These payments available under the Inherited IRA beneficiary continuation contract, generally must begin no later than December 31st of the calendar and the limitations and costs under the contract in comparison with year following the year the deceased owner died. Beneficiaries who the existing arrangement before making any purchase decision. do not want to take annual scheduled payments and want to wait Finally, the contract may not be available in all states. Please speak until the 5th year after death to withdraw the entire amount of the with your financial professional for further information. Inherited IRA funds should not purchase this contract. Because of the contract’s focus on payments, certain features noted below more Who can purchase an Inherited IRA beneficiary continuation suitable to long-term accumulation vehicles are not available under contract this contract. The Inherited IRA beneficiary continuation contract is offered only to When the Inherited IRA beneficiary continuation contract is owned by an beneficiaries of non-AXA Equitable contracts as follows: IRA beneficiary: • beneficiaries of IRAs who are individuals (“IRA beneficiaries”); and • The Inherited IRA beneficiary continuation contract can be pur- • eligible non-spousal individual beneficiaries of deceased plan chased even though you have already begun taking post-death participants in qualified plans, 403(b) plans and governmental RMD payments of your interest as a beneficiary from the employer 457(b) plans (“Non-spousal Applicable Plan deceased owner’s original IRA. You should discuss with your beneficiaries”). The purpose is to enable such beneficiaries to own tax adviser when payments must begin or must be made. elect certain post-death RMD payment choices available to them • The initial contribution must be a direct transfer from the under federal income tax rules, which may not be offered under deceased owner’s original IRA and is subject to minimum con- the Applicable Plan. tribution amounts. See Appendix VII later in this Prospectus for Certain trusts with only individual beneficiaries are treated as more information. individuals and are eligible to purchase the Inherited IRA beneficiary • Subsequent contributions of at least $1,000 are permitted but continuation contract if such trust is either an IRA beneficiary or a must be direct transfers of your interest as a beneficiary from Non-spousal Applicable Plan beneficiary. another IRA with a financial institution other than AXA Equi- How an Inherited IRA beneficiary continuation contract is table, where the deceased owner is the same as under the purchased original IRA contract. Subsequent contributions (for Series B and IRA Beneficiary. A traditional Inherited IRA beneficiary continuation Series L contracts only) are limited to the first contract year only. contract can only be purchased by a direct transfer of the beneficiary’s • The Inherited IRA contract is designed to pay you at least annu- interest under the deceased owner’s original traditional IRA. An ally (but you can elect to receive payments monthly or quarterly). Inherited Roth IRA beneficiary continuation contract can only be Payments are generally made over your life expectancy purchased by a direct transfer of the beneficiary’s interest under the determined in the calendar year after the deceased owner’s deceased owner’s original Roth IRA. In this discussion, “you” refers death and determined on a term certain basis. If you maintain to the owner of the Inherited IRA beneficiary continuation contract. another IRA of the same type (traditional or Roth) of the same The owner of the Inherited IRA beneficiary continuation contract deceased owner and you are also taking distributions over your owns the contract in his/her capacity as beneficiary of the original life from that inherited IRA, you may qualify to take an amount traditional or Roth IRA, and not in his/her own right. For this reason, from that other inherited IRA which would otherwise satisfy the the contract must also contain the name of the deceased owner. amount required to be distributed from the AXA Equitable Non-spousal Applicable Plan beneficiary. In the case of a Inherited IRA contract. If you choose not to take a payment from non-spousal beneficiary under a deceased plan participant’s Appli- your Inherited IRA contract in any year, you must notify us in cable Plan, the Inherited IRA can only be purchased by a direct roll- writing before we make the payment from the Inherited IRA over of the death benefit under the Applicable Plan. In this discussion, contract, and we will not make any future payment unless you “you” refers to the owner of the Inherited IRA beneficiary con- request in writing a reasonable time before we make such tinuation contract. The owner of the Inherited IRA beneficiary payment. If you choose to take a required payment from another inherited IRA, you are responsible for calculating the appropriate

51 Contract features and benefits amount and reporting it on your income tax return. Please feel greater than such account value as of the date we receive free to speak with your financial professional, or call our satisfactory proof of death and any required instructions, processing office, if you have any questions. information and forms. Thereafter, withdrawal charges will no longer apply. Your Guaranteed minimum death benefit will also When the Inherited IRA beneficiary continuation contract is owned by a no longer be in effect and any applicable charges for such Non-spousal Applicable Plan beneficiary: benefit will stop. • The initial contribution must be a direct rollover from the deceased plan participant’s Applicable Plan and is subject to Your right to cancel within a certain number of minimum contribution amounts. See Appendix VII later in this days Prospectus for more information. If for any reason you are not satisfied with your contract, you may • There are no subsequent contributions. return it to us for a refund. To exercise this cancellation right you must mail the contract, with a signed letter of instruction electing this • You must receive payments at least annually (but can elect to right, to our processing office within 10 days after you receive it. If receive payments monthly or quarterly). Payments are generally state law requires, this “free look” period may be longer. Other state made over your life expectancy determined in the calendar year variations may apply. Please contact your financial professional and/ after the deceased owner’s death and determined on a term certain or see Appendix IX to find out what applies in your state. basis. Generally, your refund will equal your account value under the contract • You must receive payments from the Inherited IRA contract even on the day we receive notification to cancel the contract and will reflect if you are receiving payments from another IRA derived from the (i) any investment gain or loss in the variable investment options, deceased plan participant. including the AXA Ultra Conservative Strategy investment option (less the daily charges we deduct), (ii) any guaranteed interest in the Features of the Inherited IRA beneficiary continuation contract which guaranteed interest option and (iii) any interest in the account for spe- apply to either type of owner: cial dollar cost averaging (if applicable), through the date we receive • The beneficiary of the original IRA (or the Non-spousal Appli- your contract. Some states, however, require that we refund the full cable Plan beneficiary) will be the annuitant under the Inherited amount of your contribution (not reflecting (i), (ii), or (iii) above). In IRA beneficiary continuation contract. In the case where the addition, in some states, the amount of your refund (either your beneficiary is a “see-through trust,” the oldest beneficiary of the account value or the full amount of your contributions), and the length trust will be the annuitant. of your “free look” period, depend on whether you purchased the contract as a replacement. Please refer to your contract or supplemental • An inherited IRA beneficiary continuation contract is not avail- materials or contact us for more information. For any IRA contract able for owners over age 70. returned to us within seven days after you receive it, we are required to • You may make transfers among the investment options. refund the full amount of your contribution. When required by applicable law to return the full amount of your contribution, we will return • You may choose at any time to withdraw all or a portion of the the greater of your contribution or your contract’s cash value. account value. Any partial withdrawal must be at least $300. For Series CP® contract owners, please note that you will forfeit the Withdrawal charges will apply as described in “Charges and credit by exercising this right of cancellation. expenses” later in this Prospectus. We may require that you wait six months before you may apply for a • If you have the Return of Principal death benefit or the Highest contract with us again if: Anniversary Value death benefit, amounts withdrawn from the contract to meet RMDs will reduce the benefit base and may • you cancel your contract during the free look period; or limit the utility of the benefit(s). • you change your mind before you receive your contract whether • The GMIB I — Asset Allocation, GMIB II — Custom Selection we have received your contribution or not. and the “Greater of” death benefits, Spousal continuation and Please see “Tax information” later in this Prospectus for possible systematic withdrawals are not available under the Inherited IRA consequences of cancelling your contract. beneficiary continuation contract. If you fully convert an existing traditional IRA contract to a Roth IRA • If you die, we will pay to a beneficiary that you choose the contract, you may cancel your Roth IRA contract and return to a greater of the account value or the applicable death benefit. traditional IRA contract. Our processing office, or your financial pro- • Upon your death, your beneficiary has the option to continue fessional, can provide you with the cancellation instructions. taking required minimum distributions based on your remaining In addition to the cancellation right described above, you have the life expectancy or to receive any remaining interest in the con- right to surrender your contract, rather than cancel it. Please see tract in a lump sum. The option elected will be processed when “Surrendering your contract to receive its cash value,” later in this we receive satisfactory proof of death, any required instructions Prospectus. Surrendering your contract may yield results different than for the method of payment and any required information and canceling your contract, including a greater potential for taxable forms necessary to effect payment. If your beneficiary elects to income. In some cases, your cash value upon surrender may be continue to take distributions, we will increase the account value greater than your contributions to the contract. Please see “Tax to equal the applicable death benefit if such death benefit is information” later in this Prospectus.

52 Contract features and benefits 2. Determining your contract’s value

Your account value and cash value are also reduced when we deduct the annual administrative charge. A description of how unit values are calculated is found in the SAI. Your “account value” is the total of the values you have in: (i) the variable investment options (including the AXA Ultra Conservative Your contract’s value in the guaranteed interest Strategy investment option); (ii) the guaranteed interest option; and option (iii) a Special DCA program. Your value in the guaranteed interest option at any time will equal: Your contract also has a “cash value.” At any time before annuity your contributions and transfers to that option, plus interest, minus payments begin, your contract’s cash value is equal to the account withdrawals out of the option, and charges we deduct. value, less: (i) the total amount or a pro rata portion of the annual administrative charge and any optional benefit charges; and (ii) any Your contract’s value in the account for special applicable withdrawal charges. Please see “Surrendering your con- dollar cost averaging tract to receive its cash value” in “Accessing your money” later in this Prospectus. (For Series B and Series L contracts only) Your value in the account for special dollar cost averaging at any time Your contract’s value in the variable investment will equal your contribution allocated to that option, plus interest, less options the sum of all amounts that have been transferred to the variable Each variable investment option (including the AXA Ultra Con- investment options you have selected. servative Strategy investment option) invests in shares of a corresponding Portfolio. Your value in each variable investment option Effect of your account value falling to zero (including the AXA Ultra Conservative Strategy investment option) is Your account value will fall to zero and your contract will terminate measured by “units.” The value of your units will increase or decrease without value if your account value is insufficient to pay any appli- as though you had invested it in the corresponding Portfolio’s shares cable charges when due. Your account value could become directly. Your value, however, will be reduced by the amount of the insufficient due to withdrawals and/or poor market performance. fees and charges that we deduct under the contract. Upon such termination, you will lose your Guaranteed minimum The unit value for each variable investment option (including the AXA income benefit, Guaranteed minimum death benefit and any other Ultra Conservative Strategy investment option) depends on the guaranteed benefits, except as discussed below. If your account value investment performance of that option, less daily charges for: is low, we strongly urge you to contact your financial professional or us to determine the appropriate course of action prior to your next (i) operations expenses; contract date anniversary. Your options may include making addi- (ii) administrative expenses; and tional contributions, stopping withdrawals or exercising your guaranteed benefits. (iii) distribution charges. On any day, your value in any variable investment option (including We deduct guaranteed benefit and annual administrative charges the AXA Ultra Conservative Strategy investment option) equals the from your account value on your contract date anniversary. If you number of units credited to that option, adjusted for any units pur- elected the Guaranteed minimum income benefit, you can only chased for or deducted from your contract under that option, multi- exercise the benefit during the 30 day period following your contract plied by that day’s value for one unit. The number of your contract date anniversary. Therefore, if your account value is not sufficient to units in any variable investment option (including the AXA Ultra pay fees on your next contract date anniversary, your contract will Conservative Strategy investment option) does not change unless they terminate without value and you will not have an opportunity to are: exercise your Guaranteed minimum income benefit unless the no lapse guarantee provision under your contract is still in effect. (i) increased to reflect additional contributions (plus the credit for Series CP® contracts); See Appendix IX later in this Prospectus for any state variations with (ii) decreased to reflect a withdrawal (plus withdrawal charges if regard to terminating your contract. applicable); or Guaranteed minimum income benefit no lapse guarantee. In (iii) increased to reflect a transfer into, or decreased to reflect a certain circumstances, even if your account value falls to zero, your transfer out of, a variable investment option. GMIB will still have value. Please see “Contract features and benefits” earlier in this Prospectus for information on this feature. In addition, when we deduct any Guaranteed minimum death benefit, GMIB, GWBL and/or Earnings enhancement benefit charges, the Guaranteed withdrawal benefit for life. If your GMIB converts number of units credited to your contract will be reduced. Your units to the GWBL and your account value falls to zero due to an Excess withdrawal, we will terminate your contract, including any enhanced

53 Determining your contract’s value death benefit, and you will receive no payment or supplementary life annuity contract, even if your GWBL benefit base is greater than zero. If, however, your account value falls to zero, either due to a withdrawal or surrender that is not an Excess withdrawal or due to a deduction of charges, the benefit will still have value. See “Contract features and benefits” earlier in this Prospectus.

Termination of your contract Your contract, including any guaranteed benefits (except as noted below) you have elected, will terminate for any of the following reasons: • You surrender your contract. See “Surrendering your contract to receive its cash value” in Accessing your money” for more information. • You annuitize your contract. See “Your annuity payout options” in “Accessing your money” for more information. • Your contract reaches its maturity date, which will never be later than the contract date anniversary following your 95th birthday, at which time the contract must be annuitized or paid out in a lump sum. See “Your Annuity maturity date” in “Accessing your money” later in this Prospectus. • Your account value is insufficient to pay any applicable charges when due. See “Effect of your account value falling to zero” earlier in this section for more information. Under certain circumstances, your GWBL will continue even if your contract terminates. See “Guaranteed withdrawal benefit for life (“GWBL”)” in “Contracts features and benefits” earlier in this Pro- spectus” for more information.

54 Determining your contract’s value 3. Transferring your money among investment options

Transferring your account value • We may charge a transfer charge for any transfers in excess of 12 transfers in a contract year. For more information, see At any time before the date annuity payments are to begin, you can “Transfer charge” under “Charges that AXA Equitable deducts” transfer some or all of your account value among the investment in “Charges and expenses” later in this Prospectus. options, subject to the following: • You may not transfer any amount to a Special DCA program. • We reserve the right to restrict transfers into and among variable investment options, including limitations on the number, fre- • Under Option A, a transfer into the guaranteed interest option quency, or dollar amount of transfers. We may, at any time, (other than a dollar cost averaging transfer) will not be permit- change our transfer rules. We may also, at any time, exercise our ted if such transfer would result in more than 25% of the right to terminate transfers to any of the variable investment account value being allocated to the guaranteed interest option, options and to limit the number of variable investment options based on the account value as of the previous business day. which you may elect. • Under Option B, you may make a transfer from one investment • Our current transfer restrictions are set forth in the “Disruptive option to another investment option within the same category transfer activity” section below. provided the resulting allocation to the receiving investment option does not exceed the investment option maximum in place • The maximum amount that may be transferred from the guaran- at the time of the transfer. You can make a transfer from an teed interest option to any investment option in any contract investment option in one category to an investment option in year is the greatest of: another category as long as the minimum rules for the trans- (a) 25% of the amount you have in the guaranteed interest ferring category, the minimum and maximum rules for the option on the last day of the prior contract year; receiving category and the maximum rule for the receiving investment option are met. You may also request a transfer that (b) the total of all amounts transferred at your request from the would reallocate your account value based on percentages, pro- guaranteed interest option to any of the investment options vided those percentages are consistent with the category and in the prior contract year; or investment option limits in place at the time of the transfer. In (c) 25% of amounts transferred or allocated to the guaranteed calculating the limits for any transfer, we use the account value interest option during the current contract year. percentages as of the date prior to the transfer. Transfer requests do not change the allocation instructions on file for any Some states may have additional transfer restrictions. Please see future contribution or rebalancing, although transfer requests Appendix IX later in this Prospectus. will be considered subject to the Custom Selection rules at the time of the request. In connection with any transfer, you should From time to time, we may remove the restrictions regarding trans- consider providing new allocation instructions, which would be ferring amounts out of the guaranteed interest option. If we do so, we used in connection with future rebalancing. A transfer must will tell you. We will also tell you at least 45 days in advance of the day comply with transfer rules described under “Allocating your we intend to reimpose the transfer restrictions. When we reimpose the contributions” earlier in the Prospectus. transfer restrictions, if any dollar cost averaging transfer out of the guaranteed interest option causes a violation of the 25% outbound • You may not transfer any amount to the AXA Ultra Conservative restriction, that dollar cost averaging program will be terminated for the Strategy investment option. current contract year. If you are eligible, a new dollar cost averaging • Beginning in the second contract year and until the contract program can be started in the next or subsequent contract years. date anniversary following age 85, you may elect to have 100% You may request a transfer in writing (using our specific form) or of your account value in the AXA Ultra Conservative Strategy through Online Account Access. You must send in all written transfer investment option transferred out and allocated according to requests on the specific form we provide directly to our processing your allocation instructions on file. You may only initiate this office. We will confirm all transfers in writing. transfer once per contract year and you must make this election using our required form. This election is called the ATP exit Please see “Allocating your contributions” in “Contract features and option. See “Asset transfer program (“ATP”)” in “Contract benefits” for more information about your role in managing your features and benefits” for more information. allocations. • If you transfer amounts from the guaranteed interest option, not in connection with a dollar cost averaging program, to the Disruptive transfer activity variable investment options, the ATP formula will be triggered. You should note that the contract is not designed for professional This could result in a transfer of account value either in to or out “market timing” organizations, or other organizations or individuals of the AXA Ultra Conservative Strategy investment option. engaging in a market timing strategy. The contract is not designed to

55 Transferring your money among investment options accommodate programmed transfers, frequent transfers or transfers that it believes, in its sole discretion, is disruptive (or potentially dis- that are large in relation to the total assets of the underlying portfolio. ruptive) to the management of one of its portfolios. Please see the Frequent transfers, including market timing and other program trading prospectuses for the trusts for more information. or short-term trading strategies, may be disruptive to the underlying As of the date of this Prospectus, we do not offer investment options portfolios in which the variable investment options invest. Disruptive with underlying portfolios that are part of an outside trust (an transfer activity may adversely affect performance and the interests of “unaffiliated trust”). Should we offer such investment options in the long-term investors by requiring a portfolio to maintain larger amounts future, each unaffiliated trust may have its own policies and proce- of cash or to liquidate portfolio holdings at a disadvantageous time or dures regarding disruptive transfer activity, which would be disclosed price. For example, when market timing occurs, a portfolio may have to in the unaffiliated trust prospectus. If an unaffiliated trust advises us sell its holdings to have the cash necessary to redeem the market that there may be disruptive activity from one of our contract owners, timer’s investment. This can happen when it is not advantageous to sell we will work with the unaffiliated trust to review contract owner trad- any securities, so the portfolio’s performance may be hurt. When large ing activity. Any such unaffiliated trust would also have the right to dollar amounts are involved, market timing can also make it difficult to reject a transfer that it believes, in its sole discretion, is disruptive (or use long-term investment strategies because a portfolio cannot predict potentially disruptive) to the management of one of its portfolios. how much cash it will have to invest. In addition, disruptive transfers or When a contract is identified in connection with potentially disruptive purchases and redemptions of portfolio investments may impede effi- transfer activity for the first time, a letter is sent to the contract owner cient portfolio management and impose increased transaction costs, explaining that there is a policy against disruptive transfer activity and such as brokerage costs, by requiring the portfolio manager to effect that if such activity continues certain transfer privileges may be elimi- more frequent purchases and sales of portfolio securities. Similarly, a nated. If and when the contract owner is identified a second time as portfolio may bear increased administrative costs as a result of the asset engaged in potentially disruptive transfer activity under the contract, we level and investment volatility that accompanies patterns of excessive or currently prohibit the use of voice, fax and automated transaction serv- short-term trading. Portfolios that invest a significant portion of their ices. We currently apply such action for the remaining life of each affected assets in foreign securities or the securities of small-and contract. We or a trust may change the definition of potentially disruptive mid-capitalization companies tend to be subject to the risks associated transfer activity, the monitoring procedures and thresholds, any notifica- with market timing and short-term trading strategies to a greater extent tion procedures, and the procedures to restrict this activity. Any new or than portfolios that do not. Securities trading in overseas markets pres- revised policies and procedures will apply to all contract owners uniformly. We do not permit exceptions to our policies restricting disruptive transfer ent time zone arbitrage opportunities when events affecting portfolio activity. securities values occur after the close of the overseas market but prior to the close of the U.S. markets. Securities of small-and It is possible that a trust may impose a redemption fee designed to mid-capitalization companies present arbitrage opportunities because discourage frequent or disruptive trading by contract owners. As of the market for such securities may be less liquid than the market for the date of this Prospectus, the trusts had not implemented such a securities of larger companies, which could result in pricing fee. If a redemption fee is implemented by a trust, that fee, like any inefficiencies. Please see the prospectuses for the underlying portfolios other trust fee, will be borne by the contract owner. for more information on how portfolio shares are priced. Contract owners should note that it is not always possible for us and We currently use the procedures described below to discourage dis- the underlying trusts to identify and prevent disruptive transfer activ- ruptive transfer activity. You should understand, however, that these ity. In addition, because we do not monitor for all frequent trading at procedures are subject to the following limitations: (1) they primarily the separate account level, contract owners may engage in frequent rely on the policies and procedures implemented by the underlying trading which may not be detected, for example, due to low net inflows or outflows on the particular day(s). Therefore, no assurance portfolios; (2) they do not eliminate the possibility that disruptive can be given that we or the trusts will successfully impose restrictions transfer activity, including market timing, will occur or that portfolio on all potentially disruptive transfers. Because there is no guarantee performance will be affected by such activity; (3) the design of market that disruptive trading will be stopped, some contract owners may be timing procedures involves inherently subjective judgments, which we treated differently than others, resulting in the risk that some contract seek to make in a fair and reasonable manner consistent with the owners may be able to engage in frequent transfer activity while interests of all contract owners; and (4) these procedures do not others will bear the effect of that frequent transfer activity. The apply to the AXA Ultra Conservative Strategy Portfolio. potential effects of frequent transfer activity are discussed above. We offer investment options with underlying portfolios that are part of AXA Premier VIP Trust and EQ Advisors Trust (together, the “trusts”). Rebalancing your account value The trusts have adopted policies and procedures regarding disruptive If you elect Option A for your investment options, a recurring optional transfer activity. They discourage frequent purchases and redemptions rebalancing program is not available, instead you can rebalance your of portfolio shares and will not make special arrangements to accom- account value by submitting a request to rebalance your account modate such transactions. They aggregate inflows and outflows for value as of the date we receive your request. Any subsequent each portfolio on a daily basis. On any day when a portfolio’s net rebalancing transactions would require a subsequent rebalancing inflows or outflows exceed an established monitoring threshold, the request. If you elect Option B, we require an automatic quarterly trust obtains from us contract owner trading activity. The trusts cur- rebalancing program. For more information about Options A and B rently consider transfers into and out of (or vice versa) the same variable and the rebalancing program under Option B, see “Allocating your investment option within a five business day period as potentially dis- contributions” earlier in this Prospectus. ruptive transfer activity. Each trust reserves the right to reject a transfer

56 Transferring your money among investment options 4. Accessing your money

Withdrawing your account value Automatic payment plans You have several ways to withdraw your account value before annuity You may take automatic withdrawals under either the Maximum payments begin. Withdrawals will be deducted pro rata from the appli- payment plan or the Customized payment plan, as described below. cable investment options. The table below shows the methods available Under either plan, you may take withdrawals on a monthly, quarterly under each type of contract. More information follows the table. or annual basis. The first payment date cannot be more than one full payment period from the date the enrollment form is received at our All withdrawals reduce your account value on a dollar-for-dollar basis. For processing office. If a later date is specified, we will not process your information on how withdrawals affect your guaranteed benefits and could enrollment form. You may change the payment frequency of your potentially cause your contract to terminate, see “How withdrawals affect withdrawals at any time, and the change will become effective on the your guaranteed benefits” in “Contract features and benefits”. next contract date anniversary. All withdrawals from an automatic payment plan count towards your free withdrawal amount. Please see “How withdrawals affect your guaranteed benefits” in “Contract features and benefits” and “Effect of your account value fall- You may elect either the Maximum payment plan or the Customized ing to zero” in “Determining your contract’s value” earlier in this Pro- payment plan beginning after the first contract date anniversary. We spectus for more information on how withdrawals affect your guaranteed will make the withdrawals on any day of the month that you select as benefits and could potentially cause your contract to terminate. long as it is not later than the 28th day of the month. However, you must elect a date that is more than three calendar days prior to your Method of withdrawal contract date anniversary. Auto- Pre-age Lifetime 59 1⁄2 required Each scheduled payment cannot be less than $50. If scheduled pay- matic sub- minimum payment Syste- stantially distribu- ments would be less than $50, the program will be terminated. This Contract(1) plans Partial matic equal tion applies even if an RMD withdrawal causes the reduction of scheduled NQ Yes Yes Yes No No amounts below $50. Scheduled payments are taken pro rata from all variable investment options (including the AXA Ultra Conservative Traditional IRA Yes Yes Yes Yes Yes Strategy investment option) and the guaranteed interest option. Roth IRA Yes Yes Yes Yes No Scheduled payments are not taken out of the Special DCA programs. (2) Inherited IRA No Yes No No When we use the term “Annual withdrawal amount” in this discussion QP(3) Yes Yes No No No of the automatic payment plans, we intend this also to be a reference (1) PleasenotethatnotallcontracttypesareavailableundertheAccumulator® to (i) the “Guaranteed annual withdrawal amount” that is available Series of contracts. upon conversion to the GWBL or (ii) 5% of the beginning of contract (2) The contract pays out post-death required minimum distributions. See “Inherited year Roll-up benefit base for contracts that do not convert to the GWBL IRA beneficiary continuation contract” in “Contract features and benefits” and continue with the “Greater of” GMDB after the contract date earlier in this Prospectus. anniversary following age 85 or (iii) 5% of the beginning of contract (3) All payments are made to the plan trust, as the owner of the contract. See year Highest Anniversary Value benefit base for contracts that do not “Appendix III: Purchase considerations for QP contracts” later in this Prospectus. convert to GWBL and continue with the Highest Anniversary Value All requests for withdrawals must be made on a specific form that we death benefit after the contract date anniversary following age 85. provide. Please see “How to reach us” under “Who is AXA Equitable?” If you take a partial withdrawal while an automatic payment plan is earlier in this Prospectus for more information. in effect:

Partial withdrawals • After scheduled payments begin, a partial withdrawal (together (All contracts) with all withdrawals to date in the contract year) that exceeds the Annual withdrawal amount will terminate the program. You You may take partial withdrawals from your account value at any may set up a new program immediately, but it will not begin time. The minimum amount you may withdraw is $300. until the next contract year. Partial withdrawals will be subject to a withdrawal charge if they • After scheduled payments begin, a partial withdrawal (together exceed the 10% free withdrawal amount. For more information, see with all withdrawals to date in the contract year) that is less “10% free withdrawal amount” in “Charges and expenses” later in than or equal to the Annual withdrawal amount may cause this Prospectus. payments to be suspended until the next contract year once the Any request for a partial withdrawal that results in an Excess with- full Annual withdrawal amount for that contract year has been drawal will terminate your participation in the Maximum payment paid out. After a partial withdrawal is taken, you will continue to plan or Customized payment plan. Any partial withdrawal request receive scheduled payments without a disruption in payments will terminate the systematic withdrawal option. until the Annual withdrawal amount is paid out. After the full

57 Accessing your money Annual withdrawal amount has been paid out, the program will • If the amount of the partial withdrawal is more than the Annual be suspended for the remainder of the year. withdrawal amount, we will not process your enrollment form. Maximum payment plan. Our Maximum payment plan provides • If the amount of the partial withdrawal is less than the Annual for the withdrawal of the Annual withdrawal amount in scheduled withdrawal amount, you will receive the requested Customized payments. The amount of the withdrawal will increase on contract date payment plan scheduled payments. If during the course of the anniversaries if there is a reset (for contracts with GMIB) or an Annual contract year, a scheduled payment would exceed the Annual Ratchet (for contracts with GWBL). withdrawal amount, payment will be made for an amount up to For monthly or quarterly payments, the Annual withdrawal amount will the Annual withdrawal amount and payments will be suspended be divided by 12 or 4 (as applicable). The program is designed to pay the for the remainder of the contract year. entire Annual withdrawal amount in each contract year, regardless of If you elect the ATP exit option while the Customized payment plan is whether the program is started at the beginning of the contract year or in effect and the Roll-up benefit base is adjusted, the Customized on some other date during the contract year. Consequently, a program payment plan will operate in the same manner as though a partial that commences on a date other than a contract date anniversary will withdrawal had been taken and may cause payments to be sus- account for any payments that would have been made since the begin- pended in the next contract year if a scheduled payment would ning of the contract year, as if the program were in effect on the contract date anniversary. A catch-up payment will be paid for the accrued exceed the Annual withdrawal amount. scheduled payments for all missed payments for the number of payment Systematic withdrawals dates that have elapsed from the beginning of the contract year up to the (All contracts except Inherited IRA and QP) date the enrollment is processed. The catch-up payment is made immediately when the Maximum payment plan enrollment is processed. You may take systematic withdrawals of a particular dollar amount or Thereafter, scheduled payments will begin one payment period later. a particular percentage of your account value. Systematic withdrawals may cause Excess withdrawals. If you want to avoid A partial withdrawal taken in the same contract year prior to enroll- Excess withdrawal treatment, use the Maximum payment ment in the Maximum payment plan will have the following effect: plan or Customized payment plan. • If the amount of the partial withdrawal is more than the Annual You may take systematic withdrawals on a monthly, quarterly or withdrawal amount, we will not process your enrollment form. annual basis as long as the withdrawals do not exceed the following • If the amount of the partial withdrawal is less than the Annual percentages of your account value on the date of the withdrawal: withdrawal amount, then the partial withdrawal will be factored 0.8% monthly, 2.4% quarterly and 10.0% annually. The minimum into the Maximum payment plan payments for that contract year. amount you may take in each systematic withdrawal is $250. If the amount withdrawn would be less than $250 on the date a with- • Annual frequency: If the amount of the partial withdrawal is less than the Annual withdrawal amount, the remaining Annual drawal is to be taken, we will not make a payment and we will withdrawal amount is paid on the date the enrollment form is terminate your systematic withdrawal election. processed or a later date selected by the owner. You may not If the withdrawal charges on your contract have expired, you may select a date later than the next contract date anniversary. elect a systematic withdrawal option in excess of your percentages of • A partial withdrawal that is taken after you are enrolled in the pro- your account value as of the beginning of the contract year, as gram but before the first payment is made terminates the program. described in the preceding paragraph, up to 100% of your account value. However, if you elect a systematic withdrawal option Customized payment plan. Our Customized payment plan pro- in excess of these limits, and make a subsequent con- vides for the withdrawal of a fixed amount not greater than the Annual tribution to your contract, the systematic withdrawal option withdrawal amount in scheduled payments. The amount of the with- will be terminated. You may then elect a new systematic withdrawal will not be increased on contract date anniversaries with a reset drawal option within the limits described in the preceding paragraph. (for contracts with GMIB) or an Annual Ratchet (for contracts with GWBL). You must elect to change the scheduled payment amount. If you elect our systematic withdrawal program, you may request to have your withdrawals made on any day of the month, subject to the You can request any of the following as scheduled payments: following restrictions: • Fixed percentage: A fixed percentage not to exceed the Annual Roll-up rate (or the Applicable percentage for contracts with • you must select a date that is more than three calendar days GWBL or 5% of the beginning of contract year benefit base for prior to your contract date anniversary; and contracts that do not convert to the GWBL and continue with • you cannot select the 29th, 30th or 31st. either the “Greater of” GMDB or Highest Anniversary Value death benefit after the contract date anniversary following age If you do not select a date, we will make the withdrawals the same day 85). The specified percentage is applied to the Roll-up benefit of the month as the day we receive your request to elect the program, base (or GWBL benefit base or death benefit base, as applicable) subject to the same restrictions listed above. If you have also elected an as of the most recent contract anniversary. Automatic payment plan, unless you instruct us otherwise, your systematic withdrawal option withdrawals will be on the same date as your • Fixed dollar amount: A fixed dollar amount not to exceed the automatic payment plan. You must wait at least 28 days after your con- Annual withdrawal amount. tract is issued before your systematic withdrawals can begin. You must A partial withdrawal taken in the same contract year prior to enroll- elect a date that is more than three calendar days prior to your contract ment in the Customized payment plan will have the following effect: date anniversary.

58 Accessing your money You may elect to take systematic withdrawals at any time. If you own the month. However, you must elect a date that is more than three an IRA contract, you may elect this withdrawal method only if you are calendar days prior to your contract date anniversary. We will calcu- between ages 59 1⁄2 and 70 1⁄2. late the amount of your substantially equal withdrawals using the IRS-approved method we offer. The payments will be made monthly, You may change the payment frequency, or the amount or percent- quarterly or annually as you select. These payments will continue until age of your systematic withdrawals, once each contract year. How- (i) we receive written notice from you to cancel this option; (ii) you ever, you may not change the amount or percentage in any contract take an additional partial withdrawal; or (iii) you contribute any more year in which you have already taken a partial withdrawal. You can to the contract. You may elect to start receiving substantially equal cancel the systematic withdrawal option at any time. withdrawals again, but the payments may not restart in the same If you take a partial withdrawal while you are taking systematic with- calendar year in which you took a partial withdrawal or added drawals, your systematic withdrawal option will be terminated. You amounts to the contract. We will calculate the new withdrawal may then elect a new systematic withdrawal option. amount. Systematic withdrawals are not subject to a withdrawal charge, Substantially equal withdrawals that we calculate for you are not except to the extent that, when added to a partial withdrawal subject to a withdrawal charge, except to the extent that, when amount previously taken in the same contract year, the systematic added to a partial withdrawal previously taken in the same contract withdrawal exceeds the 10% free withdrawal amount. year, the substantially equal withdrawal exceeds the free withdrawal amount. See “10% free withdrawal amount” in “Charges and Systematic withdrawals are not available if the GMIB has converted expenses” later in this Prospectus. to the GWBL. If you are taking systematic withdrawals at the time the GMIB converts to the GWBL, the conversion will not terminate your For contracts with GMIB, substantially equal withdrawals could cause systematic withdrawals. Continuing your systematic withdrawals after an Excess withdrawal. See “How withdrawals affect your guaranteed conversion may result in an Excess withdrawal. You should consider benefits” in “Contract features and benefits” earlier in this Pro- terminating your systematic withdrawals and electing an automatic spectus. Also, the substantially equal withdrawal program is not payment plan at the time of the conversion to the GWBL, and you will available if the GMIB converts to the GWBL. be advised to cancel this election in the Systematic withdrawal elec- Lifetime required minimum distribution withdrawals tion form and in the GMIB exercise notice. (traditional IRA contracts only — See “Tax information” later in this Substantially equal withdrawals Prospectus) (Traditional IRA and Roth IRA contracts only) We offer our “automatic required minimum distribution (RMD) serv- We offer our “substantially equal withdrawals option” to allow you ice” to help you meet lifetime required minimum distributions under to receive distributions from your account value without triggering the federal income tax rules. This is not the exclusive way for you to meet 10% additional federal income tax penalty, which normally applies to these rules. After consultation with your tax adviser, you may decide distributions made before age 59 1⁄2. Substantially equal withdrawals to compute RMDs yourself and request partial withdrawals. In such a are also referred to as “72(t) exception withdrawals”. See “Tax case, a withdrawal charge may apply. Before electing this account information” later in this Prospectus. We use one of the IRS-approved based withdrawal option, you should consider whether annuitization methods for doing this; this is not the exclusive method of meeting might be better in your situation. If you have elected one or more this exception. After consultation with your tax adviser, you may guaranteed benefits, amounts withdrawn from the contract to meet decide to use another method which would require you to compute RMDs will reduce the benefit base(s) and may limit the utility of the amounts yourself and request partial withdrawals. In such a case, a benefit(s). Also, the actuarial present value of additional contract withdrawal charge may apply. Once you begin to take substantially benefits must be added to the account value in calculating RMD equal withdrawals, you should not (i) stop them; (ii) change the pat- payments from annuity contracts funding qualified plans and IRAs, tern of your withdrawals for example, by taking an additional partial which could increase the amount required to be withdrawn. Please withdrawal; or (iii) contribute any more to the contract until after the refer to “Tax information” later in this Prospectus. later of age 59 1⁄2 or five full years after the first withdrawal. If you This service is not available under QP contracts. alter the pattern of withdrawals, you may be liable for the 10% federal tax penalty that would have otherwise been due on prior You may elect this service in the year in which you reach age 70 1⁄2 or withdrawals made under this option and for any interest on the in any later year. The minimum amount we will pay out is $250. delayed payment of the penalty. Currently, RMD payments will be made annually. See “Required minimum distributions” in “Tax information” later in this Prospectus In accordance with IRS guidance, an individual who has elected to for your specific type of retirement arrangement. receive substantially equal withdrawals may make a one time change, without penalty, from one of the IRS-approved methods of calculating This service does not generate automatic RMD payments during the first fixed payments to another IRS-approved method (similar to the calendar year. Therefore, if you are making a rollover or transfer con- required minimum distribution rules) of calculating payments which tribution to the calendar after age 70 1⁄2, you must take any RMDs before vary each year. the rollover or transfer. If you do not, any withdrawals that you take during the first contract year to satisfy your RMDs may be subject to with- You may elect to take substantially equal withdrawals at any time drawal charges, if applicable, if they exceed the free withdrawal amount. before age 59 1⁄2. We will make the withdrawal on any day of the month that you select as long as it is not later than the 28th day of

59 Accessing your money For traditional IRA contracts, we will send a form outlining the dis- payment plans, we will make a payment, if necessary, in December that will equal your RMD less all withdrawals made through November. If tribution options available in the year you reach age 70 1⁄2 (if you have not begun your annuity payments before that time). prior to December you make a partial withdrawal that exceeds your Annual withdrawal amount or Guaranteed annual withdrawal amount, We do not impose a withdrawal charge on RMD payments taken but not your RMD amount, that partial withdrawal will be treated as an through our automatic RMD service except if, when added to a partial Excess withdrawal, as well as any subsequent partial withdrawals made withdrawal previously taken in the same contract year, the RMD during the same contract year. However, if by December your with- payments exceed the 10% free withdrawal amount. drawals have not exceeded your RMD amount, the RMD payment we make to you will not be treated as an Excess withdrawal. If you elect systematic withdrawals AND our automatic RMD service, any RMD payment made while the systematic withdrawal program is If you elect systematic withdrawals AND our automatic RMD service, in effect will terminate the systematic withdrawal program. any RMD payment made while the systematic withdrawal program is in effect will terminate the systematic withdrawal program. If a previous For contracts with GMIB or GWBL. Generally, if you elect our systematic withdrawal taken in a contract year had already exceeded automatic RMD service, any lifetime RMD payment we make to you, the Annual withdrawal amount or Guaranteed annual withdrawal starting in the first contract year, (i) (for contracts with GMIB) will amount prior to a payment from our automatic RMD service, the RMD reduce your guaranteed benefit bases on a dollar-for-dollar basis, but payment will not be treated as an Excess withdrawal. However, pre- will not be treated as Excess withdrawals; (ii) (for contracts with vious systematic withdrawals that exceeded the Annual withdrawal GWBL), will not reduce your GWBL benefit base and will not be amount or Guaranteed annual withdrawal amount would be treated as treated as Excess withdrawals. Excess withdrawals. If you elect either the Maximum payment plan or the Customized For contracts with the Guaranteed minimum income benefit. payment plan (together, “automatic payment plans”) AND our auto- The no lapse guarantee will not be terminated if a RMD payment matic RMD service, we will make an extra payment, if necessary, in using our automatic RMD service causes your cumulative withdrawals December that will equal your lifetime RMD amount less all payments in the contract year to exceed your Annual withdrawal amount. made through November and any scheduled December payment. If the combined automatic payment plan and RMD payments to date in that Owners of tax-qualified contracts (IRA and QP) should consider the contract year are equal to or exceed the Annual withdrawal amount or effect of resetting the Roll-up benefit base if RMD payments must Guaranteed annual withdrawal amount, the automatic payment plan begin before the end of the new exercise waiting period. See “Roll-up will be suspended for the contract year on the date of the RMD pay- benefit base reset” in “Contract features and benefits” earlier in this ment. The portion of the RMD payment in excess of the Annual with- Prospectus. drawal amount or Guaranteed annual withdrawal amount will not be treated as an Excess withdrawal. If the combined automatic payment How withdrawals are taken from your account plan and RMD payments to date in that contract year do not exceed the value Annual withdrawal amount or Guaranteed annual withdrawal amount, We will subtract your withdrawals on a pro rata basis from your then during the course of the contract year, if a scheduled payment account value in the variable investment options (including any would exceed the Annual withdrawal amount or Guaranteed annual amounts allocated to the AXA Ultra Conservative Strategy investment withdrawal amount, payment will be made for an amount up to the option) and the guaranteed interest option. If there is insufficient Annual withdrawal amount or Guaranteed annual withdrawal amount value or no value in the in the variable investment options (including and additional scheduled payments will be suspended for the any amounts allocated to the AXA Ultra Conservative Strategy remainder of the contract year. Payments under the automatic payment investment option) and the guaranteed interest option, any additional plan will resume in the next contract year. amount of the withdrawal required or the total amount of the with- If you take any partial withdrawals in addition to your RMD and auto- drawal will be withdrawn from a Special DCA program. A partial matic payment plan payments, your applicable automatic payment plan withdrawal from a Special DCA program will terminate the program. will be terminated if the partial withdrawal causes an Excess withdrawal to occur. If the partial withdrawal does not cause an Excess Withdrawals treated as surrenders withdrawal, it may cause a suspension of your automatic payment plan If you request to withdraw more than 90% of a contract’s current cash if a later scheduled payment would have caused an Excess withdrawal value, we will treat it as a request to surrender the contract for its cash to occur. Any partial withdrawal may cause an Excess withdrawal and value. In addition, we have the right to pay the cash value and termi- may be subject to a withdrawal charge. You may enroll in the plan nate the contract if no contributions are made during the last three again at any time, but the scheduled payments will not resume until the completed contract years, and the account value is less than $500, or if next contract date anniversary. Further, your benefit base(s) and Annual you make a withdrawal that would result in a cash value of less than withdrawal amount or Guaranteed annual withdrawal amount may be $500. The rules in the preceding sentence do not apply if the GMIB no reduced. See “How withdrawals affect your guaranteed benefits” in lapse guarantee is in effect on your contract. See “Surrendering your “Contract features and benefits” earlier in this Prospectus. contract to receive its cash value” below. For the tax consequences of If you elect our automatic RMD service and elect to take your Annual withdrawals, see “Tax information” later in this Prospectus. withdrawal amount or Guaranteed annual withdrawal amount in partial withdrawals without electing one of our available automatic

60 Accessing your money Special rules for the Guaranteed withdrawal benefit for life. (2) the SEC determines that an emergency exists as a result of which We will not treat a withdrawal request that results in a withdrawal in sales of securities or determination of the fair value of a variable excess of 90% of the contract’s cash value as a request to surrender investment option’s assets is not reasonably practicable, or the contract unless it is an Excess withdrawal. In addition, we will not (3) the SEC, by order, permits us to defer payment to protect people terminate your contract if either your account value or cash value falls remaining in the variable investment options (including the AXA below $500, unless it is due to an Excess withdrawal. In other words, Ultra Conservative Strategy investment option). if you take an Excess withdrawal that equals more than 90% of your cash value or reduces your cash value to less than $500, we will treat We can defer payment of any portion of your value in the guaranteed your request as a surrender of your contract even if your GWBL bene- interest option and the account for special dollar cost averaging fit base is greater than zero. Please also see “Effect of your account (other than for death benefits) for up to six months while you are liv- value falling to zero” in “Determining your contract’s value” earlier in ing. Please note that the account for special dollar cost averaging is this Prospectus. Please also see “Effect of your account value falling available to Series B and Series L contract owners only. We also may to zero” under “Guaranteed withdrawal benefit for life (“GWBL”)” in defer payments for a reasonable amount of time (not to exceed 10 “Contract features and benefits” earlier in this Prospectus, for more days) while we are waiting for a contribution check to clear. information on how withdrawals affect your guaranteed benefits and All payments are made to a bank account designated by you or by could potentially cause your contract to terminate. check which will be mailed to you (or the payee named in a tax-free exchange) by U.S. mail, if you request that we do so subject to any Surrendering your contract to receive its cash charges. We can also send any payment to you by using an express value delivery or wire transfer service at your expense.

You may surrender your contract to receive its cash value at any time Your annuity payout options while an owner is living (or for contracts with non-natural owners, while the annuitant is living) and before you begin to receive annuity The following description assumes annuitization of your entire con- payments. For a surrender to be effective, we must receive your writ- tract. For partial annuitization, see “Partial annuitization” below. ten request and your contract at our processing office. We will Deferred annuity contracts such as those in the Accumulator® Series determine your cash value on the date we receive the required provide for conversion to annuity payout status at or before the con- information. All benefits under the contract will terminate as of the tract’s “maturity date.” This is called “annuitization”. You must date we receive the required information, including the GWBL (if annuitize or take a lump sum withdrawal by your annuity maturity applicable) if your cash value is greater than your Guaranteed annual date, as discussed later in this section. Upon annuitization, your withdrawal amount remaining that year. If your cash value is not account value is applied to provide periodic payments as described in greater than your Guaranteed annual withdrawal amount remaining this section; the contract and all its benefits, including any Guaran- that year, then you will receive a supplementary life annuity contract. teed minimum death benefit and any other guaranteed benefits, For more information, please see “Effect of your account value falling terminate. Your contract will be converted to a supplementary con- to zero” in “Contract features and benefits” earlier in this Prospectus. tract for the periodic payments (“payout option”). The supplementary Also, if the GMIB no lapse guarantee is in effect, the benefit will contract does not have an account value or cash value. If you choose terminate without value if your cash value plus any other withdrawals a variable payout option, you will receive a separate prospectus taken in the contract year exceeds your Annual withdrawal amount. related to the contract you select. For more information, please see “Effect of your account value falling You may choose to annuitize your contract at any time, which gen- to zero” in “Determining your contract’s value” and “Guaranteed erally is at least 13 months (five years for Series CP® contracts) after withdrawal benefit for life (“GWBL”)” in “Contract features and the contract issue date. Please see Appendix IX later in this Pro- benefits” earlier in this Prospectus. spectus for information on state variations. The contract’s maturity You may receive your cash value in a single sum payment or apply it date is the latest date on which annuitization can occur. If you do not to one or more of the annuity payout options. See “Your annuity annuitize before the maturity date and at the maturity date have not payout options” below. For the tax consequences of surrenders, see made an affirmative choice as to the type of annuity payments to be “Tax information” later in this Prospectus. received, we will convert your contract to the default annuity payout option described in “Annuity maturity date” later in this section. When to expect payments In general, your periodic payment amount upon annuitization is determined by the account value or cash value of your Accumulator® Generally, we will fulfill requests for payments out of the variable Series contract at the time of annuitization, the form of the annuity investment options (including the AXA Ultra Conservative Strategy payout option you elect and the annuity purchase rate to which that investment option) within seven calendar days after the date of the value is applied, as described below. Alternatively, if you have a transaction to which the request relates. These transactions may GMIB, you may exercise your benefit in accordance with its terms include applying proceeds to a variable annuity, payment of a death provided that your account value is greater than zero on the exercise benefit, payment of any amount you withdraw (less any withdrawal date. Once begun, annuity payments cannot be stopped unless charge, if applicable) and, upon surrender, payment of the cash value. otherwise provided in the supplementary contract. Your contract We may postpone such payments or applying proceeds for any period guarantees that upon annuitization, your account value will be during which: applied to a guaranteed annuity purchase rate for a life annuity. We (1) the New York Stock Exchange is closed or restricts trading, reserve the right, with advance notice to you, to change guaranteed

61 Accessing your money annuity purchase rates any time after your fifth contract date anniver- • Life annuity with refund certain: An annuity that guarantees sary and at not less than five-year intervals after the first change. payments for the rest of the annuitant’s life. If the annuitant dies (Please see your contract and SAI for more information.) In the event before the amount applied to purchase the annuity option has that we exercise our contractual right to change the guaranteed been recovered, payments to the beneficiary will continue until annuity purchase factors, we would segregate the account value that amount has been recovered. based on contributions and earnings received prior to and after the The life annuity, life annuity with period certain, and life annuity with change. When your contract is annuitized, we would calculate the refund certain payout options are available on a single life or joint payments by applying the applicable purchase factors separately to and survivor life basis. The joint and survivor life annuity guarantees the value of the contributions received before and after the rate payments for the rest of the annuitant’s life, and after the annuitant’s change. We will provide you with 60 days advance written notice of death, payments continue to the survivor. We may offer other payout such a change. options not outlined here, including non-life contingent annuities. In addition, you may apply your total account value or cash value, Your financial professional can provide you with details. whichever is applicable, to any other annuity payout option that we may offer at the time of annuitization. We have the right to require you to We guarantee fixed annuity payments will be based either on the tables provide any information we deem necessary to provide an annuity pay- of guaranteed annuity purchase factors in your contract or on our then out option. If an annuity payout is later found to be based on incorrect current annuity purchase factors, whichever is more favorable for you. information, it will be adjusted on the basis of the correct information. The amount applied to purchase an annuity payout option You can currently choose from among the payout annuity options The amount applied to purchase an annuity payout option varies, listed below. Restrictions may apply, depending on the type of con- depending on the payout option that you choose, and the timing of tract you own or the owner’s and annuitant’s ages at contract issue. your purchase as it relates to any withdrawal charges that apply Other than life annuity with period certain, we reserve the right to under your Accumulator® Series contract. add, remove or change any of these annuity payout options at any time. In addition, if you are exercising your GMIB, your choice of There is no withdrawal charge imposed if you select a life annuity, life payout options are those that are available under the GMIB (see annuity with period certain or life annuity with refund certain. If we “Guaranteed minimum income benefit (“GMIB”)” in “Contract fea- are offering non-life contingent forms of annuities, the withdrawal tures and benefits” earlier in this Prospectus). If the GWBL is in effect charge will be imposed. and you choose to annuitize your contract before the maturity date, Partial annuitization. Partial annuitization of nonqualified deferred the GWBL will terminate without value even if your GWBL benefit annuity contracts, as described in “Partial Annuitization” in “Tax base is greater than zero. Payments you receive under the payout Information”, is permitted under certain circumstances. You may annuity option you select may be less than you would have received choose from the life-contingent annuity payout options described under GWBL. See “Guaranteed withdrawal benefit for life here. We no longer offer a period certain option for partial annuitiza- (“GWBL”)” in “Contract features and benefits” earlier in this Pro- tion. We require you to elect partial annuitization on the form we spectus for further information. specify. You may not partially exercise your GMIB. For purposes of Fixed annuity payout options • Life annuity this contract we will effect any partial annuitization as a withdrawal • Life annuity with period applied to a payout annuity. Partial annuitization is available until certain your annuity maturity date. See “How withdrawals are taken from • Life annuity with refund your account value” earlier in this section. certain Selecting an annuity payout option • Life annuity: An annuity that guarantees payments for the rest When you select a payout option, we will issue you a separate written of the annuitant’s life. Payments end with the last monthly agreement confirming your right to receive annuity payments. We payment before the annuitant’s death. Because there is no con- require you to return your contract before annuity payments begin. tinuation of benefits following the annuitant’s death with this The contract owner and annuitant must meet the issue age and payout option, it provides the highest monthly payment of any of payment requirements. the life annuity options, so long as the annuitant is living. It is possible that the Life annuity option could result in only one You can choose the date annuity payments begin but it may not be earlier payment if the annuitant dies immediately after annuitization. than thirteen months from your contract date or not earlier than five years from your Series CP® contract date (in a limited number of jurisdictions • Life annuity with period certain: An annuity that guarantees this requirement may be more or less than five years). Please see Appen- payments for the rest of the annuitant’s life. If the annuitant dies dix IX later in this Prospectus for information on state variations. You can before the end of a selected period of time (“period certain”), change the date your annuity payments are to begin at any time. The payments continue to the beneficiary for the balance of the date may not be later than the annuity maturity date described below. period certain. The period certain cannot extend beyond the annuitant’s life expectancy. A life annuity with a period certain is For Series CP® contracts, if you start receiving annuity payments the form of annuity under the contract that you will receive if within three years of making any contribution, we will recover the you do not elect a different payout option. In this case, the credit that applies to any contribution made within the prior three period certain will be based on the annuitant’s age and will not years. Please see Appendix IX later in this Prospectus for information exceed 10 years. on state variations.

62 Accessing your money The amount of the annuity payments will depend on the amount Any death benefit you had under your contract will no longer be in applied to purchase the annuity and the applicable annuity purchase effect. You will not be permitted to make any additional withdrawals. factors, discussed earlier. The amount of each annuity payment will Please see Appendix IX later in this Prospectus for variations that may be less with a greater frequency of payments or a longer certain apply in your state. period of a life contingent annuity. Once elected, the frequency with which you receive payments cannot be changed. If, at the time you elect a payout option, the amount to be applied is less than $2,000 or the initial payment under the form elected is less than $20 monthly, we reserve the right to pay the account value in a single sum rather than as payments under the payout option chosen. If you select an annuity payout option and payments have begun, no change can be made. Annuity maturity date Your contract has a maturity date by which you must either take a lump sum payment or select an annuity payout option. The maturity date is based on the age of the original annuitant at contract issue and cannot be changed other than in conformance with applicable law even if you name a new annuitant. For contracts with joint annuitants, the maturity age is based on the older annuitant. The maturity date is generally the contract date anniversary that follows the annuitant’s 95th birthday. We will send a notice with the contract statement one year prior to the maturity date. If you do not respond to the notice within the 30 days following the maturity date, your contract will be annuitized automatically as a life annuity with period certain. Please note that the aggregate payments you would receive from this form of annuity during the period certain may be less than the lump sum payment you would receive by surrendering your contract immediately prior to annuitization. The notice will include the date of maturity, describe the available annuity payout options, state the availability of a lump sum payment option, and identify the default payout option if you do not provide an election by the time of your contract maturity date. If GWBL is not in effect, the default payout option is the Life annuity with period certain not to exceed 10 years. On the annuity maturity date, other than the Guaranteed withdrawal benefit for life (as discussed below), any Guaranteed minimum death benefit and any other guaranteed benefits will terminate, and will not be carried over to your annuity payout contract. Guaranteed withdrawal benefit for life If the GWBL is in effect under your contract and your contract is annuitized at maturity, we will offer an annuity payout option that guarantees you will receive payments for life that as of your maturity date are at least equal to the Guaranteed annual withdrawal amount that you would have received under the GWBL. At annuitization, you will no longer be able to take withdrawals in addition to the payments under this annuity payout option. At maturity, the annuity payout will be the higher of two amounts that are calculated as that date. The annuity payout will be the higher of: (1) the Guaranteed annual withdrawal amount and (2) the amount that the contract owner would have received if the annuity account value had been applied to a life annuity without a period certain, using either (a) the guaranteed annuity rates specified in your contract, or (b) the applicable current individual annuity rates as of the contract date anniversary, applying the rate that provides a greater benefit to the payee.

63 Accessing your money 5. Charges and expenses

Charges that AXA Equitable deducts To help with your retirement planning, we may offer other annuities with different charges, benefits, and features. Please contact your We deduct the following charges each day from the net assets of financial professional for more information. each variable investment option. These charges are reflected in the unit values of each variable investment option: Separate account annual expenses • An operations charge Operations charge. We deduct a daily charge from the net assets in each variable investment option to compensate us for operations • An administrative charge expenses, a portion of which compensates us for mortality and expense • A distribution charge risks, including the Return of Principal death benefit. Below is the daily charge shown as an annual rate of the net assets in each variable We deduct the following charges from your account value. When we investment option for each contract in the Accumulator® Series: deduct these charges from your variable investment options (including the AXA Ultra Conservative Strategy investment option), Series B: 0.80% we reduce the number of units credited to your contract: Series CP®: 1.05% • On each contract date anniversary — an annual administrative Series L: 1.10% charge, if applicable. The mortality risk we assume is the risk that annuitants as a group will live for a longer time than our actuarial tables predict. If that • At the time you make certain withdrawals or surrender your happens, we would be paying more in annuity income than we plan- contract — a withdrawal charge (if applicable). ned. We also assume a risk that the mortality assumptions reflected • On each contract date anniversary — a charge for each optional in our guaranteed annuity payment tables, shown in each contract, benefit in effect under your contract: a death benefit (other than will differ from actual mortality experience. Lastly, we assume a mor- the Return of Principal death benefit); the GMIB; the GWBL; and tality risk to the extent that at the time of death, the Guaranteed the Earnings enhancement benefit. minimum death benefit exceeds the cash value of the contract. The expense risk we assume is the risk that it will cost us more to issue • At the time annuity payments are to begin — charges designed and administer the contracts than we expect. to approximate certain taxes that may be imposed on us, such as premium taxes in your state. For Series CP® contracts, a portion of this charge also compensates us for the contract credit. For a discussion of the credit, see “Credits” in • At the time you request a transfer in excess of 12 transfers in a “Contract features and benefits” earlier in this Prospectus. We expect contract year — a transfer charge (currently, there is no charge). to make a profit from this charge. • Charge for third-party transfer or exchange (currently, there is no If you previously accepted an offer to terminate a guaranteed benefit, charge). charges for that benefit will have ceased. However, as stated in the More information about these charges appears below. We will not terms of your offer, you should be aware that you will continue to pay increase these charges for the life of your contract, except as noted. the same operations charge as contract owners that have the stan- We may reduce certain charges under group or sponsored arrange- dard death benefit, even though you no longer have the standard ments. See “Group or sponsored arrangements” later in this section. death benefit. The charges under the contracts are designed to cover, in the Administrative charge. We deduct a daily charge from the net aggregate, our direct and indirect costs of selling, administering and assets in each variable investment option. The charge, together with providing benefits under the contracts. They are also designed, in the the annual administrative charge described below, is to compensate aggregate, to compensate us for the risks of loss we assume pursuant us for administrative expenses under the contracts. Below is the daily to the contracts. If, as we expect, the charges that we collect from the charge shown as an annual rate of the net assets in each variable contracts exceed our total costs in connection with the contracts, we investment option: will earn a profit. Otherwise, we will incur a loss. Series B: 0.30% The rates of certain of our charges have been set with reference to Series CP®: 0.35% estimates of the amount of specific types of expenses or risks that we Series L: 0.35% will incur. In most cases, this Prospectus identifies such expenses or Distribution charge. We deduct a daily charge from the net assets in risks in the name of the charge; however, the fact that any charge each variable investment option to compensate us for a portion of our bears the name of, or is designed primarily to defray, a particular sales expenses under the contracts. Below is the daily charge shown as expense or risk does not mean that the amount we collect from that an annual rate of the net assets in each variable investment option: charge will never be more than the amount of such expense or risk. Nor does it mean that we may not also be compensated for such Series B: 0.20% expense or risk out of any other charges we are permitted to deduct Series CP®: 0.25% by the terms of the contracts. Series L: 0.25%

64 Charges and expenses Account value charges Wire transfer charge. We charge $90 for outgoing wire transfers. Unless you specify otherwise, this charge will be deducted from the Annual administrative charge. We deduct an administrative amount you request. charge from your account value on each contract date anniversary. The charge is to compensate us for the cost of providing admin- Express mail charge. We charge $35 for sending you a check by istrative services in connection with the contract. We deduct the express mail delivery. This charge will be deducted from the amount charge if your account value on the last business day of the contract you request. year is less than $50,000. If your account value on such date is $50,000 or more, we do not deduct the charge. During the first two Duplicate contract charge. We charge $35 for providing a copy of contract years, the charge is equal to $30 or, if less, 2% of your your contract. The charge for this service can be paid (i) using a credit account value. The charge is $30 for contract years three and later. card acceptable to AXA Equitable, (ii) by sending a check to our processing office, or (iii) by any other means we make available to you. We will deduct this charge from your value in the variable investment options (including the AXA Ultra Conservative Strategy investment Check preparation charge. The standard form of payment for all option) and the guaranteed interest option (see Appendix IX later in withdrawals is direct deposit. If direct deposit instructions are not this Prospectus to see if deducting this charge from the guaranteed provided, payment will be made by check. Currently, we do not interest option is permitted in your state) on a pro rata basis. If those charge for check preparation, however, we reserve the right to amounts are insufficient, we will deduct all or a portion of the charge impose a charge. We reserve the right to charge a maximum of $85. from a Special DCA account. Charge for third-party transfer or exchange. Currently, we are If the contract is surrendered or annuitized or a death benefit is paid waiving the $65 charge for each third-party transfer or exchange; this on a date other than a contract date anniversary, we will deduct a waiver may be discontinued at any time, with or without notice. Absent pro rata portion of the charge for that year. this waiver, we deduct a charge for direct rollovers or direct transfers of amounts from your contract to a third party, such as in the case of a If your account value is insufficient to pay this charge, your contract will trustee-to-trustee transfer for an IRA contract, or if you request that your terminate without value and you will lose any applicable guaranteed contract be exchanged for a contract issued by another insurance com- benefits except as noted under “Effect of your account value falling to pany. We reserve the right to increase this charge to a maximum of $125. zero” in “Determining your contract’s value” earlier in this Prospectus. Please see Appendix IX later in this Prospectus for variations in your state. Please note that if you elected the Guaranteed minimum income benefit, you can only exercise the benefit during the 30 day period following Withdrawal charge your contract date anniversary. Therefore, if your account value is not A withdrawal charge applies in two circumstances: (1) if you make sufficient to pay these charges and any other fees on your next contract one or more withdrawals during a contract year that, in total, exceed date anniversary, your contract will be terminated without value and the 10% free withdrawal amount, described below, or (2) if you sur- you will not have an opportunity to exercise your Guaranteed minimum render your contract to receive its cash value. For more information income benefit unless the no lapse guarantee provision under your about the withdrawal charge if you select an annuity payout option, contract is still in effect. See “Effect of your account value falling to see “Your annuity payout options — The amount applied to pur- zero” in “Determining your contract’s value” earlier in this Prospectus. chase an annuity payout option” in “Accessing your money” earlier Transfer charge in the Prospectus. For Series CP® contracts, a portion of this charge also compensates us for the contract credit. For a discussion of the Currently, we do not charge for transfers among investment options credit, see “Credits” in “Contract features and benefits” earlier in under the contract. However, we reserve the right to charge for any this Prospectus. We expect to make a profit from this charge. transfers in excess of 12 per contract year. The charge is to compensate us for the expense of processing the transfer. We will provide you with The withdrawal charge equals a percentage of the contributions with- advance notice if we decide to assess the transfer charge, which will drawn even if the account value is less than total net contributions. For never exceed $35 per transfer. The transfer charge (if applicable), will Series CP® contracts, we do not consider credits to be contributions. be assessed at the time that the transfer is processed. Each time you Therefore, there is no withdrawal charge associated with a credit. request a transfer from one investment option to another, we will The percentage of the withdrawal charge that applies to each con- assess the transfer charge (if applicable). Separate requests submitted tribution depends on how long each contribution has been invested on the same day will each be treated as separate transfers. Any transfer in the contract. We determine the withdrawal charge separately for charge will be deducted from the investment options from which the each contribution according to the following table: transfer is made. We will not charge for transfers made in connection with one of our dollar cost averaging programs. Also, transfers from our Withdrawal charge as a % of contribution Contract Year automated programs do not count toward your number of transfers in a 12345678910+ contract year for the purposes of this charge. Series B 7% 7% 6% 6% 5% 3% 1% 0%(1) ——

SM Special services charges Series CP 8% 8% 7% 6% 5% 4% 3% 2% 1% 0%(2) (3) We deduct a charge for providing the special services described Series L 8% 7% 6% 5% 0% ———— — below. These charges compensate us for the expense of processing (1) Charge does not apply in the 8th and subsequent contract years following each special service. For certain services, we will deduct from your contribution. account value any withdrawal charge that applies and the charge for (2) Charge does not apply in the 10th and subsequent contract years following contribution. the special service. Please note that we may discontinue some or all of these services without notice. (3) Charge does not apply in the 5th and subsequent contract years following contribution.

65 Charges and expenses For purposes of calculating the withdrawal charge, we treat the con- applicable, are applied to the amount of the withdrawal that exceeds tract year in which we receive a contribution as “contract year 1,” and both the free withdrawal amount and the Annual withdrawal amount. the withdrawal charge is reduced or expires on each applicable contract If the GWBL is in effect, we will waive any withdrawal charge for any date anniversary. Amounts withdrawn that are not subject to the with- withdrawals during the contract year up to the Guaranteed annual drawal charge are not considered withdrawals of any contribution. We withdrawal amount, even if such withdrawals exceed the free with- also treat contributions that have been invested the longest as being drawal amount. However, each withdrawal reduces the free withdrawal withdrawn first. We treat contributions as withdrawn before earnings amount for that contract year by the amount of the withdrawal. Also, a for purposes of calculating the withdrawal charge. However, federal withdrawal charge does not apply to a withdrawal that exceeds the income tax rules treat earnings under your contract as withdrawn first. Guaranteed annual withdrawal amount as long as it does not exceed See “Tax information” later in this Prospectus. the free withdrawal amount. Withdrawal charges, if applicable, are Please see Appendix IX later in this Prospectus for possible with- applied to the amount of the withdrawal that exceeds both the free drawal charge schedule variations in your state. withdrawal amount and the Guaranteed annual withdrawal amount. In order to give you the exact dollar amount of the withdrawal you Withdrawal charges will not apply when the GMIB is exercised on the request, we deduct the amount of the withdrawal and the with- contract date anniversary following age 85. drawal charge from your account value. Any amount deducted to pay Disability, terminal illness, or confinement to nursing withdrawal charges is also subject to that same withdrawal charge home. There are specific circumstances (described below) under which percentage. We deduct the charge in proportion to the amount of the the withdrawal charge will not apply. At any time after the first contract withdrawal subtracted from each investment option. The withdrawal date anniversary, you may submit a claim to have the withdrawal charge charge helps cover our sales expenses. waived if you meet certain requirements. You are not eligible to make a For purposes of calculating reductions in your guaranteed benefits claim prior to your first contract date anniversary. Also, your claim must and associated benefit bases, the withdrawal amount includes both be on the specific form we provide for this purpose. the withdrawal amount paid to you and the amount of the with- The withdrawal charge does not apply if: drawal charge deducted from your account value. For more information, see “Guaranteed minimum death benefit and Guaran- (i) We receive proof satisfactory to us (including certification by a teed minimum income benefit base” and “How withdrawals affect licensed physician) that an owner (or older joint owner, if appli- your guaranteed benefits” earlier in this Prospectus. cable) is unable to perform three of the following “activities of daily living”: We may offer a version of the contract that does not include a withdrawal charge. — “Bathing” means washing oneself by sponge bath; or in either a tub or shower, including the task of getting into or The withdrawal charge does not apply in the circumstances described out of the tub or shower. below. — “Continence” means the ability to maintain control of 10% free withdrawal amount. Each contract year you can with- bowel and bladder function; or, when unable to maintain draw up to 10% of your account value without paying a withdrawal control of bowel or bladder function, the ability to perform charge. The 10% free withdrawal amount is determined using your associated personal hygiene (including caring for catheter account value at the beginning of each contract year. In the first con- or colostomy bag). tract year, the 10% free withdrawal amount is determined using all contributions received in the first 90 days of the contract year. Addi- — “Dressing” means putting on and taking off all items of tional contributions during the contract year do not increase your 10% clothing and any necessary braces, fasteners or artificial limbs. free withdrawal amount (contributions after the first contract year are — “Eating” means feeding oneself by food into the body from allowed in QP contracts only). The 10% free withdrawal amount does a receptacle (such as a plate, cup or table) or by a feeding not apply if you surrender your contract except where required by law. tube or intravenously. For Series B and Series L NQ contracts issued to a charitable — “Toileting” means getting to and from the toilet, getting remainder trust, the free withdrawal amount will equal the greater of: on and off the toilet, and performing associated personal (1) the current account value less contributions that have not been hygiene. withdrawn (earnings in the contract) and (2) the 10% free withdrawal amount defined above. — “Transferring” means moving into or out of a bed, chair or wheelchair. Certain withdrawals. If you elected the GMIB with or without the “Greater of” GMDB, beginning on the first day of the 2nd contract year (ii) We receive proof satisfactory to us (including certification by a we will waive any withdrawal charge for any withdrawal during the licensed physician) that an owner’s (or older joint owner’s, if contract year up to the Annual withdrawal amount, even if such with- applicable) life expectancy is six months or less; or drawals exceed the free withdrawal amount. However, each withdrawal (iii) An owner (or older joint owner, if applicable) has been confined reduces the free withdrawal amount for that contract year by the to a nursing home for more than 90 days (or such other period, amount of the withdrawal. Also, a withdrawal charge does not apply to as required in your state) as verified by a licensed physician. A a withdrawal that exceeds the Annual withdrawal amount as long as it nursing home for this purpose means one that is (a) approved by does not exceed the free withdrawal amount. Withdrawal charges, if Medicare as a provider of skilled nursing care service, or

66 Charges and expenses (b) licensed as a skilled nursing home by the state or territory in the benefit base. We reserve the right to increase the charge for this which it is located (it must be within the United States, Puerto benefit up to a maximum of 2.30% for the GMIB I — Asset Alloca- Rico, or U.S. Virgin Islands) and meets all of the following: tion and 2.60% for the GMIB II — Custom Selection. See “Fee changes for the guaranteed benefits” below for more information. — its main function is to provide skilled, intermediate, or custodial nursing care; Earnings enhancement benefit charge. If you elect the Earnings enhancement benefit, we deduct a charge annually from your account — it provides continuous room and board to three or more value on each contract date anniversary for which it is in effect. The persons; charge is equal to 0.35% of the account value on each contract date — it is supervised by a registered nurse or licensed practical anniversary. nurse; Guaranteed withdrawal benefit for life benefit charge. If — it keeps daily medical records of each patient; your GMIB converts to the GWBL, we deduct a charge for the GWBL that is equal to a percentage of your GWBL benefit base. This initial — it controls and records all medications dispensed; and percentage is equal to the percentage of your Roll-up benefit base — its primary service is other than to provide housing for resi- that we were deducting as the GMIB charge on the Conversion effec- dents. tive date. The dollar amount of the charge, however, may be different, depending upon whether your initial GWBL benefit base is Some states may not permit us to waive the withdrawal charge in the calculated using your account value or Roll-up benefit base. See above circumstances, or may limit the circumstances for which the “Guaranteed withdrawal benefit for life (“GWBL”)” earlier in this withdrawal charge may be waived. Your financial professional can Prospectus. After conversion, we deduct this charge annually from provide more information or you may contact our processing office. your account value on each contract date anniversary. This charge is Guaranteed benefit charges the same for the Single life and Joint life options. We reserve the right to increase the charge for this benefit up to a percentage equal to a Return of Principal death benefit. There is no additional charge for this death benefit. maximum charge of 2.30% for GMIB I — Asset Allocation or 2.60% for GMIB II — Custom Selection. See “Fee changes for the guaran- Highest Anniversary Value death benefit. If you elect the teed benefits” below for more information. If the contract is surren- Highest Anniversary Value death benefit, we deduct a charge annu- dered or annuitized, or a death benefit is paid or the GWBL is ally from your account value on each contract date anniversary for dropped on a date other than a contract date anniversary, we will which it is in effect. The charge is equal to 0.35% of the Highest deduct a pro rata portion of the charge for that year. See Anniversary Value benefit base. “Guaranteed minimum income benefit charge” earlier in this section. “Greater of” GMDB I. We deduct a charge annually from your When we deduct these charges. We will deduct these guaran- account value on each contract date anniversary for which it is in teed benefit charges from your value in the variable investment effect. The charge is equal to 1.15% of the greater of the Roll-up options (including the AXA Ultra Conservative Strategy investment benefit base or the Highest Anniversary Value benefit base. We option) and the guaranteed interest option on a pro rata basis (see reserve the right to increase the charge for this benefit up to a max- Appendix IX later in this Prospectus to see if deducting this charge imum of 2.30%. See “Fee changes for the guaranteed benefits” from the guaranteed interest option is permitted in your state). If below for more information. those amounts are insufficient, we will deduct all or a portion of these charges from amounts in the Special DCA program. The pro rata por- “Greater of” GMDB II. We deduct a charge annually from your account value on each contract date anniversary for which it is in effect. tion of the charge will be based on the fee that is in effect at the time The charge is equal to 1.30% of the greater of the Roll-up benefit base the charge is assessed. or the Highest Anniversary Value benefit base. We reserve the right to If the contract is surrendered or annuitized, or a death benefit is paid increase the charge for this benefit up to a maximum of 2.60%. on a date other than a contract date anniversary, we will deduct a pro rata portion of the charge for that year. Death benefit under converted GWBL. If your GMIB converts to the GWBL, we will continue to deduct the charge for the Guaranteed Although the amount of your Highest Anniversary or “Greater of” minimum death benefit that is in effect prior to the conversion. death benefit and any Earnings enhancement benefit will no longer If the contract is surrendered or annuitized or a death benefit is paid increase after age 85, we will continue to deduct the charge for on a date other than a contract date anniversary, we will deduct a that benefit as long as it remains in effect. pro rata portion of the charge for that year. Please note that if you elected the Guaranteed minimum income benefit, you can only exercise the benefit during the 30 day period following Guaranteed minimum income benefit charge If you elect the GMIB, we deduct a charge annually from your account value on each your contract date anniversary. Therefore, if your account value is not contract date anniversary until such time as you exercise the GMIB, sufficient to pay these charges and any other fees on your next contract drop the GMIB, elect another annuity payout option, or the contract date anniversary, your contract will be terminated without value and date anniversary after the owner (or older joint owner, if applicable) you will not have an opportunity to exercise your Guaranteed minimum reaches age 85, whichever occurs first. For the GMIB I — Asset Allo- income benefit unless the no lapse guarantee provision under your cation, the charge is equal to 1.15% of the benefit base. For the contract is still in effect. See “Effect of your account value falling to GMIB II — Custom Selection, the charge is equal to 1.30% of zero” in “Determining your contract’s value earlier in this Prospectus.”

67 Charges and expenses Fee changes for the guaranteed benefits must be the spouse of the owner. For jointly owned contracts, payments can be based on a single life (based on the life of the older We may increase or decrease the charge for the GMIB, the GWBL, owner) or joint lives. For non-natural owners, payments are available the “Greater of” GMDB I and the “Greater of” GMDB II. You will on the same basis (based on the annuitant or joint annuitant’s life). be notified of a change in the charge at least 30 days in advance. Your Lifetime GMIB payments are calculated by applying your Roll-up The charge for each benefit may only change once in a 12 month benefit base (as of the date we receive your election in good order) period and will never exceed the maximum shown in the fee table. less any applicable withdrawal charge remaining, to guaranteed If you are within your first two contract years at the time we notify annuity purchase factors. See “Exercise of GMIB” under “Contract you of a revised charge, the revised charge will be effective the first features and benefits” for additional information regarding GMIB day of the third contract year, or at least 30 days following the noti- exercise. fication date, and will be assessed beginning on your third contract date anniversary. If you have reached your second contract date Charges for state premium and other applicable taxes anniversary at the time we notify you of a revised charge, the We deduct a charge designed to approximate certain taxes that may revised charge will be effective 30 days after the notification date be imposed on us, such as premium taxes in your state. Generally, we and will be assessed as of your next contract date anniversary that deduct the charge from the amount applied to provide an annuity is at least 30 days after the fee change notification date and on all payout option. The current tax charge that might be imposed varies contract date anniversaries thereafter. A pro rata charge assessed by jurisdiction and ranges from 0% to 3.5%. during any contract year will be based on the charge in effect at that time. See “Guaranteed benefit charges” above for more Some of the charges described above may be different for certain information. You may not opt out of a fee change but you may drop contract owners. Please see Appendix IX later in this Prospectus for the benefit if you notify us in writing within 30 days after a fee more information. change is declared. The requirement that all withdrawal charges have expired will be waived. See “Dropping the Guaranteed mini- Charges that the Trusts deduct mum income benefit after issue” and “Dropping the Guaranteed The Trusts deduct charges for the following types of fees and expenses: withdrawal benefit for life after conversion” in “Contract features and benefits” earlier in this Prospectus. • Management fees. Exercise of the GMIB in the event of a GMIB (or GWBL) fee • 12b-1 fees. increase. In the event we increase the charge for the GMIB (or • Operating expenses, such as trustees’ fees, independent public GWBL), you may exercise the GMIB subject to the following rules. If accounting firms’ fees, legal counsel fees, administrative service you are within your first two contract years at the time we notify you fees, custodian fees and liability insurance. of a GMIB (or GWBL) fee increase, you may elect to exercise the GMIB during the 30 day period beginning on your second contract • Investment-related expenses, such as brokerage commissions. date anniversary. If you have reached your second contract date These charges are reflected in the daily share price of each Portfolio. anniversary at the time we notify you of a GMIB (or GWBL) fee Since shares of each Trust are purchased at their net asset value, increase, you may elect to exercise the GMIB during the 30 day these fees and expenses are, in effect, passed on to the variable period beginning on the date of the fee increase notification. Note investment options (including the AXA Ultra Conservative Strategy that if you are within your first two contract years at the investment option) and are reflected in their unit values. Certain Port- time we notify you of a GMIB (or GWBL) fee increase, your folios available under the contract in turn invest in shares of other opportunity to drop the benefit is the 30 day period follow- Portfolios of the Trusts and/or shares of unaffiliated portfolios ing notification, not the 30 day period following your sec- (collectively, the “underlying portfolios”). The underlying portfolios ond contract date anniversary. We must receive your election to each have their own fees and expenses, including management fees, exercise the GMIB within the applicable 30 day GMIB exercise period. operating expenses, and investment related expenses such as Any applicable GMIB exercise waiting period will be waived. Upon brokerage commissions. For more information about these charges, expiration of the 30 day exercise period, any contractual waiting please refer to the prospectuses for the Trusts. period will resume. If your GMIB exercise waiting period has already elapsed when a fee increase is announced, you may exercise your Group or sponsored arrangements GMIB during either (i) the 30 day GMIB exercise period provided by your contract or (ii) the 30 day exercise period provided by the fee For certain group or sponsored arrangements, we may reduce the increase. It is possible that these periods may overlap. For more withdrawal charge (if applicable under your Accumulator® Series information on your contract’s GMIB exercise period and exercise contract) or the daily contract charge, or change the minimum initial rules, see “Exercise of GMIB” in “Contract features and benefits”. If contribution requirements. We also may change the guaranteed your GWBL is in effect when a fee increase is announced, you may benefits, or offer variable investment options that invest in shares of exercise your GMIB as if it were still in effect and the same exercise the Trusts that are not subject to the 12b-1 fee. We may also change rules described above will apply. In this circumstance, your GMIB will the crediting percentage that applies to contributions. Credits are be exercised by applying the GMIB guaranteed annuity purchase subject to recovery under certain circumstances. See “Credits (for factors to your GWBL benefit base as of that date. Series CP® contracts)” under “Contract features and benefits” earlier in this Prospectus. Group arrangements include those in which a For single owner contracts, the payout can be either based on a sin- trustee or an employer, for example, purchases contracts covering a gle life (the owner’s life) or joint lives. For IRA contracts, the joint life

68 Charges and expenses group of individuals on a group basis. Group arrangements are not available for IRA contracts. Sponsored arrangements include those in which an employer allows us to sell contracts to its employees or retirees on an individual basis. Our costs for sales, administration and operations generally vary with the size and stability of the group or sponsoring organization, among other factors. We take all these factors into account when reducing charges. To qualify for reduced charges, a group or sponsored arrangement must meet certain requirements, such as requirements for size and number of years in existence. Group or sponsored arrangements that have been set up solely to buy contracts or that have been in existence less than six months will not qualify for reduced charges. We will make these and any similar reductions according to our rules in effect when we approve a contract for issue. We may change these rules from time to time. Any variation will reflect differences in costs or services and will not be unfairly discriminatory. Group or sponsored arrangements may be governed by federal income tax rules, the Employee Retirement Income Security Act of 1974 (“ERISA”) or both. We make no representations with regard to the impact of these and other applicable laws on such programs. We recommend that employers, trustees, and others purchasing or making contracts available for purchase under such programs seek the advice of their own legal and benefits advisers.

Other distribution arrangements We may reduce or eliminate charges when sales are made in a manner that results in savings of sales and administrative expenses, such as sales through persons who are compensated by clients for recommending investments and who receive no commission or reduced commissions in connection with the sale of the contracts. We will not permit a reduction or elimination of charges where it would be unfairly discriminatory.

69 Charges and expenses 6. Payment of death benefit

Your beneficiary and payment of benefit Subject to applicable laws and regulations, you may impose You designate your beneficiary when you apply for your contract. You restrictions on the timing and manner of the payment of the death may change your beneficiary at any time during your lifetime and benefit to your beneficiary. For example, your beneficiary desig- while the contract is in force. The change will be effective as of the nation may specify the form of death benefit payout (such as a life date the written request is executed, whether or not you are living on annuity), provided the payout you elect is one that we offer both at the date the change is received in our processing office. We are not the time of designation and when the death benefit is payable. In responsible for any beneficiary change request that we do not receive. general, the beneficiary will have no right to change the election. We are not liable for any payments we make or actions we take You should be aware that (i) in accordance with current federal before we receive the change. We will send you a written con- income tax rules, we apply a predetermined death benefit annuity firmation when we receive your request. payout election only if payment of the death benefit amount begins Under jointly owned contracts, the surviving owner is considered the within one year following the date of death, which payment may beneficiary, and will take the place of any other beneficiary. Under a not occur if the beneficiary has failed to provide all required contract with a non-natural owner that has joint annuitants, who con- information before the end of that period, (ii) we will not apply the tinue to be spouses at the time of death, the surviving annuitant is predetermined death benefit payout election if doing so would vio- considered the beneficiary, and will take the place of any other benefi- late any federal income tax rules or any other applicable law, and ciary. In a QP contract, the beneficiary must be the plan trust. Where an (iii) a beneficiary or a successor owner who continues the contract NQ contract is owned for the benefit of a minor pursuant to the Uniform under one of the continuation options described below will have Gift to Minors Act or the Uniform Transfers to Minors Act, the beneficiary the right to change your annuity payout election. must be the estate of the minor. Where an IRA contract is owned in a In general, if the annuitant dies, the owner (or older joint owner, if custodial individual retirement account, the custodian must be the applicable) will become the annuitant, and the death benefit is not beneficiary. payable. If the contract had joint annuitants, it will become a single The death benefit is equal to your account value or, if greater, the annuitant contract. applicable Guaranteed minimum death benefit. In either case, the death benefit is increased by any amount applicable under the Earn- Effect of the owner’s death ings enhancement benefit. We determine the amount of the death In general, if the owner dies while the contract is in force, the con- benefit (other than the applicable Guaranteed minimum death bene- tract terminates and the applicable death benefit is paid. If the con- fit) and any amount applicable under the Earnings enhancement tract is jointly owned, the death benefit is payable upon the death of benefit, as of the date we receive satisfactory proof of the owner’s (or the older owner. For Joint life contracts with GWBL, the death benefit older joint owner’s, if applicable) death, any required instructions for is paid to the beneficiary at the death of the second to die of the the method of payment, forms necessary to effect payment and any owner and successor owner. No death benefit will be payable upon other information we may require. However, this is not the case if the or after the contract’s Annuity maturity date, which will never be later sole primary beneficiary of your contract is your spouse and he or she than the contract date anniversary following your 95th birthday. decides to roll over the death benefit to another contract issued by us. See “Effect of the owner’s death” below. For Series CP® contracts, There are various circumstances, however, in which the contract can the account value used to determine the death benefit and the Earn- be continued by a successor owner or under a Beneficiary con- ings enhancement benefit will first be reduced by the amount of any tinuation option. For contracts with spouses who are joint owners, credits applied in the one-year period prior to the owner’s (or older the surviving spouse will automatically be able to continue the con- joint owner’s, if applicable) death. The amount of the applicable tract under the “Spousal continuation” feature or under our Benefi- Guaranteed minimum death benefit will be such Guaranteed mini- ciary continuation option, as discussed below. For contracts with mum death benefit as of the date of the owner’s (or older joint own- non-spousal joint owners, the joint owner will be able to continue er’s, if applicable) death adjusted for any subsequent withdrawals. the contract as a successor owner subject to the limitations dis- Payment of the death benefit terminates the contract. cussed below under “Non-spousal joint owner contract continuation.” When we use the terms owner and joint owner,weintendtheseto be references to annuitant and joint annuitant, respectively, if the If you are the sole owner, your surviving spouse may have the option to: contract has a non-natural owner. If the contract is jointly owned or • take the death benefit proceeds in a lump sum; is issued to a non-natural owner and the GWBL is not in effect, the death benefit is payable upon the death of the older joint owner or • continue the contract as a successor owner under “Spousal con- older joint annuitant, as applicable. Under contracts with GWBL, the tinuation” (if your spouse is the sole primary beneficiary) or under terms owner and successor owner are intended to be references our Beneficiary continuation option, as discussed below; or to annuitant and joint annuitant, respectively, if the contract has • roll the death benefit proceeds over into another contract. a non-natural owner.

70 Payment of death benefit If your surviving spouse rolls over the death benefit proceeds into a and charge will terminate as of the date we receive proof of death. contract issued by us, the amount of the death benefit will be calcu- Withdrawal charges, if applicable under your Accumulator® Series lated as of the date we receive all requirements necessary to issue contract, will continue to apply and no additional contributions will your spouse’s new contract. Any death proceeds will remain invested be permitted. If the GMIB converts to the GWBL, the provisions in this contract until your spouse’s new contract is issued. The described in this paragraph will apply at the death of the younger amount of the death benefit will be calculated to equal the greater of owner, even though the GWBL is calculated using the age of the sur- the account value (as of the date your spouse’s new contract is viving older owner. issued) and the applicable guaranteed minimum death benefit (as of the date of your death). This means that the death benefit proceeds Spousal continuation could vary up or down, based on investment performance, until your If you are the contract owner and your spouse is the sole primary spouse’s new contract is issued. beneficiary or you jointly own the contract with your younger If the surviving joint owner is not the surviving spouse, or, for single spouse, or if the contract owner is a non-natural person and you owner contracts, if the beneficiary is not the surviving spouse, federal and your younger spouse are joint annuitants, your spouse may income tax rules generally require payments of amounts under the elect to continue the contract as successor owner upon your death. contract to be made within five years of an owner’s death (the Spousal beneficiaries (who are not also joint owners) must be 85 or “5-year rule”). In certain cases, an individual beneficiary or younger as of the date of the deceased spouse’s death in order to non-spousal surviving joint owner may opt to receive payments over continue the contract under Spousal continuation. The determi- his/her life (or over a period not in excess of his/her life expectancy) if nation of spousal status is made under applicable state law. How- payments commence within one year of the owner’s death. Any such ever, in the event of a conflict between federal and state law, we election must be made in accordance with our rules at the time of follow federal rules. death. If the beneficiary of a contract with one owner or a younger Upon your death, the younger spouse joint owner (for NQ contracts non-spousal joint owner continues the contract under the 5-year rule, only) or the spouse beneficiary (under a single owner contract) may in general, all guaranteed benefits and their charges will end. For elect to receive the death benefit, continue the contract under our more information on non-spousal joint owner contract continuation, Beneficiary continuation option (as discussed below in this section) or see the section immediately below. continue the contract, as follows: Non-spousal joint owner contract continuation • As of the date we receive satisfactory proof of your death, any required instructions, information and forms necessary, we will Upon the death of either owner, the surviving joint owner becomes increase the account value to equal the elected Guaranteed the sole owner. minimum death benefit as of the date of your death if such death Any death benefit (if the older owner dies first) or cash value (if the benefit is greater than such account value, plus any amount younger owner dies first) must be fully paid to the surviving joint applicable under the Earnings enhancement benefit, and adjusted owner within five years. The surviving owner may instead elect to for any subsequent withdrawals. For Series CP® contracts, if any receive a life annuity, provided payments begin within one year of the contributions are made during the one-year period prior to the deceased owner’s death. If the life annuity is elected, the contract owner’s death, the account value will first be reduced by any cred- and all benefits terminate. its applied to any such contributions. The increase in the account value will be allocated to the investment options according to the If the older owner dies first, we will increase the account value to allocation percentages we have on file for your contract. equal the Guaranteed minimum death benefit, if higher, and by the value of the Earnings enhancement benefit. The surviving owner can • In general, withdrawal charges will no longer apply to contribu- elect to (1) take a lump sum payment; (2) annuitize within one year; tions made before your death. Withdrawal charges, if applicable, (3) continue the contract for up to five years; or (4) continue the con- will apply if additional contributions are made. tract under the Beneficiary continuation option. For Series CP® con- • The Annual Roll-up rate will operate as follows: tracts, if any contributions are made during the one-year period prior to the owner’s death, the account value will first be reduced by any — If the original/older owner dies prior to the contract date credits applied to any such contributions. If the contract continues, anniversary when he/she is age 64 and withdrawals under the Guaranteed minimum death benefit and charge and the GMIB the contract have begun, the annual roll-up rate for the and charge will then be discontinued. Withdrawal charges, if appli- contract is locked in at 4%, regardless of the age of the cable under your Accumulator® Series contract, will no longer apply, surviving spouse or when withdrawals begin under spousal and no additional contributions will be permitted. continuation, and the benefit base will roll up to age 85 of the surviving spouse. If the younger owner dies first, the surviving owner can elect to (1) take a lump sum payment; (2) annuitize within one year; — If the original/older owner dies prior to the contract date (3) continue the contract for up to five years; or (4) continue the con- anniversary when he/she is age 64 and withdrawals under tract under the Beneficiary continuation option. If the contract con- the contract have not yet begun, the annual roll-up rate will tinues, the death benefit is not payable, and the Guaranteed be 4% if the first withdrawal from the contract occurs prior minimum death benefit and the Earnings enhancement benefit, if to the contract date anniversary when the original/older applicable, will continue without change. If the GMIB cannot be owner would have been age 64 and the annual roll-up rate exercised within the period required by federal tax laws, the benefit will be 5% if the first withdrawal from the contract occurs

71 Payment of death benefit on or after the contract date anniversary when the original/ Guaranteed minimum death benefit base will not be older owner would have been age 64. In either case, the increased to equal your account value. benefit base will roll up to age 85 of the surviving spouse. ▪ The Guaranteed minimum death benefit will no longer — If the original/older owner died on or after the contract be eligible to increase, and will be subject to pro rata date anniversary when he/she was age 64 and withdrawals reduction for any subsequent withdrawals. under the contract began prior to the contract date ▪ The charge for the Guaranteed minimum death bene- anniversary when he/she was age 64, the annual roll-up fit will be discontinued. rate for the contract is locked in at 4%, regardless of the age of the surviving spouse or when withdrawals begin ▪ Upon the death of your spouse, the beneficiary will under spousal continuation, and the benefit base will roll receive, as of the date of death, the greater of the up to age 85 of the surviving spouse. account value and the value of the Guaranteed minimum death benefit. — If the original/older owner died on or after the contract date anniversary when he/she was age 64 and withdrawals — If you elected either the “Greater of” GMDB I or “Greater of” under the contract began after the contract date anniver- GMDB II (combined with the GMIB) and your spouse is age 65 sary when he/she was age 64, the annual roll-up rate for or younger on the date of your death, and you were age 84 or the contract would be locked in at 5%, regardless of the younger at death, the Guaranteed minimum death benefit age of the surviving spouse or when withdrawals begin continues and will continue to grow according to its terms until under spousal continuation, and the benefit base will roll the contract date anniversary following the date the surviving up to age 85 of the surviving spouse. spouse reaches age 85. If you were age 85 or older at death, we will reinstate the Guaranteed minimum death benefit you — If the original/older owner died on or after the contract elected. The benefit base (which had previously been frozen at date anniversary when he/she was age 64 and withdrawals age 85) will now continue to grow according to its terms until under the contract had not yet begun, the annual roll-up the contract date anniversary following the date the surviving rate for the contract would be locked in at 5%, regardless spouse reaches age 85. The charge for the applicable Guaran- of the age of the surviving spouse or when withdrawals teed minimum death benefit will continue to apply, even after begin under spousal continuation, and the benefit base will the Guaranteed minimum death benefit no longer rolls up or is roll up to age 85 of the surviving spouse. no longer eligible for resets. • The applicable Guaranteed minimum death benefit, including the — If the Guaranteed minimum death benefit continues, the Guaranteed minimum death benefit under contracts in which the Roll-Up benefit base reset, if applicable, will be based on GMIB has converted to the GWBL, may continue as follows: the surviving spouse’s age at the time of your death. The — If you elected the Highest Anniversary Value death benefit next available reset will be based on the contract issue date (either without GMIB or combined with the GMIB) and your or last reset, as applicable. The next available reset will also spouse is age 80 or younger on the date of your death, and account for any time elapsed before the election of the you were age 84 or younger at death, the Guaranteed Spousal continuation. This does not apply to contracts in minimum death benefit continues and will continue to grow which the GMIB has converted to the GWBL. according to its terms until the contract date anniversary following the date the surviving spouse reaches age 85. The — If you elected either the “Greater of” GMDB I or “Greater of” charge for the applicable Guaranteed minimum death benefit GMDB II (combined with the GMIB) and your surviving spouse will continue to apply, even after the Guaranteed minimum is age 66 or older on the date of your death, the Guaranteed death benefit no longer rolls up or is no longer eligible for minimum death benefit will be frozen, which means: resets. If you were age 85 or older at death, we will reinstate ▪ On the date your spouse elects to continue the contract, the Guaranteed minimum death benefit you elected. The the value of the Guaranteed minimum death benefit benefit base (which had previously been frozen at age 85) will be set to equal the amount of the Guaranteed will now continue to grow according to its terms until the minimum death benefit base on the date of your death. contract date anniversary following the date the surviving If your account value is higher than the Guaranteed spouse reaches age 85. The charge for the applicable minimum death benefit base on the date of your death, Guaranteed minimum death benefit will continue to apply, the Guaranteed minimum death benefit base will not even after the Guaranteed minimum death benefit no longer be increased to equal your account value. rolls up or is no longer eligible for resets. ▪ The Guaranteed minimum death benefit will no longer — If you elected the Highest Anniversary Value death benefit be eligible to increase, and will be subject to pro rata (either without GMIB or combined with the GMIB) and your reduction for any subsequent withdrawals. surviving spouse is age 81 or older on the date of your ▪ The charge for the Guaranteed minimum death bene- death, the Guaranteed minimum death benefit will be fro- fit will be discontinued. zen, which means: ▪ Upon the death of your spouse, the beneficiary will ▪ On the date your spouse elects to continue the contract, receive, as of the date of death, the greater of the the value of the Guaranteed minimum death benefit will account value and the value of the Guaranteed mini- be set to equal the amount of the Guaranteed minimum mum death benefit. death benefit base on the date of your death. If your account value is higher than the Guaranteed minimum — In all cases, whether the Guaranteed minimum death benefit death benefit base on the date of your death, the continues or is discontinued, if your account value is lower

72 Payment of death benefit than the Guaranteed minimum death benefit base on the • The withdrawal charge schedule, if applicable, remains in effect. date of your death, your account value will be increased to equal the Guaranteed minimum death benefit base. If you divorce, Spousal continuation does not apply. • The Earnings enhancement benefit will be based on the surviving Beneficiary continuation option spouse’s age at the date of the deceased spouse’s death for the remainder of the life of the contract. If the benefit had been pre- This feature permits a designated individual, on the contract owner’s viously frozen because the older spouse had attained age 85, it death, to maintain a contract with the deceased contract owner’s name will be reinstated if the surviving spouse is age 75 or younger. The on it and receive distributions under the contract, instead of receiving benefit is then frozen on the contract date anniversary after the the death benefit in a single sum. We make this option available to surviving spouse reaches age 85. If the surviving spouse is age 76 beneficiaries under traditional IRA, Roth IRA and NQ contracts, subject or older, the benefit and charge will be discontinued. to state availability. Please speak with your financial professional or see • The GMIB may continue if the benefit had not already termi- Appendix IX later in this Prospectus for further information. nated and the benefit will be based on the surviving spouse’s Where an IRA contract is owned in a custodial individual retirement age at the date of the deceased spouse’s death. See account, the custodian may reinvest the death benefit in an “Guaranteed minimum income benefit (“GMIB”)” in “Contract individual retirement annuity contract, using the account beneficiary features and benefits” earlier in this Prospectus. If the GMIB as the annuitant. Please speak with your financial professional for continues, the charge for the GMIB will continue to apply. further information. For Joint life contracts with GWBL, the Benefi- • If you convert the GMIB to the GWBL on a Joint life basis, the ciary continuation option is only available after the death of the benefit and charge will remain in effect and no death benefit is second owner. payable until the death of the surviving spouse. Withdrawal Beneficiary continuation option for traditional IRA and Roth charges, if applicable, will continue to apply to all contributions IRA contracts only. The Beneficiary continuation option must be made prior to the deceased spouse’s death. No additional con- elected by September 30th of the year following the calendar year of tributions will be permitted. If the GMIB converts to the GWBL your death and before any other inconsistent election is made. on a Single life basis, the benefit and charge will terminate. Beneficiaries who do not make a timely election will not be eligible • If the older owner of a Joint life contract under which the GMIB for this option. If the election is made, then, as of the date we receive converted to the GWBL dies, and the younger spouse is age 75 satisfactory proof of death, any required instructions, information and or younger at the time of the older spouse’s death, the elected forms necessary to effect the Beneficiary continuation option feature, Guaranteed minimum death benefit will continue to roll up and we will increase the account value to equal the applicable death ratchet in accordance with its terms until the contract date anni- benefit if such death benefit is greater than such account value, plus versary following the surviving spouse’s age 85. If the surviving any amount applicable under the Earnings enhancement benefit spouse is age 76 or older at the time of the older spouse’s feature, adjusted for any subsequent withdrawals. For Series CP® death, the benefit will continue in force, but there will be no contracts, the account value will first be reduced by any credits increase. Regardless of the age of the younger spouse, there will applied in a one-year period prior to the owner’s death. be no Roll-up benefit base reset. Generally, payments will be made once a year to the beneficiary over • If the deceased spouse was the annuitant, the surviving spouse becomes the annuitant. If the deceased spouse was a joint the beneficiary’s life expectancy (determined in the calendar year after annuitant, the contract will become a single annuitant contract. your death and determined on a term certain basis). These payments must begin no later than December 31st of the calendar year after Where an NQ contract is owned by a Living Trust, as defined in the the year of your death. For sole spousal beneficiaries, payments may contract, and at the time of the annuitant’s death the annuitant’s begin by December 31st of the calendar year in which you would spouse is the sole beneficiary of the Living Trust, the Trustee, as have reached age 70 1⁄2, if such time is later. For traditional IRA con- owner of the contract, may request that the spouse be substituted as tracts only, if you die before your Required Beginning Date for annuitant as of the date of the annuitant’s death. No further change Required Minimum Distributions, as discussed later in this Prospectus of annuitant will be permitted. in “Tax information” under “Individual retirement arrangements Where an IRA contract is owned in a custodial individual retirement (IRAs),” the beneficiary may choose the “5-year rule” option instead account, and your spouse is the sole beneficiary of the account, the of annual payments over life expectancy. The 5-year rule is always custodian may request that the spouse be substituted as annuitant available to beneficiaries under Roth IRA contracts. If the beneficiary after your death. chooses this option, the beneficiary may take withdrawals as desired, For jointly owned NQ contracts, if the younger spouse dies first no but the entire account value must be fully withdrawn by death benefit is paid, and the contract continues as follows: December 31st of the calendar year which contains the fifth anniversary of your death. • The Guaranteed minimum death benefit, the Earnings enhancement benefit and the GMIB continue to be based on the older Under the Beneficiary continuation option for IRA and Roth IRA contracts: spouse’s age for the life of the contract. • The contract continues with your name on it for the benefit of • If the deceased spouse was the annuitant, the surviving spouse your beneficiary. becomes the annuitant. If the deceased spouse was a joint • The beneficiary replaces the deceased owner as annuitant. annuitant, the contract will become a single annuitant contract. • If the GMIB has converted to the GWBL, the benefit and charge • This feature is only available if the beneficiary is an individual. will remain in effect and no death benefit is payable until the Certain trusts with only individual beneficiaries will be treated as death of the surviving spouse. individuals for this purpose.

73 Payment of death benefit • If there is more than one beneficiary, each beneficiary’s share • The beneficiary may make transfers among the investment will be separately accounted for. It will be distributed over the options but no additional contributions will be permitted. beneficiary’s own life expectancy, if payments over life expectancy are chosen. • If any guaranteed benefits are in effect under the contract, they will no longer be in effect and charges for such benefits will stop. • The minimum amount that is required in order to elect the beneficiary continuation option is $5,000 for each beneficiary. • If the beneficiary chooses the “5-year rule,” withdrawals may be made at any time. If the beneficiary instead chooses scheduled • The beneficiary may make transfers among the investment payments, the beneficiary may take withdrawals, in addition to options but no additional contributions will be permitted. scheduled payments, at any time. • If any guaranteed benefits are in effect under the contract, they • Any partial withdrawals must be at least $300. will no longer be in effect and charges for such benefits will stop. • Your beneficiary will have the right to name a beneficiary to receive • The beneficiary may choose at any time to withdraw all or a portion any remaining interest in the contract on the beneficiary’s death. of the account value and no withdrawal charges, if any, will apply. • Upon the death of your beneficiary, the beneficiary he or she has • Any partial withdrawal must be at least $300. named has the option to either continue taking scheduled • Your beneficiary will have the right to name a beneficiary to payments based on the remaining life expectancy of the receive any remaining interest in the contract. deceased beneficiary (if scheduled payments were chosen) or to receive any remaining interest in the contract in a lump sum. We • Upon the death of your beneficiary, the beneficiary he or she has named has the option to either continue taking required mini- will pay any remaining interest in the contract in a lump sum if mum distributions based on the remaining life expectancy of the your beneficiary elects the 5-year rule. The option elected will be deceased beneficiary or to receive any remaining interest in the processed when we receive satisfactory proof of death, any contract in a lump sum. The option elected will be processed required instructions for the method of payment and any when we receive satisfactory proof of death, any required required information and forms necessary to effect payment. instructions for the method of payment and any required If the deceased is the owner or the older joint owner: information and forms necessary to effect payment. • As of the date we receive satisfactory proof of death and any Beneficiary continuation option for NQ contracts only. This required instructions, information and forms necessary to effect feature, also known as Inherited annuity, may only be elected when the Beneficiary continuation option, we will increase the account the NQ contract owner dies before the annuity maturity date, value to equal the applicable death benefit if such death benefit whether or not the owner and the annuitant are the same person. For is greater than such account value plus any amount applicable purposes of this discussion, “beneficiary” refers to the successor under the Earnings enhancement benefit adjusted for any sub- owner. This feature must be elected within 9 months following the ® date of your death and before any other inconsistent election is sequent withdrawals. For Series CP contracts, the account made. Beneficiaries who do not make a timely election will not be value will first be reduced by any credits applied in a one-year eligible for this option. period prior to the owner’s death. Generally, payments will be made once a year to the beneficiary over • No withdrawal charges, if applicable, will apply to any with- the beneficiary’s life expectancy, determined on a term certain basis drawals by the beneficiary. and in the year payments start. These payments must begin no later If the deceased is the younger non-spousal joint owner: than one year after the date of your death and are referred to as “scheduled payments.” The beneficiary may choose the “5-year rule” • The annuity account value will not be reset to the death benefit instead of scheduled payments over life expectancy. If the beneficiary amount. chooses the 5-year rule, there will be no scheduled payments. Under • The contract’s withdrawal charge schedule, if applicable, will the 5-year rule, the beneficiary may take withdrawals as desired, but continue to be applied to any withdrawal or surrender other the entire account value must be fully withdrawn by the fifth than scheduled payments; the contract’s free withdrawal anniversary of your death. amount will continue to apply to withdrawals but does not apply Under the Beneficiary continuation option for NQ contracts: to surrenders. • This feature is only available if the beneficiary is an individual. It • We do not impose a withdrawal charge on scheduled payments is not available for any entity such as a trust, even if all of the except if, when added to any withdrawals previously taken in beneficiaries of the trust are individuals. the same contract year, including for this purpose a contract • The beneficiary automatically replaces the existing annuitant. surrender, the total amount of withdrawals and scheduled payments exceed the free withdrawal amount. See the • The contract continues with your name on it for the benefit of “Withdrawal charges” in “Charges and expenses” earlier in this your beneficiary. Prospectus. • If there is more than one beneficiary, each beneficiary’s share will be A surviving spouse should speak to his or her tax professional about separately accounted for. It will be distributed over the respective whether Spousal continuation or the Beneficiary continuation option beneficiary’s own life expectancy, if scheduled payments are chosen. is appropriate for him or her. Factors to consider include but are not • The minimum amount that is required in order to elect the Bene- limited to the surviving spouse’s age, need for immediate income and ficiary continuation option is $5,000 for each beneficiary. a desire to continue any guaranteed benefits under the contract.

74 Payment of death benefit 7. Tax information

Overview custodial or trusteed individual retirement account. Annuity contracts can also be purchased in connection with retirement plans qualified In this part of the Prospectus, we discuss the current federal income tax under Section 401(a) of the Code (“QP contracts”). How these rules that generally apply to Accumulator® Series contracts owned by arrangements work, including special rules applicable to each, are United States individual taxpayers. The tax rules can differ, depending described in the specific sections for each type of arrangement, below. on the type of contract, whether NQ, traditional IRA, Roth IRA or QP. You should be aware that the funding vehicle for a tax-qualified Therefore, we discuss the tax aspects of each type of contract separately. arrangement does not provide any tax deferral benefit beyond that Federal income tax rules include the United States laws in the Internal already provided by the Code for all permissible funding vehicles. Before Revenue Code, and Treasury Department Regulations and Internal choosing an annuity contract, therefore, you should consider the annui- Revenue Service (“IRS”) interpretations of the Internal Revenue Code. ty’s features and benefits compared with the features and benefits of These tax rules may change without notice. We cannot predict other permissible funding vehicles and the relative costs of annuities whether, when, or how these rules could change. Any change could and other arrangements. You should be aware that cost may vary affect contracts purchased before the change. Congress may also depending on the features and benefits made available and the charges consider proposals to comprehensively reform or overhaul the United and expenses of the investment options or funds that you elect. States tax and retirement systems, which if enacted, could affect the tax benefits of a contract. We cannot predict what, if any, legislation Certain provisions of the Treasury Regulations on required minimum will actually be proposed or enacted. distributions concerning the actuarial present value of additional contract benefits could increase the amount required to be distributed We cannot provide detailed information on all tax aspects of the from annuity contracts funding qualified plans and IRAs. For this contracts. Moreover, the tax aspects that apply to a particular per- purpose additional annuity contract benefits may include, but are not son’s contract may vary depending on the facts applicable to that limited to, various guaranteed benefits such as the Guaranteed person. We do not discuss state income and other state taxes, federal minimum income benefits and Guaranteed minimum death benefits. income tax and withholding rules for non-U.S. taxpayers, or federal You should consider the potential implication of these Regulations gift and estate taxes. We also do not discuss the Employee Retire- before you purchase this annuity contract or purchase additional ment Income Security Act of 1974 (“ERISA”). Transfers of the con- features under this annuity contract. See also Appendix III at the end tract, rights or values under the contract, or payments under the of this Prospectus for a discussion of QP contracts. contract, for example, amounts due to beneficiaries, may be subject to federal or state gift, estate, or inheritance taxes. You should not Transfers among investment options rely only on this document, but should consult your tax adviser before your purchase. If permitted under the terms of the contract, you can make transfers among investment options inside the contract without triggering FATCA taxable income. Even though this section in the Prospectus discusses consequences to Taxation of nonqualified annuities United States individuals you should be aware that the Foreign Account Tax Compliance Act (“FATCA”) which applies to certain U.S.-source Contributions payments may require AXA Equitable and its affiliates to obtain specified documentation of an entity’s status before payment is made in You may not deduct the amount of your contributions to a nonquali- order to avoid punitive 30% FATCA withholding. The FATCA rules are fied annuity contract. initially directed at foreign entities, and may presume that various U.S. Contract earnings entities are “foreign” unless the U.S. entity has documented its U.S. status by providing Form W-9. Also, FATCA and related rules may Generally, you are not taxed on contract earnings until you receive a dis- require us to document the status of certain contractholders, as well as tribution from your contract, whether as a withdrawal or as an annuity report contract values and other information for such con- payment. However, earnings are taxable, even without a distribution: tractholders. For this reason AXA Equitable and its affiliates intend to • if a contract fails investment diversification requirements as specified require appropriate status documentation at purchase, change of in federal income tax rules (these rules are based on or are similar to ownership, and affected payment transactions including death benefit those specified for mutual funds under the securities laws); payments. FATCA and its related guidance is extraordinarily complex and its effect varies considerably by type of payor, type of payee and • if you transfer a contract, for example, as a gift to someone type of recipient. other than your spouse (or former spouse);

Contracts that fund a retirement arrangement • if you use a contract as security for a loan (in this case, the amount pledged will be treated as a distribution); and Generally, there are two types of funding vehicles that are available for Individual Retirement Arrangements (“IRAs”): an individual retirement • if the owner is other than an individual (such as a corporation, annuity contract such as the ones offered in this Prospectus, or a partnership, trust, or other non-natural person). This provision

75 Tax information does not apply to a trust which is a mere agent or nominee for value to the default option under the contract at such age. While an individual, such as a typical grantor trust. there is no specific federal tax guidance as to whether or when an annuity contract is required to mature, or as to the form of the pay- Federal tax law requires that all nonqualified deferred annuity con- ments to be made upon maturity, we believe that this contract contracts that AXA Equitable and its affiliates issue to you during the stitutes an annuity contract under current federal tax rules. same calendar year be linked together and treated as one contract for calculating the taxable amount of any distribution from any of those Partial annuitization contracts. The consequences described above for annuitization of the entire Annuity payments contract apply to the portion of the contract which is partially annuitized. A nonqualified deferred annuity contract is treated as being The following applies to an annuitization of the entire contract. In partially annuitized if a portion of the contract is applied to an annuity certain cases, the contract can be partially annuitized. See “Partial payout option on a life-contigent basis or for a period certain of at annuitization” below. least 10 years. In order to get annuity payment tax treatment for the Annuitization under a Accumulator® Series contract occurs when your portion of the contract applied to the annuity payout, payments must entire interest under the contract is or has been applied to one or be made at least annually in substantially equal amounts, the pay- more payout options intended to amortize amounts over your life or ments must be designed to amortize the amount applied over life or over a period certain generally limited by the period of your life the period certain, and the payments cannot be stopped, except by expectancy. (We do not currently offer a period certain option without death or surrender (if permitted under the terms of the contract). The life contingencies.) Annuity payouts can also be determined on a joint investment in the contract is split between the partially annuitized life basis. After annuitization, no further contributions to the contract portion and the deferred amount remaining based on the relative may be made, the annuity payout amount must be paid at least values of the amount applied to the annuity payout and the deferred annually, and annuity payments cannot be stopped except by death amount remaining at the time of the partial annuitization. Also, the or surrender (if permitted under the terms of the contract). partial annuitization has its own annuity starting date. We do not currently offer a period certain option without life contingencies. Annuitization payments that are based on life or life expectancy are considered annuity payments for income tax purposes. We include in Withdrawals made before annuity payments begin annuitization payments GMIB payments, GWBL Maturity date annuity If you make withdrawals before annuity payments begin under your payments, and other annuitization payments available under your contract, they are taxable to you as ordinary income if there are earn- contract. We also include Guaranteed annual withdrawals that are ings in the contract. Generally, earnings are your account value less continued after your account value goes to zero under a supple- your investment in the contract. If you withdraw an amount which is mentary life annuity contract, as discussed under “Guaranteed with- more than the earnings in the contract as of the date of the withdrawal benefit for life (“GWBL”)” in “Contract features and benefits” drawal, the balance of the distribution is treated as a reduction of earlier in this Prospectus. your investment in the contract and is not taxable. Once annuity payments begin, a portion of each payment is taxable as Collateral assignments are taxable to the extent of any earnings in the ordinary income. You get back the remaining portion without paying contract at the time any portion of the contract’s value is assigned as taxes on it. This is your unrecovered investment in the contract. Gen- collateral. Therefore, if you assign your contract as collateral for a loan erally, your investment in the contract equals the contributions you with a third party after the contract is issued, you may have taxable made, less any amounts you previously withdrew that were not taxable. income even though you receive no payments under the contract. AXA For fixed annuity payments, the tax-free portion of each payment is Equitable will report any income attributable to a collateral assignment determined by (1) dividing your investment in the contract by the total on Form 1099-R. Also, if AXA Equitable makes payments or dis- amount you are expected to receive out of the contract, and tributions to the assignee pursuant to directions under the collateral (2) multiplying the result by the amount of the payment. For variable assignment agreement, any gains in such payments may be taxable to annuity payments, your tax-free portion of each payment is your you and reportable on Form 1099-R even though you do not receive investment in the contract divided by the number of expected pay- them. ments. If you have a loss on a variable annuity payout in a taxable year, Taxation of lifetime withdrawals under the Guaranteed you may be able to adjust the tax-free amount in subsequent years. withdrawal benefit for life Once you have received the amount of your investment in the con- We treat any withdrawals under the contract as non-annuity pay- tract, all payments after that are fully taxable. If payments under a life ments for income tax purposes. (This includes Guaranteed annual annuity stop because the annuitant dies, there is an income tax withdrawal amounts received after age 85 but before the Maturity deduction for any unrecovered investment in the contract. Date. Payments made after the Maturity Date are discussed under Your rights to apply amounts under this contract to an annuity payout “Annuity payments” above.) option are described elsewhere in this Prospectus. If you hold your Earnings enhancement benefit contract to the maximum maturity age under the contract we require that a choice be made between taking a lump sum settlement of any In order to enhance the amount of the death benefit to be paid at the remaining account value or applying any such account value to an owner’s death, you may purchase an Earnings enhancement benefit annuity payout option we may offer at the time under the contract. If rider for your NQ contract. Although we regard this benefit as an no affirmative choice is made, we will apply any remaining annuity investment protection feature which is part of the contract and which

76 Tax information should have no adverse tax effect, it is possible that the IRS could Section 1035 exchanges are generally not available after the death of take a contrary position or assert that the Earnings enhancement the owner. The destination contract must meet specific post-death benefit rider is not part of the contract. In such a case, the charges for payout requirements to prevent avoidance of the death of owner the Earnings enhancement benefit rider could be treated for federal rules. See “Payment of death benefit”. income tax purposes as a partial withdrawal from the contract. If this Surrenders were so, such a deemed withdrawal could be taxable, and for contract owners under age 59 1⁄2, also subject to a tax penalty. Were the If you surrender or cancel the contract, the distribution is taxable as IRS to take this position, AXA Equitable would take all reasonable ordinary income (not capital gain) to the extent it exceeds your steps to attempt to avoid this result, which could include amending investment in the contract. the contract (with appropriate notice to you). Death benefit payments made to a beneficiary after your 1035 exchanges death You may purchase a nonqualified deferred annuity through an For the rules applicable to death benefits, see “Payment of death exchange of another contract. Normally, exchanges of contracts are benefit” earlier in this Prospectus. The tax treatment of a death taxable events. The exchange will not be taxable under Section 1035 benefit taken as a single sum is generally the same as the tax treat- of the Internal Revenue Code if: ment of a withdrawal from or surrender of your contract. The tax treatment of a death benefit taken as annuity payments is generally • the contract that is the source of the funds you are using to the same as the tax treatment of annuity payments under your con- purchase the nonqualified deferred annuity contract is another tract. nonqualified deferred annuity contract or life insurance or endowment contract. Under the Beneficiary continuation option, the tax treatment of a withdrawal after the death of the owner taken as a single sum or • the owner and the annuitant are the same under the source taken as withdrawals under the 5-year rule is generally the same as contract and the contract issued in exchange. If you are using a the tax treatment of a withdrawal from or surrender of your contract. life insurance or endowment contract the owner and the insured must be the same on both sides of the exchange transaction. Early distribution penalty tax 1⁄ In some cases you may make a tax-deferred 1035 exchange from a If you take distributions before you are age 59 2, a penalty tax of nonqualified deferred annuity contract to a “qualified long-term care 10% of the taxable portion of your distribution applies in addition to 1⁄ contract” meeting all specified requirements under the Code or an the income tax. Some of the available exceptions to the pre-age 59 2 annuity contract with a “qualified long-term care contract” feature penalty tax include distributions made: (sometimes referred to as a “combination annuity” contract). • on or after your death; or The tax basis, also referred to as your investment in the contract, of • because you are disabled (special federal income tax definition); or the source contract carries over to the issued in exchange contract. • in the form of substantially equal periodic payments at least An owner may direct the proceeds of a partial withdrawal from one annually over your life (or your life expectancy) or over the joint nonqualified deferred annuity contract to purchase or contribute to lives of you and your beneficiary (or your joint life expectancies) another nonqualified deferred annuity contract on a tax-deferred using an IRS-approved distribution method. basis. If requirements are met, the owner may also directly transfer amounts from a nonqualified deferred annuity contract to a “qualified Please note that it is your responsibility to claim the penalty exception long-term care contract” or “combination annuity” in such a partial on your own income tax return and to document eligibility for the 1035 exchange transaction. Special forms, agreement between the exception to the IRS. carriers, and provision of cost basis information may be required to Investor control issues process this type of an exchange. Under certain circumstances, the IRS has stated that you could be treated If you are purchasing your contract through a Section 1035 exchange, as the owner (for tax purposes) of the assets of Separate Account No. 70. you should be aware that AXA Equitable cannot guarantee that the If you were treated as the owner, you would be taxable on income and exchange from the source contract to the contract you are applying gains attributable to the shares of the underlying portfolios. for will be treated as a Section 1035 exchange; the insurance company issuing the source contract controls the tax information report- The circumstances that would lead to this tax treatment would be that, ing of the transaction as a Section 1035 exchange. Because in the opinion of the IRS, you could control the underlying investment of information reports are not provided and filed until the calendar year Separate Account No. 70. The IRS has said that the owners of variable after the exchange transaction, the insurance company issuing the annuities will not be treated as owning the separate account assets source contract shows its agreement that the transaction is a 1035 provided the underlying portfolios are restricted to variable life and exchange by providing to us the cost basis of the exchanged source annuity assets. The variable annuity owners must have the right only to contract when it transfers the money to us on your behalf. choose among the Portfolios, and must have no right to direct the particular investment decisions within the Portfolios. Even if the contract owner and the insurance companies agree that a full or partial 1035 exchange is intended, the IRS has the ultimate Although we believe that, under current IRS guidance, you would not authority to review the facts and determine that the transaction be treated as the owner of the assets of Separate Account No. 70, should be recharacterized as taxable in whole or in part. there are some issues that remain unclear. For example, the IRS has not

77 Tax information issued any guidance as to whether having a larger number of Portfolios You may purchase the contract as a traditional IRA or Roth IRA. We available, or an unlimited right to transfer among them, could cause also offer Inherited IRA contracts for payment of post-death required you to be treated as the owner. We do not know whether the IRS will minimum distributions from traditional IRAs and Roth IRAs. Inherited ever provide such guidance or whether such guidance, if unfavorable, IRA contracts are available for all Accumulator® Series contracts would apply retroactively to your contract. Furthermore, the IRS could except Series CP®. reverse its current guidance at any time. We reserve the right to modify This Prospectus contains the information that the IRS requires you to your contract as necessary to prevent you from being treated as the have before you purchase an IRA. The first section covers some of the owner of the assets of Separate Account No. 70. special tax rules that apply to traditional IRAs. The next section covers Additional tax on net investment income Roth IRAs. The disclosure generally assumes direct ownership of the individual retirement annuity contract. For contracts owned in a custo- Taxpayers who have modified adjusted gross income (“MAGI”) over dial individual retirement account, the disclosure will apply only if you a specified amount and who also have specified net investment terminate your account or transfer ownership of the contract to yourself. income in any year may have to pay an additional surtax of 3.8%. (This tax has been informally referred to as the “Net Invest- We describe the amount and types of charges that may apply to your ment Income Tax” or “NIIT”). For this purpose net investment income contributions under “Charges and expenses” earlier in this Pro- includes distributions from and payments under nonqualified annuity spectus. We describe the method of calculating payments under contracts. The threshold amount of MAGI varies by filing status: “Accessing your money” earlier in this Prospectus. We do not $200,000 for single filers; $250,000 for married taxpayers filing guarantee or project growth in any variable income annuitization jointly, and $125,000 for married taxpayers filing separately. The tax option payments (as opposed to payments from a fixed income applies to the lesser of a) the amount of MAGI over the applicable annuitization option). threshold amount or b) the net investment income. You should dis- We have not applied for opinion letters approving the respective cuss with your tax adviser the potential effect of this tax. forms of the traditional IRA and Roth IRA contracts (including Inherited IRA contracts) for use as a traditional and Roth IRA, Individual retirement arrangements (IRAs) respectively. This IRS approval is a determination only as to the form of the annuity. It does not represent a determination of the merits of General the annuity as an investment. “IRA” stands for individual retirement arrangement. There are two basic types of such arrangements, individual retirement accounts and Your right to cancel within a certain number of individual retirement annuities. In an individual retirement account, a days trustee or custodian holds the assets funding the account for the You can cancel any version of the Accumulator® Series IRA contract benefit of the IRA owner. The assets typically include mutual funds (traditional IRA or Roth IRA) by following the directions in “Your right and/or individual stocks and/or securities in a custodial account, and to cancel within a certain number of days” under “Contract features bank certificates of deposit in a trusteed account. In an individual and benefits” earlier in this Prospectus. If you cancel a traditional IRA retirement annuity, an insurance company issues an annuity contract or Roth IRA contract, we may have to withhold tax, and we must that serves as the IRA. report the transaction to the IRS. A contract cancellation could have There are two basic types of IRAs, as follows: an unfavorable tax impact.

• Traditional IRAs, typically funded on a pre-tax basis; and Traditional individual retirement annuities • Roth IRAs, funded on an after-tax basis. (traditional IRAs) Regardless of the type of IRA, your ownership interest in the IRA Contributions to traditional IRAs. Individuals may make three cannot be forfeited. You or your beneficiaries who survive you are the different types of contributions to purchase a traditional IRA or as only ones who can receive the IRA’s benefits or payments. All types of subsequent contributions to an existing IRA: IRAs qualify for tax deferral regardless of the funding vehicle selected. • “regular” contributions out of earned income or compensation; or You can hold your IRA assets in as many different accounts and • tax-free “rollover” contributions; or annuities as you would like, as long as you meet the rules for setting up and making contributions to IRAs. However, if you own multiple IRAs, • direct custodian-to-custodian transfers from other traditional you may be required to combine IRA values or contributions for tax IRAs (“direct transfers”). purposes. For further information about individual retirement arrange- When you make a contribution to your IRA, we require you to tell ments, you can read Internal Revenue Service Publications 590-A us whether it is a regular contribution, rollover contribution, or (“Contributions to Individual Retirement Arrangements (IRAs)”) and direct transfer contribution, and to supply supporting doc- 590-B (“Distributions from Individual Retirement Arrangements umentation in some cases. (IRAs)”). These publications are usually updated annually, and can be obtained by contacting the IRS or from the IRS website (www.irs.gov). Because the minimum initial contribution AXA Equitable requires to purchase this contract is larger than the maximum regular contribution AXA Equitable designs its IRA contracts to qualify as individual retire- you can make to an IRA for a taxable year, this contract must be pur- ment annuities under Section 408(b) of the Internal Revenue Code. chased through a rollover or direct transfer contribution. Subsequent contributions may also be “regular” contributions out of compensation.

78 Tax information Regular contributions to traditional IRAs which may be deductible, and the individual’s income limits for determining contributions and deductions all may be adjusted annually Limits on contributions. The “maximum regular contribution for cost of living. amount” for any taxable year is the most that can be contributed to all of your IRAs (traditional and Roth) as regular contributions for the Nondeductible regular contributions. If you are not eligible to particular taxable year. The maximum regular contribution amount deduct part or all of the traditional IRA contribution, you may still make depends on age, earnings, and year, among other things. Generally, nondeductible contributions on which earnings will accumulate on a $5,500 is the maximum amount that you may contribute to all IRAs tax-deferred basis. The combined deductible and nondeductible con- (traditional IRAs and Roth IRAs) for 2017, after adjustment for tributions to your traditional IRA (or the non-working spouse’s tradi- cost-of-living changes. When your earnings are below $5,500, your tional IRA) may not, however, exceed the maximum $5,000 per person earned income or compensation for the year is the most you can con- limit for the applicable taxable year ($5,500 for 2017 after adjustment). tribute. This limit does not apply to rollover contributions or direct The dollar limit is $1,000 higher for people eligible to make age custodian-to-custodian transfers into a traditional IRA. You cannot 50-70 1⁄2”catch-up” contributions ($6,500 for 2017). You must keep make regular traditional IRA contributions for the tax year in which your own records of deductible and nondeductible contributions in you reach age 70 1⁄2 or any tax year after that. order to prevent double taxation on the distribution of previously taxed amounts. See “Withdrawals, payments and transfers of funds out of If you are at least age 50 at any time during the taxable year for traditional IRAs” later in this section for more information. which you are making a regular contribution to your IRA, you may be eligible to make additional “catch-up contributions” of up to $1,000 If you are making nondeductible contributions in any taxable year, or to your traditional IRA. you have made nondeductible contributions to a traditional IRA in prior years and are receiving distributions from any traditional IRA, Special rules for spouses. If you are married and file a joint you must file the required information with the IRS. Moreover, if you income tax return, you and your spouse may combine your are making nondeductible traditional IRA contributions, you must compensation to determine the amount of regular contributions you retain all income tax returns and records pertaining to such con- are permitted to make to traditional IRAs (and Roth IRAs discussed tributions until interests in all traditional IRAs are fully distributed. below). Even if one spouse has no compensation or compensation under $5,500, married individuals filing jointly can contribute up to When you can make regular contributions. If you file your tax $11,000 per year to any combination of traditional IRAs and Roth returns on a calendar year basis like most taxpayers, you have until IRAs. Any contributions to Roth IRAs reduce the ability to contribute the April 15 return filing deadline (without extensions) of the follow- to traditional IRAs and vice versa. The maximum amount may be less ing calendar year to make your regular traditional IRA contributions if earned income is less and the other spouse has made IRA con- for a taxable year. Make sure you designate the year for which you tributions. No more than a combined total of $5,500 can be con- are making the contribution. tributed annually to either spouse’s traditional and Roth IRAs. Each spouse owns his or her traditional IRAs and Roth IRAs even if the Rollover and direct transfer contributions to other spouse funded the contributions. A working spouse age 70 1⁄2 traditional IRAs or over can contribute up to the lesser of $5,500 or 100% of “earned Rollover contributions may be made to a traditional IRA from these income” to a traditional IRA for a non-working spouse until the year “eligible retirement plans”: in which the nonworking spouse reaches age 70 1⁄2. Catch-up contributions may be made as described above for spouses who are at • qualified plans; least age 50 but under age 70 1⁄2 at any time during the taxable year • governmental employer 457(b) plans; for which the contribution is made. • 403(b) plans; and Deductibility of contributions. The amount of traditional IRA contributions that you can deduct for a taxable year depends on • other traditional IRAs. whether you are covered by an employer-sponsored tax-favored Direct transfer contributions may only be made directly from one tradi- retirement plan, as defined under special federal income tax rules. tional IRA to another. Your Form W-2 will indicate whether or not you are covered by such a retirement plan. Any amount contributed to a traditional IRA after you reach age 70 1⁄2 must be net of your required minimum distribution for the year The federal tax rules governing contributions to IRAs made from current in which the rollover or direct transfer contribution is made. compensation are complex and are subject to numerous technical requirements and limitations which vary based on an individual’s per- Rollovers from “eligible retirement plans” other than sonal situation (including his/her spouse). IRS Publication 590-A, traditional IRAs “Contributions to Individual Retirement Arrangements (IRAs)” which is Your plan administrator will tell you whether or not your distribution is updated annually and is available at www.irs.gov, contains pertinent eligible to be rolled over. Spousal beneficiaries and spousal alternate explanations of the rules applicable to the current year. The amount of payees under qualified domestic relations orders may roll over funds on permissible contributions to IRAs, the amount of IRA contributions the same basis as the plan participant. A non-spousal death beneficiary may also be able to make a direct rollover to an inherited IRA contract with special rules and restrictions under certain circumstances.

79 Tax information There are two ways to do rollovers: Rollovers from traditional IRAs to traditional IRAs • Do it yourself: You actually receive a distribution that can be You may roll over amounts from one traditional IRA to one or more of rolled over and you roll it over to a traditional IRA within 60 days your other traditional IRAs if you complete the transaction within 60 after the date you receive the funds. The distribution from your days after you receive the funds. You may make such a rollover only eligible retirement plan will be net of 20% mandatory federal once in every 12-month period for the same funds. We call this the income tax withholding. If you want, you can replace the with- “one-per-year limit.” It is the IRA owner’s responsibility to determine if held funds yourself and roll over the full amount. this rule is met. Trustee-to-trustee or custodian-to-custodian direct transfers are not rollover transactions. You can make these more fre- • Direct rollover: You tell the trustee or custodian of the eligible quently than once in every 12-month period. retirement plan to send the distribution directly to your traditional IRA issuer. Direct rollovers are not subject to mandatory Spousal rollovers and divorce-related direct transfers federal income tax withholding. The surviving spouse beneficiary of a deceased individual can roll over All distributions from a qualified plan, 403(b) plan or governmental funds from, or directly transfer funds from, the deceased spouse’s tradi- employer 457(b) plan are eligible rollover distributions, unless the tional IRA to one or more other traditional IRAs. Also, in some cases, distributions are: traditional IRAs can be transferred on a tax-free basis between spouses or former spouses as a result of a court-ordered divorce or separation decree. • “required minimum distributions” after age 70 1⁄2 or retirement from service with the employer; or Excess contributions to traditional IRAs • substantially equal periodic payments made at least annually for your life (or life expectancy) or the joint lives (or joint life expect- Excess contributions to IRAs are subject to a 6% excise tax for the ancies) of you and your designated beneficiary; or year in which made and for each year after until withdrawn. The following are excess contributions to IRAs: • substantially equal periodic payments made for a specified period of 10 years or more; or • regular contributions of more than the maximum regular contribution amount for the applicable taxable year; or • hardship withdrawals; or • regular contributions to a traditional IRA made after you reach • corrective distributions that fit specified technical tax rules; or age 70 1⁄2 ;or • loans that are treated as distributions; or • rollover contributions of amounts which are not eligible to be • death benefit payments to a beneficiary who is not your surviv- rolled over, for example, minimum distributions required to be ing spouse; or made after age 70 1⁄2. • qualified domestic relations order distributions to a beneficiary You can avoid or limit the excise tax by withdrawing an excess con- who is not your current spouse or former spouse. tribution (rollover or regular). See IRS Publications 590-A and 590-B for You should discuss with your tax adviser whether you should consider further details. rolling over funds from one type of tax qualified retirement plan to another because the funds will generally be subject to the rules of the Recharacterizations recipient plan. For example, funds in a governmental employer 457(b) Amounts that have been contributed as traditional IRA funds may plan are not subject to the additional 10% federal income tax penalty subsequently be treated as Roth IRA funds. Special federal income tax for premature distributions, but they may become subject to this penalty rules allow you to change your mind again and have amounts that if you roll the funds to a different type of eligible retirement plan such are subsequently treated as Roth IRA funds, once again treated as as a traditional IRA, and subsequently take a premature distribution. traditional IRA funds. You do this by using the forms we prescribe. Rollovers from an eligible retirement plan to a traditional IRA are not This is referred to as having “recharacterized” your contribution. subject to the “one-per-year limit” noted later in this section. Rollovers of after-tax contributions from eligible retirement Withdrawals, payments and transfers of funds plans other than traditional IRAs out of traditional IRAs Any non-Roth after-tax contributions you have made to a qualified No federal income tax law restrictions on withdrawals. You plan or 403(b) plan (but not a governmental employer 457(b) plan) can withdraw any or all of your funds from a traditional IRA at any may be rolled over to a traditional IRA (either in a direct rollover or a time. You do not need to wait for a special event like retirement. rollover you do yourself). When the recipient plan is a traditional IRA, Taxation of payments. Amounts distributed from traditional IRAs you are responsible for recordkeeping and calculating the taxable are not subject to federal income tax until you or your beneficiary amount of any distributions you take from that traditional IRA. See receive them. Taxable payments or distributions include withdrawals “Taxation of Payments” later in this section under “Withdrawals, from your contract, surrender of your contract and annuity payments payments and transfers of funds out of traditional IRAs.” After-tax from your contract. Death benefits are also taxable. contributions in a traditional IRA cannot be rolled over from your traditional IRA into, or back into, a qualified plan, 403(b) plan or We report all payments from traditional IRA contracts on IRS Form governmental employer 457(b) plan. 1099-R. You are responsible for reporting these amounts correctly on

80 Tax information your individual income tax return and keeping supporting records. Except Required minimum distributions as discussed below, the total amount of any distribution from a tradi- Background on Regulations — Required Minimum Dis- tional IRA must be included in your gross income as ordinary income. tributions. Distributions must be made from traditional IRAs accord- If you have ever made nondeductible (after-tax) IRA contributions to ing to rules contained in the Code and Treasury Regulations. Certain any traditional IRA (it does not have to be to this particular traditional provisions of the Treasury Regulations require that the actuarial present IRA contract), those contributions are recovered tax-free when you value of additional annuity contract benefits must be added to the dol- get distributions from any traditional IRA. It is your responsibility to lar amount credited for purposes of calculating certain types of required keep permanent tax records of all of your nondeductible contributions minimum distributions from individual retirement annuity contracts. For to traditional IRAs so that you can correctly report the taxable amount this purpose additional annuity contract benefits may include, but are of any distribution on your own tax return. At the end of any year in not limited to, guaranteed benefits. This could increase the amount which you have received a distribution from any traditional IRA, you required to be distributed from the contracts if you take annual with- calculate the ratio of your total nondeductible traditional IRA con- drawals instead of annuitizing. Please consult your tax adviser concern- tributions (less any amounts previously withdrawn tax-free) to the ing applicability of these complex rules to your situation. total account balances of all traditional IRAs you own at the end of Lifetime required minimum distributions. You must start taking the year plus all traditional IRA distributions made during the year. annual distributions from your traditional IRAs for the year in which Multiply this by all distributions from the traditional IRA during the you turn age 70 1⁄2. year to determine the nontaxable portion of each distribution. When you have to take the first lifetime required minimum A distribution from a traditional IRA is not taxable if: distribution. The first required minimum distribution is for the calen- 1⁄ • the amount received is a withdrawal of certain excess con- dar year in which you turn age 70 2.Youhavethechoicetotakethis tributions, as described in IRS Publications 590-A and 590-B; or first required minimum distribution during the calendar year you actually reach age 70 1⁄2, or to delay taking it until the first three-month period in • the entire amount received is rolled over to another traditional IRA the next calendar year (January 1st — April 1st). Distributions must start or other eligible retirement plan which agrees to accept the funds. no later than your “Required Beginning Date”, which is April 1st of the (See “Rollovers from eligible retirement plans other than tradi- calendar year after the calendar year in which you turn age 70 1⁄2.Ifyou tional IRAs” under “Rollover and direct transfer contributions to choose to delay taking the first annual minimum distribution, then you traditional IRAs” earlier in this section for more information.) will have to take two minimum distributions in that year — the delayed The following are eligible to receive rollovers of distributions from a tradi- one for the first year and the one actually for that year. Once minimum tional IRA: a qualified plan, a 403(b) plan or a governmental employer distributions begin, they must be made at some time each year. 457(b) plan. After-tax contributions in a traditional IRA cannot be rolled How you can calculate required minimum distributions. There from your traditional IRA into, or back into, a qualified plan, 403(b) plan are two approaches to taking required minimum distributions — or governmental employer 457(b) plan. Before you decide to roll over a “account-based” or “annuity-based.” distribution from a traditional IRA to another eligible retirement plan, you should check with the administrator of that plan about whether the Account-based method. If you choose an account-based method, plan accepts rollovers and, if so, the types it accepts. You should also you divide the value of your traditional IRA as of December 31st of the check with the administrator of the receiving plan about any documents past calendar year by a number corresponding to your age from an IRS required to be completed before it will accept a rollover. table. This gives you the required minimum distribution amount for that particular IRA for that year. If your spouse is your sole beneficiary and Distributions from a traditional IRA are not eligible for favorable more than 10 years younger than you, the dividing number you use may ten-year averaging and long-term capital gain treatment available be from another IRS table and may produce a smaller lifetime required under limited circumstances for certain distributions from qualified minimum distribution amount. Regardless of the table used, the required plans. If you might be eligible for such tax treatment from your qualified minimum distribution amount will vary each year as the account value, plan, you may be able to preserve such tax treatment even though an the actuarial present value of additional annuity contract benefits, if eligible rollover from a qualified plan is temporarily rolled into a applicable, and the divisor change. If you initially choose an account- “conduit IRA” before being rolled back into a qualified plan. See your based method, you may later apply your traditional IRA funds to a life tax adviser. annuity-based payout with any certain period not exceeding remaining life expectancy, determined in accordance with IRS tables. IRA distributions directly transferred to charity. Specified distributions from IRAs directly transferred to charitable organizations Annuity-based method. If you choose an annuity-based method, may be tax-free to IRA owners age 70 1⁄2 or older. You can direct you do not have to do annual calculations. You apply the account value AXA Equitable to make a distribution directly to a charitable orga- to an annuity payout for your life or the joint lives of you and a des- nization you request whether or not such distribution might be eligi- ignated beneficiary or for a period certain not extending beyond appli- ble for favorable tax treatment. Since an IRA owner is responsible for cable life expectancies, determined in accordance with IRS tables. determining the tax consequences of any distribution from an IRA, we Do you have to pick the same method to calculate your report the distribution to you on Form 1099-R. After discussing with required minimum distributions for all of your traditional your own tax advisor, it is your responsibility to report any distribution IRAs and other retirement plans? No. If you want, you can qualifying as a tax-free charitable direct transfer from your IRA on choose a different method for each of your traditional IRAs and other your own tax return. retirement plans. For example, you can choose an annuity payout

81 Tax information from one IRA, a different annuity payout from a qualified plan and an to apply the “5-year rule.” Under this rule, instead of annual pay- account-based annual withdrawal from another IRA. ments having to be made beginning with the first in the year following the owner’s death, the entire account must be distributed by the Will we pay you the annual amount every year from your end of the calendar year which contains the fifth anniversary of the traditional IRA based on the method you choose? We will only owner’s death. No distribution is required before that fifth year. pay you automatically if you affirmatively select an annuity payout option or an account-based withdrawal option such as our “automatic Spousal beneficiary. If you die after your Required Beginning Date, required minimum distribution (RMD) service.” Even if you do not enroll and your death beneficiary is your surviving spouse, your spouse has a in our service, we will calculate the amount of the required minimum number of choices. Post-death distributions may be made over your distribution withdrawal for you, if you so request in writing. However, spouse’s single life expectancy. Any amounts distributed after that sur- in that case you will be responsible for asking us to pay the required viving spouse’s death are made over the spouse’s life expectancy calcu- minimum distribution withdrawal to you. lated in the year of his/her death, reduced by one for each subsequent year. In some circumstances, your surviving spouse may elect to become Also, if you are taking account-based withdrawals from all of your tradi- the owner of the traditional IRA and halt distributions until he or she tional IRAs, the IRS will let you calculate the required minimum dis- reaches age 70 1⁄2, or roll over amounts from your traditional IRA into tribution for each traditional IRA that you maintain, using the method his/her own traditional IRA or other eligible retirement plan. that you picked for that particular IRA. You can add these required minimum distribution amount calculations together. As long as the total If you die before your Required Beginning Date, and the death benefi- amount you take out every year satisfies your overall traditional IRA ciary is your surviving spouse, the rules permit the spouse to delay required minimum distribution amount, you may choose to take your starting payments over his/her life expectancy until the year in which annual required minimum distribution from any one or more traditional you would have attained age 70 1⁄2. IRAs that you own. Non-individual beneficiary. If you die after your Required Begin- What if you take more than you need to for any year? The ning Date, and your death beneficiary is a non-individual, such as the required minimum distribution amount for your traditional IRAs is estate, the rules permit the beneficiary to calculate post-death calculated on a year-by-year basis. There are no carry-back or carry- required minimum distribution amounts based on the owner’s life forward provisions. Also, you cannot apply required minimum dis- expectancy in the year of death. However, note that we need an tribution amounts you take from your qualified plans to the amounts individual annuitant to keep an annuity contract in force. If you have to take from your traditional IRAs and vice versa. the beneficiary is not an individual, we must distribute amounts remaining in the annuity contract after the death What if you take less than you need to for any year? Your IRA of the annuitant. could be disqualified, and you could have to pay tax on the entire value. Even if your IRA is not disqualified, you could have to pay a 50% penalty If you die before your Required Beginning Date for lifetime required tax on the shortfall (required amount for traditional IRAs less amount minimum distribution payments, and the death beneficiary is a actually taken). It is your responsibility to meet the required minimum dis- non-individual, such as the estate, the rules continue to apply the tribution rules. We will remind you when our records show that you are 5-year rule discussed earlier under “Individual beneficiary.” Please within the age group which must take lifetime required minimum dis- note that we need an individual annuitant to keep an tributions. If you do not select a method with us, we will assume you are annuity contract in force. If the beneficiary is not an taking your required minimum distribution from another traditional IRA individual, we must distribute amounts remaining in the that you own. annuity contract after the death of the annuitant. What are the required minimum distribution payments after Spousal continuation you die? These could vary depending on whether you die before or If the contract is continued under Spousal continuation, the required after your Required Beginning Date for lifetime required minimum minimum distribution rules are applied as if your surviving spouse is distribution payments, and the status of your beneficiary. The follow- the contract owner. ing assumes that you have not yet elected an annuity-based payout at the time of your death. If you elect an annuity-based payout, Payments to a beneficiary after your death payments (if any) after your death must be made at least as rapidly as IRA death benefits are taxed the same as IRA distributions. when you were alive. Borrowing and loans are prohibited transactions Individual beneficiary. Regardless of whether your death occurs before or after your Required Beginning Date, an individual death You cannot get loans from a traditional IRA. You cannot use a tradi- beneficiary calculates annual post-death required minimum dis- tional IRA as collateral for a loan or other obligation. If you borrow tribution payments based on the beneficiary’s life expectancy using against your IRA or use it as collateral, its tax-favored status will be the “term certain method.” That is, he or she determines his or her lost as of the first day of the tax year in which this prohibited event life expectancy using the IRS-provided life expectancy tables as of the occurs. If this happens, you must include the value of the traditional calendar year after the owner’s death and reduces that number by IRA in your federal gross income. Also, the early distribution penalty 1⁄ one each subsequent year. tax of 10% may apply if you have not reached age 59 2 before the first day of that tax year. If you die before your Required Beginning Date, the rules permit any individual beneficiary, including a spousal beneficiary, to elect instead

82 Tax information Early distribution penalty tax Contributions to Roth IRAs A penalty tax of 10% of the taxable portion of a distribution applies Individuals may make four different types of contributions to a Roth IRA: to distributions from a traditional IRA made before you reach age • regular after-tax contributions out of earnings; or 59 1⁄2. Some of the available exceptions to the pre-age 59 1⁄2 penalty tax include distributions: • taxable rollover contributions from traditional IRAs or other eligi- • made on or after your death; or ble retirement plans (“conversion rollover” contributions); or • made because you are disabled (special federal income tax • tax-free rollover contributions from other Roth individual retire- definition); or ment arrangements or designated Roth accounts under defined contribution plans; or • used to pay certain extraordinary medical expenses (special federal income tax definition); or • tax-free direct custodian-to-custodian transfers from other Roth IRAs (“direct transfers”). • used to pay medical insurance premiums for unemployed individuals (special federal income tax definition); or Regular after-tax, direct transfer and rollover contributions may be made to a Roth IRA contract. See “Rollovers and direct transfer con- • used to pay certain first-time home buyer expenses (special tributions to Roth IRAs” later in this section for more information. If federal income tax definition; $10,000 lifetime total limit for you use the forms we require, we will also accept traditional IRA these distributions from all your traditional and Roth IRAs); or funds which are subsequently recharacterized as Roth IRA funds fol- • used to pay certain higher education expenses (special federal lowing special federal income tax rules. income tax definition); or Because the minimum initial contribution required to purchase this • in the form of substantially equal periodic payments made at contract is larger than the maximum regular contribution you can least annually over your life (or your life expectancy) or over the make to an IRA for a taxable year, this contract must be purchased joint lives of you and your beneficiary (or your joint life expect- through a rollover or direct transfer contribution. Subsequent con- ancies) using an IRS-approved distribution method. tributions may also be “regular” contributions out of compensation. Please note that it is your responsibility to claim the penalty exception Regular contributions to Roth IRAs on your own income tax return and to document eligibility for the Limits on regular contributions. The “maximum regular con- exception to the IRS. tribution amount” for any taxable year is the most that can be con- To meet the substantially equal periodic payments exception, you tributed to all of your IRAs (traditional and Roth) as regular could elect the substantially equal withdrawals option. See contributions for the particular taxable year. The maximum regular “Substantially equal withdrawals” under “Accessing your money” contribution amount depends on age, earnings, and year, among other earlier in this Prospectus. We will calculate the substantially equal things. Generally, $5,500 is the maximum amount that you may annual payments using your choice of IRS-approved methods we contribute to all IRAs (traditional IRAs and Roth IRAs) for 2017, after offer. Although substantially equal withdrawals are not subject to the adjustment for cost-of-living changes. This limit does not apply to roll- 10% penalty tax, they are taxable as discussed in “Withdrawals, over contributions or direct custodian-to-custodian transfers into a Roth payments and transfers of funds out of traditional IRAs” earlier in this IRA. Any contributions to Roth IRAs reduce your ability to contribute to section. Once substantially equal withdrawals begin, the distributions traditional IRAs and vice versa. When your earnings are below $5,500, should not be stopped or changed until after the later of your reach- your earned income or compensation for the year is the most you can ing age 59 1⁄2 or five years after the date of the first distribution, or contribute. If you are married and file a joint income tax return, you and the penalty tax, including an interest charge for the prior penalty your spouse may combine your compensation to determine the amount avoidance, may apply to all prior distributions under either option. of regular contributions you are permitted to make to Roth IRAs and Also, it is possible that the IRS could view any additional withdrawal traditional IRAs. See the discussion under “Special rules for spouses” or payment you take from, or any additional contributions or transfers earlier in this section under traditional IRAs. you make to, your contract as changing your pattern of substantially equal withdrawals for purposes of determining whether the penalty If you or your spouse are at least age 50 at any time during the tax- applies. able year for which you are making a regular contribution, you may be eligible to make additional catch-up contributions of up to $1,000. Roth individual retirement annuities (Roth IRAs) With a Roth IRA, you can make regular contributions when you reach 1⁄2, as long as you have sufficient earnings. The amount of permis- This section of the Prospectus covers some of the special tax rules 70 sible contributions to Roth IRAs for any year depends on the that apply to Roth IRAs. If the rules are the same as those that apply individual’s income limits and marital status. For example, if you are to the traditional IRA, we will refer you to the same topic under married and filing separately for any year your ability to make regular “traditional IRAs.” Roth IRA contributions is greatly limited. The amount of permissible The Accumulator® Series Roth IRA contract is designed to qualify as a contributions and income limits may be adjusted annually for cost of Roth individual retirement annuity under Sections 408A(b) and 408(b) living. Please consult IRS Publication 590-A, “Contributions to of the Internal Revenue Code. Individual Retirement Arrangements (IRAs)” for the rules applicable to the current year.

83 Tax information When you can make contributions. Same as traditional IRAs. Conversion rollover contributions to Roth IRAs Deductibility of contributions. Roth IRA contributions are not tax In a conversion rollover transaction, you withdraw (or are consid- deductible. ered to have withdrawn) all or a portion of funds from a traditional IRA you maintain and convert it to a Roth IRA within 60 days after Rollovers and direct transfer contributions to you receive (or are considered to have received) the traditional IRA Roth IRAs proceeds. Amounts can also be rolled over from non-Roth accounts under another eligible retirement plan, including a Code Sec- What is the difference between rollover and direct transfer transactions? tion 401(a) qualified plan, a 403(b) plan, and a governmental employer Section 457(b) plan. The difference between a rollover transaction and a direct transfer transaction is the following: in a rollover transaction you actually take Unlike a rollover from a traditional IRA to another traditional IRA, a possession of the funds rolled over or are considered to have received conversion rollover transaction from a traditional IRA or other eligible them under tax law in the case of a change from one type of plan to retirement plan to a Roth IRA is not tax-free. Instead, the distribution another. In a direct transfer transaction, you never take possession of from the traditional IRA or other eligible retirement plan is generally the funds, but direct the first Roth IRA custodian, trustee or issuer to fully taxable. If you are converting all or part of a traditional IRA, and transfer the first Roth IRA funds directly to the recipient Roth IRA cus- you have ever made nondeductible regular contributions to any tradi- todian, trustee or issuer. You can make direct transfer transactions only tional IRA — whether or not it is the traditional IRA you are convert- between identical plan types (for example, Roth IRA to Roth IRA). You ing — a pro rata portion of the distribution is tax-free. Even if you are 1⁄ can also make rollover transactions between identical plan types. under age 59 2, the early distribution penalty tax does not apply to However, you can only make rollovers between different plan types (for conversion rollover contributions to a Roth IRA. Conversion rollover example, traditional IRA to Roth IRA). contributions to Roth IRAs are not subject to the “one-per-year limit” noted earlier in this section. You may make rollover contributions to a Roth IRA from these sources only: You cannot make conversion contributions to a Roth IRA to the extent that the funds in your traditional IRA or other eligible retire- • another Roth IRA; ment plan are subject to the lifetime annual required minimum dis- • a traditional IRA, including a SEP-IRA or SIMPLE IRA (after a tribution rules. two-year rollover limitation period for SIMPLE IRA funds), in a You cannot convert and reconvert an amount during the same tax- taxable conversion rollover (“conversion rollover”); able year, or if later, during the 30-day period following a • a “designated Roth contribution account” under a 401(k) plan, recharacterization. If you reconvert during either of these periods, it 403(b) plan, or governmental employer Section 457(b) plan will be a failed Roth IRA conversion. (direct or 60-day); or The IRS and Treasury have issued Treasury Regulations addressing the • from non-Roth accounts under another eligible retirement plan, valuation of annuity contracts funding traditional IRAs in the con- as described below under “Conversion rollover contributions to version to Roth IRAs. Although these Regulations are not clear, they Roth IRAs.” could require an individual’s gross income on the conversion of a traditional IRA to a Roth IRA to be measured using various actuarial You may make direct transfer contributions to a Roth IRA only from methods and not as if the annuity contract funding the traditional IRA another Roth IRA. had been surrendered at the time of conversion. This could increase You may make both Roth IRA to Roth IRA rollover transactions and the amount of income reported in certain circumstances. Roth IRA to Roth IRA direct transfer transactions. This can be accom- plished on a completely tax-free basis. However, you may make Roth Recharacterizations IRA to Roth IRA rollover transactions only once in any 12-month period You may be able to treat a contribution made to one type of IRA as for the same funds. We call this the “one-per-year limit.” It is the Roth having been made to a different type of IRA. This is called IRA owner’s responsibility to determine if this rule is met. recharacterizing the contribution. Trustee-to-trustee or custodian-to-custodian direct transfers can be made more frequently than once a year. Also, if you send us the rollover How to recharacterize. To recharacterize a contribution, you contribution to apply it to a Roth IRA, you must do so within 60 days generally must have the contribution transferred from the first IRA after you receive the proceeds from the original IRA to get rollover (the one to which it was made) to the second IRA in a deemed treatment. trustee-to-trustee transfer. If the transfer is made by the due date (including extensions) for your tax return for the year during which The surviving spouse beneficiary of a deceased individual can roll over the contribution was made, you can elect to treat the contribution as or directly transfer an inherited Roth IRA to one or more other Roth having been originally made to the second IRA instead of to the first IRAs. In some cases, Roth IRAs can be transferred on a tax-free basis IRA. It will be treated as having been made to the second IRA on the between spouses or former spouses as a result of a court-ordered same date that it was actually made to the first IRA. You must report divorce or separation decree. the recharacterization and must treat the contribution as having been made to the second IRA, instead of the first IRA, on your tax return for the year during which the contribution was made.

84 Tax information The contribution will not be treated as having been made to the • qualified distributions from a Roth IRA; and second IRA unless the transfer includes any net income allocable to • return of excess contributions or amounts recharacterized to a the contribution. You can take into account any loss on the con- traditional IRA. tribution while it was in the IRA when calculating the amount that must be transferred. If there was a loss, the net income you must Qualified distributions from Roth IRAs. Qualified distributions transfer may be a negative amount. from Roth IRAs made because of one of the following four qualifying events or reasons are not includible in income: No deduction is allowed for the contribution to the first IRA and any net income transferred with the recharacterized contribution is treated as • you are age 59 1⁄2 or older; or earned in the second IRA. The contribution will not be treated as having • you die; or been made to the second IRA to the extent any deduction was allowed with respect to the contribution to the first IRA. • you become disabled (special federal income tax definition); or For recharacterization purposes, a distribution from a traditional IRA • your distribution is a “qualified first-time homebuyer dis- that is received in one tax year and rolled over into a Roth IRA in the tribution” (special federal income tax definition; $10,000 life- next year, but still within 60 days of the distribution from the tradi- time total limit for these distributions from all of your traditional tional IRA, is treated as a contribution to the Roth IRA in the year of and Roth IRAs). the distribution from the traditional IRA. You also have to meet a five-year aging period. A qualified dis- Roth IRA conversion contributions from a SEP-IRA or SIMPLE IRA can tribution is any distribution made after the five-taxable-year period be recharacterized to a SEP-IRA or SIMPLE IRA (including the original beginning with the first taxable year for which you made any con- SEP-IRA or SIMPLE IRA). You cannot recharacterize back to the origi- tribution to any Roth IRA (whether or not the one from which the nal plan a contribution directly rolled over from an eligible retirement distribution is being made). plan which is not a traditional IRA. Nonqualified distributions from Roth IRAs. Nonqualified dis- The recharacterization of a contribution is not treated as a rollover for tributions from Roth IRAs are distributions that do not meet both the purposes of the 12 month limitation period described above. This rule qualifying event and five-year aging period tests described above. If you applies even if the contribution would have been treated as a rollover receive such a distribution, part of it may be taxable. For purposes of contribution by the second IRA if it had been made directly to the determining the correct tax treatment of distributions (other than the second IRA rather than as a result of a recharacterization of a con- withdrawal of excess contributions and the earnings on them), there is tribution to the first IRA. a set order in which contributions (including conversion contributions) and earnings are considered to be distributed from your Roth IRA. The To recharacterize a contribution, you must use our forms. order of distributions is as follows:

Withdrawals, payments and transfers of funds (1) Regular contributions. outofRothIRAs (2) Conversion contributions, on a first-in-first-out basis (generally, No federal income tax law restrictions on withdrawals. You total conversions from the earliest year first). These conversion can withdraw any or all of your funds from a Roth IRA at any time; contributions are taken into account as follows: you do not need to wait for a special event like retirement. (a) Taxable portion (the amount required to be included in gross income because of conversion) first, and then the Distributions from Roth IRAs (b) Nontaxable portion. Distributions include withdrawals from your contract, surrender of your contract and annuity payments from your contract. Death bene- (3) Earnings on contributions. fits are also distributions. Rollover contributions from other Roth IRAs are disregarded for this You must keep your own records of regular and conversion con- purpose. tributions to all Roth IRAs to assure appropriate taxation. You may To determine the taxable amount distributed, distributions and con- have to file information on your contributions to and distributions tributions are aggregated or grouped, then added together as follows: from any Roth IRA on your tax return. You may have to retain all income tax returns and records pertaining to such contributions and (1) All distributions made during the year from all Roth IRAs you distributions until your interests in all Roth IRAs are distributed. maintain — with any custodian or issuer — are added together. Like traditional IRAs, taxable distributions from a Roth IRA are not (2) All regular contributions made during and for the year entitled to special favorable ten-year averaging and long-term capital (contributions made after the close of the year, but before the gain treatment available in limited cases to certain distributions from due date of your return) are added together. This total is added qualified plans. to the total undistributed regular contributions made in prior years. The following distributions from Roth IRAs are free of income tax: (3) All conversion contributions made during the year are added • rollovers from a Roth IRA to another Roth IRA; together. • direct transfers from a Roth IRA to another Roth IRA;

85 Tax information Any recharacterized contributions that end up in a Roth IRA are You should note the following special situations: added to the appropriate contribution group for the year that the • We might have to withhold and/or report on amounts we pay original contribution would have been taken into account if it had under a free look or cancellation. been made directly to the Roth IRA. • We are required to withhold on the gross amount of a dis- Any recharacterized contribution that ends up in an IRA other than a tribution from a Roth IRA to the extent it is reasonable for us to Roth IRA is disregarded for the purpose of grouping both con- believe that a distribution is includible in your gross income. This tributions and distributions. Any amount withdrawn to correct an may result in tax being withheld even though the Roth IRA dis- excess contribution (including the earnings withdrawn) is also distribution is ultimately not taxable. regarded for this purpose. Special withholding rules apply to United States citizens residing outside Required minimum distributions during life of the United States, foreign recipients, and certain U. S. entity recipients Lifetime required minimum distributions do not apply. which are treated as foreign because they fail to document their U.S. status before payment is made. We do not discuss these rules here in Required minimum distributions at death detail. However, we may require additional documentation in the case of Same as traditional IRA under “What are the required minimum dis- payments made to United States persons living abroad and non-United tribution payments after you die?”, assuming death before the States persons (including U.S. entities treated as foreign) prior to process- Required Beginning Date. ing any requested transaction. Payments to a beneficiary after your death Certain states have indicated that state income tax withholding will also apply to payments from the contracts made to residents. Generally, Distributions to a beneficiary generally receive the same tax treatment an election out of federal withholding will also be considered an elec- as if the distribution had been made to you. tion out of state withholding. In some states, you may elect out of state Borrowing and loans are prohibited transactions withholding, even if federal withholding applies. In some states, the income tax withholding is completely independent of federal income tax Same as traditional IRA. withholding. If you need more information concerning a particular state Excess contributions to Roth IRAs or any required forms, call our processing office at the toll-free number. Generally the same as traditional IRA, except that regular con- Federal income tax withholding on periodic annuity tributions made after age 70 1⁄2 are not excess contributions. payments Excess rollover contributions to Roth IRAs are contributions not eligi- Federal tax rules require payers to withhold differently on “periodic” ble to be rolled over. and “non-periodic” payments. Payers are to withhold from periodic annuity payments as if the payments were wages. The annuity con- You can withdraw or recharacterize any contribution to a Roth IRA tract owner is to specify marital status and the number of withholding before the due date (including extensions) for filing your federal exemptions claimed on an IRS Form W-4P or similar substitute elec- income tax return for the tax year. If you do this, you must also with- tion form. If the owner does not claim a different number of withdraw or recharacterize any earnings attributable to the contribution. holding exemptions or marital status, the payer is to withhold Early distribution penalty tax assuming that the owner is married and claiming three withholding exemptions. If the owner does not provide the owner’s correct Tax- Same as traditional IRA. payer Identification Number, a payer is to withhold from periodic annuity payments as if the owner were single with no exemptions. Federal and state income tax withholding and information reporting A contract owner’s withholding election remains effective unless and until the owner revokes it. The contract owner may revoke or change We must withhold federal income tax from distributions from annuity a withholding election at any time. contracts and specified tax-favored savings or retirement plans or arrangements. You may be able to elect out of this income tax with- Federal income tax withholding on non-periodic annuity holding in some cases. Generally, we do not have to withhold if your payments (withdrawals) distributions are not taxable. The rate of withholding will depend on Non-periodic distributions include partial withdrawals, total surrenders the type of distribution and, in certain cases, the amount of your dis- and death benefits. Payers generally withhold federal income tax at a tribution. Any income tax withheld is a credit against your income tax flat 10% rate from (i) the taxable amount in the case of nonqualified liability. If you do not have sufficient income tax withheld or do not contracts, and (ii) the payment amount in the case of traditional IRAs make sufficient estimated income tax payments, you may incur penal- and Roth IRAs, where it is reasonable to assume an amount is ties under the estimated income tax rules. includible in gross income. You must file your request not to withhold in writing before the As described below, there is no election out of federal income tax payment or distribution is made. Our processing office will provide withholding if the payment is an eligible rollover distribution from a forms for this purpose. You cannot elect out of withholding unless qualified plan. If a non-periodic distribution from a qualified plan is you provide us with your correct Taxpayer Identification Number and not an eligible rollover distribution then election out is permitted. If a United States residence address. You cannot elect out of with- there is no election out, the 10% withholding rate applies. holding if we are sending the payment out of the United States.

86 Tax information Special rules for contracts funding qualified plans The plan administrator is responsible for making all required notifica- tions on tax matters to plan participants and to the IRS. See Appendix III at the end of this Prospectus. Mandatory withholding from qualified plan distributions Unless the distribution is directly rolled over to another eligible retirement plan, eligible rollover distributions from qualified plans are subject to mandatory 20% withholding. The plan administrator is responsible for withholding from qualified plan distributions and communicating to the recipient whether the distribution is an eligible rollover distribution.

Impact of taxes to AXA Equitable The contracts provide that we may charge Separate Account No. 70 for taxes. We do not now, but may in the future set up reserves for such taxes. We are entitled to certain tax benefits related to the investment of company assets, including assets of the separate account. These tax benefits, which may include the foreign tax credit and the corporate dividends received deduction, are not passed back to you, since we are the owner of the assets from which tax benefits may be derived.

87 Tax information 8. More information

About Separate Account No. 70 (6) to restrict or eliminate any voting rights as to Separate Account No. 70; Each variable investment option is a subaccount of Separate Account No. 70. We established Separate Account No. 70 under special provi- (7) to cause one or more variable investment options to invest some sions of the New York Insurance Law. These provisions prevent cred- or all of their assets in one or more other trusts or investment itors from any other business we conduct from reaching the assets we companies; hold in our variable investment options (including the AXA Ultra Con- (8) to close a variable investment option to transfers and conservative Strategy investment option) for owners of our variable annuity tributions; and contracts. We are the legal owner of all of the assets in Separate Account No. 70 and may withdraw any amounts that exceed our (9) to limit the number of variable investment options which you reserves and other liabilities with respect to variable investment options may elect. (including the AXA Ultra Conservative Strategy investment option) If the exercise of these rights results in a material change in the under- under our contracts. For example, we may withdraw amounts from lying investment of Separate Account No. 70, you will be notified of Separate Account No. 70 that represent our investments in Separate such exercise, as required by law. Account No. 70 or that represent fees and charges under the contracts that we have earned. Also, we may, at our sole discretion, invest Sepa- About the Trusts rate Account No. 70 assets in any investment permitted by applicable law. The results of Separate Account No. 70 operations are accounted The Trusts are registered under the Investment Company Act of 1940. for without regard to AXA Equitable’s other operations. The amount of They are classified as “open-end management investment companies,” some of our obligations under the contracts is based on the assets in more commonly called mutual funds. Each Trust issues different shares Separate Account No. 70. However, the obligations themselves are relating to each Portfolio. obligations of AXA Equitable. The Trusts do not impose sales charges or “loads” for buying and sell- Separate Account No. 70 is registered under the Investment Company ing their shares. All dividends and other distributions on the Trusts’ Act of 1940 and is registered and classified under that act as a “unit shares are reinvested in full. The Board of Trustees of each Trust serves investment trust.” The SEC, however, does not manage or supervise for the benefit of each Trust’s shareholders. The Board of Trustees may AXA Equitable or Separate Account No. 70. Although Separate take many actions regarding the Portfolios (for example, the Board of Account No. 70 is registered, the SEC does not monitor the activity of Trustees can establish additional Portfolios or eliminate existing Portfo- Separate Account No. 70 on a daily basis. AXA Equitable is not lios; change Portfolio investment objectives; and change Portfolio required to register, and is not registered, as an investment company investment policies and strategies). In accordance with applicable law, under the Investment Company Act of 1940. certain of these changes may be implemented without a shareholder vote and, in certain instances, without advanced notice. More detailed Each subaccount (variable investment option) within Separate information about certain actions subject to notice and shareholder Account No. 70 invests in shares issued by the corresponding Portfo- vote for each Trust, and other information about the Portfolios, includ- lio of its Trust. ing portfolio investment objectives, policies, restrictions, risks, expenses, We reserve the right subject to compliance with laws that apply: its Rule 12b-1 plan and other aspects of its operations, appears in the prospectuses for each Trust, which generally accompany this pro- (1) to add variable investment options to, or to remove variable spectus, or in their respective SAIs, which are available upon request. investment options from, Separate Account No. 70, or to add other separate accounts; About the general account (2) to combine any two or more variable investment options; This contract is offered to customers through various financial (3) to transfer the assets we determine to be the shares of the class institutions, brokerage firms and their affiliate insurance agencies. No of contracts to which the contracts belong from any variable financial institution, brokerage firm or insurance agency has any investment option to another variable investment option; liability with respect to a contract’s account value or any guaranteed benefits with which the contract was issued. AXA Equitable is solely (4) to operate Separate Account No. 70 or any variable investment responsible to the contract owner for the contract’s account value option as a management investment company under the and such guaranteed benefits. The general obligations and any guar- Investment Company Act of 1940 (in which case, charges and anteed benefits under the contract are supported by AXA Equitable’s expenses that otherwise would be assessed against an under- general account and are subject to AXA Equitable’s claims paying lying mutual fund would be assessed against Separate Account ability. An owner should look to the financial strength of AXA Equi- No. 70 or a variable investment option directly); table for its claims-paying ability. Assets in the general account are (5) to deregister Separate Account No. 70 under the Investment not segregated for the exclusive benefit of any particular contract or Company Act of 1940; obligation. General account assets are also available to the insurer’s

88 More information general creditors and the conduct of its routine business activities, processed orders is the business day on which the broker-dealer such as the payment of salaries, rent and other ordinary business inputs all required information into its electronic processing system. expenses. For more information about AXA Equitable’s financial You can contact us to find out more about such arrangements. strength, you may review its financial statements and/or check its After your contract has been issued, additional contributions may be current rating with one or more of the independent sources that rate transmitted by wire. insurance companies for their financial strength and stability. Such ratings are subject to change and have no bearing on the perform- Dates and prices at which contract events occur ance of the variable investment options (including the AXA Ultra Conservative Strategy investment option). You may also speak with We describe below the general rules for when, and at what prices, your financial representative. For Series CP® contracts, credits allo- events under your contract will occur. Other portions of this Pro- cated to your account value are funded from our general account. spectus describe circumstances that may cause exceptions. We generally do not repeat those exceptions below. The general account is subject to regulation and supervision by the New York State Department of Financial Services and to the insurance Business day laws and regulations of all jurisdictions where we are authorized to do Our “business day” is generally any day the New York Stock business. Interests under the contracts in the general account have not Exchange (“NYSE”) is open for regular trading and generally ends at been registered and are not required to be registered under the Securities 4:00 p.m. Eastern Time (or as of an earlier close of regular trading). A Act of 1933 because of exemptions and exclusionary provisions that apply. business day does not include a day on which we are not open due to The general account is not required to register as an investment company emergency conditions determined by the Securities and Exchange under the Investment Company Act of 1940 and it is not registered as an Commission. We may also close early due to such emergency con- investment company under the Investment Company Act of 1940. The ditions. Contributions will be applied and any other transaction contract is a “covered security” under the federal securities laws. requests will be processed when they are received along with all the We have been advised that the staff of the SEC has not reviewed the required information unless another date applies as indicated below. portions of this Prospectus that relate to the general account . The • If your contribution, transfer or any other transaction request disclosure with regard to the general account, however, may be sub- containing all the required information reaches us on any of the ject to certain provisions of the federal securities laws relating to the following, we will use the next business day: accuracy and completeness of statements made in prospectuses. — on a non-business day; About other methods of payment — after 4:00 p.m. Eastern Time on a business day; or Wire transmittals and electronic applications — after an early close of regular trading on the NYSE on a business day. We accept initial and subsequent contributions sent by wire to our processing office by agreement with certain broker-dealers. Such transmittals • If your transaction is set to occur on the same day of the month must be accompanied by information we require to allocate your con- as the contract date and that date is the 29th, 30th or 31st of tribution. Wire orders not accompanied by complete information may be the month, then the transaction will occur on the 1st day of the retained as described under “How you can make your contributions” next month. under “Contract features and benefits” earlier in this Prospectus. • When a charge is to be deducted on a contract date anniversary Even if we accept the wire order and essential information, a contract that is a non-business day, we will deduct the charge on the generally will not be issued until we receive and accept a properly next business day. completed application. In certain cases we may issue a contract based • If we have entered into an agreement with your broker-dealer on information provided through certain broker-dealers with which for automated processing of contributions and/or transfers upon we have established electronic facilities. In any such cases, you must receipt of customer order, your contribution and/or transfer will sign our Acknowledgement of Receipt form. be considered received at the time your broker-dealer receives Where we require a signed application, the above procedures do not your contribution and/or transfer and all information needed to apply and no financial transactions will be permitted until we receive process your application, along with any required documents. the signed application and have issued the contract. Where we issue Your broker-dealer will then transmit your order to us in accord- a contract based on information provided through electronic facilities, ance with our processing procedures. However, in such cases, we require an Acknowledgement of Receipt form, and financial your broker-dealer is considered a processing office for the transactions are only permitted if you request them in writing, sign purpose of receiving the contribution and/or transfer. Such the request and have it signature guaranteed, until we receive the arrangements may apply to initial contributions, subsequent signed Acknowledgement of Receipt form. After your contract has contributions and/or transfers, and may be commenced or been issued, additional contributions may be transmitted by wire. terminated at any time without prior notice. If required by law, the “closing time” for such orders will be earlier than 4:00 p.m., In general, the transaction date for electronic transmissions is the Eastern Time. date on which we receive at our regular processing office all required Contributions, credits and transfers information and the funds due for your contribution. We may also establish same-day electronic processing facilities with a broker- • Contributions (and credits, for Series CP® contracts only) allo- dealer that has undertaken to pay contribution amounts on behalf of cated to the variable investment options are invested at the unit its customers. In such cases, the transaction date for properly value next determined after the receipt of the contribution.

89 More information • Contributions (and credits, for Series CP® contracts only) allo- Separate Account No. 70 voting rights cated to the guaranteed interest option will receive the crediting If actions relating to the Separate Account require contract owner rate in effect on that business day for the specified time period. approval, contract owners will be entitled to one vote for each unit • Initial contributions allocated to the account for special dollar they have in the variable investment options. Each contract owner cost averaging receive the interest rate in effect on that business who has elected a variable annuity payout option may cast the day. At certain times, we may offer the opportunity to lock in the number of votes equal to the dollar amount of reserves we are hold- interest rate for an initial contribution to be received under Sec- ing for that annuity in a variable investment option divided by the tion 1035 exchanges and trustee to trustee transfers. Your annuity unit value for that option. We will cast votes attributable to financial professional can provide information or you can call our any amounts we have in the variable investment options in the same processing office. proportion as votes cast by contract owners. • Transfers to or from variable investment options (including the Changes in applicable law AXA Ultra Conservative Strategy investment option) will be The voting rights we describe in this Prospectus are created under made at the unit value next determined after receipt of the applicable federal securities laws. To the extent that those laws or the transfer request. regulations published under those laws eliminate the necessity to submit matters for approval by persons having voting rights in sepa- • Transfers to the guaranteed interest option will receive the credit- rate accounts of insurance companies, we reserve the right to pro- ing rate in effect on that business day for the specified time ceed in accordance with those laws or regulations. period. • For the interest sweep option, the first monthly transfer will Cybersecurity occur on the last business day of the month following the month We rely heavily on interconnected computer systems and digital data that we receive your election form at our processing office. to conduct our variable product business. Because our variable product business is highly dependent upon the effective operation of our About your voting rights computer systems and those of our business partners, our business is As the owner of the shares of the Trusts, we have the right to vote on vulnerable to disruptions from utility outages, and susceptible to certain matters involving the Portfolios, such as: operational and information security risks resulting from information systems failure (e.g., hardware and software malfunctions), and • the election of trustees; or cyber-attacks. These risks include, among other things, the theft, • the formal approval of independent public accounting firms misuse, corruption and destruction of data maintained online or digi- selected for each Trust; or tally, interference with or denial of service, attacks on websites and other operational disruption and unauthorized release of confidential • any other matters described in the prospectus for each Trust or customer information. Such systems failures and cyber-attacks affect- requiring a shareholders’ vote under the Investment Company ing us, any third party administrator, the underlying funds, inter- Act of 1940. mediaries and other affiliated or third-party service providers may We will give contract owners the opportunity to instruct us how to adversely affect us and your account value. For instance, systems fail- vote the number of shares attributable to their contracts if a share- ures and cyber-attacks may interfere with our processing of contract holder vote is taken. If we do not receive instructions in time from all transactions, including the processing of orders from our website or contract owners, we will vote the shares of a Portfolio for which no with the underlying funds, impact our ability to calculate account unit instructions have been received in the same proportion as we vote values, cause the release and possible destruction of confidential shares of that Portfolio for which we have received instructions. We customer or business information, impede order processing, subject will also vote any shares that we are entitled to vote directly because us and/or our service providers and intermediaries to regulatory fines of amounts we have in a Portfolio in the same proportions that con- and financial losses and/or cause reputational damage. Cybersecurity tract owners vote. One effect of proportional voting is that a small risks may also impact the issuers of securities in which the underlying number of contract owners may determine the outcome of a vote. funds invest, which may cause the funds underlying your contract to lose value. While there can be no assurance that we or the underlying The Trusts sell their shares to AXA Equitable separate accounts in funds or our service providers will avoid losses affecting your contract connection with AXA Equitable’s variable annuity and/or variable life due to cyber-attacks or information security breaches in the future, insurance products, and to separate accounts of insurance compa- we take reasonable steps to mitigate these risks and secure our sys- nies, both affiliated and unaffiliated with AXA Equitable. AXA Premier tems from such failures and attacks. VIP Trust and EQ Advisors Trust also sell their shares to the trustee of a qualified plan for AXA Equitable. We currently do not foresee any Misstatement of age disadvantages to our contract owners arising out of these arrange- If the age of any person upon whose life an optional Guaranteed ments. However, the Board of Trustees or Directors of each Trust minimum death benefit depends has been misstated, any benefits will intends to monitor events to identify any material irreconcilable con- be those which would have been purchased at the correct age. If the flicts that may arise and to determine what action, if any, should be age of any person upon whose life an optional Guaranteed minimum taken in response. If we believe that a Board’s response insufficiently death benefit depends has been misstated, and if an optional protects our contract owners, we will see to it that appropriate action Guaranteed minimum death benefit rider would not have been issued is taken to do so. based on the correct age: (i) the optional Guaranteed minimum

90 More information death benefit rider will be revoked; (ii) the applicable charge for the the annuitant under the individually-owned contract, you will become benefit will be refunded and applied to the annuity account value of the annuitant when ownership is changed. Please speak with your the contract, and (iii) the Return of Principal death benefit will apply. financial professional for further information. See Appendix IX later in this Prospectus for any state variations with Statutory compliance regard to terminating any benefits under your contract. We have the right to change your contract without the consent of any In general, you cannot assign or transfer ownership of an IRA or QP other person in order to comply with any laws and regulations that contract except by surrender to us. If your individual retirement apply, including but not limited to changes in the Internal Revenue annuity contract is held in your custodial individual retirement Code, in Treasury Regulations or in published rulings of the Internal account, you may only assign or transfer ownership of such an IRA Revenue Service and in Department of Labor regulations. contract to yourself. Loans are not available and you cannot assign Any change in your contract must be in writing and made by an IRA and QP contracts as security for a loan or other obligation. authorized officer of AXA Equitable. We will provide notice of any For limited transfers of ownership after the owner’s death see contract change. “Beneficiary continuation option” in “Payment of death benefit” earlier The benefits under your contract will not be less than the minimum in this Prospectus. You may direct the transfer of the values under your benefits required by any state law that applies. IRA or QP contract to another similar arrangement under Federal income tax rules. In the case of such a transfer, which involves a surrender of About legal proceedings your contract, we will impose a withdrawal charge, if one applies. AXA Equitable and its affiliates are parties to various legal proceed- Loans are not available under your NQ contract. ings. In our view, none of these proceedings would be considered In certain circumstances, you may collaterally assign all or a portion of material with respect to a contract owner’s interest in Separate the value of your NQ contract as security for a loan with a third party Account No. 70, nor would any of these proceedings be likely to have lender. The terms of the assignment are subject to our approval. The a material adverse effect upon the Separate Account, our ability to amount of the assignment may never exceed your account value on meet our obligations under the contracts, or the distribution of the the day prior to the date we receive all necessary paperwork to effect contracts. the assignment. Only one assignment per contract is permitted. You must indicate that you have not purchased, and will not purchase, Financial statements any other AXA Equitable (or affiliate’s) NQ deferred annuity contract The financial statements of Separate Account No. 70, as well as the in the same calendar year that you purchase the contract. consolidated financial statements of AXA Equitable, are in the SAI. A collateral assignment will terminate your benefits under the con- The financial statements of AXA Equitable have relevance to the contract. All withdrawals, distributions and payments are subject to the tracts only to the extent that they bear upon the ability of AXA Equi- assignee’s prior approval and payment directions. We will follow such table to meet its obligations under the contracts. The SAI is available directions until AXA Equitable receives written notification satisfactory free of charge. You may request one by writing to our processing to us that the assignment has been terminated. If the owner or office or calling 1-800-789-7771. beneficiary fails to provide timely notification of the termination, it is possible that we could pay the assignee more than the amount of the Transfers of ownership, collateral assignments, assignment, or continue paying the assignee pursuant to existing loans and borrowing directions after the collateral assignment has in fact been terminated. You can transfer ownership of an NQ contract at any time before In some cases, an assignment or change of ownership may have adverse annuity payments begin. We will continue to treat you as the owner tax consequences. See “Tax information” earlier in this Prospectus. until we receive written notification of any change at our processing office. About Custodial IRAs We may refuse to process a change of ownership of an NQ contract For certain custodial IRA accounts, after your contract has been issued, to an entity without appropriate documentation of status on IRS Form we may accept transfer instructions by telephone, mail, facsimile or W-9 (or, if IRS Form W-9 cannot be provided because the entity is not electronically from a broker-dealer, provided that we or your broker- a U.S. entity, on the appropriate type of Form W-8). dealer have your written authorization to do so on file. Accordingly, Following a change of ownership, the existing beneficiary designations AXA Equitable will rely on the stated identity of the person placing will remain in effect until the new owner provides new designations. instructions as authorized to do so on your behalf. AXA Equitable will not be liable for any claim, loss, liability or expenses that may arise out Any guaranteed benefit in effect will generally terminate if you of such instructions. AXA Equitable will continue to rely on this author- change ownership of the contract. A guaranteed benefit will not ization until it receives your written notification at its processing office terminate if the ownership of the contract is transferred from a that you have withdrawn this authorization. AXA Equitable may change non-natural owner to an individual, but the contract will continue to or terminate telephone or electronic or overnight mail transfer proce- be based on the annuitant’s life. A guaranteed benefit will also not dures at any time without prior written notice and restrict facsimile, terminate if you transfer your individually-owned contract to a trust internet, telephone and other electronic transfer services because of held for your (or your and your immediate family’s) benefit; the guar- disruptive transfer activity. anteed benefit will continue to be based on your life. If you were not

91 More information How divorce may affect your guaranteed AXA Equitable pays compensation to both Distributors based on con- benefits tracts sold. AXA Equitable may also make additional payments to the Distributors, and the Distributors may, in turn, make additional pay- Our optional benefits do not provide a cash value or any minimum ments to certain Selling broker-dealers. All payments will be in com- account value. In the event that you and your spouse become divorced pliance with all applicable FINRA rules and other laws and regulations. after you purchase a contract with a guaranteed benefit, we will not divide the benefit base as part of the divorce settlement or judgment. Although AXA Equitable takes into account all of its distribution and As a result of the divorce, we may be required to withdraw amounts other costs in establishing the level of fees and charges under its from the account value to be paid to an ex-spouse. Any such with- contracts, none of the compensation paid to the Distributors or the drawal will be considered a withdrawal from the contract. This means Selling broker-dealers discussed in this section of the Prospectus are that your guaranteed benefit will be reduced and a withdrawal charge imposed as separate fees or charges under your contract. AXA Equi- may apply. table, however, intends to recoup amounts it pays for distribution and other services through the fees and charges of the contract and How divorce may affect your Joint life GWBL payments it receives for providing administrative, distribution and If you have elected the GWBL on a Joint life basis and subsequently other services to the Portfolios. For information about the fees and get divorced, we will divide the contract as near as is practicable in charges under the contract, see “Fee table” and “Charges and accordance with the divorce decree and replace the original contract expenses” earlier in this Prospectus. with two Single life contracts. AXA Advisors Compensation. AXA Equitable pays compensation If the division of the contract occurs before any withdrawal has been to AXA Advisors based on contributions made on the contracts sold made and after the Conversion effective date, the Applicable through AXA Advisors (“contribution-based compensation”). The percentage under each new contract will be adjusted to a Single life contribution-based compensation will generally not exceed 8.50% of Applicable percentage for your Guaranteed annual withdrawal total contributions. AXA Advisors, in turn, may pay a portion of the amount and will be based on each respective individual’s age at the contribution-based compensation received from AXA Equitable to the time of first withdrawal and any subsequent Annual Ratchet. AXA Advisors financial professional and/or the Selling broker-dealer making the sale. In some instances, a financial professional or a Selling If the division of the contract occurs after any withdrawal has been broker-dealer may elect to receive reduced contribution-based made and after the Conversion effective date and if the Conversion compensation on a contract in combination with ongoing annual effective date is a contract date anniversary prior to your 85th birth- compensation of up to 1.20% of the account value of the contract sold day, the Joint life Applicable percentage that was in effect at the time (“asset-based compensation”). Total compensation paid to a financial of the split will remain in effect for each contract. professional or a Selling broker-dealer electing to receive both If the division of the contract occurs after any withdrawal has been contribution-based and asset-based compensation could, over time, made at least thirty days after the Conversion effective date and if the exceed the total compensation that would otherwise be paid on the Conversion effective date is the contract date anniversary following basis of contributions alone. The compensation paid by AXA Advisors your 85th birthday, the Joint life Applicable percentage that was in varies among financial professionals and among Selling broker-dealers. effect at the time of the split will remain in effect for each contract. AXA Advisors also pays a portion of the compensation it receives to its The Joint Life Applicable percentage that was in effect may increase managerial personnel. When a contract is sold by a Selling broker- at the time an Annual Ratchet occurs based on each respective dealer, the Selling broker-dealer, not AXA Advisors, determines the individual’s age under their respective new contract. compensation paid to the Selling broker-dealer’s financial professional for the sale of the contract. Therefore, you should contact your finan- Distribution of the contracts cial professional for information about the compensation he or she receives and any related incentives, as described below. The contracts are distributed by both AXA Advisors, LLC (“AXA Advisors”) and AXA Distributors, LLC (“AXA Distributors”) (together, AXA Advisors may receive compensation, and, in turn, pay its finan- the “Distributors”). The Distributors serve as principal underwriters of cial professionals a portion of such fee, from third party investment Separate Account No. 70. The offering of the contracts is intended to advisors to whom its financial professionals refer customers for pro- be continuous. fessional management of the assets within their contract. AXA Advisors is an affiliate of AXA Equitable, and AXA Distributors is AXA Advisors also pays its financial professionals and managerial an indirect wholly owned subsidiary of AXA Equitable. The Distrib- personnel other types of compensation including service fees, expense utors are under the common control of AXA Financial, Inc. Their allowance payments and health and retirement benefits. AXA Advi- principal business address is 1290 Avenue of the Americas, New sors also pays its financial professionals, managerial personnel and York, NY 10104. The Distributors are registered with the SEC as Selling broker-dealers sales bonuses (based on selling certain prod- broker-dealers and are members of the Financial Industry Regulatory ucts during specified periods) and persistency bonuses. AXA Advisors Authority, Inc. (“FINRA”). Both broker-dealers also act as distributors may offer sales incentive programs to financial professionals and Sell- for other AXA Equitable life and annuity products. ing broker-dealers who meet specified production levels for the sales of both AXA Equitable contracts and contracts offered by other The contracts are sold by financial professionals of AXA Advisors and companies. These incentives provide non-cash compensation such as its affiliates. The contracts are also sold by financial professionals of stock options awards and/or stock appreciation rights, expense-paid unaffiliated broker-dealers that have entered into selling agreements trips, expense-paid education seminars and merchandise. with the Distributors (“Selling broker-dealers”).

92 More information Differential compensation. In an effort to promote the sale of broker-dealer. Total compensation paid to a Selling broker-dealer AXA Equitable products, AXA Advisors may pay its financial pro- electing to receive both contribution-based and asset-based compen- fessionals and managerial personnel a greater percentage of sation could over time exceed the total compensation that would contribution-based compensation and/or asset-based compensation otherwise be paid on the basis of contributions alone. The for the sale of an AXA Equitable contract than it pays for the sale of a contribution-based and asset-based compensation paid by AXA Dis- contract or other financial product issued by a company other than tributors varies among Selling broker-dealers. AXA Equitable. AXA Advisors may pay higher compensation on cer- The Selling broker-dealer, not AXA Distributors, determines the tain products in a class than others based on a group or sponsored compensation paid to the Selling broker-dealer’s financial pro- arrangement, or between older and newer versions or series of the fessional for the sale of the contract. Therefore, you should contact same contract. This practice is known as providing “differential your financial professional for information about the compensation he compensation.” Differential compensation may involve other forms of or she receives and any related incentives, such as differential compensation to AXA Advisors personnel. Certain components of the compensation paid for various products. compensation paid to managerial personnel are based on whether the sales involve AXA Equitable contracts. Managers earn higher AXA Equitable also pays AXA Distributors compensation to cover its compensation (and credits toward awards and bonuses) if the finan- operating expenses and marketing services under the terms of AXA cial professionals they manage sell a higher percentage of AXA Equi- Equitable’s distribution agreements with AXA Distributors. table contracts than products issued by other companies. Other forms Additional payments by AXA Distributors to Selling broker- of compensation provided to its financial professionals, which include dealers. AXA Distributors may pay, out of its assets, certain Selling health and retirement benefits, expense reimbursements, marketing broker-dealers and other financial intermediaries additional allowances and contribution-based payments known as “overrides.” compensation in recognition of services provided or expenses For tax reasons, AXA Advisors financial professionals qualify for incurred. AXA Distributors may also pay certain Selling broker-dealers health and retirement benefits based solely on their sales of AXA or other financial intermediaries additional compensation for Equitable contracts and products sponsored by affiliates. enhanced marketing opportunities and other services (commonly The fact that AXA Advisors financial professionals receive differential referred to as “marketing allowances”). Services for which such compensation and additional payments may provide an incentive for payments are made may include, but are not limited to, the preferred those financial professionals to recommend an AXA Equitable con- placement of AXA Equitable products on a company and/or product tract over a contract or other financial product issued by a company list; sales personnel training; product training; business reporting; not affiliated with AXA Equitable. However, under applicable rules of technological support; due diligence and related costs; advertising, FINRA, AXA Advisors financial professionals may only recommend to marketing and related services; conference; and/or other support you products that they reasonably believe are suitable for you based services, including some that may benefit the contract owner. Pay- on the facts that you have disclosed as to your other security ments may be based on ongoing sales, on the aggregate account holdings, financial situation and needs. In making any recom- value attributable to contracts sold through a Selling broker-dealer or mendation, financial professionals of AXA Advisors may nonetheless such payments may be a fixed amount. For certain selling broker- face conflicts of interest because of the differences in compensation dealers, AXA Distributors increases the marketing allowance as cer- from one product category to another, and because of differences in tain sales thresholds are met. AXA Distributors may also make fixed compensation among products in the same category. For more payments to Selling broker-dealers, for example in connection with information, contact your financial professional. the initiation of a new relationship or the introduction of a new product. AXA Distributors Compensation. AXA Equitable pays contribution-based and asset-based compensation (together Additionally, as an incentive for the financial professionals of Selling “compensation”) to AXA Distributors. Contribution-based compensa- broker-dealers to promote the sale of AXA Equitable products, AXA tion is paid based on AXA Equitable contracts sold through AXA Dis- Distributors may increase the sales compensation paid to the Selling tributors‘ Selling broker-dealers. Asset-based compensation is paid broker-dealer for a period of time (commonly referred to as based on the aggregate account value of contracts sold through cer- “compensation enhancements”). AXA Distributors also has entered tain of AXA Distributors’ Selling broker-dealers. This compensation into agreements with certain selling broker-dealers in which the sell- will generally not exceed 7.50% of the total contributions made ing broker-dealer agrees to sell certain AXA Equitable contracts under the contracts. AXA Distributors, in turn, pays the contribution- exclusively. based compensation it receives on the sale of a contract to the Selling broker-dealer making the sale. In some instances, the Selling broker- These additional payments may serve as an incentive for Selling broker- dealer may elect to receive reduced contribution-based compensation dealers to promote the sale of AXA Equitable contracts over contracts on the sale of the contract in combination with annual asset-based and other products issued by other companies. Not all Selling broker- compensation of up to 1.25% of the account value of the contract dealers receive additional payments, and the payments vary among sold. If a Selling broker-dealer elects to receive reduced contribution- Selling broker-dealers. The list below includes the names of Selling based compensation on a contract, the contribution-based broker-dealers that we are aware (as of December 31, 2016) received compensation which AXA Equitable pays to AXA Distributors will be additional payments. These additional payments ranged from reduced by the same amount, and AXA Equitable will pay AXA $1,472.14 to $5,557,015.32. AXA Equitable and its affiliates may also Distributors asset-based compensation on the contract equal to the have other business relationships with Selling broker-dealers, which asset-based compensation which AXA Distributors pays to the Selling may provide an incentive for the Selling broker-dealers to promote the sale of AXA Equitable contracts over contracts and other products

93 More information issued by other companies. The list below includes any such Selling The Advisor Group broker-dealer. For more information, ask your financial professional. U.S. Bancorp Investments, Inc. UBS Financial Services, Inc. 1st Global Capital Corporation Valmark Securities, Inc. Allstate Financial Services, LLC Voya Financial Advisors American Portfolios Financial Services VSR Financial Services Inc. Ameriprise Financial Services Wells Fargo Wealth Brokerage Insurance Agency AXIO BBVA Compass Investment Solutions, Inc. Cambridge Investment Research Capital Investment Group Centaurus Financial, Inc. Cetera Advisors, LLC Cetera Advisors Networks, LLC Cetera Financial Specialists, LLC Cetera Investment Services, LLC CFD Investments, Inc. Citigroup Global Markets, Inc. Commonwealth Financial Network CUNA Brokerage Services Cuso Financial Services, L.P. Farmer’s Financial Solution First Allied Securities Inc. First Tennessee Brokerage Inc. Girard Securities, Inc. Gradient Securities, LLC H.D. Vest Investment Securities, Inc. Harbour Investments Hilltop Securities Independent Financial Group, LLC Investors Capital Corporation Janney Montgomery Scott LLC Kestra Investments, LLC Key Investment Services LLC Ladenburg Thalmann Advisor Network, LLC Legend Equities Lincoln Financial Advisors Corp. Lincoln Financial Services Corp Lincoln Investment Planning LPL Financial Corporation Lucia Securities, LLC Merrill Lynch Life Agency, Inc. MetLife Securities, Inc. Morgan Stanley Smith Barney Mutual of Omaha Investment Services, Inc. National Planning Corporation Parkland Securities, LLC (part of Sigma) PlanMember PNC Investments Primerica Financial Services Questar Capital Corporation Raymond James Insurance Group RBC Capital Markets Corporation RobertWBaird&Company Santander Securities Corporation SIGMA Financial Corporation Signator Investors, Inc. Summit Brokerage Services, Inc. SunTrust Investments

94 More information Appendix I: Condensed financial information

The unit values and number of units outstanding shown below are for contracts offered under Separate Account No. 70 with the same daily asset charges of 1.30%. Unit values and number of units outstanding at year end for each variable investment option, except for those options being offered for the first time after December 31, 2016.

For the year ending December 31, 2016 2015 2014 2013 1290 VT Socially Responsible Unit value $ 18.70 $ 17.23 $ 17.38 $ 15.50 Number of units outstanding (000’s) 43 41 31 28 AXA 400 Managed Volatility Unit value $ 14.42 $ 12.21 $ 12.77 $ 11.89 Number of units outstanding (000’s) 328 193 118 63 AXA 500 Managed Volatility Unit value $ 14.62 $ 13.34 $ 13.46 $ 12.12 Number of units outstanding (000’s) 486 251 149 93 AXA 2000 Managed Volatility Unit value $ 14.29 $ 12.02 $ 12.83 $ 12.49 Number of units outstanding (000’s) 207 159 102 47 AXA Balanced Strategy Unit value $ 14.98 $ 14.32 $ 14.61 $ 14.18 Number of units outstanding (000’s) 20,286 20,445 20,568 19,711 AXA Conservative Growth Strategy Unit value $ 14.07 $ 13.58 $ 13.82 $ 13.49 Number of units outstanding (000’s) 7,914 7,991 8,046 7,914 AXA Conservative Strategy Unit value $ 12.06 $ 11.88 $ 12.06 $ 11.91 Number of units outstanding (000’s) 5,116 5,552 5,505 5,664 AXA Global Equity Managed Volatility Unit value $ 28.41 $ 27.55 $ 28.40 $ 28.30 Number of units outstanding (000’s) 138 128 128 127 AXA Growth Strategy Unit value $ 17.32 $ 16.23 $ 16.61 $ 15.93 Number of units outstanding (000’s) 23,412 22,020 19,691 17,352 AXA International Core Managed Volatility Unit value $ 14.32 $ 14.48 $ 15.33 $ 16.57 Number of units outstanding (000’s) 244 268 243 113 AXA International Managed Volatility Unit value $ 10.16 $ 10.30 $ 10.70 $ 11.58 Number of units outstanding (000’s) 166 146 80 32

I-1 Appendix I: Condensed financial information Unit values and number of units outstanding at year end for each variable investment option, except for those options being offered for the first time after December 31, 2016. (continued)

For the year ending December 31, 2016 2015 2014 2013 AXA Large Cap Core Managed Volatility Unit value $ 20.10 $ 18.54 $ 18.72 $ 16.99 Number of units outstanding (000’s) 196 189 183 97 AXA Large Cap Growth Managed Volatility Unit value $ 22.74 $ 21.83 $ 21.26 $ 19.39 Number of units outstanding (000’s) 303 295 267 167 AXA Large Cap Value Managed Volatility Unit value $ 17.76 $ 15.60 $ 16.47 $ 14.87 Number of units outstanding (000’s) 374 328 326 163 AXA Mid Cap Value Managed Volatility Unit value $ 24.42 $ 21.03 $ 22.08 $ 20.18 Number of units outstanding (000’s) 224 172 142 110 AXA Moderate Growth Strategy Unit value $ 16.42 $ 15.54 $ 15.87 $ 15.31 Number of units outstanding (000’s) 26,293 25,461 24,682 23,474 AXA Ultra Conservative Strategy Unit value $ 10.10 $ 10.09 $ 10.23 $ 10.17 Number of units outstanding (000’s) 13,003 2,768 155 12 AXA/AB Dynamic Moderate Growth Unit value $ 11.50 $ 11.23 $ 11.45 $ 11.07 Number of units outstanding (000’s) 4,614 3,867 2,698 1,511 AXA/AB Small Cap Growth Unit value $ 26.30 $ 23.67 $ 24.70 $ 24.16 Number of units outstanding (000’s) 180 199 197 200 AXA/ClearBridge Large Cap Growth Unit value $ 23.52 $ 23.62 $ 23.63 $ 23.06 Number of units outstanding (000’s) 231 232 240 239 AXA/Franklin Balanced Managed Volatility Unit value $ 13.42 $ 12.31 $ 12.87 $ 12.27 Number of units outstanding (000’s) 218 203 220 179 AXA/Franklin Small Cap Value Managed Volatility Unit value $ 15.84 $ 12.86 $ 13.94 $ 13.82 Number of units outstanding (000’s) 230 227 218 214 AXA/Franklin Templeton Allocation Managed Volatility Unit value $ 11.49 $ 10.63 $ 11.08 $ 10.64 Number of units outstanding (000’s) 262 267 261 229 AXA/Janus Enterprise Unit value $ 19.59 $ 20.74 $ 22.24 $ 22.69 Number of units outstanding (000’s) 239 233 210 212

I-2 Appendix I: Condensed financial information Unit values and number of units outstanding at year end for each variable investment option, except for those options being offered for the first time after December 31, 2016. (continued)

For the year ending December 31, 2016 2015 2014 2013 AXA/Loomis Sayles Growth Unit value $18.45 $17.50 $15.90 $14.94 Number of units outstanding (000’s) 141 66 56 63 AXA/Mutual Large Cap Equity Managed Volatility Unit value $14.16 $12.67 $13.15 $12.15 Number of units outstanding (000’s) 92 88 98 66 AXA/Templeton Global Equity Managed Volatility Unit value $11.53 $11.09 $11.54 $11.57 Number of units outstanding (000’s) 333 324 307 268 CharterSM Multi-Sector Bond Unit value $11.56 $11.38 $11.60 $11.48 Number of units outstanding (000’s) 111 125 127 135 CharterSM Small Cap Growth Unit value $ 6.39 $ 5.92 $ 6.38 $ 6.64 Number of units outstanding (000’s) 522 490 421 404 CharterSM Small Cap Value Unit value $18.08 $14.63 $17.06 $18.22 Number of units outstanding (000’s) 306 295 242 215 EQ/Boston Advisors Equity Income Unit value $ 4.11 $ 3.68 $ 3.80 $ 3.54 Number of units outstanding (000’s) 649 675 677 721 EQ/Capital Guardian Research Unit value $21.84 $20.41 $20.29 $18.60 Number of units outstanding (000’s) 104 102 102 112 EQ/Core Bond Index Unit value $10.76 $10.75 $10.85 $10.73 Number of units outstanding (000’s) 1,787 1,575 1,432 1,332 EQ/Global Bond PLUS Unit value $11.36 $11.44 $12.04 $12.10 Number of units outstanding (000’s) 161 170 170 176 EQ/Intermediate Government Bond Unit value $10.88 $10.97 $11.07 $11.05 Number of units outstanding (000’s) 716 689 717 718 EQ/Invesco Comstock Unit value $17.90 $15.45 $16.68 $15.52 Number of units outstanding (000’s) 249 293 280 103 EQ/JPMorgan Value Opportunities Unit value $22.96 $19.14 $19.85 $17.58 Number of units outstanding (000’s) 164 88 69 52

I-3 Appendix I: Condensed financial information Unit values and number of units outstanding at year end for each variable investment option, except for those options being offered for the first time after December 31, 2016. (continued)

For the year ending December 31, 2016 2015 2014 2013 EQ/MFS International Growth Unit value $ 7.17 $ 7.12 $ 7.20 $ 7.68 Number of units outstanding (000’s) 456 394 337 313 EQ/Money Market Unit value $ 9.61 $ 9.73 $ 9.86 $ 9.99 Number of units outstanding (000’s) 853 522 629 817 EQ/Oppenheimer Global Unit value $14.21 $14.40 $14.14 $14.07 Number of units outstanding (000’s) 270 255 216 177 EQ/PIMCO Ultra Short Bond Unit value $ 9.05 $ 8.99 $ 9.13 $ 9.26 Number of units outstanding (000’s) 100 104 105 129 EQ/Quality Bond PLUS Unit value $10.98 $10.99 $11.11 $10.94 Number of units outstanding (000’s) 1,286 1,194 1,058 934 EQ/T. Rowe Price Growth Stock Unit value $11.23 $11.23 $10.32 $ 9.63 Number of units outstanding (000’s) 709 659 545 545 EQ/UBS Growth and Income Unit value $ 3.63 $ 3.34 $ 3.43 $ 3.04 Number of units outstanding (000’s) 653 555 462 351 Multimanager Aggressive Equity Unit value $19.05 $18.66 $18.18 $16.65 Number of units outstanding (000’s) 381 360 287 248 Multimanager Core Bond Unit value $13.73 $13.55 $13.72 $13.39 Number of units outstanding (000’s) 3,463 3,235 3,008 2,673 Multimanager Mid Cap Growth Unit value $22.01 $20.89 $21.49 $20.76 Number of units outstanding (000’s) 417 428 330 266 Multimanager Mid Cap Value Unit value $24.31 $20.68 $22.18 $21.34 Number of units outstanding (000’s) 276 230 198 169 Multimanager Technology Unit value $24.48 $22.77 $21.70 $19.36 Number of units outstanding (000’s) 250 225 195 166

I-4 Appendix I: Condensed financial information The unit values and number of units outstanding shown below are for contracts offered under Separate Account No. 70 with the same daily asset charges of 1.70%. Unit values and number of units outstanding at year end for each variable investment option, except for those options being offered for the first time after December 31, 2016.

For the year ending December 31, 2016 2015 2014 2013 1290 VT Socially Responsible Unit value $13.25 $12.25 $12.41 $11.11 Number of units outstanding (000’s) 4422 AXA 400 Managed Volatility Unit value $14.20 $12.07 $12.67 $11.85 Number of units outstanding (000’s) 80 74 38 21 AXA 500 Managed Volatility Unit value $14.39 $13.18 $13.36 $12.07 Number of units outstanding (000’s) 116 87 48 24 AXA 2000 Managed Volatility Unit value $14.07 $11.88 $12.73 $12.45 Number of units outstanding (000’s) 43 39 30 11 AXA Balanced Strategy Unit value $14.53 $13.94 $14.28 $13.91 Number of units outstanding (000’s) 1,077 1,120 890 564 AXA Conservative Growth Strategy Unit value $13.64 $13.22 $13.51 $13.24 Number of units outstanding (000’s) 573 587 503 399 AXA Conservative Strategy Unit value $11.69 $11.57 $11.79 $11.69 Number of units outstanding (000’s) 326 222 359 132 AXA Global Equity Managed Volatility Unit value $20.06 $19.53 $20.22 $20.22 Number of units outstanding (000’s) 21 24 21 13 AXA Growth Strategy Unit value $16.79 $15.80 $16.23 $15.64 Number of units outstanding (000’s) 2,757 2,648 2,009 1,148 AXA International Core Managed Volatility Unit value $11.41 $11.58 $12.32 $13.37 Number of units outstanding (000’s) 48 44 43 18 AXA International Managed Volatility Unit value $10.00 $10.18 $10.62 $11.54 Number of units outstanding (000’s) 130 126 97 58 AXA Large Cap Core Managed Volatility Unit value $14.50 $13.43 $13.62 $12.41 Number of units outstanding (000’s) 55 46 33 8

I-5 Appendix I: Condensed financial information Unit values and number of units outstanding at year end for each variable investment option, except for those options being offered for the first time after December 31, 2016. (continued)

For the year ending December 31, 2016 2015 2014 2013 AXA Large Cap Growth Managed Volatility Unit value $24.49 $23.61 $23.09 $21.14 Number of units outstanding (000’s) 56 61 78 34 AXA Large Cap Value Managed Volatility Unit value $19.46 $17.16 $18.19 $16.49 Number of units outstanding (000’s) 68 70 67 16 AXA Mid Cap Value Managed Volatility Unit value $25.43 $21.99 $23.19 $21.28 Number of units outstanding (000’s) 34 33 25 14 AXA Moderate Growth Strategy Unit value $15.92 $15.13 $15.51 $15.03 Number of units outstanding (000’s) 2,589 2,615 2,048 1,137 AXA Ultra Conservative Strategy Unit value $ 9.89 $ 9.92 $10.09 $10.07 Number of units outstanding (000’s) 8,144 1,060 61 — AXA/AB Dynamic Moderate Growth Unit value $11.32 $11.10 $11.36 $11.03 Number of units outstanding (000’s) 870 960 714 334 AXA/AB Small Cap Growth Unit value $31.02 $28.03 $29.37 $28.85 Number of units outstanding (000’s) 19 21 26 13 AXA/ClearBridge Large Cap Growth Unit value $16.20 $16.33 $16.41 $16.08 Number of units outstanding (000’s) 32 36 44 29 AXA/Franklin Balanced Managed Volatility Unit value $12.87 $11.86 $12.44 $11.91 Number of units outstanding (000’s) 10 11 12 10 AXA/Franklin Small Cap Value Managed Volatility Unit value $15.19 $12.38 $13.47 $13.42 Number of units outstanding (000’s) 50 50 59 34 AXA/Franklin Templeton Allocation Managed Volatility Unit value $11.05 $10.27 $10.74 $10.36 Number of units outstanding (000’s) 16 17 17 1 AXA/Janus Enterprise Unit value $18.68 $19.87 $21.38 $21.91 Number of units outstanding (000’s) 31 29 36 14 AXA/Loomis Sayles Growth Unit value $18.06 $17.20 $15.69 $14.80 Number of units outstanding (000’s) 15 6 1 —

I-6 Appendix I: Condensed financial information Unit values and number of units outstanding at year end for each variable investment option, except for those options being offered for the first time after December 31, 2016. (continued)

For the year ending December 31, 2016 2015 2014 2013 AXA/Mutual Large Cap Equity Managed Volatility Unit value $13.58 $12.20 $12.72 $11.79 Number of units outstanding (000’s) 35 26 17 6 AXA/Templeton Global Equity Managed Volatility Unit value $11.06 $10.68 $11.16 $11.23 Number of units outstanding (000’s) 35 37 27 18 CharterSM Multi-Sector Bond Unit value $27.01 $26.70 $27.33 $27.16 Number of units outstanding (000’s) 3375 CharterSM Small Cap Growth Unit value $10.30 $ 9.58 $10.38 $10.84 Number of units outstanding (000’s) 53 53 31 22 CharterSM Small Cap Value Unit value $22.15 $17.99 $21.07 $22.59 Number of units outstanding (000’s) 365 532 52 78 EQ/Boston Advisors Equity Income Unit value $ 9.37 $ 8.44 $ 8.73 $ 8.18 Number of units outstanding (000’s) 34 32 31 21 EQ/Capital Guardian Research Unit value $19.66 $18.45 $18.41 $16.95 Number of units outstanding (000’s) 38 35 27 25 EQ/Core Bond Index Unit value $13.23 $13.27 $13.45 $13.36 Number of units outstanding (000’s) 187 166 169 127 EQ/Global Bond PLUS Unit value $10.86 $10.97 $11.60 $11.70 Number of units outstanding (000’s) 11 11 9 5 EQ/Intermediate Government Bond Unit value $18.23 $18.46 $18.70 $18.74 Number of units outstanding (000’s) 31 32 27 17 EQ/Invesco Comstock Unit value $17.07 $14.79 $16.04 $14.99 Number of units outstanding (000’s) 40 49 53 9 EQ/JPMorgan Value Opportunities Unit value $23.46 $19.64 $20.44 $18.18 Number of units outstanding (000’s) 27 20 13 5 EQ/MFS International Growth Unit value $15.40 $15.37 $15.60 $16.71 Number of units outstanding (000’s) 37 31 31 21

I-7 Appendix I: Condensed financial information Unit values and number of units outstanding at year end for each variable investment option, except for those options being offered for the first time after December 31, 2016. (continued)

For the year ending December 31, 2016 2015 2014 2013 EQ/Money Market Unit value $24.20 $24.61 $25.04 $25.47 Number of units outstanding (000’s) 97 90 76 35 EQ/Oppenheimer Global Unit value $13.63 $13.86 $13.67 $13.66 Number of units outstanding (000’s) 54 61 59 48 EQ/PIMCO Ultra Short Bond Unit value $ 9.89 $ 9.86 $10.06 $10.25 Number of units outstanding (000’s) 10798 EQ/Quality Bond PLUS Unit value $15.36 $15.44 $15.67 $15.49 Number of units outstanding (000’s) 117 125 93 68 EQ/T. Rowe Price Growth Stock Unit value $26.16 $26.26 $24.23 $22.69 Number of units outstanding (000’s) 42 38 23 12 EQ/UBS Growth and Income Unit value $ 8.59 $ 7.93 $ 8.18 $ 7.27 Number of units outstanding (000’s) 76 67 29 1 Multimanager Aggressive Equity Unit value $78.16 $76.86 $75.19 $69.12 Number of units outstanding (000’s) 15 15 10 4 Multimanager Core Bond Unit value $13.85 $13.73 $13.95 $13.68 Number of units outstanding (000’s) 547 663 482 508 Multimanager Mid Cap Growth Unit value $16.89 $16.09 $16.62 $16.12 Number of units outstanding (000’s) 130 135 88 41 Multimanager Mid Cap Value Unit value $21.29 $18.18 $19.59 $18.91 Number of units outstanding (000’s) 378 68 63 41 Multimanager Technology Unit value $19.70 $18.39 $17.60 $15.77 Number of units outstanding (000’s) 64 56 32 16

I-8 Appendix I: Condensed financial information Appendix II: Examples of automatic payment plans

The following examples illustrate the amount of the automatic withdrawals that would be taken under the various payment plans described in “Automatic payment plans” under “Accessing your money” earlier in this Prospectus. The examples assume a $100,000 allocation to the investment options with assumed investment performance of 0%. The examples show how the different automatic payment plans can be used without reducing your Roll-up benefit base. The examples also show the effect of withdrawals on the Highest Anniversary Value benefit base used to calculate the Roll-up benefit base. Also, the examples are based on the Roll-up rate shown below and assume that the Roll-up benefit base does not reset.

Maximum Payment Full Annual withdrawal amount payment Under this payment plan, you will receive the Annual withdrawal amount as scheduled payments. In this example, the “Withdrawal” column reflects the Annual withdrawal amount for the years shown. Amounts in the “Withdrawal” column are calculated by multiplying the “Beginning of the year Roll-up benefit base” by the “Roll-up rate.” In contract year 4, the “Beginning of year Roll-up benefit base” is calculated by multiplying the “Beginning of year Roll-up benefit base” from year 3 by the “Roll-up rate” and subtracting from that total the year 3 “Withdrawal” amount. Beginning of year Percent of Roll-up benefit Highest anniversary Year Roll-up rate Roll-up benefit base Withdrawal base Withdrawn value benefit base 1 5.00%(a) $100,000 $ 0 0.00% $100,000 2 5.00%(a) $105,000 $ 0 0.00% $100,000 3 5.00%(b) $110,250 $5,513 5.00% $ 94,488 4 5.00%(b) $110,250(c) $5,513 5.00% $ 88,975 (a) This is the Deferral Roll-up rate. (b) This is the Annual Roll-up rate in effect if withdrawals begin after the contract date anniversary when the owner is age 64. (c) The “Beginning of year Roll-up benefit base” in contract year 4 is calculated as follows: $110,250 = $110,250 x (1+0.05) – $5,513

Customized Payment Plans Fixed Percentage of 4% Under this payment plan, you will receive as scheduled payments a withdrawal amount that is based on a withdrawal percentage that is fixed at 4.0%. In this example, amounts in the “Withdrawal” column are calculated by multiplying the “Beginning of the year Roll-up benefit base” by 4.0%. Beginning of year Percent of Roll-up benefit Highest anniversary Year Roll-up rate Roll-up benefit base Withdrawal base Withdrawn value benefit base 1 5.00%(a) $100,000 $ 0 0.00% $100,000 2 5.00%(a) $105,000 $ 0 0.00% $100,000 3 5.00%(b) $110,250 $4,410 4.00%(c) $ 95,590 4 5.00%(b) $111,353(d) $4,454 4.00%(c) $ 91,136 (a) This is the Deferral Roll-up rate. (b) This is the Annual Roll-up rate in effect if withdrawals begin after the contract date anniversary when the owner is age 64. (c) In contract years 3 and 4, the contract owner received withdrawal amounts of 4.0% even though the Annual Roll-up rate was greater. (d) The “Beginning of year Roll-up benefit base” in contract year 4 is calculated as follows: $111,353 = $110,250 x (1+0.05) – $4,410

Fixed Dollar of $5,000 Under this payment plan, you will receive a withdrawal amount that is based on a fixed dollar amount. The fixed dollar amount may not exceed the Annual withdrawal amount in any contract year. In this example, the contract owner has elected to receive withdrawals of $5,000. Amounts in the “Withdrawal” column are calculated by multiplying the “Beginning of the year Roll-up benefit base” by the “Percent of Roll-up benefit base withdrawn.” Beginning of year Percent of Roll-up benefit Highest anniversary Year Roll-up rate Roll-up benefit base Withdrawal base Withdrawn value benefit base 1 5.00%(a) $100,000 $ 0 0.00% $100,000 2 5.00%(a) $105,000 $ 0 0.00% $100,000 3 5.00%(b) $110,250 $5,000 4.54%(c) $ 95,000 4 5.00%(b) $110,763(d) $5,000 4.51%(c) $ 90,000 (a) This is the Deferral Roll-up rate. (b) This is the Annual Roll-up rate in effect if withdrawals begin after the contract date anniversary when the owner is age 64. (c) In contract years 3 and 4, the contract owner received withdrawal amounts less than 5.0% even though the Annual Roll-up rate was 5%. (d) The “Beginning of year Roll-up benefit base” in contract year 4 is calculated as follows: $110,763 = $110,250 x (1+0.05) – $5,000

II-1 Appendix II: Examples of automatic payment plans Appendix III: Purchase considerations for QP contracts

Trustees who are considering the purchase of an Accumulator® Series QP contract should discuss with their tax and ERISA advisers whether this is an appropriate investment vehicle for the employer’s plan. There are significant issues in the purchase of an Accumulator® Series QP contract in a defined benefit plan. The QP contract and this Prospectus should be reviewed in full, and the following factors, among others, should be noted. Trustees should consider whether the plan provisions permit the investment of plan assets in the QP contract, the distribution of such an annuity, the purchase of the guaranteed benefits, and the payment of death benefits in accordance with the requirements of the federal income tax rules. Assuming continued plan qualification and operation, earnings on qualified plan assets will accumulate value on a tax-deferred basis even if the plan is not funded by the Accumulator® Series QP contract or another annuity contract. Therefore, you should purchase an Accumulator® Series QP contract to fund a plan for the contract’s features and benefits and not for tax deferral, after considering the relative costs and benefits of annuity contracts and other types of arrangements and funding vehicles. This QP contract accepts only transfer contributions from other investments within an existing qualified plan trust. Checks written on accounts held in the name of the employer instead of the plan or the trust will not be accepted. We will not accept ongoing payroll contributions or contributions directly from the employer. For 401(k) plans, no employee after-tax contributions are accepted. A “designated Roth contribution account” is not available in the QP contract. Only one additional transfer contribution may be made per contract year. The maximum aggregate contributions for any contract year is 100% of first-year contributions. If amounts attributable to an excess or mistaken contribution must be withdrawn, either or both of the following may apply: (1) withdrawal charges; or (2) benefit base adjustments to a guaranteed benefit. If in a defined benefit plan the plan’s actuary determines that an overfunding in the QP contract has occurred, then any transfers of plan assets out of the QP contract may also result in withdrawal charges or benefit base adjustments on the amount being transferred. In order to purchase the QP contract for a defined benefit plan, the plan’s actuary will be required to determine a current dollar value of each plan participant’s accrued benefit so that individual contracts may be established for each plan participant. We do not permit defined contribution or defined benefit plans to pool plan assets attributable to the accrued benefits of multiple plan participants. For defined benefit plans, the maximum percentage of actuarial value of the plan participant’s normal retirement benefit that can be funded by a QP contract is 80%. The account value under a QP contract may at any time be more or less than the lump sum actuarial equivalent of the accrued benefit for a defined benefit plan participant. AXA Equitable does not guarantee that the account value under a QP contract will at any time equal the actuarial value of 80% of a participant/employee’s accrued benefit. While the contract is owned by the plan trust, all payments under the contract will be made to the plan trust owner. If the plan rolls over a contract into an IRA for the benefit of a former plan participant through a contract conversion, it is the plan’s responsibility to adjust the value of the contract to the actuarial equivalent of the participant’s benefit, prior to the contract conversion. AXA Equitable’s only role is that of the issuer of the contract. AXA Equitable is not the plan administrator. AXA Equitable will not perform or provide any plan recordkeeping services with respect to the QP contracts. The plan’s administrator will be solely responsible for performing or providing for all such services. There is no loan feature offered under the QP contracts, so if the plan provides for loans and a participant takes a loan from the plan, other plan assets must be used as the source of the loan and any loan repayments must be credited to other investment vehicles and/or accounts available under the plan. AXA Equitable will never make payments under a QP contract to any person other than the plan trust owner.

Given that required minimum distributions (“RMDs”) must generally commence from the plan for annuitants after age 70 1⁄2, trustees should consider: • whether RMDs the plan administrator must take under QP contracts would cause withdrawals in excess of the GMIB Roll-up benefit base (5% or 4%, as applicable); • that provisions in the Treasury Regulations on RMDs require that the actuarial present value of additional annuity contract benefits be added to the dollar amount credited for purposes of calculating RMDs. This could increase the amounts required to be distributed; and • that if the GMIB is automatically exercised as a result of either the no lapse guarantee, or requested due to a fee increase, payments will be made to the plan trust and may not be rollover eligible. Finally, because the method of purchasing the QP contract, including the large initial contribution, and the features of the QP contract may appeal more to plan participants/employees who are older and tend to be highly paid, and because certain features of the QP contract are available only to plan participants/employees who meet certain minimum and/or maximum age requirements, plan trustees should discuss with their advisers whether the purchase of the QP contract would cause the plan to engage in prohibited discrimination in contributions, benefits or otherwise.

III-1 Appendix III: Purchase considerations for QP contracts Appendix IV: Guaranteed benefit base examples

The following illustrates the Guaranteed benefit base calculations. Assuming $100,000 is allocated to the variable investment options (with no allocation to the EQ/Money Market or the guaranteed interest option), with no additional contributions, the Guaranteed benefit base(s) for an owner age 65 would be calculated as follows: Highest Return of Anniversary Highest Principal Value Anniversary Assumed death benefit base Value End of Contract Net Account benefit (without benefit base Roll-up "Greater of" Year Return Roll-up Rate Value Withdrawal base GMIB) (with GMIB) benefit base GMDB 1 3% 5% $103,000 $ 0 $100,000(1) $103,000(3) $103,000(3) $105,000 $105,000(11) 2 9% 5% $112,270 $ 0 $100,000(1) $112,270(3) $112,270(3) $112,270(8) $112,270(12) 3 (2)% 5% $110,025 $ 0 $100,000(1) $112,270(4) $112,270(4) $117,884 $117,884(11)

Alternative #1: Client withdraws annual withdrawal amount 4 2% 5% $106,332 $5,894 $ 94,748(2) $106,374(5) $106,376(6) $117,884(9) $117,884(11)

Year 5 Annual Withdrawal Amount: $5,894 Alternative #2: Client withdraws an amount in excess of the annual withdrawal amount 4 2% 5% $104,226 $8,000 $ 92,872(2) $104,267(5) $104,380(7) $115,672(10) $115,672(11)

Year 5 Annual Withdrawal Amount: $5,784 The account values for contract years 1 through 4 are based on hypothetical rates of return of 3.0%, 9.0%, (2.0)%, and 2.0%. We are using these rates solely to illustrate how the benefit is calculated. The rates of return bear no relationship to past or future investment results. Please note that the Excess withdrawal in the example below does not represent a RMD payment made through our automatic RMD service. For more information on RMD payments through our automatic RMD service, please see “Lifetime required minimum distribution withdrawals” in “Accessing your money” earlier in this Prospectus.

Account Value For example, at the end of contract year 4, the account value is calculated as: $110,025 x (1+2.0%) = $112,226; $112,226 – $5,894 = $106,332.

Guaranteed minimum death benefit Return of Principal benefit base (1) At the end of contract years 1 through 3, the Return of Principal death benefit base is equal to the initial contribution, $100,000. (2) At the end of contract year 4, the Return of Principal death benefit base is reduced by the withdrawal on a pro-rata basis. For example, under Alternative #1, the withdrawal amount of $5,894 equals 5.252% of the account value ($5,894 / $112,226 = 5.252%), and the benefit base would be reduced by 5.252%; $100,000 x (1 – 5.252%) = $94,748.

Highest Anniversary Value benefit base (3) At the end of contract years 1 and 2, the Highest Anniversary Value benefit base is equal to the current account value. For example, at the end of contract year 2, Highest Anniversary Value benefit base equals the account value of $112,270. (4) At the end of contract year 3, the Highest Anniversary Value benefit base is equal to the Highest Anniversary Value benefit base at the end of the prior year since it is higher than the current account value. For example, at the end of contract year 3, Highest Anniversary Value benefit base equals the Highest Anniversary Value benefit base at the end of year 2 of $112,270. (5) At the end of contract year 4, the Highest Anniversary Value benefit is reduced by the withdrawal on a pro-rata basis if GMIB is not elected. Under Alternative #1, the withdrawal amount of $5,894 equals 5.252% of the account value ($5,894 / $112,226 = 5.252%), and the High- est Anniversary Value benefit base would be reduced by 5.252%; $112,270 x (1 – 5.252%) = $106,374. Under Alternative #2, the withdrawal amount of $8,000 equals 7.128% of the account value ($8,000 / $112,226 = 7.128%), and the High- est Anniversary Value benefit base would be reduced by 7.128%; $112,270 x (1 – 7.128%) = $104,267.

IV-1 Appendix IV: Guaranteed benefit base examples (6) Under Alternative #1, at the end of contract year 4, the Highest Anniversary Value benefit base is reduced by the withdrawal on a dollar-for- dollar basis if GMIB is elected. Highest Anniversary Value benefit base is equal to the greater of the account value after withdrawal $106,332, and $106,376 [= $112,270 (the Highest Anniversary Value benefit base as of the last contract date anniversary) – $5,894 (Withdrawal amount)] (7) Under Alternative #2, at the end of contract year 4, the Highest Anniversary Value benefit base is first reduced by the Annual withdrawal amount if GMIB is elected: ($112,270 – $5,894 = $106,376). Then it is further reduced on a pro-rata basis by the withdrawal in excess of the Annual withdrawal amount. The withdrawal in excess of the Annual withdrawal amount is 1.877% of the account value [($8,000 – $5,894) / $112,226 = 1.877%] and the benefit base would be reduced by 1.877%: $106,376 (Highest Anniversary Value benefit base after the Annual withdrawal amount) – $1,996 (1.877% x $106,376) = $104,380.

Roll-up benefit base (for GMIB and “Greater of” GMDB) In the example, the first withdrawal is made in contract year 4. The Deferral Roll-up rate is applied in year 1 through 3 before the first withdrawal. In contract year 4, the Annual Roll-up rate is applied. Both the Deferral Roll-up rate and the Annual Roll-up rate are 5%. At the end of contract year 1, the Roll-up benefit base is equal to the initial contribution plus the Deferral Roll-up amount. At the end of contract years 2 through 3, the Roll-up benefit base is equal to the account value, if higher than the previous year’s Roll-up benefit base plus the Deferral Roll-up amount. At the end of contract year 4, the Roll-up benefit base is equal to the previous year’s Roll-up benefit base plus the Annual Roll-up amount. For example, at the end of contract year 2, Roll-up benefit base = $110,250 [= $105,000 (the Roll-up benefit base as of the last contract date anniversary) + $105,000 x 5.00% (the Deferral Roll-up amount)] (8) At the end of contract year 2, the Roll-up benefit base is reset to the current account value. At the end of contract year 2, the Roll-up benefit base equals Account Value of $112,270. (9) Under Alternative #1, at the end of contract year 4, the Roll-up benefit base is equal to $117,884 (the Roll-up benefit base as of the last contract date anniversary). Since the full Annual withdrawal amount was taken, the Roll-up benefit base neither decreases nor increases. (10) Under Alternative #2, at the end of contract year 4, the Roll-up benefit base is reduced on a pro-rata basis by the withdrawal amount in excess of the Annual withdrawal amount. The withdrawal in excess of the Annual withdrawal amount is 1.877% of the account value [($8,000 – $5,894) / $112,226 =1.877%] and the benefit base would be reduced by 1.877%: $117,884 (the Roll-up benefit bases as of the last contract date anniversary) – $2,212 (1.877% x $117,884) = $115,672. The Annual withdrawal amount $5,894 does not reduce your Roll-up benefit base.

“Greater of” GMDB benefit base The “Greater of” GMDB benefit base is the greater of (i) the Roll-up benefit base and (ii) the Highest Anniversary Value benefit base. (11) At the end of contract years 1 and 3 through 4, the “Greater of” GMDB benefit base is based on the Roll-up benefit base. For example, at the end of contract year 3, the “Greater of” GMDB benefit base equals the Roll-up benefit base of $117,884. (12) At the end of contract year 2, the “Greater of” GMDB benefit base is based on the Highest Anniversary Value benefit base. For example, at the end of contract year 2, the “Greater of” GMDB benefit base equals the Highest Anniversary Value benefit base of $112,270.

IV-2 Appendix IV: Guaranteed benefit base examples Appendix V: Hypothetical illustrations

ILLUSTRATION OF ACCOUNT VALUES, CASH VALUES AND CERTAIN GUARANTEED MINIMUM BENEFITS The following tables illustrate the changes in account value, cash value and the values of the “Greater of” GMDB II, the Earnings enhancement benefit and the GMIB, including the conversion to the GWBL on the contract date anniversary following age 85, under certain hypothetical circumstances for Series B, Series CP® and Series L contracts, respectively. The table illustrates the operation of a contract based on a male, issue age 60, who makes a single $100,000 contribution and takes no withdrawals. The amounts shown are for the beginning of each contract year and assume that all of the account value is invested in Portfolios that achieve investment returns at constant gross annual rates of 0% and 6% (i.e., before any investment management fees, 12b-1 fees or other expenses are deducted from the underlying portfolio assets). After the deduction of the arithmetic average of the investment management fees, 12b-1 fees and other expenses of all of the underlying portfolios (as described below), the corresponding net annual rates of return would be (2.36)% and 3.64% for Series B contracts; (2.71)% and 3.29% for Series CP® contracts; and (2.76)% and 3.24% for Series L contracts at the 0% and 6% gross annual rates, respectively. These net annual rates of return reflect the trust and separate account level charges, but they do not reflect the charges we deduct from your account value annually for the “Greater of” GMDB, the Earnings enhancement benefit, the GMIB and GWBL features, as well as the annual administrative charge. If the net annual rates of return did reflect these charges, the net annual rates of return shown would be lower; however, the values shown in the following tables reflect the following contract charges: the “Greater of” GMDB II charge, the Earnings enhancement benefit charge, the GMIB II charge and any applicable administrative charge and withdrawal charge. The values shown under “Lifetime annual GMIB” for ages 85 and under reflect the lifetime income that would be guaranteed if the GMIB II is selected at that contract date anniversary. An “N/A” in these columns indicates that the benefit is not exercisable in that year. A “0” under any of the death benefit and/or “Lifetime annual GMIB” columns indicates that the contract has terminated due to insufficient account value. However, the GMIB II has been automatically exercised, and the owner is receiving lifetime payments. The values shown under “GWBL Benefit Base” reflect the amount used in calculating the amount payable under the GWBL, and the values shown under “Guaranteed Annual Withdrawal Amount” reflect the amount that an owner would be able to withdraw each year for life based on that benefit base, if the owner began taking withdrawals in that contract year. An “N/A” in these columns indicates that the benefit is not exercisable in that year. A “0” under any of the death benefit, “GWBL benefit” and/or “Guaranteed Annual Withdrawal Amount” columns, for ages 85 and above, indicates that the contract has terminated due to insufficient account value. As the Guaranteed Annual Withdrawal Amount in those years is $0, the owner would receive no further payments. With respect to fees and expenses deducted from assets of the underlying portfolios, the amounts shown in all tables reflect (1) investment management fees equivalent to an effective annual rate of 0.52%, (2) an assumed average asset charge for all other expenses of the underlying portfolios equivalent to an effective annual rate of 0.29% and (3) 12b-1 fees equivalent to an effective annual rate of 0.25%. These rates are the arithmetic average for all Portfolios that are available as investment options. In other words, they are based on the hypothetical assumption that account values are allocated equally among the variable investment options. The actual rates associated with any contract will vary depending upon the actual allocation of account value among the investment options. These rates do not reflect the fees and expenses for the AXA Ultra Conservative Strategy Portfolio, which is not available for direct allocations. These rates also do not reflect expense limitation arrangements in effect with respect to certain of the underlying portfolios as described in the footnotes to the fee table for the underlying portfolios in “Fee table” earlier in this Prospectus. With these expense limitation arrangements, the charges shown above would be lower. This would result in higher values than those shown in the following tables. Because your circumstances will no doubt differ from those in the illustrations that follow, values under your contract will differ, in most cases substantially. Please note that in certain states, we apply annuity purchase factors that are not based on the sex of the annuitant. Upon request, we will furnish you with a personalized illustration.

V-1 Appendix V: Hypothetical illustrations Variable deferred annuity Series B $100,000 Single contribution and no withdrawals Male, issue age 60 Benefits: “Greater of” GMDB II Earnings enhancement benefit GMIB II – Custom Selection, including the conversion to the GWBL at age 85 Total Death Benefit Lifetime Annual Lifetime Annual Contract with Earnings GMIB: GMIB: Age Year Account Value Cash Value “Greater Of” GMDB II enhancement benefit Guaranteed Income(1) Hypothetical Income(1) 0% 6% 0% 6% 0% 6% 0% 6% 0% 6% 0% 6% 60 0 100,000 100,000 93,000 93,000 100,000 100,000 100,000 100,000 N/A N/A N/A N/A 61 1 94,568 100,547 87,568 93,547 105,000 105,000 107,000 107,000 N/A N/A N/A N/A 62 2 89,147 100,976 82,147 93,976 110,250 110,250 114,350 114,350 N/A N/A N/A N/A 63 3 83,728 101,275 77,728 95,275 115,763 115,763 122,068 122,068 N/A N/A N/A N/A 64 4 78,306 101,434 72,306 95,434 121,551 121,551 130,171 130,171 N/A N/A N/A N/A 65 5 72,872 101,440 67,872 96,440 127,628 127,628 138,679 138,679 N/A N/A N/A N/A 66 6 67,419 101,280 64,419 98,280 134,010 134,010 147,613 147,613 N/A N/A N/A N/A 67 7 61,939 100,941 60,939 99,941 140,710 140,710 156,994 156,994 N/A N/A N/A N/A 68 8 56,424 100,408 56,424 100,408 147,746 147,746 166,844 166,844 N/A N/A N/A N/A 69 9 50,866 99,665 50,866 99,665 155,133 155,133 177,186 177,186 N/A N/A N/A N/A 70 10 45,227 98,696 45,227 98,696 162,889 162,889 188,045 188,045 5,500 5,500 5,500 5,500 75 15 15,955 89,810 15,955 89,810 207,893 207,893 251,050 251,050 7,876 7,876 7,876 7,876 80 20 0 72,144 0 72,144 0 265,330 0 331,462 N/A(2) 11,453 0 11,453 85 25 0 42,165 0 42,165 0 338,635 0 404,767 N/A(2) 16,919 0 16,919 After conversion of the GMIB II to the GWBL at age 85 Total Death Benefit Contract with the Earnings GWBL Benefit Guaranteed Annual Age Year Account Value Cash Value “Greater Of” GMDB II enhancement benefit Base Withdrawal Amount 0% 6% 0% 6% 0% 6% 0% 6% 0% 6% 0% 6% 85 25 0 42,165 0 42,165 0 338,635 0 404,767 0 338,635 0 16,932 90 30 0 2,451 0 2,451 0 338,635 0 404,767 0 338,635 0 16,932 95 35 0 0 0 0 0 0 0 0 0 338,635 0 16,932 The hypothetical investment results are illustrative only and should not be deemed a representation of past or future investment results. Actual investment results may be more or less than those shown and will depend on a number of factors, including investment allocations made by the owner. The account value, cash value and guaranteed benefits for a policy would be different from the ones shown if the actual gross rate of investment return averaged 0% or 6% over a period of years, but also fluctuated above or below the average for individual policy years. We can make no representation that these hypothetical investment results can be achieved for any one year or continued over any period of time. In fact, for any given period of time, the investment results could be negative. (1) Guaranteed Income is calculated by multiplying the Roll-up benefit base by annuity purchase factors. This example assumes no withdrawals. The Deferral Roll-up rate is credited annually to the Roll-up benefit base when calculating Guaranteed Income. Based on the assumption of either 0% or 6% returns, the Guaranteed Income produced in this example is the same. (2) If the no lapse guarantee is in effect, the contract is terminated and Lifetime GMIB payments calculated using the GMIB benefit base amount at the time of termination will commence.

V-2 Appendix V: Hypothetical illustrations Variable deferred annuity Series CP $100,000 Single contribution and no withdrawals Male, issue age 60 Benefits: "Greater of" GMDB II Earnings enhancement benefit GMIB II – Custom Selection, including the conversion to the GWBL at age 85 Total Death Benefit with Earnings Lifetime Annual Lifetime Annual Contract enhancement GMIB: GMIB: Age Year Account Value Cash Value "Greater Of" GMDB II benefit Guaranteed Income(1) Hypothetical Income(1) 0% 6% 0% 6% 0% 6% 0% 6% 0% 6% 0% 6% 60 0 103,000 103,000 95,000 95,000 100,000 100,000 100,000 100,000 N/A N/A N/A N/A 61 1 97,128 103,286 89,128 95,286 105,000 105,000 107,000 107,000 N/A N/A N/A N/A 62 2 91,299 103,445 83,299 95,445 110,250 110,250 114,350 114,350 N/A N/A N/A N/A 63 3 85,504 103,464 78,504 96,464 115,763 115,763 122,068 122,068 N/A N/A N/A N/A 64 4 79,735 103,334 73,735 97,334 121,551 121,551 130,171 130,171 N/A N/A N/A N/A 65 5 73,984 103,041 68,984 98,041 127,628 127,628 138,679 138,679 N/A N/A N/A N/A 66 6 68,243 102,575 64,243 98,575 134,010 134,010 147,613 147,613 N/A N/A N/A N/A 67 7 62,503 101,920 59,503 98,920 140,710 140,710 156,994 156,994 N/A N/A N/A N/A 68 8 56,755 101,064 54,755 99,064 147,746 147,746 166,844 166,844 N/A N/A N/A N/A 69 9 50,990 99,990 49,990 98,990 155,133 155,133 177,186 177,186 N/A N/A N/A N/A 70 10 45,170 98,683 45,170 98,683 162,889 162,889 188,045 188,045 5,500 5,500 5,500 5,500 75 15 15,359 88,023 15,359 88,023 207,893 207,893 251,050 251,050 7,876 7,876 7,876 7,876 80 20 0 68,531 0 68,531 0 265,330 0 331,462 N/A(2) 11,453 0 11,453 85 25 0 36,821 0 36,821 0 338,635 0 404,767 N/A(2) 16,919 0 16,919 After conversion of the GMIB II to the GWBL at age 85 Total Death Benefit Contract with the Earnings Guaranteed Annual Age Year Account Value Cash Value "Greater Of" GMDB II enhancement benefit GWBL Benefit Base Withdrawal Amount 0% 6% 0% 6% 0% 6% 0% 6% 0% 6% 0% 6% 85 25 0 36,821 0 36,821 0 338,635 0 404,767 0 338,635 0 16,932 90 30 0 0 0 0 0 0 0 0 0 338,635 0 16,932 The hypothetical investment results are illustrative only and should not be deemed a representation of past or future investment results. Actual investment results may be more or less than those shown and will depend on a number of factors, including investment allocations made by the owner. The account value, cash value and guaranteed benefits for a policy would be different from the ones shown if the actual gross rate of investment return averaged 0% or 6% over a period of years, but also fluctuated above or below the average for individual policy years. We can make no representation that these hypothetical investment results can be achieved for any one year or continued over any period of time. In fact, for any given period of time, the investment results could be negative. (1) Guaranteed Income is calculated by multiplying the Roll-up benefit base by annuity purchase factors. This example assumes no withdrawals. The Deferral Roll-up rate is credited annually to the Roll-up benefit base when calculating Guaranteed Income. Based on the assumption of either 0% or 6% returns, the Guaranteed Income produced in this example is the same. (2) If the no lapse guarantee is in effect, the contract is terminated and Lifetime GMIB payments calculated using the GMIB benefit base amount at the time of termination will commence.

V-3 Appendix V: Hypothetical illustrations Variable deferred annuity Series L $100,000 Single contribution and no withdrawals Male, issue age 60 Benefits: "Greater of" GMDB II Earnings enhancement benefit GMIB II – Custom Selection, including the conversion to the GWBL at age 85 Total Death Benefit with Earnings Lifetime Annual Lifetime Annual Contract enhancement GMIB: GMIB: Age Year Account Value Cash Value "Greater Of" GMDB II benefit Guaranteed Income(1) Hypothetical Income(1) 0% 6% 0% 6% 0% 6% 0% 6% 0% 6% 0% 6% 60 0 100,000 100,000 92,000 92,000 100,000 100,000 100,000 100,000 N/A N/A N/A N/A 61 1 94,170 100,149 86,170 92,149 105,000 105,000 107,000 107,000 N/A N/A N/A N/A 62 2 88,384 100,165 81,384 93,165 110,250 110,250 114,350 114,350 N/A N/A N/A N/A 63 3 82,634 100,039 76,634 94,039 115,763 115,763 122,068 122,068 N/A N/A N/A N/A 64 4 76,911 99,758 71,911 94,758 121,551 121,551 130,171 130,171 N/A N/A N/A N/A 65 5 71,208 99,312 71,208 99,312 127,628 127,628 138,679 138,679 N/A N/A N/A N/A 66 6 65,517 98,686 65,517 98,686 134,010 134,010 147,613 147,613 N/A N/A N/A N/A 67 7 59,827 97,868 59,827 97,868 140,710 140,710 156,994 156,994 N/A N/A N/A N/A 68 8 54,131 96,844 54,131 96,844 147,746 147,746 166,844 166,844 N/A N/A N/A N/A 69 9 48,419 95,599 48,419 95,599 155,133 155,133 177,186 177,186 N/A N/A N/A N/A 70 10 42,653 94,116 42,653 94,116 162,889 162,889 188,045 188,045 5,500 5,500 5,500 5,500 75 15 13,132 82,509 13,132 82,509 207,893 207,893 251,050 251,050 7,876 7,876 7,876 7,876 80 20 0 61,961 0 61,961 0 265,330 0 331,462 N/A(2) 11,453 0 11,453 85 25 0 29,068 0 29,068 0 338,635 0 404,767 N/A(2) 16,919 0 16,919 After conversion of the GMIB II to the GWBL at age 85 Total Death Benefit Contract with the Earnings Guaranteed Annual Age Year Account Value Cash Value "Greater Of" GMDB II enhancement benefit GWBL Benefit Base Withdrawal Amount 0% 6% 0% 6% 0% 6% 0% 6% 0% 6% 0% 6% 85 25 0 29,068 0 29,068 0 338,635 0 404,767 0 338,635 0 16,932 90 30 0 0 0 0 0 0 0 0 0 338,635 0 16,932 95 35 0 0 0 0 0 0 0 0 0 338,635 0 16,932 The hypothetical investment results are illustrative only and should not be deemed a representation of past or future investment results. Actual investment results may be more or less than those shown and will depend on a number of factors, including investment allocations made by the owner. The account value, cash value and guaranteed benefits for a policy would be different from the ones shown if the actual gross rate of investment return averaged 0% or 6% over a period of years, but also fluctuated above or below the average for individual policy years. We can make no representation that these hypothetical investment results can be achieved for any one year or continued over any period of time. In fact, for any given period of time, the investment results could be negative. (1) Guaranteed Income is calculated by multiplying the Roll-up benefit base by annuity purchase factors. This example assumes no withdrawals. The Deferral Roll-up rate is credited annually to the Roll-up benefit base when calculating Guaranteed Income. Based on the assumption of either 0% or 6% returns, the Guaranteed Income produced in this example is the same. (2) If the no lapse guarantee is in effect, the contract is terminated and Lifetime GMIB payments calculated using the GMIB benefit base amount at the time of termination will commence.

V-4 Appendix V: Hypothetical illustrations Appendix VI: Earnings enhancement benefit example

The following illustrates the calculation of a death benefit that includes the Earnings enhancement benefit for an owner age 45. The example assumes a contribution of $100,000 and no additional contributions. Where noted, a single withdrawal in the amount shown is also assumed. The calculation is as follows: No withdrawal $3,000 withdrawal $6,000 withdrawal A Initial contribution 100,000 100,000 100,000 B Death benefit: prior to withdrawal.(1) 104,000 104,000 104,000 C Earnings enhancement benefit earnings: death benefit 4,000 4,000 4,000 less net contributions (prior to the withdrawal in D). B minus A. D Withdrawal 0 3,000 6,000 E Excess of the withdrawal over the Earnings 0 0 2,000 enhancement benefit earnings greater of D minus C or zero F Net contributions (adjusted for the withdrawal in D) 100,000 100,000 98,000 A minus E G Death benefit (adjusted for the withdrawal in D) 104,000 101,000(2) 98,000(2) B minus D H Death benefit less net contributions 4,000 1,000 0 G minus F I Earnings enhancement benefit factor 40% 40% 40% J Earnings enhancement benefit 1,600 400 0 H times I K Death benefit: including the Earnings enhancement benefit 105,600 101,400 98,000 GplusJ (1) The death benefit is the greater of the account value or any applicable death benefit. (2) Assumes no earnings on the contract; and that the withdrawal would reduce the death benefit on a dollar-for-dollar basis.

VI-1 Appendix VI: Earnings enhancement benefit example Appendix VII: Rules regarding contributions to your contract

The following tables describes the rules regarding contributions to your contract. The minimum initial contribution amount for all contract Series and types is $25,000. Contract Type NQ Issue Ages •0-85(Series B & Series L) •0-70(Series CP®) Minimum additional • $500 contribution amount Source of • After-tax money. contributions • Paid to us by check or transfer of contract value in a tax-deferred exchange under Section 1035 of the Internal Revenue Code. Limitations on • No additional contributions after the first contract year. contributions(1) Contract Type Traditional IRA Issue Ages • 20-85 (Series B & Series L) • 20-70 (Series CP®) Minimum additional • $50 contribution amount Source of • Eligible rollover distributions from 403(b) plans, qualified plans, and governmental employer 457(b) plans. contributions • Rollovers from another traditional individual retirement arrangement. • Direct custodian-to-custodian transfers from another traditional individual retirement arrangement. • Regular IRA contributions. • Additional catch-up contributions. Limitations on • No additional contributions after the first contract year. contributions(1) • Contributions made after age 70 1⁄2 must be net of required minimum distributions. • Although we accept regular IRA contributions (limited to $5,500) under traditional IRA contracts, we intend that the contract be used primarily for rollover and direct transfer contributions. • Additional catch-up contributions of up to $1,000 per calendar year where the owner is at least age 50 but under age 70 1⁄2 at any time during the calendar year for which the contribution is made. (1) Additional contributions may not be permitted under certain conditions in your state. Please see Appendix IX earlier in this Prospectus to see if additional contributions are permitted in your state. In addition to the limitations described here, we also reserve the right to refuse to accept any contribution under the contract at any time.

VII-1 Appendix VII: Rules regarding contributions to your contract Contract Type Roth IRA Issue Ages • 20-85 (Series B & Series L) • 20-70 (Series CP®) Minimum additional • $50 contribution amount Source of • Rollovers from another Roth IRA. contributions • Rollovers from a “designated Roth contribution account” under specified retirement plans. • Conversion rollovers from a traditional IRA or other eligible retirement plan. • Direct custodian-to-custodian transfers from another Roth IRA. • Regular Roth IRA contributions. • Additional catch-up contributions. Limitations on • No additional contributions after the first contract year. contributions(1) • Conversion rollovers after age 70 1⁄2 must be net of required minimum distributions for the traditional IRA or other eligible retirement plan that is the source of the conversion rollover. • Although we accept Roth IRA contributions (limited to $5,500) under Roth IRA contracts, we intend that the contract be used primarily for rollover and direct transfer contributions. • Additional catch-up contributions of up to $1,000 per calendar year where the owner is at least age 50 at any time during the calendar year for which the contribution is made. Contract Type Inherited IRA Beneficiary continuation contract (traditional IRA or Roth IRA) Issue Ages •0-70(Series B & Series L) • Not Available for Series CP® Minimum additional • $1,000 contribution amount Source of • Direct custodian-to-custodian transfers of your interest as a death beneficiary of the deceased owner’s traditional contributions individual retirement arrangement or Roth IRA to an IRA of the same type. • Non-spousal beneficiary direct rollover contributions may be made to an Inherited IRA contract under specified circumstances from these “Applicable Plans”: qualified plans, 403(b) plans and governmental employer 457(b) plans. Limitations on • No additional contributions after the first contract year. (1) contributions • Any additional contributions must be from the same type of IRA of the same deceased owner. • No additional contributions are permitted to Inherited IRA contracts issued as a non-spousal beneficiary direct rollover from an Applicable Plan. Contract Type QP Issue Ages • 20-75 (Series B & Series L) • 20-70 (Series CP®) Minimum additional • $500 contribution amount Source of • Only transfer contributions from other investments within an existing qualified plan trust. contributions • The plan must be qualified under Section 401(a) of the Internal Revenue Code. • For 401(k) plans, transferred contributions may not include any after-tax contributions, including designated Roth contributions.

VII-2 Appendix VII: Rules regarding contributions to your contract Contract Type QP Limitations on • A separate QP contract must be established for each plan participant, even defined benefit plan participants. (1) contributions • We do not accept regular on-going payroll contributions or contributions directly from the employer. • Only one additional transfer contribution may be made during a contract year. • No additional transfer contributions after the annuitant’s attainment of age 75 or if later, the first contract date anniversary. • The maximum contribution age for QP contracts without the “Greater of” Guaranteed minimum death benefit will be set for the life of the contract at a date equal to age 75 (or if later, the first contract date anniversary) of the older of the original Owner(s) and Annuitant(s). (Age 70 for Series CP.) • The maximum contribution age for QP contracts with GMIB and the “Greater of” Guaranteed minimum death benefit will be set for the life of the contract at a date equal to age 70 (or if later, the first contract date anniversary) of the older of the original Owner(s) and Annuitant(s).

• Contributions after age 70 1⁄2 must be net of any required minimum distributions. • Maximum aggregate contributions for any contract year is 100% of first-year contributions. See Appendix III earlier in this Prospectus for a discussion of purchase considerations of QP contracts. (1) Additional contributions may not be permitted under certain conditions in your state. Please see Appendix IX earlier in this Prospectus to see if additional contributions are permitted in your state. In addition to the limitations described here, we also reserve the right to refuse to accept any contribution under the contract at any time. See “Tax information” earlier in this Prospectus for a more detailed discussion of sources of contributions and certain contribution limitations. For information on when contributions are credited under your contract see “Dates and prices at which contract events occur” in “More information” earlier in this Prospectus. Please review your contract for information on contribution limitations.

VII-3 Appendix VII: Rules regarding contributions to your contract Appendix VIII: Formula for asset transfer program for guaranteed benefits

As explained in the “Guaranteed minimum income benefit (“GMIB”)” section in this Prospectus, if the GMIB, “Greater of” GMDB or GWBL is in effect, your contract will be subject to predetermined mathematical formulas that require transfers between the variable investment options which you have selected and the AXA Ultra Conservative Strategy investment option. This Appendix provides additional information regarding the formulas. The formulas are set when we issue your contract and do not change while the GMIB, “Greater of” GMDB or GWBL is in effect. On each valuation day, the formulas determine whether a transfer into or out of the AXA Ultra Conservative Strategy investment option is required. For purposes of these calculations, amounts in the guaranteed interest option and amounts in a Special DCA program are excluded from amounts that are transferred into the AXA Ultra Conservative Strategy investment option. First, the following ATP formula is used to calculate a contract ratio: Contract Ratio =1–(AV÷BB) Where: AV = account value on the valuation day (off-cycle valuations use the account value as of the previous business day). BB = Roll-up benefit base on the valuation day. Please see the “Guaranteed minimum death benefit and Guaranteed minimum income benefit base” section in this Prospectus for more information on the Roll-up benefit base. The contract ratio is then compared to predetermined “transfer points” to determine what portion of account value needs to be held in the AXA Ultra Con- servative Strategy investment option. For your GMIB, there is a minimum and maximum transfer point, which are determined according to the following table. Contract Date Anniversary Minimum Transfer Point Maximum Transfer Point Issue Date 10% 20% 1st 12% 22% 2nd 14% 24% 3rd 16% 26% 4th 18% 28% 5th 20% 30% 6th 22% 32% 7th 24% 34% 8th 26% 36% 9th 28% 38% 10th 30% 40% 11th 32% 42% 12th 34% 44% 13th 36% 46% 14th 38% 48% 15th 40% 50% 16th 42% 52% 17th 44% 54% 18th 46% 56% 19th 48% 58% 20th (and later) 50% 60% The minimum and maximum transfer points are interpolated between the beginning of contract year value and end of contract year value during the course of the year. For example, during the first contract year, the minimum transfer point moves from 10% on the first day of the first contract year to 12% on the first day on the second contract year. The maximum transfer point moves similarly during the first contract year from 20% on the first day of the first contract year to 22% on the first day on the second contract year. The ranges for the first and second contract year are shown in the charts below to illustrate the interpolation of transfer points between the beginning of a contract year and the end of a contract year.

VIII-1 Appendix VIII: Formula for asset transfer program for guaranteed benefits First contract year range: May 14 May 15 First contract Issue date Date Aug 15 Nov 15 Feb 15 anniversary Minimum Transfer Point 10% 10.5% 11% 11.5% 12% Maximum Transfer Point 20% 20.5% 21% 21.5% 22% Second contract year range: May 14 First May 14 contract Second contract date Aug Nov Feb date anniversary 15 15 15 anniversary Minimum Transfer Point 12% 12.5% 13% 13.5% 14% Maximum Transfer Point 22% 22.5% 23% 23.5% 24% On each valuation day, the portion of account value to be held in the AXA Ultra Conservative Strategy investment option is determined by compar- ing the contract ratio to the transfer points. If the contract ratio is equal to or less than the minimum transfer point, all of the account value in the AXA Ultra Conservative Strategy investment option, if any, will be transferred to the variable investment options selected by you. If the contract ratio on the valuation day exceeds the minimum transfer point but is less than the maximum transfer point, amounts may be transferred either into or out of the AXA Ultra Conservative Strategy investment option depending on the account value already in the AXA Ultra Conservative Strategy investment option, the guaranteed interest option and a Special DCA program. If the contract ratio on the valuation day is equal to or greater than the maximum transfer point, the total amount of the account value that is invested in the variable investment options selected by you, excluding amounts invested in the guaranteed interest option and a Special DCA program, will be transferred into the AXA Ultra Conservative Strategy investment option. A separate formula, called the transfer amount formula, is used to calculate the amount that must be transferred either into or out of the AXA Ultra Conservative Strategy investment option. For example, the transfer amount formula seeks to reallocate account value such that for every 1% by which the contract ratio exceeds the minimum transfer point on a given valuation day, 10% of the account value will be held in the AXA Ultra Conservative Strategy investment option, the guaranteed interest option, and a Special DCA program. When the contract ratio exceeds the minimum transfer point by 10% (i.e., it reaches the maximum transfer point), amounts will be transferred into the AXA Ultra Conservative Strategy investment option such that 100% of account value will be invested in the AXA Ultra Conservative Strategy investment option, the guaranteed interest option, and a Special DCA program. The transfer amount formula first determines the target percentage that must be in the AXA Ultra Conservative Strategy investment option after the ATP transfer as follows: ATP% = Contract Ratio – Minimum Transfer Point 0.1 Where: ATP% = Required percentage of account value in the AXA Ultra Conservative Strategy investment option, the guaranteed interest option and the Special DCA program after the ATP transfer. Contract Ratio = The contract ratio calculated on the valuation day Minimum Transfer Point = The minimum transfer point on the valuation day 0.1 = The 10% differential between the minimum transfer point and the maximum transfer point The required amount of account value in the AXA Ultra Conservative Strategy investment option after the ATP transfer is calculated as follows: ATP Amount = (ATP% * AV) – guaranteed interest option – amounts in a Special DCA program Where: AV = account value on the valuation day. guaranteed interest option = account value in the guaranteed interest option on the valuation day. amounts in a Special DCA program = account value in a Special DCA program on the valuation day The ATP Amount cannot be less than $0. The transfer amount formula is used to determine the transfer amount as follows: ATP transfer amount = (ATP amount) – (account value currently in AXA Ultra Conservative Strategy investment option) The ATP transfer amount is the amount that must be moved either in or out of the AXA Ultra Conservative Strategy investment option.

VIII-2 Appendix VIII: Formula for asset transfer program for guaranteed benefits • If the ATP transfer amount is positive, it will be moved into the AXA Ultra Conservative Strategy investment option if it meets the minimum transfer threshold. • If the ATP transfer amount is negative, it will be moved out of the AXA Ultra Conservative Strategy investment option if it meets the minimum transfer threshold described below. The minimum amount that will be transferred is the greater of 1% of account value or $1,000. The test for whether the ATP transfer amount meets the minimum transfer threshold is as follows: • If the ATP transfer amount is less than the minimum transfer amount, the ATP transfer will not be processed. • If the ATP transfer amount is greater than or equal to the minimum transfer amount, the ATP transfer will be processed. The following are examples of transactions under the ATP: Example 1 Example 2 Example 3 Contract Ratio 17.5% 27% 35% Valuation Day 4th contract anniversary 5th contract anniversary 6th contract anniversary Transfer Points Minimum = 18% Minimum = 20% Minimum = 22% Maximum = 28% Maximum = 30% Maximum = 32% Investment Election Option A Option B Option B Assumptions account value = $100,000 account value = $100,000 account value = $100,000 AXA Ultra Conservative Strategy AXA Ultra Conservative Strategy AXA Ultra Conservative Strategy investment option = $40,000 investment option = $40,000 investment option = $40,000 guaranteed interest option = Special DCA program = $20,000 Special DCA program = $20,000 $10,000 Special DCA program = $20,000 Transfer Point Contract ratio is less than the Contract ratio is greater than Contract ratio is greater than Valuation minimum transfer point minimum but less than maximum maximum transfer point therefore, all amounts must be transfer point. Must determine therefore, all amounts that are moved out of the AXA Ultra amount to move in or out of AXA not in the guaranteed interest Conservative Strategy investment Ultra Conservative Strategy option or a Special DCA program option investment option if necessary. must be moved into the AXA Ultra Conservative Strategy investment option. ATP% 0% (0.27 - 0.2) ÷ 0.1 = 0.7 or 100% (Contract Ratio – Minimum 70% Transfer Point) ÷ 0.2 ATP Amount (0*$100,000) - $10,000 - (0.7 * $100,000) - $20,000 = (1*$100,000) - $20,000 = (ATP% * AV) – guaranteed $20,000 = -$30,000, (cannot be $50,000 $80,000 interest option – Special DCA less than $0) ATP Amount = $0 program

Transfer Amount $0 - $40,000 = -$40,000, Scenario 1 – using current $80,000 - $40,000 = $40,000 (ATP Amount) – (account value (transferred out of the AXA Ultra assumptions: (transferred into the AXA Ultra currently in AXA Ultra Conservative Conservative Strategy investment $50,000 – $40,000 = $10,000 Conservative Strategy investment Strategy investment option) option) (transferred into the AXA Ultra option) Conservative Strategy investment option.) Scenario 2 – If current amount in AXA Ultra Conservative Strategy investment option = $65,000 instead of $40,000: $50,000 – $65,000 =- $15,000 (transferred out of the AXA Ultra Conservative Strategy investment option.)

VIII-3 Appendix VIII: Formula for asset transfer program for guaranteed benefits ATP transfers into the AXA Ultra Conservative Strategy investment option will be transferred out of your variable investment options. No amounts will be transferred out of the guaranteed interest option or a Special DCA program. ATP transfers out of the AXA Ultra Conservative Strategy investment option will be allocated among the investment options included in your contract’s allocation instructions other than the guaranteed interest option. Any amounts that would have been allocated to the guaranteed interest option will be prorated among the variable investment options. No amounts will be transferred into or out of the guaranteed interest option and the Special DCA program as a result of any ATP transfer. On any day that a transfer (excluding a dollar cost averaging transfer) is made out of the guaranteed interest option into a variable investment option, the formulas described above will be run, which may in turn trigger an off cycle ATP transfer. Regardless of when this off cycle valuation occurs, an ATP valuation will again occur on the next valuation day. Cancellation of any dollar cost averaging program will not trigger an off cycle ATP transfer. For the purposes of the off cycle valuation only, the ATP transfer amount formula will use the account value as of the previous business day. Off cycle valuations will use the transfer points for the most recent valuation day.

ATP exit option When the ATP exit option is processed your guaranteed benefit base(s) will be adjusted as follows: (1- 3%) × A New Benefit Base = _ D 1–B+C Where: New Benefit Base = The new value that the Roll-up benefit base and Highest Anniversary Value benefit base (if applicable) will be adjusted to if this value is less than the current value of the respective benefit bases. A = The account value as of the day prior to the ATP exit option. B = The [interpolated] minimum transfer point as of the next valuation day. C = The total rider charge percentage for both the GMIB and GMDB benefits. D = The prorated Roll-up amount from the last contract date anniversary to the next valuation day plus the prorated Roll-up amount for contributions and transfers in that contract year as of the next valuation day minus the contract year-to-date withdrawals up to the Annual withdrawal amount. 3% = cushion in investment performance to decrease the probability of an ATP transfer on the upcoming valuation day. For example, the ATP exit option is processed during the seventh month of the fifth ATP year. In the current ATP year, the number of completed months is six. The minimum transfer point is 19%, which is derived by interpolating the fourth ATP year anniversary minimum transfer point and the fifth ATP year anniversary minimum transfer point [=(18%+20%)/2]. The cushion is 3%. Assume that your account value is $100,000, Highest Anniversary Value benefit base is $110,000, Roll-up benefit base is $130,000 and the Roll-up rate is the 5% Annual Roll-up rate. Note that the benefit base for the GMIB is the Roll-up benefit base ($130,000) and that the benefit base for the “Greater of” GMDB ($130,000) is the greater of the Highest Anniversary Value benefit base ($110,000) and the Roll-up benefit base ($130,000). Also assume that no withdrawal has been taken in this contract year and that the pro-rated Roll-up amount (net of withdrawals) is $3,250 (=5%×$130,000×6/12 – 0). When the ATP exit option is processed, the new benefit base is: (1- 3%) × 100,000 New benefit base = _ 3,250 = $113,197 1 – 0.19 + 0.023 Your Highest Anniversary Value benefit base stays at the current value ($110,000), as the new benefit base ($113,197) is greater than your current Highest Anniversary Value benefit base. Your Roll-up benefit base is adjusted to the new benefit base ($113,197), as the new benefit base is less than your current Roll-up benefit base. Accordingly, the new Roll-up benefit base for your GMIB is $113,197. Your “Greater of” GMDB is also adjusted to the new benefit base of $113,197, as it is the greater of the Highest Anniversary Value benefit base ($110,000) and the Roll-up benefit base ($113,197).

VIII-4 Appendix VIII: Formula for asset transfer program for guaranteed benefits Appendix IX: State contract availability and/or variations of certain features and benefits

The following information is a summary of the states where the Accumulator® Series contracts or certain features and/or benefits are either not available as of the date of this Prospectus or vary from the contract’s features and benefits as previously described in this Prospectus. Regardless of the state, the rate initially set on an outstanding loan cannot be changed.

States where certain Accumulator® Series contracts’ features and/or benefits are not available or vary: State Features and benefits Availability or variation Arizona See “Contract features and benefits”—”Your right to cancel If you reside in the state of Arizona and you are age 65 or older within a certain number of days” at the time the contract is issued, you may return your variable annuity contract within 30 days from the date that you receive it and receive a refund of account value. This is also referred to as the “free look” period. Arkansas See “Your right to cancel within a certain number of days” in If you purchased your contract through a Section 1035 “Contract features and benefits” exchange you may return your Accumulator® Series contract within 30 days from the date you receive it and receive a full refund of your account value. California See “We require that the following types of communications You are not required to use our forms when making a be on specific forms we provide for that purpose (and transaction request. If a written request contains all the submitted in the manner that the forms specify)” in “Who is information required to process the request, we will honor it. AXA Equitable” and “Effect of Excess withdrawals” in Although you are not required to use our withdrawal request “Contract features and benefits” form, if you do not specify whether we should process a withdrawal that results in an Excess withdrawal, and the transaction results in an Excess withdrawal, we will not process that request. See “Asset transfer program (“ATP”)” in “Contract features If you elect the GMIB, the ATP will commence on the valuation and benefits” day of your second monthiversary. “ See “Your right to cancel within a certain number of days” in If you reside in the state of California and you are age 60 or “Contract features and benefits” older at the time the contract is issued, you may return your Accumulator® Series contract within 30 days from the date that you receive it and receive a refund as described below. This is also referred to as the ‘‘free look’’ period. If you allocate your entire initial contribution to the EQ/Money Market variable investment option (and/or guaranteed interest option, if available), the amount of your refund will be equal to your contribution, unless you make a transfer, in which case the amount of your refund will be equal to your Total account value on the date we receive your request to cancel at our processing office. This amount could be less than your initial contribution. If you allocate any portion of your initial contribution to the variable investment options (other than the EQ/Money Market variable investment option), your refund will be equal to your Total account value on the date we receive your request to cancel at our processing office. “Return of contribution” free look treatment available through certain selling broker-dealers

IX-1 Appendix IX: State contract availability and/or variations of certain features and benefits State Features and benefits Availability or variation California Certain selling broker-dealers offer an allocation method (continued) designed to preserve your right to a return of your contributions during the free look period. At the time of application, you will instruct your financial professional as to how your initial contribution and any subsequent contributions should be treated for the purpose of maintaining your free look right under the contract. Please consult your financial professional to learn more about the availability of “return of contribution” free look treatment. If you choose “return of contribution” free look treatment of your contract, we will allocate your entire contribution and any subsequent contributions made during the 40-day period following the contract date, to the EQ/Money Market investment option. In the event you choose to exercise your free look right under the contract, you will receive a refund equal to your contributions. If you choose the “return of contribution” free look treatment and your contract is still in effect on the 40th day (or next Business Day) following the contract date, we will automatically reallocate your account value to the investment options chosen on your application. Any transfers made prior to the expiration of the 30-day free look will terminate your right to “return of contribution” treatment in the event you choose to exercise your free look right under the contract. Any transfer made prior to the 40th day following the contract date will cancel the automatic reallocation on the 40th day (or next business day) following the contract date described above. If you do not want AXA Equitable to perform this scheduled one-time re-allocation, you must call one of our customer service representatives at 1 (800) 789-7771 before the 40th day following the contract date to cancel. See “Disability, terminal illness, or confinement to a nursing • A disability CWC waiver will be granted if a U.S. home’’ under “Withdrawal charge” in “Charges and licensed physician certifies that the applicable expenses” individual suffers from impairment of cognitive ability, meaning a deterioration or loss of intellectual capacity due to mental illness or disease, including Alzheimer’s disease or related illnesses that require continual supervision to protect oneself or others. • The terminal illness CWC waiver is applicable if life expectancy is less than 12 months (compared to 6 months in the national version). • The nursing home CWC waiver does not require that the applicable individual be confined to a nursing home for more than 90 days before the waiver is granted. The definition of nursing home is as follows: the Owner is receiving, as prescribed by a physician, registered nurse, or licensed social worker, home care or community- based services (including adult day care, personal care, homemaker services, hospice services or respite care) or, is confined in a skilled nursing facility, convalescent nursing home, or extended care facility, which shall not be defined more restrictively than as in the Medicare program, or is confined in a residential care facility or residential care facility for the elderly, as defined in the Health and Safety Code. Out-of-state providers of services shall be defined as comparable in licensure and staffing requirements to California providers.

IX-2 Appendix IX: State contract availability and/or variations of certain features and benefits State Features and benefits Availability or variation California • AXA has the right to perform physical exams at our (continued) expense during the claim period.

See ‘‘Transfers of ownership, collateral assignments, loans Guaranteed benefits do not terminate upon a change of and borrowing’’ in ‘‘More Information’’ owner or absolute assignment of the contract. Guaranteed benefits will continue to be based on the original measuring life (i.e., owner, older joint owner, annuitant, older joint annuitant). Connecticut See “Charge for each additional transfer in excess of 12 The charge for transfers does not apply. transfers per contract year” in “Fee table” and “Transfer charge” in “Charges and expenses” See “Credit recovery” under “Credits and Earnings bonus (For The second and third bullets under “Credit recovery” do Series CP® contracts only)” in “Contract features and benefits” not apply and are replaced by the following: and “Your annuity payout options” in “Accessing your money” • If you start receiving annuity payments within three years of making any contribution, we will not recover the credit that applies to any contribution made within the prior three years. As a result, we will apply the contract’s cash value, not the account value, to the life contingent annuity payout regardless of how many years have elapsed since last contribution. • Credits applied to contributions made within one year of death of the owner (or older joint owner, if applicable) will not be recovered. However, any applicable contract withdrawal charges will continue to apply to those contributions. The 10% free withdrawal amount does not apply when calculating the withdrawal charges applicable to the payment of a death benefit. See “GMIB “no lapse guarantee”” under “Guaranteed The no-lapse guarantee will not terminate if your aggregate minimum income benefit” in “Contract features and benefits” withdrawals from your contract in any contract year exceed your Annual Withdrawal Amount unless the excess withdrawal drives your account value to zero. See “Disruptive transfer activity” in “Transferring your money The ability to restrict transfers due to market timing can only be among investment options” determined by the underlying fund managers. AXA Equitable’s right to restrict transfers due to market timing does not apply. See “Transfer Charge” in “Charges and Expenses” The charge for excessive transfers does not apply. The ability to reserve the right to impose a limit on the number of free transfers does not apply. See “Withdrawal charge” in “Charges and expenses” For Series CP® contracts: Since credits applied to contributions cannot be recovered, withdrawal charges apply to amounts associated with a credit. See “Disability, terminal illness, or confinement to a nursing The withdrawal charge waiver under item (i) does not apply. home” under “Withdrawal charge” in “Charges and expenses” See “Special service charges” in “Charges and Expenses” The current and maximum third party transfer or exchange charge is $49 per occurrence. The maximum charge for check preparation is $9 per occurrence. See “Misstatement of age” in “More information” We will not deduct interest for any overpayments made by us due to a misstatement of age or sex. Any overpayments will be deducted from future payments.

IX-3 Appendix IX: State contract availability and/or variations of certain features and benefits State Features and benefits Availability or variation Connecticut See “Transfers of ownership, collateral assignments, loans and Benefits terminate upon any change of owner who is the (continued) borrowing” in “More information” measuring life, unless the change of ownership is due to a divorce where the spouse is awarded 100% of the account value and chooses to continue the contract in his or her name and meets the age requirements of the applicable benefit on the date the change in ownership occurs. Benefits do not terminate upon assignment. Your contract cannot be assigned to an institutional investor or settlement company, either directly or indirectly, nor may the ownership be changed to an institutional investor or settlement company. Delaware See “Your right to cancel within a certain number of days” in If you purchased your contract through a Section 1035 “Contract features and benefits” exchange, you may return your Accumulator® Series contract within 20 days from the date you receive it and receive a full refund of your contributions, including any contract fees or charges. See “Greater of” GMDB I under “Guaranteed benefit charges” The maximum charge for the “Greater of” GMDB I death in “Charges and expenses” benefit is 1.65%. See “Greater of” GMDB II under “Guaranteed benefit The maximum charge for the “Greater of” GMDB II death charges” in “Charges and expenses” benefit is 1.80%. Florida See “How you can purchase and contribute to your contract” The second sentence in the third paragraph of this section in “Contract features and benefits” regarding the $2,500,000 limitation on contributions is deleted. The remainder of this section is unchanged. See “Credits” in “Contract features and benefits” (For Series The following information replaces the second bullet of the CP® contracts only) final set of bullets in this section: • You may annuitize your contract after twelve months, however, if you elect to receive annuity payments within five years of the contract date, we will recover the credit that applies to any contribution made in that five years. If you start receiving annuity payments after five years from the contract date and within three years of making any contribution, we will recover the credit that applies to any contribution made within the prior three years. See “Your right to cancel within a certain number of days” If you reside in the state of Florida, you may cancel your in “Contract features and benefits” variable annuity contract and return it to us within 21 days from the date that you receive it. You will receive an unconditional refund equal to the greater of the cash surrender value provided in the annuity contract, plus any fees or charges deducted from the contributions or imposed under the contract, or a refund of all contributions paid. See “Selecting an annuity payout option” under “Your The following sentence replaces the first sentence of the annuity payout options” in “Accessing your money” second paragraph in this section: You can choose the date annuity payments begin but it may not be earlier than twelve months from the Accumulator® Series contract date. See “Special service charges” in “Charges and expenses” The charge for a third-party transfer or exchange applies to any transfer or exchange of your contract, even if it is to another contract issued by AXA Equitable. See “Withdrawal charge” in “Charges and expenses” If you are age 65 or older at the time your contract is issued, the applicable withdrawal charge will not exceed 10% of the amount withdrawn. See “Misstatement of age” in “More information” After the second contract date anniversary, an optional Guaranteed minimum death benefit may not be revoked for misstatement of age. See “Transfers of ownership, collateral assignments, loans The second paragraph in this section is deleted in its and borrowing” in “More information” entirety and replaced with the following: Any guaranteed benefit in effect will terminate in all circumstances if you change ownership of the contract. Please speak with your financial professional for further information.

IX-4 Appendix IX: State contract availability and/or variations of certain features and benefits State Features and benefits Availability or variation Florida Your Guaranteed benefits will terminate with all transfers (continued) of ownership, even with a change of owner from a trust to an individual, unless the change of ownership is due to a divorce where the spouse is awarded 100% of the Total account value, chooses to continue the contract in his or her name and meets the age requirements of the applicable rider on the date the change in ownership occurs. New York Earnings enhancement benefit Not Available See “Greater of” GMDB in “Definitions of key terms”, in The “Greater of” GMDB I and “Greater of” GMDB II are “Guaranteed minimum death benefits” and throughout not available. All references to these benefits should be this Prospectus. deleted in their entirety. See “Guaranteed interest option” under “What are your For Series CP® contracts only: investment options under the contract?” in “Contract The Guaranteed interest option is not available. features and benefits” See “Dollar cost averaging” in “Contract features and For Series CP® contracts only: benefits” Investment Simplifier is not available. See “Guaranteed minimum income benefit” and The issue ages for owners who elect the Highest “Guaranteed minimum death benefits” in “Contract Anniversary Value death benefit with a GMIB are 25-80 for features and benefits” all Series except Series CP® (25-70). The issue ages for owners who elect the Highest Anniversary Value death benefit without a GMIB are 0-80 for all Series except Series CP® (0-70). The issue ages for owners who elect the Return of Principal death benefit with a GMIB are 25-80 for all Series except Series CP® (25-70). The issue ages for owners who elect the Return of Principal death benefit without a GMIB are 0-80 for all Series except Series CP® (0-70). See “Credits” in “Contract features and benefits” For Series CP® contracts only: If the owner (or older joint owner, if applicable) dies during the one-year period following our receipt of a contribution to which a credit was applied, we will recover all or a portion of the amount of such Credit from the account value, based on the number of full months that elapse between the time we receive the contribution and the owner’s (or older joint owner’s, if applicable) death, as follows: Number of Percentage of Months Credit 1 100% 2 99% 3 98% 4 97% 5 96% 6 95% 7 94% 8 93% 9 92% 10 91% 11 90% 12 89% We will not recover the credit on subsequent contributions made within 3 years prior to annuitization. See “The amount applied to purchase an annuity payout The amount applied to the annuity benefit is the greater of option” in “Accessing your money” the cash value or 95% of what the account value would be if no withdrawal charge applied. See “Selecting an annuity payout option” in “Accessing For Series CP® contracts only: your money” The earliest date annuity payments may begin is 13 months from the issue date.

IX-5 Appendix IX: State contract availability and/or variations of certain features and benefits State Features and benefits Availability or variation New York See “Charges and expenses” Deductions of charges from the guaranteed interest (continued) option are not permitted. The charge for third-party transfer or exchange does not apply. The check preparation charge does not apply. See “Disability, terminal illness, or confinement to a nursing Item (i) is deleted and replaced with the following: An home” owner (or older joint owner, if applicable) has qualified to receive Social Security disability benefits as certified by the Social Security Administration or meets the definition of a total disability as specified in the contract. To qualify, a re- certification statement from a physician will be required every 12 months from the date disability is determined. See “Transfers of ownership, collateral assignments, loans Collateral assignments are not limited to the period prior to and borrowing” in “More information” the first contract date anniversary. You may assign all or a portion of your NQ contract at any time, pursuant to the terms described in this Prospectus. North Dakota See “Your right to cancel within a certain number of days” You may cancel your variable annuity contract and return it in “Contract features and benefits” to us within 20 days from the date you receive it. You will receive an unconditional refund equal to your contributions, including any contract fees or charges. See “Your beneficiary and payment of benefit“ in Amounts allocated to the Guaranteed interest option will ”Payment of death benefit” continue to earn interest until the applicable death benefit is paid. This means that your death benefit (other than the applicable guaranteed minimum death benefit) will be increased by the amount of interest credited to any assets in the Guaranteed interest option up until the date on which we pay the death benefit. Pennsylvania Required disclosure for Pennsylvania customers Any person who knowingly and with intent to defraud any insurance company or other person files an application for insurance or statement of claim containing any materially false information or conceals for the purpose of misleading, information concerning any fact material thereto commits a fraudulent insurance act, which is a crime and subjects such person to criminal and civil penalties. Puerto Rico IRA and Roth IRA Available for direct rollovers from U.S. source 401(a) plans and direct transfers from the same type of U.S. source IRAs Inherited IRA Available only under the beneficiary continuation option for currently issued NQ, traditional and Roth IRA contracts. QP (Defined Benefit) contracts Not Available See ”Owner and annuitant requirements” in “Contract Contracts are not available for purchase by Charitable features and benefits” Remainder Trusts. See “How you can purchase and contribute to your Specific requirements for purchasing QP contracts in Puerto contract” in “Contract features and benefits” (For Series B, Rico are outlined below in “Purchase considerations for QP Series CP® and Series L contracts only) (Defined Contribution) contracts in Puerto Rico”. See “Exercise rules” under “Guaranteed minimum income Exercise restrictions for the GMIB on a Puerto Rico QPDC benefit (“GMIB”)” in “Contract features and benefits” (For contract are described below, under “Purchase Series B, Series CP® and Series L contracts only) considerations for QP (Defined Contribution) contracts in Puerto Rico”, and in your contract. See “Transfers of ownership, collateral assignments, loans Transfers of ownership of QP contracts are governed by and borrowing” in “More information” (For Series B, Series Puerto Rico law. Please consult your tax, legal or plan CP® and Series L contracts only) advisor if you intend to transfer ownership of your contract.

IX-6 Appendix IX: State contract availability and/or variations of certain features and benefits State Features and benefits Availability or variation Puerto Rico “Purchase considerations for QP (Defined Contribution) Purchase considerations for QP (Defined (continued) contracts in Puerto Rico” — this section replaces Contribution) contracts in Puerto Rico: “Appendix III: Purchase considerations for QP contracts” in Trustees who are considering the purchase of an your Prospectus. Accumulator® Series QP contract in Puerto Rico should discuss with their tax, legal and plan advisors whether this is an appropriate investment vehicle for the employer’s plan. Trustees should consider whether the plan provisions permit the investment of plan assets in the QP contract, the GMIB and other guaranteed benefits, and the payment of death benefits in accordance with the requirements of Puerto Rico income tax rules. The QP contract and this Prospectus should be reviewed in full, and the following factors, among others, should be noted. Limits on Contract Ownership: • The QP contract is offered only as a funding vehicle to qualified plan trusts of single participant defined contribution plans that are tax-qualified under Puerto Rico law, not United States law. The contract is not available to US qualified plans or to defined benefit plans qualifying under Puerto Rico law. • The QP contract owner is the qualified plan trust. The annuitant under the contract is the self-employed Puerto Rico resident, who is the sole plan participant. • This product should not be purchased if the self-employed individual anticipates having additional employees become eligible for the plan. We will not allow additional contracts to be issued for participants other than the original business owner. • If the business that sponsors the plan adds another employee, no further contributions may be made to the contract. If the employer moves the funds to another funding vehicle that can accommodate more than one employee, this move could result in surrender charges, if applicable, and the loss of guaranteed benefits in the contract. Limits on Contributions: • All contributions must be direct transfers from other investments within an existing qualified plan trust. • Employer payroll contributions are not accepted. • Only one additional transfer contribution may be made per contract year. • Checks written on accounts held in the name of the employer instead of the plan or the trustee will not be accepted. • As mentioned above, if a new employee becomes eligible for the plan, the trustee will not be permitted to make any further contributions to the contract established for the original business owner.

IX-7 Appendix IX: State contract availability and/or variations of certain features and benefits State Features and benefits Availability or variation Puerto Rico Limits on Payments: (continued) • Loans are not available under the contract. • All payments are made to the plan trust as owner, even though the plan participant/annuitant is the ultimate recipient of the benefit payment. • AXA Equitable does no tax reporting or withholding of any kind. The plan administrator or trustee will be solely responsible for performing or providing for all such services. • AXA Equitable does not offer contracts that qualify as IRAs under Puerto Rico law. The plan trust will exercise the GMIB and must continue to hold the supplementary contract for the duration of the GMIB payments. Plan Termination: • If the plan participant terminates the business, and as a result wishes to terminate the plan, the trust would have to be kept in existence to receive payments. This could create expenses for the plan. • If the plan participant terminates the plan and the trust is dissolved, or if the plan trustee (which may or may not be the same as the plan participant) is unwilling to accept payment to the plan trust for any reason, AXA Equitable would have to change the contract from a Puerto Rico QP to NQ in order to make payments to the individual as the new owner. Depending on when this occurs, it could be a taxable distribution from the plan, with a potential tax of the entire account value of the contract. Puerto Rico income tax withholding and reporting by the plan trustee could apply to the distribution transaction. • If the plan trust is receiving GMIB payments and the trust is subsequently terminated, transforming the contract into an individually owned NQ contract, the trustee would be responsible for the applicable Puerto Rico income tax withholding and reporting on the present value of the remaining annuity payment stream. • AXA Equitable is a U.S. insurance company, therefore distributions under the NQ contract could be subject to United States taxation and withholding on a “taxable amount not determined” basis. Tax Information — ”Special rules for NQ contracts” Income from NQ contracts we issue is U.S. source. A Puerto Rico resident is subject to U.S. taxation on such U.S. source income. Only Puerto Rico source income of Puerto Rico residents is excludable from U.S. taxation. Income from NQ contracts is also subject to Puerto Rico tax. The calculation of the taxable portion of amounts distributed from a contract may differ in the two jurisdictions. Therefore, you might have to file both U.S. and Puerto Rico tax returns, showing different amounts of income from the contract for each tax return. Puerto Rico generally provides a credit against Puerto Rico tax for U.S. tax paid. Depending on your personal situation and the timing of the different tax liabilities, you may not be able to take full advantage of this credit. We require owners or beneficiaries of annuity contracts in Puerto Rico which are not individuals to document their status to avoid 30% FATCA withholding from U.S.-source income.

IX-8 Appendix IX: State contract availability and/or variations of certain features and benefits Statement of additional information

Table of contents Page

Who is AXA Equitable? 2 Unit Values 2 Custodian and Independent Registered Public Accounting Firm 2 Distribution of the Contracts 2 Financial Statements 2

How to Obtain an Accumulator® Series 13A Statement of Additional Information for Separate Account No. 70 Send this request form to: Retirement Service Solutions P.O. Box 1547 Secaucus, NJ 07096-1547

Please send me an Accumulator® Series 13A SAI for Separate Account No. 70 dated May 1, 2017.

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Accumulator® Series 13A #477730 [THIS PAGE INTENTIONALLY LEFT BLANK] AXA PREMIER VIP TRUST CharterSM Multi-Sector Bond Portfolio – Class A and B Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You can find the Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with a variable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks to achieve high total return Example through a combination of current income and capital appreciation. This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other portfolios. The FEES AND EXPENSES example assumes that you invest $10,000 in the Portfolio for the The following table describes the fees and expenses that you may pay time periods indicated, and then redeem all of your shares at the end if you buy and hold shares of the Portfolio. The table below does not of these periods. The example also assumes that your investment has reflect any fees and expenses associated with variable life insurance a 5% return each year, that the Portfolio’s operating expenses contracts and variable annuity certificates and contracts (“Contracts”), remain the same, and that the Expense Limitation Arrangement is not which would increase overall fees and expenses. See the Contract renewed. This example does not reflect any Contract-related fees and prospectus for a description of those fees and expenses. expenses, including redemption fees (if any) at the Contract level. If such fees and expenses were reflected, the total expenses would be Shareholder Fees higher. Although your actual costs may be higher or lower, based on (fees paid directly from your investment) these assumptions your costs would be: Not applicable. 1 Year 3 Years 5 Years 10 Years Class A Shares $112 $369 $646 $1,435 Annual Portfolio Operating Expenses Class B Shares $112 $369 $646 $1,435 (expenses that you pay each year as a percentage of the value of your investment) PORTFOLIO TURNOVER CharterSM Multi-Sector Bond Portfolio Class A Shares Class B Shares Management fee 0.15% 0.15% As a fund of funds, the Portfolio will not incur transaction costs, Distribution and/or service (12b-1) Fees 0.25% 0.25% such as commissions, when it buys and sells shares of the Other expenses 0.22% 0.22% Underlying Portfolios, but it will incur transaction costs when it buys and sells other types of securities (including exchange traded Acquired fund fees and expenses (underlying portfolios) 0.57% 0.57% securities of Underlying ETFs) directly (or “turns over” its portfolio). Total annual portfolio operating expenses 1.19% 1.19% A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating Less fee waiver and/or expense reimbursement† –0.09% –0.09% expenses or in the example, affect the Portfolio’s performance. Total annual operating expenses after fee waiver During the most recent fiscal year, the Portfolio’s turnover rate was and/or expense reimbursement 1.10% 1.10% 6% of the average value of the Portfolio. † Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreed to make payments or waive its management, administrative and other fees to limit INVESTMENTS, RISKS, AND PERFORMANCE the expenses of the Portfolio through April 30, 2018 (unless the Board of Trustees consents to an earlier revision or termination of the arrangement) (“Expense Principal Investment Strategies of the Portfolio Limitation Arrangement”) so that the annual operating expenses (including Acquired Fund Fees and Expenses) of the Portfolio (exclusive of taxes, interest, The Portfolio pursues its investment objective by investing in other brokerage commissions, dividend and interest expenses on securities sold short, mutual funds managed by AXA Equitable Funds Management capitalized expenses and extraordinary expenses) do not exceed 1.10% for Class A Group, LLC (“FMG LLC” or “Adviser”) and in investment companies and Class B shares of the Portfolio. The Expense Limitation Arrangement may be terminated by AXA Equitable Funds Management Group, LLC at any time after managed by investment managers other than FMG LLC (affiliated April 30, 2018. and unaffiliated “Underlying Portfolios”) and in exchange traded securities of other investment companies or investment vehicles (“Underlying ETFs”) comprising various asset categories and strategies. The Portfolio will invest in Underlying Portfolios and

CMSB 1 Underlying ETFs such that at least 80% of its assets (net assets plus spectrum of investment options for the Portfolio. The Adviser may the amount of any borrowings for investment purposes) are invested sell the Portfolio’s holdings for a variety of reasons, including to in a diversified mix of bonds, including investment grade bonds and invest in an Underlying Portfolio or Underlying ETF believed to offer bonds that are rated below investment grade (so called “junk superior investment opportunities. bonds”), which may include derivatives exposure to bonds. For purposes of this investment policy, a debt security is considered a The Principal Risks of Investing in the Portfolio “bond.” Debt securities represent an issuer’s obligation to repay a An investment in the Portfolio is not a deposit of a bank and is not loan of money that generally pays interest to the holder. Bonds, insured or guaranteed by the Federal Deposit Insurance Corporation notes, debentures, bank loans, bonds in multiple sectors including, or any other government agency. You may lose money by investing commercial and residential mortgage-backed securities, asset- inthePortfolio.Performancemaybeaffectedbyoneormoreofthe backed securities, corporate bonds and bonds of foreign issuers, following risks. The Portfolio is also subject to the risks associated including issuers located in emerging markets, are examples of debt with the Underlying Portfolios’ and Underlying ETFs’ investments; securities. The Portfolio allocates its assets to Underlying Portfolios please see the Prospectuses and Statements of Additional and Underlying ETFs that invest among various asset categories. The Information for the Underlying Portfolios and Underlying ETFs for asset categories and strategies of the Underlying Portfolios and additional information about these risks. In this section, the term Underlying ETFs in which the Portfolio invests are as follows: “Portfolio” may include the Portfolio, an Underlying Portfolio, an Underlying ETF, or all of the above. Bank Loans Inflation Linked US Short Term • — In managing a Portfolio that invests Emerging Markets Securities Investment Affiliated Portfolio Risk in Underlying Portfolios and Underlying ETFs, the Adviser will Debt International Bond Grade Bond have the authority to select and substitute the Underlying Floating Rate Money Market Portfolios and Underlying ETFs. The Adviser may be subject to Securities US Government Bond potential conflicts of interest in allocating the Portfolio’s assets Global Bond US Investment among Underlying Portfolios and Underlying ETFs because it (and High Yield Bond Grade Bond in certain cases its affiliates) earn fees for managing and administering the affiliated Underlying Portfolios, but not the In addition, the Portfolio may invest in Underlying Portfolios and unaffiliated Underlying Portfolios or Underlying ETFs. In addition, Underlying ETFs that employ derivatives (including futures contracts) the Adviser may be subject to potential conflicts of interest in for a variety of purposes, including to reduce risk, to seek enhanced allocating the Portfolio’s assets among the various affiliated returns from certain asset classes, and to leverage exposure to Underlying Portfolios because the fees payable to it by some of certain asset classes. the affiliated Underlying Portfolios are higher than the fees payable by other affiliated Underlying Portfolios and because the The Adviser selects the Underlying Portfolios and Underlying ETFs in Adviser is also responsible for managing, administering, and with which to invest the Portfolio’s assets. In selecting Underlying respect to certain affiliated Underlying Portfolios, its affiliates are Portfolios and Underlying ETFs, the Adviser will utilize a proprietary responsible for sub-advising, the affiliated Underlying Portfolios. investment process that may take into consideration a number of factors including, as appropriate and applicable, fund performance, • Alternative Investment Risk — To the extent the Portfolio management team, investment style, correlations, asset class invests in Underlying Portfolios and Underlying ETFs that invest in exposure, industry classification, benchmark, risk adjusted return, alternative investments, the Portfolio will be subject to the risks volatility, expense ratio, asset size and portfolio turnover. For associated with such investments. Alternative investments may purposes of complying with the 80% policy identified above, the use a different approach to investing than do traditional Adviser will identify Underlying Portfolios and Underlying ETFs in investments (such as equity or fixed income investments) and the which to invest by reference to such Underlying Portfolio’s or performance of alternative investments is not expected to Underlying ETF’s name and investment policies at the time of correlate closely with more traditional investments; however, it is investment. An Underlying Portfolio or Underlying ETF that changes possible that alternative investments will decline in value along its name or investment policies subsequent to the time of the with equity or fixed income markets, or both, or that they may not Portfolio’s investment may continue to be considered an appropriate otherwise perform as expected. Alternative investments may have investment for purposes of the 80% policy. For purposes of asset different characteristics and risks than do traditional investments, class and asset category target allocations, where an Underlying can be highly volatile, may be less liquid, particularly in periods of Portfolio or Underlying ETF could be assigned to more than one stress, and may be more complex and less transparent than asset class (e.g., equity and alternative asset classes) or category traditional investments. Alternative investments also may have (e.g., international bond and global bond asset categories), the more complicated tax profiles than traditional investments. The Adviser may, in its discretion, assign an Underlying Portfolio or use of alternative investments may not achieve the desired effect. Underlying ETF to one or more asset classes or categories. The • Credit Risk — The Portfolio is subject to the risk that the issuer Adviser may add new Underlying Portfolios and Underlying ETFs or or the guarantor (or other obligor, such as a party providing replace or eliminate existing Underlying Portfolios and Underlying insurance or other credit enhancement) of a fixed income security, ETFs without shareholder approval. The Underlying Portfolios and or the counterparty to a derivatives contract, repurchase Underlying ETFs have been selected to represent a reasonable agreement, loan of portfolio securities or other transaction, is

CMSB 2 unable or unwilling, or is perceived (whether by market Emerging Markets Risk — There are greater risks involved in participants, ratings agencies, pricing services or otherwise) as investing in emerging market countries and/or their securities unable or unwilling, to make timely principal and/or interest markets. Investments in these countries and/or markets may payments, or otherwise honor its obligations. Securities are present market, credit, currency, liquidity, legal, political, subject to varying degrees of credit risk, which are often reflected technical and other risks different from, or greater than, the in their credit ratings. However, rating agencies may fail to make risks of investing in developed countries. Investments in timely changes to credit ratings in response to subsequent events emerging markets are more susceptible to loss than investments and a credit rating may become stale in that it fails to reflect in developed markets. In addition, the risks associated with changes in an issuer’s financial condition. The downgrade of the investing in a narrowly defined geographic area are generally credit rating of a security may decrease its value. Lower credit more pronounced with respect to investments in emerging quality also may lead to greater volatility in the price of a security market countries. and may negatively affect a security’s liquidity. • Interest Rate Risk — The Portfolio is subject to the risk that fixed • Derivatives Risk — The Portfolio’s investments in derivatives may income securities will decline in value because of changes in rise or fall in value more rapidly than other investments. Changes interest rates. When interest rates decline, the value of the in the value of a derivative may not correlate perfectly or at all Portfolio’s debt securities generally rises. Conversely, when with the underlying asset, rate or index, and the Portfolio could interest rates rise, the value of the Portfolio’s debt securities lose more than the principal amount invested. Some derivatives generally declines. A portfolio with a longer average duration will can have the potential for unlimited losses. In addition, it may be be more sensitive to changes in interest rates, usually making it difficult or impossible for the Portfolio to purchase or sell certain more volatile than a portfolio with a shorter average duration. As derivatives in sufficient amounts to achieve the desired level of of the date of this Prospectus, interest rates are near historic lows exposure, which may result in a loss or may be costly to the in the United States, and below zero in other parts of the world, Portfolio. Derivatives also may be subject to certain other risks including certain European countries and Japan. The Portfolio is such as leveraging risk, interest rate risk, credit risk, the risk that subject to a greater risk of rising interest rates due to these a counterparty may be unable or unwilling to honor its market conditions. A significant or rapid rise in interest rates obligations, and the risk of mispricing or improper valuation. could result in losses to the Portfolio. Derivatives also may not behave as anticipated by the Portfolio, • Investment Grade Securities Risk — Debt securities generally especially in abnormal market conditions. Changing regulation are rated by national bond ratings agencies. The Portfolio may make derivatives more costly, limit their availability, impact considers securities to be investment grade if they are rated BBB the Portfolio’s ability to maintain its investments in derivatives, or higher by Standard & Poor’s Global Ratings (“S&P”) or Fitch disrupt markets, or otherwise adversely affect their value or Ratings, Ltd. (“Fitch”) or Baa or higher by Moody’s Investors performance. Service, Inc. (“Moody’s”), or, if unrated, determined by the • Foreign Securities Risk — Investments in foreign securities, investment manager to be of comparable quality. Securities rated including depositary receipts, involve risks not associated with in the lower investment grade rating categories (e.g., BBB or Baa) investing in U.S. securities. Foreign markets, particularly emerging are considered investment grade securities, but are somewhat markets, may be less liquid, more volatile and subject to less riskier than higher rated obligations because they are regarded as government supervision than U.S. markets. Security values also having only an adequate capacity to pay principal and interest, may be negatively affected by changes in the exchange rates are considered to lack outstanding investment characteristics, and between the U.S. dollar and foreign currencies. Differences may possess certain speculative characteristics. between U.S. and foreign legal, political and economic systems, • Liquidity Risk — The Portfolio is subject to the risk that certain regulatory regimes and market practices also may impact security investments may be difficult or impossible for the Portfolio to values and it may take more time to clear and settle trades purchase or sell at an advantageous time or price or in sufficient involving foreign securities. amounts to achieve the desired level of exposure. The Portfolio may Currency Risk — Investments in foreign currencies and in be required to dispose of other investments at unfavorable times or securities that trade in, or receive revenues in, or in derivatives prices to satisfy obligations, which may result in a loss or may be that provide exposure to foreign currencies are subject to the costly to the Portfolio. Judgment plays a greater role in pricing risk that those currencies will decline in value relative to the U.S. illiquid investments than investments with more active markets. dollar, or, in the case of hedging positions, that the U.S. dollar • Market Risk — The Portfolio is subject to the risk that the will decline in value relative to the currency being hedged. Any securities markets will move down, sometimes rapidly and such decline may erode or reverse any potential gains from an unpredictably based on overall economic conditions and other investment in securities denominated in foreign currency or may factors. Changes in the financial condition of a single issuer can widen existing loss. Currency rates may fluctuate significantly impact the market as a whole. over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to • Money Market Risk — Although a money market fund is intervene) by governments, central banks or supranational designed to be a relatively low risk investment, it is not free of entities, or by the imposition of currency controls or other risk. Despite the short maturities and high credit quality of a political developments in the U.S. or abroad. money market fund’s investments, increases in interest rates and

CMSB 3 deteriorations in the credit quality of the instruments the money Underlying Portfolios and the market values of the Underlying market fund has purchased may reduce the money market fund’s ETFs in which it invests. The Portfolio is also subject to the risks yield and can cause the price of a money market security to associated with the securities or other investments in which the decrease. In addition, a money market fund is subject to the risk Underlying Portfolios and Underlying ETFs invest and the ability of that the value of an investment may be eroded over time by the Portfolio to meet its investment objective will directly depend inflation. The Securities and Exchange Commission adopted on the ability of the Underlying Portfolios and Underlying ETFs to changes to the rules that govern money market funds which meet their investment objectives. There is also the risk that an became effective in October 2016. These changes may affect a Underlying ETF’s performance may not match that of the relevant money market fund’s investment strategies, operations and/or index. It is also possible that an active trading market for an return potential. Underlying ETF may not develop or be maintained, in which case • Mortgage-Backed and Asset-Backed Securities Risk —The the liquidity and value of the Portfolio’s investment in the Portfolio is subject to the risk that the principal on mortgage- and Underlying ETF could be substantially and adversely affected. The asset-backed securities held by the Portfolio will be prepaid, extent to which the investment performance and risks associated which generally will reduce the yield and market value of these with the Portfolio correlate to those of a particular Underlying securities. If interest rates fall, the rate of prepayments tends to Portfolio or Underlying ETF will depend upon the extent to which increase as borrowers are motivated to pay off debt and refinance the Portfolio’s assets are allocated from time to time for at new lower rates. Rising interest rates may increase the risk of investment in the Underlying Portfolio or Underlying ETF, which default by borrowers and tend to extend the duration of these will vary. securities, making them more sensitive to changes in interest • U.S. Government Securities Risk — The Portfolio invests in rates. As a result, in a period of rising interest rates, to the extent securities issued or guaranteed by the U.S. government or its the Portfolio holds these types of securities, it may experience agencies and instrumentalities (such as securities issued by the additional volatility and losses. This is known as extension risk. Government National Mortgage Association (Ginnie Mae), the Moreover, declines in the credit quality of the issuers of Federal National Mortgage Association (Fannie Mae), or the mortgage- and asset-backed securities or instability in the Federal Home Loan Mortgage Corporation (Freddie Mac). U.S. markets for such securities may affect the value and liquidity of government securities are subject to market risk, interest rate risk such securities, which could result in losses to the Portfolio. In and credit risk. Securities, such as those issued or guaranteed by addition, certain mortgage- and asset-backed securities may Ginnie Mae or the U.S. Treasury, that are backed by the full faith include securities backed by pools of loans made to “subprime” and credit of the U.S. are guaranteed only as to the timely borrowers or borrowers with blemished credit histories; the risk of payment of interest and principal when held to maturity, and the defaults is generally higher in the case of mortgage pools that market prices for such securities will fluctuate due to changing include such subprime mortgages. interest rates, among other factors. Notwithstanding that these • Non-Investment Grade Securities Risk — Bonds rated below securities are backed by the full faith and credit of the U.S., investment grade (i.e., BB or lower by S&P or Fitch or Ba or lower circumstances could arise that would prevent the payment of by Moody’s or, if unrated, determined by the investment manager interest or principal. This would result in losses to the Portfolio. to be of comparable quality) are speculative in nature and are Securities issued or guaranteed by U.S. government related subject to additional risk factors such as increased possibility of organizations, such as Fannie Mae and Freddie Mac, are not default, illiquidity of the security, and changes in value based on backed by the full faith and credit of the U.S. government and no changes in interest rates. Non-investment grade bonds, assurance can be given that the U.S. government will provide sometimes referred to as “junk bonds,” are usually issued by financial support. Therefore, U.S. government related companies without long track records of sales and earnings, or by organizations may not have the funds to meet their payment those companies with questionable credit strength. The obligations in the future. creditworthiness of issuers of non-investment grade debt securities may be more complex to analyze than that of issuers of Risk/Return Bar Chart and Table investment grade debt securities, and reliance on credit ratings The bar chart and table below provide some indication of the risks of may present additional risks. investing in the Portfolio (prior to its conversion to a fund-of-funds • Portfolio Management Risk — The Portfolio is subject to the risk on April 18, 2014 (the “Conversion Date”) as discussed below) by that strategies used by an investment manager and its securities showing changes in the Portfolio’s performance from year to year selections fail to produce the intended results. and by showing how the Portfolio’s average annual total returns for the past one, five and ten years (or since inception) through • Risks of Investing in Underlying Portfolios and Underlying December 31, 2016 compared to the returns of a broad-based ETFs — The Portfolio’s shareholders will indirectly bear the fees securities market index. The return of the broad-based securities and expenses paid by the Underlying Portfolios and Underlying market index (and any additional comparative index) shown in the ETFs in which it invests, in addition to the Portfolio’s direct fees right hand column below is the return of the index for the last 10 and expenses. The cost of investing in the Portfolio, therefore, years or, if shorter, since the inception of the share class with the may be higher than the cost of investing in a mutual fund that longest history. invests directly in individual stocks and bonds. The Portfolio’s net asset value is subject to fluctuations in the net asset values of the

CMSB 4 Past performance is not an indication of future performance. This WHO MANAGES THE PORTFOLIO may be particularly true for this Portfolio because prior to the Investment Adviser: FMG LLC Conversion Date the Portfolio was not a fund-of-funds, had different investment policies, was managed by multiple advisers and, under Portfolio Managers: normal circumstances, approximately 50% of the Portfolio’s net Date Began assets were actively managed and approximately 50% of the Managing Portfolio’s net assets were managed to track the performance Name Title the Portfolio (before fees and expenses) of a particular index. Following the conversion of the Portfolio to a fund-of-funds, the Portfolio pursues Kenneth T. Kozlowski, Executive Vice President May 2011 its investment objective through investments in underlying CFP®, CLU, ChFC and Chief Investment proprietary and unaffiliated mutual funds and exchange-traded Officer of FMG LLC funds. The underlying proprietary and unaffiliated mutual funds and Alwi Chan, CFA® Senior Vice President February 2010 exchange-traded funds in which the Portfolio invests incur their own and Deputy Chief operating costs and expenses, including management fees payable Investment Officer of to their investment advisers, and the Portfolio’s performance, FMG LLC following the conversion of the Portfolio to a fund-of-funds, will Xavier Poutas, CFA® Assistant Portfolio May 2011 reflect the impact of these operating costs and expenses. If the Manager of FMG LLC Portfolio had historically been managed as a fund-of-funds using its Miao Hu, CFA® Assistant Portfolio May 2016 current investment strategies and policies, the performance of the Manager of FMG LLC Portfolio may have been different. In addition, the Portfolio was advised by different advisers prior to the Conversion Date. PURCHASE AND SALE OF PORTFOLIO SHARES The performance results do not reflect any Contract-related fees and expenses, which would reduce the performance results. The Portfolio’s shares are currently sold only to insurance company separate accounts in connection with Contracts issued or to be Calendar Year Annual Total Returns — Class B issued by AXA Equitable Life Insurance Company (“AXA Equitable”), or other affiliated or unaffiliated insurance companies and to The 9.53% AXA Equitable 401(k) Plan. Shares also may be sold to other tax- 6.82% 5.08% 5.23% qualified retirement plans and to other investors eligible under 3.18% 2.89% 2.39% applicable federal income tax regulations. -0.49% -0.92% The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day (normally any day on which the New York Stock Exchange is open) upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be -23.55% made within seven days after tender. Please refer to your Contract 2007 2008 20092010 2011 2012 2013 2014 2015 2016 prospectus for more information on purchasing and redeeming Portfolio shares. Best quarter (% and time period) Worst quarter (% and time period) 4.90% (2009 3rd Quarter) –15.87% (2008 4th Quarter) TAX INFORMATION

Average Annual Total Returns The Portfolio’s shareholders are (or may include) insurance company Ten Years/ separate accounts, qualified plans and other investors eligible under Since applicable federal income tax regulations. Accordingly, distributions One Year Five Years Inception the Portfolio makes of its net investment income and net realized CharterSM Multi-Sector Bond gains — most or all of which it intends to distribute annually — and Portfolio — Class A Shares 2.89% 1.80% 0.69% redemptions or exchanges of Portfolio shares generally will not be CharterSM Multi-Sector Bond taxable to its shareholders (or to the holders of underlying Contracts Portfolio — Class B Shares 2.89% 1.80% 0.58% or plan participants or beneficiaries). See the prospectus for your Bloomberg Barclays U.S. Intermediate Contract for further tax information. Government/Credit Bond Index (reflects no deduction for fees, expenses, or taxes) 2.08% 1.85% 3.84%

CMSB 5 PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES The Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and the Adviser and its affiliates may make payments to a sponsoring insurance company (or its affiliates) or other financial intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. Ask your financial adviser or visit your financial intermediary’s website for more information.

CMSB 6 AXA PREMIER VIP TRUST CharterSM Small Cap Growth Portfolio – Class A and B Shares

Summary Prospectus dated May 1, 2017

Investment Objective: Seeks to achieve long-term growth of capital. indicated, and then redeem all of your shares at the end of these periods. The example also assumes that your investment has a 5% FEES AND EXPENSES OF THE PORTFOLIO return each year, that the Portfolio’s operating expenses remain the The following table describes the fees and expenses that you may pay if same, and that the Expense Limitation Arrangement is not renewed. you buy and hold shares of the Portfolio. The table below does not reflect This example does not reflect any Contract-related fees and expenses, any fees and expenses associated with variable life insurance contracts including redemption fees (if any) at the Contract level. If such fees and variable annuity certificates and contracts (“Contracts”), which would and expenses were reflected, the total expenses would be higher. increase overall fees and expenses. See the Contract prospectus for a Although your actual costs may be higher or lower, based on these description of those fees and expenses. assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years Shareholder Fees Class A Shares $148 $488 $852 $1,877 (fees paid directly from your investment) Class B Shares $148 $488 $852 $1,877 Not applicable. PORTFOLIO TURNOVER Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of As a fund of funds, the Portfolio will not incur transaction costs, such as your investment) commissions, when it buys and sells shares of the Underlying Portfolios, CharterSM Small Cap Growth Portfolio Class A Shares Class B Shares but it will incur transaction costs when it buys and sells other types of Management fee 0.15% 0.15% securities (including exchange traded securities of Underlying ETFs) directly Distribution and/or service (or “turns over” its portfolio). A higher portfolio turnover rate may indicate (12b-1) Fees 0.25% 0.25% higher transaction costs. These costs, which are not reflected in annual Other expenses 0.24% 0.24% fund operating expenses or in the example, affect the Portfolio’s Acquired fund fees and expenses (underlying performance. During the most recent fiscal year, before the Portfolio portfolios) 0.95% 0.95% converted to a fund of funds, the Portfolio’s turnover rate was 3% of the Total annual portfolio operating expenses 1.59% 1.59% average value of the Portfolio. Less fee waiver and/or expense reimbursement† –0.14% –0.14% Total annual portfolio operating expenses after INVESTMENTS, RISKS, AND PERFORMANCE fee waiver and/or expense reimbursement 1.45% 1.45% Principal Investment Strategies of the Portfolio † Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreed to make payments or waive its management, administrative and other fees to limit the The Portfolio pursues its investment objective by investing in other expenses of the Portfolio through April 30, 2018 (unless the Board of Trustees consents to mutual funds managed by AXA Equitable Funds Management an earlier revision or termination of the arrangement) (“Expense Limitation Group, LLC (“FMG LLC” or “Adviser ”) and in investment companies Arrangement”) so that the annual operating expenses (including Acquired Fund Fees and Expenses) of the Portfolio (exclusive of taxes, interest, brokerage commissions, dividend managed by investment managers other than FMG LLC (affiliated and interest expenses on securities sold short, capitalized expenses and extraordinary and unaffiliated “Underlying Portfolios”) and in exchange traded expenses) do not exceed 1.45% for Class A and Class B shares of the Portfolio. The securities of other investment companies or investment vehicles Expense Limitation Arrangement may be terminated by AXA Equitable Funds (“Underlying ETFs”) comprising various asset categories and Management Group, LLC at any time after April 30, 2018. strategies. The Portfolio will invest in Underlying Portfolios and Underlying ETFs such that at least 80% of its assets (net assets plus Example the amount of any borrowings for investment purposes) are invested This example is intended to help you compare the cost of investing in in equity securities of small capitalization companies (which may the Portfolio with the cost of investing in other portfolios. The example include derivatives exposure to equity securities of small- assumes that you invest $10,000 in the Portfolio for the time periods capitalization companies). For purposes of this Portfolio, small

CSCG 1 capitalization companies are companies with a market capitalization Information for the Underlying Portfolios and Underlying ETFs for that is similar to or below the highest market capitalization range of additional information about these risks. In this section, the term the Russell 2000® Index at the time of investment (approximately “Portfolio” may include the Portfolio, an Underlying Portfolio, an $10.5 billion as of December 31, 2016). Underlying ETF, or all of the above. The Portfolio allocates its assets to Underlying Portfolios and Underlying • Affiliated Portfolio Risk — In managing a Portfolio that invests ETFs that invest among various asset categories. The asset categories and in Underlying Portfolios and Underlying ETFs, the Adviser will strategies of the Underlying Portfolios and Underlying ETFs in which the have the authority to select and substitute the Underlying Portfolio invests are as follows: Portfolios and Underlying ETFs. The Adviser may be subject to potential conflicts of interest in allocating the Portfolio’s assets Domestic Small Cap Equity Emerging Markets Small Cap among Underlying Portfolios and Underlying ETFs because it (and Domestic Micro Cap Equity International/Global Small Cap Equity in certain cases its affiliates) earn fees for managing and administering the affiliated Underlying Portfolios, but not the In addition, the Portfolio may invest in Underlying Portfolios and unaffiliated Underlying Portfolios or Underlying ETFs. In addition, Underlying ETFs that employ derivatives (including futures contracts) the Adviser may be subject to potential conflicts of interest in for a variety of purposes, including to reduce risk, to seek enhanced allocating the Portfolio’s assets among the various affiliated returns from certain asset classes, and to leverage exposure to Underlying Portfolios because the fees payable to it by some of certain asset classes. the affiliated Underlying Portfolios are higher than the fees payable by other affiliated Underlying Portfolios and because the The Adviser selects the Underlying Portfolios and Underlying ETFs in Adviser is also responsible for managing, administering, and with which to invest the Portfolio’s assets. In selecting Underlying respect to certain affiliated Underlying Portfolios, its affiliates are Portfolios and Underlying ETFs, the Adviser will utilize a proprietary responsible for sub-advising, the affiliated Underlying Portfolios. investment process that may take into consideration a number of factors including, as appropriate and applicable, fund performance, • Alternative Investment Risk — To the extent the Portfolio invests in management team, investment style, correlations, asset class Underlying Portfolios and Underlying ETFs that invest in alternative exposure, industry classification, benchmark, risk adjusted return, investments, it will be subject to the risks associated with such volatility, expense ratio, asset size and portfolio turnover. For investments. Alternative investments may use a different approach to purposes of complying with the 80% policy identified above, the investing than do traditional investments (such as equity or fixed Adviser will identify Underlying Portfolios and Underlying ETFs in income investments) and the performance of alternative investments is which to invest by reference to such Underlying Portfolio’s or not expected to correlate closely with more traditional investments; Underlying ETF’s name and investment policies at the time of however, it is possible that alternative investments will decline in value investment. An Underlying Portfolio or Underlying ETF that changes along with equity or fixed income markets, or both, or that they may its name or investment policies subsequent to the time of the not otherwise perform as expected. Alternative investments may have Portfolio’s investment may continue to be considered an appropriate different characteristics and risks than do traditional investments, Non- investment for purposes of the 80% policy. For purposes of asset traditional (alternative) can be highly volatile, may be less liquid, class and asset category target allocations, where an Underlying particularly in periods of stress, and may be more complex and less Portfolio or Underlying ETF could be assigned to more than one transparent than traditional investments. Alternative investments also asset class (e.g., equity and alternative asset classes) or category may have more complicated tax profiles than traditional investments. (e.g., international bond and global bond asset categories), the The use of alternative investments may not achieve the desired effect. Adviser may, in its discretion, assign an Underlying Portfolio or • Derivatives Risk — The Portfolio’s investments in derivatives may rise Underlying ETF to one or more asset classes or categories. or fall in value more rapidly than other investments. Changes in the The Adviser may add new Underlying Portfolios and Underlying ETFs value of a derivative may not correlate perfectly or at all with the or replace or eliminate existing Underlying Portfolios and Underlying underlying asset, rate or index, and the Portfolio could lose more than ETFs without shareholder approval. The Underlying Portfolios and the principal amount invested. Some derivatives can have the potential Underlying ETFs have been selected to represent a reasonable for unlimited losses. In addition, it may be difficult or impossible for the spectrum of investment options for the Portfolio. The Adviser may Portfolio to purchase or sell certain derivatives in sufficient amounts to sell the Portfolio’s holdings for a variety of reasons, including to achieve the desired level of exposure, which may result in a loss or may invest in an Underlying Portfolio or Underlying ETF believed to offer be costly to the Portfolio. Derivatives also may be subject to certain superior investment opportunities. other risks such as leveraging risk, interest rate risk, credit risk, the risk that a counterparty may be unable or unwilling to honor its obligations, The Principal Risks of Investing in the Portfolio and the risk of mispricing or improper valuation. Derivatives also may not behave as anticipated by the Portfolio, especially in abnormal An investment in the Portfolio is not a deposit of a bank and is not market conditions. Changing regulation may make derivatives more insured or guaranteed by the Federal Deposit Insurance Corporation costly, limit their availability, impact the Portfolio’s ability to maintain its or any other government agency. You may lose money by investing investments in derivatives, disrupt markets, or otherwise adversely inthePortfolio.Performancemaybeaffectedbyoneormoreofthe affect their value or performance. following risks. The Portfolio is also subject to the risks associated with the Underlying Portfolios’ and Underlying ETFs’ investments; • Equity Risk — In general, stocks and other equity security values please see the Prospectuses and Statements of Additional fluctuate, and sometimes widely fluctuate, in response to changes

CSCG 2 in a company’s financial condition as well as general market, inability to predict correctly the direction of securities prices, economic, and political conditions and other factors. interest rates, currency exchange rates and other economic • Foreign Securities Risk — Investments in foreign securities, including factors; (e) the possibility that a counterparty, clearing member or depositary receipts, involve risks not associated with investing in U.S. clearinghouse will default in the performance of its obligations; (f) securities. Foreign markets, particularly emerging markets, may be if the Portfolio has insufficient cash, it may have to sell securities less liquid, more volatile and subject to less government supervision from its portfolio to meet daily variation margin requirements, and than U.S. markets. Security values also may be negatively affected by the Portfolio may have to sell securities at a time when it may be changes in the exchange rates between the U.S. dollar and foreign disadvantageous to do so; and (g) transaction costs associated currencies. Differences between U.S. and foreign legal, political and with investments in futures contracts may be significant, which economic systems, regulatory regimes and market practices also may could cause or increase losses or reduce gains. Futures contracts impact security values and it may take more time to clear and settle are also subject to the same risks as the underlying investments trades involving foreign securities. to which they provide exposure. In addition, futures contracts may subject the Portfolio to leveraging risk. Currency Risk — Investments in foreign currencies and in securities that trade in, or receive revenues in, or in derivatives • Investment Style Risk — The Portfolio may invest in Underlying that provide exposure to foreign currencies are subject to the Portfolios and Underlying ETFs that, from time to time, employ a risk that those currencies will decline in value relative to the U.S. particular style or set of styles — in this case “growth” styles — dollar, or, in the case of hedging positions, that the U.S. dollar to select investments. Those styles may be out of favor or may not will decline in value relative to the currency being hedged. Any produce the best results over short or longer time periods. Growth such decline may erode or reverse any potential gains from an stocks may be more sensitive to changes in current or expected investment in securities denominated in foreign currency or may earnings than the prices of other stocks. Growth investing also is widen existing loss. Currency rates may fluctuate significantly subject to the risk that the stock price of one or more companies over short periods of time for a number of reasons, including will fall or will fail to appreciate as anticipated, regardless of changes in interest rates, intervention (or the failure to movements in the securities market. Growth stocks also tend to intervene) by governments, central banks or supranational be more volatile than value stocks, so in a declining market their entities, or by the imposition of currency controls or other prices may decrease more than value stocks in general. Growth political developments in the U.S. or abroad. stocks also may increase the volatility of the Portfolio’s share price. Depositary Receipts Risk — Investments in depositary receipts (including American Depositary Receipts, European Depositary • Market Risk — The Portfolio is subject to the risk that the Receipts and Global Depositary Receipts) are generally subject securities markets will move down, sometimes rapidly and to the same risks of investing in the foreign securities that they unpredictably based on overall economic conditions and other evidence or into which they may be converted. In addition, factors. Changes in the financial condition of a single issuer can issuers underlying unsponsored depositary receipts may not impact the market as a whole. provide as much information as U.S. issuers and issuers • Portfolio Management Risk — The Portfolio is subject to the risk underlying sponsored depositary receipts. Unsponsored that strategies used by an investment manager and its securities depositary receipts also may not carry the same voting privileges selections fail to produce the intended results. as sponsored depositary receipts. • Risks Related to Investments in Underlying Portfolios and Emerging Markets Risk — There are greater risks involved in Underlying ETFs — The Portfolio’s shareholders will indirectly investing in emerging market countries and/or their securities bear the fees and expenses paid by the Underlying Portfolios and markets. Investments in these countries and/or markets may Underlying ETFs in which it invests, in addition to the Portfolio’s present market, credit, currency, liquidity, legal, political, direct fees and expenses. The cost of investing in the Portfolio, technical and other risks different from, or greater than, the therefore, may be higher than the cost of investing in a mutual risks of investing in developed countries. Investments in fund that invests directly in individual stocks and bonds. The emerging markets are more susceptible to loss than investments Portfolio’s net asset value is subject to fluctuations in the net in developed markets. In addition, the risks associated with asset values of the Underlying Portfolios and the market values of investing in a narrowly defined geographic area are generally the Underlying ETFs in which it invests. The Portfolio is also more pronounced with respect to investments in emerging subject to the risks associated with the securities or other market countries. investments in which the Underlying Portfolios and Underlying • Futures Contract Risk —The primary risks associated with the ETFs invest and the ability of the Portfolio to meet its investment use of futures contracts are (a) the imperfect correlation between objective will directly depend on the ability of the Underlying the change in market value of the instruments held by the Portfolios and Underlying ETFs to meet their investment Portfolio and the price of the futures contract; (b) liquidity risks, objectives. There is also the risk that an Underlying ETF’s including the possible absence of a liquid secondary market for a performance may not match that of the relevant index. It is also futures contract and the resulting inability to close a futures possible that an active trading market for an Underlying ETF may contract when desired; (c) losses (potentially unlimited) caused by not develop or be maintained, in which case the liquidity and unanticipated market movements; (d) an investment manager’s value of the Portfolio’s investment in the Underlying ETF could be

CSCG 3 substantially and adversely affected. The extent to which the of the Portfolio may have been different. In addition, the Portfolio was investment performance and risks associated with the Portfolio advised by different advisers prior to the Conversion Date. correlate to those of a particular Underlying Portfolio or For periods prior to the date Class A shares commenced operations Underlying ETF will depend upon the extent to which the (January 22, 2008), Class A share performance information shown in Portfolio’s assets are allocated from time to time for investment in the table below is the performance of Class B shares, which reflects the the Underlying Portfolio or Underlying ETF, which will vary. effect of 12b-1 fees paid by Class B shares. Class A shares did not pay • Small-Cap and Micro-Cap Company Risk — The Portfolio’s 12b-1 fees prior to January 1, 2012. investments in small-cap and micro-cap companies may involve greater risks than investments in larger, more established issuers because they The performance results do not reflect any Contract-related fees and generally are more vulnerable than larger companies to adverse expenses, which would reduce the performance results. business or economic developments. Such companies generally have narrower product lines, more limited financial and management Calendar Year Annual Total Returns — Class B resources and more limited markets for their stock as compared with 47.77% larger companies, and may have less experienced management and unproven track records. They may depend on a more limited 34.89% management group than larger capitalized companies. In addition, it is 27.60% more difficult to get information on smaller companies, which tend to 11.42% 9.34% be less well known, have shorter operating histories, do not have 3.60% significant ownership by large investors and are followed by relatively few securities analysts. As a result, the value of such securities may be -2.61% -6.02% more volatile than the securities of larger companies, and because the -15.74% securities generally trade in lower volumes than larger cap securities, the Portfolio may experience difficulty in purchasing or selling such securities at the desired time and price or in the desired amount. In -42.21% general, these risks are greater for micro-cap companies than for small- 200720082009 2010 2011 2012 2013 2014 2015 2016 cap companies. Best quarter (% and time period) Worst quarter (% and time period) Risk/Return Bar Chart and Table 22.61% (2009 2nd Quarter) –27.13% (2008 4th Quarter) The bar chart and table below provide some indication of the risks of investing in the Portfolio (including prior to its conversion to a fund- Average Annual Total Returns of-funds on April 18, 2014 (the “Conversion Date”), as discussed Ten Years/ below ) by showing changes in the Portfolio’s performance from year Since One Year Five Years Inception to year and by showing how the Portfolio’s average annual total SM returns for the past one, five and ten years (or since inception) Charter Small Cap Growth Portfolio — Class A Shares through December 31, 2016 compared to the returns of a broad- (Inception Date: January 22, 2008) 9.34% 10.49% 3.74% based securities market index. The return of the broad-based CharterSM Small Cap Growth securities market index shown in the right hand column below is the Portfolio — Class B Shares return of the index for the last 10 years or, if shorter, since the (Inception Date: December 1, 1998) 9.34% 10.50% 3.65% inception of the share class with the longest history. Russell 2000® Growth Index (reflects no deduction for fees, expenses, Past performance is not an indication of future performance. This may be or taxes) 11.32% 13.74% 7.76% particularly true for this Portfolio because prior to the Conversion Date the Portfolio was not a fund-of-funds, had different investment policies, was managed by multiple advisers and, under normal circumstances, approximately 50% of the Portfolio’s net assets were actively managed and approximately 50% of the Portfolio’s net assets were managed to track the performance (before fees and expenses) of a particular index. Following the conversion of the Portfolio to a fund-of-funds, the Portfolio pursues its investment objective through investments in underlying proprietary and unaffiliated mutual funds and exchange-traded funds. The underlying proprietary and unaffiliated mutual funds and exchange-traded funds in which the Portfolio invests incur their own operating costs and expenses, including management fees payable to their investment advisers, and the Portfolio’s performance, following the conversion of the Portfolio to a fund-of-funds, will reflect the impact of these operating costs and expenses. If the Portfolio had historically been managed as a fund-of- funds using its current investment strategies and policies, the performance

CSCG 4 WHO MANAGES THE PORTFOLIO PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES Investment Adviser: FMG LLC The Portfolio is not sold directly to the general public but instead is Portfolio Managers: offered as an underlying investment option for Contracts and Date Began retirement plans and to other eligible investors. The Portfolio and Managing the Adviser and its affiliates may make payments to a sponsoring Name Title the Portfolio insurance company (or its affiliates) or other financial intermediary Kenneth T. Kozlowski, Executive Vice President May 2011 for distribution and/or other services. These payments may create a CFP®, CLU, ChFC and Chief Investment conflict of interest by influencing the insurance company or other Officer of FMG LLC financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance Alwi Chan, CFA® Senior Vice President February 2010 company to include the Portfolio as an underlying investment option and Deputy Chief in the Contract. The prospectus (or other offering document) for your Investment Officer of Contract may contain additional information about these payments. FMG LLC Ask your financial adviser or visit your financial intermediary’s Xavier Poutas, CFA® Assistant Portfolio May 2011 website for more information. Manager of FMG LLC Miao Hu, CFA® Assistant Portfolio May 2016 Manager of FMG LLC

PURCHASE AND SALE OF PORTFOLIO SHARES The Portfolio’s shares are currently sold only to insurance company separate accounts in connection with Contracts issued or to be issued by AXA Equitable Life Insurance Company (“AXA Equitable”), or 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 and to other investors eligible under applicable federal income tax regulations. The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day (normally any day on which the New York Stock Exchange is open) upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares.

TAX INFORMATION The Portfolio’s shareholders are (or may include) insurance company separate accounts, qualified plans and other investors eligible under applicable federal income tax regulations. Accordingly, distributions the Portfolio makes of its net investment income and net realized gains — most or all of which it intends to distribute annually — and redemptions or exchanges of Portfolio shares generally will not be taxable to its shareholders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax information.

CSCG 5 AXA PREMIER VIP TRUST CharterSM Small Cap Value Portfolio – Class A and B Shares

Summary Prospectus dated May 1, 2017

Investment Objective: Seeks to achieve long-term growth of capital. assumes that you invest $10,000 in the Portfolio for the time periods indicated, and then redeem all of your shares at the end of these FEES AND EXPENSES OF THE PORTFOLIO periods. The example also assumes that your investment has a 5% return each year, that the Portfolio’s operating expenses remain the The following table describes the fees and expenses that you may pay if same, and that the Expense Limitation Arrangement is not renewed. you buy and hold shares of the Portfolio. The table below does not reflect This example does not reflect any Contract-related fees and expenses, any fees and expenses associated with variable life insurance contracts including redemption fees (if any) at the Contract level. If such fees and and variable annuity certificates and contracts (“Contracts”), which would expenses were reflected, the total expenses would be higher. Although increase overall fees and expenses. See the Contract prospectus for a your actual costs may be higher or lower, based on these assumptions description of those fees and expenses. your costs would be: Shareholder Fees 1 Year 3 Years 5 Years 10 Years (fees paid directly from your investment) Class A Shares $148 $473 $822 $1,807 Not applicable. Class B Shares $148 $471 $818 $1,796

Annual Portfolio Operating Expenses PORTFOLIO TURNOVER (expenses that you pay each year as a percentage of the value of your investment) As a fund of funds, the Portfolio will not incur transaction costs, CharterSM Small Cap Value Portfolio Class A Shares Class B Shares such as commissions, when it buys and sells shares of the Management fee 0.15% 0.15% Underlying Portfolios, but it will incur transaction costs when it buys Distribution and/or service (12b-1) Fees 0.25% 0.25% and sells other types of securities (including exchange traded Other expenses 0.21% 0.20% securities of Underlying ETFs) directly (or “turns over” its portfolio). Acquired fund fees and expenses (underlying A higher portfolio turnover rate may indicate higher transaction portfolios) 0.91% 0.91% costs. These costs, which are not reflected in annual fund operating Total annual portfolio operating expenses 1.52% 1.51% expenses or in the example, affect the Portfolio’s performance. Less fee waiver and/or expense During the most recent fiscal year, the Portfolio’s turnover rate was reimbursement† –0.07% –0.06% 11% of the average value of the Portfolio. Total annual portfolio operating expenses after fee waiver and/or expense INVESTMENTS, RISKS, AND PERFORMANCE reimbursement 1.45% 1.45% † Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreed Principal Investment Strategies of the Portfolio to make payments or waive its management, administrative and other fees to limit the expenses of the Portfolio through April 30, 2018 (unless the Board of Trustees The Portfolio pursues its investment objective by investing in other consents to an earlier revision or termination of the arrangement) (“Expense mutual funds managed by AXA Equitable Funds Management Limitation Arrangement”) so that the annual operating expenses (including Group, LLC (“FMG LLC” or “Adviser”) and in investment companies Acquired Fund Fees and Expenses) of the Portfolio (exclusive of taxes, interest, brokerage commissions, dividend and interest expenses on securities sold short, managed by investment managers other than FMG LLC (affiliated capitalized expenses and extraordinary expenses) do not exceed 1.45% for Class A and unaffiliated “Underlying Portfolios”) and in exchange traded and Class B shares of the Portfolio. The Expense Limitation Arrangement may be securities of other investment companies or investment vehicles terminated by AXA Equitable Funds Management Group, LLC at any time after (“Underlying ETFs”) comprising various asset categories and April 30, 2018. strategies. The Portfolio will invest in Underlying Portfolios and Underlying ETFs such that at least 80% of its assets (net assets plus Example the amount of any borrowings for investment purposes) are invested This example is intended to help you compare the cost of investing in in equity securities of small-capitalization companies (which may the Portfolio with the cost of investing in other portfolios. The example include derivatives exposure to equity securities of small

CSCV 1 capitalization companies). For purposes of this Portfolio, small Information for the Underlying Portfolios and Underlying ETFs for capitalization companies are companies with a market capitalization additional information about these risks. In this section, the term that is similar to or below the highest market capitalization range of “Portfolio” may include the Portfolio, an Underlying Portfolio, an the Russell 2000® Index at the time of investment (approximately Underlying ETF, or all of the above. $10.5 billion as of December 31, 2016). • Affiliated Portfolio Risk — In managing a Portfolio that invests in The Portfolio allocates its assets to Underlying Portfolios and Underlying Portfolios and Underlying ETFs, the Adviser will have the Underlying ETFs that invest among various asset categories. The authority to select and substitute the Underlying Portfolios and asset categories and strategies of the Underlying Portfolios and Underlying ETFs. The Adviser may be subject to potential conflicts Underlying ETFs in which the Portfolio invests are as follows: of interest in allocating the Portfolio’s assets among Underlying Portfolios and Underlying ETFs because it (and in certain cases its Domestic Small Cap Equity Emerging Markets Small Cap Equity affiliates) earn fees for managing and administering the affiliated Underlying Portfolios, but not the unaffiliated Underlying Portfolios Domestic Micro Cap Equity International/Global Small Cap Equity or Underlying ETFs. In addition, the Adviser may be subject to In addition, the Portfolio may invest in Underlying Portfolios and Underlying potential conflicts of interest in allocating the Portfolio’s assets ETFs that employ derivatives (including futures contracts) for a variety of among the various affiliated Underlying Portfolios because the fees purposes, including to reduce risk, to seek enhanced returns from certain payable to it by some of the affiliated Underlying Portfolios are asset classes, and to leverage exposure to certain asset classes. higher than the fees payable by other affiliated Underlying Portfolios and because the Adviser is also responsible for The Adviser selects the Underlying Portfolios and Underlying ETFs in managing, administering, and with respect to certain affiliated which to invest the Portfolio’s assets. In selecting Underlying Underlying Portfolios, its affiliates are responsible for sub-advising, Portfolios and Underlying ETFs, the Adviser will utilize a proprietary the affiliated Underlying Portfolios. investment process that may take into consideration a number of • Alternative Investment Risk — To the extent the Portfolio invests in factors including, as appropriate and applicable, fund performance, Underlying Portfolios and Underlying ETFs that invest in alternative management team, investment style, correlations, asset class investments, it will be subject to the risks associated with such exposure, industry classification, benchmark, risk adjusted return, investments. Alternative investments may use a different approach to volatility, expense ratio, asset size and portfolio turnover. For investing than do traditional investments (such as equity or fixed purposes of complying with the 80% policy identified above, the income investments) and the performance of alternative investments Adviser will identify Underlying Portfolios and Underlying ETFs in is not expected to correlate closely with more traditional investments; which to invest by reference to such Underlying Portfolio’s or Underlying ETF’s name and investment policies at the time of however, it is possible that alternative investments will decline in investment. An Underlying Portfolio or Underlying ETF that changes value along with equity or fixed income markets, or both, or that they its name or investment policies subsequent to the time of the may not otherwise perform as expected. Alternative investments may Portfolio’s investment may continue to be considered an appropriate have different characteristics and risks than do traditional investment for purposes of the 80% policy. For purposes of asset investments, can be highly volatile, may be less liquid, particularly in class and asset category target allocations, where an Underlying periods of stress, and may be more complex and less transparent, Portfolio or Underlying ETF could be assigned to more than one and may have more complicated tax profiles than traditional asset class (e.g., equity and alternative asset classes) or category investments. Alternative investments also may have more (e.g., international bond and global bond asset categories), the complicated tax profiles than traditional investments. The use of Adviser may, in its discretion, assign an Underlying Portfolio or alternative investments may not achieve the desired effect. Underlying ETF to one or more asset classes or categories. • Portfolio Management Risk — The Portfolio is subject to the risk The Adviser may add new Underlying Portfolios and Underlying ETFs that strategies used by the investment manager and its securities or replace or eliminate existing Underlying Portfolios and Underlying selections fail to produce the intended results. ETFs without shareholder approval. The Underlying Portfolios and • Derivatives Risk — The Portfolio’s investments in derivatives may Underlying ETFs have been selected to represent a reasonable rise or fall in value more rapidly than other investments. Changes spectrum of investment options for the Portfolio. The Adviser may in the value of a derivative may not correlate perfectly or at all sell the Portfolio’s holdings for a variety of reasons, including to with the underlying asset, rate or index, and the Portfolio could invest in an Underlying Portfolio or Underlying ETF believed to offer lose more than the principal amount invested. Some derivatives superior investment opportunities. can have the potential for unlimited losses. In addition, it may be difficult or impossible for the Portfolio to purchase or sell certain The Principal Risks of Investing in the Portfolio derivatives in sufficient amounts to achieve the desired level of exposure, which may result in a loss or may be costly to the An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation Portfolio. Derivatives also may be subject to certain other risks or any other government agency. You may lose money by investing such as leveraging risk, interest rate risk, credit risk, the risk that inthePortfolio.Performancemaybeaffectedbyoneormoreofthe a counterparty may be unable or unwilling to honor its following risks. The Portfolio is also subject to the risks associated obligations, and the risk of mispricing or improper valuation. with the Underlying Portfolios’ and Underlying ETFs’ investments; Derivatives also may not behave as anticipated by the Portfolio, please see the Prospectuses and Statements of Additional especially in abnormal market conditions. Changing regulation

CSCV 2 may make derivatives more costly, limit their availability, impact the change in market value of the instruments held by the the Portfolio’s ability to maintain its investments in derivatives, Portfolio and the price of the futures contract; (b) liquidity risks, disrupt markets, or otherwise adversely affect their value or including the possible absence of a liquid secondary market for a performance. futures contract and the resulting inability to close a futures • Equity Risk — In general, stocks and other equity security values contract when desired; (c) losses (potentially unlimited) caused by fluctuate, and sometimes widely fluctuate, in response to changes unanticipated market movements; (d) an investment manager’s in a company’s financial condition as well as general market, inability to predict correctly the direction of securities prices, economic, and political conditions and other factors. interest rates, currency exchange rates and other economic factors; (e) the possibility that a counterparty, clearing member or • Foreign Securities Risk — Investments in foreign securities, clearinghouse will default in the performance of its obligations; (f) including depositary receipts, involve risks not associated with if the Portfolio has insufficient cash, it may have to sell securities investing in U.S. securities. Foreign markets, particularly emerging from its portfolio to meet daily variation margin requirements, and markets, may be less liquid, more volatile and subject to less the Portfolio may have to sell securities at a time when it may be government supervision than U.S. markets. Security values also disadvantageous to do so; and (g) transaction costs associated may be negatively affected by changes in the exchange rates with investments in futures contracts may be significant, which between the U.S. dollar and foreign currencies. Differences could cause or increase losses or reduce gains. Futures contracts between U.S. and foreign legal, political and economic systems, are also subject to the same risks as the underlying investments regulatory regimes and market practices also may impact security to which they provide exposure. In addition, futures contracts may values and it may take more time to clear and settle trades subject the Portfolio to leveraging risk. involving foreign securities. • Investment Style Risk — The Portfolio may invest in Underlying — Investments in foreign currencies and in Currency Risk Portfolios and Underlying ETFs that, from time to time, employ a securities that trade in, or receive revenues in, or in derivatives particular style or set of styles — in this case “value” styles — to that provide exposure to foreign currencies are subject to the select investments. Those styles may be out of favor or may not risk that those currencies will decline in value relative to the U.S. produce the best results over short or longer time periods. Value dollar, or, in the case of hedging positions, that the U.S. dollar stocks are subject to the risks that notwithstanding that a stock is will decline in value relative to the currency being hedged. Any selling at a discount to its perceived true worth, the market will such decline may erode or reverse any potential gains from an never fully recognize its intrinsic value. In addition, there is the investment in securities denominated in foreign currency or may risk that a stock judged to be undervalued may actually be widen existing loss. Currency rates may fluctuate significantly appropriately priced. over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to • Market Risk — The Portfolio is subject to the risk that the intervene) by governments, central banks or supranational securities markets will move down, sometimes rapidly and entities, or by the imposition of currency controls or other unpredictably based on overall economic conditions and other political developments in the U.S. or abroad. factors. Changes in the financial condition of a single issuer can impact the market as a whole. Depositary Receipts Risk — Investments in depositary receipts (including American Depositary Receipts, European Depositary • Risks of Investing in Underlying Portfolios and Underlying Receipts and Global Depositary Receipts) are generally subject ETFs — The Portfolio’s shareholders will indirectly bear the fees to the same risks of investing in the foreign securities that they and expenses paid by the Underlying Portfolios and Underlying evidence or into which they may be converted. In addition, ETFs in which it invests, in addition to the Portfolio’s direct fees issuers underlying unsponsored depositary receipts may not and expenses. The cost of investing in the Portfolio, therefore, provide as much information as U.S. issuers and issuers may be higher than the cost of investing in a mutual fund that underlying sponsored depositary receipts. Unsponsored invests directly in individual stocks and bonds. The Portfolio’s net depositary receipts also may not carry the same voting privileges asset value is subject to fluctuations in the net asset values of the as sponsored depositary receipts. Underlying Portfolios and the market values of the Underlying ETFs in which it invests. The Portfolio is also subject to the risks Emerging Markets Risk — There are greater risks involved in associated with the securities or other investments in which the investing in emerging market countries and/or their securities Underlying Portfolios and Underlying ETFs invest and the ability of markets. Investments in these countries and/or markets may the Portfolio to meet its investment objective will directly depend present market, credit, currency, liquidity, legal, political, on the ability of the Underlying Portfolios and Underlying ETFs to technical and other risks different from, or greater than, the meet their investment objectives. There is also the risk that an risks of investing in developed countries. Investments in Underlying ETF’s performance may not match that of the relevant emerging markets are more susceptible to loss than investments index. It is also possible that an active trading market for an in developed markets. In addition, the risks associated with Underlying ETF may not develop or be maintained, in which case investing in a narrowly defined geographic area are generally the liquidity and value of the Portfolio’s investment in the more pronounced with respect to investments in emerging Underlying ETF could be substantially and adversely affected. The market countries. extent to which the investment performance and risks associated • Futures Contract Risk —The primary risks associated with the with the Portfolio correlate to those of a particular Underlying use of futures contracts are (a) the imperfect correlation between Portfolio or Underlying ETF will depend upon the extent to which

CSCV 3 the Portfolio’s assets are allocated from time to time for The performance results do not reflect any Contract-related fees and investment in the Underlying Portfolio or Underlying ETF, which expenses, which would reduce the performance results. will vary. • Small-Cap and Micro-Cap Company Risk — The Portfolio’s Calendar Year Annual Total Returns — Class B investments in small-cap and micro-cap companies may involve 42.52% greater risks than investments in larger, more established issuers because they generally are more vulnerable than larger companies 26.40% 24.48% 25.20% to adverse business or economic developments. Such companies 16.97% generally have narrower product lines, more limited financial and management resources and more limited markets for their stock as compared with larger companies, and may have less -5.08% experienced management and unproven track records. They may -9.84% -9.01% depend on a more limited management group than larger -13.13% capitalized companies. In addition, it is more difficult to get information on smaller companies, which tend to be less well -37.87% known, have shorter operating histories, do not have significant 20072008 20092010 2011 2012 2013 2014 2015 2016 ownership by large investors and are followed by relatively few securities analysts. As a result, the value of such securities may be Best quarter (% and time period) Worst quarter (% and time period) more volatile than the securities of larger companies, and because 22.94% (2009 2nd Quarter) –28.00% (2008 4th Quarter) the securities generally trade in lower volumes than larger cap securities, the Portfolio may experience difficulty in purchasing or selling such securities at the desired time and price or in the Average Annual Total Returns desired amount. In general, these risks are greater for micro-cap One Year Five Years Ten Years companies than for small-cap companies. CharterSM Small Cap Value Portfolio — Class A Shares (Inception Date: October 2, 2002) 25.22% 11.46% 3.41% Risk/Return Bar Chart and Table CharterSM Small Cap Value The bar chart and table below provide some indication of the risks of Portfolio — Class B Shares investing in the Portfolio (including prior to its conversion to a fund-of- (Inception Date: January 1, 1998) 25.20% 11.47% 3.27% funds on April 18, 2014 (the “Conversion Date”), as discussed below) Russell 2000® Value Index (reflects by showing changes in the Portfolio’s performance from year to year and no deduction for fees, expenses, or taxes) 31.74% 15.07% 6.26% by showing how the Portfolio’s average annual total returns for the past one, five and ten years (or since inception) through December 31, 2016 compared to the returns of a broad-based securities market index. The WHO MANAGES THE PORTFOLIO return of the broad-based securities market index shown in the right Investment Adviser: FMG LLC hand column below is the return of the index for the last 10 years or, if Portfolio Managers: shorter, since the inception of the share class with the longest history. Date Began Past performance is not an indication of future performance. This may be Managing particularly true for this Portfolio because prior to the Conversion Date the Name Title the Portfolio Portfolio was not a fund-of-funds, had different investment policies, was managed by multiple advisers and, under normal circumstances, Kenneth T. Kozlowski, Executive Vice President May 2011 approximately 50% of the Portfolio’s net assets were actively managed and CFP®, CLU, ChFC and Chief Investment approximately 50% of the Portfolio’s net assets were managed to track the Officer of FMG LLC performance (before fees and expenses) of a particular index. Following the Alwi Chan, CFA® Senior Vice President February 2010 conversion of the Portfolio to a fund-of-funds, the Portfolio pursues its and Deputy Chief investment objective through investments in underlying proprietary and Investment Officer of unaffiliated mutual funds and exchange-traded funds. The underlying FMG LLC proprietary and unaffiliated mutual funds and exchange-traded funds in Xavier Poutas, CFA® Assistant Portfolio May 2011 which the Portfolio invests incur their own operating costs and expenses, Manager of FMG LLC including management fees payable to their investment advisers, and the Miao Hu, CFA® Assistant Portfolio May 2016 Portfolio’s performance, following the conversion of the Portfolio to a fund- Manager of FMG LLC of-funds, will reflect the impact of these operating costs and expenses. If the Portfolio had historically been managed as a fund-of-funds using its current investment strategies and policies, the performance of the Portfolio may have been different. In addition, the Portfolio was advised by different advisers prior to the Conversion Date.

CSCV 4 PURCHASE AND SALE OF PORTFOLIO SHARES The Portfolio’s shares are currently sold only to insurance company separate accounts in connection with Contracts issued or to be issued by AXA Equitable Life Insurance Company (“AXA Equitable”), or 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 and to other investors eligible under applicable federal income tax regulations. The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day (normally any day on which the New York Stock Exchange is open) upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares.

PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES The Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and the Adviser and its affiliates may make payments to a sponsoring insurance company (or its affiliates) or other financial intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. Ask your financial adviser or visit your financial intermediary’s website for more information.

CSCV 5 EQ Advisors TrustSM

1290 VT Equity Income Portfolio – Class IA and IB Shares (formerly EQ/Boston Advisers Equity Income Portfolio)

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks a combination of growth and income to reflect any Contract-related fees and expenses including redemption fees achieve an above-average and consistent total return. (if any) at the Contract level. If such fees and expenses were reflected, the total expenses would be higher. Although your actual costs may be higher FEES AND EXPENSES OF THE PORTFOLIO or lower, based on these assumptions your costs would be:

The following table describes the fees and expenses that you may pay if 1 Year 3 Years 5 Years 10 Years you buy and hold shares of the Portfolio. The table below does not re- Class IA Shares $102 $346 $610 $1,363 flect any fees and expenses associated with variable life insurance con- Class IB Shares $102 $346 $610 $1,363 tracts and variable annuity certificates and contracts (“Contracts”), which would increase overall fees and expenses. See the Contract pro- PORTFOLIO TURNOVER spectus for a description of those fees and expenses. The Portfolio pays transaction costs, such as commissions, when it buys Shareholder Fees and sells securities (or “turns over” its portfolio). A higher portfolio turn- (fees paid directly from your investment) over rate may indicate higher transaction costs. These costs, which are not Not applicable. reflected in annual fund operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s Annual Portfolio Operating Expenses portfolio turnover rate was 49% of the average value of the Portfolio. (expenses that you pay each year as a percentage of the value of your investment) INVESTMENTS, RISKS, AND PERFORMANCE Class IA Class IB 1290 VT Equity Income Portfolio Shares Shares Principal Investment Strategy: Under normal circumstances, the Management Fee 0.75% 0.75% Portfolio invests at least 80% of its net assets, plus borrowings for in- Distribution and/or Service Fees vestment purposes, in equity securities. The Portfolio intends to invest (12b-1 fees) 0.25% 0.25% primarily in dividend-paying common stocks of U.S. large capitalization Other Expenses 0.13% 0.13% Total Annual Portfolio Operating Expenses 1.13% 1.13% companies. For this Portfolio, large capitalization companies currently Fee Waiver and/or Expense Reimbursement† –0.13% –0.13% are those companies with market capitalizations in excess of $10 billion Total Annual Portfolio Operating Expenses After Fee at the time of investment. Waiver and/or Expense Reimbursement 1.00% 1.00% The Portfolio invests primarily in common stocks, but it may also invest † Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreed to make payments or waive its management, administrative and other fees to limit the ex- in other equity securities that the Sub-Adviser believes provide oppor- penses of the Portfolio through April 30, 2018 (unless the Board of Trustees consents to tunities for capital growth and income. The Portfolio may invest up to an earlier revision or termination of this arrangement) (“Expense Limitation 20% of its assets in foreign securities, including securities of issuers Arrangement”) so that the annual operating expenses of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses, acquired fund fees and expenses, located in developed and developing economies. dividend and interest expenses on securities sold short, and extraordinary expenses) do not exceed an annual rate of average daily net assets of 1.00% for Class IA and IB The Sub-Adviser focuses primarily on companies that offer the potential for shares of the Portfolio. The Expense Limitation Arrangement may be terminated by AXA capital appreciation combined with an above market level of dividend in- Equitable Funds Management Group, LLC at any time after April 30, 2018. come. In choosing investments, the Sub-Adviser utilizes a quantitative process to identify and evaluate companies for potential investment. Gen- Example erally, at least 80% of the Portfolio’s stocks (measured by net assets) will This Example is intended to help you compare the cost of investing in the pay a dividend. The Sub-Adviser may sell a security for a variety of reasons, Portfolio with the cost of investing in other portfolios. The Example as- such as to invest in a company offering superior investment opportunities. sumes that you invest $10,000 in the Portfolio for the periods indicated The Portfolio also may lend its portfolio securities to earn additional and then redeem all of your shares at the end of these periods. The income. Example also assumes that your investment has a 5% return each year, that the Portfolio’s operating expenses remain the same, and that the Principal Risks: An investment in the Portfolio is not a deposit of a bank Expense Limitation Arrangement is not renewed. This Example does not and is not insured or guaranteed by the Federal Deposit Insurance Corporation

VTEI 1 or any other government agency. You may lose money by investing in the Port- Quantitative Investing Risk: The success of the Portfolio’s invest- folio. Performance may be affected by one or more of the following risks. ment strategy depends largely on the effectiveness of the Portfolio’s quantitative model for screening securities for investment by the Portfolio. Dividend Risk: There is no guarantee that the companies in which The portfolio of securities selected using quantitative analysis may the Portfolio invests will declare dividends in the future or that divi- underperform the market as a whole or a portfolio of securities selected dends, if declared, will remain at current levels or increase over time. using a different investment approach, such as fundamental analysis. The Equity Risk: In general, stocks and other equity security values fluc- factors used in quantitative analysis and the weight placed on those factors tuate, and sometimes widely fluctuate, in response to changes in a may not be predictive of a security’s value. In addition, factors that affect a company’s financial condition as well as general market, economic and security’s value can change over time and these changes may not be re- political conditions and other factors. flected in the quantitative model. Data for some companies may be less available and/or less current than data for other companies. There may also Foreign Securities Risk: Investments in foreign securities, including be errors in the computer code for the quantitative model or issues relating depositary receipts, involve risks not associated with investing in U.S. secu- to computer systems. The Portfolio’s securities selection can be adversely rities. Foreign markets, particularly emerging markets, may be less liquid, affected if it relies on erroneous or outdated data or flawed models or more volatile and subject to less government supervision than U.S. mar- computer systems. As a result, the Portfolio may have a lower return than if kets. Security values also may be negatively affected by changes in the it were managed using a fundamental analysis or an index-based strategy exchange rates between the U.S. dollar and foreign currencies. Differences that did not incorporate quantitative analysis. between U.S. and foreign legal, political and economic systems, regulatory regimes and market practices also may impact security values and it may Sector Risk: From time to time, based on market or economic con- take more time to clear and settle trades involving foreign securities. ditions, the Portfolio may have significant positions in one or more sectors of the market. To the extent the Portfolio invests more heavily in Currency Risk: Investments in foreign currencies and in secu- particular sectors, its performance will be especially sensitive to rities that trade in, or receive revenues in, or in derivatives that developments that significantly affect those sectors. Individual sectors provide exposure to foreign currencies are subject to the risk that may be more volatile, and may perform differently, than the broader those currencies will decline in value relative to the U.S. dollar, or, market. The industries that constitute a sector may all react in the same in the case of hedging positions, that the U.S. dollar will decline in way to economic, political or regulatory events. value relative to the currency being hedged. Any such decline may erode or reverse any potential gains from an investment in secu- Securities Lending Risk: The Portfolio may lend its portfolio securities denominated in foreign currency or may widen existing loss. rities to seek income. There is a risk that a borrower may default on its Currency rates may fluctuate significantly over short periods of obligations to return loaned securities, however, the Portfolio’s secu- time for a number of reasons, including changes in interest rates, rities lending agent may indemnify the Portfolio against that risk. The intervention (or the failure to intervene) by governments, central Portfolio will be responsible for the risks associated with the investment banks or supranational entities, or by the imposition of currency of cash collateral, including any collateral invested in an affiliated controls or other political developments in the U.S. or abroad. money market fund. The Portfolio may lose money on its investment of cash collateral or may fail to earn sufficient income on its investment to Depositary Receipts Risk: Investments in depositary receipts meet obligations to the borrower. In addition, delays may occur in the (including American Depositary Receipts, European Depositary recovery of securities from borrowers, which could interfere with the Receipts and Global Depositary Receipts) are generally subject to Portfolio’s ability to vote proxies or to settle transactions. the same risks of investing in the foreign securities that they evidence or into which they may be converted. In addition, issuers Risk/Return Bar Chart and Table underlying unsponsored depositary receipts may not provide as much information as U.S. issuers and issuers underlying sponsored The bar chart and table below provide some indication of the risks of depositary receipts. Unsponsored depositary receipts also may not investing in the Portfolio by showing changes in the Portfolio’s perform- carry the same voting privileges as sponsored depositary receipts. ance from year to year and by showing how the Portfolio’s average annual total returns for the past one, five and ten years (or since in- Emerging Markets Risk: There are greater risks involved in ception) through December 31, 2016 compared to the returns of a investing in emerging market countries and/or their securities mar- broad-based securities market index. The return of the broad-based kets. Investments in these countries and/or markets may present securities market index (and any additional comparative index) shown in market, credit, currency, liquidity, legal, political, technical and other the right hand column below is the return of the index for the last 10 risks different from, or greater than, the risks of investing in devel- years or, if shorter, since the inception of the share class with the longest oped countries. Investments in emerging markets are more suscep- history. Past performance is not an indication of future performance. tible to loss than investments in developed markets. In addition, the risks associated with investing in a narrowly defined geographic The performance results do not reflect any Contract-related fees and area are generally more pronounced with respect to investments in expenses, which would reduce the performance results. emerging market countries. Large-Cap Company Risk: Larger more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

VTEI 2 Calendar Year Annual Total Returns — Class IB Sub-Adviser: Boston Advisors, LLC. (“Boston Advisors”) 31.72% Portfolio Managers: The members of the team that are jointly and primarily responsible for the securities selection, research and trading for 15.65% 17.90% 11.74% 13.06% the Portfolio are: 8.59% 3.61% Date Began Managing -0.51% -1.68% Name Title the Portfolio Michael J. President and November 1999 Vogelzang, Chief Investment Officer of CFA® Boston Advisors -32.34% Douglas A. Senior Vice President and April 2005 20072008 2009 2010 20112012 2013 2014 2015 2016 Riley, CFA® Portfolio Manager of Boston Advisors Best quarter (% and time period) Worst quarter (% and time period) David Hanna Senior Vice President and May 2013 15.33% (2009 3rd Quarter) –18.63% (2008 4th Quarter) Portfolio Manager of Boston Advisors Average Annual Total Returns Ten AXA Equitable Funds Management Group, LLC (“FMG LLC” or the One Five Years/Since “Adviser”) has been granted relief by the Securities and Exchange Year Years Inception Commission to hire, terminate and replace Sub-Advisers and amend 1290 VT Equity Income Portfolio – Class IA Shares 12.93% 13.36% 5.52% sub-advisory agreements subject to the approval of the Board of Trust- 1290 VT Equity Income Portfolio – ees and without obtaining shareholder approval. However, the Adviser Class IB Shares 13.06% 13.39% 5.39% may not enter into a sub-advisory agreement on behalf of the Portfolio Russell 1000® Value Index (reflects no deduction for fees, expenses, or taxes) 17.34% 14.80% 5.72% with an “affiliated person” of the Adviser, such as AllianceBernstein L.P., unless the sub-advisory agreement is approved by the Portfolio’s shareholders. The Adviser is responsible for overseeing Sub-Advisers WHO MANAGES THE PORTFOLIO and recommending their hiring, termination and replacement to the Investment Adviser: FMG LLC Board of Trustees. Portfolio Managers: The members of the team that are jointly and PURCHASE AND REDEMPTION OF PORTFOLIO primarily responsible for the selection, monitoring and oversight of the SHARES Portfolio’s Sub-Adviser are: The Portfolio’s shares are currently sold only to insurance company sepa- Date Began rate accounts in connection with Contracts issued by AXA Equitable Life Managing Insurance Company (“AXA Equitable”), AXA Life and Annuity Com- Name Title the Portfolio pany, or other affiliated or unaffiliated insurance companies and to The Kenneth T. Executive May 2011 Kozlowski, Vice President and AXA Equitable 401(k) Plan. Shares also may be sold to other CFP®, CLU, Chief Investment Officer of tax-qualified retirement plans, to other portfolios managed by FMG LLC ChFC FMG LLC that currently sell their shares to such accounts and plans and to other Alwi Chan, CFA® Senior Vice President May 2009 investors eligible under applicable federal income tax regulations. and Deputy Chief Investment Officer The Portfolio does not have minimum initial or subsequent investment of FMG LLC requirements. Shares of the Portfolio are redeemable on any business day (which typically is any day the New York Stock Exchange is open) upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares.

VTEI 3 TAX INFORMATION The Portfolio’s shareholders are (or may include) insurance company separate accounts, qualified plans and other investors eligible under applicable federal income tax regulations. Accordingly, distributions the Portfolio makes of its net investment income and net realized gains — most or all of which it intends to distribute annually — and redemptions or exchanges of Portfolio shares generally will not be taxable to its shareholders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax information.

PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES This Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and the Adviser and its affiliates may make payments to a sponsoring insurance company (or its affiliates) or other financial intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. Ask your financial adviser or visit your financial intermediary’s website for more information.

VTEI 4 EQ Advisors TrustSM

1290 VT Socially Responsible Portfolio – Class IA and IB Shares (formerly EQ/Calvert Socially Responsible Portfolio)

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks to achieve long-term capital appreciation. PORTFOLIO TURNOVER The Portfolio pays transaction costs, such as commissions, when it buys FEES AND EXPENSES OF THE PORTFOLIO and sells securities (or “turns over” its portfolio). A higher portfolio turn- The following table describes the fees and expenses that you may pay if over rate may indicate higher transaction costs. These costs, which are not you buy and hold shares of the Portfolio. The table below does not re- reflected in annual fund operating expenses or in the Example, affect the flect any fees and expenses associated with variable life insurance con- Portfolio’s performance. During the most recent fiscal year, the Portfolio’s tracts and variable annuity certificates and contracts (“Contracts”), portfolio turnover rate was 15% of the average value of the Portfolio. which would increase overall fees and expenses. See the Contract prospectus for a description of those fees and expenses. INVESTMENTS, RISKS, AND PERFORMANCE Principal Investment Strategy: The Portfolio seeks to track the Shareholder Fees (fees paid directly from your investment) investment results of the MSCI KLD 400 Social Index (the “Underlying Not applicable. Index”), which is a free float-adjusted market capitalization index designed to target U.S. companies that have positive environmental, social and governance (“ESG”) characteristics. As of December 31, 2016, the Underlying In- Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of dex consisted of 400 companies identified by MSCI Inc. (the “Index Provider” your investment) or “MSCI”) from the universe of companies included in the MSCI USA IMI Class IA Class IB Index, which targets 99% of the market coverage of stocks that are listed for 1290 VT Socially Responsible Portfolio Shares Shares trading on the New York Stock Exchange (“NYSE”), NASDAQ Stock Market Management Fee 0.50% 0.50% and the American Stock Exchange. MSCI analyzes each eligible company’s Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% ESG performance using proprietary ratings covering ESG criteria, as described Other Expenses 0.20% 0.20% Total Annual Portfolio Operating Expenses 0.95% 0.95% in more detail below. Companies that MSCI determines have significant in- volvement in the following businesses are not eligible for the Underlying In- dex: alcohol, tobacco, gambling, civilian firearms, nuclear power, military Example weapons, adult entertainment and genetically modified organisms. This Example is intended to help you compare the cost of investing in the The Underlying Index may include large-, mid- or small-capitalization com- Portfolio with the cost of investing in other portfolios. The Example as- panies. Components of the Underlying Index primarily include consumer sumes that you invest $10,000 in the Portfolio for the periods indicated discretionary, healthcare and information technology companies. The and then redeem all of your shares at the end of these periods. The Exam- components of the Underlying Index, and the degree to which these comple also assumes that your investment has a 5% return each year and that ponents represent certain industry sectors, are likely to change over time. the Portfolio’s operating expenses remain the same. This Example does not reflect any Contract-related fees and expenses including redemption fees (if any) at the Contract level. If such fees and expenses were reflected, the total expenses would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

1 Year 3 Years 5 Years 10 Years Class IA Shares $97 $303 $525 $1,166 Class IB Shares $97 $303 $525 $1,166

VTSR 1 The Underlying Index uses company ratings and research provided by community, labor rights and supply chain, and governance. Companies MSCI ESG Research to determine eligibility. The following description is are scored based on an evaluation framework designed to be con- as of the date of this Prospectus and is subject to change as determined sistent with international norms as expressed in declarations of the from time to time by MSCI: United Nations and its agencies. Companies deemed to be involved in the most severe controversies related to the ESG impact of their oper- • The Underlying Index uses research to identify companies that ations or products and services are excluded from the Underlying Index. demonstrate an ability to manage their ESG risks and opportunities. MSCI identifies key ESG issues that hold the greatest potential risk or The selection universe for the Underlying Index is large-, mid- and small- opportunity for each industry sector: capitalization companies in the MSCI USA IMI Index. The Underlying Index targets a minimum of 200 large- and mid-capitalization constituents. The Environment Social Governance composition of the Underlying Index is reviewed on a quarterly basis. At Carbon Emissions Labor Management Corruption & each quarterly review, constituents are deleted if they are deleted from Instability the MSCI USA IMI Index, if they fail the exclusion screens, or if their ESG Product Carbon Human Capital Financial System ratings or scores fall below minimum standards. Additions are made to Footprint Development Instability restore the number of constituents to 400. All eligible securities of each Energy Efficiency Health and Safety Business Ethics & issuer are included in the Underlying Index, so the Underlying Index may Fraud have more than 400 securities. The Underlying Index is rebalanced at the Insuring Climate Supply Chain Labor Anti-Competitive regular reviews in May, August, November and February. Change Risk Standards Practices The Sub-Adviser uses a “passive” or indexing approach to try to achieve Water Stress Controversial Corporate the Portfolio’s investment objective. Unlike many investment companies, Sourcing Governance the Portfolio does not try to “beat” the index it tracks and does not seek Biodiversity and Land Product Safety and temporary defensive positions when markets decline or appear overvalued. Use Quality Generally, the Sub-Adviser uses a replication indexing strategy to man- Raw Material Chemical Safety age the Portfolio, although in certain instances the Sub-Adviser may use Sourcing a representative sampling indexing strategy to manage the Portfolio. Financing Financial Product “Replication” is an indexing strategy that involves holding each security Environmental Safety Impact in the Underlying Index in approximately the same weight that the security represents in the Underlying Index. “Representative sampling” Toxic Emissions and Privacy and Data is an indexing strategy that involves investing in a representative sample Waste Security of securities that collectively has an investment profile similar to that of Packaging Material Responsible the Underlying Index. The securities selected are expected to have, in and Waste Investing the aggregate, investment characteristics (based on factors such as Electronic Waste Insuring Health and market capitalization and industry weightings), fundamental character- Demographic Risk istics (such as return variability and yield) and liquidity measures similar Opportunities in Opportunities in to those of the Underlying Index. The Portfolio may or may not hold all Clean Tech Health and of the securities in the Underlying Index. Nutrition The Portfolio generally invests at least 90% of its total assets in securities Opportunities in Access to Green Building Communications of the Underlying Index and in depositary receipts representing securities of the Underlying Index. The Portfolio may invest the remainder of its as- Opportunities in Access to Finance sets in certain futures, options and swap contracts, cash and cash equiv- Renewable Energy alents, including shares of money market funds, including affiliated money Access to market funds, as well as in securities not included in the Underlying Index, Healthcare but which the Sub-Adviser believes will help the Portfolio track the Under- lying Index. The Portfolio seeks to track the investment results of the Un- MSCI analysts calculate the size of a company’s exposure to each key is- derlying Index before fees and expenses of the Portfolio. sue based on an analysis of a company’s business, then take into account the extent to which a company has developed robust strategies and The Portfolio may also lend its portfolio securities to earn additional demonstrated a strong track record of performance in managing its income. specific level of risks or opportunities. Using a sector-specific key issue Principal Risks: An investment in the Portfolio is not a deposit of a weighting model, companies are rated and ranked in comparison to their bank and is not insured or guaranteed by the Federal Deposit Insurance sector peers. The companies in each sector undergo an annual review and Corporation or any other government agency. You may lose money by are updated on a rolling basis as well as in response to major events. investing in the Portfolio. Performance may be affected by one or more • The Underlying Index uses research to identify those companies that of the following risks. are involved in very serious controversies involving the ESG impact of Derivatives Risk: The Portfolio’s investments in derivatives may rise or their operations or products and services. The MSCI research covers fall in value more rapidly than other investments. Changes in the value of a five categories of impact: environment, customers, human rights and

VTSR 2 derivative may not correlate perfectly or at all with the underlying asset, changes to the rules that govern money market funds which became rate or index, and the Portfolio could lose more than the principal amount effective in October 2016. These changes may affect a money market invested. Some derivatives can have the potential for unlimited losses. In fund’s investment strategies, operations and/or return potential. addition, it may be difficult or impossible for the Portfolio to purchase or Responsible Investing Risk: Investing primarily in responsible sell certain derivatives in sufficient amounts to achieve the desired level of investments limits the types and number of investment opportunities exposure, which may result in a loss or may be costly to the Portfolio. De- available to the Portfolio, and therefore carries the risk that, under cer- rivatives also may be subject to certain other risks such as leveraging risk, tain market conditions, the Portfolio may underperform funds that do interest rate risk, credit risk, the risk that a counterparty may be unable or not utilize a responsible investment strategy. The application of the ESG unwilling to honor its obligations, and the risk of mispricing or improper screening process may affect the Portfolio’s exposure to certain sectors valuation. Derivatives also may not behave as anticipated by the Portfolio, or types of investments and may impact the Portfolio’s relative invest- especially in abnormal market conditions. Changing regulation may make ment performance depending on whether such sectors or investments derivatives more costly, limit their availability, impact the Portfolio’s ability are in or out of favor in the market. In addition, the Index Provider may to maintain its investments in derivatives, disrupt markets, or otherwise be unsuccessful in creating an index composed of companies that ex- adversely affect their value or performance. hibit positive ESG characteristics. Equity Risk: In general, stocks and other equity security values fluc- Sector Risk: From time to time, based on market or economic con- tuate, and sometimes widely fluctuate, in response to changes in a ditions, the Portfolio may have significant positions in one or more sec- company’s financial condition as well as general market, economic and tors of the market. To the extent the Portfolio invests more heavily in political conditions and other factors. particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors Index Strategy Risk: The Portfolio employs an index strategy, that may be more volatile, and may perform differently, than the broader is, it generally invests in the securities included in its index or a repre- market. The industries that constitute a sector may all react in the same sentative sample of such securities regardless of market trends. The way to economic, political or regulatory events. Portfolio generally will not modify its index strategy to respond to changes in the economy, which means that it may be particularly Securities Lending Risk: The Portfolio may lend its portfolio secu- susceptible to a general decline in the market segment relating to the rities to seek income. There is a risk that a borrower may default on its relevant index. In addition, although the index strategy attempts to obligations to return loaned securities, however, the Portfolio’s secu- closely track its benchmark index, the Portfolio may not invest in all of rities lending agent may indemnify the Portfolio against that risk. The the securities in the index. Also, the Portfolio’s fees and expenses will Portfolio will be responsible for the risks associated with the investment reduce the Portfolio’s returns, unlike those of the benchmark index. of cash collateral, including any collateral invested in an affiliated Cash flow into and out of the Portfolio, portfolio transaction costs, money market fund. The Portfolio may lose money on its investment of changes in the securities that comprise the index, and the Portfolio’s cash collateral or may fail to earn sufficient income on its investment to valuation procedures also may affect the Portfolio’s performance. There- meet obligations to the borrower. In addition, delays may occur in the fore, there can be no assurance that the performance of the index recovery of securities from borrowers, which could interfere with the strategy will match that of the benchmark index. Portfolio’s ability to vote proxies or to settle transactions. Large-Cap Company Risk: Larger more established companies Small-Cap Company Risk: The Portfolio’s investments in small- may be unable to respond quickly to new competitive challenges such as cap companies may involve greater risks than investments in larger, changes in technology and consumer tastes. Many larger companies also more established issuers because they generally are more vulnerable may not be able to attain the high growth rate of successful smaller than larger companies to adverse business or economic developments. companies, especially during extended periods of economic expansion. Such companies generally have narrower product lines, more limited financial and management resources and more limited markets for their Mid-Cap Company Risk: The Portfolio’s investments in mid-cap companies may involve greater risks than investments in larger, more stock as compared with larger companies. They may depend on a more established issuers because mid-cap companies generally are more vulner- limited management group than larger capitalized companies. In able than larger companies to adverse business or economic develop- addition, it is more difficult to get information on smaller companies, ments. Such companies generally have narrower product lines, more which tend to be less well known, have shorter operating histories, do limited financial and management resources and more limited markets for not have significant ownership by large investors and are followed by their stock as compared with larger companies. As a result, the value of relatively few securities analysts. As a result, the value of such securities such securities may be more volatile than the securities of larger compa- may be more volatile than the securities of larger companies, and nies, and the Portfolio may experience difficulty in purchasing or selling because the securities generally trade in lower volumes than larger cap such securities at the desired time and price or in the desired amount. securities, the Portfolio may experience difficulty in purchasing or selling such securities at the desired time and price or in the desired amount. Money Market Risk: Although a money market fund is designed to be a relatively low risk investment, it is not free of risk. Despite the Risk/Return Bar Chart and Table short maturities and high credit quality of a money market fund’s investments, increases in interest rates and deteriorations in the credit The bar chart and table below provide some indication of the risks of in- quality of the instruments the money market fund has purchased may vesting in the Portfolio by showing changes in the Portfolio’s performance reduce the money market fund’s yield and can cause the price of a from year to year and by showing how the Portfolio’s average annual to- money market security to decrease. In addition, a money market fund is tal returns for the past one, five and ten years through December 31, subject to the risk that the value of an investment may be eroded over 2016 compared to the returns of a broad-based securities market index. time by inflation. The Securities and Exchange Commission adopted The additional broad-based securities market index shows how the

VTSR 3 Portfolio’s performance compared with the returns of another index that WHO MANAGES THE PORTFOLIO has characteristics relevant to the Portfolio’s investment strategies. Past performance is not an indication of future performance. Investment Adviser: FMG LLC Prior to August 1, 2011, this Portfolio consisted entirely of an actively man- Portfolio Managers: The members of the team that are jointly and aged portfolio of equity securities. Performance information for the periods primarily responsible for the selection, monitoring and oversight of the prior to December 9, 2016 is that of the Portfolio when it engaged a different Fund’s Sub-Adviser are: Sub-Adviser and tracked a different underlying index under the name “EQ/ Calvert Socially Responsible Portfolio.” Effective December 9, 2016, the Date Began Portfolio’s benchmark index against which the Portfolio measures its Managing performance, the Calvert U.S. Large Cap Core Responsible Index, was re- Name Title the Portfolio placed with the MSCI KLD 400 Social Index. The Adviser believes the MSCI Kenneth T. Executive Vice President and August 2012 KLD 400 Social Index is more relevant to the Portfolio’s investment strategies. Kozlowski, Chief Investment Officer of CFP®, CLU, ChFC FMG LLC The performance results do not reflect any Contract-related fees and Alwi Chan, CFA® Senior Vice President and August 2012 expenses, which would reduce the performance results. Deputy Chief Investment Officer of FMG LLC Calendar Year Annual Total Returns — Class IB 34.27% Sub-Adviser: BlackRock Investment Management, LLC 30.90% (“BlackRock”) 16.87% 13.58% Portfolio Managers: The members of the team that are jointly and 12.10% 12.40% 9.94% primarily responsible for the securities selection, research and trading 0.25% 0.49% for the Portfolio are:

Date Began Managing Name Title the Portfolio Alan Mason Managing Director of December 2016 BlackRock -45.18% Greg Savage, CFA® Managing Director and December 2016 2007 2008 20092010 2011 2012 20132014 2015 2016 Portfolio Manager of BlackRock Best quarter (% and time period) Worst quarter (% and time period) ® 15.88% (2012 1st Quarter) –25.45% (2008 4th Quarter) Jennifer Hsui, CFA Managing Director of December 2016 BlackRock Creighton Jue, Managing Director of December 2016 Average Annual Total Returns CFA® BlackRock One Five Ten Year Years Years Rachel M. Aguirre Director of BlackRock December 2016 1290 VT Socially Responsible Portfolio – Class IA Shares 9.96% 14.50% 6.10% 1290 VT Socially Responsible Portfolio – AXA Equitable Funds Management Group, LLC (“FMG LLC” or the Class IB Shares 9.94% 14.51% 5.96% “Adviser”) has been granted relief by the Securities and Exchange MSCI KLD 400 Social Index (reflects no deduction for fees, expenses, or taxes) 10.92% 14.25% 7.00% Commission to hire, terminate and replace Sub-Advisers and amend Russell 1000® Growth Index (reflects no sub-advisory agreements subject to the approval of the Board of deduction for fees, expenses, or taxes) 7.08% 14.50% 8.33% Calvert U.S. Large Cap Core Responsible Index Trustees and without obtaining shareholder approval. However, the (reflects no deduction for fees, expenses, or Adviser may not enter into a sub-advisory agreement on behalf of the taxes) 11.03% 15.66% 7.39% Portfolio with an “affiliated person” of the Adviser, such as AllianceBernstein L.P., unless the sub-advisory agreement is approved by the Portfolio’s shareholders. The Adviser is responsible for overseeing Sub-Advisers and recommending their hiring, termination and replacement to the Board of Trustees.

VTSR 4 PURCHASE AND REDEMPTION OF PORTFOLIO SHARES The Portfolio’s shares are currently sold only to insurance company separate accounts in connection with Contracts issued by AXA Equitable Life Insurance Company (“AXA Equitable”), AXA Life and Annuity Com- pany, or 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, to other portfolios managed by FMG LLC that currently sell their shares to such accounts and plans and to other investors eligible under applicable federal income tax regulations. The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day (which typically is any day the New York Stock Exchange is open) upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares.

TAX INFORMATION The Portfolio’s shareholders are (or may include) insurance company separate accounts, qualified plans and other investors eligible under applicable federal income tax regulations. Accordingly, distributions the Portfolio makes of its net investment income and net realized gains — most or all of which it intends to distribute annually — and redemptions or exchanges of Portfolio shares generally will not be taxable to its shareholders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax information.

PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES This Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and the Adviser and its affiliates may make payments to a sponsoring insurance company (or its affiliates) or other financial intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. Ask your financial adviser or visit your financial intermediary’s website for more information.

VTSR 5 EQ Advisors TrustSM

AXA Balanced Strategy Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks long-term capital appreciation PORTFOLIO TURNOVER and current income. The Portfolio will not incur transaction costs, such as commissions, when it buys and sells shares of the Underlying Portfolios (or “turns over” its FEES AND EXPENSES OF THE PORTFOLIO portfolio), but it could incur transaction costs if it were to buy and sell The following table describes the fees and expenses that you may pay if other types of securities directly. If the Portfolio were to buy and sell other you buy and hold shares of the Portfolio. The table below does not re- types of securities directly, a higher portfolio turnover rate could indicate flect any fees and expenses associated with variable life insurance con- higher transaction costs. Such costs, if incurred, would not be reflected in tracts and variable annuity certificates and contracts (“Contracts”), annual fund operating expenses or in the Example, and would affect the which would increase overall fees and expenses. See the Contract pro- Portfolio’s performance. During the most recent fiscal year, the Portfolio’s spectus for a description of those fees and expenses. portfolio turnover rate was 13% of the average value of the Portfolio.

Shareholder Fees INVESTMENTS, RISKS, AND PERFORMANCE (fees paid directly from your investment) Not applicable. Principal Investment Strategy: The Portfolio pursues its investment objective by investing in other mutual funds (“Underlying Portfolios”) managed by AXA Equitable Funds Management Group, LLC (“FMG Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of LLC” or “Adviser”) and sub-advised by one or more investment sub- your investment) advisers (“Sub-Adviser”). The Portfolio invests approximately 50% of its Class IA Class IB assets in equity investments and approximately 50% of its assets in AXA Balanced Strategy Portfolio Shares Shares fixed income investments through investments in Underlying Portfolios. Management Fee 0.10% 0.10% Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% The fixed income asset class may include investment grade securities, Other Expenses 0.17% 0.17% below investment grade securities (also known as high yield or “junk” Acquired Fund Fees and Expenses (Underlying Portfolios) 0.53% 0.53% bonds), mortgage-backed securities and government securities. These Total Annual Portfolio Operating Expenses 1.05% 1.05% securities may include securities with maturities that range from short to longer term. The equity asset class may include securities of small-, mid- Example and large-capitalization companies and exchange-traded funds. The asset classes may include securities of foreign issuers in addition to This Example is intended to help you compare the cost of investing in the securities of domestic issuers. Actual allocations among asset classes Portfolio with the cost of investing in other portfolios. The Example as- can deviate from the amounts shown above by up to 15% of the sumes that you invest $10,000 in the Portfolio for the time periods in- Portfolio’s assets. The Portfolio may invest in Underlying Portfolios that dicated, and then redeem all of your shares at the end of these periods. tactically manage equity exposure. The Portfolio may invest in Under- The Example also assumes that your investment has a 5% return each year lying Portfolios that employ derivatives (including futures contracts) for and that the Portfolio’s operating expenses remain the same. This Example a variety of purposes, including to reduce risk, to seek enhanced returns does not reflect any Contract-related fees and expenses including re- from certain asset classes and to leverage exposure to certain asset demption fees (if any) at the Contract level. If such fees and expenses were classes. When market volatility is increasing above specific thresholds, reflected, the total expenses would be higher. Although your actual costs such Underlying Portfolios may reduce their equity exposure. During may be higher or lower, based on these assumptions your costs would be: such times, the Portfolio’s exposure to equity securities may be sig- 1 Year 3 Years 5 Years 10 Years nificantly less than if it invested in a traditional equity portfolio and the Class IA Shares $107 $334 $579 $1,283 Portfolio may deviate significantly from its asset allocation targets. Al- Class IB Shares $107 $334 $579 $1,283 though the Portfolio’s investment in Underlying Portfolios that tactically manage equity exposure is intended to reduce the Portfolio’s overall risk, it may result in periods of underperformance.

ABSA 1 The Adviser may change the asset allocation targets and the particular impact the Portfolio’s ability to maintain its investments in de- Underlying Portfolios in which the Portfolio invests. The Adviser may sell rivatives, disrupt markets, or otherwise adversely affect their value or the Portfolio’s holdings for a variety of reasons, including to invest in an performance. Underlying Portfolio believed to offer superior investment opportunities. • Equity Risk — In general, stocks and other equity security values Principal Risks: An investment in the Portfolio is not a deposit of a fluctuate, and sometimes widely fluctuate, in response to changes in bank and is not insured or guaranteed by the Federal Deposit Insurance a company’s financial condition as well as general market, economic Corporation or any other government agency. You may lose money by and political conditions and other factors. investing in the Portfolio. Performance may be affected by one or more of • ETFs Risk — The Portfolio will indirectly bear fees and expenses paid the following risks. The Portfolio is also subject to the risks associated by the ETFs in which it invests, in addition to the Portfolio’s direct fees with the Underlying Portfolios’ investments; please see the Prospectuses and expenses. The cost of investing in the Portfolio, therefore, may be and Statements of Additional Information for the Underlying Portfolios for higher than the cost of investing in a mutual fund that exclusively in- additional information about these risks. In this section, the term vests directly in individual stocks and bonds. In addition, the Portfo- “Portfolio” may include the Portfolio, an Underlying Portfolio, or both. lio’s net asset value will be subject to fluctuations in the market • Affiliated Portfolio Risk — In managing a Portfolio that invests in values of the ETFs in which it invests. The Portfolio is also subject to Underlying Portfolios, the Adviser will have the authority to select the risks associated with the securities or other investments in which and substitute the Underlying Portfolios. The Adviser may be subject the ETFs invest and the ability of the Portfolio to meet its investment to potential conflicts of interest in allocating the Portfolio’s assets objective will directly depend on the ability of the ETFs to meet their among the various Underlying Portfolios because the fees payable to investment objectives. There is also the risk that an ETF’s performance it by some of the Underlying Portfolios are higher than the fees pay- may not match that of the relevant index. It is also possible that an able by other Underlying Portfolios and because the Adviser is also active trading market for an ETF may not develop or be maintained, in responsible for managing, administering, and with respect to certain which case the liquidity and value of the Portfolio’s investment in the Underlying Portfolios, its affiliates are responsible for sub-advising, ETF could be substantially and adversely affected. The extent to which the Underlying Portfolios. the investment performance and risks associated with the Portfolio • Credit Risk — The Portfolio is subject to the risk that the issuer or correlate to those of a particular ETF will depend upon the extent to the guarantor (or other obligor, such as a party providing insurance which the Portfolio’s assets are allocated from time to time for or other credit enhancement) of a fixed income security, or the coun- investment in the ETF, which will vary. terparty to a derivatives contract, repurchase agreement, loan of • Foreign Securities Risk — Investments in foreign securities, including portfolio securities or other transaction, is unable or unwilling, or is depositary receipts, involve risks not associated with investing in U.S. perceived (whether by market participants, ratings agencies, pricing securities. Foreign markets, particularly emerging markets, may be less services or otherwise) as unable or unwilling, to make timely princi- liquid, more volatile and subject to less government supervision than pal and/or interest payments, or otherwise honor its obligations. U.S. markets. Security values also may be negatively affected by Securities are subject to varying degrees of credit risk, which are of- changes in the exchange rates between the U.S. dollar and foreign ten reflected in their credit ratings. However, rating agencies may fail currencies. Differences between U.S. and foreign legal, political and to make timely changes to credit ratings in response to subsequent economic systems, regulatory regimes and market practices also may events and a credit rating may become stale in that it fails to reflect changes in an issuer’s financial condition. The downgrade of the impact security values and it may take more time to clear and settle credit rating of a security may decrease its value. Lower credit quality trades involving foreign securities. also may lead to greater volatility in the price of a security and may • Futures Contract Risk — The primary risks associated with the use of negatively affect a security’s liquidity. futures contracts are (a) the imperfect correlation between the change • Derivatives Risk — The Portfolio’s investments in derivatives may rise in market value of the instruments held by the Portfolio and the price or fall in value more rapidly than other investments. Changes in the of the futures contract; (b) liquidity risks, including the possible absence value of a derivative may not correlate perfectly or at all with the of a liquid secondary market for a futures contract and the resulting underlying asset, rate or index, and the Portfolio could lose more inability to close a futures contract when desired; (c) losses (potentially than the principal amount invested. Some derivatives can have the unlimited) caused by unanticipated market movements; (d) an invest- potential for unlimited losses. In addition, it may be difficult or ment manager’s inability to predict correctly the direction of securities impossible for the Portfolio to purchase or sell certain derivatives in prices, interest rates, currency exchange rates and other economic fac- sufficient amounts to achieve the desired level of exposure, which tors; (e) the possibility that a counterparty, clearing member or may result in a loss or may be costly to the Portfolio. Derivatives also clearinghouse will default in the performance of its obligations; (f) if the may be subject to certain other risks such as leveraging risk, interest Portfolio has insufficient cash, it may have to sell securities from its rate risk, credit risk, the risk that a counterparty may be unable or portfolio to meet daily variation margin requirements, and the Portfolio unwilling to honor its obligations, and the risk of mispricing or im- may have to sell securities at a time when it may be disadvantageous proper valuation. Derivatives also may not behave as anticipated by to do so; and (g) transaction costs associated with investments in fu- the Portfolio, especially in abnormal market conditions. Changing tures contracts may be significant, which could cause or increase losses regulation may make derivatives more costly, limit their availability, or reduce gains. Futures contracts are also subject to the same risks as

ABSA 2 the underlying investments to which they provide exposure. In addition, rates. Rising interest rates may increase the risk of default by bor- futures contracts may subject the Portfolio to leveraging risk. rowersandtendtoextendthedurationofthesesecurities,making them more sensitive to changes in interest rates. As a result, in a • Interest Rate Risk — The Portfolio is subject to the risk that fixed period of rising interest rates, to the extent the Portfolio holds these income securities will decline in value because of changes in interest types of securities, it may experience additional volatility and losses. rates. When interest rates decline, the value of the Portfolio’s debt This is known as extension risk. Moreover, declines in the credit qual- securities generally rises. Conversely, when interest rates rise, the ity of the issuers of mortgage- and asset-backed securities or in- value of the Portfolio’s debt securities generally declines. A portfolio stability in the markets for such securities may affect the value and with a longer average duration will be more sensitive to changes in liquidity of such securities, which could result in losses to the Portfo- interest rates, usually making it more volatile than a portfolio with a lio. In addition, certain mortgage- and asset-backed securities may shorter average duration. As of the date of this Prospectus, interest include securities backed by pools of loans made to “subprime” bor- rates are near historic lows in the United States, and below zero in rowers or borrowers with blemished credit histories; the risk of de- other parts of the world, including certain European countries and faults is generally higher in the case of mortgage pools that include Japan. The Portfolio is subject to a greater risk of rising interest rates such subprime mortgages. due to these market conditions. A significant or rapid rise in interest rates could result in losses to the Portfolio. • Non-Investment Grade Securities Risk: — Bonds rated below investment grade (i.e., BB or lower by S&P or Fitch or Ba or lower by • Investment Grade Securities Risk — Debt securities generally are Moody’s or, if unrated, determined by the investment manager to be rated by national bond ratings agencies. The Portfolio considers of comparable quality) are speculative in nature and are subject to securities to be investment grade if they are rated BBB or higher by additional risk factors such as increased possibility of default, illi- Standard & Poor’s Global Ratings (“S&P”) or Fitch Ratings, Ltd. quidity of the security, and changes in value based on changes in in- (“Fitch”) or Baa or higher by Moody’s Investors Service, Inc. terest rates. Non-investment grade bonds, sometimes referred to as (“Moody’s”), or, if unrated, determined by the investment manager “junk bonds,” are usually issued by companies without long track to be of comparable quality. Securities rated in the lower investment records of sales and earnings, or by those companies with ques- grade rating categories (e.g., BBB or Baa) are considered investment tionable credit strength. The creditworthiness of issuers of non- grade securities, but are somewhat riskier than higher rated obliga- investment grade debt securities may be more complex to analyze tions because they are regarded as having only an adequate capacity than that of issuers of investment grade debt securities, and reliance to pay principal and interest, are considered to lack outstanding in- on credit ratings may present additional risks. vestment characteristics, and may possess certain speculative characteristics. • Risks of Investing in Underlying Portfolios — The Portfolio will indirectly bear fees and expenses paid by the Underlying Portfolios in • Large-Cap Company Risk — Larger more established companies may which it invests, in addition to the Portfolio’s direct fees and ex- be unable to respond quickly to new competitive challenges such as penses. The cost of investing in the Portfolio, therefore, may be changes in technology and consumer tastes. Many larger companies higher than the cost of investing in a mutual fund that invests directly also may not be able to attain the high growth rate of successful in individual stocks and bonds. In addition, the Portfolio’s net asset smaller companies, especially during extended periods of economic value is subject to fluctuations in the net asset values of the Under- expansion. lying Portfolios in which it invests. The Portfolio is also subject to the • Mid-Cap and Small-Cap Company Risk — The Portfolio’s investments risks associated with the securities or other investments in which the in mid- and small-cap companies may involve greater risks than Underlying Portfolios invest and the ability of the Portfolio to meet its investments in larger, more established issuers because they generally investment objective will directly depend on the ability of the Under- are more vulnerable than larger companies to adverse business or lying Portfolios to meet their objectives. The Portfolio and the Under- economic developments. Such companies generally have narrower lying Portfolios are subject to certain general investment risks, product lines, more limited financial and management resources and including market risk, asset class risk, issuer-specific risk, investment more limited markets for their stock as compared with larger compa- style risk and portfolio management risk. In addition, to the extent a nies. As a result, the value of such securities may be more volatile than Portfolio invests in Underlying Portfolios that invest in equity secu- the securities of larger companies, and the Portfolio may experience rities, fixed income securities and/or foreign securities, the Portfolio is difficulty in purchasing or selling such securities at the desired time and subject to the risks associated with investing in such securities. The price or in the desired amount. In general, these risks are greater for extent to which the investment performance and risks associated small-cap companies than for mid-cap companies. with the Portfolio correlate to those of a particular Underlying Portfo- lio will depend upon the extent to which the Portfolio’s assets are • Mortgage-Backed and Asset-Backed Securities Risk — The Portfolio allocated from time to time for investment in the Underlying Portfo- is subject to the risk that the principal on mortgage- and asset- lio, which will vary. backed securities held by the Portfolio will be prepaid, which generally will reduce the yield and market value of these securities. If • Volatility Management Risk — The Portfolio may invest from time to interest rates fall, the rate of prepayments tends to increase as bor- time in Underlying Portfolios managed by the Adviser that employ rowers are motivated to pay off debt and refinance at new lower various volatility management techniques, including the use of futures

ABSA 3 and options to manage equity exposure. Although these actions are through December 31, 2016 compared to the returns of a broad-based intended to reduce the overall risk of investing in the Portfolio, they securities market index. The additional broad-based securities market in- may not work as intended and may result in losses by the Portfolio or dex and the hypothetical composite index show how the Portfolio’s per- periods of underperformance, particularly during periods when market formance compared with the returns of other asset classes in which the values are increasing but market volatility is high. The success of any Portfolio may invest. The return of the broad-based securities market in- volatility management strategy will be subject to the Adviser’s ability dex (and any additional comparative index) shown in the right hand col- to correctly assess the degree of correlation between the performance umn below is the return of the index for the last 10 years or, if shorter, of the relevant market index and the metrics used by the Adviser to since the inception of the share class with the longest history. Past per- measure market volatility. Since the characteristics of many securities formance is not an indication of future performance. change as markets change or time passes, the success of any volatility The performance results do not reflect any Contract-related fees and management strategy also will be subject to the Adviser’s ability to expenses, which would reduce the performance results. continually recalculate, readjust, and execute volatility management techniques (such as options and futures transactions) in an efficient Calendar Year Annual Total Returns — Class IB manner. In addition, because market conditions change, sometimes 13.67% rapidly and unpredictably, the success of a volatility management strategy will be subject to the Adviser’s ability to execute the strategy 10.11% in a timely manner. Moreover, volatility management strategies may 8.52% increase portfolio transaction costs, which could cause or increase losses or reduce gains. For a variety of reasons, the Adviser may not 5.96% seek to establish a perfect correlation between the relevant market 4.36% index and the metrics that the Adviser uses to measure market volatility. In addition, it is not possible to manage volatility fully or perfectly. Futures contracts and other instruments used in connection with the volatility management strategy are not necessarily held by an -0.61% Underlying Portfolio to hedge the value of the Underlying Portfolio’s -2.40% 2010 2011 2012 2013 2014 2015 2016 other investments and, as a result, these futures contracts and other instruments may decline in value at the same time as the Underlying Best quarter (% and time period) Worst quarter (% and time period) Portfolio’s investments. Any one or more of these factors may prevent 7.00% (2010 3rd Quarter) –8.74% (2011 3rd Quarter) the Underlying Portfolio from achieving the intended volatility management or could cause the Underlying Portfolio, and in turn, the Average Annual Total Returns Portfolio, to underperform or experience losses (some of which may One Five Since be sudden) or volatility for any particular period that may be higher or Year Years Inception lower than intended. In addition, the use of volatility management AXA Balanced Strategy Portfolio — Class IA techniques may not protect against market declines and may limit the Shares (Inception Date: September 11, 2009) 5.97% 6.27% 7.04% Underlying Portfolio’s, and thus the Portfolio’s, participation in market AXA Balanced Strategy Portfolio — Class IB gains, even during periods when the market is rising. Volatility man- Shares (Inception Date: April 30, 2009) 5.96% 6.28% 6.97% agement techniques, when implemented effectively to reduce the S&P 500® Index (reflects no deduction for fees, expenses, or taxes) 11.96% 14.66% 15.50% overall risk of investing in an Underlying Portfolio, may result in Bloomberg Barclays U.S. Intermediate underperformance by an Underlying Portfolio. For example, if an Un- Government Bond Index (reflects no derlying Portfolio has reduced its overall exposure to equities to avoid deduction for fees, expenses, or taxes) 1.05% 1.04% 2.16% losses in certain market environments, the Underlying Portfolio may AXA Balanced Strategy Index (reflects no deduction for fees, expenses, or taxes) 7.06% 7.21% 8.34% forgo some of the returns that can be associated with periods of rising equity values. The Underlying Portfolio’s performance, and therefore the Portfolio’s performance, may be lower than similar funds where volatility management techniques are not used. In addition, volatility management techniques may reduce potential losses and/or mitigate financial risks to insurance companies that provide certain benefits and guarantees available under the Contracts and offer the Under- lying Portfolios as an investment option in their products.

Risk/Return Bar Chart and Table The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and by showing how the Portfolio’s average annual total returns for the past one- and five-year and since inception periods

ABSA 4 WHO MANAGES THE PORTFOLIO PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES Investment Adviser: FMG LLC This Portfolio is not sold directly to the general public but instead is Portfolio Managers: offered as an underlying investment option for Contracts and retirement Date Began plans and to other eligible investors. The Portfolio and the Adviser and Managing its affiliates may make payments to a sponsoring insurance company (or Name Title the Portfolio Kenneth T. Kozlowski, Executive Vice President April 2009 its affiliates) or other financial intermediary for distribution and/or other CFP®, CLU, ChFC and Chief Investment services. These payments may create a conflict of interest by influencing Officer of FMG LLC the insurance company or other financial intermediary and your finan- Alwi Chan, CFA® Senior Vice President May 2011 cial adviser to recommend the Portfolio over another investment or by and Deputy Chief influencing an insurance company to include the Portfolio as an under- Investment Officer of lying investment option in the Contract. The prospectus (or other offer- FMG LLC ing document) for your Contract may contain additional information ® Xavier Poutas, CFA Assistant Portfolio May 2011 about these payments. Ask your financial adviser or visit your financial Manager of FMG LLC intermediary’s website for more information. Miao Hu, CFA® Assistant Portfolio May 2016 Manager of FMG LLC

PURCHASE AND REDEMPTION OF PORTFOLIO SHARES The Portfolio’s shares are currently sold only to insurance company separate accounts in connection with Contracts issued by AXA Equitable Life Insurance Company (“AXA Equitable”), AXA Life and Annuity Com- pany, or 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 and other investors eligible under applicable federal tax regulations. The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day (which typically is any day the New York Stock Exchange is open) upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares.

TAX INFORMATION The Portfolio currently sells its shares only to insurance company separate accounts, qualified plans and other investors eligible under applicable federal income tax regulations. Accordingly, distributions the Portfolio makes of its net investment income and net realized gains — most or all of which it intends to distribute annually — and redemptions or exchanges of Portfolio shares generally will not be taxable to its shareholders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax information.

ABSA 5 EQ Advisors TrustSM

AXA Conservative Growth Strategy Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks current income and growth of The Example also assumes that your investment has a 5% return each capital, with greater emphasis on current income. year, that the Portfolio’s operating expenses remain the same, and that the Expense Limitation Arrangement is not renewed. This Example does FEES AND EXPENSES OF THE PORTFOLIO not reflect any Contract-related fees and expenses including redemption fees (if any) at the Contract level. If such fees and expenses were re- The following table describes the fees and expenses that you may pay if flected, the total expenses would be higher. Although your actual costs you buy and hold shares of the Portfolio. The table below does not re- may be higher or lower, based on these assumptions your costs would be: flect any fees and expenses associated with variable life insurance contracts and variable annuity certificates and contracts (“Contracts”), 1 Year 3 Years 5 Years 10 Years which would increase overall fees and expenses. See the Contract pro- Class IA Shares $102 $325 $566 $1,257 spectus for a description of those fees and expenses. Class IB Shares $102 $325 $566 $1,257

Shareholder Fees PORTFOLIO TURNOVER (fees paid directly from your investment) Not applicable. The Portfolio will not incur transaction costs, such as commissions, when it buys and sells shares of the Underlying Portfolios (or “turns over” its portfolio), but it could incur transaction costs if it were to buy and sell Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of other types of securities directly. If the Portfolio were to buy and sell other your investment) types of securities directly, a higher portfolio turnover rate could indicate Class IA Class IB higher transaction costs. Such costs, if incurred, would not be reflected in AXA Conservative Growth Strategy Portfolio Shares* Shares annual fund operating expenses or in the Example, and would affect the Management Fee 0.10% 0.10% Portfolio’s performance. During the most recent fiscal year, the Portfolio’s Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% portfolio turnover rate was 12% of the average value of the Portfolio. Other Expenses 0.17% 0.17% Acquired Fund Fees and Expenses (Underlying Portfolios) 0.51% 0.51% INVESTMENTS, RISKS, AND PERFORMANCE Total Annual Portfolio Operating Expenses 1.03% 1.03% Principal Investment Strategy: The Portfolio pursues its investment Fee Waiver and/or Expense Reimbursement† –0.03% –0.03% objective by investing in other mutual funds (“Underlying Portfolios”) Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement 1.00% 1.00% managed by AXA Equitable Funds Management Group, LLC (“FMG LLC” or “Adviser”) and sub-advised by one or more investment sub- * Based on estimated amounts for the current fiscal year. advisers (“Sub-Adviser”). The Portfolio invests approximately 60% of its † Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreed to make payments or waive its management, administrative and other fees to limit the assets in fixed income investments and approximately 40% of its assets expenses of the Portfolio through April 30, 2018 (unless the Board of Trustees con- in equity investments through investments in Underlying Portfolios. sents to an earlier revision or termination of this arrangement) (“Expense Limitation Arrangement”) so that the annual operating expenses (including Acquired Fund Fees The fixed income asset class may include investment grade securities, be- and Expenses) of the Portfolio (exclusive of taxes, interest, brokerage commissions, dividend and interest expenses on securities sold short, capitalized expenses and low investment grade securities (also known as high yield or “junk” extraordinary expenses) do not exceed an annual rate of average daily net assets of bonds), mortgage-backed securities and government securities. These 1.00% for Class IA and Class IB shares of the Portfolio. The Expense Limitation Ar- securities may include securities with maturities that range from short to rangement may be terminated by AXA Equitable Funds Management Group, LLC at any time after April 30, 2018. longer term. The equity asset class may include securities of small-, mid- and large-capitalization companies and exchange-traded funds. The asset Example classes may include securities of foreign issuers in addition to securities of domestic issuers. Actual allocations among asset classes can deviate from This Example is intended to help you compare the cost of investing in the the amounts shown above by up to 15% of the Portfolio’s assets. The Portfolio with the cost of investing in other portfolios. The Example as- Portfolio may invest in Underlying Portfolios that tactically manage equity sumes that you invest $10,000 in the Portfolio for the time periods in- exposure. The Portfolio may invest in Underlying Portfolios that employ dicated, and then redeem all of your shares at the end of these periods. derivatives (including futures contracts) for a variety of purposes, including

ACGA 1 to reduce risk, to seek enhanced returns from certain asset classes and to be costly to the Portfolio. Derivatives also may be subject to certain leverage exposure to certain asset classes. When market volatility is in- other risks such as leveraging risk, interest rate risk, credit risk, the risk creasing above specific thresholds, such Underlying Portfolios may reduce that a counterparty may be unable or unwilling to honor its obligations, their equity exposure. During such times, the Portfolio’s exposure to and the risk of mispricing or improper valuation. Derivatives also may equity securities may be significantly less than if it invested in a traditional not behave as anticipated by the Portfolio, especially in abnormal mar- equity portfolio and the Portfolio may deviate significantly from its asset ket conditions. Changing regulation may make derivatives more costly, allocation targets. Although the Portfolio’s investment in Underlying Port- limit their availability, impact the Portfolio’s ability to maintain its folios that tactically manage equity exposure is intended to reduce the investments in derivatives, disrupt markets, or otherwise adversely af- Portfolio’s overall risk, it may result in periods of underperformance. fect their value or performance. The Adviser may change the asset allocation targets and the particular • Equity Risk — In general, stocks and other equity security values Underlying Portfolios in which the Portfolio invests. The Adviser may sell fluctuate, and sometimes widely fluctuate, in response to changes in the Portfolio’s holdings for a variety of reasons, including to invest in an a company’s financial condition as well as general market, economic Underlying Portfolio believed to offer superior investment opportunities. and political conditions and other factors. • ETFs Risk — The Portfolio will indirectly bear fees and expenses paid by Principal Risks: An investment in the Portfolio is not a deposit of a the ETFs in which it invests, in addition to the Portfolio’s direct fees and bank and is not insured or guaranteed by the Federal Deposit Insurance expenses. The cost of investing in the Portfolio, therefore, may be higher Corporation or any other government agency. You may lose money by than the cost of investing in a mutual fund that exclusively invests di- investing in the Portfolio. Performance may be affected by one or more of rectly in individual stocks and bonds. In addition, the Portfolio’s net as- the following risks. The Portfolio is also subject to the risks associated set value will be subject to fluctuations in the market values of the ETFs with the Underlying Portfolios’ investments; please see the Prospectuses in which it invests. The Portfolio is also subject to the risks associated and Statements of Additional Information for the Underlying Portfolios for with the securities or other investments in which the ETFs invest and the additional information about these risks. In this section, the term ability of the Portfolio to meet its investment objective will directly de- “Portfolio” may include the Portfolio, an Underlying Portfolio, or both. pend on the ability of the ETFs to meet their investment objectives. • Affiliated Portfolio Risk — In managing a Portfolio that invests in There is also the risk that an ETF’s performance may not match that of Underlying Portfolios, the Adviser will have the authority to select the relevant index. It is also possible that an active trading market for an and substitute the Underlying Portfolios. The Adviser may be subject ETF may not develop or be maintained, in which case the liquidity and to potential conflicts of interest in allocating the Portfolio’s assets value of the Portfolio’s investment in the ETF could be substantially and among the various Underlying Portfolios because the fees payable to adversely affected. The extent to which the investment performance and it by some of the Underlying Portfolios are higher than the fees pay- risks associated with the Portfolio correlate to those of a particular ETF able by other Underlying Portfolios and because the Adviser is also will depend upon the extent to which the Portfolio’s assets are allocated responsible for managing, administering, and with respect to certain from time to time for investment in the ETF, which will vary. Underlying Portfolios, its affiliates are responsible for sub-advising, the Underlying Portfolios. • Foreign Securities Risk — Investments in foreign securities, including depositary receipts, involve risks not associated with investing in U.S. • Credit Risk — The Portfolio is subject to the risk that the issuer or the securities. Foreign markets, particularly emerging markets, may be less guarantor (or other obligor, such as a party providing insurance or other liquid, more volatile and subject to less government supervision than credit enhancement) of a fixed income security, or the counterparty to a U.S. markets. Security values also may be negatively affected by derivatives contract, repurchase agreement, loan of portfolio securities changes in the exchange rates between the U.S. dollar and foreign or other transaction, is unable or unwilling, or is perceived (whether by currencies. Differences between U.S. and foreign legal, political and market participants, ratings agencies, pricing services or otherwise) as economic systems, regulatory regimes and market practices also may unable or unwilling, to make timely principal and/or interest payments, impact security values and it may take more time to clear and settle or otherwise honor its obligations. Securities are subject to varying de- trades involving foreign securities. grees of credit risk, which are often reflected in their credit ratings. • Futures Contract Risk — The primary risks associated with the use of However, rating agencies may fail to make timely changes to credit rat- futures contracts are (a) the imperfect correlation between the change ings in response to subsequent events and a credit rating may become in market value of the instruments held by the Portfolio and the price of stale in that it fails to reflect changes in an issuer’s financial condition. the futures contract; (b) liquidity risks, including the possible absence of The downgrade of the credit rating of a security may decrease its value. a liquid secondary market for a futures contract and the resulting inabil- Lower credit quality also may lead to greater volatility in the price of a ity to close a futures contract when desired; (c) losses (potentially un- security and may negatively affect a security’s liquidity. limited) caused by unanticipated market movements; (d) an investment • Derivatives Risk — The Portfolio’s investments in derivatives may rise manager’s inability to predict correctly the direction of securities prices, or fall in value more rapidly than other investments. Changes in the interest rates, currency exchange rates and other economic factors; (e) value of a derivative may not correlate perfectly or at all with the the possibility that a counterparty, clearing member or clearinghouse underlying asset, rate or index, and the Portfolio could lose more than will default in the performance of its obligations; (f) if the Portfolio has the principal amount invested. Some derivatives can have the potential insufficient cash, it may have to sell securities from its portfolio to meet for unlimited losses. In addition, it may be difficult or impossible for the daily variation margin requirements, and the Portfolio may have to sell Portfolio to purchase or sell certain derivatives in sufficient amounts to securities at a time when it may be disadvantageous to do so; and (g) achieve the desired level of exposure, which may result in a loss or may transaction costs associated with investments in futures contracts may

ACGA 2 be significant, which could cause or increase losses or reduce gains. experience additional volatility and losses. This is known as extension Futures contracts are also subject to the same risks as the underlying risk. Moreover, declines in the credit quality of the issuers of investments to which they provide exposure. In addition, futures con- mortgage- and asset-backed securities or instability in the markets for tracts may subject the Portfolio to leveraging risk. such securities may affect the value and liquidity of such securities, which could result in losses to the Portfolio. In addition, certain • Interest Rate Risk — The Portfolio is subject to the risk that fixed mortgage- and asset-backed securities may include securities backed income securities will decline in value because of changes in interest by pools of loans made to “subprime” borrowers or borrowers with rates. When interest rates decline, the value of the Portfolio’s debt blemished credit histories; the risk of defaults is generally higher in securities generally rises. Conversely, when interest rates rise, the the case of mortgage pools that include such subprime mortgages. value of the Portfolio’s debt securities generally declines. A portfolio • Non-Investment Grade Securities Risk — Bonds rated below investment with a longer average duration will be more sensitive to changes in grade (i.e., BB or lower by S&P or Fitch or Ba or lower by Moody’s or, if interest rates, usually making it more volatile than a portfolio with a unrated, determined by the investment manager to be of comparable shorter average duration. As of the date of this Prospectus, interest quality) are speculative in nature and are subject to additional risk factors rates are near historic lows in the United States, and below zero in such as increased possibility of default, illiquidity of the security, and other parts of the world, including certain European countries and changes in value based on changes in interest rates. Non-investment Japan. The Portfolio is subject to a greater risk of rising interest rates grade bonds, sometimes referred to as “junk bonds,” are usually issued due to these market conditions. A significant or rapid rise in interest by companies without long track records of sales and earnings, or by rates could result in losses to the Portfolio. those companies with questionable credit strength. The creditworthiness of issuers of non-investment grade debt securities may be more complex • Investment Grade Securities Risk — Debt securities generally are to analyze than that of issuers of investment grade debt securities, and rated by national bond ratings agencies. The Portfolio considers reliance on credit ratings may present additional risks. securities to be investment grade if they are rated BBB or higher by Standard & Poor’s Global Ratings (“S&P”) or Fitch Ratings, Ltd. • Risks of Investing in Underlying Portfolios — The Portfolio will indirectly (“Fitch”) or Baa or higher by Moody’s Investors Service, Inc. bear fees and expenses paid by the Underlying Portfolios in which it in- (“Moody’s”), or, if unrated, determined by the investment manager vests, in addition to the Portfolio’s direct fees and expenses. The cost of to be of comparable quality. Securities rated in the lower investment investing in the Portfolio, therefore, may be higher than the cost of grade rating categories (e.g., BBB or Baa) are considered investment investing in a mutual fund that invests directly in individual stocks and grade securities, but are somewhat riskier than higher rated obliga- bonds. In addition, the Portfolio’s net asset value is subject to fluctuations because they are regarded as having only an adequate capacity tions in the net asset values of the Underlying Portfolios in which it in- to pay principal and interest, are considered to lack outstanding invests. The Portfolio is also subject to the risks associated with the vestment characteristics, and may possess certain speculative charac- securities or other investments in which the Underlying Portfolios invest teristics. and the ability of the Portfolio to meet its investment objective will directly depend on the ability of the Underlying Portfolios to meet their • Large-Cap Company Risk — Larger more established companies may objectives. The Portfolio and the Underlying Portfolios are subject to cer- be unable to respond quickly to new competitive challenges such as tain general investment risks, including market risk, asset class risk, changes in technology and consumer tastes. Many larger companies also issuer-specific risk, investment style risk and portfolio management risk. may not be able to attain the high growth rate of successful smaller In addition, to the extent a Portfolio invests in Underlying Portfolios that companies, especially during extended periods of economic expansion. invest in equity securities, fixed income securities and/or foreign secu- • Mid-Cap and Small-Cap Company Risk — The Portfolio’s investments rities, the Portfolio is subject to the risks associated with investing in in mid- and small-cap companies may involve greater risks than such securities. The extent to which the investment performance and investments in larger, more established issuers because they generally risks associated with the Portfolio correlate to those of a particular are more vulnerable than larger companies to adverse business or Underlying Portfolio will depend upon the extent to which the Portfolio’s economic developments. Such companies generally have narrower assets are allocated from time to time for investment in the Underlying product lines, more limited financial and management resources and Portfolio, which will vary. more limited markets for their stock as compared with larger compa- • Volatility Management Risk — The Portfolio may invest from time to nies. As a result, the value of such securities may be more volatile than time in Underlying Portfolios managed by the Adviser that employ vari- the securities of larger companies, and the Portfolio may experience ous volatility management techniques, including the use of futures and difficulty in purchasing or selling such securities at the desired time and options to manage equity exposure. Although these actions are in- price or in the desired amount. In general, these risks are greater for tended to reduce the overall risk of investing in the Portfolio, they may small-cap companies than for mid-cap companies. not work as intended and may result in losses by the Portfolio or periods • Mortgage-Backed and Asset-Backed Securities Risk — The Portfolio is of underperformance, particularly during periods when market values subject to the risk that the principal on mortgage- and asset-backed are increasing but market volatility is high. The success of any volatility securities held by the Portfolio will be prepaid, which generally will management strategy will be subject to the Adviser’s ability to correctly reduce the yield and market value of these securities. If interest rates assess the degree of correlation between the performance of the rele- fall, the rate of prepayments tends to increase as borrowers are moti- vant market index and the metrics used by the Adviser to measure mar- vated to pay off debt and refinance at new lower rates. Rising interest ket volatility. Since the characteristics of many securities change as rates may increase the risk of default by borrowers and tend to extend markets change or time passes, the success of any volatility manage- the duration of these securities, making them more sensitive to ment strategy also will be subject to the Adviser’s ability to continually changes in interest rates. As a result, in a period of rising interest recalculate, readjust, and execute volatility management techniques rates, to the extent the Portfolio holds these types of securities, it may (such as options and futures transactions) in an efficient manner. In

ACGA 3 addition, because market conditions change, sometimes rapidly and The performance results do not reflect any Contract-related fees and unpredictably, the success of a volatility management strategy will be expenses, which would reduce the performance results. subject to the Adviser’s ability to execute the strategy in a timely manner. Moreover, volatility management strategies may increase portfolio Calendar Year Annual Total Returns — Class IB transaction costs, which could cause or increase losses or reduce gains. For a variety of reasons, the Adviser may not seek to establish a perfect 10.54% correlation between the relevant market index and the metrics that the 9.05% Adviser uses to measure market volatility. In addition, it is not possible 7.17% to manage volatility fully or perfectly. Futures contracts and other instruments used in connection with the volatility management strategy 5.02% are not necessarily held by an Underlying Portfolio to hedge the value of 3.81% the Underlying Portfolio’s other investments and, as a result, these futures contracts and other instruments may decline in value at the same time as the Underlying Portfolio’s investments. Any one or more of these -0.48% factors may prevent the Underlying Portfolio from achieving the in- -1.32% tended volatility management or could cause the Underlying Portfolio, 2010 2011 2012 2013 2014 2015 2016 and in turn, the Portfolio, to underperform or experience losses (some of which may be sudden) or volatility for any particular period that may be Best quarter (% and time period) Worst quarter (% and time period) higher or lower than intended. In addition, the use of volatility 6.02% (2010 3rd Quarter) –6.78% (2011 3rd Quarter) management techniques may not protect against market declines and may limit the Underlying Portfolio’s, and thus the Portfolio’s, partic- Average Annual Total Returns ipation in market gains, even during periods when the market is rising. One Five Since Volatility management techniques, when implemented effectively to Year Years Inception reduce the overall risk of investing in an Underlying Portfolio, may result AXA Conservative Growth Strategy Portfolio — in underperformance by an Underlying Portfolio. For example, if an Class IB Shares (Inception Date: April 30, 2009) 5.02% 5.15% 6.07% Underlying Portfolio has reduced its overall exposure to equities to avoid S&P 500® Index (reflects no deduction for fees, losses in certain market environments, the Underlying Portfolio may expenses, or taxes) 11.96% 14.66% 15.50% Bloomberg Barclays U.S. Intermediate forgo some of the returns that can be associated with periods of rising Government Bond Index (reflects no equity values. The Underlying Portfolio’s performance, and therefore the deduction for fees, expenses, or taxes) 1.05% 1.04% 2.16% Portfolio’s performance, may be lower than similar funds where volatility AXA Conservative Growth Strategy Index (reflects no deduction for fees, expenses, management techniques are not used. In addition, volatility manage- or taxes) 5.88% 5.90% 7.01% ment techniques may reduce potential losses and/or mitigate financial risks to insurance companies that provide certain benefits and guarantees available under the Contracts and offer the Underlying Portfolios as WHO MANAGES THE PORTFOLIO an investment option in their products. Investment Adviser: FMG LLC Risk/Return Bar Chart and Table Portfolio Managers: The bar chart and table below provide some indication of the risks of Date Began investing in the Portfolio by showing changes in the Portfolio’s Managing performance from year to year and by showing how the Portfolio’s Name Title the Portfolio average annual total returns for the past one- and five-year and since Kenneth T. Kozlowski, Executive Vice President April 2009 CFP®, CLU, ChFC and Chief Investment inception periods through December 31, 2016 compared to the returns Officer of FMG LLC of a broad-based securities market index. The additional broad-based Alwi Chan, CFA® Senior Vice President May 2011 securities market index and the hypothetical composite index show how and Deputy Chief the Portfolio’s performance compared with the returns of other asset Investment Officer of classes in which the Portfolio may invest. Past performance is not an FMG LLC indication of future performance. Xavier Poutas, CFA® Assistant Portfolio May 2011 Manager of FMG LLC Class IA shares have not commenced operations as of the date of this ® Prospectus. Miao Hu, CFA Assistant Portfolio May 2016 Manager of FMG LLC

ACGA 4 PURCHASE AND REDEMPTION OF PORTFOLIO SHARES The Portfolio’s shares are currently sold only to insurance company separate accounts in connection with Contracts issued by AXA Equitable Life Insurance Company (“AXA Equitable”), AXA Life and Annuity Com- pany, or 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 and other investors eligible under applicable federal tax regulations. The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day (which typically is any day the New York Stock Exchange is open) upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares.

TAX INFORMATION The Portfolio currently sells its shares only to insurance company separate accounts, qualified plans and other investors eligible under applicable federal income tax regulations. Accordingly, distributions the Portfolio makes of its net investment income and net realized gains — most or all of which it intends to distribute annually — and redemptions or exchanges of Portfolio shares generally will not be taxable to its shareholders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax information.

PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES This Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and the Adviser and its affiliates may make payments to a sponsoring insurance company (or its affiliates) or other financial intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. Ask your financial adviser or visit your financial intermediary’s website for more information.

ACGA 5 EQ Advisors TrustSM

AXA Conservative Strategy Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks a high level of current income. Expense Limitation Arrangement is not renewed. This Example does not reflect any Contract-related fees and expenses including redemption fees (if FEES AND EXPENSES OF THE PORTFOLIO any) at the Contract level. If such fees and expenses were reflected, the total expenses would be higher. Although your actual costs may be higher The following table describes the fees and expenses that you may pay if or lower, based on these assumptions your costs would be: you buy and hold shares of the Portfolio. The table below does not reflect any fees and expenses associated with variable life insurance con- 1 Year 3 Years 5 Years 10 Years tracts and variable annuity certificates and contracts (“Contracts”), Class IA Shares $97 $316 $552 $1,231 which would increase overall fees and expenses. See the Contract pro- Class IB Shares $97 $316 $552 $1,231 spectus for a description of those fees and expenses. PORTFOLIO TURNOVER Shareholder Fees (fees paid directly from your investment) The Portfolio will not incur transaction costs, such as commissions, when Not applicable. it buys and sells shares of the Underlying Portfolios (or “turns over” its portfolio), but it could incur transaction costs if it were to buy and sell other types of securities directly. If the Portfolio were to buy and sell other Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of types of securities directly, a higher portfolio turnover rate could indicate your investment) higher transaction costs. Such costs, if incurred, would not be reflected in Class IA Class IB annual fund operating expenses or in the Example, and would affect the AXA Conservative Strategy Portfolio Shares* Shares Portfolio’s performance. During the most recent fiscal year, the Portfolio’s Management Fee 0.10% 0.10% portfolio turnover rate was 14% of the average value of the Portfolio. Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% Other Expenses 0.17% 0.17% INVESTMENTS, RISKS, AND PERFORMANCE Acquired Fund Fees and Expenses (Underlying Portfolios) 0.49% 0.49% Total Annual Portfolio Operating Expenses 1.01% 1.01% Principal Investment Strategy: The Portfolio pursues its investment Fee Waiver and/or Expense Reimbursement† –0.06% –0.06% objective by investing in other mutual funds (“Underlying Portfolios”) Total Annual Portfolio Operating Expenses After Fee managed by AXA Equitable Funds Management Group, LLC (“FMG Waiver and/or Expense Reimbursement 0.95% 0.95% LLC” or “Adviser”) and sub-advised by one or more investment sub- * Based on estimated amounts for the current fiscal year. advisers (“Sub-Adviser”). The Portfolio invests approximately 80% of its † Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreed to assets in fixed income investments and approximately 20% of its assets make payments or waive its management, administrative and other fees to limit the expenses of the Portfolio through April 30, 2018 (unless the Board of Trustees con- in equity investments through investments in Underlying Portfolios. sents to an earlier revision or termination of this arrangement) (“Expense Limitation Arrangement”) so that the annual operating expenses (including Acquired Fund Fees The fixed income asset class may include investment grade securities, and Expenses) of the Portfolio (exclusive of taxes, interest, brokerage commissions, mortgage-backed securities and government securities. These securities dividend and interest expenses on securities sold short, capitalized expenses and may include securities with maturities that range from short to longer extraordinary expenses) do not exceed an annual rate of average daily net assets of 0.95% for Class IA and Class IB shares of the Portfolio. The Expense Limitation Ar- term. The equity asset class may include securities of small-, mid- and rangement may be terminated by AXA Equitable Funds Management Group, LLC at large-capitalization companies and exchange-traded funds. The asset any time after April 30, 2018. classes may include securities of foreign issuers in addition to securities of domestic issuers. Actual allocations among asset classes can deviate from Example the amounts shown above by up to 15% of the Portfolio’s assets. The This Example is intended to help you compare the cost of investing in the Portfolio may invest in Underlying Portfolios that tactically manage equity Portfolio with the cost of investing in other portfolios. The Example as- exposure. The Portfolio may invest in Underlying Portfolios that employ sumes that you invest $10,000 in the Portfolio for the time periods derivatives (including futures contracts) for a variety of purposes, including indicated, and then redeem all of your shares at the end of these periods. to reduce risk, to seek enhanced returns from certain asset classes and to The Example also assumes that your investment has a 5% return each leverage exposure to certain asset classes. When market volatility is in- year, that the Portfolio’s operating expenses remain the same, and that the creasing above specific thresholds, such Underlying Portfolios may reduce

ACSA 1 their equity exposure. During such times, the Portfolio’s exposure to as leveraging risk, interest rate risk, credit risk, the risk that a counter- equity securities may be significantly less than if it invested in a traditional party may be unable or unwilling to honor its obligations, and the risk of equity portfolio and the Portfolio may deviate significantly from its asset mispricing or improper valuation. Derivatives also may not behave as allocation targets. Although the Portfolio’s investment in Underlying Port- anticipated by the Portfolio, especially in abnormal market conditions. folios that tactically manage equity exposure is intended to reduce the Changing regulation may make derivatives more costly, limit their Portfolio’s overall risk, it may result in periods of underperformance. availability, impact the Portfolio’s ability to maintain its investments in The Adviser may change the asset allocation targets and the particular derivatives, disrupt markets, or otherwise adversely affect their value or Underlying Portfolios in which the Portfolio invests. The Adviser may sell performance. the Portfolio’s holdings for a variety of reasons, including to invest in an • Equity Risk — In general, stocks and other equity security values fluc- Underlying Portfolio believed to offer superior investment opportunities. tuate, and sometimes widely fluctuate, in response to changes in a Principal Risks: An investment in the Portfolio is not a deposit of a company’s financial condition as well as general market, economic bank and is not insured or guaranteed by the Federal Deposit Insurance and political conditions and other factors. Corporation or any other government agency. You may lose money by investing in the Portfolio. Performance may be affected by one or more • ETFs Risk — The Portfolio will indirectly bear fees and expenses paid of the following risks. The Portfolio is also subject to the risks asso- by the ETFs in which it invests, in addition to the Portfolio’s direct ciated with the Underlying Portfolios’ investments; please see the fees and expenses. The cost of investing in the Portfolio, therefore, Prospectuses and Statements of Additional Information for the Under- may be higher than the cost of investing in a mutual fund that lying Portfolios for additional information about these risks. In this sec- exclusively invests directly in individual stocks and bonds. In addition, tion, the term “Portfolio” may include the Portfolio, an Underlying the Portfolio’s net asset value will be subject to fluctuations in the Portfolio, or both. market values of the ETFs in which it invests. The Portfolio is also • Affiliated Portfolio Risk — In managing a Portfolio that invests in subject to the risks associated with the securities or other Underlying Portfolios, the Adviser will have the authority to select investments in which the ETFs invest and the ability of the Portfolio and substitute the Underlying Portfolios. The Adviser may be subject to meet its investment objective will directly depend on the ability of to potential conflicts of interest in allocating the Portfolio’s assets the ETFs to meet their investment objectives. There is also the risk among the various Underlying Portfolios because the fees payable to that an ETF’s performance may not match that of the relevant index. it by some of the Underlying Portfolios are higher than the fees pay- It is also possible that an active trading market for an ETF may not able by other Underlying Portfolios and because the Adviser is also develop or be maintained, in which case the liquidity and value of responsible for managing, administering, and with respect to certain the Portfolio’s investment in the ETF could be substantially and Underlying Portfolios, its affiliates are responsible for sub-advising, adversely affected. The extent to which the investment performance the Underlying Portfolios. and risks associated with the Portfolio correlate to those of a particular ETF will depend upon the extent to which the Portfolio’s • Credit Risk — The Portfolio is subject to the risk that the issuer or the assets are allocated from time to time for investment in the ETF, guarantor (or other obligor, such as a party providing insurance or other which will vary. credit enhancement) of a fixed income security, or the counterparty to a derivatives contract, repurchase agreement, loan of portfolio securities or • Foreign Securities Risk — Investments in foreign securities, including other transaction, is unable or unwilling, or is perceived (whether by depositary receipts, involve risks not associated with investing in U.S. market participants, ratings agencies, pricing services or otherwise) as securities. Foreign markets, particularly emerging markets, may be unable or unwilling, to make timely principal and/or interest payments, less liquid, more volatile and subject to less government supervision or otherwise honor its obligations. Securities are subject to varying de- than U.S. markets. Security values also may be negatively affected by grees of credit risk, which are often reflected in their credit ratings. changes in the exchange rates between the U.S. dollar and foreign However, rating agencies may fail to make timely changes to credit rat- currencies. Differences between U.S. and foreign legal, political and ings in response to subsequent events and a credit rating may become economic systems, regulatory regimes and market practices also may stale in that it fails to reflect changes in an issuer’s financial condition. impact security values and it may take more time to clear and settle The downgrade of the credit rating of a security may decrease its value. trades involving foreign securities. Lower credit quality also may lead to greater volatility in the price of a • Futures Contract Risk — The primary risks associated with the use of security and may negatively affect a security’s liquidity. futures contracts are (a) the imperfect correlation between the change • Derivatives Risk — The Portfolio’s investments in derivatives may rise or in market value of the instruments held by the Portfolio and the price fall in value more rapidly than other investments. Changes in the value of the futures contract; (b) liquidity risks, including the possible absence of a derivative may not correlate perfectly or at all with the underlying of a liquid secondary market for a futures contract and the resulting asset, rate or index, and the Portfolio could lose more than the principal inability to close a futures contract when desired; (c) losses (potentially amount invested. Some derivatives can have the potential for unlimited unlimited) caused by unanticipated market movements; (d) an invest- losses. In addition, it may be difficult or impossible for the Portfolio to ment manager’s inability to predict correctly the direction of securities purchase or sell certain derivatives in sufficient amounts to achieve the prices, interest rates, currency exchange rates and other economic fac- desired level of exposure, which may result in a loss or may be costly to tors; (e) the possibility that a counterparty, clearing member or the Portfolio. Derivatives also may be subject to certain other risks such clearinghouse will default in the performance of its obligations; (f) if the

ACSA 2 Portfolio has insufficient cash, it may have to sell securities from its port- interest rates fall, the rate of prepayments tends to increase as folio to meet daily variation margin requirements, and the Portfolio borrowers are motivated to pay off debt and refinance at new lower may have to sell securities at a time when it may be disadvantageous rates. Rising interest rates may increase the risk of default by to do so; and (g) transaction costs associated with investments in fu- borrowers and tend to extend the duration of these securities, tures contracts may be significant, which could cause or increase losses making them more sensitive to changes in interest rates. As a result, or reduce gains. Futures contracts are also subject to the same risks as in a period of rising interest rates, to the extent the Portfolio holds the underlying investments to which they provide exposure. In addition, these types of securities, it may experience additional volatility and futures contracts may subject the Portfolio to leveraging risk. losses. This is known as extension risk. Moreover, declines in the credit quality of the issuers of mortgage- and asset-backed securities • Interest Rate Risk — The Portfolio is subject to the risk that fixed or instability in the markets for such securities may affect the value income securities will decline in value because of changes in interest and liquidity of such securities, which could result in losses to the rates. When interest rates decline, the value of the Portfolio’s debt Portfolio. In addition, certain mortgage- and asset-backed securities securities generally rises. Conversely, when interest rates rise, the may include securities backed by pools of loans made to “subprime” value of the Portfolio’s debt securities generally declines. A portfolio borrowers or borrowers with blemished credit histories; the risk of with a longer average duration will be more sensitive to changes in defaults is generally higher in the case of mortgage pools that interest rates, usually making it more volatile than a portfolio with a include such subprime mortgages. shorter average duration. As of the date of this Prospectus, interest rates are near historic lows in the United States, and below zero in • Risks of Investing in Underlying Portfolios — The Portfolio will in- other parts of the world, including certain European countries and directly bear fees and expenses paid by the Underlying Portfolios in Japan. The Portfolio is subject to a greater risk of rising interest rates which it invests, in addition to the Portfolio’s direct fees and expenses. due to these market conditions. A significant or rapid rise in interest The cost of investing in the Portfolio, therefore, may be higher than the rates could result in losses to the Portfolio. cost of investing in a mutual fund that invests directly in individual stocks and bonds. In addition, the Portfolio’s net asset value is subject • Investment Grade Securities Risk — Debt securities generally are rated to fluctuations in the net asset values of the Underlying Portfolios in by national bond ratings agencies. The Portfolio considers securities to which it invests. The Portfolio is also subject to the risks associated be investment grade if they are rated BBB or higher by Standard & with the securities or other investments in which the Underlying Portfo- Poor’s Global Ratings (“S&P”) or Fitch Ratings, Ltd. (“Fitch”) or Baa or lios invest and the ability of the Portfolio to meet its investment ob- higher by Moody’s Investors Service, Inc. (“Moody’s”), or, if unrated, jective will directly depend on the ability of the Underlying Portfolios to determined by the investment manager to be of comparable quality. meet their objectives. The Portfolio and the Underlying Portfolios are Securities rated in the lower investment grade rating categories (e.g., subject to certain general investment risks, including market risk, asset BBB or Baa) are considered investment grade securities, but are class risk, issuer-specific risk, investment style risk and portfolio man- somewhat riskier than higher rated obligations because they are re- agement risk. In addition, to the extent a Portfolio invests in Underlying garded as having only an adequate capacity to pay principal and Portfolios that invest in equity securities, fixed income securities and/or interest, are considered to lack outstanding investment characteristics, foreign securities, the Portfolio is subject to the risks associated with and may possess certain speculative characteristics. investing in such securities. The extent to which the investment per- • Large-Cap Company Risk — Larger more established companies may formance and risks associated with the Portfolio correlate to those of a be unable to respond quickly to new competitive challenges such as particular Underlying Portfolio will depend upon the extent to which changes in technology and consumer tastes. Many larger companies the Portfolio’s assets are allocated from time to time for investment in also may not be able to attain the high growth rate of successful smaller the Underlying Portfolio, which will vary. companies, especially during extended periods of economic expansion. • Volatility Management Risk — The Portfolio may invest from time to • Mid-Cap and Small-Cap Company Risk — The Portfolio’s investments time in Underlying Portfolios managed by the Adviser that employ in mid- and small-cap companies may involve greater risks than various volatility management techniques, including the use of fu- investments in larger, more established issuers because they generally tures and options to manage equity exposure. Although these ac- are more vulnerable than larger companies to adverse business or tions are intended to reduce the overall risk of investing in the economic developments. Such companies generally have narrower Portfolio, they may not work as intended and may result in losses by product lines, more limited financial and management resources and the Portfolio or periods of underperformance, particularly during more limited markets for their stock as compared with larger compa- periods when market values are increasing but market volatility is nies. As a result, the value of such securities may be more volatile than high. The success of any volatility management strategy will be sub- the securities of larger companies, and the Portfolio may experience ject to the Adviser’s ability to correctly assess the degree of correla- difficulty in purchasing or selling such securities at the desired time and tion between the performance of the relevant market index and the price or in the desired amount. In general, these risks are greater for metrics used by the Adviser to measure market volatility. Since the small-cap companies than for mid-cap companies. characteristics of many securities change as markets change or time passes, the success of any volatility management strategy also will be • Mortgage-Backed and Asset-Backed Securities Risk — The Portfolio subject to the Adviser’s ability to continually recalculate, readjust, is subject to the risk that the principal on mortgage- and asset- and execute volatility management techniques (such as options and backed securities held by the Portfolio will be prepaid, which futures transactions) in an efficient manner. In addition, because generally will reduce the yield and market value of these securities. If market conditions change, sometimes rapidly and unpredictably, the

ACSA 3 success of a volatility management strategy will be subject to the The performance results do not reflect any Contract-related fees and Adviser’s ability to execute the strategy in a timely manner. More- expenses, which would reduce the performance results. over, volatility management strategies may increase portfolio transaction costs, which could cause or increase losses or reduce Calendar Year Annual Total Returns — Class IB gains. For a variety of reasons, the Adviser may not seek to establish 7.23% a perfect correlation between the relevant market index and the metrics that the Adviser uses to measure market volatility. In addition, it is not possible to manage volatility fully or perfectly. Futures con- 4.47% 4.42% tracts and other instruments used in connection with the volatility management strategy are not necessarily held by an Underlying Port- 2.58% 2.79% folio to hedge the value of the Underlying Portfolio’s other investments and, as a result, these futures contracts and other instruments 0.70% may decline in value at the same time as the Underlying Portfolio’s -0.15% investments. Any one or more of these factors may prevent the Un- 2010 2011 2012 20132014 2015 2016 derlying Portfolio from achieving the intended volatility management or could cause the Underlying Portfolio, and in turn, the Portfolio, to Best quarter (% and time period) Worst quarter (% and time period) underperform or experience losses (some of which may be sudden) or 4.07% (2010 3rd Quarter) –2.74% (2011 3rd Quarter) volatility for any particular period that may be higher or lower than intended. In addition, the use of volatility management techniques Average Annual Total Returns may not protect against market declines and may limit the Under- One Five Since lying Portfolio’s, and thus the Portfolio’s, participation in market Year Years Inception gains, even during periods when the market is rising. Volatility man- AXA Conservative Strategy Portfolio — agement techniques, when implemented effectively to reduce the Class IB Shares (Inception Date: April 30, 2009) 2.79% 2.81% 3.92% overall risk of investing in an Underlying Portfolio, may result in un- S&P 500® Index (reflects no deduction for derperformance by an Underlying Portfolio. For example, if an Under- fees, expenses, or taxes) 11.96% 14.66% 15.50% lying Portfolio has reduced its overall exposure to equities to avoid Bloomberg Barclays U.S. Intermediate Government Bond Index (reflects no losses in certain market environments, the Underlying Portfolio may deduction for fees, expenses, or taxes) 1.05% 1.04% 2.16% forgo some of the returns that can be associated with periods of ris- AXA Conservative Strategy Index (reflects no deduction for fees, expenses, or ing equity values. The Underlying Portfolio’s performance, and there- taxes) 3.38% 3.42% 4.44% fore the Portfolio’s performance, may be lower than similar funds where volatility management techniques are not used. In addition, volatility management techniques may reduce potential losses and/or WHO MANAGES THE PORTFOLIO mitigate financial risks to insurance companies that provide certain Investment Adviser: FMG LLC benefits and guarantees available under the Contracts and offer the Underlying Portfolios as an investment option in their products. Portfolio Managers:

Risk/Return Bar Chart and Table Date Began Managing The bar chart and table below provide some indication of the risks of inves- Name Title the Portfolio ting in the Portfolio by showing changes in the Portfolio’s performance Kenneth T. Kozlowski, Executive Vice President April 2009 CFP®, CLU, ChFC and Chief Investment from year to year and by showing how the Portfolio’s average annual total Officer of FMG LLC returns for the past one- and five-year and since inception periods through Alwi Chan, CFA® Senior Vice President May 2011 December 31, 2016 compared to the returns of a broad-based securities and Deputy Chief market index. The additional broad-based securities market index and the Investment Officer of hypothetical composite index show how the Portfolio’s performance com- FMG LLC pared with the returns of other asset classes in which the Portfolio may Xavier Poutas, CFA® Assistant Portfolio May 2011 invest. Past performance is not an indication of future performance. Manager of FMG LLC Miao Hu, CFA® Assistant Portfolio May 2016 Class IA shares have not commenced operations as of the date of this Manager of FMG LLC Prospectus.

ACSA 4 PURCHASE AND REDEMPTION OF PORTFOLIO SHARES The Portfolio’s shares are currently sold only to insurance company separate accounts in connection with Contracts issued by AXA Equitable Life Insurance Company (“AXA Equitable”), AXA Life and Annuity Com- pany, or 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 and other investors eligible under applicable federal tax regulations. The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day (which typically is any day the New York Stock Exchange is open) upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares.

PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES This Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and the Adviser and its affiliates may make payments to a sponsoring insurance company (or its affiliates) or other financial intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. Ask your financial adviser or visit your financial intermediary’s website for more information.

ACSA 5 EQ Advisors TrustSM

AXA/AB Dynamic Moderate Growth Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks to achieve total return from long-term PORTFOLIO TURNOVER growth of capital and income. The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turn- FEES AND EXPENSES OF THE PORTFOLIO over rate may indicate higher transaction costs. These costs, which are not The following table describes the fees and expenses that you may pay if reflected in annual fund operating expenses or in the Example, affect the you buy and hold shares of the Portfolio. The table below does not re- Portfolio’s performance. During the most recent fiscal year, the Portfolio’s flect any fees and expenses associated with variable life insurance con- portfolio turnover rate was 34% of the average value of the Portfolio. tracts and variable annuity certificates and contracts (“Contracts”), which would increase overall fees and expenses. See the Contract pro- INVESTMENTS, RISKS, AND PERFORMANCE spectus for a description of those fees and expenses. Principal Investment Strategy: Under normal conditions, the Portfolio will invest in a diversified range of securities and other financial instru- Shareholder Fees ments, including derivatives, that provide investment exposure to a variety (fees paid directly from your investment) of asset classes. These asset classes may include: equity securities and fixed Not applicable. income instruments of issuers located within and outside the United States, and currencies. By adjusting investment exposure among the various asset Annual Portfolio Operating Expenses classes in the Portfolio, the Sub-Adviser will attempt to reduce overall port- (expenses that you pay each year as a percentage of the value of folio volatility and mitigate the effects of extreme market environments, your investment) without sacrificing long-term returns. The Portfolio may gain or adjust ex- Class IA Class IB AXA/AB Dynamic Moderate Growth Portfolio Shares* Shares posure to each asset class either through transactions in individual secu- Management Fee 0.72% 0.72% rities or through other instruments, including derivatives. Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% The Portfolio’s equity investments will be allocated among discrete por- Other Expenses 0.15% 0.15% tions of the Portfolio that will invest in securities included in the Standard Acquired Fund Fees and Expenses 0.01% 0.01% & Poor’s 500® Composite Stock Index (“S&P 500 Index”), Standard & Total Annual Portfolio Operating Expenses 1.13% 1.13% Poor’s MidCap 400® Index (“S&P MidCap 400 Index”), Russell 2000® * Based on estimated amounts for the current fiscal year. Index (“Russell 2000”), MSCI EAFE Index, FTSE 100 Index, TOPIX Index, DJ EuroSTOXX 50 Index, and S&P/ASX 200 Index, respectively, and in Example other securities and instruments, such as derivatives, that provide exposure to these indexes. The Portfolio will invest in these securities and This Example is intended to help you compare the cost of investing in the other instruments in a manner that is intended to track the performance Portfolio with the cost of investing in other portfolios. The Example assumes (before fees and expenses) of the relevant index. This strategy is com- that you invest $10,000 in the Portfolio for the time periods indicated, and monly referred to as an indexing strategy. Depending on the size of the then redeem all of your shares at the end of those time periods. The Exam- index, the Portfolio may use a replication technique or sampling approach ple also assumes that your investment has a 5% return each year and that to execute its indexing strategy. As of December 31, 2016, the market the Portfolio’s operating expenses remain the same. The Example does not capitalization of companies in the S&P 500 Index, which consists of reflect any Contract-related fees and expenses including redemption fees (if common stocks of 500 of the largest U.S. companies, ranged from $2.4 any) at the Contract level. If such fees and expenses were reflected, the to- billion to $617.6 billion; in the S&P MidCap 400 Index, which consists of tal expenses would be higher. Although your actual costs may be higher or 400 domestic stocks chosen for market size, liquidity, and industry group lower, based on these assumptions your costs would be: representation, from $952 million to $10.5 billion; in the Russell 2000, which tracks the performance of approximately 2000 of the smallest 1 Year 3 Years 5 Years 10 Years companies in the Russell 3000® Index, from $21.1 million to $10.5 Class IA Shares $115 $359 $622 $1,375 billion;, in the MSCI EAFE Index, which measures the equity market per- Class IB Shares $115 $359 $622 $1,375 formance of developed markets, excluding the U.S. and Canada, from $1.4 billion to $181 billion; in the FTSE 100 Index, which represents the

AABDMG 1 performance of the 100 largest UK-domiciled blue chip companies, from another. The Sub-Adviser will choose in each case based on consid- $3.5 billion to $130.5 billion; in the TOPIX Index, which comprises all erations of cost and efficiency of access to the desired investment ex- companies listed on the First Section of the Tokyo Stock Exchange, from posure. It is anticipated that the Portfolio’s derivative instruments will $14.8 million to $155.7 billion; in the DJ EuroSTOXX 50 Index, which consist primarily of exchange-traded futures and options contracts on covers 60% of the free float market capitalization of the EURO STOXX securities and securities indices, but the Portfolio also may utilize other Total Market Index (which in turn covers approximately 95% of the free- types of derivatives. The Portfolio’s holdings may be frequently adjusted float market capitalization of the investable universe in the eurozone), to reflect the Sub-Adviser’s assessment of changing risks, which could from $5.8 billion to $101 billion; and in the S&P/ASX 200 Index, which result in high portfolio turnover. The Sub-Adviser believes that these represents the 200 largest and most liquid publicly listed companies in adjustments also can frequently be made efficiently and economically Australia, from $0.3 billion to $83.2 billion. The Sub-Adviser may allocate through the use of derivatives strategies. Similarly, when the Sub- the Portfolio’s investments among these indices based on its assessment Adviser decides to reduce (or eliminate) the Portfolio’s exposure to of risk in the equity markets relative to potential return. In addition, the equity markets, the Sub-Adviser may choose to do so directly through Portfolio may obtain equity exposure by investing in preferred stocks, securities transactions or indirectly through derivatives transactions. warrants and convertible securities of domestic and foreign issuers, The Portfolio may invest in derivatives to the extent permitted by appli- including sponsored or unsponsored American Depositary Receipts cable law. It is anticipated that the Portfolio’s use of derivatives will be (“ADRs”) and Global Depositary Receipts (“GDRs”). consistent with its overall investment strategy of obtaining and manag- The Portfolio’s fixed income investments will consist primarily of investing exposure to various asset classes. Because the Sub-Adviser will use ments in securities included in the Citi World Government Bond derivatives to manage the Portfolio’s exposure to different asset classes, (“WGB”) Index, the Bloomberg Barclays U.S. Intermediate Government the Portfolio’s use of derivatives may be substantial. The Portfolio’s Bond Index and in other securities and instruments, such as derivatives, investments in derivatives may be deemed to involve the use of leverage that provide exposure to these indices. The Portfolio will invest in these because the Portfolio is not required to invest the full market value of securities and other instruments in a manner that is intended to track the contract upon entering into the contract but participates in gains the performance (before fees and expenses) of the relevant index. The and losses on the full contract price. In addition, the Portfolio’s invest- Citi WGB Index includes the most significant and liquid government ments in derivatives may be deemed to involve the use of leverage be- bonds from markets globally that carry at least an investment grade rat- cause the heightened price sensitivity of some derivatives to market ing. The Bloomberg Barclays U.S. Intermediate Government Bond Index changes may magnify the Portfolio’s gain or loss. It is not generally ex- is an unmanaged index that measures the performance of securities pected, however, that the Portfolio will be leveraged by borrowing consisting of all U.S. Treasury and agency securities with remaining money for investment purposes. The Portfolio generally does not intend maturities of from one to ten years and issue amounts of at least $250 to use leverage to increase its net investment exposure above approx- million outstanding, which may include zero-coupon securities. imately 100% of the Portfolio’s net asset value or below 0%. The Port- folio may maintain a significant percentage of its assets in cash and The Sub-Adviser will manage the Portfolio using a Dynamic Asset Allocation cash equivalent instruments, some of which may serve as margin or col- strategy, which involves making short-term adjustments to the Portfolio’s lateral for the Portfolio’s obligations under derivative transactions. asset mix based on proprietary research on various risk and return factors. The Sub-Adviser also may use exchange-traded funds (“ETFs”) in seeking The approach seeks to minimize the effects of adverse equity market con- to carry out the Portfolio’s investment strategies. The Portfolio also may ditions, mitigate both extreme losses and outsized gains, and improve re- enter into foreign currency transactions for hedging and non-hedging turns through lower volatility. Under normal market conditions, it is purposes on a spot (i.e., cash) basis or through the use of derivatives. The expected that the Portfolio’s asset allocation will be approximately 60% in Portfolio also may invest its uninvested cash in high-quality, short-term equity securities (or financial instruments that provide investment exposure debt securities, including high-quality money market instruments, and also to such securities) and approximately 40% in fixed income securities (or fi- may invest uninvested cash in money market funds, including money nancial instruments that provide investment exposure to such securities). market funds managed by AXA Equitable Funds Management Group, LLC The Portfolio’s equity investments may range from 0% to 70% of the (“FMG LLC” or the “Adviser”), the Portfolio’s investment manager. Portfolio’s net assets depending on volatility. Likewise, the Portfolio’s fixed income investments may range from 30% to 100% of the Portfolio’s net The Portfolio also may lend its portfolio securities to earn additional assets depending on volatility. When the Sub-Adviser determines that the income. risks in the equity markets have risen disproportionately to potential re- Principal Risks: An investment in the Portfolio is not a deposit of a turns, the Portfolio will seek to reduce its equity exposure through the use bank and is not insured or guaranteed by the Federal Deposit Insurance of derivatives and investments in bonds or other fixed income securities, Corporation or any other government agency. You may lose money by currencies and other financial instruments. investing in the Portfolio. Performance may be affected by one or more In implementing the Dynamic Asset Allocation strategy, the Sub-Adviser of the following risks. may invest in derivatives, including futures, forwards, swaps and op- Cash Management Risk: Upon entering into certain derivatives tions, and other instruments rather than investing directly in equity or contracts, such as futures contracts, and to maintain open positions in fixed income securities. These derivatives and other instruments may be certain derivatives contracts, the Portfolio may be required to post used for a variety of purposes, including to reduce risk, to seek en- collateral for the contract, the amount of which may vary. As such, the hanced returns from certain asset classes and to leverage the Portfolio’s Portfolio may maintain cash balances, including foreign currency balan- exposure to certain asset classes. The Portfolio may use index futures, ces, which may be significant, with counterparties such as the Trust’s for example, to gain broad exposure to a particular segment of the custodian or its affiliates. The Portfolio is thus subject to counterparty market, while buying representative securities to achieve exposure to risk and credit risk with respect to these arrangements.

AABDMG 2 Convertible Securities Risk: The value of convertible securities changes do not impact equity returns adversely to the extent predicted by fluctuates in relation to changes in interest rates and the credit quality of the Sub-Adviser. Because the characteristics of many securities change as the issuer and, in addition, fluctuates in relation to the underlying com- markets change or time passes, the success of the Dynamic Asset Alloca- mon stock. A convertible security may be subject to redemption at the option strategy will be subject to the Sub-Adviser’s ability to continually re- tion of the issuer at a price established in the convertible security’s calculate, readjust, and execute volatility management techniques (such as governing instrument, which may be different than the current market using futures and options to manage equity exposure) in an efficient man- price of the security. If a convertible security held by the Portfolio is called ner. In addition, because market conditions change, sometimes rapidly and for redemption, the Portfolio will be required to permit the issuer to re- unpredictably, the success of the Dynamic Asset Allocation strategy will be deem the security, convert it into underlying common stock or sell it to a subject to the Sub-Adviser’s ability to execute the strategy in a timely third party. Investments by the Portfolio in convertible debt securities may manner. Futures contracts and other instruments used in connection with not be subject to any ratings restrictions, but the Portfolio’s investment the Dynamic Asset Allocation strategy are not necessarily held by the Port- manager will consider ratings, and any changes to ratings, in its determi- folio to hedge the value of the Portfolio’s other investments and, as a re- nation of whether the Portfolio should invest in and/or continue to hold sult, these futures contracts and other instruments may decline in value at the securities. Convertible securities are subject to equity risk, interest rate the same time as the Portfolio’s other investments. risk and credit risk and are often lower-quality securities, which means Equity Risk: In general, stocks and other equity security values fluc- that they are subject to the same risks as an investment in lower rated tuate, and sometimes widely fluctuate, in response to changes in a debt securities. Since it derives a portion of its value from the common company’s financial condition as well as general market, economic and stock into which it may be converted, a convertible security is also subject political conditions and other factors. to the same types of market and issuer-specific risks that apply to the underlying common stock. ETFs Risk: The Portfolio will indirectly bear fees and expenses paid by the ETFs in which it invests, in addition to the Portfolio’s direct fees and Credit Risk: The Portfolio is subject to the risk that the issuer or the expenses. The cost of investing in the Portfolio, therefore, may be higher guarantor (or other obligor, such as a party providing insurance or other than the cost of investing in a mutual fund that exclusively invests directly credit enhancement) of a fixed income security, or the counterparty to a in individual stocks and bonds. In addition, the Portfolio’s net asset value derivatives contract, repurchase agreement, loan of portfolio securities will be subject to fluctuations in the market values of the ETFs in which it or other transaction, is unable or unwilling, or is perceived (whether by invests. The Portfolio is also subject to the risks associated with the secu- market participants, ratings agencies, pricing services or otherwise) as rities or other investments in which the ETFs invest and the ability of the unable or unwilling, to make timely principal and/or interest payments, Portfolio to meet its investment objective will directly depend on the abil- or otherwise honor its obligations. Securities are subject to varying de- ity of the ETFs to meet their investment objectives. There is also the risk grees of credit risk, which are often reflected in their credit ratings. that an ETF’s performance may not match that of the relevant index. It is However, rating agencies may fail to make timely changes to credit rat- also possible that an active trading market for an ETF may not develop or ings in response to subsequent events and a credit rating may become be maintained, in which case the liquidity and value of the Portfolio’s in- stale in that it fails to reflect changes in an issuer’s financial condition. vestment in the ETF could be substantially and adversely affected. The The downgrade of the credit rating of a security may decrease its value. extent to which the investment performance and risks associated with the Lower credit quality also may lead to greater volatility in the price of a Portfolio correlate to those of a particular ETF will depend upon the extent security and may negatively affect a security’s liquidity. to which the Portfolio’s assets are allocated from time to time for invest- Derivatives Risk: The Portfolio’s investments in derivatives may rise or ment in the ETF, which will vary. fall in value more rapidly than other investments. Changes in the value of a Foreign Securities Risk: Investments in foreign securities, includ- derivative may not correlate perfectly or at all with the underlying asset, ing depositary receipts, involve risks not associated with investing in rate or index, and the Portfolio could lose more than the principal amount U.S. securities. Foreign markets, particularly emerging markets, may be invested. Some derivatives can have the potential for unlimited losses. In less liquid, more volatile and subject to less government supervision addition, it may be difficult or impossible for the Portfolio to purchase or sell than U.S. markets. Security values also may be negatively affected by certain derivatives in sufficient amounts to achieve the desired level of exchanges in the exchange rates between the U.S. dollar and foreign cur- posure, which may result in a loss or may be costly to the Portfolio. De- rencies. Differences between U.S. and foreign legal, political and eco- rivatives also may be subject to certain other risks such as leveraging risk, nomic systems, regulatory regimes and market practices also may interest rate risk, credit risk, the risk that a counterparty may be unable or impact security values and it may take more time to clear and settle unwilling to honor its obligations, and the risk of mispricing or improper trades involving foreign securities. valuation. Derivatives also may not behave as anticipated by the Portfolio, especially in abnormal market conditions. Changing regulation may make Currency Risk: Investments in foreign currencies and in secu- derivatives more costly, limit their availability, impact the Portfolio’s ability rities that trade in, or receive revenues in, or in derivatives that to maintain its investments in derivatives, disrupt markets, or otherwise provide exposure to foreign currencies are subject to the risk that adversely affect their value or performance. those currencies will decline in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in Dynamic Asset Allocation Strategy Risk: Although the Dynamic value relative to the currency being hedged. Any such decline may Asset Allocation strategy is intended to moderate the Portfolio’s volatility erode or reverse any potential gains from an investment in secu- and thereby reduce the overall risk of investing in the Portfolio, it may not rities denominated in foreign currency or may widen existing loss. work as intended and may result in losses by the Portfolio or periods of Currency rates may fluctuate significantly over short periods of underperformance, including periods during which the market is rising or time for a number of reasons, including changes in interest rates, during which the Portfolio has reduced its equity exposure but market intervention (or the failure to intervene) by governments, central

AABDMG 3 banks or supranational entities, or by the imposition of currency Regulatory Risk: Less information may be available about for- controls or other political developments in the U.S. or abroad. eign companies. In general, foreign companies are not subject to Depositary Receipts Risk: Investments in depositary receipts uniform accounting, auditing and financial reporting standards or to (including American Depositary Receipts, European Depositary other regulatory practices and requirements as are U.S. companies. Receipts and Global Depositary Receipts) are generally subject to Many foreign governments do not supervise and regulate stock ex- the same risks of investing in the foreign securities that they changes, brokers and the sale of securities to the same extent as evidence or into which they may be converted. In addition, issuers does the United States and may not have laws to protect investors underlying unsponsored depositary receipts may not provide as that are comparable to U.S. securities laws. In addition, some coun- much information as U.S. issuers and issuers underlying sponsored tries may have legal systems that may make it difficult for the depositary receipts. Unsponsored depositary receipts also may not Portfolio to vote proxies, exercise shareholder rights, and pursue carry the same voting privileges as sponsored depositary receipts. legal remedies with respect to its foreign investments. European Economic Risk: The European Union’s (the “EU”) Settlement Risk: Settlement and clearance procedures in certain Economic and Monetary Union (the “EMU”) requires member foreign markets differ significantly from those in the United States. countries to comply with restrictions on interest rates, deficits, Foreign settlement and clearance procedures and trade regulations debt levels, and inflation rates, and other factors, each of which also may involve certain risks (such as delays in payment for or deliv- may significantly impact every European country. The economies ery of securities) not typically associated with the settlement of U.S. of EU member countries and their trading partners may be ad- investments. At times, settlements in certain foreign countries have versely affected by changes in the euro’s exchange rate, changes not kept pace with the number of securities transactions. These prob- in EU or governmental regulations on trade, and the threat of de- lems may make it difficult for the Portfolio to carry out transactions. If fault or an actual default by an EU member country on its sover- the Portfolio cannot settle or is delayed in settling a purchase of secu- eign debt, which could negatively impact the Portfolio’s rities, it may miss attractive investment opportunities and certain of its investments and cause it to lose money. In recent years, the Euro- pean financial markets have been negatively impacted by concerns assets may be uninvested with no return earned thereon for some relating to rising government debt levels and national unemploy- period. If the Portfolio cannot settle or is delayed in settling a sale of ment; possible default on or restructuring of sovereign debt in securities, it may lose money if the value of the security then declines several European countries; and economic downturns. A European or, if it has contracted to sell the security to another party, the Portfo- country’s default or debt restructuring would adversely affect the lio could be liable for any losses incurred. holders of the country’s debt and sellers of credit default swaps Transaction Costs Risk: The costs of buying and selling for- linked to the country’s creditworthiness and could negatively im- eign securities, including taxes, brokerage and custody costs, gen- pact global markets more generally. Recent events in Europe may erally are higher than those involving domestic transactions. adversely affect the euro’s exchange rate and value and may continue to impact the economies of every European country. In June Futures Contract Risk: The primary risks associated with the use of 2016, the United Kingdom (the “UK”) voted to withdraw from the futures contracts are (a) the imperfect correlation between the change in EU, commonly referred to as “Brexit.” The impact of Brexit is so market value of the instruments held by the Portfolio and the price of the far uncertain. Additional EU members could decide to abandon futures contract; (b) liquidity risks, including the possible absence of a liquid the euro and also withdraw from the EU. The decision by an EU secondary market for a futures contract and the resulting inability to close a member to leave the EU may cause increased volatility and have a futures contract when desired; (c) losses (potentially unlimited) caused by significant adverse impact on world financial markets, which could unanticipated market movements; (d) an investment manager’s inability to adversely affect the value of the Portfolio’s investments. predict correctly the direction of securities prices, interest rates, currency Geographic Concentration Risk: To the extent the Portfolio exchange rates and other economic factors; (e) the possibility that a invests a significant portion of its assets in securities of companies counterparty, clearing member or clearinghouse will default in the domiciled, or exercising the predominant part of their economic performance of its obligations; (f) if the Portfolio has insufficient cash, it activity, in one country or geographic region, it assumes the risk may have to sell securities from its portfolio to meet daily variation margin that economic, political, social and environmental conditions in requirements, and the Portfolio may have to sell securities at a time when it that particular country or region will have a significant impact on may be disadvantageous to do so; and (g) transaction costs associated with the Portfolio’s investment performance and that the Portfolio’s investments in futures contracts may be significant, which could cause or performance will be more volatile than the performance of more increase losses or reduce gains. Futures contracts are also subject to the geographically diversified funds. The economies and financial same risks as the underlying investments to which they provide exposure. In markets of certain regions can be highly interdependent and may addition, futures contracts may subject the Portfolio to leveraging risk. decline all at the same time. In addition, certain areas are prone to Index Strategy Risk: The Portfolio employs an index strategy, that is, natural disasters such as earthquakes, volcanoes, droughts or tsu- it generally invests in the securities included in its index or a representative namis and are economically sensitive to environmental events. sample of such securities regardless of market trends. The Portfolio gen- Political/Economic Risk: Changes in economic and tax poli- erally will not modify its index strategy to respond to changes in the cies, government instability, war or other political or economic ac- economy, which means that it may be particularly susceptible to a general tions or factors may have an adverse effect on the Portfolio’s decline in the market segment relating to the relevant index. In addition, foreign investments. although the index strategy attempts to closely track its benchmark index,

AABDMG 4 the Portfolio may not invest in all of the securities in the index. Also, the Mid-Cap and Small-Cap Company Risk: The Portfolio’s invest- Portfolio’s fees and expenses will reduce the Portfolio’s returns, unlike those ments in mid- and small-cap companies may involve greater risks than of the benchmark index. Cash flow into and out of the Portfolio, portfolio investments in larger, more established issuers because they generally are transaction costs, changes in the securities that comprise the index, and the more vulnerable than larger companies to adverse business or economic Portfolio’s valuation procedures also may affect the Portfolio’s performance. developments. Such companies generally have narrower product lines, more Therefore, there can be no assurance that the performance of the index limited financial and management resources and more limited markets for strategy will match that of the benchmark index. their stock as compared with larger companies. As a result, the value of such securities may be more volatile than the securities of larger companies, and Interest Rate Risk: The Portfolio is subject to the risk that fixed in- the Portfolio may experience difficulty in purchasing or selling such securities come securities will decline in value because of changes in interest rates. at the desired time and price or in the desired amount. In general, these risks When interest rates decline, the value of the Portfolio’s debt securities are greater for small-cap companies than for mid-cap companies. generally rises. Conversely, when interest rates rise, the value of the Port- folio’s debt securities generally declines. A portfolio with a longer average Portfolio Turnover Risk: High portfolio turnover (generally, turn- duration will be more sensitive to changes in interest rates, usually mak- over in excess of 100% in any given fiscal year) may result in increased ing it more volatile than a portfolio with a shorter average duration. As of transaction costs to the Portfolio, which may result in higher fund ex- the date of this Prospectus, interest rates are near historic lows in the penses and lower total return. United States, and below zero in other parts of the world, including cer- Securities Lending Risk: The Portfolio may lend its portfolio secu- tain European countries and Japan. The Portfolio is subject to a greater rities to seek income. There is a risk that a borrower may default on its risk of rising interest rates due to these market conditions. A significant or obligations to return loaned securities, however, the Portfolio’s secu- rapid rise in interest rates could result in losses to the Portfolio. rities lending agent may indemnify the Portfolio against that risk. The Investment Grade Securities Risk: Debt securities generally are Portfolio will be responsible for the risks associated with the investment rated by national bond ratings agencies. The Portfolio considers securities of cash collateral, including any collateral invested in an affiliated to be investment grade if they are rated BBB or higher by Standard & money market fund. The Portfolio may lose money on its investment of Poor’s Global Ratings or Fitch Ratings, Ltd. or Baa or higher by Moody’s cash collateral or may fail to earn sufficient income on its investment to Investors Service, Inc., or, if unrated, determined by the investment meet obligations to the borrower. In addition, delays may occur in the manager to be of comparable quality. Securities rated in the lower invest- recovery of securities from borrowers, which could interfere with the ment grade rating categories (e.g., BBB or Baa) are considered investment Portfolio’s ability to vote proxies or to settle transactions. grade securities, but are somewhat riskier than higher rated obligations U.S. Government Securities Risk: U.S. government securities are because they are regarded as having only an adequate capacity to pay subject to market risk, interest rate risk and credit risk. Securities, such as principal and interest, are considered to lack outstanding investment char- those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are acteristics, and may possess certain speculative characteristics. backed by the full faith and credit of the U.S. are guaranteed only as to the Large-Cap Company Risk: Larger more established companies may timely payment of interest and principal when held to maturity, and the be unable to respond quickly to new competitive challenges such as market prices for such securities will fluctuate due to changing interest changes in technology and consumer tastes. Many larger companies also rates, among other factors. Notwithstanding that these securities are may not be able to attain the high growth rate of successful smaller com- backed by the full faith and credit of the U.S., circumstances could arise panies, especially during extended periods of economic expansion. that would prevent the payment of interest or principal. This would result in losses to the Portfolio. Securities issued or guaranteed by U.S. government Leveraging Risk: When the Portfolio leverages its holdings, the value related organizations, such as Fannie Mae and Freddie Mac, are not backed of an investment in the Portfolio will be more volatile and all other risks will by the full faith and credit of the U.S. government and no assurance can be tend to be compounded. For example, the Portfolio may take on leveraging given that the U.S. government will provide financial support. Therefore, risk when it engages in derivatives transactions (such as futures and options U.S. government related organizations may not have the funds to meet investments), invests collateral from securities loans or borrows money. The their payment obligations in the future. Portfolio may experience leveraging risk in connection with investments in derivatives because its investments in derivatives may be small relative to Zero Coupon and Pay-in-Kind Securities Risk: Azerocou- the investment exposure assumed, leaving more assets to be invested in pon or pay-in-kind security pays no interest in cash to its holder during other investments. Such investments may have the effect of leveraging the its life. Accordingly, zero coupon securities usually trade at a deep dis- Portfolio because the Portfolio may experience gains or losses not only on count from their face or par value and, together with pay-in-kind secu- its investments in derivatives, but also on the investments purchased with rities, will be subject to greater fluctuations in market value in response the remainder of the assets. If the value of the Portfolio’s investments in to changing interest rates than debt obligations of comparable matur- derivatives is increasing, this could be offset by declining values of the Port- ities that make current distribution of interest in cash. folio’s other investments. Conversely, it is possible that the rise in the value of the Portfolio’s non-derivative investments could be offset by a decline in Risk/Return Bar Chart and Table the value of the Portfolio’s investments in derivatives. In either scenario, the The bar chart and table below provide some indication of the risks of Portfolio may experience losses. In a market where the value of the Portfo- investing in the Portfolio by showing changes in the Portfolio’s lio’s investments in derivatives is declining and the value of its other performance from year to year and by showing how the Portfolio’s investments is declining, the Portfolio may experience substantial losses. average annual total returns for the past one year, five year and since

AABDMG 5 inception through December 31, 2016 compared to the returns of a Sub-Adviser: AllianceBernstein, L.P. (“AllianceBernstein”) broad-based securities market index. The additional broad-based Portfolio Managers: The members of the team that are jointly and securities market index and the hypothetical composite index show how primarily responsible for the securities selection, research and trading the Portfolio’s performance compared with the returns of other asset for the Portfolio are: classes in which the Portfolio may invest. Past performance is not an indication of future performance. Date Began Class IA shares have not commenced operations as of the date of this Managing Name Title the Portfolio Prospectus. Daniel J. Loewy, Chief Investment Officer – February 2011 The performance results do not reflect any Contract-related fees and CFA® Multi-Asset Solutions and expenses, which would reduce the performance results. Dynamic Asset Allocation; and Portfolio Manager of AllianceBernstein Calendar Year Annual Total Returns — Class IB 16.12% Vadim Zlotnikov Chief Market Strategist; Co- September 2013 Head – Multi-Asset Solutions; and Portfolio Manager of AllianceBernstein 7.80% Brian T. Brugman Portfolio Manager of May 2016 AllianceBernstein 4.76% 3.74% The Adviser has been granted relief by the Securities and Exchange Commission to hire, terminate and replace Sub-Advisers and amend -0.55% sub-advisory agreements subject to the approval of the Board of Trust- 20122013 2014 2015 2016 ees and without obtaining shareholder approval. However, the Adviser may not enter into a sub-advisory agreement on behalf of the Portfolio Best quarter (% and time period) Worst quarter (% and time period) with an “affiliated person” of the Adviser, such as AllianceBernstein 6.13% (2012 1st Quarter) –4.80% (2015 3rd Quarter) L.P., unless the sub-advisory agreement is approved by the Portfolio’s shareholders. The Adviser is responsible for overseeing Sub-Advisers Average Annual Total Returns and recommending their hiring, termination and replacement to the One Five Since Board of Trustees. Year Years Inception AXA/AB Dynamic Moderate Growth Portfolio – Class IB Shares (Inception PURCHASE AND REDEMPTION OF PORTFOLIO SHARES Date: February 18, 2011) 3.74% 6.23% 4.60% S&P 500 Index (reflects no deduction for The Portfolio’s shares are currently sold only to insurance company sepa- fees, expenses, or taxes) 11.96% 14.66% 11.46% rate accounts in connection with Contracts issued by AXA Equitable Life Bloomberg Barclays U.S. Intermediate Government Bond Index (reflects no Insurance Company (“AXA Equitable”), AXA Life and Annuity Com- deduction for fees, expenses, or taxes) 1.05% 1.04% 2.00% pany, or other affiliated or unaffiliated insurance companies and The AXA/AB Dynamic Moderate Growth Index (reflects no deduction for fees, AXA Equitable 401(k) Plan. Shares also may be sold to other expenses, or taxes) 6.42% 7.84% 6.12% tax-qualified retirement plans, to other portfolios managed by FMG LLC that currently sell their shares to such accounts and plans, and to other WHO MANAGES THE PORTFOLIO investors eligible under applicable federal income tax regulations. Investment Adviser: FMG LLC The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business Portfolio Managers: The members of the team that are jointly and day (which typically is any day the New York Stock Exchange is open) primarily responsible for the selection, monitoring and oversight of the upon receipt of a request. All redemptions requests will be processed Portfolio’s Sub-Adviser are: and payment with respect thereto will normally be made within seven Date Began days after tender. Please refer to your Contract prospectus for more Managing information on purchasing and redeeming Portfolio shares. Name Title the Portfolio Kenneth T. Kozlowski, Executive May 2011 CFP®, CLU, ChFC Vice President and Chief Investment Officer FMG LLC Alwi Chan, CFA® Senior Vice President May 2009 and Deputy Chief Investment Officer of FMG LLC

AABDMG 6 TAX INFORMATION The Portfolio’s shareholders are (or may include) insurance company separate accounts, qualified plans and other investors eligible under applicable federal income tax regulations. Accordingly, distributions the Portfolio makes of its net investment income and net realized gains — most or all of which it intends to distribute annually — and redemptions or exchanges of Portfolio shares generally will not be taxable to its shareholders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax information.

PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES This Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and the Adviser and its affiliates may make payments to a sponsoring insurance company (or its affiliates) or other financial intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. Ask your financial adviser or visit your financial intermediary’s website for more information.

AABDMG 7 EQ Advisors TrustSM

AXA/AB Small Cap Growth Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks to achieve long-term growth of capital. PORTFOLIO TURNOVER The Portfolio pays transaction costs, such as commissions, when it buys FEES AND EXPENSES OF THE PORTFOLIO and sells securities (or “turns over” its portfolio). A higher portfolio turn- The following table describes the fees and expenses that you may pay if over rate may indicate higher transaction costs. These costs, which are not you buy and hold shares of the Portfolio. The table below does not re- reflected in annual fund operating expenses or in the Example, affect the flect any fees and expenses associated with variable life insurance con- Portfolio’s performance. During the most recent fiscal year, the Portfolio’s tracts and variable annuity certificates and contracts (“Contracts”), portfolio turnover rate was 37% of the average value of the Portfolio. which would increase overall fees and expenses. See the Contract prospectus for a description of those fees and expenses. INVESTMENTS, RISKS, AND PERFORMANCE Principal Investment Strategy: The Portfolio’s assets normally are Shareholder Fees (fees paid directly from your investment) allocated between two portions, each of which is managed using a dif- Not applicable. ferent but complementary investment strategy. One portion of the Port- folio is actively managed by a Sub-Adviser (“Active Allocated Portion”); the other portion of the Portfolio seeks to track the performance of a Annual Portfolio Operating Expenses particular index or indices (“Index Allocated Portion”). Under normal (expenses that you pay each year as a percentage of the value of circumstances, the Portfolio invests at least 80% of its net assets, plus your investment) borrowings for investment purposes in securities of small capitalization Class IA Class IB AXA/AB Small Cap Growth Portfolio Shares Shares companies with market capitalizations within the range of the Russell Management Fee 0.55% 0.55% 2500™ Index at the time of purchase (market capitalization range of Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% approximately $21.1 million to $18.7 billion as of December 31, 2016). Other Expenses 0.15% 0.15% The Active Allocated Portion consists of approximately 50% of the Port- Total Annual Portfolio Operating Expenses 0.95% 0.95% folio’s net assets, and the Index Allocated Portion consists of approximately 50% of the Portfolio’s net assets. These percentages are targets Example established by the Adviser; actual allocations may deviate from these targets. This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other portfolios. The Example The Active Allocated Portion invests primarily in U.S. common stocks and other equity securities issued by small capitalization companies that assumes that you invest $10,000 in the Portfolio for the periods in- the Sub-Adviser believes to have favorable growth prospects. The dicated and then redeem all of your shares at the end of these periods. Portfolio may at times invest in companies in cyclical industries, compa- The Example also assumes that your investment has a 5% return each nies whose securities are temporarily undervalued, companies in special year and that the Portfolio’s operating expenses remain the same. This situations (e.g., change in management, new products or changes in Example does not reflect any Contract-related fees and expenses customer demand) and less widely known companies. The Sub-Adviser including redemption fees (if any) at the Contract level. If such fees may sell a security for a variety of reasons, including to invest in a com- and expenses were reflected, the total expenses would be higher. Al- pany believed to offer superior investment opportunities. The Active though your actual costs may be higher or lower, based on these as- Allocated Portion generally engages in active and frequent trading of sumptions your costs would be: portfolio securities in seeking to achieve its investment objective. 1 Year 3 Years 5 Years 10 Years The Index Allocated Portion of the Portfolio seeks to track the perform- Class IA Shares $97 $303 $525 $1,166 ance of the Russell 2000® Index (“Russell 2000”) with minimal tracking Class IB Shares $97 $303 $525 $1,166 error. The Portfolio invests in a statistically selected sample of the securities found in the Russell 2000 (market capitalization range of approximately $21.1 million to $10.5 billion as of December 31, 2016) in a process known as “sampling.” This process selects stocks for the Index Allocated Portion so that industry weightings, market capitalizations and

AASCG 1 fundamental characteristics (price to book ratios, price to earnings ratios, obligations to return loaned securities, however, the Portfolio’s secu- debt to asset ratios and dividend yields) closely match those of the securities lending agent may indemnify the Portfolio against that risk. The rities included in the Russell 2000. The Portfolio’s investments in equity Portfolio will be responsible for the risks associated with the investment securities of small-cap companies included in the Russell 2000 may in- of cash collateral, including any collateral invested in an affiliated clude financial instruments that derive their value from such securities. money market fund. The Portfolio may lose money on its investment of cash collateral or may fail to earn sufficient income on its investment to The Portfolio also may lend its portfolio securities to earn additional meet obligations to the borrower. In addition, delays may occur in the income. recovery of securities from borrowers, which could interfere with the Portfolio’s ability to vote proxies or to settle transactions. Principal Risks: An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Small-Cap Company Risk: The Portfolio’s investments in small- Corporation or any other government agency. You may lose money by cap companies may involve greater risks than investments in larger, investing in the Portfolio. Performance may be affected by one or more more established issuers because they generally are more vulnerable of the following risks. than larger companies to adverse business or economic developments. Such companies generally have narrower product lines, more limited Equity Risk: In general, stocks and other equity security values fluc- financial and management resources and more limited markets for tuate, and sometimes widely fluctuate, in response to changes in a their stock as compared with larger companies. They may depend on a company’s financial condition as well as general market, economic and more limited management group than larger capitalized companies. In political conditions and other factors. addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter operating histories, do Index Strategy Risk: The Portfolio employs an index strategy, that not have significant ownership by large investors and are followed by is, it generally invests in the securities included in its index or a repre- relatively few securities analysts. As a result, the value of such secu- sentative sample of such securities regardless of market trends. The rities may be more volatile than the securities of larger companies, and Portfolio generally will not modify its index strategy to respond to because the securities generally trade in lower volumes than larger cap changes in the economy, which means that it may be particularly securities, the Portfolio may experience difficulty in purchasing or sell- susceptible to a general decline in the market segment relating to the ing such securities at the desired time and price or in the desired relevant index. In addition, although the index strategy attempts to amount. closely track its benchmark index, the Portfolio may not invest in all of Special Situations Risk: The Portfolio may seek to benefit from the securities in the index. Also, the Portfolio’s fees and expenses will “special situations,” such as mergers, consolidations, bankruptcies, reduce the Portfolio’s returns, unlike those of the benchmark index. liquidations, reorganizations, restructurings, tender or exchange offers Cash flow into and out of the Portfolio, portfolio transaction costs, or other unusual events expected to affect a particular issuer. In gen- changes in the securities that comprise the index, and the Portfolio’s eral, securities of companies which are the subject of a tender or ex- valuation procedures also may affect the Portfolio’s performance. change offer or a merger, consolidation, liquidation, restructuring, Therefore, there can be no assurance that the performance of the index bankruptcy or reorganization proposal sell at a premium to their strategy will match that of the benchmark index. historic market price immediately prior to the announcement of the Investment Style Risk: The Portfolio may use a particular style or transaction. However, it is possible that the value of securities of a set of styles — in this case “growth” styles — to select investments. company involved in such a transaction will not rise and in fact may Those styles may be out of favor or may not produce the best results fall, in which case the Portfolio would lose money. It is also possible over short or longer time periods. Growth stocks may be more sensitive that the transaction may not be completed as anticipated or may take to changes in current or expected earnings than the prices of other an excessive amount of time to be completed, in which case the stocks. Growth investing also is subject to the risk that the stock price Portfolio may not realize any premium on its investment and could lose of one or more companies will fall or will fail to appreciate as antici- money if the value of the securities declines during the Portfolio’s hold- pated, regardless of movements in the securities market. Growth stocks ing period. In some circumstances, the securities purchased may be also tend to be more volatile than value stocks, so in a declining market illiquid making it difficult for the Portfolio to dispose of them at an their prices may decrease more than value stocks in general. Growth advantageous price. stocks also may increase the volatility of the Portfolio’s share price. Risk/Return Bar Chart and Table Portfolio Turnover Risk: High portfolio turnover (generally, turnover, in excess of 100% in any given fiscal year) may result in increased The bar chart and table below provide some indication of the risks of transaction costs to the Portfolio, which may result in higher fund ex- investing in the Portfolio by showing changes in the Portfolio’s penses and lower total return. performance from year to year and by showing how the Portfolio’s average annual total returns for the past one, five and ten years (or Sector Risk: From time to time, based on market or economic con- since inception) through December 31, 2016 compared to the returns ditions, the Portfolio may have significant positions in one or more sec- of a broad-based securities market index. The return of the broad- tors of the market. To the extent the Portfolio invests more heavily in based securities market index (and any additional comparative index) particular sectors, its performance will be especially sensitive to shown in the right hand column below is the return of the index for developments that significantly affect those sectors. Individual sectors the last 10 years or, if shorter, since the inception of the share class may be more volatile, and may perform differently, than the broader with the longest history. Past performance is not an indication of fu- market. The industries that constitute a sector may all react in the same ture performance. way to economic, political or regulatory events. Securities Lending Risk: The Portfolio may lend its portfolio securities to seek income. There is a risk that a borrower may default on its

AASCG 2 The performance results do not reflect any Contract-related fees and Sub-Adviser: AllianceBernstein L.P. (“AllianceBernstein”) expenses, which would reduce the performance results. Portfolio Managers: The members of the team that are jointly and Calendar Year Annual Total Returns — Class IB primarily responsible for the securities selection, research and trading for the Active Allocated Portion of the Portfolio are: 38.18% 35.64% 33.25% Date Began Managing 16.70% 15.59% 12.55% Name Title the Portfolio 3.60% Bruce Aronow Senior Vice President, May 2000 Portfolio Manager/Research -0.64% -2.92% Analyst of AllianceBernstein Samantha Lau Senior Vice President, April 2005 Portfolio Manager/Research Analyst of AllianceBernstein -44.66% Kumar Kirpalani Senior Vice President, April 2005 2007 2008 2009 2010 20112012 20132014 2015 2016 Portfolio Manager/Research Analyst of AllianceBernstein

Best quarter (% and time period) Worst quarter (% and time period) Wen-Tse Tseng Senior Vice President and May 2006 20.95% (2009 2nd Quarter) –28.78% (2008 4th Quarter) Portfolio Manager/Research Analyst of AllianceBernstein Average Annual Total Returns Ten Portfolio Manager: The individual primarily responsible for the secu- One Five Years/Since Year Years Inception rities selection, research and trading for the Index Allocated Portion of AXA/AB Small Cap Growth the Portfolio is: Portfolio – Class IA Shares 12.61% 12.57% 7.82% AXA/AB Small Cap Growth Date Began Portfolio – Class IB Shares 12.55% 12.57% 7.68% Managing Russell 2000® Growth Index (reflects no deduction for fees, expenses, or Name Title the Portfolio taxes) 11.32% 13.74% 7.76% Joshua Lisser Senior Vice President/Chief December 2008 Investment Officer, Index Strategies of WHO MANAGES THE PORTFOLIO AllianceBernstein Investment Adviser: FMG LLC AXA Equitable Funds Management Group, LLC (“FMG LLC” or the Portfolio Managers: The members of the team that are jointly and “Adviser”) has been granted relief by the Securities and Exchange Com- primarily responsible for (i) the selection, monitoring and oversight of mission to hire, terminate and replace Sub-Advisers and amend sub- the Portfolio’s Sub-Advisers, and (ii) allocating assets among the Portfo- advisory agreements subject to the approval of the Board of Trustees and lio’s Allocated Portions are: without obtaining shareholder approval. However, the Adviser may not enter into a sub-advisory agreement on behalf of the Portfolio with an Date Began “affiliated person” of the Adviser, such as AllianceBernstein L.P., unless Managing the sub-advisory agreement is approved by the Portfolio’s shareholders. Name Title the Portfolio The Adviser is responsible for overseeing Sub-Advisers and recommending Kenneth T. Kozlowski, Executive May 2011 their hiring, termination and replacement to the Board of Trustees. CFP®, CLU, ChFC Vice President and Chief Investment Officer of FMG LLC PURCHASE AND REDEMPTION OF PORTFOLIO SHARES Alwi Chan, CFA® Senior Vice President May 2009 and Deputy The Portfolio’s shares are currently sold only to insurance company sepa- Chief Investment Officer rate accounts in connection with Contracts issued by AXA Equitable Life of FMG LLC Insurance Company (“AXA Equitable”), AXA Life and Annuity Company, or 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, to other portfolios managed by FMG LLC that currently sell their shares to such accounts and plans, and to other investors eligible under applicable federal income tax regulations.

AASCG 3 The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day (which typically is any day the New York Stock Exchange is open) upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares.

TAX INFORMATION The Portfolio’s shareholders are (or may include) insurance company separate accounts, qualified plans and other investors eligible under applicable federal income tax regulations. Accordingly, distributions the Portfolio makes of its net investment income and net realized gains — most or all of which it intends to distribute annually — and redemptions or exchanges of Portfolio shares generally will not be taxable to its shareholders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax information.

PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES This Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and the Adviser and its affiliates may make payments to a sponsoring insurance company (or its affiliates) or other financial intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. Ask your financial adviser or visit your financial intermediary’s website for more information.

AASCG 4 EQ Advisors TrustSM

AXA/ClearBridge Large Cap Growth Portfolio – Class IA and IB Shares (formerly EQ/Wells Fargo Omega Growth Portfolio)

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks to achieve long-term capital growth. PORTFOLIO TURNOVER The Portfolio pays transaction costs, such as commissions, when it buys FEES AND EXPENSES OF THE PORTFOLIO and sells securities (or “turns over” its portfolio). A higher portfolio The following table describes the fees and expenses that you may pay if turnover rate may indicate higher transaction costs. These costs, which you buy and hold shares of the Portfolio. The table below does not re- are not reflected in annual fund operating expenses or in the Example, flect any fees and expenses associated with variable life insurance con- affect the Portfolio’s performance. During the most recent fiscal year, tracts and variable annuity certificates and contracts (“Contracts”), the Portfolio’s portfolio turnover rate was 78% of the average value of which would increase overall fees and expenses. See the Contract pro- the Portfolio. spectus for a description of those fees and expenses. INVESTMENTS, RISKS, AND PERFORMANCE Shareholder Fees (fees paid directly from your investment) Principal Investment Strategy: Under normal circumstances, the Not applicable. Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, if any, in equity securities or other instruments with similar economic characteristics of U.S. companies with large market Annual Portfolio Operating Expenses capitalizations. Large capitalization companies are those companies (expenses that you pay each year as a percentage of the value of your investment) with market capitalizations similar to companies in the Russell 1000® Class IA Class IB Index (the “Index”). The size of the companies in the Index changes AXA/ClearBridge Large Cap Growth Portfolio Shares Shares with market conditions and the composition of the Index. As of De- Management Fee 0.65% 0.65% cember 31, 2016, the largest market capitalization of a company in the Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% Index was approximately $617.6 billion and the median market capital- Other Expenses 0.14% 0.14% Total Annual Portfolio Operating Expenses 1.04% 1.04% ization of a company in the Index was approximately $8.4 billion. Secu- rities of companies whose market capitalizations no longer meet this definition after purchase by the Portfolio still will be considered secu- Example rities of large capitalization companies for purposes of the Portfolio’s This Example is intended to help you compare the cost of investing in 80% investment policy. the Portfolio with the cost of investing in other portfolios. The Example The Portfolio may invest up to 20% of its assets in equity securities of assumes that you invest $10,000 in the Portfolio for the periods in- companies other than those with market capitalizations similar to com- dicated and then redeem all of your shares at the end of these periods. panies in the Index (i.e., medium or small capitalization companies). The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. This The Portfolio also may invest up to 10% of its net assets in foreign secu- Example does not reflect any Contract-related fees and expenses includ- rities, either directly or through depositary receipts. ing redemption fees (if any) at the Contract level. If such fees and ex- The portfolio managers emphasize individual security selection while penses were reflected, the total expenses would be higher. Although diversifying the Portfolio’s investments across industries, which may your actual costs may be higher or lower, based on these assumptions help to reduce risk. The portfolio managers attempt to identify estab- your costs would be: lished large capitalization companies with the highest growth potential.

1 Year 3 Years 5 Years 10 Years The portfolio managers then analyze each company in detail, ranking its Class IA Shares $106 $331 $574 $1,271 management, strategy and competitive market position. Finally, the Class IB Shares $106 $331 $574 $1,271 portfolio managers attempt to identify the best values available among the growth companies identified.

ACBLC 1 In selecting individual companies for investment, the portfolio managers Investment Style Risk: The Portfolio may use a particular style or consider: set of styles — in this case “growth” styles — to select investments. • Favorable earnings prospects Those styles may be out of favor or may not produce the best results over short or longer time periods. Growth stocks may be more sensitive • Technological innovation to changes in current or expected earnings than the prices of other • Industry dominance stocks. Growth investing also is subject to the risk that the stock price • Competitive products and services of one or more companies will fall or will fail to appreciate as anticipated, regardless of movements in the securities market. Growth stocks • Global scope also tend to be more volatile than value stocks, so in a declining market • Long-term operating history their prices may decrease more than value stocks in general. Growth • Consistent and sustainable long-term growth in dividends and earn- stocks also may increase the volatility of the Portfolio’s share price. ings per share Large-Cap Company Risk: Larger more established companies • Strong cash flow may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies • Highreturnonequity also may not be able to attain the high growth rate of successful • Strong financial condition smaller companies, especially during extended periods of economic • Experienced and effective management expansion. The Portfolio also may lend its portfolio securities to earn additional Mid-Cap and Small-Cap Company Risk: The Portfolio’s income. investments in mid- and small-cap companies may involve greater risks than investments in larger, more established issuers because they gen- Principal Risks: An investment in the Portfolio is not a deposit of a erally are more vulnerable than larger companies to adverse business or bank and is not insured or guaranteed by the Federal Deposit Insurance economic developments. Such companies generally have narrower Corporation or any other government agency. You may lose money by product lines, more limited financial and management resources and investing in the Portfolio. Performance may be affected by one or more more limited markets for their stock as compared with larger compa- of the following risks. nies. As a result, the value of such securities may be more volatile than Equity Risk: In general, stocks and other equity security values fluc- the securities of larger companies, and the Portfolio may experience tuate, and sometimes widely fluctuate, in response to changes in a difficulty in purchasing or selling such securities at the desired time and company’s financial condition as well as general market, economic and price or in the desired amount. In general, these risks are greater for political conditions and other factors. small-cap companies than for mid-cap companies. Foreign Securities Risk: Investments in foreign securities, includ- Portfolio Turnover Risk: High portfolio turnover (generally, turn- ing depositary receipts, involve risks not associated with investing in over, in excess of 100% in any given fiscal year) may result in increased U.S. securities. Foreign markets, particularly emerging markets, may be transaction costs to the Portfolio, which may result in higher fund ex- less liquid, more volatile and subject to less government supervision penses and lower total return. than U.S. markets. Security values also may be negatively affected by Sector Risk: From time to time, based on market or economic con- changes in the exchange rates between the U.S. dollar and foreign cur- ditions, the Portfolio may have significant positions in one or more sec- rencies. Differences between U.S. and foreign legal, political and eco- tors of the market. To the extent the Portfolio invests more heavily in nomic systems, regulatory regimes and market practices also may particular sectors, its performance will be especially sensitive to impact security values and it may take more time to clear and settle developments that significantly affect those sectors. Individual sectors trades involving foreign securities. may be more volatile, and may perform differently, than the broader Currency Risk: Investments in foreign currencies and in secu- market. The industries that constitute a sector may all react in the same rities that trade in, or receive revenues in, or in derivatives that way to economic, political or regulatory events. provide exposure to foreign currencies are subject to the risk that Securities Lending Risk: The Portfolio may lend its portfolio secu- those currencies will decline in value relative to the U.S. dollar, or, rities to seek income. There is a risk that a borrower may default on its in the case of hedging positions, that the U.S. dollar will decline in obligations to return loaned securities, however, the Portfolio’s secu- value relative to the currency being hedged. Any such decline may rities lending agent may indemnify the Portfolio against that risk. The erode or reverse any potential gains from an investment in secu- Portfolio will be responsible for the risks associated with the investment rities denominated in foreign currency or may widen existing loss. of cash collateral, including any collateral invested in an affiliated Currency rates may fluctuate significantly over short periods of money market fund. The Portfolio may lose money on its investment of time for a number of reasons, including changes in interest rates, cash collateral or may fail to earn sufficient income on its investment to intervention (or the failure to intervene) by governments, central meet obligations to the borrower. In addition, delays may occur in the banks or supranational entities, or by the imposition of currency recovery of securities from borrowers, which could interfere with the controls or other political developments in the U.S. or abroad. Portfolio’s ability to vote proxies or to settle transactions.

ACBLC 2 Risk/Return Bar Chart and Table WHO MANAGES THE PORTFOLIO The bar chart and table below provide some indication of the risks of Investment Adviser: FMG LLC investing in the Portfolio by showing changes in the Portfolio’s Portfolio Managers: The members of the team that are jointly and performance from year to year and by showing how the Portfolio’s primarily responsible for the selection, monitoring and oversight of the average annual total returns for the past one, five and ten years (or Portfolio’s Sub-Adviser are: since inception) through December 31, 2016 compared to the returns of a broad-based securities market index. The return of the broad- Date Began based securities market index (and any additional comparative index) Managing shown in the right hand column below is the return of the index for Name Title the Portfolio the last 10 years or, if shorter, since the inception of the share class Kenneth T. Executive Vice President and May 2011 Kozlowski, Chief Investment Officer of with the longest history. Past performance is not an indication of fu- CFP®, CLU, FMG LLC ture performance. ChFC Performance information for the periods prior to December 9, 2016 is Alwi Chan, CFA® Senior Vice President and May 2009 that of the Portfolio when it engaged a different Sub-Adviser under the Deputy Chief Investment Officer of FMG LLC name “EQ/Wells Fargo Omega Growth Portfolio.” Effective December 9, 2016, the Portfolio’s benchmark index against which the Portfolio measures its performance, the Russell 3000® Growth Index, was re- Sub-Adviser: ClearBridge Investments, LLC (“ClearBridge”) placed with the Russell 1000® Growth Index. The Adviser believes the Portfolio Managers: The members of the team that are jointly and Russell 1000® Growth Index is more relevant to the Portfolio’s invest- primarily responsible for the securities selection, research and trading ment strategies. for the Portfolio are: The performance results do not reflect any Contract-related fees and expenses, which would reduce the performance results. Date Began Managing Name Title the Portfolio Calendar Year Annual Total Returns — Class IB Peter Bourbeau Managing Director and December 2016 40.37% 39.07% Portfolio Manager of ClearBridge Margaret Vitrano Managing Director and December 2016 20.41% 17.33% Portfolio Manager of 11.28% ClearBridge 3.83% 1.28% 0.87% PURCHASE AND REDEMPTION OF PORTFOLIO -5.92% SHARES The Portfolio’s shares are currently sold only to insurance company sepa- -27.63% rate accounts in connection with Contracts issued by AXA Equitable Life Insurance Company (“AXA Equitable”), AXA Life and Annuity Com- 20072008 2009 2010 2011 2012 2013 2014 2015 2016 pany, or other affiliated or unaffiliated insurance companies and to The AXA Equitable 401(k) Plan. Shares also may be sold to other Best quarter (% and time period) Worst quarter (% and time period) 18.99% (2012 1st Quarter) –19.41% (2011 3rd Quarter) tax-qualified retirement plans, to other portfolios managed by FMG LLC that currently sell their shares to such accounts and plans and to other investors eligible under applicable federal income tax regulations. Average Annual Total Returns Ten The Portfolio does not have minimum initial or subsequent investment One Five Years/Since requirements. Shares of the Portfolio are redeemable on any business Year Years Inception AXA/ClearBridge Large Cap Growth day (which typically is any day the New York Stock Exchange is open) Portfolio – Class IA Shares 0.84% 12.18% 8.43% upon receipt of a request. All redemption requests will be processed AXA/ClearBridge Large Cap Growth and payment with respect thereto will normally be made within seven Portfolio – Class IB Shares 0.87% 12.18% 8.29% Russell 1000® Growth Index (reflects no days after tender. Please refer to your Contract prospectus for more in- deduction for fees, expenses, or taxes) 7.08% 14.50% 8.33% formation on purchasing and redeeming Portfolio shares. Russell 3000® Growth Index (reflects no deduction for fees, expenses, or taxes) 7.39% 14.44% 8.28%

ACBLC 3 TAX INFORMATION The Portfolio’s shareholders are (or may include) insurance company separate accounts, qualified plans and other investors eligible under applicable federal income tax regulations. Accordingly, distributions the Portfolio makes of its net investment income and net realized gains — most or all of which it intends to distribute annually — and redemptions or exchanges of Portfolio shares generally will not be taxable to its shareholders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax information.

PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES This Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and the Adviser and its affiliates may make payments to a sponsoring insurance company (or its affiliates) or other financial intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. Ask your financial adviser or visit your financial intermediary’s website for more information.

ACBLC 4 EQ Advisors TrustSM

AXA/Franklin Balanced Managed Volatility Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks to maximize income while maintaining PORTFOLIO TURNOVER prospects for capital appreciation with an emphasis on risk-adjusted The Portfolio pays transaction costs, such as commissions, when it buys returns and managing volatility in the Portfolio. and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which FEES AND EXPENSES OF THE PORTFOLIO are not reflected in annual fund operating expenses or in the Example, The following table describes the fees and expenses that you may pay if affect the Portfolio’s performance. During the most recent fiscal year, you buy and hold shares of the Portfolio. The table below does not re- the Portfolio’s portfolio turnover rate was 24% of the average value of flect any fees and expenses associated with variable life insurance con- the Portfolio. tracts and variable annuity certificates and contracts (“Contracts”), which would increase overall fees and expenses. See the Contract pro- INVESTMENTS, RISKS, AND PERFORMANCE spectus for a description of those fees and expenses. Principal Investment Strategy: The Portfolio’s assets normally are allocated between two investment managers, each of which will Shareholder Fees manage its portion of the Portfolio using a different but complementary (fees paid directly from your investment) investment strategy. One portion of the Portfolio is actively managed by Not applicable. a Sub-Adviser (“Active Allocated Portion”); the other portion of the Portfolio seeks to track the performance of a particular index or indices Annual Portfolio Operating Expenses (“Index Allocated Portion”). Under normal circumstances, the Active (expenses that you pay each year as a percentage of the value of Allocated Portion will consist of approximately 50% of the Portfolio’s your investment) net assets, and the Index Allocated Portion will consist of approximately AXA/Franklin Balanced Managed Volatility Class IA Class IB 50% of the Portfolio’s net assets. These percentages are targets estab- Portfolio Shares Shares lished by the Adviser; actual allocations may deviate from these targets. Management Fee 0.64% 0.64% In addition, the Portfolio invests in a mix of debt and equity securities Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% and normally will invest at least 25% of its net assets in debt securities Other Expenses 0.16% 0.16% and at least 25% of its net assets in equity securities. Total Annual Portfolio Operating Expenses 1.05% 1.05% Under normal circumstances, the Active Allocated Portion invests in a diversified portfolio of debt and equity securities. Debt securities include Example all varieties of fixed, floating and variable rate instruments, including secured and unsecured bonds, bonds convertible into common stock, senior This Example is intended to help you compare the cost of investing in the floating rate and term loans, mortgage and other asset-backed securities, Portfolio with the cost of investing in other portfolios. The Example as- debentures, zero coupon notes, and shorter term instruments. Equity sumes that you invest $10,000 in the Portfolio for the periods indicated securities include common stocks and preferred stocks. The Active Allo- and then redeem all of your shares at the end of these periods. The Exam- cated Portion may shift its investments from one asset class to another ple also assumes that your investment has a 5% return each year and that based on the Sub-Adviser’s analysis of the best opportunity for the the Portfolio’s operating expenses remain the same. This Example does not Portfolio in a given market. reflect any Contract-related fees and expenses including redemption fees (if The Active Allocated Portion seeks income by selecting investments any) at the Contract level. If such fees and expenses were reflected, the such as corporate, foreign and U.S. treasury bonds, as well as stocks total expenses would be higher. Although your actual costs may be higher with dividend yields the Sub-Adviser believes are attractive. In searching or lower, based on these assumptions your costs would be: for growth opportunities, the Portfolio maintains the flexibility to invest in common stocks of companies from a variety of industries but from 1 Year 3 Years 5 Years 10 Years time to time, based on economic conditions the Active Allocated Portion Class IA Shares $107 $334 $579 $1,283 may have significant investments in particular sectors. Class IB Shares $107 $334 $579 $1,283 The Active Allocated Portion may invest up to 100% of its total assets in debt securities that are rated below investment grade, including a portion in

AFBMV 1 defaulted securities. Securities below investment grade include those secu- derivatives may be deemed to involve the use of leverage because the rities rated Ba or lower by Moody’s Investors Service, Inc. (“Moody’s”) or Portfolio is not required to invest the full market value of the contract upon BB or lower by Standard & Poor’s Global Ratings (“S&P”) or, if unrated, entering into the contract but participates in gains and losses on the full securities deemed by the Adviser or Sub-Adviser to be of comparable contract price. The use of derivatives also may be deemed to involve the use quality. Such securities are often referred to as “junk bonds.” The Active of leverage because the heightened price sensitivity of some derivatives to Allocated Portion may invest in convertible securities without regard to market changes may magnify the Portfolio’s gain or loss. It is not generally the ratings assigned by ratings services. If subsequent to its purchase a expected, however, that the Portfolio will be leveraged by borrowing money security is downgraded in rating or goes into default, the Sub-Adviser to for investment purposes. In addition, the Portfolio generally does not intend the Active Allocated Portion will consider such events in its evaluation of to use leverage to increase its net investment exposure above the overall investment merits of that security but will not necessarily dis- approximately 100% of the Portfolio’s net asset value or below 0%. The pose of the security immediately. Portfolio may maintain a significant percentage of its assets in cash and The Active Allocated Portion also may invest in investment grade fixed cash equivalent instruments, some of which may serve as margin or income securities, asset- and mortgage-backed securities and, to a lim- collateral for the Portfolio’s obligations under derivative transactions. The ited extent, loan participations and U.S. Government securities. The Ac- Portfolio also may use financial instruments such as futures and options to tive Allocated Portion also may invest up to 25% of its assets in foreign manage duration. Duration is a measure used to determine the sensitivity securities, including emerging markets securities. of a security’s price to interest rates. Typically, a bond portfolio with a low (short) duration means that its value is less sensitive to interest rate In choosing investments, the Sub-Adviser to the Active Allocated Portion changes, while a bond portfolio with a high (long) duration is more searches for undervalued or out-of-favor securities it believes offer current sensitive. opportunities for income and significant growth in the future. The Sub- Adviser may sell a security for a variety of reasons, such as to invest in a The Portfolio also may lend its portfolio securities to earn additional income. company believed by the Sub-Adviser to offer attractive investment Principal Risks: An investment in the Portfolio is not a deposit of a opportunities. bank and is not insured or guaranteed by the Federal Deposit Insurance The Index Allocated Portion of the Portfolio is comprised of two strategies, Corporation or any other government agency. You may lose money by one of which seeks to track the performance (before fees and expenses) of investing in the Portfolio. Performance may be affected by one or more the Standard & Poor’s 500 Composite Stock Index (the “S&P 500 Index”) of the following risks. with minimal tracking error, and a second component which seeks to in- Cash Management Risk: Upon entering into certain derivatives vest in securities comprising the Bloomberg Barclays U.S. Intermediate contracts, such as futures contracts, and to maintain open positions in Government/Credit Bond Index (“Intermediate Government/Credit Index”), certain derivatives contracts, the Portfolio may be required to post which includes U.S. Treasuries, government-related issues (i.e., agency, collateral for the contract, the amount of which may vary. As such, the sovereign, supranational, and local authority debt), and investment grade Portfolio may maintain cash balances, including foreign currency balan- corporate bonds with maturities of one to 10 years. Each such strategy is ces, which may be significant, with counterparties such as the Trust’s commonly referred to as an indexing strategy. Generally, the S&P 500 In- custodian or its affiliates. The Portfolio is thus subject to counterparty dex portion of the Index Allocated Portion uses a full replication technique, risk and credit risk with respect to these arrangements. and the Intermediate Government/Credit Index portion of the Index Allo- cated Portion utilizes a sampling approach. Each portion of the Index Allo- Convertible Securities Risk: The value of convertible securities cated Portion also may invest in other instruments, such as futures and fluctuates in relation to changes in interest rates and the credit quality options contracts, that provide comparable exposure as the index without of the issuer and, in addition, fluctuates in relation to the underlying buying the underlying securities comprising the index. common stock. A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible secur- AXA Equitable Funds Management Group, LLC (“FMG LLC” or the ity’s governing instrument, which may be different than the current “Adviser”) also may utilize futures and options, such as exchange-traded market price of the security. If a convertible security held by the Portfo- futures and options contracts on securities indices, to manage equity lio is called for redemption, the Portfolio will be required to permit the exposure. Futures and options can provide exposure to the performance of issuer to redeem the security, convert it into underlying common stock a securities index without buying the underlying securities comprising the or sell it to a third party. Investments by the Portfolio in convertible debt index. They also provide a means to manage the Portfolio’s equity exposure securities may not be subject to any ratings restrictions, but the Portfo- without having to buy or sell securities. When market volatility is increasing lio’s investment manager will consider ratings, and any changes to rat- above specific thresholds set for the Portfolio, the Adviser may limit equity ings, in its determination of whether the Portfolio should invest in and/ exposure either by reducing investments in securities, shorting or selling or continue to hold the securities. Convertible securities are subject to long futures and options positions on an index, increasing cash levels, and/ equity risk, interest rate risk and credit risk and are often lower-quality or shorting an index. During such times, the Portfolio’s exposure to equity securities may be significantly less than that of a traditional equity portfolio. securities, which means that they are subject to the same risks as an Volatility is a statistical measure of the magnitude of changes in the investment in lower rated debt securities. Since it derives a portion of its Portfolio’s returns, without regard to the direction of those changes. Higher value from the common stock into which it may be converted, a con- volatility generally indicates higher risk and is often reflected by frequent vertible security is also subject to the same types of market and issuer- and sometimes significant movements up and down in value. The Portfolio specific risks that apply to the underlying common stock. may invest up to 25% of its assets in derivatives. It is anticipated that the Credit Risk: The Portfolio is subject to the risk that the issuer or the Portfolio’s derivative instruments will consist primarily of exchange-traded guarantor (or other obligor, such as a party providing insurance or other futures and options contracts on securities indices, but the Portfolio also credit enhancement) of a fixed income security, or the counterparty to a may utilize other types of derivatives. The Portfolio’s investments in derivatives contract, repurchase agreement, loan of portfolio securities

AFBMV 2 or other transaction, is unable or unwilling, or is perceived (whether by investment in securities denominated in foreign currency or may market participants, ratings agencies, pricing services or otherwise) as widen existing loss. Currency rates may fluctuate significantly over unable or unwilling, to make timely principal and/or interest payments, short periods of time for a number of reasons, including changes or otherwise honor its obligations. Securities are subject to varying de- in interest rates, intervention (or the failure to intervene) by grees of credit risk, which are often reflected in their credit ratings. governments, central banks or supranational entities, or by the However, rating agencies may fail to make timely changes to credit rat- imposition of currency controls or other political developments in ings in response to subsequent events and a credit rating may become the U.S. or abroad. stale in that it fails to reflect changes in an issuer’s financial condition. Depositary Receipts Risk: Investments in depositary receipts The downgrade of the credit rating of a security may decrease its value. (including American Depositary Receipts, European Depositary Lower credit quality also may lead to greater volatility in the price of a Receipts and Global Depositary Receipts) are generally subject to security and may negatively affect a security’s liquidity. the same risks of investing in the foreign securities that they Derivatives Risk: The Portfolio’s investments in derivatives may rise evidence or into which they may be converted. In addition, issuers or fall in value more rapidly than other investments. Changes in the underlying unsponsored depositary receipts may not provide as value of a derivative may not correlate perfectly or at all with the under- much information as U.S. issuers and issuers underlying sponsored lying asset, rate or index, and the Portfolio could lose more than the depositary receipts. Unsponsored depositary receipts also may not principal amount invested. Some derivatives can have the potential for carry the same voting privileges as sponsored depositary receipts. unlimited losses. In addition, it may be difficult or impossible for the Emerging Markets Risk: There are greater risks involved in Portfolio to purchase or sell certain derivatives in sufficient amounts to investing in emerging market countries and/or their securities achieve the desired level of exposure, which may result in a loss or may markets. Investments in these countries and/or markets may be costly to the Portfolio. Derivatives also may be subject to certain present market, credit, currency, liquidity, legal, political, other risks such as leveraging risk, interest rate risk, credit risk, the risk technical and other risks different from, or greater than, the risks that a counterparty may be unable or unwilling to honor its obligations, of investing in developed countries. Investments in emerging and the risk of mispricing or improper valuation. Derivatives also may markets are more susceptible to loss than investments in not behave as anticipated by the Portfolio, especially in abnormal mar- developed markets. In addition, the risks associated with ket conditions. Changing regulation may make derivatives more costly, investing in a narrowly defined geographic area are generally limit their availability, impact the Portfolio’s ability to maintain its more pronounced with respect to investments in emerging investments in derivatives, disrupt markets, or otherwise adversely affect market countries. their value or performance. Regulatory Risk: Less information may be available about Distressed Companies Risk: Debt obligations of distressed com- foreign companies. In general, foreign companies are not subject panies typically are unrated, lower-rated or close to default. Securities to uniform accounting, auditing and financial reporting standards of distressed companies may be less liquid and are generally more likely or to other regulatory practices and requirements as are U.S. to become worthless than the securities of more financially stable com- companies. Many foreign governments do not supervise and panies. If the issuer of a security held by the Portfolio defaults, the Port- regulate stock exchanges, brokers and the sale of securities to folio may experience significant losses on the security, which may lower the same extent as does the United States and may not have the Portfolio’s net asset value. Securities tend to lose much of their laws to protect investors that are comparable to U.S. securities value before the issuer defaults. laws. In addition, some countries may have legal systems that Equity Risk: In general, stocks and other equity security values fluc- may make it difficult for the Portfolio to vote proxies, exercise tuate, and sometimes widely fluctuate, in response to changes in a shareholder rights, and pursue legal remedies with respect to its company’s financial condition as well as general market, economic and foreign investments. political conditions and other factors. Futures Contract Risk: The primary risks associated with the use Foreign Securities Risk: Investments in foreign securities, of futures contracts are (a) the imperfect correlation between the including depositary receipts, involve risks not associated with investing change in market value of the instruments held by the Portfolio and the in U.S. securities. Foreign markets, particularly emerging markets, may price of the futures contract; (b) liquidity risks, including the possible be less liquid, more volatile and subject to less government supervision absence of a liquid secondary market for a futures contract and the re- than U.S. markets. Security values also may be negatively affected by sulting inability to close a futures contract when desired; (c) losses changes in the exchange rates between the U.S. dollar and foreign cur- (potentially unlimited) caused by unanticipated market movements; (d) an investment manager’s inability to predict correctly the direction of rencies. Differences between U.S. and foreign legal, political and eco- securities prices, interest rates, currency exchange rates and other economic systems, regulatory regimes and market practices also may nomic factors; (e) the possibility that a counterparty, clearing member or impact security values and it may take more time to clear and settle clearinghouse will default in the performance of its obligations; (f) if the trades involving foreign securities. Portfolio has insufficient cash, it may have to sell securities from its Currency Risk: Investments in foreign currencies and in portfolio to meet daily variation margin requirements, and the Portfolio securities that trade in, or receive revenues in, or in derivatives may have to sell securities at a time when it may be disadvantageous to that provide exposure to foreign currencies are subject to the risk do so; and (g) transaction costs associated with investments in futures that those currencies will decline in value relative to the U.S. contracts may be significant, which could cause or increase losses or dollar, or, in the case of hedging positions, that the U.S. dollar will reduce gains. Futures contracts are also subject to the same risks as the decline in value relative to the currency being hedged. Any such underlying investments to which they provide exposure. In addition, decline may erode or reverse any potential gains from an futures contracts may subject the Portfolio to leveraging risk.

AFBMV 3 Index Strategy Risk: The Portfolio employs an index strategy, that Portfolio’s investments in derivatives is declining and the value of its is, it generally invests in the securities included in its index or a repre- other investments is declining, the Portfolio may experience substantial sentative sample of such securities regardless of market trends. The losses. Portfolio generally will not modify its index strategy to respond to changes in the economy, which means that it may be particularly Liquidity Risk: The Portfolio is subject to the risk that certain susceptible to a general decline in the market segment relating to the investments may be difficult or impossible for the Portfolio to purchase relevant index. In addition, although the index strategy attempts to or sell at an advantageous time or price or in sufficient amounts to closely track its benchmark index, the Portfolio may not invest in all of achieve the desired level of exposure. The Portfolio may be required to the securities in the index. Also, the Portfolio’s fees and expenses will dispose of other investments at unfavorable times or prices to satisfy reduce the Portfolio’s returns, unlike those of the benchmark index. obligations, which may result in a loss or may be costly to the Portfolio. Cash flow into and out of the Portfolio, portfolio transaction costs, Judgment plays a greater role in pricing illiquid investments than in in- changes in the securities that comprise the index, and the Portfolio’s vestments with more active markets. valuation procedures also may affect the Portfolio’s performance. There- fore, there can be no assurance that the performance of the index Mortgage-Backed and Asset-Backed Securities Risk: The strategy will match that of the benchmark index. Portfolio is subject to the risk that the principal on mortgage- and asset- backed securities held by the Portfolio will be prepaid, which generally Interest Rate Risk: The Portfolio is subject to the risk that fixed income will reduce the yield and market value of these securities. If interest securities will decline in value because of changes in interest rates. When interest rates decline, the value of the Portfolio’s debt securities generally rates fall, the rate of prepayments tends to increase as borrowers are rises. Conversely, when interest rates rise, the value of the Portfolio’s debt motivated to pay off debt and refinance at new lower rates. Rising securities generally declines. A portfolio with a longer average duration will interest rates may increase the risk of default by borrowers and tend to be more sensitive to changes in interest rates, usually making it more vola- extend the duration of these securities, making them more sensitive to tile than a portfolio with a shorter average duration. As of the date of this changes in interest rates. As a result, in a period of rising interest rates, Prospectus, interest rates are near historic lows in the United States, and to the extent the Portfolio holds these types of securities, it may experi- below zero in other parts of the world, including certain European countries ence additional volatility and losses. This is known as extension risk. and Japan. The Portfolio is subject to a greater risk of rising interest rates Moreover, declines in the credit quality of the issuers of mortgage- and due to these market conditions. A significant or rapid rise in interest rates asset-backed securities or instability in the markets for such securities could result in losses to the Portfolio. may affect the value and liquidity of such securities, which could result Investment Grade Securities Risk: Debt securities generally are in losses to the Portfolio. In addition, certain mortgage- and asset- rated by national bond ratings agencies. The Portfolio considers secu- backed securities may include securities backed by pools of loans made rities to be investment grade if they are rated BBB or higher by Standard to “subprime” borrowers or borrowers with blemished credit histories; & Poor’s Global Ratings or Fitch Ratings, Ltd. or Baa or higher by the risk of defaults is generally higher in the case of mortgage pools Moody’s Investors Service, Inc. or, if unrated, determined by the that include such subprime mortgages. investment manager to be of comparable quality. Securities rated in the Multiple Sub-Adviser Risk: The Adviser allocates the Portfolio’s lower investment grade rating categories (e.g., BBB or Baa) are consid- assets among multiple Sub-Advisers, each of which is responsible for ered investment grade securities, but are somewhat riskier than higher investing its allocated portion of the Portfolio’s assets. To a significant rated obligations because they are regarded as having only an adequate extent, the Portfolio’s performance will depend on the success of the capacity to pay principal and interest, are considered to lack out- Adviser in allocating the Portfolio’s assets to Sub-Advisers and its standing investment characteristics, and may possess certain speculative selection and oversight of the Sub-Advisers. Because each Sub-Adviser characteristics. manages its allocated portion of the Portfolio independently from Leveraging Risk: When the Portfolio leverages its holdings, the another Sub-Adviser, the same security may be held in different portions value of an investment in the Portfolio will be more volatile and all other of the Portfolio, or may be acquired for one portion of the Portfolio at a risks will tend to be compounded. For example, the Portfolio may take time when a Sub-Adviser to another portion deems it appropriate to on leveraging risk when it engages in derivatives transactions (such as dispose of the security from that other portion, resulting in higher futures and options investments), invests collateral from securities loans expenses without accomplishing any net result in the Portfolio’s or borrows money. The Portfolio may experience leveraging risk in holdings. Similarly, under some market conditions, one Sub-Adviser may connection with investments in derivatives because its investments in believe that temporary, defensive investments in short-term instruments derivatives may be small relative to the investment exposure assumed, or cash are appropriate when another Sub-Adviser believes continued leaving more assets to be invested in other investments. Such exposure to the equity or debt markets is appropriate for its allocated investments may have the effect of leveraging the Portfolio because the portion of the Portfolio. Because each Sub-Adviser directs the trading Portfolio may experience gains or losses not only on its investments in for its own portion of the Portfolio, and does not aggregate its derivatives, but also on the investments purchased with the remainder of transactions with those of the other Sub-Adviser, the Portfolio may incur the assets. If the value of the Portfolio’s investments in derivatives is higher brokerage costs than would be the case if a single Sub-Adviser increasing, this could be offset by declining values of the Portfolio’s other were managing the entire Portfolio. In addition, while the Adviser seeks investments. Conversely, it is possible that the rise in the value of the to allocate the Portfolio’s assets among the Portfolio’s Sub-Advisers in a Portfolio’s non-derivative investments could be offset by a decline in the manner that it believes is consistent with achieving the Portfolio’s value of the Portfolio’s investments in derivatives. In either scenario, the investment objective(s), the Adviser may be subject to potential conflicts Portfolio may experience losses. In a market where the value of the of interest in allocating the Portfolio’s assets among Sub-Advisers,

AFBMV 4 including affiliated Sub-Advisers, because the Adviser pays different fees future value of a security or instrument, potentially higher transaction to the Sub-Advisers and due to other factors that could impact the costs, and imperfect correlation between the actual and desired level of Adviser’s revenues and profits. exposure. Because the Portfolio’s potential loss on a short position arises from increases in the value of the asset sold short, the extent of Non-Investment Grade Securities Risk: Bonds rated below such loss, like the price of the asset sold short, is theoretically unlimited. investment grade (i.e., BB or lower by Standard & Poor’s Global Ratings or Fitch Ratings Ltd. or Ba or lower by Moody’s Investors Service, Inc. or, if U.S. Government Securities Risk: U.S. government securities are unrated, determined by the investment manager to be of comparable qual- subject to market risk, interest rate risk and credit risk. Securities, such as ity) are speculative in nature and are subject to additional risk factors such those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are as increased possibility of default, illiquidity of the security, and changes in backed by the full faith and credit of the U.S. are guaranteed only as to value based on changes in interest rates. Non-investment grade bonds, the timely payment of interest and principal when held to maturity, and sometimes referred to as “junk bonds,” are usually issued by companies the market prices for such securities will fluctuate due to changing interest without long track records of sales and earnings, or by those companies rates, among other factors. Notwithstanding that these securities are with questionable credit strength. The creditworthiness of issuers of non- backed by the full faith and credit of the U.S., circumstances could arise investment grade debt securities may be more complex to analyze than that that would prevent the payment of interest or principal. This would result of issuers of investment grade debt securities, and reliance on credit ratings in losses to the Portfolio. Securities issued or guaranteed by U.S. govern- may present additional risks. ment related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assur- Regulatory Risk: The Adviser is registered with the Securities and ance can be given that the U.S. government will provide financial support. Exchange Commission (“SEC”) as an investment adviser under the In- Therefore, U.S. government related organizations may not have the funds vestment Advisers Act of 1940, as amended. The Adviser also is regis- to meet their payment obligations in the future. tered with the Commodity Futures Trading Commission (“CFTC”) as a commodity pool operator (“CPO”) under the Commodity Exchange Act, Volatility Management Risk: The Adviser from time to time as amended, and, due to the Portfolio’s use of derivatives, serves as a employs various volatility management techniques in managing the CPO with respect to the Portfolio. Being subject to dual regulation by Portfolio, including the use of futures and options to manage equity the SEC and the CFTC may increase compliance costs, which may be exposure. Although these actions are intended to reduce the overall risk borne by the Portfolio and may affect Portfolio returns. of investing in the Portfolio, they may not work as intended and may Sector Risk: From time to time, based on market or economic con- result in losses by the Portfolio or periods of underperformance, ditions, the Portfolio may have significant positions in one or more sec- particularly during periods when market values are increasing but market tors of the market. To the extent the Portfolio invests more heavily in volatility is high. The success of the Portfolio’s volatility management particular sectors, its performance will be especially sensitive to strategy will be subject to the Adviser’s ability to correctly assess the developments that significantly affect those sectors. Individual sectors degree of correlation between the performance of the relevant market may be more volatile, and may perform differently, than the broader index and the metrics used by the Adviser to measure market volatility. market. The industries that constitute a sector may all react in the same Since the characteristics of many securities change as markets change or way to economic, political or regulatory events. time passes, the success of the Portfolio’s volatility management strategy also will be subject to the Adviser’s ability to continually recalculate, Securities Lending Risk: The Portfolio may lend its portfolio readjust, and execute volatility management techniques (such as options securities to seek income. There is a risk that a borrower may default on and futures transactions) in an efficient manner. In addition, because its obligations to return loaned securities, however, the Portfolio’s market conditions change, sometimes rapidly and unpredictably, the securities lending agent may indemnify the Portfolio against that risk. success of the volatility management strategy will be subject to the The Portfolio will be responsible for the risks associated with the Adviser’s ability to execute the strategy in a timely manner. Moreover, investment of cash collateral, including any collateral invested in an volatility management strategies may increase portfolio transaction costs, affiliated money market fund. The Portfolio may lose money on its which could cause or increase losses or reduce gains. For a variety of investment of cash collateral or may fail to earn sufficient income on its reasons, the Adviser may not seek to establish a perfect correlation investment to meet obligations to the borrower. In addition, delays may between the relevant market index and the metrics that the Adviser uses occur in the recovery of securities from borrowers, which could interfere to measure market volatility. In addition, it is not possible to manage with the Portfolio’s ability to vote proxies or to settle transactions. volatility fully or perfectly. Futures contracts and other instruments used in Short Position Risk: The Portfolio may engage in short sales and connection with the volatility management strategy are not necessarily may enter into derivative contracts that have a similar economic effect held by the Portfolio to hedge the value of the Portfolio’s other (e.g., taking a short position in a futures contract). The Portfolio will investments and, as a result, these futures contracts and other incur a loss as a result of a short position if the price of the asset sold instruments may decline in value at the same time as the Portfolio’s short increases in value between the date of the short position sale and investments. Any one or more of these factors may prevent the Portfolio the date on which an offsetting position is purchased. Short positions from achieving the intended volatility management or could cause the may be considered speculative transactions and involve special risks Portfolio to underperform or experience losses (some of which may be that could cause or increase losses or reduce gains, including greater sudden) or volatility for any particular period that may be higher or lower. reliance on the investment adviser’s ability to accurately anticipate the In addition, the use of volatility management techniques may not protect

AFBMV 5 against market declines and may limit the Portfolio’s participation in Average Annual Total Returns market gains, even during periods when the market is rising. Volatility Ten One Five Years/Since management techniques, when implemented effectively to reduce the Year Years Inception overall risk of investing in the Portfolio, may result in underperformance AXA/Franklin Balanced Managed Volatility by the Portfolio. For example, if the Portfolio has reduced its overall Portfolio – Class IA Shares 10.43% 7.70% 4.04% AXA/Franklin Balanced Managed Volatility exposure to equities to avoid losses in certain market environments, the Portfolio – Class IB Shares 10.43% 7.70% 3.90% Portfolio may forgo some of the returns that can be associated with S&P 500 Index (reflects no deduction for fees, periods of rising equity values. The Portfolio’s performance may be lower expenses, or taxes) 11.96% 14.66% 6.95% Bloomberg Barclays U.S. Intermediate than similar funds where volatility management techniques are not used. Government/Credit Bond Index (reflects no In addition, volatility management techniques may reduce potential losses deduction for fees, expenses, or taxes) 2.08% 1.85% 3.84% 50% Volatility Managed Index – Large Cap and/or mitigate financial risks to insurance companies that provide certain Core/50% Bloomberg Barclays U.S. benefits and guarantees available under the Contracts and offer the Intermediate Government/Credit Bond Index (reflects no deduction for fees, expenses, or Portfolio as an investment option in their products. taxes) 6.64% 8.30% 6.54% Zero Coupon and Pay-in-Kind Securities Risk: Azerocou- pon or pay-in-kind security pays no interest in cash to its holder during WHO MANAGES THE PORTFOLIO its life. Accordingly, zero coupon securities usually trade at a deep dis- Investment Adviser: FMG LLC count from their face or par value and, together with pay-in-kind securities, will be subject to greater fluctuations in market value in response Portfolio Managers: The members of the team that are jointly and to changing interest rates than debt obligations of comparable matur- primarily responsible for (i) the selection, monitoring and oversight of the ities that make current distribution of interest in cash. Portfolio’s Sub-Advisers, (ii) allocating assets among the Portfolio’s Allo- cated Portions and (iii) managing the Portfolio’s equity exposure are: Risk/Return Bar Chart and Table Date Began The bar chart and table below provide some indication of the risks of Managing investing in the Portfolio by showing changes in the Portfolio’s Name Title the Portfolio Kenneth T. Kozlowski, Executive Vice President May 2011 performance from year to year and by showing how the Portfolio’s CFP®, CLU, ChFC and Chief Investment average annual total returns for the past one, five and ten years (or Officer of FMG LLC since inception) through December 31, 2016 compared to the returns of Alwi Chan, CFA® Senior Vice President May 2009 a broad-based securities market index. The additional indexes show and Deputy Chief how the Portfolio’s performance compared with the returns of other Investment Officer of FMG LLC indexes that have characteristics relevant to the Portfolio’s investment ® strategies, including a volatility managed index. The return of the Xavier Poutas, CFA Assistant Portfolio May 2015 Manager of FMG LLC broad-based securities market index (and any additional comparative Miao Hu, CFA® Assistant Portfolio May 2016 index) shown in the right hand column below is the return of the index Manager of FMG LLC for the last 10 years or, if shorter, since the inception of the share class with the longest history. Past performance is not an indication of future Sub-Adviser: Franklin Advisers, Inc. (“Franklin Advisers”) performance. Portfolio Managers: The members of the team that are jointly and The performance results do not reflect any Contract-related fees and primarily responsible for the securities selection, research and trading expenses, which would reduce the performance results. for the Active Allocated Portion of the Portfolio are:

Calendar Year Annual Total Returns — Class IB Date Began 30.62% Managing Name Title the Portfolio Edward D. Perks, CFA® Executive Vice President August 2006 14.51% and Chief Investment 11.27% 11.25% 10.43% 6.21% Officer of Franklin Advisers 2.07% 0.06% Matt Quinlan Vice President and May 2012 -3.01% Portfolio Manager of Franklin Advisers

-31.83% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Best quarter (% and time period) Worst quarter (% and time period) 15.03% (2009 2nd Quarter) –16.14% (2008 3rd Quarter)

AFBMV 6 Sub-Adviser: BlackRock Investment Management, LLC The Portfolio does not have minimum initial or subsequent investment (“BlackRock”) requirements. Shares of the Portfolio are redeemable on any business day (which typically is any day the New York Stock Exchange is open) Portfolio Manager: The members of the team that are jointly and pri- upon receipt of a request. All redemption requests will be processed marily responsible for the securities selection, research and trading for the and payment with respect thereto will normally be made within seven Index Allocated Portion of the Portfolio tracking the S&P 500 Index are: days after tender. Please refer to your Contract prospectus for more in- Date Began formation on purchasing and redeeming Portfolio shares. Managing Name Title the Portfolio TAX INFORMATION Alan Mason Managing Director of March 2014 BlackRock The Portfolio’s shareholders are (or may include) insurance company sepa- Greg Savage, Managing Director and May 2012 rate accounts, qualified plans and other investors eligible under applicable CFA® Portfolio Manager of federal income tax regulations. Accordingly, distributions the Portfolio BlackRock makes of its net investment income and net realized gains — most or all Rachel M. Aguirre Director of BlackRock April 2016 of which it intends to distribute annually — and redemptions or ex- Creighton Jue, Managing Director of April 2016 changes of Portfolio shares generally will not be taxable to its share- CFA® BlackRock holders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax information. Portfolio Managers: The members of the team that are jointly and primarily responsible for the securities selection, research and trading PAYMENTS TO BROKER-DEALERS AND OTHER for the Index Allocated Portion of the Portfolio tracking the Bloomberg FINANCIAL INTERMEDIARIES Barclays U.S. Intermediate Government/Credit Bond Index are: This Portfolio is not sold directly to the general public but instead is of- Date Began fered as an underlying investment option for Contracts and retirement Managing plans and to other eligible investors. The Portfolio and the Adviser and Name Title the Portfolio its affiliates may make payments to a sponsoring insurance company (or Scott Radell Managing Director and June 2010 Portfolio Manager of its affiliates) or other financial intermediary for distribution and/or other BlackRock services. These payments may create a conflict of interest by influencing Karen Uyehara Director and Portfolio May 2011 the insurance company or other financial intermediary and your finan- Manager of BlackRock cial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an under- The Adviser has been granted relief by the Securities and Exchange lying investment option in the Contract. The prospectus (or other offer- Commission to hire, terminate and replace Sub-Advisers and amend ing document) for your Contract may contain additional information sub-advisory agreements subject to the approval of the Board of about these payments. Ask your financial adviser or visit your financial Trustees and without obtaining shareholder approval. However, the intermediary’s website for more information. Adviser may not enter into a sub-advisory agreement on behalf of the Portfolio with an “affiliated person” of the Adviser, such as AllianceBernstein L.P., unless the sub-advisory agreement is approved by the Portfolio’s shareholders. The Adviser is responsible for overseeing Sub-Advisers and recommending their hiring, termination and replacement to the Board of Trustees.

AFBMV 7 EQ Advisors TrustSM

AXA/Franklin Small Cap Value Managed Volatility Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks to achieve long-term total return with Arrangement is not renewed. This Example does not reflect any Contract- an emphasis on risk-adjusted returns and managing volatility in the related fees and expenses including redemption fees (if any) at the Contract Portfolio. level. If such fees and expenses were reflected, the total expenses would be higher. Although your actual costs may be higher or lower, based on these FEES AND EXPENSES OF THE PORTFOLIO assumptions your costs would be:

The following table describes the fees and expenses that you may pay if 1 Year 3 Years 5 Years 10 Years you buy and hold shares of the Portfolio. The table below does not re- Class IA Shares $112 $360 $628 $1,393 flect any fees and expenses associated with variable life insurance con- Class IB Shares $112 $360 $628 $1,393 tracts and variable annuity certificates and contracts (“Contracts”), which would increase overall fees and expenses. See the Contract pro- PORTFOLIO TURNOVER spectus for a description of those fees and expenses. The Portfolio pays transaction costs, such as commissions, when it buys Shareholder Fees and sells securities (or “turns over” its portfolio). A higher portfolio turn- (fees paid directly from your investment) over rate may indicate higher transaction costs. These costs, which are not Not applicable. reflected in annual fund operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s Annual Portfolio Operating Expenses portfolio turnover rate was 23% of the average value of the Portfolio. (expenses that you pay each year as a percentage of the value of your investment) INVESTMENTS, RISKS, AND PERFORMANCE AXA/Franklin Small Cap Value Managed Volatility Class IA Class IB Portfolio Shares Shares Principal Investment Strategy: The Portfolio’s assets normally are Management Fee 0.70% 0.70% allocated between two investment managers, each of which will Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% manage its portion of the Portfolio using a different but complementary Other Expenses 0.20% 0.20% investment strategy. One portion of the Portfolio is actively managed Total Annual Portfolio Operating Expenses 1.15% 1.15% (“Active Allocated Portion”); the other portion of the Portfolio seeks to Fee Waiver and/or Expense Reimbursement† –0.05% –0.05% track the performance of a particular index (“Index Allocated Portion”). Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement 1.10% 1.10% Under normal circumstances, the Active Allocated Portion will consist of approximately 50% of the Portfolio’s net assets; the Index Allocated † Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreed to make payments or waive its management, administrative and other fees to limit the Portion will consist of approximately 50% of the Portfolio’s net assets. expenses of the Portfolio through April 30, 2018 (unless the Board of Trustees consents These percentages are targets established by the Adviser; actual alloca- to an earlier revision or termination of this arrangement) (“Expense Limitation tions may deviate from these targets. Arrangement”) so that the annual operating expenses of the Portfolio (exclusive of taxes, interest, brokerage commissions, dividend and interest expenses on securities sold short, capitalized expenses, acquired fund fees and expenses, and extraordinary Under normal circumstances, the Portfolio invests at least 80% of its net expenses) do not exceed an annual rate of average daily net assets of 1.10% for assets, plus borrowings for investment purposes, in the securities of small- Class IA and Class IB shares of the Portfolio. The Expense Limitation Arrangement may capitalization companies. Small-cap companies are companies with mar- be terminated by AXA Equitable Funds Management Group, LLC at any time after April 30, 2018. ket capitalizations (the total market value of a company’s outstanding stock) not exceeding either: 1) the highest market capitalization in the Example Russell 2000® Index; or 2) the 12-month average of the highest market capitalization in the Russell 2000 Index, whichever is greater, at the time This Example is intended to help you compare the cost of investing in the of purchase. As of December 31, 2016, the highest market capitalization Portfolio with the cost of investing in other portfolios. The Example assumes in the Russell 2000 Index was $10.5 billion. In addition, securities of that you invest $10,000 in the Portfolio for the periods indicated and then small-capitalization companies may include financial instruments that de- redeem all of your shares at the end of these periods. The Example also rive their value from the securities of such companies. The Portfolio may assumes that your investment has a 5% return each year, that the Portfo- invest up to 10% of its assets in foreign securities and up to 10% of its lio’s operating expenses remain the same, and that the Expense Limitation assets in real estate investment trusts (“REITs”).

AFSCVMV 1 The Active Allocated Portion generally invests in equity securities such investing in the Portfolio. Performance may be affected by one or more as common stocks that the Sub-Adviser to the Active Allocated Portion of the following risks. believes are currently undervalued and have potential for capital Cash Management Risk: Upon entering into certain derivatives appreciation. The Sub-Adviser to the Active Allocated Portion believes contracts, such as futures contracts, and to maintain open positions in that a stock price is undervalued when it is less than the price at which certain derivatives contracts, the Portfolio may be required to post it would trade if the market reflected all factors relating to the compa- collateral for the contract, the amount of which may vary. As such, the ny’s worth. The Active Allocated Portion may invest up to 20% of its Portfolio may maintain cash balances, including foreign currency balan- assets in foreign securities, subject to the Portfolio’s overall limit of ces, which may be significant, with counterparties such as the Trust’s 10% of assets invested in foreign securities. It may also invest in REITs. custodian or its affiliates. The Portfolio is thus subject to counterparty The Index Allocated Portion of the Portfolio seeks to track the perform- risk and credit risk with respect to these arrangements. ance (before fees and expenses) of the Russell 2000® Index with mini- Derivatives Risk: The Portfolio’s investments in derivatives may rise or mal tracking error. This strategy is commonly referred to as an indexing fall in value more rapidly than other investments. Changes in the value of a strategy. Generally, the Index Allocated Portion uses a full replication derivative may not correlate perfectly or at all with the underlying asset, technique, although in certain instances a sampling approach may be rate or index, and the Portfolio could lose more than the principal amount utilized for a portion of the Index Allocated Portion. The Index Allocated invested. Some derivatives can have the potential for unlimited losses. In Portion also may invest in other instruments, such as futures and op- addition, it may be difficult or impossible for the Portfolio to purchase or sell tions contracts, that provide comparable exposure as the index without certain derivatives in sufficient amounts to achieve the desired level of ex- buying the underlying securities comprising the index. posure, which may result in a loss or may be costly to the Portfolio. De- AXA Equitable Funds Management Group, LLC (“FMG LLC” or the rivatives also may be subject to certain other risks such as leveraging risk, “Adviser”) also may utilize futures and options, such as exchange-traded interest rate risk, credit risk, the risk that a counterparty may be unable or futures and options contracts on securities indices, to manage equity ex- unwilling to honor its obligations, and the risk of mispricing or improper posure. Futures and options can provide exposure to the performance of a valuation. Derivatives also may not behave as anticipated by the Portfolio, securities index without buying the underlying securities comprising the especially in abnormal market conditions. Changing regulation may make index. They also provide a means to manage the Portfolio’s equity exposure derivatives more costly, limit their availability, impact the Portfolio’s ability without having to buy or sell securities. When market volatility is increasing to maintain its investments in derivatives, disrupt markets, or otherwise above specific thresholds set for the Portfolio, the Adviser may limit equity adversely affect their value or performance. exposure either by reducing investments in securities, shorting or selling Equity Risk: In general, stocks and other equity security values fluc- long futures and options positions on an index, increasing cash levels, and/ tuate, and sometimes widely fluctuate, in response to changes in a or shorting an index. During such times, the Portfolio’s exposure to equity company’s financial condition as well as general market, economic and securities may be significantly less than that of a traditional equity portfolio. political conditions and other factors. Volatility is a statistical measure of the magnitude of changes in the Portfo- lio’s returns, without regard to the direction of those changes. Higher vola- Foreign Securities Risk: Investments in foreign securities, including tility generally indicates higher risk and is often reflected by frequent and depositary receipts, involve risks not associated with investing in U.S. secu- sometimes significant movements up and down in value. The Portfolio may rities. Foreign markets, particularly emerging markets, may be less liquid, invest up to 25% of its assets in derivatives. It is anticipated that the more volatile and subject to less government supervision than U.S. markets. Portfolio’s derivative instruments will consist primarily of exchange-traded Security values also may be negatively affected by changes in the exchange futures and options contracts on securities indices, but the Portfolio also rates between the U.S. dollar and foreign currencies. Differences between may utilize other types of derivatives. The Portfolio’s investments in de- U.S. and foreign legal, political and economic systems, regulatory regimes rivatives may be deemed to involve the use of leverage because the Portfo- and market practices also may impact security values and it may take more lio is not required to invest the full market value of the contract upon time to clear and settle trades involving foreign securities. entering into the contract but participates in gains and losses on the full Currency Risk: Investments in foreign currencies and in secu- contract price. The use of derivatives also may be deemed to involve the use rities that trade in, or receive revenues in, or in derivatives that of leverage because the heightened price sensitivity of some derivatives to provide exposure to foreign currencies are subject to the risk that market changes may magnify the Portfolio’s gain or loss. It is not generally those currencies will decline in value relative to the U.S. dollar, or, expected, however, that the Portfolio will be leveraged by borrowing money in the case of hedging positions, that the U.S. dollar will decline in for investment purposes. In addition, the Portfolio generally does not intend value relative to the currency being hedged. Any such decline may touseleveragetoincreaseitsnetinvestment exposure above approx- erode or reverse any potential gains from an investment in secu- imately 100% of the Portfolio’s net asset value or below 0%. The Portfolio rities denominated in foreign currency or may widen existing loss. may maintain a significant percentage of its assets in cash and cash equiv- Currency rates may fluctuate significantly over short periods of alent instruments, some of which may serve as margin or collateral for the time for a number of reasons, including changes in interest rates, Portfolio’s obligations under derivative transactions. intervention (or the failure to intervene) by governments, central The Portfolio also may lend its portfolio securities to earn additional income. banks or supranational entities, or by the imposition of currency controls or other political developments in the U.S. or abroad. Principal Risks: An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Depositary Receipts Risk: Investments in depositary receipts Corporation or any other government agency. You may lose money by (including American Depositary Receipts, European Depositary

AFSCVMV 2 Receipts and Global Depositary Receipts) are generally subject to addition, there is the risk that a stock judged to be undervalued may the same risks of investing in the foreign securities that they evi- actually be appropriately priced. dence or into which they may be converted. In addition, issuers Leveraging Risk: When the Portfolio leverages its holdings, the value underlying unsponsored depositary receipts may not provide as of an investment in the Portfolio will be more volatile and all other risks much information as U.S. issuers and issuers underlying sponsored will tend to be compounded. For example, the Portfolio may take on depositary receipts. Unsponsored depositary receipts also may not leveraging risk when it engages in derivatives transactions (such as fu- carry the same voting privileges as sponsored depositary receipts. tures and options investments), invests collateral from securities loans or Regulatory Risk: Less information may be available about for- borrows money. The Portfolio may experience leveraging risk in con- eign companies. In general, foreign companies are not subject nection with investments in derivatives because its investments in de- to uniform accounting, auditing and financial reporting standards or rivatives may be small relative to the investment exposure assumed, to other regulatory practices and requirements as are U.S. compa- leaving more assets to be invested in other investments. Such investments nies. Many foreign governments do not supervise and regulate stock may have the effect of leveraging the Portfolio because the Portfolio may exchanges, brokers and the sale of securities to the same extent as experience gains or losses not only on its investments in derivatives, but does the United States and may not have laws to protect investors also on the investments purchased with the remainder of the assets. If the that are comparable to U.S. securities laws. In addition, some coun- value of the Portfolio’s investments in derivatives is increasing, this could tries may have legal systems that may make it difficult for the be offset by declining values of the Portfolio’s other investments. Con- Portfolio to vote proxies, exercise shareholder rights, and pursue versely, it is possible that the rise in the value of the Portfolio’s non- derivative investments could be offset by a decline in the value of the legal remedies with respect to its foreign investments. Portfolio’s investments in derivatives. In either scenario, the Portfolio may Futures Contract Risk: The primary risks associated with the use of experience losses. In a market where the value of the Portfolio’s invest- futures contracts are (a) the imperfect correlation between the change in ments in derivatives is declining and the value of its other investments is market value of the instruments held by the Portfolio and the price of the declining, the Portfolio may experience substantial losses. futures contract; (b) liquidity risks, including the possible absence of a liquid Multiple Sub-Adviser Risk: The Adviser allocates the Portfolio’s secondary market for a futures contract and the resulting inability to close a assets among multiple Sub-Advisers, each of which is responsible for futures contract when desired; (c) losses (potentially unlimited) caused by investing its allocated portion of the Portfolio’s assets. To a significant unanticipated market movements; (d) an investment manager’s inability to extent, the Portfolio’s performance will depend on the success of the Ad- predict correctly the direction of securities prices, interest rates, currency viser in allocating the Portfolio’s assets to Sub-Advisers and its selection exchange rates and other economic factors; (e) the possibility that a and oversight of the Sub-Advisers. Because each Sub-Adviser manages its counterparty, clearing member or clearinghouse will default in the allocated portion of the Portfolio independently from another Sub-Adviser, performance of its obligations; (f) if the Portfolio has insufficient cash, it the same security may be held in different portions of the Portfolio, or may may have to sell securities from its portfolio to meet daily variation margin be acquired for one portion of the Portfolio at a time when a Sub-Adviser requirements, and the Portfolio may have to sell securities at a time when it to another portion deems it appropriate to dispose of the security from may be disadvantageous to do so; and (g) transaction costs associated with that other portion, resulting in higher expenses without accomplishing any investments in futures contracts may be significant, which could cause or net result in the Portfolio’s holdings. Similarly, under some market con- increase losses or reduce gains. Futures contracts are also subject to the ditions, one Sub-Adviser may believe that temporary, defensive invest- same risks as the underlying investments to which they provide exposure. In ments in short-term instruments or cash are appropriate when another addition, futures contracts may subject the Portfolio to leveraging risk. Sub-Adviser believes continued exposure to the equity or debt markets is Index Strategy Risk: The Portfolio employs an index strategy, that is, appropriate for its allocated portion of the Portfolio. Because each Sub- it generally invests in the securities included its index or a representative Adviser directs the trading for its own portion of the Portfolio, and does sample of such securities regardless of market trends. The Portfolio gen- not aggregate its transactions with those of the other Sub-Adviser, the erally will not modify its index strategy to respond to changes in the Portfolio may incur higher brokerage costs than would be the case if a economy, which means that it may be particularly susceptible to a general single Sub-Adviser were managing the entire Portfolio. In addition, while decline in the market segment relating to the relevant index. In addition, the Adviser seeks to allocate the Portfolio’s assets among the Portfolio’s although the index strategy attempts to closely track its benchmark index, Sub-Advisers in a manner that it believes is consistent with achieving the the Portfolio may not invest in all of the securities in the index. Also, the Portfolio’s investment objective(s), the Adviser may be subject to potential Portfolio’s fees and expenses will reduce the Portfolio’s returns, unlike those conflicts of interest in allocating the Portfolio’s assets among Sub- of the benchmark index. Cash flow into and out of the Portfolio, portfolio Advisers, including affiliated Sub-Advisers, because the Adviser pays transaction costs, changes in the securities that comprise the index, and the different fees to the Sub-Advisers and due to other factors that could im- Portfolio’s valuation procedures also may affect the Portfolio’s performance. pact the Adviser’s revenues and profits. Therefore, there can be no assurance that the performance of the index Real Estate Investing Risk: Real estate-related investments may de- strategy will match that of the benchmark index. cline in value as a result of factors affecting the overall real estate industry. Investment Style Risk: The Portfolio may use a particular style or Real estate is a cyclical business, highly sensitive to supply and demand, set of styles — in this case “value” styles — to select investments. general and local economic developments and characterized by intense Those styles may be out of favor or may not produce the best results competition and periodic overbuilding. Real estate income and values also over short or longer time periods. Value stocks are subject to the risks may be greatly affected by demographic trends, such as population shifts or that notwithstanding that a stock is selling at a discount to its perceived changing tastes and values. Losses may occur from casualty or con- true worth, the market will never fully recognize its intrinsic value. In demnation and government actions, such as tax law changes, zoning law

AFSCVMV 3 changes, regulatory limitations on rents, or environmental regulations, also (e.g., taking a short position in a futures contract). The Portfolio will may have a major impact on real estate. The availability of mortgages and incur a loss as a result of a short position if the price of the asset sold changes in interest rates may also affect real estate values. Changing inter- short increases in value between the date of the short position sale and est rates and credit quality requirements also will affect the cash flow of the date on which an offsetting position is purchased. Short positions real estate companies and their ability to meet capital needs. REITs gen- may be considered speculative transactions and involve special risks that could cause or increase losses or reduce gains, including greater erally invest directly in real estate (equity REITs), in mortgages secured by reliance on the investment adviser’s ability to accurately anticipate the interests in real estate (mortgage REITs) or in some combination of the two future value of a security or instrument, potentially higher transaction (hybrid REITs). Investing in REITs exposes investors to the risks of owning costs, and imperfect correlation between the actual and desired level of real estate directly, as well as to risks that relate specifically to the way in exposure. Because the Portfolio’s potential loss on a short position which REITs are organized and operated. Equity REITs may be affected by arises from increases in the value of the asset sold short, the extent of changes in the value of the underlying property owned by the REIT, while such loss, like the price of the asset sold short, is theoretically unlimited. mortgage REITs may be affected by the quality of any credit extended. Small-Cap Company Risk: The Portfolio’s investments in small- Equity and mortgage REITs are also subject to heavy cash flow dependency, cap companies may involve greater risks than investments in larger, defaults by borrowers, and self-liquidations. The risk of defaults is generally more established issuers because they generally are more vulnerable higher in the case of mortgage pools that include subprime mortgages in- than larger companies to adverse business or economic developments. volving borrowers with blemished credit histories. Individual REITs may own Such companies generally have narrower product lines, more limited a limited number of properties and may concentrate in a particular region financial and management resources and more limited markets for their or property type. Domestic REITs also must satisfy specific Internal Revenue stock as compared with larger companies. They may depend on a more Code requirements to qualify for the tax-free pass-through of net invest- limited management group than larger capitalized companies. In addi- ment income and net realized gains. Failure to meet these requirements tion, it is more difficult to get information on smaller companies, which may have adverse consequences on the Portfolio. In addition, even the tend to be less well known, have shorter operating histories, do not larger REITs in the industry tend to be small- to medium-sized companies in have significant ownership by large investors and are followed by rela- relation to the equity markets as a whole. Moreover, shares of REITs may tively few securities analysts. As a result, the value of such securities trade less frequently and, therefore, are subject to more erratic price may be more volatile than the securities of larger companies, and because the securities generally trade in lower volumes than larger cap movements than securities of larger issuers. securities, the Portfolio may experience difficulty in purchasing or selling Regulatory Risk: The Adviser is registered with the Securities and such securities at the desired time and price or in the desired amount. Exchange Commission (“SEC”) as an investment adviser under the In- Volatility Management Risk: The Adviser from time to time employs vestment Advisers Act of 1940, as amended. The Adviser also is regis- various volatility management techniques in managing the Portfolio, includ- tered with the Commodity Futures Trading Commission (“CFTC”) as a ing the use of futures and options to manage equity exposure. Although commodity pool operator (“CPO”) under the Commodity Exchange Act, these actions are intended to reduce the overall risk of investing in the as amended, and, due to the Portfolio’s use of derivatives, serves as a Portfolio, they may not work as intended and may result in losses by the CPO with respect to the Portfolio. Being subject to dual regulation by Portfolio or periods of underperformance, particularly during periods when the SEC and the CFTC may increase compliance costs, which may be market values are increasing but market volatility is high. The success of the borne by the Portfolio and may affect Portfolio returns. Portfolio’s volatility management strategy will be subject to the Adviser’s Sector Risk: From time to time, based on market or economic con- ability to correctly assess the degree of correlation between the performance ditions, the Portfolio may have significant positions in one or more sec- of the relevant market index and the metrics used by the Adviser to measure tors of the market. To the extent the Portfolio invests more heavily in market volatility. Since the characteristics of many securities change as mar- particular sectors, its performance will be especially sensitive to kets change or time passes, the success of the Portfolio’s volatility manage- developments that significantly affect those sectors. Individual sectors ment strategy also will be subject to the Adviser’s ability to continually may be more volatile, and may perform differently, than the broader recalculate, readjust, and execute volatility management techniques (such as market. The industries that constitute a sector may all react in the same options and futures transactions) in an efficient manner. In addition, because way to economic, political or regulatory events. market conditions change, sometimes rapidly and unpredictably, the success of the volatility management strategy will be subject to the Adviser’s ability to Securities Lending Risk: The Portfolio may lend its portfolio secu- execute the strategy in a timely manner. Moreover, volatility management rities to seek income. There is a risk that a borrower may default on its strategies may increase portfolio transaction costs, which could cause or in- obligations to return loaned securities, however, the Portfolio’s secu- crease losses or reduce gains. For a variety of reasons, the Adviser may not rities lending agent may indemnify the Portfolio against that risk. The seek to establish a perfect correlation between the relevant market index and Portfolio will be responsible for the risks associated with the investment the metrics that the Adviser uses to measure market volatility. In addition, it is of cash collateral, including any collateral invested in an affiliated not possible to manage volatility fully or perfectly. Futures contracts and other money market fund. The Portfolio may lose money on its investment of instruments used in connection with the volatility management strategy are cash collateral or may fail to earn sufficient income on its investment to not necessarily held by the Portfolio to hedge the value of the Portfolio’s meet obligations to the borrower. In addition, delays may occur in the other investments and, as a result, these futures contracts and other instru- recovery of securities from borrowers, which could interfere with the ments may decline in value at the same time as the Portfolio’s investments. Portfolio’s ability to vote proxies or to settle transactions. Any one or more of these factors may prevent the Portfolio from achieving Short Position Risk: The Portfolio may engage in short sales and the intended volatility management or could cause the Portfolio to underper- may enter into derivative contracts that have a similar economic effect form or experience losses (some of which may be sudden) or volatility for any

AFSCVMV 4 particular period that may be higher or lower. In addition, the use of volatility Average Annual Total Returns management techniques may not protect against market declines and may One Five Ten Years/ limit the Portfolio’s participation in market gains, even during periods when Year Years Since Inception the market is rising. Volatility management techniques, when implemented AXA/Franklin Small Cap Value Managed Volatility Portfolio – effectively to reduce the overall risk of investing in the Portfolio, may result in Class IA Shares 24.92% 13.75% 5.38% underperformance by the Portfolio. For example, if the Portfolio has reduced AXA/Franklin Small Cap Value Managed Volatility Portfolio – its overall exposure to equities to avoid losses in certain market environ- Class IB Shares 24.82% 13.74% 5.25% ments, the Portfolio may forgo some of the returns that can be associated Russell 2000® Value Index (reflects with periods of rising equity values. The Portfolio’s performance may be lower no deduction for fees, expenses, or taxes) 31.74% 15.07% 6.26% than similar funds where volatility management techniques are not used. In Volatility Managed Index – Small addition, volatility management techniques may reduce potential losses and/ Cap Value (new) (reflects no deduction for fees, expenses, or or mitigate financial risks to insurance companies that provide certain bene- taxes) 25.26% 14.63% 7.54% fits and guarantees available under the Contracts and offer the Portfolio as Russell 2500™ Value Index (reflects an investment option in their products. no deduction for fees, expenses, or taxes) 25.20% 15.04% 6.94% Volatility Managed Index – Small Risk/Return Bar Chart and Table Cap Value (old) (reflects no deduction for fees, expenses, or The bar chart and table below provide some indication of the risks of taxes) 22.12% 14.62% 7.88% investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and by showing how the Portfolio’s WHO MANAGES THE PORTFOLIO average annual total returns for the past one, five and ten years (or since inception) through December 31, 2016 compared to the returns of Investment Adviser: FMG LLC a broad-based securities market index. The additional index shows how Portfolio Managers: The members of the team that are jointly and the Portfolio’s performance compared with the returns of a volatility primarily responsible for (i) the selection, monitoring and oversight of the managed index. The return of the broad-based securities market index Portfolio’s Sub-Advisers, (ii) allocating assets among the Portfolio’s Allo- (and any additional comparative index) shown in the right hand column below is the return of the index for the last 10 years or, if shorter, since cated Portions and (iii) managing the Portfolio’s equity exposure are: the inception of the share class with the longest history. Past perform- Date Began ance is not an indication of future performance. Managing In 2016, the Portfolio’s benchmark index against which the Portfolio Name Title the Portfolio ™ Kenneth T. Kozlowski, Executive May 2011 measured its performance, the Russell 2500 Value Index, was re- CFP®, CLU, ChFC Vice President and placed with the Russell 2000® Value Index. Additionally, the Portfolio’s Chief Investment Officer customized benchmark, the Volatility Managed Index-Small Cap Value of FMG LLC was modified to replace the Russell 2500™ Value Index component Alwi Chan, CFA® Senior Vice President May 2009 with a component consisting of the Russell 2000® Value Index. The and Deputy ® Chief Investment Officer Adviser believes that the Russell 2000 ValueIndexismorerelevantto of FMG LLC the Portfolio’s investment strategies. Xavier Poutas, CFA® Assistant Portfolio May 2015 The performance results do not reflect any Contract-related fees and Manager of FMG LLC expenses, which would reduce the performance results. Miao Hu, CFA® Assistant Portfolio May 2016 Manager of FMG LLC Calendar Year Annual Total Returns — Class IB 36.74% 28.07% 24.35% 24.82% 16.83%

2.13%

-6.53% -8.63% -9.64%

-33.35% 2007 2008 20092010 2011 2012 2013 2014 2015 2016

Best quarter (% and time period) Worst quarter (% and time period) 25.14% (2009 2nd Quarter) –28.63% (2008 4th Quarter)

AFSCVMV 5 Sub-Adviser: Franklin Advisory Services, LLC (“Franklin PURCHASE AND REDEMPTION OF PORTFOLIO Advisory”) SHARES Portfolio Managers: The members of the team that are jointly and The Portfolio’s shares are currently sold only to insurance company sepa- primarily responsible for the securities selection, research and trading rate accounts in connection with Contracts issued by AXA Equitable Life for the Active Allocated Portion of the Portfolio are: Insurance Company (“AXA Equitable”), AXA Life and Annuity Company, or other affiliated or unaffiliated insurance companies and to The AXA Date Began Equitable 401(k) Plan. Shares also may be sold to other tax-qualified Managing retirement plans, to other portfolios managed by FMG LLC that currently Name Title the Portfolio sell their shares to such accounts and plans and to other investors eligible Steven B. Raineri Vice President and Lead July 2012 under applicable federal income tax regulations. Portfolio Manager of Franklin Advisory The Portfolio does not have minimum initial or subsequent investment Donald G. Taylor, Chief Investment Officer, September 2006 requirements. Shares of the Portfolio are redeemable on any business CPA President and Portfolio day (which typically is any day the New York Stock Exchange is open) Manager of Franklin upon receipt of a request. All redemption requests will be processed Advisory and payment with respect thereto will normally be made within seven Christopher Meeker, Portfolio Manager and March 2015 days after tender. Please refer to your Contract prospectus for more in- ® CFA Research Analyst of formation on purchasing and redeeming Portfolio shares. Franklin Advisory TAX INFORMATION Sub-Adviser: BlackRock Investment Management, LLC The Portfolio’s shareholders are (or may include) insurance company sepa- (“BlackRock”) rate accounts, qualified plans and other investors eligible under applicable Portfolio Managers: The members of the team that are jointly and federal income tax regulations. Accordingly, distributions the Portfolio primarily responsible for the securities selection, research and trading makes of its net investment income and net realized gains — most or all of for the Index Allocated Portion of the Portfolio are: which it intends to distribute annually — and redemptions or exchanges of Portfolio shares generally will not be taxable to its shareholders (or to the Date Began holders of underlying Contracts or plan participants or beneficiaries). See the Managing Name Title the Portfolio prospectus for your Contract for further tax information. Alan Mason Managing Director of March 2014 BlackRock PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES Greg Savage, Managing Director and May 2012 CFA® Portfolio Manager of This Portfolio is not sold directly to the general public but instead is of- BlackRock fered as an underlying investment option for Contracts and retirement Rachel M. Aguirre Director of BlackRock April 2016 plans and to other eligible investors. The Portfolio and the Adviser and Creighton Jue, Managing Director of April 2016 its affiliates may make payments to a sponsoring insurance company (or CFA® BlackRock its affiliates) or other financial intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing The Adviser has been granted relief by the Securities and Exchange Com- the insurance company or other financial intermediary and your finan- mission to hire, terminate and replace Sub-Advisers and amend sub- cial adviser to recommend the Portfolio over another investment or by advisory agreements subject to the approval of the Board of Trustees and influencing an insurance company to include the Portfolio as an under- without obtaining shareholder approval. However, the Adviser may not lying investment option in the Contract. The prospectus (or other offer- enter into a sub-advisory agreement on behalf of the Portfolio with an ing document) for your Contract may contain additional information “affiliated person” of the Adviser, such as AllianceBernstein L.P., unless about these payments. Ask your financial adviser or visit your financial the sub-advisory agreement is approved by the Portfolio’s shareholders. intermediary’s website for more information. The Adviser is responsible for overseeing Sub-Advisers and recommending their hiring, termination and replacement to the Board of Trustees.

AFSCVMV 6 EQ Advisors TrustSM

AXA/Franklin Templeton Allocation Managed Volatility Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Primarily seeks capital appreciation and sec- year, that the Portfolio’s operating expenses remain the same and that ondarily seeks income. the Expense Limitation Arrangement is not renewed. This Example does not reflect any Contract-related fees and expenses including redemption FEES AND EXPENSES OF THE PORTFOLIO fees (if any) at the Contract level. If such fees and expenses were reflected, the total expenses would be higher. Although your actual costs The following table describes the fees and expenses that you may pay if may be higher or lower, based on these assumptions your costs would you buy and hold shares of the Portfolio. The table below does not re- be: flect any fees and expenses associated with variable life insurance contracts and variable annuity certificates and contracts (“Contracts”), 1 Year 3 Years 5 Years 10 Years which would increase overall fees and expenses. See the Contract pro- Class IA Shares $127 $409 $712 $1,574 spectus for a description of those fees and expenses. Class IB Shares $127 $409 $712 $1,574

Shareholder Fees PORTFOLIO TURNOVER (fees paid directly from your investment) Not applicable. The Portfolio will not incur transaction costs, such as commissions, when it buys and sells shares of the Underlying Portfolios (or “turns over” its Annual Portfolio Operating Expenses portfolio), but it could incur transaction costs if it were to buy and sell (expenses that you pay each year as a percentage of the value of other types of securities directly. If the Portfolio were to buy and sell other your investment) types of securities directly, a higher portfolio turnover rate could indicate AXA/Franklin Templeton Allocation Managed Class IA Class IB higher transaction costs. Such costs, if incurred, would not be reflected in Volatility Portfolio Shares Shares Management Fee 0.05% 0.05% annual fund operating expenses or in the Example, and would affect the Distribution and/or Service Fees Portfolio’s performance. During the most recent fiscal year, the Portfolio’s (12b-1 fees) 0.25% 0.25% portfolio turnover rate was 4% of the average value of the Portfolio. Other Expenses 0.17% 0.17% Acquired Fund Fees and Expenses 0.84% 0.84% INVESTMENTS, RISKS, AND PERFORMANCE Total Annual Portfolio Operating Expenses 1.31% 1.31% Fee Waiver and/or Expense Reimbursement† –0.06% –0.06% Principal Investment Strategy: The Portfolio pursues its investment Total Annual Portfolio Operating Expenses After Fee objectives by investing on a fixed percentage basis in a combination of Waiver and/or Expense Reimbursement 1.25% 1.25% the AXA/Franklin Balanced Managed Volatility Portfolio, AXA/Mutual † Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreed to Large Cap Equity Managed Volatility Portfolio and AXA/Templeton make payments or waive its management, administrative and other fees to limit the expenses of the Portfolio through April 30, 2018 (unless the Board of Trustees consents to Global Equity Managed Volatility Portfolio (the “Underlying Portfolios”), an earlier revision or termination of this arrangement) (“Expense Limitation each of which is a separate portfolio managed by AXA Equitable Funds Arrangement”) so that the annual operating expenses (including Acquired Fund Fees and Management Group, LLC (“FMG LLC” or “Adviser”). The Underlying Expenses) of the Portfolio (exclusive of taxes, interest, brokerage commissions, dividend and interest expenses on securities sold short, capitalized expenses and extraordinary ex- Portfolios, in turn, invest primarily in U.S. and foreign equity securities penses) do not exceed an annual rate of average daily net assets of 1.25% for Class IA and, to a lesser extent, fixed-income and money market securities. The and Class IB shares of the Portfolio. The Expense Limitation Arrangement may be terminated by AXA Equitable Funds Management Group, LLC at any time after April 30, 2018. Portfolio’s assets will be allocated on approximately an equal basis (33 1⁄3%) among each of the Underlying Portfolios. Example The Underlying Portfolios have been selected to represent a reasonable This Example is intended to help you compare the cost of investing in spectrum of investment options for the Portfolio. The Adviser has based the Portfolio with the cost of investing in other portfolios. The Example the fixed percentage allocations for the Portfolio on the degree to which assumes that you invest $10,000 in the Portfolio for the time periods it believes the Underlying Portfolios, in combination, to be appropriate indicated and then redeem all your shares at the end of these periods. for the Portfolio’s investment objectives. Each Underlying Portfolio is The Example also assumes that your investment has a 5% return each managed by the Adviser and sub-advised by Franklin Advisers, Inc.

EQFTAMV 1 (AXA/Franklin Balanced Managed Volatility Portfolio), Franklin Mutual the Active Allocated Portion invests primarily in equity securities of Advisers, LLC (AXA/Mutual Large Cap Equity Managed Volatility Portfo- companies located anywhere in the world, including emerging markets. lio) or Templeton Investment Counsel, LLC (AXA/Templeton Global The Index Allocated Portion is comprised of two strategies, which seek Equity Managed Volatility Portfolio) (together, the “Sub-Advisers”) and to track the performance (before fees and expenses) of the S&P 500 another sub-adviser that sub-advises the portion of each Underlying Index and the Morgan Stanley Capital International EAFE Index, re- Portfolio’s assets that seeks to track (before fees and expenses) the per- spectively. The portfolio also may invest up to 25% of its assets in de- formance of an index or indices with minimal tracking error, which is rivatives such as futures and options. commonly referred to as an indexing strategy. The Adviser reserves the A portfolio’s investments in derivatives may be deemed to involve the right to add new underlying portfolios or replace existing underlying use of leverage because the portfolio is not required to invest the full portfolios without shareholder approval. The Portfolio will purchase market value of the contract upon entering into the contract but partic- Class K shares of the Underlying Portfolios, which are not subject to any ipates in gains and losses on the full contract price. The use of de- sales charges or distribution or service (Rule 12b-1) fees. rivatives also may be deemed to involve the use of leverage because the heightened price sensitivity of some derivatives to market changes may The AXA/Franklin Balanced Managed Volatility Portfolio seeks to maximize magnify the portfolio’s gain or loss. income while maintaining prospects for capital appreciation with an emphasis on risk-adjusted returns and managing volatility in the Portfolio. This Detailed information about the Underlying Portfolios is available in each portfolio’s assets normally are allocated among two distinct portions: one Underlying Portfolio’s Prospectus. portion is actively managed (the “Active Allocated Portion”) and one portion seeks to track the performance (before fees and expenses) of a partic- Principal Risks: An investment in the Portfolio is not a deposit of a ular index or indices (the “Index Allocated Portion”). Under normal bank and is not insured or guaranteed by the Federal Deposit Insurance circumstances, the Active Allocated Portion invests in a diversified portfolio Corporation or any other government agency. You may lose money by of debt and equity securities, including convertible securities. Debt secu- investing in the Portfolio. Performance may be affected by one or more rities in which the Active Allocated Portion may invest include investment of the following risks. The Portfolio is also subject to the risks asso- grade and below investment grade fixed income securities (also known as ciated with the Underlying Portfolios’ investments; please see the Pro- high yield or “junk” bonds and which may be illiquid), asset- and spectuses and Statements of Additional Information for the Underlying mortgage-backed securities, and, to a limited extent, loan participations Portfolios for additional information about these risks. In this section, and government securities. The Index Allocated Portion is allocated among the term “Portfolio” may include the Portfolio, an Underlying Portfolio, two sub-portions, which seek to track the performance (before fees and or both. expenses) of the Standard & Poor’s 500® Composite Stock Index (“S&P • Affiliated Portfolio Risk. In managing a Portfolio that invests in 500 Index”) and the Bloomberg Barclays U.S. Intermediate Government/ Underlying Portfolios, the Adviser will have the authority to select Credit Bond Index, respectively. The portfolio also may invest up to 25% of and substitute the Underlying Portfolios. The Adviser may be subject its assets in derivatives such as futures and options. to potential conflicts of interest in allocating the Portfolio’s assets The AXA/Mutual Large Cap Equity Managed Volatility Portfolio seeks to among the various Underlying Portfolios because the fees payable to achieve capital appreciation, which may occasionally be short-term, with it by some of the Underlying Portfolios are higher than the fees pay- an emphasis on risk-adjusted returns and managing volatility in the portfo- able by other Underlying Portfolios and because the Adviser is also lio. Under normal circumstances, the portfolio invests at least 80% of its responsible for managing, administering, and with respect to certain net assets, plus borrowings for investment purposes, in equity securities of Underlying Portfolios, its affiliates are responsible for sub-advising, large-capitalization companies (or financial instruments that derive their the Underlying Portfolios. value from such securities), which, for the portfolio, means companies with • Convertible Securities Risk: The value of convertible securities market capitalizations of $5 billion or more at the time of purchase. The fluctuates in relation to changes in interest rates and the credit quality portfolio’s assets normally are allocated among two distinct portions: an of the issuer and, in addition, fluctuates in relation to the underlying Active Allocated Portion and an Index Allocated Portion. Under normal cir- common stock. A convertible security may be subject to redemption at cumstances, the Active Allocated Portion invests mainly in equity securities the option of the issuer at a price established in the convertible of U.S. and foreign companies that the Sub-Adviser to the Active Allocated security’s governing instrument, which may be different than the Portion believes are undervalued, including, to a lesser extent risk arbitrage current market price of the security. If a convertible security held by securities and securities of distressed companies. The Active Allocated Por- the Portfolio is called for redemption, the Portfolio will be required to tion invests predominantly in large-cap companies but it may invest up to permit the issuer to redeem the security, convert it into underlying 20% of its net assets in smaller companies as well. The Index Allocated common stock or sell it to a third party. Investments by the Portfolio in Portion seeks to track the performance (before fees and expenses) of the convertible debt securities may not be subject to any ratings S&P 500 Index. The portfolio also may invest up to 25% of its assets in de- restrictions, but the Portfolio’s investment manager will consider rivatives such as futures and options. ratings, and any changes to ratings, in its determination of whether the Portfolio should invest in and/or continue to hold the securities. The AXA/Templeton Global Equity Managed Volatility Portfolio seeks to Convertible securities are subject to equity risk, interest rate risk and achieve long-term capital growth with an emphasis on risk-adjusted credit risk and are often lower-quality securities, which means that returns and managing volatility in the portfolio. The portfolio’s assets they are subject to the same risks as an investment in lower rated normally are allocated among two distinct portions: an Active Allocated debt securities. Since it derives a portion of its value from the common Portion and an Index Allocated Portion. Under normal circumstances, stock into which it may be converted, a convertible security is also

EQFTAMV 2 subject to the same types of market and issuer-specific risks that impact security values and it may take more time to clear and settle apply to the underlying common stock. trades involving foreign securities. • Credit Risk. The Portfolio is subject to the risk that the issuer or the Currency Risk: Investments in foreign currencies and in secu- guarantor (or other obligor, such as a party providing insurance or rities that trade in, or receive revenues in, or in derivatives that other credit enhancement) of a fixed income security, or the counter- provide exposure to foreign currencies are subject to the risk that party to a derivatives contract, repurchase agreement, loan of portfo- those currencies will decline in value relative to the U.S. dollar, or, lio securities or other transaction, is unable or unwilling, or is in the case of hedging positions, that the U.S. dollar will decline in perceived (whether by market participants, ratings agencies, pricing value relative to the currency being hedged. Any such decline may services or otherwise) as unable or unwilling, to make timely princi- erode or reverse any potential gains from an investment in secu- pal and/or interest payments, or otherwise honor its obligations. rities denominated in foreign currency or may widen existing loss. Securities are subject to varying degrees of credit risk, which are of- Currency rates may fluctuate significantly over short periods of ten reflected in their credit ratings. However, rating agencies may fail time for a number of reasons, including changes in interest rates, to make timely changes to credit ratings in response to subsequent intervention (or the failure to intervene) by governments, central events and a credit rating may become stale in that it fails to reflect banks or supranational entities, or by the imposition of currency changes in an issuer’s financial condition. The downgrade of the controls or other political developments in the U.S. or abroad. credit rating of a security may decrease its value. Lower credit quality also may lead to greater volatility in the price of a security and may Depositary Receipts Risk: Investments in depositary receipts negatively affect a security’s liquidity. (including American Depositary Receipts, European Depositary Receipts and Global Depositary Receipts) are generally subject to • Derivatives Risk. The Portfolio’s investments in derivatives may rise the same risks of investing in the foreign securities that they evi- or fall in value more rapidly than other investments. Changes in the dence or into which they may be converted. In addition, issuers value of a derivative may not correlate perfectly or at all with the underlying unsponsored depositary receipts may not provide as underlying asset, rate or index, and the Portfolio could lose more much information as U.S. issuers and issuers underlying sponsored than the principal amount invested. Some derivatives can have the depositary receipts. Unsponsored depositary receipts also may not potential for unlimited losses. In addition, it may be difficult or carry the same voting privileges as sponsored depositary receipts. impossible for the Portfolio to purchase or sell certain derivatives in sufficient amounts to achieve the desired level of exposure, which Emerging Markets Risk: There are greater risks involved in may result in a loss or may be costly to the Portfolio. Derivatives also investing in emerging market countries and/or their securities may be subject to certain other risks such as leveraging risk, interest markets. Investments in these countries and/or markets may pres- rate risk, credit risk, the risk that a counterparty may be unable or ent market, credit, currency, liquidity, legal, political, technical and unwilling to honor its obligations, and the risk of mispricing or im- other risks different from, or greater than, the risks of investing in proper valuation. Derivatives also may not behave as anticipated by developed countries. Investments in emerging markets are more the Portfolio, especially in abnormal market conditions. Changing susceptible to loss than investments in developed markets. In regulation may make derivatives more costly, limit their availability, addition, the risks associated with investing in a narrowly defined impact the Portfolio’s ability to maintain its investments in de- geographic area are generally more pronounced with respect to rivatives, disrupt markets, or otherwise adversely affect their value or investments in emerging market countries. performance. • Futures Contract Risk. The primary risks associated with the use of • Distressed Companies Risk: Debt obligations of distressed futures contracts are (a) the imperfect correlation between the change companies typically are unrated, lower-rated or close to default. in market value of the instruments held by the Portfolio and the price Securities of distressed companies may be less liquid and are gen- of the futures contract; (b) liquidity risks, including the possible absence erally more likely to become worthless than the securities of more of a liquid secondary market for a futures contract and the resulting financially stable companies. If the issuer of a security held by the inability to close a futures contract when desired; (c) losses (potentially Portfolio defaults, the Portfolio may experience significant losses on unlimited) caused by unanticipated market movements; (d) an invest- the security, which may lower the Portfolio’s net asset value. Secu- ment manager’s inability to predict correctly the direction of securities rities tend to lose much of their value before the issuer defaults. prices, interest rates, currency exchange rates and other economic fac- • Equity Risk. In general, stocks and other equity security values fluc- tors; (e) the possibility that a counterparty, clearing member or tuate, and sometimes widely fluctuate, in response to changes in a clearinghouse will default in the performance of its obligations; (f) if the company’s financial condition as well as general market, economic Portfolio has insufficient cash, it may have to sell securities from its and political conditions and other factors. portfolio to meet daily variation margin requirements, and the Portfolio may have to sell securities at a time when it may be disadvantageous • Foreign Securities Risk. Investments in foreign securities, including to do so; and (g) transaction costs associated with investments in fu- depositary receipts, involve risks not associated with investing in U.S. tures contracts may be significant, which could cause or increase losses securities. Foreign markets, particularly emerging markets, may be less or reduce gains. Futures contracts are also subject to the same risks as liquid, more volatile and subject to less government supervision than the underlying investments to which they provide exposure. In addition, U.S. markets. Security values also may be negatively affected by futures contracts may subject the Portfolio to leveraging risk. changes in the exchange rates between the U.S. dollar and foreign currencies. Differences between U.S. and foreign legal, political and • Index Strategy Risk. The Portfolio employs an index strategy, that economic systems, regulatory regimes and market practices also may is, it generally invests in the securities included in its index or a

EQFTAMV 3 representative sample of such securities regardless of market trends. the remainder of the assets. If the value of the Portfolio’s investments The Portfolio generally will not modify its index strategy to respond in derivatives is increasing, this could be offset by declining values of to changes in the economy, which means that it may be particularly the Portfolio’s other investments. Conversely, it is possible that the rise susceptible to a general decline in the market segment relating to the in the value of the Portfolio’s non-derivative investments could be off- relevant index. In addition, although the index strategy attempts to set by a decline in the value of the Portfolio’s investments in de- closely track its benchmark index, the Portfolio may not invest in all rivatives. In either scenario, the Portfolio may experience losses. In a of the securities in the index. Also, the Portfolio’s fees and expenses market where the value of the Portfolio’s investments in derivatives is will reduce the Portfolio’s returns, unlike those of the benchmark declining and the value of its other investments is declining, the Portfo- index. Cash flow into and out of the Portfolio, portfolio transaction lio may experience substantial losses. costs, changes in the securities that comprise the index, and the • Liquidity Risk: The Portfolio is subject to the risk that certain Portfolio’s valuation procedures also may affect the Portfolio’s per- investments may be difficult or impossible for the Portfolio to pur- formance. Therefore, there can be no assurance that the performance chase or sell at an advantageous time or price or in sufficient of the index strategy will match that of the benchmark index. amounts to achieve the desired level of exposure. The Portfolio may • Interest Rate Risk. The Portfolio is subject to the risk that fixed be required to dispose of other investments at unfavorable times or income securities will decline in value because of changes in interest prices to satisfy obligations, which may result in a loss or may be rates. When interest rates decline, the value of the Portfolio’s debt costly to the Portfolio. Judgment plays a greater role in pricing illiquid securities generally rises. Conversely, when interest rates rise, the investments than investments with more active markets. value of the Portfolio’s debt securities generally declines. A portfolio • Loan Risk: Loan interests are subject to liquidity risk, prepayment risk with a longer average duration will be more sensitive to changes in (the risk that when interest rates fall, debt securities may be repaid interest rates, usually making it more volatile than a portfolio with a more quickly than expected and the Portfolio may be required to shorter average duration. As of the date of this Prospectus, interest reinvest in securities with a lower yield), extension risk (the risk that rates are near historic lows in the United States, and below zero in when interest rates rise, debt securities may be repaid more slowly other parts of the world, including certain European countries and than expected and the value of the Portfolio’s holdings may decrease), Japan. The Portfolio is subject to a greater risk of rising interest rates the risk of subordination to other creditors, restrictions on resale, and due to these market conditions. A significant or rapid rise in interest the lack of a regular trading market and publicly available information. rates could result in losses to the Portfolio. Loan interests may be difficult to value and may have extended trade • Investment Grade Securities Risk: Debt securities generally are settlement periods. Accordingly, the proceeds from the sale of a loan rated by national bond ratings agencies. The Portfolio considers may not be available to make additional investments or to meet securities to be investment grade if they are rated BBB or higher by redemption obligations until potentially a substantial period after the Standard & Poor’s Global Ratings or Fitch Ratings, Ltd. or Baa or sale of the loan. The extended trade settlement periods could force the higher by Moody’s Investors Service, Inc., or, if unrated, determined Portfolio to liquidate other securities to meet redemptions and may by the investment manager to be of comparable quality. Securities present a risk that the Portfolio may incur losses in order to timely rated in the lower investment grade rating categories (e.g., BBB or honor redemptions. There is a risk that the value of any collateral Baa) are considered investment grade securities, but are somewhat securing a loan in which the Portfolio has an interest may decline and riskier than higher rated obligations because they are regarded as that the collateral may not be sufficient to cover the amount owed on having only an adequate capacity to pay principal and interest, are the loan. In the event the borrower defaults, the Portfolio’s access to considered to lack outstanding investment characteristics, and may the collateral may be limited or delayed by bankruptcy or other possess certain speculative characteristics. insolvency laws. To the extent that the Portfolio invests in loan • Large-Cap Company Risk: Larger more established companies may participations and assignments, it is subject to the risk that the be unable to respond quickly to new competitive challenges such as financial institution acting as agent for all interests in a loan might fail changes in technology and consumer tastes. Many larger companies financially. It is also possible that the Portfolio could be held liable, or also may not be able to attain the high growth rate of successful may be called upon to fulfill other obligations, as a co-lender. smaller companies, especially during extended periods of economic • Mid-Cap and Small-Cap Company Risk: The Portfolio’s invest- expansion. ments in mid- and small-cap companies may involve greater risks than • Leveraging Risk: When the Portfolio leverages its holdings, the investments in larger, more established issuers because they generally value of an investment in the Portfolio will be more volatile and all are more vulnerable than larger companies to adverse business or other risks will tend to be compounded. For example, the Portfolio may economic developments. Such companies generally have narrower take on leveraging risk when it engages in derivatives transactions product lines, more limited financial and management resources and (such as futures and options investments), invests collateral from secu- more limited markets for their stock as compared with larger compa- rities loans or borrows money. The Portfolio may experience leveraging nies. As a result, the value of such securities may be more volatile than risk in connection with investments in derivatives because its invest- the securities of larger companies, and the Portfolio may experience ments in derivatives may be small relative to the investment exposure difficulty in purchasing or selling such securities at the desired time and assumed, leaving more assets to be invested in other investments. price or in the desired amount. In general, these risks are greater for Such investments may have the effect of leveraging the Portfolio be- small-cap companies than for mid-cap companies. cause the Portfolio may experience gains or losses not only on its • Mortgage-Backed and Asset-Backed Securities Risk: The investments in derivatives, but also on the investments purchased with Portfolio is subject to the risk that the principal on mortgage- and

EQFTAMV 4 asset-backed securities held by the Portfolio will be prepaid, which securities of companies which are the subject of a tender or exchange generally will reduce the yield and market value of these securities. If offer or a merger, consolidation, liquidation, restructuring, bankruptcy or interest rates fall, the rate of prepayments tends to increase as bor- reorganization proposal sell at a premium to their historic market price rowers are motivated to pay off debt and refinance at new lower rates. immediately prior to the announcement of the transaction. However, it Rising interest rates may increase the risk of default by borrowers and is possible that the value of securities of a company involved in such a tend to extend the duration of these securities, making them more transaction will not rise and in fact may fall, in which case the Portfolio sensitive to changes in interest rates. As a result, in a period of rising would lose money. It is also possible that the transaction may not be interest rates, to the extent the Portfolio holds these types of securities, completed as anticipated or may take an excessive amount of time to it may experience additional volatility and losses. This is known as ex- be completed, in which case the Portfolio may not realize any premium tension risk. Moreover, declines in the credit quality of the issuers of on its investment and could lose money if the value of the securities de- mortgage- and asset-backed securities or instability in the markets for clines during the Portfolio’s holding period. In some circumstances, the such securities may affect the value and liquidity of such securities, securities purchased may be illiquid making it difficult for the Portfolio to which could result in losses to the Portfolio. In addition, certain dispose of them at an advantageous price. mortgage- and asset-backed securities may include securities backed • Volatility Management Risk: The Portfolio may invest from time to by pools of loans made to “subprime” borrowers or borrowers with time in Underlying Portfolios managed by the Adviser that employ vari- blemished credit histories; the risk of defaults is generally higher in the ous volatility management techniques, including the use of futures and case of mortgage pools that include such subprime mortgages. options to manage equity exposure. Although these actions are in- • Non-Investment Grade Securities Risk: Bonds rated below intended to reduce the overall risk of investing in the Portfolio, they may vestment grade (i.e., BB or lower by S&P or Fitch or Ba or lower by not work as intended and may result in losses by the Portfolio or periods Moody’s or, if unrated, determined by the investment manager to be of underperformance, particularly during periods when market values of comparable quality) are speculative in nature and are subject to are increasing but market volatility is high. The success of any volatility additional risk factors such as increased possibility of default, management strategy will be subject to the Adviser’s ability to correctly illiquidity of the security, and changes in value based on changes in assess the degree of correlation between the performance of the rele- interest rates. Non-investment grade bonds, sometimes referred to as vant market index and the metrics used by the Adviser to measure mar- “junk bonds,” are usually issued by companies without long track ket volatility. Since the characteristics of many securities change as records of sales and earnings, or by those companies with ques- markets change or time passes, the success of any volatility manage- tionable credit strength. The creditworthiness of issuers of non- ment strategy also will be subject to the Adviser’s ability to continually investment grade debt securities may be more complex to analyze recalculate, readjust, and execute volatility management techniques than that of issuers of investment grade debt securities, and reliance (such as options and futures transactions) in an efficient manner. In on credit ratings may present additional risks. addition, because market conditions change, sometimes rapidly and • Risks of Investing in Underlying Portfolios. The Portfolio will unpredictably, the success of a volatility management strategy will be indirectly bear fees and expenses paid by the Underlying Portfolios in subject to the Adviser’s ability to execute the strategy in a timely man- which it invests, in addition to the Portfolio’s direct fees and expenses. ner. Moreover, volatility management strategies may increase portfolio The cost of investing in the Portfolio, therefore, may be higher than transaction costs, which could cause or increase losses or reduce gains. the cost of investing in a mutual fund that invests directly in individual For a variety of reasons, the Adviser may not seek to establish a perfect stocks and bonds. In addition, the Portfolio’s net asset value is subject correlation between the relevant market index and the metrics that the to fluctuations in the net asset values of the Underlying Portfolios in Adviser uses to measure market volatility. In addition, it is not possible which it invests. The Portfolio is also subject to the risks associated to manage volatility fully or perfectly. Futures contracts and other with the securities or other investments in which the Underlying instruments used in connection with the volatility management strategy Portfolios invest and the ability of the Portfolio to meet its investment are not necessarily held by an Underlying Portfolio to hedge the value of objective will directly depend on the ability of the Underlying Portfo- the Underlying Portfolio’s other investments and, as a result, these fu- lios to meet their objectives. The Portfolio and the Underlying Portfo- tures contracts and other instruments may decline in value at the same lios are subject to certain general investment risks, including market time as the Underlying Portfolio’s investments. Any one or more of these risk, asset class risk, issuer-specific risk, investment style risk and port- factors may prevent the Underlying Portfolio from achieving the in- folio management risk. In addition, to the extent a Portfolio invests in tended volatility management or could cause the Underlying Portfolio, Underlying Portfolios that invest in equity securities, fixed income and in turn, the Portfolio, to underperform or experience losses (some of securities and/or foreign securities, the Portfolio is subject to the risks which may be sudden) or volatility for any particular period that may be associated with investing in such securities. The extent to which the higher or lower than intended. In addition, the use of volatility investment performance and risks associated with the Portfolio corre- management techniques may not protect against market declines and late to those of a particular Underlying Portfolio will depend upon the may limit the Underlying Portfolio’s, and thus the Portfolio’s, partic- extent to which the Portfolio’s assets are allocated from time to time ipation in market gains, even during periods when the market is rising. for investment in the Underlying Portfolio, which will vary. Volatility management techniques, when implemented effectively to reduce the overall risk of investing in an Underlying Portfolio, may result • Special Situations Risk: The Portfolio may seek to benefit from in underperformance by an Underlying Portfolio. For example, if an “special situations,” such as mergers, consolidations, bankruptcies, Underlying Portfolio has reduced its overall exposure to equities to avoid liquidations, reorganizations, restructurings, tender or exchange offers losses in certain market environments, the Underlying Portfolio may or other unusual events expected to affect a particular issuer. In general, forgo some of the returns that can be associated with periods of rising

EQFTAMV 5 equity values. The Underlying Portfolio’s performance, and therefore the WHO MANAGES THE PORTFOLIO Portfolio’s performance, may be lower than similar funds where volatility Investment Adviser: FMG LLC management techniques are not used. In addition, volatility management techniques may reduce potential losses and/or mitigate financial Portfolio Managers: risks to insurance companies that provide certain benefits and guaran- Date Began tees available under the Contracts and offer the Underlying Portfolios as Managing an investment option in their products. Name Title the Portfolio Kenneth T. Kozlowski, Executive Vice President and April 2007 CFP®, CLU, ChFC Chief Investment Officer of Risk/Return Bar Chart and Table FMG LLC The bar chart and table below provide some indication of the risks of in- Alwi Chan, CFA® Senior Vice President and May 2011 vesting in the Portfolio by showing changes in the Portfolio’s performance Deputy Chief Investment Officer of FMG LLC from year to year and by showing how the Portfolio’s average annual total returns for the past one- and five-year and since inception periods Xavier Poutas, CFA® Assistant Portfolio Manager of May 2011 through December 31, 2016 compared to the returns of a broad-based FMG LLC securities market index. The additional broad-based securities market in- Miao Hu, CFA® Assistant Portfolio Manager of May 2016 dex and the hypothetical composite index show how the Portfolio’s per- FMG LLC formance compared with the returns of other asset classes in which the Portfolio may invest and the returns of a volatility managed index. Past PURCHASE AND REDEMPTION OF PORTFOLIO performance is not an indication of future performance. SHARES The performance results do not reflect any Contract-related fees and The Portfolio’s shares are currently sold only to insurance company separate expenses, which would reduce the performance results. accounts in connection with Contracts issued by AXA Equitable Life In- surance Company (“AXA Equitable”), AXA Life and Annuity Company and Calendar Year Annual Total Returns — Class IB other affiliated or unaffiliated insurance companies and to The AXA Equi- 28.58% table 401(k) Plan. Shares also may be sold to other tax-qualified retirement 23.20% plans and other investors eligible under applicable federal tax regulations. 14.74% 10.29% 9.47% The Portfolio does not have minimum initial or subsequent investment 5.49% requirements. Shares of the Portfolio are redeemable on any business day (which typically is any day when the New York Stock Exchange is -4.41% -2.74% open) upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares. -36.92% 20082009 2010 2011 2012 2013 2014 2015 2016 TAX INFORMATION The Portfolio currently sells its shares only to insurance company sepa- Best quarter (% and time period) Worst quarter (% and time period) 16.22% (2009 2nd Quarter) –19.24% (2008 4th Quarter) rate accounts, qualified plans and other investors eligible under applicable federal income tax regulations. Accordingly, distributions the Portfolio makes of its net investment income and net realized gains — Average Annual Total Returns most or all of which it intends to distribute annually — and re- One Five Year Years Since Inception demptions or exchanges of Portfolio shares generally will not be taxable AXA/Franklin Templeton Allocation to its shareholders (or to the holders of underlying Contracts or plan Managed Volatility Portfolio — Class IA Shares (Inception Date: participants or beneficiaries). See the prospectus for your Contract for April 30, 2007) 9.47% 9.69% 3.04% further tax information. AXA/Franklin Templeton Allocation Managed Volatility Portfolio — Class IB Shares (Inception Date: April 30, 2007) 9.47% 9.69% 2.92% S&P 500 Index (reflects no deduction for fees, expenses, or taxes) 11.96% 14.66% 6.64% Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index (“BIG/C”) (reflects no deduction for fees, expenses, or taxes) 2.08% 1.85% 3.76% 66% Volatility Managed Index–Large Cap Core/ 17% Volatility Managed Index– International / 17% BIG/C (reflects no deduction for fees, expenses, or taxes) 7.38% 11.10% 6.60%

EQFTAMV 6 PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES This Portfolio is not sold directly to the general public, but instead is offered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and the Adviser and its affiliates may make payments to a sponsoring insurance company (or its affiliates) or other intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. Ask your financial adviser or visit your financial intermediary’s website for more information.

EQFTAMV 7 EQ Advisors TrustSM

AXA Global Equity Managed Volatility Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks to achieve long-term capital that the Portfolio’s operating expenses remain the same, and that the appreciation with an emphasis on risk-adjusted returns and managing Expense Limitation Arrangement is not renewed. This Example does not volatility in the Portfolio. reflect any Contract-related fees and expenses including redemption fees (if any) at the Contract level. If such fees and expenses were reflected, FEES AND EXPENSES OF THE PORTFOLIO the total expenses would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table below does not re- 1 Year 3 Years 5 Years 10 Years flect any fees and expenses associated with variable life insurance con- Class IA Shares $117 $370 $642 $1,419 tracts and variable annuity certificates and contracts (“Contracts”), Class IB Shares $117 $370 $642 $1,419 which would increase overall fees and expenses. See the Contract prospectus for a description of those fees and expenses. PORTFOLIO TURNOVER

Shareholder Fees The Portfolio pays transaction costs, such as commissions, when it buys (fees paid directly from your investment) and sells securities (or “turns over” its portfolio). A higher portfolio turn- Not applicable. over rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of portfolio turnover rate was 15% of the average value of the Portfolio. your investment) Class IA Class IB INVESTMENTS, RISKS, AND PERFORMANCE AXA Global Equity Managed Volatility Portfolio Shares Shares Management Fee 0.72% 0.72% Principal Investment Strategy: The Portfolio’s assets normally are Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% allocated between two or more investment managers, each of which Other Expenses 0.20% 0.20% will manage its portion of the Portfolio using a different but comple- Total Annual Portfolio Operating Expenses 1.17% 1.17% mentary investment strategy. One portion of the Portfolio is actively Fee Waiver and/or Expense Reimbursement† –0.02% –0.02% managed (“Active Allocated Portion”); the other portion of the Portfolio Total Annual Portfolio Operating Expenses After Fee seeks to track the performance of a particular index or indices (“Index Waiver and/or Expense Reimbursement 1.15% 1.15% Allocated Portion”). Under normal circumstances, the Portfolio invests † Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreed to at least 80% of its net assets, plus borrowings for investment purposes, make payments or waive its management, administrative and other fees to limit the in equity securities. This Portfolio’s investments in equity securities may expenses of the Portfolio through April 30, 2018 (unless the Board of Trustees consents to an earlier revision or termination of this arrangement) (“Expense Limitation include common stocks, preferred stocks, warrants, depositary receipts, Arrangement”) so that the annual operating expenses of the Portfolio (exclusive of and other equity securities, and financial instruments that derive their taxes, interest, brokerage commissions, capitalized expenses, acquired fund fees and value from such securities. The Active Allocated Portion consists of ap- expenses, dividend and interest expenses on securities sold short, and extraordinary expenses) do not exceed an annual rate of average daily net assets of 1.15% for proximately 30% of the Portfolio’s net assets and the Index Allocated Class IA and Class IB shares of the Portfolio. The Expense Limitation Arrangement Portion consists of approximately 70% of the Portfolio’s net assets. may be terminated by AXA Equitable Funds Management Group, LLC at any time These percentages are targets established by the Adviser; actual alloca- after April 30, 2018. tions may deviate from these targets. Example Under normal circumstances, the Portfolio invests primarily in equity securities of foreign companies, including emerging market equity secu- This Example is intended to help you compare the cost of investing in the rities. The Portfolio also may invest in equity securities of issuers located Portfolio with the cost of investing in other portfolios. The Example as- in North America and other developed countries. sumes that you invest $10,000 in the Portfolio for the periods indicated and then redeem all of your shares at the end of these periods. The For this Portfolio, an emerging market country is any country that the Example also assumes that your investment has a 5% return each year, International Bank for Reconstruction and Development (commonly

AGEMV 1 known as “The World Bank”) or similar major financial institution has the contract but participates in gains and losses on the full contract determined to have a low or middle economy, or countries included in price. The use of derivatives also may be deemed to involve the use of the MSCI Emerging Markets Index (“MSCI EM”). In addition, for this leverage because the heightened price sensitivity of some derivatives to Portfolio, an emerging market country security is defined as a security of market changes may magnify the Portfolio’s gain or loss. The Portfolio an issuer having one or more of the following characteristics: may maintain a significant percentage of its assets in cash and cash • its principal securities trading market is in an emerging market equivalent instruments, some of which may serve as margin or collateral country; for the Portfolio’s obligations under derivative transactions. • alone or on a consolidated basis, at least 50% of its revenues are The Portfolio also may lend its portfolio securities to earn additional derived from goods produced, sales made or services performed in an income. emerging market country; or Principal Risks: An investment in the Portfolio is not a deposit of a • it is organized under the laws of, or has a principal office in, an bank and is not insured or guaranteed by the Federal Deposit Insurance emerging market country. Corporation or any other government agency. You may lose money by investing in the Portfolio. Performance may be affected by one or more The Active Allocated Portion invests primarily in equity securities of U.S. of the following risks. and non-U.S. companies that, in the view of the Sub-Advisers, have good prospects for future growth. Other factors, such as country and Cash Management Risk: Upon entering into certain derivatives regional factors, are considered by the Sub-Advisers. The Active Allo- contracts, such as futures contracts, and to maintain open positions in cated Portion’s Sub-Advisers may sell a security for a variety of reasons, certain derivatives contracts, the Portfolio may be required to post such as to make other investments believed by a Sub-Adviser to offer collateral for the contract, the amount of which may vary. As such, the superior investment opportunities. Portfolio may maintain cash balances, including foreign currency balances, which may be significant, with counterparties such as the Trust’s The Index Allocated Portion of the Portfolio is comprised of three strat- custodian or its affiliates. The Portfolio is thus subject to counterparty egies, which seek to track the performance (before fees and expenses) of risk and credit risk with respect to these arrangements. the Standard & Poor’s 500 Composite Stock Index (the “S&P 500”), the MSCI EAFE Index (“MSCI EAFE”), and the MSCI EM, respectively, each Derivatives Risk: The Portfolio’s investments in derivatives may rise with minimal tracking error. The Index Allocated Portion’s assets will be or fall in value more rapidly than other investments. Changes in the allocated in approximately the following manner: 30-50% in each of the value of a derivative may not correlate perfectly or at all with the under- S&P 500 and MSCI EAFE and 10-30% in the MSCI EM. Each such strat- lying asset, rate or index, and the Portfolio could lose more than the egy is commonly referred to as an indexing strategy. Generally, each por- principal amount invested. Some derivatives can have the potential for tion of the Index Allocated Portion uses a full replication technique, unlimited losses. In addition, it may be difficult or impossible for the although in certain instances a sampling approach may be utilized for a Portfolio to purchase or sell certain derivatives in sufficient amounts to portion of the Index Allocated Portion. Each portion of the Index Allocated achieve the desired level of exposure, which may result in a loss or may Portion also may invest in other instruments, such as futures and options be costly to the Portfolio. Derivatives also may be subject to certain contracts, that provide comparable exposure as the index without buying other risks such as leveraging risk, interest rate risk, credit risk, the risk the underlying securities comprising the index. that a counterparty may be unable or unwilling to honor its obligations, and the risk of mispricing or improper valuation. Derivatives also may AXA Equitable Funds Management Group, LLC (“FMG LLC” or the not behave as anticipated by the Portfolio, especially in abnormal mar- “Adviser”) also may utilize futures and options, such as exchange-traded ket conditions. Changing regulation may make derivatives more costly, futures and options contracts on securities indices, to manage equity limit their availability, impact the Portfolio’s ability to maintain its exposure. Futures and options can provide exposure to the performance investments in derivatives, disrupt markets, or otherwise adversely af- of a securities index without buying the underlying securities comprising fect their value or performance. the index. They also provide a means to manage the Portfolio’s equity exposure without having to buy or sell securities. When market volatility Equity Risk: In general, stocks and other equity security values fluc- is increasing above specific thresholds set for the Portfolio, the Adviser tuate, and sometimes widely fluctuate, in response to changes in a may limit equity exposure either by reducing investments in securities, company’s financial condition as well as general market, economic and shorting or selling long futures and options positions on an index, in- political conditions and other factors. creasing cash levels, and/or shorting an index. During such times, the Foreign Securities Risk: Investments in foreign securities, includ- Portfolio’s exposure to equity securities may be significantly less than ing depositary receipts, involve risks not associated with investing in that of a traditional equity portfolio. Volatility is a statistical measure of U.S. securities. Foreign markets, particularly emerging markets, may be the magnitude of changes in the Portfolio’s returns, without regard to less liquid, more volatile and subject to less government supervision the direction of those changes. Higher volatility generally indicates than U.S. markets. Security values also may be negatively affected by higher risk and is often reflected by frequent and sometimes significant changes in the exchange rates between the U.S. dollar and foreign cur- movements up and down in value. The Portfolio may invest up to 25% rencies. Differences between U.S. and foreign legal, political and eco- of its assets in derivatives. It is anticipated that the Portfolio’s derivative nomic systems, regulatory regimes and market practices also may instruments will consist primarily of exchange-traded futures and options impact security values and it may take more time to clear and settle contracts on securities indices, but the Portfolio also may utilize other trades involving foreign securities. types of derivatives. The Portfolio’s investments in derivatives may be deemed to involve the use of leverage because the Portfolio is not re- Currency Risk: Investments in foreign currencies and in secu- quired to invest the full market value of the contract upon entering into rities that trade in, or receive revenues in, or in derivatives that

AGEMV 2 provide exposure to foreign currencies are subject to the risk that Regulatory Risk: Less information may be available about for- those currencies will decline in value relative to the U.S. dollar, or, eign companies. In general, foreign companies are not subject in the case of hedging positions, that the U.S. dollar will decline in to uniform accounting, auditing and financial reporting standards or value relative to the currency being hedged. Any such decline may to other regulatory practices and requirements as are U.S. compa- erode or reverse any potential gains from an investment in secu- nies. Many foreign governments do not supervise and regulate stock rities denominated in foreign currency or may widen existing loss. exchanges, brokers and the sale of securities to the same extent as Currency rates may fluctuate significantly over short periods of does the United States and may not have laws to protect investors time for a number of reasons, including changes in interest rates, that are comparable to U.S. securities laws. In addition, some coun- intervention (or the failure to intervene) by governments, central tries may have legal systems that may make it difficult for the banks or supranational entities, or by the imposition of currency Portfolio to vote proxies, exercise shareholder rights, and pursue controls or other political developments in the U.S. or abroad. legal remedies with respect to its foreign investments. Depositary Receipts Risk: Investments in depositary receipts Futures Contract Risk: The primary risks associated with the use of (including American Depositary Receipts, European Depositary futures contracts are (a) the imperfect correlation between the change in Receipts and Global Depositary Receipts) are generally subject to market value of the instruments held by the Portfolio and the price of the the same risks of investing in the foreign securities that they evi- futures contract; (b) liquidity risks, including the possible absence of a liquid dence or into which they may be converted. In addition, issuers secondary market for a futures contract and the resulting inability to close a underlying unsponsored depositary receipts may not provide as futures contract when desired; (c) losses (potentially unlimited) caused by much information as U.S. issuers and issuers underlying sponsored unanticipated market movements; (d) an investment manager’s inability to depositary receipts. Unsponsored depositary receipts also may not predict correctly the direction of securities prices, interest rates, currency carry the same voting privileges as sponsored depositary receipts. exchange rates and other economic factors; (e) the possibility that a counterparty, clearing member or clearinghouse will default in the Emerging Markets Risk: There are greater risks involved in performance of its obligations; (f) if the Portfolio has insufficient cash, it investing in emerging market countries and/or their securities may have to sell securities from its portfolio to meet daily variation margin markets. Investments in these countries and/or markets may pres- requirements, and the Portfolio may have to sell securities at a time when it ent market, credit, currency, liquidity, legal, political, technical and may be disadvantageous to do so; and (g) transaction costs associated with other risks different from, or greater than, the risks of investing in investments in futures contracts may be significant, which could cause or developed countries. Investments in emerging markets are more increase losses or reduce gains. Futures contracts are also subject to the susceptible to loss than investments in developed markets. In same risks as the underlying investments to which they provide exposure. In addition, the risks associated with investing in a narrowly defined addition, futures contracts may subject the Portfolio to leveraging risk. geographic area are generally more pronounced with respect to investments in emerging market countries. Index Strategy Risk: The Portfolio employs an index strategy, that is, it generally invests in the securities included in its index or a representative European Economic Risk: The European Union’s (the “EU”) sample of such securities regardless of market trends. The Portfolio gen- Economic and Monetary Union (the “EMU”) requires member coun- erally will not modify its index strategy to respond to changes in the tries to comply with restrictions on interest rates, deficits, debt levels, economy, which means that it may be particularly susceptible to a general and inflation rates, and other factors, each of which may significantly decline in the market segment relating to the relevant index. In addition, impact every European country. The economies of EU member coun- although the index strategy attempts to closely track its benchmark index, tries and their trading partners may be adversely affected by changes the Portfolio may not invest in all of the securities in the index. Also, the in the euro’s exchange rate, changes in EU or governmental regu- Portfolio’s fees and expenses will reduce the Portfolio’s returns, unlike those lations on trade, and the threat of default or an actual default by an of the benchmark index. Cash flow into and out of the Portfolio, portfolio EU member country on its sovereign debt, which could negatively transaction costs, changes in the securities that comprise the index, and the impact the Portfolio’s investments and cause it to lose money. In re- Portfolio’s valuation procedures also may affect the Portfolio’s performance. cent years, the European financial markets have been negatively Therefore, there can be no assurance that the performance of the index impacted by concerns relating to rising government debt levels and strategy will match that of the benchmark index. national unemployment; possible default on or restructuring of sovereign debt in several European countries; and economic down- Large-Cap Company Risk: Larger more established companies turns. A European country’s default or debt restructuring would ad- may be unable to respond quickly to new competitive challenges such as versely affect the holders of the country’s debt and sellers of credit changes in technology and consumer tastes. Many larger companies also default swaps linked to the country’s creditworthiness and could may not be able to attain the high growth rate of successful smaller negatively impact global markets more generally. Recent events in companies, especially during extended periods of economic expansion. Europe may adversely affect the euro’s exchange rate and value and Leveraging Risk: When the Portfolio leverages its holdings, the value may continue to impact the economies of every European country. In of an investment in the Portfolio will be more volatile and all other risks will June 2016, the United Kingdom (the “UK”) voted to withdraw from tend to be compounded. For example, the Portfolio may take on leveraging the EU, commonly referred to as “Brexit.” The impact of Brexit is so risk when it engages in derivatives transactions (such as futures and options far uncertain. Additional EU members could decide to abandon the investments), invests collateral from securities loans or borrows money. The euro and also withdraw from the EU. The decision by an EU member Portfolio may experience leveraging risk in connection with investments in to leave the EU may cause increased volatility and have a significant derivatives because its investments in derivatives may be small relative to adverse impact on world financial markets, which could adversely the investment exposure assumed, leaving more assets to be invested in affect the value of the Portfolio’s investments. other investments. Such investments may have the effect of leveraging the

AGEMV 3 Portfolio because the Portfolio may experience gains or losses not only on Regulatory Risk: The Adviser is registered with the Securities and its investments in derivatives, but also on the investments purchased with Exchange Commission (“SEC”) as an investment adviser under the In- the remainder of the assets. If the value of the Portfolio’s investments in vestment Advisers Act of 1940, as amended. The Adviser also is regis- derivatives is increasing, this could be offset by declining values of the Port- tered with the Commodity Futures Trading Commission (“CFTC”) as a folio’s other investments. Conversely, it is possible that the rise in the value commodity pool operator (“CPO”) under the Commodity Exchange Act, of the Portfolio’s non-derivative investments could be offset by a decline in as amended, and, due to the Portfolio’s use of derivatives, serves as a the value of the Portfolio’s investments in derivatives. In either scenario, the CPO with respect to the Portfolio. Being subject to dual regulation by Portfolio may experience losses. In a market where the value of the Portfo- the SEC and the CFTC may increase compliance costs, which may be lio’s investments in derivatives is declining and the value of its other borne by the Portfolio and may affect Portfolio returns. investments is declining, the Portfolio may experience substantial losses. Sector Risk: From time to time, based on market or economic con- Liquidity Risk: The Portfolio is subject to the risk that certain ditions, the Portfolio may have significant positions in one or more sec- investments may be difficult or impossible for the Portfolio to purchase tors of the market. To the extent the Portfolio invests more heavily in or sell at an advantageous time or price or in sufficient amounts to particular sectors, its performance will be especially sensitive to achieve the desired level of exposure. The Portfolio may be required to developments that significantly affect those sectors. Individual sectors dispose of other investments at unfavorable times or prices to satisfy may be more volatile, and may perform differently, than the broader obligations, which may result in a loss or may be costly to the Portfolio. market. The industries that constitute a sector may all react in the same Judgment plays a greater role in pricing illiquid investments than way to economic, political or regulatory events. investments with more active markets. Securities Lending Risk: The Portfolio may lend its portfolio secu- Mid-Cap and Small-Cap Company Risk: The Portfolio’s rities to seek income. There is a risk that a borrower may default on its investments in mid- and small-cap companies may involve greater risks obligations to return loaned securities, however, the Portfolio’s secu- than investments in larger, more established issuers because such com- rities lending agent may indemnify the Portfolio against that risk. The panies generally are more vulnerable than larger companies to adverse Portfolio will be responsible for the risks associated with the investment business or economic developments. Such companies generally have of cash collateral, including any collateral invested in an affiliated narrower product lines, more limited financial and management re- money market fund. The Portfolio may lose money on its investment of sources and more limited markets for their stock as compared with cash collateral or may fail to earn sufficient income on its investment to larger companies. As a result, the value of such securities may be more meet obligations to the borrower. In addition, delays may occur in the volatile than the securities of larger companies, and the Portfolio may recovery of securities from borrowers, which could interfere with the experience difficulty in purchasing or selling such securities at the de- Portfolio’s ability to vote proxies or to settle transactions. sired time and price or in the desired amount. In general, these risks are Short Position Risk: The Portfolio may engage in short sales and greater for small-cap companies than for mid-cap companies. may enter into derivative contracts that have a similar economic effect Multiple Sub-Adviser Risk: The Adviser allocates the Portfolio’s (e.g., taking a short position in a futures contract). The Portfolio will assets among multiple Sub-Advisers, each of which is responsible for incur a loss as a result of a short position if the price of the asset sold investing its allocated portion of the Portfolio’s assets. To a significant short increases in value between the date of the short position sale and extent, the Portfolio’s performance will depend on the success of the the date on which an offsetting position is purchased. Short positions Adviser in allocating the Portfolio’s assets to Sub-Advisers and its se- may be considered speculative transactions and involve special risks lection and oversight of the Sub-Advisers. Because each Sub-Adviser that could cause or increase losses or reduce gains, including greater manages its allocated portion of the Portfolio independently from an- reliance on the investment adviser’s ability to accurately anticipate the other Sub-Adviser, the same security may be held in different portions future value of a security or instrument, potentially higher transaction of the Portfolio, or may be acquired for one portion of the Portfolio at costs, and imperfect correlation between the actual and desired level of a time when a Sub-Adviser to another portion deems it appropriate to exposure. Because the Portfolio’s potential loss on a short position dispose of the security from that other portion, resulting in higher ex- arises from increases in the value of the asset sold short, the extent of penses without accomplishing any net result in the Portfolio’s holdings. such loss, like the price of the asset sold short, is theoretically unlimited. Similarly, under some market conditions, one Sub-Adviser may believe Volatility Management Risk: The Adviser from time to time that temporary, defensive investments in short-term instruments or employs various volatility management techniques in managing the cash are appropriate when another Sub-Adviser believes continued Portfolio, including the use of futures and options to manage equity exposure to the equity or debt markets is appropriate for its allocated exposure. Although these actions are intended to reduce the overall risk portion of the Portfolio. Because each Sub-Adviser directs the trading of investing in the Portfolio, they may not work as intended and may for its own portion of the Portfolio, and does not aggregate its trans- result in losses by the Portfolio or periods of underperformance, partic- actions with those of the other Sub-Adviser, the Portfolio may incur ularly during periods when market values are increasing but market higher brokerage costs than would be the case if a single Sub-Adviser volatility is high. The success of the Portfolio’s volatility management were managing the entire Portfolio. In addition, while the Adviser strategy will be subject to the Adviser’s ability to correctly assess the seeks to allocate the Portfolio’s assets among the Portfolio’s Sub- degree of correlation between the performance of the relevant market Advisers in a manner that it believes is consistent with achieving the index and the metrics used by the Adviser to measure market volatility. Portfolio’s investment objective(s), the Adviser may be subject to Since the characteristics of many securities change as markets change potential conflicts of interest in allocating the Portfolio’s assets among or time passes, the success of the Portfolio’s volatility management Sub-Advisers, including affiliated Sub-Advisers, because the Adviser strategy also will be subject to the Adviser’s ability to continually re- pays different fees to the Sub-Advisers and due to other factors that calculate, readjust, and execute volatility management techniques (such could impact the Adviser’s revenues and profits. as options and futures transactions) in an efficient manner. In addition,

AGEMV 4 because market conditions change, sometimes rapidly and un- The performance results do not reflect any Contract-related fees and predictably, the success of the volatility management strategy will be expenses, which would reduce the performance results. subject to the Adviser’s ability to execute the strategy in a timely manner. Moreover, volatility management strategies may increase portfolio Calendar Year Annual Total Returns — Class IB transaction costs, which could cause or increase losses or reduce gains. 50.04% For a variety of reasons, the Adviser may not seek to establish a perfect 41.98% correlation between the relevant market index and the metrics that the 17.03% 20.37% Adviser uses to measure market volatility. In addition, it is not possible 11.34% 4.48% to manage volatility fully or perfectly. Futures contracts and other 1.68% instruments used in connection with the volatility management strategy -1.75% are not necessarily held by the Portfolio to hedge the value of the -12.32% Portfolio’s other investments and, as a result, these futures contracts and other instruments may decline in value at the same time as the Portfolio’s investments. Any one or more of these factors may prevent -57.28% the Portfolio from achieving the intended volatility management or 20072008 2009 2010 2011 2012 2013 2014 2015 2016 could cause the Portfolio to underperform or experience losses (some of which may be sudden) or volatility for any particular period that may be Best quarter (% and time period) Worst quarter (% and time period) 26.02% (2009 2nd Quarter) –30.61% (2008 4th Quarter) higher or lower. In addition, the use of volatility management techniques may not protect against market declines and may limit the Portfolio’s participation in market gains, even during periods when the Average Annual Total Returns market is rising. Volatility management techniques, when implemented Ten effectively to reduce the overall risk of investing in the Portfolio, may One Five Years/Since result in underperformance by the Portfolio. For example, if the Portfolio Year Years Inception AXA Global Equity Managed Volatility has reduced its overall exposure to equities to avoid losses in certain Portfolio – Class IA Shares 4.48% 8.00% 2.82% market environments, the Portfolio may forgo some of the returns that AXA Global Equity Managed Volatility can be associated with periods of rising equity values. The Portfolio’s Portfolio – Class IB Shares 4.48% 8.02% 2.70% performance may be lower than similar funds where volatility manage- MSCI AC World (Net) Index (reflects no deduction for fees or expenses) 7.86% 9.36% 3.56% ment techniques are not used. In addition, volatility management tech- Volatility Managed Index – Global Blend niques may reduce potential losses and/or mitigate financial risks to (reflects no deduction for fees, expenses, or insurance companies that provide certain benefits and guarantees taxes) 4.59% 10.36% 5.30% available under the Contracts and offer the Portfolio as an investment International Proxy Index (reflects no deduction for fees, expenses, or taxes) 2.13% 6.36% 0.61% option in their products. Volatility Managed Index – Global Proxy Blend (reflects no deduction for fees, expenses, or Risk/Return Bar Chart and Table taxes) 5.50% 10.50% 5.54%

The bar chart and table below provide some indication of the risks of in- WHO MANAGES THE PORTFOLIO vesting in the Portfolio by showing changes in the Portfolio’s performance from year to year and by showing how the Portfolio’s average annual Investment Adviser: FMG LLC total returns for the past one, five and ten years (or since inception) Portfolio Managers: The members of the team that are jointly and through December 31, 2016 compared to the returns of a broad-based primarily responsible for (i) the selection, monitoring and oversight of the securities market index. The additional indexes show how the Portfolio’s Portfolio’s Sub-Advisers, (ii) allocating assets among the Portfolio’s Allo- performance compared with the returns of other indexes that have cated Portions and (iii) managing the Portfolio’s equity exposure are: characteristics relevant to the Portfolio’s investment strategies, including volatility managed indexes. The return of the broad-based securities mar- Date Began ket index (and any additional comparative index) shown in the right hand Managing column below is the return of the index for the last 10 years or, if shorter, Name Title the Portfolio Kenneth T. Kozlowski, Executive Vice President May 2011 since the inception of the share class with the longest history. Past per- CFP®, CLU, ChFC and Chief Investment formance is not an indication of future performance. Officer of FMG LLC Alwi Chan, CFA® Senior Vice President May 2009 and Deputy Chief Investment Officer of FMG LLC Xavier Poutas, CFA® Assistant Portfolio May 2015 Manager of FMG LLC Miao Hu, CFA® Assistant Portfolio May 2016 Manager of FMG LLC

AGEMV 5 Sub-Adviser: Morgan Stanley Investment Management, Inc. The Adviser has been granted relief by the Securities and Exchange Com- (“MSIM Inc.”) mission to hire, terminate and replace Sub-Advisers and amend sub- advisory agreements subject to the approval of the Board of Trustees and Portfolio Managers: The members of the team that are jointly and without obtaining shareholder approval. However, the Adviser may not primarily responsible for the securities selection, research and trading enter into a sub-advisory agreement on behalf of the Portfolio with an for a portion of the Active Allocated Portion of the Portfolio are: “affiliated person” of the Adviser, such as AllianceBernstein L.P., unless the sub-advisory agreement is approved by the Portfolio’s shareholders. Date Began Managing The Adviser is responsible for overseeing Sub-Advisers and recommending Name Title the Portfolio their hiring, termination and replacement to the Board of Trustees. Ruchir Sharma Managing Director of August 2001 MSIM Inc. PURCHASE AND REDEMPTION OF PORTFOLIO Paul Psaila Managing Director of August 1997 SHARES MSIM Inc. The Portfolio’s shares are currently sold only to insurance company sepa- Eric Carlson Managing Director of October 2006 rate accounts in connection with Contracts issued by AXA Equitable Life MSIM Inc. Insurance Company (“AXA Equitable”), AXA Life and Annuity Company, Munib Madni Managing Director May 2012 or other affiliated or unaffiliated insurance companies and to The AXA of Morgan Stanley Equitable 401(k) Plan. Shares also may be sold to other tax-qualified Investment Management retirement plans, to other portfolios managed by FMG LLC that currently Company, an affiliate of MSIM Inc. sell their shares to such accounts and plans and to other investors eligible under applicable federal income tax regulations. Gaite Ali Managing Director of April 2013 MSIM Inc. The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day Sub-Adviser: OppenheimerFunds, Inc. (“Oppenheimer”) (which typically is any day the New York Stock Exchange is open) upon receipt of a request. All redemption requests will be processed and pay- Portfolio Manager: The members of the team that are jointly and ment with respect thereto will normally be made within seven days after primarily responsible for the securities selection, research and trading tender. Please refer to your Contract prospectus for more information on for a portion of the Active Allocated Portion of the Portfolio are: purchasing and redeeming Portfolio shares. Date Began Managing TAX INFORMATION Name Title the Portfolio The Portfolio’s shareholders are (or may include) insurance company sepa- Rajeev Bhaman, CFA® Director of Global July 2013 Equities and Senior rate accounts, qualified plans and other investors eligible under applicable Vice President of federal income tax regulations. Accordingly, distributions the Portfolio Oppenheimer makes of its net investment income and net realized gains — most or all of John Delano, CFA® Director of Equity May 2017 which it intends to distribute annually — and redemptions or exchanges of Research and Portfolio shares generally will not be taxable to its shareholders (or to the Vice President of holders of underlying Contracts or plan participants or beneficiaries). See Oppenheimer the prospectus for your Contract for further tax information.

Sub-Adviser: BlackRock Investment Management, LLC PAYMENTS TO BROKER-DEALERS AND OTHER (“BlackRock”) FINANCIAL INTERMEDIARIES Portfolio Managers: The members of the team that are jointly and This Portfolio is not sold directly to the general public but instead is of- primarily responsible for the securities selection, research and trading fered as an underlying investment option for Contracts and retirement for the Index Allocated Portion of the Portfolio are: plans and to other eligible investors. The Portfolio and the Adviser and its affiliates may make payments to a sponsoring insurance company (or its Date Began affiliates) or other financial intermediary for distribution and/or other serv- Managing Name Title the Portfolio ices. These payments may create a conflict of interest by influencing the Alan Mason Managing Director of March 2014 insurance company or other financial intermediary and your financial ad- BlackRock viser to recommend the Portfolio over another investment or by influenc- Greg Savage Managing Director and May 2012 ing an insurance company to include the Portfolio as an underlying Portfolio Manager of investment option in the Contract. The prospectus (or other offering BlackRock document) for your Contract may contain additional information about Rachel M. Aguirre Director of BlackRock April 2016 these payments. Ask your financial adviser or visit your financial intermediary’s website for more information. Creighton Jue, Managing Director of April 2016 CFA® BlackRock

AGEMV 6 EQ Advisors TrustSM

AXA Growth Strategy Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks long-term capital appreciation PORTFOLIO TURNOVER and current income, with a greater emphasis on capital appreciation. The Portfolio will not incur transaction costs, such as commissions, when it buys and sells shares of the Underlying Portfolios (or “turns over” its FEES AND EXPENSES OF THE PORTFOLIO portfolio), but it could incur transaction costs if it were to buy and sell other The following table describes the fees and expenses that you may pay if types of securities directly. If the Portfolio were to buy and sell other types of you buy and hold shares of the Portfolio. The table below does not re- securities directly, a higher portfolio turnover rate could indicate higher flect any fees and expenses associated with variable life insurance con- transaction costs. Such costs, if incurred, would not be reflected in annual tracts and variable annuity certificates and contracts (“Contracts”), fund operating expenses or in the Example, and would affect the Portfolio’s which would increase overall fees and expenses. See the Contract pro- performance. During the most recent fiscal year, the Portfolio’s portfolio spectus for a description of those fees and expenses. turnover rate was 15% of the average value of the Portfolio.

Shareholder Fees INVESTMENTS, RISKS, AND PERFORMANCE (fees paid directly from your investment) Not applicable. Principal Investment Strategy: The Portfolio pursues its investment objective by investing in other mutual funds (“Underlying Portfolios”) Annual Portfolio Operating Expenses managed by AXA Equitable Funds Management Group, LLC (“FMG (expenses that you pay each year as a percentage of the value of LLC” or “Adviser”) and sub-advised by one or more investment sub- your investment) advisers (“Sub-Adviser”). The Portfolio invests approximately 70% of its Class IA Class IB assets in equity investments and approximately 30% of its assets in AXA Growth Strategy Portfolio Shares Shares Management Fee 0.10% 0.10% fixed income investments through investments in Underlying Portfolios. Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% The equity asset class may include securities of small-, mid- and large- Other Expenses 0.16% 0.16% capitalization companies and exchange-traded funds. The fixed income Acquired Fund Fees and Expenses (Underlying Portfolios) 0.55% 0.55% Total Annual Portfolio Operating Expenses 1.06% 1.06% asset class may include investment grade securities, below investment grade securities (also known as high yield or “junk” bonds), mortgage- backed securities and government securities. These securities may in- Example clude securities with maturities that range from short to longer term. This Example is intended to help you compare the cost of investing in the The asset classes may include securities of foreign issuers in addition to Portfolio with the cost of investing in other portfolios. The Example assumes securities of domestic issuers. Actual allocations among asset classes that you invest $10,000 in the Portfolio for the time periods indicated, and can deviate from the amounts shown above by up to 15% of the then redeem all of your shares at the end of these periods. The Example also Portfolio’s assets. The Portfolio may invest in Underlying Portfolios that assumes that your investment has a 5% return each year and that the Port- tactically manage equity exposure. The Portfolio may invest in Under- folio’s operating expenses remain the same. This Example does not reflect lying Portfolios that employ derivatives (including futures contracts) for any Contract-related fees and expenses including redemption fees (if any) at a variety of purposes, including to reduce risk, to seek enhanced returns the Contract level. If such fees and expenses were reflected, the total ex- from certain asset classes and to leverage exposure to certain asset penses would be higher. Although your actual costs may be higher or lower, classes. When market volatility is increasing above specific thresholds, based on these assumptions your costs would be: such Underlying Portfolios may reduce their equity exposure. During such times, the Portfolio’s exposure to equity securities may be sig- 1 Year 3 Years 5 Years 10 Years nificantly less than if it invested in a traditional equity portfolio and the Class IA Shares $108 $337 $585 $1,294 Portfolio may deviate significantly from its asset allocation targets. Al- Class IB Shares $108 $337 $585 $1,294 though the Portfolio’s investment in Underlying Portfolios that tactically manage equity exposure is intended to reduce the Portfolio’s overall risk, it may result in periods of underperformance.

AGSA 1 The Adviser may change the asset allocation targets and the particular regulation may make derivatives more costly, limit their availability, Underlying Portfolios in which the Portfolio invests. The Adviser may sell impact the Portfolio’s ability to maintain its investments in de- the Portfolio’s holdings for a variety of reasons, including to invest in an rivatives, disrupt markets, or otherwise adversely affect their value or Underlying Portfolio believed to offer superior investment opportunities. performance. Principal Risks: An investment in the Portfolio is not a deposit of a • Equity Risk — In general, stocks and other equity security values bank and is not insured or guaranteed by the Federal Deposit Insurance fluctuate, and sometimes widely fluctuate, in response to changes in Corporation or any other government agency. You may lose money by a company’s financial condition as well as general market, economic investing in the Portfolio. Performance may be affected by one or more of and political conditions and other factors. the following risks. The Portfolio is also subject to the risks associated • ETFs Risk — The Portfolio will indirectly bear fees and expenses paid with the Underlying Portfolios’ investments; please see the Prospectuses by the ETFs in which it invests, in addition to the Portfolio’s direct and Statements of Additional Information for the Underlying Portfolios for fees and expenses. The cost of investing in the Portfolio, therefore, additional information about these risks. In this section, the term may be higher than the cost of investing in a mutual fund that ex- “Portfolio” may include the Portfolio, an Underlying Portfolio, or both. clusively invests directly in individual stocks and bonds. In addition, • Affiliated Portfolio Risk — In managing a Portfolio that invests in the Portfolio’s net asset value will be subject to fluctuations in the Underlying Portfolios, the Adviser will have the authority to select market values of the ETFs in which it invests. The Portfolio is also and substitute the Underlying Portfolios. The Adviser may be subject subject to the risks associated with the securities or other invest- to potential conflicts of interest in allocating the Portfolio’s assets ments in which the ETFs invest and the ability of the Portfolio to among the various Underlying Portfolios because the fees payable to meet its investment objective will directly depend on the ability of the it by some of the Underlying Portfolios are higher than the fees pay- ETFs to meet their investment objectives. There is also the risk that able by other Underlying Portfolios and because the Adviser is also an ETF’s performance may not match that of the relevant index. It is responsible for managing, administering, and with respect to certain also possible that an active trading market for an ETF may not Underlying Portfolios, its affiliates are responsible for sub-advising, develop or be maintained, in which case the liquidity and value of the Underlying Portfolios. the Portfolio’s investment in the ETF could be substantially and adversely affected. The extent to which the investment performance • Credit Risk — The Portfolio is subject to the risk that the issuer or and risks associated with the Portfolio correlate to those of a partic- the guarantor (or other obligor, such as a party providing insurance ular ETF will depend upon the extent to which the Portfolio’s assets or other credit enhancement) of a fixed income security, or the coun- are allocated from time to time for investment in the ETF, which will terparty to a derivatives contract, repurchase agreement, loan of vary. portfolio securities or other transaction, is unable or unwilling, or is perceived (whether by market participants, ratings agencies, pricing • Foreign Securities Risk — Investments in foreign securities, including services or otherwise) as unable or unwilling, to make timely princi- depositary receipts, involve risks not associated with investing in U.S. pal and/or interest payments, or otherwise honor its obligations. securities. Foreign markets, particularly emerging markets, may be Securities are subject to varying degrees of credit risk, which are of- less liquid, more volatile and subject to less government supervision ten reflected in their credit ratings. However, rating agencies may fail than U.S. markets. Security values also may be negatively affected by to make timely changes to credit ratings in response to subsequent changes in the exchange rates between the U.S. dollar and foreign events and a credit rating may become stale in that it fails to reflect currencies. Differences between U.S. and foreign legal, political and changes in an issuer’s financial condition. The downgrade of the economic systems, regulatory regimes and market practices also may credit rating of a security may decrease its value. Lower credit quality impact security values and it may take more time to clear and settle also may lead to greater volatility in the price of a security and may trades involving foreign securities. negatively affect a security’s liquidity. • Futures Contract Risk — The primary risks associated with the use of • Derivatives Risk — The Portfolio’s investments in derivatives may rise futures contracts are (a) the imperfect correlation between the or fall in value more rapidly than other investments. Changes in the change in market value of the instruments held by the Portfolio and value of a derivative may not correlate perfectly or at all with the the price of the futures contract; (b) liquidity risks, including the underlying asset, rate or index, and the Portfolio could lose more possible absence of a liquid secondary market for a futures contract than the principal amount invested. Some derivatives can have the and the resulting inability to close a futures contract when desired; potential for unlimited losses. In addition, it may be difficult or (c) losses (potentially unlimited) caused by unanticipated market impossible for the Portfolio to purchase or sell certain derivatives in movements; (d) an investment manager’s inability to predict correctly sufficient amounts to achieve the desired level of exposure, which the direction of securities prices, interest rates, currency exchange may result in a loss or may be costly to the Portfolio. Derivatives also rates and other economic factors; (e) the possibility that a counter- may be subject to certain other risks such as leveraging risk, interest party, clearing member or clearinghouse will default in the perform- rate risk, credit risk, the risk that a counterparty may be unable or ance of its obligations; (f) if the Portfolio has insufficient cash, it may unwilling to honor its obligations, and the risk of mispricing or im- have to sell securities from its portfolio to meet daily variation margin proper valuation. Derivatives also may not behave as anticipated by requirements, and the Portfolio may have to sell securities at a time the Portfolio, especially in abnormal market conditions. Changing when it may be disadvantageous to do so; and (g) transaction costs

AGSA 2 associated with investments in futures contracts may be significant, rates. Rising interest rates may increase the risk of default by which could cause or increase losses or reduce gains. Futures con- borrowers and tend to extend the duration of these securities, tracts are also subject to the same risks as the underlying invest- making them more sensitive to changes in interest rates. As a result, ments to which they provide exposure. In addition, futures contracts in a period of rising interest rates, to the extent the Portfolio holds may subject the Portfolio to leveraging risk. these types of securities, it may experience additional volatility and losses. This is known as extension risk. Moreover, declines in the • Interest Rate Risk — The Portfolio is subject to the risk that fixed credit quality of the issuers of mortgage- and asset-backed securities income securities will decline in value because of changes in interest or instability in the markets for such securities may affect the value rates. When interest rates decline, the value of the Portfolio’s debt and liquidity of such securities, which could result in losses to the securities generally rises. Conversely, when interest rates rise, the Portfolio. In addition, certain mortgage- and asset-backed securities value of the Portfolio’s debt securities generally declines. A portfolio may include securities backed by pools of loans made to “subprime” with a longer average duration will be more sensitive to changes in borrowers or borrowers with blemished credit histories; the risk of interest rates, usually making it more volatile than a portfolio with a defaults is generally higher in the case of mortgage pools that in- shorter average duration. As of the date of this Prospectus, interest clude such subprime mortgages. rates are near historic lows in the United States, and below zero in other parts of the world, including certain European countries and • Non-Investment Grade Securities Risk — Bonds rated below invest- Japan. The Portfolio is subject to a greater risk of rising interest rates ment grade (i.e., BB or lower by S&P or Fitch or Ba or lower by due to these market conditions. A significant or rapid rise in interest Moody’s or, if unrated, determined by the investment manager to be rates could result in losses to the Portfolio. of comparable quality) are speculative in nature and are subject to additional risk factors such as increased possibility of default, illi- • Investment Grade Securities Risk — Debt securities generally are quidity of the security, and changes in value based on changes in in- rated by national bond ratings agencies. The Portfolio considers secu- terest rates. Non-investment grade bonds, sometimes referred to as rities to be investment grade if they are rated BBB or higher by Stan- “junk bonds,” are usually issued by companies without long track dard & Poor’s Global Ratings (“S&P”) or Fitch Ratings, Ltd. (“Fitch”) or records of sales and earnings, or by those companies with ques- Baa or higher by Moody’s Investors Service, Inc. (“Moody’s”), or, if tionable credit strength. The creditworthiness of issuers of non- unrated, determined by the investment manager to be of comparable investment grade debt securities may be more complex to analyze quality. Securities rated in the lower investment grade rating categories than that of issuers of investment grade debt securities, and reliance (e.g., BBB or Baa) are considered investment grade securities, but are on credit ratings may present additional risks. somewhat riskier than higher rated obligations because they are regarded as having only an adequate capacity to pay principal and inter- • Risks of Investing in Underlying Portfolios — The Portfolio will in- est, are considered to lack outstanding investment characteristics, and directly bear fees and expenses paid by the Underlying Portfolios in may possess certain speculative characteristics. which it invests, in addition to the Portfolio’s direct fees and expenses. The cost of investing in the Portfolio, therefore, may be • Large-Cap Company Risk — Larger more established companies may higher than the cost of investing in a mutual fund that invests directly be unable to respond quickly to new competitive challenges such as in individual stocks and bonds. In addition, the Portfolio’s net asset changes in technology and consumer tastes. Many larger companies also value is subject to fluctuations in the net asset values of the Under- may not be able to attain the high growth rate of successful smaller lying Portfolios in which it invests. The Portfolio is also subject to the companies, especially during extended periods of economic expansion. risks associated with the securities or other investments in which the • Mid-Cap and Small-Cap Company Risk — The Portfolio’s investments Underlying Portfolios invest and the ability of the Portfolio to meet its in mid- and small-cap companies may involve greater risks than investment objective will directly depend on the ability of the Under- investments in larger, more established issuers because they generally lying Portfolios to meet their objectives. The Portfolio and the Under- are more vulnerable than larger companies to adverse business or lying Portfolios are subject to certain general investment risks, economic developments. Such companies generally have narrower including market risk, asset class risk, issuer-specific risk, investment product lines, more limited financial and management resources and style risk and portfolio management risk. In addition, to the extent a more limited markets for their stock as compared with larger compa- Portfolio invests in Underlying Portfolios that invest in equity secu- nies. As a result, the value of such securities may be more volatile than rities, fixed income securities and/or foreign securities, the Portfolio is the securities of larger companies, and the Portfolio may experience subject to the risks associated with investing in such securities. The difficulty in purchasing or selling such securities at the desired time and extent to which the investment performance and risks associated price or in the desired amount. In general, these risks are greater for with the Portfolio correlate to those of a particular Underlying Portfo- small-cap companies than for mid-cap companies. lio will depend upon the extent to which the Portfolio’s assets are • Mortgage-Backed and Asset-Backed Securities Risk — The Portfolio allocated from time to time for investment in the Underlying Portfo- is subject to the risk that the principal on mortgage- and asset- lio, which will vary. backed securities held by the Portfolio will be prepaid, which gen- • Volatility Management Risk — The Portfolio may invest from time to erally will reduce the yield and market value of these securities. If time in Underlying Portfolios managed by the Adviser that employ interest rates fall, the rate of prepayments tends to increase as bor- various volatility management techniques, including the use of fu- rowers are motivated to pay off debt and refinance at new lower tures and options to manage equity exposure. Although these

AGSA 3 actions are intended to reduce the overall risk of investing in the Port- Risk/Return Bar Chart and Table folio, they may not work as intended and may result in losses by the The bar chart and table below provide some indication of the risks of Portfolio or periods of underperformance, particularly during periods investing in the Portfolio by showing changes in the Portfolio’s per- when market values are increasing but market volatility is high. The formance from year to year and by showing how the Portfolio’s aver- success of any volatility management strategy will be subject to the age annual total returns for the past one- and five-year and since Adviser’s ability to correctly assess the degree of correlation between inception periods through December 31, 2016 compared to the re- the performance of the relevant market index and the metrics used turns of a broad-based securities market index. The additional broad- by the Adviser to measure market volatility. Since the characteristics based securities market index and the hypothetical composite index of many securities change as markets change or time passes, the show how the Portfolio’s performance compared with the returns of success of any volatility management strategy also will be subject to other asset classes in which the Portfolio may invest. The return of the the Adviser’s ability to continually recalculate, readjust, and execute broad-based securities market index (and any additional comparative volatility management techniques (such as options and futures index) shown in the right hand column below is the return of the in- transactions) in an efficient manner. In addition, because market dex for the last 10 years or, if shorter, since the inception of the share conditions change, sometimes rapidly and unpredictably, the success class with the longest history. Past performance is not an indication of of a volatility management strategy will be subject to the Adviser’s future performance. ability to execute the strategy in a timely manner. Moreover, volatility management strategies may increase portfolio transaction costs, The performance results do not reflect any Contract-related fees and which could cause or increase losses or reduce gains. For a variety of expenses, which would reduce the performance results. reasons, the Adviser may not seek to establish a perfect correlation between the relevant market index and the metrics that the Adviser Calendar Year Annual Total Returns — Class IB uses to measure market volatility. In addition, it is not possible to 20.24% manage volatility fully or perfectly. Futures contracts and other instruments used in connection with the volatility management strategy are not necessarily held by an Underlying Portfolio to hedge the 11.67% 11.17% value of the Underlying Portfolio’s other investments and, as a result, these futures contracts and other instruments may decline in value at 8.13% the same time as the Underlying Portfolio’s investments. Any one or 5.63% more of these factors may prevent the Underlying Portfolio from achieving the intended volatility management or could cause the Under- lying Portfolio, and in turn, the Portfolio, to underperform or -1.01% experience losses (some of which may be sudden) or volatility for any particular period that may be higher or lower than intended. In addi- -4.38% 2010 2011 20122013 2014 2015 2016 tion, the use of volatility management techniques may not protect against market declines and may limit the Underlying Portfolio’s, and Best quarter (% and time period) Worst quarter (% and time period) thus the Portfolio’s, participation in market gains, even during peri- 8.96% (2010 3rd Quarter) –12.54% (2011 3rd Quarter) ods when the market is rising. Volatility management techniques, when implemented effectively to reduce the overall risk of investing Average Annual Total Returns in an Underlying Portfolio, may result in underperformance by an One Five Since Underlying Portfolio. For example, if an Underlying Portfolio has re- Year Years Inception AXA Growth Strategy Portfolio — Class IA duced its overall exposure to equities to avoid losses in certain mar- Shares (Inception Date: ket environments, the Underlying Portfolio may forgo some of the September 11, 2009) 8.07% 8.60% 9.13% returns that can be associated with periods of rising equity values. AXA Growth Strategy Portfolio — Class IB Shares (Inception Date: April 30, 2009) 8.13% 8.61% 9.05% The Underlying Portfolio’s performance, and therefore the Portfolio’s S&P 500® Index (reflects no deduction for performance, may be lower than similar funds where volatility man- fees, expenses, or taxes) 11.96% 14.66% 15.50% agement techniques are not used. In addition, volatility management Bloomberg Barclays U.S. Intermediate Government Bond Index (reflects no techniques may reduce potential losses and/or mitigate financial risks deduction for fees, expenses, or taxes) 1.05% 1.04% 2.16% to insurance companies that provide certain benefits and guarantees AXA Growth Strategy Index (reflects no deduction for fees, expenses, or taxes) 9.53% 9.67% 10.83% available under the Contracts and offer the Underlying Portfolios as an investment option in their products.

AGSA 4 WHO MANAGES THE PORTFOLIO PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES Investment Adviser: FMG LLC This Portfolio is not sold directly to the general public but instead is of- Portfolio Managers: fered as an underlying investment option for Contracts and retirement Date Began plans and to other eligible investors. The Portfolio and the Adviser and Managing its affiliates may make payments to a sponsoring insurance company (or Name Title the Portfolio its affiliates) or other financial intermediary for distribution and/or other Kenneth T. Kozlowski, Executive Vice President April 2009 CFP®, CLU, ChFC and Chief Investment services. These payments may create a conflict of interest by influencing Officer of FMG LLC the insurance company or other financial intermediary and your finan- Alwi Chan, CFA® Senior Vice President and May 2011 cial adviser to recommend the Portfolio over another investment or by Deputy Chief Investment influencing an insurance company to include the Portfolio as an under- Officer of FMG LLC lying investment option in the Contract. The prospectus (or other offer- Xavier Poutas, CFA® Assistant Portfolio May 2011 ing document) for your Contract may contain additional information Manager of FMG LLC about these payments. Ask your financial adviser or visit your financial Miao Hu, CFA® Assistant Portfolio May 2016 intermediary’s website for more information. Manager of FMG LLC

PURCHASE AND REDEMPTION OF PORTFOLIO SHARES The Portfolio’s shares are currently sold only to insurance company separate accounts in connection with Contracts issued by AXA Equitable Life Insurance Company (“AXA Equitable”), AXA Life and Annuity Com- pany, or 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 and other investors eligible under applicable federal tax regulations. The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day (which typically is any day the New York Stock Exchange is open) upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares.

AGSA 5 EQ Advisors TrustSM

AXA International Core Managed Volatility Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks to achieve long-term growth of capital PORTFOLIO TURNOVER with an emphasis on risk-adjusted returns and managing volatility in The Portfolio pays transaction costs, such as commissions, when it buys the Portfolio. and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not FEES AND EXPENSES OF THE PORTFOLIO reflected in annual fund operating expenses or in the Example, affect the The following table describes the fees and expenses that you may pay if Portfolio’s performance. During the most recent fiscal year, the Portfolio’s you buy and hold shares of the Portfolio. The table below does not re- portfolio turnover rate was 14% of the average value of the Portfolio. flect any fees and expenses associated with variable life insurance contracts and variable annuity certificates and contracts (“Contracts”), INVESTMENTS, RISKS, AND PERFORMANCE which would increase overall fees and expenses. See the Contract pro- Principal Investment Strategy: The Portfolio invests primarily in for- spectus for a description of those fees and expenses. eign equity securities (or other financial instruments that derive their value Shareholder Fees from the securities of such companies). The Portfolio’s assets normally are (fees paid directly from your investment) allocated among three or more investment managers, each of which Not applicable. manages its portion of the Portfolio using a different but complementary investment strategy. One portion of the Portfolio is actively managed (“Active Allocated Portion”); one portion of the Portfolio seeks to track Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of the performance of a particular index (“Index Allocated Portion”); and your investment) one portion of the Portfolio invests in exchange-traded funds (“ETFs”) AXA International Core Managed Volatility Class IA Class IB (“ETF Allocated Portion”). Under normal circumstances, the Active Allo- Portfolio Shares Shares cated Portion consists of approximately 30% of the Portfolio’s net assets, Management Fee 0.60% 0.60% Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% the Index Allocated Portion consists of approximately 60% of the Portfo- Other Expenses 0.19% 0.19% lio’s net assets and the ETF Allocated Portion consists of approximately Acquired Fund Fees and Expenses 0.04% 0.04% 10% of the Portfolio’s net assets. These percentages are targets estab- Total Annual Portfolio Operating Expenses 1.08% 1.08% lished by the Adviser; actual allocations may deviate from these targets. The Active Allocated Portion invests primarily in equity securities of for- Example eign companies, including emerging market securities, that, in the view This Example is intended to help you compare the cost of investing in the of the Sub-Advisers, have good prospects for future growth. Other fac- Portfolio with the cost of investing in other portfolios. The Example assumes tors, such as country and regional factors, are considered by the Sub- that you invest $10,000 in the Portfolio for the periods indicated and then Advisers. The Active Allocated Portion’s Sub-Advisers may sell a security redeem all of your shares at the end of these periods. The Example also as- for a variety of reasons, such as to make other investments believed by sumes that your investment has a 5% return each year and that the Portfo- a Sub-Adviser to offer superior investment opportunities. lio’s operating expenses remain the same. This Example does not reflect any The Index Allocated Portion of the Portfolio seeks to track the performance Contract-related fees and expenses including redemption fees (if any) at the (before fees and expenses) of the MSCI Europe, Australasia and Far East Contract level. If such fees and expenses were reflected, the total expenses (“EAFE”) Index with minimal tracking error. This strategy is commonly re- would be higher. Although your actual costs may be higher or lower, based ferred to as an indexing strategy. Generally, the Index Allocated Portion on these assumptions your costs would be: uses a full replication technique, although in certain instances a sampling 1 Year 3 Years 5 Years 10 Years approach may be utilized for a portion of the Index Allocated Portion. The Class IA Shares $110 $343 $595 $1,317 Index Allocated Portion also may invest in other instruments, such as fu- Class IB Shares $110 $343 $595 $1,317 tures and options contracts, that provide comparable exposure as the index without buying the underlying securities comprising the index.

AICMV 1 AXA Equitable Funds Management Group, LLC (“FMG LLC” or the custodian or its affiliates. The Portfolio is thus subject to counterparty “Adviser”) also may utilize futures and options, such as exchange- risk and credit risk with respect to these arrangements. traded futures and options contracts on securities indices, to manage Derivatives Risk: The Portfolio’s investments in derivatives may rise or equity exposure. Futures and options can provide exposure to the per- fall in value more rapidly than other investments. Changes in the value of formance of a securities index without buying the underlying securities a derivative may not correlate perfectly or at all with the underlying asset, comprising the index. They also provide a means to manage the rate or index, and the Portfolio could lose more than the principal amount Portfolio’s equity exposure without having to buy or sell securities. invested. Some derivatives can have the potential for unlimited losses. In When market volatility is increasing above specific thresholds set for the addition, it may be difficult or impossible for the Portfolio to purchase or Portfolio, the Adviser may limit equity exposure either by reducing sell certain derivatives in sufficient amounts to achieve the desired level of investments in securities, shorting or selling long futures and options exposure, which may result in a loss or may be costly to the Portfolio. De- positions on an index, increasing cash levels, and/or shorting an index. rivatives also may be subject to certain other risks such as leveraging risk, During such times, the Portfolio’s exposure to equity securities may be interest rate risk, credit risk, the risk that a counterparty may be unable or significantly less than that of a traditional equity portfolio. Volatility is a unwilling to honor its obligations, and the risk of mispricing or improper statistical measure of the magnitude of changes in the Portfolio’s re- valuation. Derivatives also may not behave as anticipated by the Portfolio, turns, without regard to the direction of those changes. Higher volatility especially in abnormal market conditions. Changing regulation may make generally indicates higher risk and is often reflected by frequent and derivatives more costly, limit their availability, impact the Portfolio’s ability sometimes significant movements up and down in value. The Portfolio to maintain its investments in derivatives, disrupt markets, or otherwise may invest up to 25% of its assets in derivatives. It is anticipated that adversely affect their value or performance. the Portfolio’s derivative instruments will consist primarily of foreign currency transactions, exchange-traded futures and options contracts on Equity Risk: In general, stocks and other equity security values fluc- securities indices, but the Portfolio also may utilize other types of de- tuate, and sometimes widely fluctuate, in response to changes in a rivatives. The Portfolio’s investments in derivatives may be deemed to company’s financial condition as well as general market, economic and involve the use of leverage because the Portfolio is not required to in- political conditions and other factors. vest the full market value of the contract upon entering into the con- ETFs Risk: The Portfolio will indirectly bear fees and expenses paid by tract but participates in gains and losses on the full contract price. The the ETFs in which it invests, in addition to the Portfolio’s direct fees and use of derivatives also may be deemed to involve the use of leverage expenses. The cost of investing in the Portfolio, therefore, may be because the heightened price sensitivity of some derivatives to market higher than the cost of investing in a mutual fund that exclusively in- changes may magnify the Portfolio’s gain or loss. It is not generally ex- vests directly in individual stocks and bonds. In addition, the Portfolio’s pected, however, that the Portfolio will be leveraged by borrowing net asset value will be subject to fluctuations in the market values of money for investment purposes. In addition, the Portfolio generally does the ETFs in which it invests. The Portfolio is also subject to the risks not intend to use leverage to increase its net investment exposure associated with the securities or other investments in which the ETFs above approximately 100% of the Portfolio’s net asset value or below invest and the ability of the Portfolio to meet its investment objective 0%. The Portfolio may maintain a significant percentage of its assets in will directly depend on the ability of the ETFs to meet their investment cash and cash equivalent instruments, some of which may serve as objectives. There is also the risk that an ETF’s performance may not margin or collateral for the Portfolio’s obligations under derivative match that of the relevant index. It is also possible that an active trad- transactions. ing market for an ETF may not develop or be maintained, in which case The ETF Allocated Portion invests in ETFs (the “Underlying ETFs”) that the liquidity and value of the Portfolio’s investment in the ETF could be meet the investment criteria of the Portfolio as a whole. The Underlying substantially and adversely affected. The extent to which the investment ETFs in which the ETF Allocated Portion may invest may be changed performance and risks associated with the Portfolio correlate to those of from time to time without notice or shareholder approval. a particular ETF will depend upon the extent to which the Portfolio’s assets are allocated from time to time for investment in the ETF, which The Portfolio also may lend its portfolio securities to earn additional will vary. income. Foreign Securities Risk: Investments in foreign securities, includ- Principal Risks: An investment in the Portfolio is not a deposit of a ing depositary receipts, involve risks not associated with investing in bank and is not insured or guaranteed by the Federal Deposit Insurance U.S. securities. Foreign markets, particularly emerging markets, may be Corporation or any other government agency. You may lose money by less liquid, more volatile and subject to less government supervision investing in the Portfolio. Performance may be affected by one or more than U.S. markets. Security values also may be negatively affected by of the following risks. changes in the exchange rates between the U.S. dollar and foreign cur- Cash Management Risk: Upon entering into certain derivatives rencies. Differences between U.S. and foreign legal, political and eco- contracts, such as futures contracts, and to maintain open positions in nomic systems, regulatory regimes and market practices also may certain derivatives contracts, the Portfolio may be required to post impact security values and it may take more time to clear and settle collateral for the contract, the amount of which may vary. As such, the trades involving foreign securities. Portfolio may maintain cash balances, including foreign currency balan- Currency Risk: Investments in foreign currencies and in secu- ces, which may be significant, with counterparties such as the Trust’s rities that trade in, or receive revenues in, or in derivatives that

AICMV 2 provide exposure to foreign currencies are subject to the risk that rights, and pursue legal remedies with respect to its foreign those currencies will decline in value relative to the U.S. dollar, or, investments. in the case of hedging positions, that the U.S. dollar will decline in Futures Contract Risk: The primary risks associated with the use value relative to the currency being hedged. Any such decline may of futures contracts are (a) the imperfect correlation between the erode or reverse any potential gains from an investment in secu- change in market value of the instruments held by the Portfolio and the rities denominated in foreign currency or may widen existing loss. price of the futures contract; (b) liquidity risks, including the possible Currency rates may fluctuate significantly over short periods of absence of a liquid secondary market for a futures contract and the re- time for a number of reasons, including changes in interest rates, sulting inability to close a futures contract when desired; (c) losses intervention (or the failure to intervene) by governments, central (potentially unlimited) caused by unanticipated market movements; (d) banks or supranational entities, or by the imposition of currency an investment manager’s inability to predict correctly the direction of controls or other political developments in the U.S. or abroad. securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that a counterparty, clearing member or Depositary Receipts Risk: Investments in depositary receipts clearinghouse will default in the performance of its obligations; (f) if the (including American Depositary Receipts, European Depositary Portfolio has insufficient cash, it may have to sell securities from its Receipts and Global Depositary Receipts) are generally subject to portfolio to meet daily variation margin requirements, and the Portfolio the same risks of investing in the foreign securities that they evi- may have to sell securities at a time when it may be disadvantageous to dence or into which they may be converted. In addition, issuers do so; and (g) transaction costs associated with investments in futures underlying unsponsored depositary receipts may not provide as contracts may be significant, which could cause or increase losses or much information as U.S. issuers and issuers underlying sponsored reduce gains. Futures contracts are also subject to the same risks as the depositary receipts. Unsponsored depositary receipts also may not underlying investments to which they provide exposure. In addition, carry the same voting privileges as sponsored depositary receipts. futures contracts may subject the Portfolio to leveraging risk. Emerging Markets Risk: There are greater risks involved in Index Strategy Risk: The Portfolio employs an index strategy, that investing in emerging market countries and/or their securities is, it generally invests in the securities included in its index or a repre- markets. Investments in these countries and/or markets may pres- sentative sample of such securities regardless of market trends. The ent market, credit, currency, liquidity, legal, political, technical and Portfolio generally will not modify its index strategy to respond to other risks different from, or greater than, the risks of investing in changes in the economy, which means that it may be particularly developed countries. Investments in emerging markets are more susceptible to a general decline in the market segment relating to the susceptible to loss than investments in developed markets. In relevant index. In addition, although the index strategy attempts to addition, the risks associated with investing in a narrowly defined closely track its benchmark index, the Portfolio may not invest in all of geographic area are generally more pronounced with respect to the securities in the index. Also, the Portfolio’s fees and expenses will investments in emerging market countries. reduce the Portfolio’s returns, unlike those of the benchmark index. Cash flow into and out of the Portfolio, Portfolio transaction costs, Geographic Concentration Risk: To the extent the Portfolio changes in the securities that comprise the index, and the Portfolio’s invests a significant portion of its assets in securities of companies valuation procedures also may affect the Portfolio’s performance. There- domiciled, or exercising the predominant part of their economic fore, there can be no assurance that the performance of the index activity, in one country or geographic region, it assumes the risk strategy will match that of the benchmark index. that economic, political, social and environmental conditions in Large-Cap Company Risk: Larger more established companies that particular country or region will have a significant impact on may be unable to respond quickly to new competitive challenges such as the Portfolio’s investment performance and that the Portfolio’s changes in technology and consumer tastes. Many larger companies also performance will be more volatile than the performance of more may not be able to attain the high growth rate of successful smaller geographically diversified funds. The economies and financial companies, especially during extended periods of economic expansion. markets of certain regions can be highly interdependent and may decline all at the same time. In addition, certain areas are prone to Leveraging Risk: When the Portfolio leverages its holdings, the value natural disasters such as earthquakes, volcanoes, droughts or tsu- of an investment in the Portfolio will be more volatile and all other risks will namis and are economically sensitive to environmental events. tend to be compounded. For example, the Portfolio may take on leveraging risk when it engages in derivatives transactions (such as futures and options Regulatory Risk: Less information may be available about investments), invests collateral from securities loans or borrows money. The foreign companies. In general, foreign companies are not subject Portfolio may experience leveraging risk in connection with investments in to uniform accounting, auditing and financial reporting standards derivatives because its investments in derivatives may be small relative to or to other regulatory practices and requirements as are U.S. the investment exposure assumed, leaving more assets to be invested in companies. Many foreign governments do not supervise and regu- other investments. Such investments may have the effect of leveraging the late stock exchanges, brokers and the sale of securities to the Portfolio because the Portfolio may experience gains or losses not only on same extent as does the United States and may not have laws to its investments in derivatives, but also on the investments purchased with protect investors that are comparable to U.S. securities laws. In the remainder of the assets. If the value of the Portfolio’s investments in addition, some countries may have legal systems that may make it derivatives is increasing, this could be offset by declining values of the Port- difficult for the Portfolio to vote proxies, exercise shareholder folio’s other investments. Conversely, it is possible that the rise in the value

AICMV 3 of the Portfolio’s non-derivative investments could be offset by a decline in of the market. To the extent the Portfolio invests more heavily in particular the value of the Portfolio’s investments in derivatives. In either scenario, the sectors, its performance will be especially sensitive to developments that Portfolio may experience losses. In a market where the value of the Portfo- significantly affect those sectors. Individual sectors may be more volatile, lio’s investments in derivatives is declining and the value of its other and may perform differently, than the broader market. The industries that investments is declining, the Portfolio may experience substantial losses. constitute a sector may all react in the same way to economic, political or regulatory events. Mid-Cap and Small-Cap Company Risk: The Portfolio’s investments in mid- and small-cap companies may involve greater risks than in- Securities Lending Risk: The Portfolio may lend its portfolio secu- vestments in larger, more established issuers because such companies rities to seek income. There is a risk that a borrower may default on its generally are more vulnerable than larger companies to adverse business obligations to return loaned securities, however, the Portfolio’s secu- or economic developments. Such companies generally have narrower rities lending agent may indemnify the Portfolio against that risk. The product lines, more limited financial and management resources and more Portfolio will be responsible for the risks associated with the investment limited markets for their stock as compared with larger companies. As a of cash collateral, including any collateral invested in an affiliated result, the value of such securities may be more volatile than the securities money market fund. The Portfolio may lose money on its investment of of larger companies, and the Portfolio may experience difficulty in purchas- cash collateral or may fail to earn sufficient income on its investment to ing or selling such securities at the desired time and price or in the desired meet obligations to the borrower. In addition, delays may occur in the amount. In general, these risks are greater for small-cap companies than recovery of securities from borrowers, which could interfere with the for mid-cap companies. Portfolio’s ability to vote proxies or to settle transactions. Multiple Sub-Adviser Risk: The Adviser allocates the Portfolio’s Short Position Risk: The Portfolio may engage in short sales and assets among multiple Sub-Advisers, each of which is responsible for may enter into derivative contracts that have a similar economic effect investing its allocated portion of the Portfolio’s assets. To a significant (e.g., taking a short position in a futures contract). The Portfolio will extent, the Portfolio’s performance will depend on the success of the Ad- incur a loss as a result of a short position if the price of the asset sold viser in allocating the Portfolio’s assets to Sub-Advisers and its selection short increases in value between the date of the short position sale and and oversight of the Sub-Advisers. Because each Sub-Adviser manages its the date on which an offsetting position is purchased. Short positions allocated portion of the Portfolio independently from another Sub-Adviser, may be considered speculative transactions and involve special risks the same security may be held in different portions of the Portfolio, or may that could cause or increase losses or reduce gains, including greater be acquired for one portion of the Portfolio at a time when a Sub-Adviser reliance on the investment adviser’s ability to accurately anticipate the to another portion deems it appropriate to dispose of the security from future value of a security or instrument, potentially higher transaction that other portion, resulting in higher expenses without accomplishing any costs, and imperfect correlation between the actual and desired level of net result in the Portfolio’s holdings. Similarly, under some market con- exposure. Because the Portfolio’s potential loss on a short position ditions, one Sub-Adviser may believe that temporary, defensive invest- arises from increases in the value of the asset sold short, the extent of ments in short-term instruments or cash are appropriate when another such loss, like the price of the asset sold short, is theoretically unlimited. Sub-Adviser believes continued exposure to the equity or debt markets is appropriate for its allocated portion of the Portfolio. Because each Sub- Volatility Management Risk: The Adviser from time to time em- Adviser directs the trading for its own portion of the Portfolio, and does ploys various volatility management techniques in managing the Portfolio, not aggregate its transactions with those of the other Sub-Adviser, the including the use of futures and options to manage equity exposure. Al- Portfolio may incur higher brokerage costs than would be the case if a though these actions are intended to reduce the overall risk of investing in single Sub-Adviser were managing the entire Portfolio. In addition, while the Portfolio, they may not work as intended and may result in losses by the the Adviser seeks to allocate the Portfolio’s assets among the Portfolio’s Portfolio or periods of underperformance, particularly during periods when Sub-Advisers in a manner that it believes is consistent with achieving the market values are increasing but market volatility is high. The success of the Portfolio’s investment objective(s), the Adviser may be subject to potential Portfolio’s volatility management strategy will be subject to the Adviser’s conflicts of interest in allocating the Portfolio’s assets among Sub- ability to correctly assess the degree of correlation between the perform- Advisers, including affiliated Sub-Advisers, because the Adviser pays ance of the relevant market index and the metrics used by the Adviser to different fees to the Sub-Advisers and due to other factors that could im- measure market volatility. Since the characteristics of many securities pact the Adviser’s revenues and profits. change as markets change or time passes, the success of the Portfolio’s volatility management strategy also will be subject to the Adviser’s ability to Regulatory Risk: The Adviser is registered with the Securities and continually recalculate, readjust, and execute volatility management tech- Exchange Commission (“SEC”) as an investment adviser under the In- niques (such as options and futures transactions) in an efficient manner. In vestment Advisers Act of 1940, as amended. The Adviser also is regis- addition, because market conditions change, sometimes rapidly and un- tered with the Commodity Futures Trading Commission (“CFTC”) as a predictably, the success of the volatility management strategy will be sub- commodity pool operator (“CPO”) under the Commodity Exchange Act, ject to the Adviser’s ability to execute the strategy in a timely manner. as amended, and, due to the Portfolio’s use of derivatives, serves as a Moreover, volatility management strategies may increase portfolio trans- CPO with respect to the Portfolio. Being subject to dual regulation by action costs, which could cause or increase losses or reduce gains. For a the SEC and the CFTC may increase compliance costs, which may be variety of reasons, the Adviser may not seek to establish a perfect correla- borne by the Portfolio and may affect Portfolio returns. tion between the relevant market index and the metrics that the Adviser Sector Risk: From time to time, based on market or economic con- uses to measure market volatility. In addition, it is not possible to manage ditions, the Portfolio may have significant positions in one or more sectors volatility fully or perfectly. Futures contracts and other instruments used in

AICMV 4 connection with the volatility management strategy are not necessarily held Average Annual Total Returns by the Portfolio to hedge the value of the Portfolio’s other investments and, Ten One Five Years/Since as a result, these futures contracts and other instruments may decline in Year Years Inception value at the same time as the Portfolio’s investments. Any one or more of AXA International Core Managed these factors may prevent the Portfolio from achieving the intended vola- Volatility Portfolio – Class IA Shares 0.29% 4.20% –0.30% AXA International Core Managed tility management or could cause the Portfolio to underperform or experi- Volatility Portfolio – Class IB Shares 0.29% 4.20% –0.42% ence losses (some of which may be sudden) or volatility for any particular MSCI EAFE Index (reflects no deduction period that may be higher or lower. In addition, the use of volatility for fees or expenses) 1.00% 6.53% 0.75% Volatility Managed Index – International management techniques may not protect against market declines and may (reflects no deduction for fees or limit the Portfolio’s participation in market gains, even during periods when expenses) –1.69% 5.91% 1.74% International Proxy Index (reflects no the market is rising. Volatility management techniques, when implemented deduction for fees, expenses, or taxes) 2.13% 6.36% 0.61% effectively to reduce the overall risk of investing in the Portfolio, may result Volatility Managed Index – International in underperformance by the Portfolio. For example, if the Portfolio has re- Proxy (reflects no deduction for fees, expenses, or taxes) 0.01% 6.16% 2.18% duced its overall exposure to equities to avoid losses in certain market environments, the Portfolio may forgo some of the returns that can be associated with periods of rising equity values. The Portfolio’s performance WHO MANAGES THE PORTFOLIO may be lower than similar funds where volatility management techniques Investment Adviser: FMG LLC are not used. In addition, volatility management techniques may reduce potential losses and/or mitigate financial risks to insurance companies that Portfolio Managers: The members of the team that are jointly and primarily responsible for (i) the selection, monitoring and oversight of provide certain benefits and guarantees available under the Contracts and the Portfolio’s Sub-Advisers, (ii) allocating assets among the Portfolio’s offer the Portfolio as an investment option in their products. Allocated Portions, (iii) managing the Portfolio’s equity exposure and (iv) the selection of investments in exchange-traded funds for the Risk/Return Bar Chart and Table Portfolio’s ETF Allocated Portion are: The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance Date Began from year to year and by showing how the Portfolio’s average annual to- Managing Name Title the Portfolio tal returns for the past one, five and ten years (or since inception) through Kenneth T. Kozlowski, Executive Vice President May 2011 December 31, 2016 compared to the returns of a broad-based securities CFP®, CLU, ChFC and Chief Investment market index. The additional indexes show how the Portfolio’s perform- Officer of FMG LLC ance compared with the returns of other indexes that have characteristics Alwi Chan, CFA® Senior Vice President May 2009 relevant to the Portfolio’s investment strategies, including volatility man- and Deputy Chief aged indexes. The return of the broad-based securities market index (and Investment Officer of any additional comparative index) shown in the right hand column below FMG LLC is the return of the index for the last 10 years or, if shorter, since the in- Xavier Poutas, CFA® Assistant Portfolio May 2011 ception of the share class with the longest history. Past performance is not Manager of FMG LLC an indication of future performance. Miao Hu, CFA® Assistant Portfolio May 2016 Manager of FMG LLC The performance results do not reflect any Contract-related fees and expenses, which would reduce the performance results.

Calendar Year Annual Total Returns — Class IB 35.34%

15.20% 16.27% 17.47% 9.23%

0.29%

-6.25% -4.34% -16.92%

-44.86% 2007 2008 2009 2010 2011 2012 20132014 2015 2016

Best quarter (% and time period) Worst quarter (% and time period) 25.00% (2009 2nd Quarter) –25.28% (2008 4th Quarter)

AICMV 5 Sub-Adviser: Federated Global Investment Management Sub-Adviser: BlackRock Investment Management, LLC Corp. (“Federated”) (“BlackRock”) Portfolio Managers: The members of the team that are jointly and Portfolio Managers: The members of the team that are jointly and primarily responsible for the securities selection, research and trading for a primarily responsible for the securities selection, research and trading portion of the Active Allocated Portion of the Portfolio are: for the Index Allocated Portion of the Portfolio are:

Date Began Date Began Managing Managing Name Title the Portfolio Name Title the Portfolio Richard Winkowski Senior Vice President and January 2016 Alan Mason Managing Director of March 2014 Senior Portfolio Manager BlackRock of Federated Greg Savage, CFA® Managing Director and May 2012 Dariusz Czoch, CFA Vice President, Portfolio January 2016 Portfolio Manager of Manager and Senior BlackRock Investment Analyst of Federated Rachel M. Aguirre Director of BlackRock April 2016 Marc Halperin Vice President and January 2016 Creighton Jue, CFA® Managing Director of April 2016 Senior Portfolio Manager BlackRock of Federated Sobby Arora Vice President, May 2017 The Adviser has been granted relief by the Securities and Exchange Com- Portfolio Manager and Senior Investment Analyst mission to hire, terminate and replace Sub-Advisers and amend sub- of Federated advisory agreements subject to the approval of the Board of Trustees and without obtaining shareholder approval. However, the Adviser may not Sub-Adviser: Massachusetts Financial Services Company d/b/a enter into a sub-advisory agreement on behalf of the Portfolio with an MFS Investment Management (“MFS”) “affiliated person” of the Adviser, such as AllianceBernstein L.P., unless the sub-advisory agreement is approved by the Portfolio’s shareholders. Portfolio Managers: The members of the team that are jointly and The Adviser is responsible for overseeing Sub-Advisers and recommending primarily responsible for the securities selection, research and trading their hiring, termination and replacement to the Board of Trustees. for a portion of the Active Allocated Portion of the Portfolio are: PURCHASE AND REDEMPTION OF PORTFOLIO Date Began Managing SHARES Name Title the Portfolio The Portfolio’s shares are currently sold only to insurance company sepa- David Antonelli Vice Chairman and Portfolio June 2013 rate accounts in connection with Contracts issued by AXA Equitable Life Manager of MFS Insurance Company (“AXA Equitable”), AXA Life and Annuity Com- Kevin Dwan Investment Officer and June 2013 pany, or other affiliated or unaffiliated insurance companies and to The Portfolio Manager of MFS AXA Equitable 401(k) Plan. Shares also may be sold to other Matthew Barrett Investment Officer and March 2015 tax-qualified retirement plans, to other portfolios managed by FMG LLC Portfolio Manager of MFS that currently sell their shares to such accounts and plans, and to other investors eligible under applicable federal income tax regulations. Sub-Adviser: EARNEST Partners, LLC (“EARNEST”) The Portfolio does not have minimum initial or subsequent investment Portfolio Managers: The individual primarily responsible for the secu- requirements. Shares of the Portfolio are redeemable on any business rities selection, research and trading for a portion of the Active Allo- day (which typically is any day the New York Stock Exchange is open) cated Portion of the Portfolio is: upon receipt of a request. All redemption requests will be processed Date Began and payment with respect thereto will normally be made within seven Managing days after tender. Please refer to your Contract prospectus for more Name Title the Portfolio information on purchasing and redeeming Portfolio shares. Paul Viera Chief Executive Officer May 2014 and Partner of EARNEST TAX INFORMATION The Portfolio’s shareholders are (or may include) insurance company separate accounts, qualified plans and other investors eligible under applicable federal income tax regulations. Accordingly, distributions the Portfolio makes of its net investment income and net realized gains — most or all of which it intends to distribute annually — and redemptions or exchanges of Portfolio shares generally will not be taxable to its shareholders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax information.

AICMV 6 PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES This Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and the Adviser and its affiliates may make payments to a sponsoring insurance company (or its affiliates) or other financial intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. Ask your financial adviser or visit your financial intermediary’s website for more information.

AICMV 7 EQ Advisors TrustSM

AXA International Managed Volatility Portfolio – Class IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: The Portfolio seeks to achieve long- PORTFOLIO TURNOVER term growth of capital with an emphasis on risk-adjusted returns and The Portfolio pays transaction costs, such as commissions, when it buys managing volatility in the Portfolio. and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not FEES AND EXPENSES OF THE PORTFOLIO reflected in annual fund operating expenses or in the Example, affect the The following table describes the fees and expenses that you may pay if Portfolio’s performance. During the most recent fiscal year, the Portfolio’s you buy and hold shares of the Portfolio. The table below does not re- portfolio turnover rate was 5% of the average value of its portfolio. flect any fees and expenses associated with variable life insurance contracts and variable annuity certificates and contracts (“Contracts”), INVESTMENTS, RISKS, AND PERFORMANCE which would increase overall fees and expenses. See the Contract pro- Principal Investment Strategy: The Portfolio is divided into two spectus for a description of those fees and expenses. portions, one of which utilizes a passive investment index style focused on equity securities of foreign companies and second portion which uti- Shareholder Fees (fees paid directly from your investment) lizes an actively managed futures and options strategy to tactically Not applicable. manage equity exposure in the Portfolio based on the level of volatility in the market. The combination of these strategies is intended to produce better risk-adjusted returns over time than investing exclusively in Annual Portfolio Operating Expenses a passively managed portfolio of securities. (expenses that you pay each year as a percentage of the value of your investment) The Portfolio generally allocates approximately 50% of its net assets to a por- Class IB tion of the Portfolio that invests in the common stocks of companies included AXA International Managed Volatility Portfolio Shares ® Management Fee 0.45% in the Morgan Stanley Capital International (MSCI) EAFE Index (Europe, Aus- Distribution and/or Service Fees (12b-1 fees) 0.25% tralasia, Far East) (“MSCI EAFE Index”) in a manner that is intended to track Other Expenses 0.17% the performance (before fees and expenses) of that index, commonly referred Total Annual Portfolio Operating Expenses 0.87% to as an indexing strategy. This percentage may range from 0% to 100% of the Portfolio’s net assets depending on the level of volatility in the market. Example These investments typically are representative of the economic performance of the developed equity markets in Europe, Australasia and the Far East. The This Example is intended to help you compare the cost of investing in the Portfolio also may invest in exchange-traded funds (“ETFs”) that seek to track Portfolio with the cost of investing in other portfolios. The Example as- the MSCI EAFE Index and in other instruments, such as futures and options sumes that you invest $10,000 in the Portfolio for the time periods in- contracts, that provide exposure to the index. dicated, and then redeem all of your shares at the end of those time periods. The Example also assumes that your investment has a 5% return The other portion of the Portfolio invests in futures and options con- each year and that the Portfolio’s operating expenses remain the same. tracts, including contracts on one or more of the MSCI EAFE Index, This Example does not reflect any Contract-related fees and expenses in- S&P/ASX 200 Index, Dow Jones EURO STOXX 50 Index, FTSE 100 Index cluding redemption fees (if any) at the Contract level. If such fees and and Tokyo Stock Price Index (or TOPIX Index) and other strategies to expenses were reflected, the total expenses would be higher. Although manage the Portfolio’s equity exposure. During periods when certain your actual costs may be higher or lower, based on these assumptions quantitative market indicators indicate that market volatility is high or is your costs would be: likely to increase, this portion of the Portfolio may implement strategies that are intended to reduce the Portfolio’s equity exposure and, there- 1 Year 3 Years 5 Years 10 Years fore, the risk of market losses from investing in equity securities. This Class IB Shares $89 $278 $482 $1,073 portion of the Portfolio may reduce equity exposure in the Portfolio using a variety of strategies, including shorting or selling its long futures positions on an index, entering into short futures positions on an index, or

AIMV 1 increasing cash levels, or a combination of some or all of these strat- Equity Risk: In general, stocks and other equity security values fluc- egies. During such times, the Portfolio’s exposure to equity securities tuate, and sometimes widely fluctuate, in response to changes in a may be significantly less than that of a traditional equity portfolio. Con- company’s financial condition as well as general market, economic and versely, when the market volatility indicators decrease, this portion of the political conditions and other factors. Portfolio may increase equity exposure in the Portfolio such as by inves- ETFs Risk: The Portfolio will indirectly bear fees and expenses paid by the ting in futures contracts on an index or by investing in ETFs that provide ETFs in which it invests, in addition to the Portfolio’s direct fees and ex- comparable exposure as an index. Volatility is a statistical measure of the penses. The cost of investing in the Portfolio, therefore, may be higher than magnitude of changes in the Portfolio’s returns, without regard to the the cost of investing in a mutual fund that exclusively invests directly in in- direction of those changes. Higher volatility generally indicates higher dividual stocks and bonds. In addition, the Portfolio’s net asset value will risk and is often reflected by frequent and sometimes significant move- be subject to fluctuations in the market values of the ETFs in which it in- ments up and down in value. The Portfolio’s investments in derivatives vests. The Portfolio is also subject to the risks associated with the securities may involve the use of leverage because the Portfolio is not required to or other investments in which the ETFs invest and the ability of the Portfo- invest the full market value of the contract upon entering into the con- lio to meet its investment objective will directly depend on the ability of the tract but participates in gains and losses on the full contract price. The ETFs to meet their investment objectives. There is also the risk that an ETF’s use of derivatives also may involve the use of leverage because the performance may not match that of the relevant index. It is also possible heightened price sensitivity of some derivatives to market changes may that an active trading market for an ETF may not develop or be main- magnify the Portfolio’s gain or loss. It is not generally expected, how- tained, in which case the liquidity and value of the Portfolio’s investment in ever, that the Portfolio will be leveraged by borrowing money for the ETF could be substantially and adversely affected. The extent to which investment purposes. In addition, the Portfolio generally does not intend the investment performance and risks associated with the Portfolio corre- to use leverage to increase its net investment exposure above approx- late to those of a particular ETF will depend upon the extent to which the imately 100% of the Portfolio’s net asset value or below 0%. The Portfo- Portfolio’s assets are allocated from time to time for investment in the ETF, lio may maintain a significant percentage of its assets in cash and cash which will vary. equivalent instruments, some of which may serve as margin or collateral Foreign Securities Risk: Investments in foreign securities, including for the Portfolio’s obligations under derivative transactions. depositary receipts, involve risks not associated with investing in U.S. secu- The Portfolio also may lend its portfolio securities to earn additional rities. Foreign markets, particularly emerging markets, may be less liquid, income. more volatile and subject to less government supervision than U.S. markets. Security values also may be negatively affected by changes in the exchange Principal Risks: An investment in the Portfolio is not a deposit of a rates between the U.S. dollar and foreign currencies. Differences between bank and is not insured or guaranteed by the Federal Deposit Insurance U.S. and foreign legal, political and economic systems, regulatory regimes Corporation or any other government agency. You may lose money by and market practices also may impact security values and it may take more investing in the Portfolio. Performance may be affected by one or more time to clear and settle trades involving foreign securities. of the following risks. Currency Risk: Investments in foreign currencies and in secu- Cash Management Risk: Upon entering into certain derivatives rities that trade in, or receive revenues in, or in derivatives that contracts, such as futures contracts, and to maintain open positions in provide exposure to foreign currencies are subject to the risk that certain derivatives contracts, the Portfolio may be required to post those currencies will decline in value relative to the U.S. dollar, or, collateral for the contract, the amount of which may vary. As such, the in the case of hedging positions, that the U.S. dollar will decline in Portfolio may maintain cash balances, including foreign currency balan- value relative to the currency being hedged. Any such decline may ces, which may be significant, with counterparties such as the Trust’s erode or reverse any potential gains from an investment in secu- custodian or its affiliates. The Portfolio is thus subject to counterparty rities denominated in foreign currency or may widen existing loss. risk and credit risk with respect to these arrangements. Currency rates may fluctuate significantly over short periods of Derivatives Risk: The Portfolio’s investments in derivatives may rise or time for a number of reasons, including changes in interest rates, fall in value more rapidly than other investments. Changes in the value of a intervention (or the failure to intervene) by governments, central derivative may not correlate perfectly or at all with the underlying asset, banks or supranational entities, or by the imposition of currency rate or index, and the Portfolio could lose more than the principal amount controls or other political developments in the U.S. or abroad. invested. Some derivatives can have the potential for unlimited losses. In Depositary Receipts Risk: Investments in depositary receipts addition, it may be difficult or impossible for the Portfolio to purchase or (including American Depositary Receipts, European Depositary sell certain derivatives in sufficient amounts to achieve the desired level of Receipts and Global Depositary Receipts) are generally subject to exposure, which may result in a loss or may be costly to the Portfolio. De- the same risks of investing in the foreign securities that they evi- rivatives also may be subject to certain other risks such as leveraging risk, dence or into which they may be converted. In addition, issuers interest rate risk, credit risk, the risk that a counterparty may be unable or underlying unsponsored depositary receipts may not provide as unwilling to honor its obligations, and the risk of mispricing or improper much information as U.S. issuers and issuers underlying sponsored valuation. Derivatives also may not behave as anticipated by the Portfolio, depositary receipts. Unsponsored depositary receipts also may not especially in abnormal market conditions. Changing regulation may make carry the same voting privileges as sponsored depositary receipts. derivatives more costly, limit their availability, impact the Portfolio’s ability to maintain its investments in derivatives, disrupt markets, or otherwise Geographic Concentration Risk: To the extent the Portfolio adversely affect their value or performance. invests a significant portion of its assets in securities of companies

AIMV 2 domiciled, or exercising the predominant part of their economic ac- requirements, and the Portfolio may have to sell securities at a time when it tivity, in one country or geographic region, it assumes the risk that may be disadvantageous to do so; and (g) transaction costs associated with economic, political, social and environmental conditions in that par- investments in futures contracts may be significant, which could cause or ticular country or region will have a significant impact on the Portfo- increase losses or reduce gains. Futures contracts are also subject to the lio’s investment performance and that the Portfolio’s performance same risks as the underlying investments to which they provide exposure. In will be more volatile than the performance of more geographically addition, futures contracts may subject the Portfolio to leveraging risk. diversified funds. The economies and financial markets of certain Index Strategy Risk: The Portfolio employs an index strategy, that regions can be highly interdependent and may decline all at the is, it generally invests in the securities included in its index or a repre- same time. In addition, certain areas are prone to natural disasters sentative sample of such securities regardless of market trends. The such as earthquakes, volcanoes, droughts or tsunamis and are eco- Portfolio generally will not modify its index strategy to respond to nomically sensitive to environmental events. changes in the economy, which means that it may be particularly Political/Economic Risk: Changes in economic and tax poli- susceptible to a general decline in the market segment relating to the cies, government instability, war or other political or economic ac- relevant index. In addition, although the index strategy attempts to tions or factors may have an adverse effect on the Portfolio’s closely track its benchmark index, the Portfolio may not invest in all of foreign investments. the securities in the index. Also, the Portfolio’s fees and expenses will reduce the Portfolio’s returns, unlike those of the benchmark index. Regulatory Risk: Less information may be available about for- Cash flow into and out of the Portfolio, portfolio transaction costs, eign companies. In general, foreign companies are not subject to changes in the securities that comprise the index, and the Portfolio’s uniform accounting, auditing and financial reporting standards or to valuation procedures also may affect the Portfolio’s performance. There- other regulatory practices and requirements as are U.S. companies. fore, there can be no assurance that the performance of the index Many foreign governments do not supervise and regulate stock ex- strategy will match that of the benchmark index. changes, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors Leveraging Risk: When the Portfolio leverages its holdings, the value that are comparable to U.S. securities laws. In addition, some coun- of an investment in the Portfolio will be more volatile and all other risks will tries may have legal systems that may make it difficult for the Portfo- tend to be compounded. For example, the Portfolio may take on leveraging lio to vote proxies, exercise shareholder rights, and pursue legal risk when it engages in derivatives transactions (such as futures and op- remedies with respect to its foreign investments. tions investments), invests collateral from securities loans or borrows money. The Portfolio may experience leveraging risk in connection with Settlement Risk: Settlement and clearance procedures in cer- investments in derivatives because its investments in derivatives may be tain foreign markets differ significantly from those in the United small relative to the investment exposure assumed, leaving more assets to States. Foreign settlement and clearance procedures and trade regu- be invested in other investments. Such investments may have the effect of lations also may involve certain risks (such as delays in payment for leveraging the Portfolio because the Portfolio may experience gains or or delivery of securities) not typically associated with the settlement losses not only on its investments in derivatives, but also on the invest- of U.S. investments. At times, settlements in certain foreign countries ments purchased with the remainder of the assets. If the value of the Port- have not kept pace with the number of securities transactions. These folio’s investments in derivatives is increasing, this could be offset by problems may make it difficult for the Portfolio to carry out trans- declining values of the Portfolio’s other investments. Conversely, it is actions. If the Portfolio cannot settle or is delayed in settling a pur- possible that the rise in the value of the Portfolio’s non-derivative invest- chase of securities, it may miss attractive investment opportunities ments could be offset by a decline in the value of the Portfolio’s invest- and certain of its assets may be uninvested with no return earned ments in derivatives. In either scenario, the Portfolio may experience losses. thereon for some period. If the Portfolio cannot settle or is delayed in In a market where the value of the Portfolio’s investments in derivatives is settling a sale of securities, it may lose money if the value of the declining and the value of its other investments is declining, the Portfolio security then declines or, if it has contracted to sell the security to may experience substantial losses. another party, the Portfolio could be liable for any losses incurred. Multiple Sub-Adviser Risk: The Adviser allocates the Portfolio’s Transaction Costs Risk: The costs of buying and selling for- assets among multiple Sub-Advisers, each of which is responsible for eign securities, including taxes, brokerage and custody costs, gen- investing its allocated portion of the Portfolio’s assets. To a significant erally are higher than those involving domestic transactions. extent, the Portfolio’s performance will depend on the success of the Adviser in allocating the Portfolio’s assets to Sub-Advisers and its se- Futures Contract Risk: The primary risks associated with the use of lection and oversight of the Sub-Advisers. Because each Sub-Adviser futures contracts are (a) the imperfect correlation between the change in manages its allocated portion of the Portfolio independently from market value of the instruments held by the Portfolio and the price of the another Sub-Adviser, the same security may be held in different portions futures contract; (b) liquidity risks, including the possible absence of a liquid of the Portfolio, or may be acquired for one portion of the Portfolio at a secondary market for a futures contract and the resulting inability to close a time when a Sub-Adviser to another portion deems it appropriate to dis- futures contract when desired; (c) losses (potentially unlimited) caused by pose of the security from that other portion, resulting in higher expenses unanticipated market movements; (d) an investment manager’s inability to without accomplishing any net result in the Portfolio’s holdings. Sim- predict correctly the direction of securities prices, interest rates, currency ilarly, under some market conditions, one Sub-Adviser may believe that exchange rates and other economic factors; (e) the possibility that a temporary, defensive investments in short-term instruments or cash are counterparty, clearing member or clearinghouse will default in the appropriate when another Sub-Adviser believes continued exposure to performance of its obligations; (f) if the Portfolio has insufficient cash, it the equity or debt markets is appropriate for its allocated portion of the may have to sell securities from its portfolio to meet daily variation margin

AIMV 3 Portfolio. Because each Sub-Adviser directs the trading for its own portion Volatility Management Risk: The Adviser from time to time of the Portfolio, and does not aggregate its transactions with those of the employs various volatility management techniques in managing the other Sub-Adviser, the Portfolio may incur higher brokerage costs than Portfolio, including the use of futures and options to manage equity would be the case if a single Sub-Adviser were managing the entire exposure. Although these actions are intended to reduce the overall risk Portfolio. In addition, while the Adviser seeks to allocate the Portfolio’s of investing in the Portfolio, they may not work as intended and may assets among the Portfolio’s Sub-Advisers in a manner that it believes is result in losses by the Portfolio or periods of underperformance, partic- consistent with achieving the Portfolio’s investment objective(s), the Ad- ularly during periods when market values are increasing but market viser may be subject to potential conflicts of interest in allocating the Port- volatility is high. The success of the Portfolio’s volatility management folio’s assets among Sub-Advisers, including affiliated Sub-Advisers, strategy will be subject to the Adviser’s ability to correctly assess the because the Adviser pays different fees to the Sub-Advisers and due to degree of correlation between the performance of the relevant market other factors that could impact the Adviser’s revenues and profits. index and the metrics used by the Adviser to measure market volatility. Since the characteristics of many securities change as markets change Regulatory Risk: The Adviser is registered with the Securities and or time passes, the success of the Portfolio’s volatility management Exchange Commission (“SEC”) as an investment adviser under the In- strategy also will be subject to the Adviser’s ability to continually re- vestment Advisers Act of 1940, as amended. The Adviser also is regis- calculate, readjust, and execute volatility management techniques (such tered with the Commodity Futures Trading Commission (“CFTC”) as a as options and futures transactions) in an efficient manner. In addition, commodity pool operator (“CPO”) under the Commodity Exchange Act, because market conditions change, sometimes rapidly and un- as amended, and, due to the Portfolio’s use of derivatives, serves as a predictably, the success of the volatility management strategy will be CPO with respect to the Portfolio. Being subject to dual regulation by subject to the Adviser’s ability to execute the strategy in a timely man- the SEC and the CFTC may increase compliance costs, which may be ner. Moreover, volatility management strategies may increase portfolio borne by the Portfolio and may affect Portfolio returns. transaction costs, which could cause or increase losses or reduce gains. Sector Risk: From time to time, based on market or economic con- For a variety of reasons, the Adviser may not seek to establish a perfect ditions, the Portfolio may have significant positions in one or more sec- correlation between the relevant market index and the metrics that the tors of the market. To the extent the Portfolio invests more heavily in Adviser uses to measure market volatility. In addition, it is not possible particular sectors, its performance will be especially sensitive to to manage volatility fully or perfectly. Futures contracts and other developments that significantly affect those sectors. Individual sectors instruments used in connection with the volatility management strategy may be more volatile, and may perform differently, than the broader are not necessarily held by the Portfolio to hedge the value of the market. The industries that constitute a sector may all react in the same Portfolio’s other investments and, as a result, these futures contracts way to economic, political or regulatory events. and other instruments may decline in value at the same time as the Portfolio’s investments. Any one or more of these factors may prevent Securities Lending Risk: The Portfolio may lend its portfolio secu- the Portfolio from achieving the intended volatility management or rities to seek income. There is a risk that a borrower may default on its could cause the Portfolio to underperform or experience losses (some of obligations to return loaned securities, however, the Portfolio’s secu- which may be sudden) or volatility for any particular period that may be rities lending agent may indemnify the Portfolio against that risk. The higher or lower. In addition, the use of volatility management tech- Portfolio will be responsible for the risks associated with the investment niques may not protect against market declines and may limit the of cash collateral, including any collateral invested in an affiliated Portfolio’s participation in market gains, even during periods when the money market fund. The Portfolio may lose money on its investment of market is rising. Volatility management techniques, when implemented cash collateral or may fail to earn sufficient income on its investment to effectively to reduce the overall risk of investing in the Portfolio, may meet obligations to the borrower. In addition, delays may occur in the result in underperformance by the Portfolio. For example, if the Portfolio recovery of securities from borrowers, which could interfere with the has reduced its overall exposure to equities to avoid losses in certain Portfolio’s ability to vote proxies or to settle transactions. market environments, the Portfolio may forgo some of the returns that Short Position Risk: The Portfolio may engage in short sales and can be associated with periods of rising equity values. The Portfolio’s may enter into derivative contracts that have a similar economic effect performance may be lower than similar funds where volatility manage- (e.g., taking a short position in a futures contract). The Portfolio will ment techniques are not used. In addition, volatility management tech- incur a loss as a result of a short position if the price of the asset sold niques may reduce potential losses and/or mitigate financial risks to short increases in value between the date of the short position sale and insurance companies that provide certain benefits and guarantees the date on which an offsetting position is purchased. Short positions available under the Contracts and offer the Portfolio as an investment may be considered speculative transactions and involve special risks option in their products. that could cause or increase losses or reduce gains, including greater reliance on the investment adviser’s ability to accurately anticipate the Risk/Return Bar Chart and Table future value of a security or instrument, potentially higher transaction The bar chart and table below provide some indication of the risks of costs, and imperfect correlation between the actual and desired level of investing in the Portfolio by showing changes in the Portfolio’s exposure. Because the Portfolio’s potential loss on a short position performance from year to year and by showing how the Portfolio’s arises from increases in the value of the asset sold short, the extent of average annual total returns for the past one year, five years, and since such loss, like the price of the asset sold short, is theoretically unlimited. inception through December 31, 2016 compared to the returns of a

AIMV 4 broad-based securities market index. The additional indexes show how WHO MANAGES THE PORTFOLIO the Portfolio’s performance compared with the returns of other indexes Investment Adviser: AXA Equitable Funds Management that have characteristics relevant to the Portfolio’s investment strat- Group, LLC (“FMG LLC” or the “Adviser”). egies, including volatility-managed indexes. The return of the broad- Portfolio Managers: The members of the team that are jointly and based securities market index (and any additional comparative index) primarily responsible for (i) the selection, monitoring and oversight of shown in the right hand column below is the return of the index for the the Portfolio’s Sub-Advisers, (ii) allocating the Portfolio’s assets among last 10 years or, if shorter, since the inception of the share class with investment styles and (iii) managing the Portfolio’s equity exposure are: the longest history. Past performance is not an indication of future performance. Date Began Managing The performance results do not reflect any Contract-related fees and Name Title the Portfolio expenses which would reduce the performance results. Kenneth T. Kozlowski, Executive Vice President May 2011 CFP®, CLU, ChFC and Chief Investment Officer of FMG LLC Calendar Year Annual Total Returns — Class IB Alwi Chan, CFA® Senior Vice President and May 2009 21.16% Deputy Chief Investment Officer of FMG LLC 16.60% Xavier Poutas, CFA® Assistant Portfolio May 2011 Manager of FMG LLC ® 4.75% Miao Hu, CFA Assistant Portfolio May 2016 Manager of FMG LLC

-0.13% Sub-Adviser: AllianceBernstein L.P. (“AllianceBernstein”) -2.40% -6.43% Portfolio Manager: The individual primarily responsible for the selection, research and trading of physical securities for the Portfolio is: -16.11% Date Began 2010 2011 2012 20132014 2015 2016 Managing Name Title the Portfolio Judith DeVivo Senior Vice President of May 2009 Best quarter (% and time period) Worst quarter (% and time period) AllianceBernstein 16.80% (2010 3rd Quarter) –20.97% (2011 3rd Quarter) Sub-Adviser: BlackRock Investment Management, LLC (“BlackRock”) Average Annual Total Returns One Five Since Portfolio Managers: The members of the team that are jointly and Year Years Inception primarily responsible for the selection, research and trading of futures AXA International Managed Volatility Portfolio – and options for the Portfolio are: Class IB Shares (Inception Date: October 29, 2009) –0.13% 5.20% 1.94% MSCI EAFE® Index (reflects no deduction for fees or expenses) 1.00% 6.53% 4.06% Date Began Volatility Managed Index – International (reflects Managing no deduction for fees or expenses) –1.69% 5.91% 3.60% Name Title the Portfolio International Proxy Index (reflects no deduction Alan Mason Managing Director of March 2014 for fees, expenses, or taxes) 2.13% 6.36% 3.60% BlackRock Volatility Managed Index – International Proxy ® (reflects no deduction for fees, expenses, or taxes) 0.01% 6.16% 3.69% Greg Savage, CFA Managing Director of May 2012 BlackRock Rachel M. Aguirre Director of BlackRock April 2016 Creighton Jue, CFA® Managing Director of April 2016 BlackRock

The Adviser has been granted relief by the Securities and Exchange Commission to hire, terminate and replace Sub-Advisers and amend sub-advisory agreements subject to the approval of the Board of Trust- ees and without obtaining shareholder approval. However, the Adviser may not enter into a sub-advisory agreement on behalf of the Portfolio with an “affiliated person” of the Adviser, such as AllianceBernstein L.P., unless the sub-advisory agreement is approved by the Portfolio’s shareholders. The Adviser is responsible for overseeing Sub-Advisers and recommending their hiring, termination and replacement to the Board of Trustees.

AIMV 5 PURCHASE AND REDEMPTION OF PORTFOLIO SHARES The Portfolio’s shares are currently sold only to insurance company separate accounts in connection with Contracts issued by AXA Equitable Life Insurance Company (“AXA Equitable”), AXA Life and Annuity Com- pany, or 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, to other portfolios managed by FMG LLC that currently sell their shares to such accounts and plans, and to other investors eligible under applicable federal income tax regulations. The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day (which typically is any day when the New York Stock Exchange is open) upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares.

PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES This Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and the Adviser and its affiliates may make payments to a sponsoring insurance company (or its affiliates) or other financial intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. Ask your financial adviser or visit your financial intermediary’s website for more information.

AIMV 6 EQ Advisors TrustSM

AXA/Janus Enterprise Portfolio – Class IA and IB Shares (formerly EQ/Morgan Stanley Mid Cap Growth Portfolio)

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks to achieve capital growth. turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, FEES AND EXPENSES OF THE PORTFOLIO affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 34% of the average value of The following table describes the fees and expenses that you may pay if the Portfolio. you buy and hold shares of the Portfolio. The table below does not reflect any fees and expenses associated with variable life insurance con- INVESTMENTS, RISKS, AND PERFORMANCE tracts and variable annuity certificates and contracts (“Contracts”), which would increase overall fees and expenses. See the Contract pro- Principal Investment Strategy: Under normal market conditions, spectus for a description of those fees and expenses. the Portfolio will invest at least 50% of its net assets, plus borrowings for investment purposes, in securities of medium-sized companies (or Shareholder Fees derivative instruments with similar economic characteristics). The Port- (fees paid directly from your investment) folio primarily invests in equity securities, including common stocks, Not applicable. preferred stocks, and rights and warrants to purchase common stock. For this Portfolio, medium-sized companies are defined as companies with capitalizations at the time of investment within the range of Annual Portfolio Operating Expenses companies included in the Russell Midcap® Growth Index. As of De- (expenses that you pay each year as a percentage of the value of your investment) cember 31, 2016, the market capitalization range of the Russell Mid- ® Class IA Class IB Cap Growth Index was $0.2 billion to $57.1 billion. AXA/Janus Enterprise Portfolio Shares Shares The Sub-Adviser applies a “bottom up” approach in choosing invest- Management Fee 0.70% 0.70% ments. In other words, the Sub-Adviser looks at companies one at a Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% Other Expenses 0.13% 0.13% time to determine if a company is an attractive investment opportunity Total Annual Portfolio Operating Expenses 1.08% 1.08% and if it is consistent with the Portfolio’s investment policies. The Portfolio may invest in securities of foreign issuers, including emerg- Example ing market securities and depositary receipts. The securities in which the Portfolio may invest may be denominated in U.S. dollars or in currencies This Example is intended to help you compare the cost of investing in the other than U.S. dollars. The Portfolio may also invest in real estate in- Portfolio with the cost of investing in other portfolios. The Example as- vestment trusts (“REITs”). sumes that you invest $10,000 in the Portfolio for the periods indicated and then redeem all of your shares at the end of these periods. The Exam- The Portfolio may also invest its assets in derivatives, which are instru- ple also assumes that your investment has a 5% return each year and that ments that have a value derived from, or directly linked to, an under- the Portfolio’s operating expenses remain the same. This Example does not lying asset, such as equity securities, fixed-income securities, reflect any Contract-related fees and expenses including redemption fees (if commodities, currencies, interest rates, or market indices. In particular, any) at the Contract level. If such fees and expenses were reflected, the the Portfolio may use forward currency contracts to offset risks asso- total expenses would be higher. Although your actual costs may be higher ciated with an investment, currency exposure, or market conditions, or or lower, based on these assumptions your costs would be: to hedge currency exposure relative to the Portfolio’s benchmark index. The Portfolio also may lend its portfolio securities to earn additional income. 1 Year 3 Years 5 Years 10 Years Class IA Shares $110 $343 $595 $1,317 Principal Risks: An investment in the Portfolio is not a deposit of a Class IB Shares $110 $343 $595 $1,317 bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You may lose money by investing in the Portfolio. Performance may be affected by one or more PORTFOLIO TURNOVER of the following risks. The Portfolio pays transaction costs, such as commissions, when it buys Derivatives Risk: The Portfolio’s investments in derivatives may rise or and sells securities (or “turns over” its portfolio). A higher portfolio fall in value more rapidly than other investments. Changes in the value of a

AJEG 1 derivative may not correlate perfectly or at all with the underlying asset, susceptible to loss than investments in developed markets. In addi- rate or index, and the Portfolio could lose more than the principal amount tion, the risks associated with investing in a narrowly defined invested. Some derivatives can have the potential for unlimited losses. In geographic area are generally more pronounced with respect to addition, it may be difficult or impossible for the Portfolio to purchase or sell investments in emerging market countries. certain derivatives in sufficient amounts to achieve the desired level of ex- Investment Style Risk: The Portfolio may use a particular style or posure, which may result in a loss or may be costly to the Portfolio. De- set of styles — in this case “growth” styles — to select investments. rivatives also may be subject to certain other risks such as leveraging risk, Those styles may be out of favor or may not produce the best results interest rate risk, credit risk, the risk that a counterparty may be unable or over short or longer time periods. Growth stocks may be more sensitive unwilling to honor its obligations, and the risk of mispricing or improper to changes in current or expected earnings than the prices of other valuation. Derivatives also may not behave as anticipated by the Portfolio, stocks. Growth investing also is subject to the risk that the stock price especially in abnormal market conditions. Changing regulation may make of one or more companies will fall or will fail to appreciate as antici- derivatives more costly, limit their availability, impact the Portfolio’s ability pated, regardless of movements in the securities market. Growth stocks to maintain its investments in derivatives, disrupt markets, or otherwise also tend to be more volatile than value stocks, so in a declining market adversely affect their value or performance. their prices may decrease more than value stocks in general. Growth Equity Risk: In general, stocks and other equity security values fluc- stocks also may increase the volatility of the Portfolio’s share price. tuate, and sometimes widely fluctuate, in response to changes in a Mid-Cap Company Risk: The Portfolio’s investments in mid-cap company’s financial condition as well as general market, economic and companies may involve greater risks than investments in larger, more political conditions and other factors. established issuers because mid-cap companies generally are more vulner- Foreign Securities Risk: Investments in foreign securities, including able than larger companies to adverse business or economic develop- depositary receipts, involve risks not associated with investing in U.S. secu- ments. Such companies generally have narrower product lines, more rities. Foreign markets, particularly emerging markets, may be less liquid, limited financial and management resources and more limited markets for more volatile and subject to less government supervision than U.S. mar- their stock as compared with larger companies. As a result, the value of kets. Security values also may be negatively affected by changes in the such securities may be more volatile than the securities of larger compa- exchange rates between the U.S. dollar and foreign currencies. Differences nies, and the Portfolio may experience difficulty in purchasing or selling between U.S. and foreign legal, political and economic systems, regulatory such securities at the desired time and price or in the desired amount. regimes and market practices also may impact security values and it may Real Estate Investing Risk: Real estate-related investments may de- take more time to clear and settle trades involving foreign securities. cline in value as a result of factors affecting the overall real estate industry. Currency Risk: Investments in foreign currencies and in secu- Real estate is a cyclical business, highly sensitive to supply and demand, rities that trade in, or receive revenues in, or in derivatives that general and local economic developments and characterized by intense provide exposure to foreign currencies are subject to the risk that competition and periodic overbuilding. Real estate income and values also those currencies will decline in value relative to the U.S. dollar, or, may be greatly affected by demographic trends, such as population shifts or in the case of hedging positions, that the U.S. dollar will decline in changing tastes and values. Losses may occur from casualty or con- value relative to the currency being hedged. Any such decline may demnation and government actions, such as tax law changes, zoning law erode or reverse any potential gains from an investment in secu- changes, regulatory limitations on rents, or environmental regulations, also rities denominated in foreign currency or may widen existing loss. may have a major impact on real estate. The availability of mortgages and Currency rates may fluctuate significantly over short periods of changes in interest rates may also affect real estate values. Changing inter- time for a number of reasons, including changes in interest rates, est rates and credit quality requirements also will affect the cash flow of real intervention (or the failure to intervene) by governments, central estate companies and their ability to meet capital needs. Real Estate banks or supranational entities, or by the imposition of currency Investment Trusts (“REITs”) generally invest directly in real estate (equity controls or other political developments in the U.S. or abroad. REITs), in mortgages secured by interests in real estate (mortgage REITs) or in some combination of the two (hybrid REITs). Investing in REITs exposes Depositary Receipts Risk: Investments in depositary receipts investors to the risks of owning real estate directly, as well as to risks that (including American Depositary Receipts, European Depositary relate specifically to the way in which REITs are organized and operated. Receipts and Global Depositary Receipts) are generally subject to Equity REITs may be affected by changes in the value of the underlying the same risks of investing in the foreign securities that they evi- property owned by the REIT, while mortgage REITs may be affected by the dence or into which they may be converted. In addition, issuers quality of any credit extended. Equity and mortgage REITs are also subject to underlying unsponsored depositary receipts may not provide as heavy cash flow dependency, defaults by borrowers, and self-liquidations. much information as U.S. issuers and issuers underlying sponsored The risk of defaults is generally higher in the case of mortgage pools that depositary receipts. Unsponsored depositary receipts also may not include subprime mortgages involving borrowers with blemished credit his- carry the same voting privileges as sponsored depositary receipts. tories. Individual REITs may own a limited number of properties and may Emerging Markets Risk: There are greater risks involved in concentrate in a particular region or property type. Domestic REITs also must investing in emerging market countries and/or their securities satisfy specific Internal Revenue Code requirements to qualify for the tax-free markets. Investments in these countries and/or markets may pres- pass-through of net investment income and net realized gains. Failure to ent market, credit, currency, liquidity, legal, political, technical and meet these requirements may have adverse consequences on the Portfolio. other risks different from, or greater than, the risks of investing in In addition, even the larger REITs in the industry tend to be small- to developed countries. Investments in emerging markets are more medium-sized companies in relation to the equity markets as a whole.

AJEG 2 Moreover, shares of REITs may trade less frequently and, therefore, are sub- Average Annual Total Returns ject to more erratic price movements than securities of larger issuers. Ten One Five Years/Since Sector Risk: From time to time, based on market or economic con- Year Years Inception ditions, the Portfolio may have significant positions in one or more sec- AXA/Janus Enterprise Portfolio – Class IA Shares –4.34% 6.23% 5.41% tors of the market. To the extent the Portfolio invests more heavily in AXA/Janus Enterprise Portfolio – Class IB particular sectors, its performance will be especially sensitive to Shares –4.33% 6.24% 5.28% developments that significantly affect those sectors. Individual sectors Russell Midcap® Growth Index (reflects no deduction for fees, expenses, or taxes) 7.33% 13.51% 7.83% may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. WHO MANAGES THE PORTFOLIO Securities Lending Risk: The Portfolio may lend its portfolio secu- Investment Adviser: FMG LLC rities to seek income. There is a risk that a borrower may default on its Portfolio Managers: The members of the team that are jointly and obligations to return loaned securities, however, the Portfolio’s secu- primarily responsible for the selection, monitoring and oversight of the rities lending agent may indemnify the Portfolio against that risk. The Portfolio will be responsible for the risks associated with the investment Portfolio’s Sub-Adviser are: of cash collateral, including any collateral invested in an affiliated Date Began money market fund. The Portfolio may lose money on its investment of Managing cash collateral or may fail to earn sufficient income on its investment to Name Title the Portfolio meet obligations to the borrower. In addition, delays may occur in the Kenneth T. Kozlowski, Executive Vice President May 2011 recovery of securities from borrowers, which could interfere with the CFP®, CLU, ChFC and Chief Investment Portfolio’s ability to vote proxies or to settle transactions. Officer of FMG LLC Alwi Chan, CFA® Senior Vice President May 2009 Risk/Return Bar Chart and Table and Deputy Chief Investment Officer of The bar chart and table below provide some indication of the risks of FMG LLC investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and by showing how the Portfolio’s Sub-Adviser: Janus Capital Management LLC average annual total returns for the past one year, five years and ten (“Janus”) years (or since inception) through December 31, 2016 compared to the returns of a broad-based securities market index. The return of the Portfolio Managers: The members of the team that are jointly and broad-based securities market index (and any additional comparative primarily responsible for the securities selection, research and trading index) shown in the right hand column below is the return of the index for the Portfolio are: for the last 10 years or, if shorter, since the inception of the share class Date Began with the longest history. Past performance is not an indication of future Managing performance. Performance information for the periods prior to De- Name Title the Portfolio cember 9, 2016 is that of the Portfolio when it engaged a different Sub- Brian Demain, CFA Executive Vice President of December 2016 Adviser under the name “EQ/Morgan Stanley Mid Cap Growth Janus and Co-Portfolio Portfolio.” Manager of the Portfolio Cody Wheaton, CFA Executive Vice President of December 2016 The performance results do not reflect any Contract-related fees and Janus and Co-Portfolio expenses, which would reduce the performance results. Manager of the Portfolio

Calendar Year Annual Total Returns — Class IB AXA Equitable Funds Management Group, LLC (“FMG LLC” or the 57.07% “Adviser”) has been granted relief by the Securities and Exchange 32.31% 38.60% 22.38% Commission to hire, terminate and replace Sub-Advisers and amend 8.77% sub-advisory agreements subject to the approval of the Board of Trust- ees and without obtaining shareholder approval. However, the Adviser -0.73% -5.49% -4.33% -7.74% may not enter into a sub-advisory agreement on behalf of the Portfolio -47.32% with an “affiliated person” of the Adviser, such as AllianceBernstein L.P., unless the sub-advisory agreement is approved by the Portfolio’s 20072008 2009 2010 2011 2012 2013 2014 2015 2016 shareholders. The Adviser is responsible for overseeing Sub-Advisers and recommending their hiring, termination and replacement to the Best quarter (% and time period) Worst quarter (% and time period) 25.65% (2009 2nd Quarter) –26.81% (2008 4th Quarter) Board of Trustees.

AJEG 3 PURCHASE AND REDEMPTION OF PORTFOLIO SHARES The Portfolio’s shares are currently sold only to insurance company separate accounts in connection with Contracts issued by AXA Equitable Life Insurance Company (“AXA Equitable”), AXA Life and Annuity Company, or 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, to other portfolios managed by FMG LLC that currently sell their shares to such accounts and plans and to other investors eligible under applicable federal income tax regulations. The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day (which typically is any day the New York Stock Exchange is open) upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares.

PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES This Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and the Adviser and its affiliates may make payments to a sponsoring insurance company (or its affiliates) or other financial intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. Ask your financial adviser or visit your financial intermediary’s website for more information.

AJEG 4 EQ Advisors TrustSM

AXA Large Cap Core Managed Volatility Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks to achieve long-term growth of capital PORTFOLIO TURNOVER with an emphasis on risk-adjusted returns and managing volatility in The Portfolio pays transaction costs, such as commissions, when it the Portfolio. buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, FEES AND EXPENSES OF THE PORTFOLIO which are not reflected in annual fund operating expenses or in the The following table describes the fees and expenses that you may pay if Example, affect the Portfolio’s performance. During the most recent you buy and hold shares of the Portfolio. The table below does not re- fiscal year, the Portfolio’s portfolio turnover rate was 16% of the aver- flect any fees and expenses associated with variable life insurance con- age value of the Portfolio. tracts and variable annuity certificates and contracts (“Contracts”), which would increase overall fees and expenses. See the Contract pro- INVESTMENTS, RISKS, AND PERFORMANCE spectus for a description of those fees and expenses. Principal Investment Strategy: Under normal circumstances, the Port- Shareholder Fees folio intends to invest at least 80% of its net assets, plus borrowings for (fees paid directly from your investment) investment purposes, in securities of large-cap companies (or other financial Not applicable. instruments that derive their value from the securities of such companies). Large-cap companies mean those companies with market capitalizations within the range of at least one of the following indices at the time of pur- Annual Portfolio Operating Expenses ® (expenses that you pay each year as a percentage of the value of chase: Standard & Poor’s 500 Composite Stock Index (“S&P 500 Index”) your investment) (market capitalization range of approximately $2.4 billion - $617.6 billion Class IA Class IB as of December 31, 2016), Russell 1000® Index (market capitalization AXA Large Cap Core Managed Volatility Portfolio Shares Shares range of approximately $0.2 billion - $617.6 billion as of December 31, Management Fee 0.49% 0.49% 2016), Morningstar Large Core Index (market capitalization range of Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% approximately $18.8 billion - $617.6 billion as of December 31, 2016). Other Expenses 0.15% 0.15% Acquired Fund Fees and Expenses 0.01% 0.01% The Portfolio’s assets normally are allocated among three or more Total Annual Portfolio Operating Expenses 0.90% 0.90% investment managers, each of which manages its portion of the Portfo- lio using a different but complementary investment strategy. One por- Example tion of the Portfolio is actively managed (“Active Allocated Portion”); one portion of the Portfolio seeks to track the performance of a partic- This Example is intended to help you compare the cost of investing in ular index (“Index Allocated Portion”); and one portion of the Portfolio the Portfolio with the cost of investing in other portfolios. The Example invests in exchange-traded funds (“ETFs”) (“ETF Allocated Portion”). assumes that you invest $10,000 in the Portfolio for the periods in- Under normal circumstances, the Active Allocated Portion consists of dicated and then redeem all of your shares at the end of these periods. approximately 30% of the Portfolio’s net assets, the Index Allocated The Example also assumes that your investment has a 5% return each Portion consists of approximately 60% of the Portfolio’s net assets and year and that the Portfolio’s operating expenses remain the same. This the ETF Allocated Portion consists of approximately 10% of the Portfo- Example does not reflect any Contract-related fees and expenses lio’s net assets. These percentages are targets established by the Ad- including redemption fees (if any) at the Contract level. If such fees viser; actual allocations may deviate from these targets. and expenses were reflected, the total expenses would be higher. Al- though your actual costs may be higher or lower, based on these as- The Active Allocated Portion invests primarily in equity securities of sumptions your costs would be: companies that, in the view of the Sub-Advisers, have either above average growth prospects, or are selling at reasonable valuations, or 1 Year 3 Years 5 Years 10 Years both. The Sub-Advisers may sell a security for a variety of reasons, such Class IA Shares $92 $287 $498 $1,108 as to make other investments believed by a Sub-Adviser to offer Class IB Shares $92 $287 $498 $1,108 superior investment opportunities.

ALCCMV 1 The Index Allocated Portion of the Portfolio seeks to track the perform- Cash Management Risk: Upon entering into certain derivatives ance (before fees and expenses) of the S&P 500 with minimal tracking contracts, such as futures contracts, and to maintain open positions in error. This strategy is commonly referred to as an indexing strategy. certain derivatives contracts, the Portfolio may be required to post Generally, the Index Allocated Portion uses a full replication technique, collateral for the contract, the amount of which may vary. As such, the although in certain instances a sampling approach may be utilized for a Portfolio may maintain cash balances, including foreign currency balan- portion of the Index Allocated Portion. The Index Allocated Portion also ces, which may be significant, with counterparties such as the Trust’s may invest in other instruments, such as futures and options contracts, custodian or its affiliates. The Portfolio is thus subject to counterparty that provide comparable exposure as the index without buying the un- risk and credit risk with respect to these arrangements. derlying securities comprising the index. Derivatives Risk: The Portfolio’s investments in derivatives may rise or AXA Equitable Funds Management Group, LLC (“FMG LLC” or the fall in value more rapidly than other investments. Changes in the value of a “Adviser”) also may utilize futures and options, such as exchange- derivative may not correlate perfectly or at all with the underlying asset, traded futures and options contracts on securities indices, to manage rate or index, and the Portfolio could lose more than the principal amount equity exposure. Futures and options can provide exposure to the per- invested. Some derivatives can have the potential for unlimited losses. In formance of a securities index without buying the underlying securities addition, it may be difficult or impossible for the Portfolio to purchase or comprising the index. They also provide a means to manage the Portfo- sell certain derivatives in sufficient amounts to achieve the desired level of lio’s equity exposure without having to buy or sell securities. When exposure, which may result in a loss or may be costly to the Portfolio. De- market volatility is increasing above specific thresholds set for the rivatives also may be subject to certain other risks such as leveraging risk, Portfolio, the Adviser may limit equity exposure either by reducing interest rate risk, credit risk, the risk that a counterparty may be unable or investments in securities, shorting or selling long futures and options unwilling to honor its obligations, and the risk of mispricing or improper positions on an index, increasing cash levels, and/or shorting an index. valuation. Derivatives also may not behave as anticipated by the Portfolio, During such times, the Portfolio’s exposure to equity securities may be especially in abnormal market conditions. Changing regulation may make significantly less than that of a traditional equity portfolio. Volatility is a derivatives more costly, limit their availability, impact the Portfolio’s ability statistical measure of the magnitude of changes in the Portfolio’s re- to maintain its investments in derivatives, disrupt markets, or otherwise adversely affect their value or performance. turns, without regard to the direction of those changes. Higher volatility generally indicates higher risk and is often reflected by frequent and Equity Risk: In general, stocks and other equity security values fluc- sometimes significant movements up and down in value. The Portfolio tuate, and sometimes widely fluctuate, in response to changes in a may invest up to 25% of its assets in derivatives. It is anticipated that company’s financial condition as well as general market, economic and the Portfolio’s derivative instruments will consist primarily of exchange- political conditions and other factors. traded futures and options contracts on securities indices, but the ETFs Risk: The Portfolio will indirectly bear fees and expenses paid by Portfolio also may utilize other types of derivatives. The Portfolio’s in- the ETFs in which it invests, in addition to the Portfolio’s direct fees and vestments in derivatives may be deemed to involve the use of leverage expenses. The cost of investing in the Portfolio, therefore, may be higher because the Portfolio is not required to invest the full market value of than the cost of investing in a mutual fund that exclusively invests directly the contract upon entering into the contract but participates in gains in individual stocks and bonds. In addition, the Portfolio’s net asset value and losses on the full contract price. The use of derivatives also may be will be subject to fluctuations in the market values of the ETFs in which it deemed to involve the use of leverage because the heightened price invests. The Portfolio is also subject to the risks associated with the secu- sensitivity of some derivatives to market changes may magnify the Port- rities or other investments in which the ETFs invest and the ability of the folio’s gain or loss. It is not generally expected, however, that the Portfolio to meet its investment objective will directly depend on the abil- Portfolio will be leveraged by borrowing money for investment pur- ity of the ETFs to meet their investment objectives. There is also the risk poses. In addition, the Portfolio generally does not intend to use lever- that an ETF’s performance may not match that of the relevant index. It is age to increase its net investment exposure above approximately 100% also possible that an active trading market for an ETF may not develop or of the Portfolio’s net asset value or below 0%. The Portfolio may main- be maintained, in which case the liquidity and value of the Portfolio’s tain a significant percentage of its assets in cash and cash equivalent investment in the ETF could be substantially and adversely affected. The instruments, some of which may serve as margin or collateral for the extent to which the investment performance and risks associated with the Portfolio’s obligations under derivative transactions. Portfolio correlate to those of a particular ETF will depend upon the ex- The ETF Allocated Portion invests in ETFs (the “Underlying ETFs”) that tent to which the Portfolio’s assets are allocated from time to time for meet the investment criteria of the Portfolio as a whole. The Underlying investment in the ETF, which will vary. ETFs in which the ETF Allocated Portion may invest may be changed Futures Contract Risk: The primary risks associated with the use from time to time without notice or shareholder approval. of futures contracts are (a) the imperfect correlation between the The Portfolio also may lend its portfolio securities to earn additional income. change in market value of the instruments held by the Portfolio and the price of the futures contract; (b) liquidity risks, including the possible Principal Risks: An investment in the Portfolio is not a deposit of a absence of a liquid secondary market for a futures contract and the re- bank and is not insured or guaranteed by the Federal Deposit Insurance sulting inability to close a futures contract when desired; (c) losses Corporation or any other government agency. You may lose money by (potentially unlimited) caused by unanticipated market movements; (d) investing in the Portfolio. Performance may be affected by one or more an investment manager’s inability to predict correctly the direction of of the following risks. securities prices, interest rates, currency exchange rates and other eco-

ALCCMV 2 nomic factors; (e) the possibility that a counterparty, clearing member or to another portion deems it appropriate to dispose of the security from clearinghouse will default in the performance of its obligations; (f) if the that other portion, resulting in higher expenses without accomplishing any Portfolio has insufficient cash, it may have to sell securities from its net result in the Portfolio’s holdings. Similarly, under some market con- portfolio to meet daily variation margin requirements, and the Portfolio ditions, one Sub-Adviser may believe that temporary, defensive investments in short-term instruments or cash are appropriate when another may have to sell securities at a time when it may be disadvantageous to Sub-Adviser believes continued exposure to the equity or debt markets is do so; and (g) transaction costs associated with investments in futures appropriate for its allocated portion of the Portfolio. Because each Sub- contracts may be significant, which could cause or increase losses or Adviser directs the trading for its own portion of the Portfolio, and does reduce gains. Futures contracts are also subject to the same risks as the not aggregate its transactions with those of the other Sub-Adviser, the underlying investments to which they provide exposure. In addition, Portfolio may incur higher brokerage costs than would be the case if a futures contracts may subject the Portfolio to leveraging risk. single Sub-Adviser were managing the entire Portfolio. In addition, while the Adviser seeks to allocate the Portfolio’s assets among the Portfolio’s Index Strategy Risk: The Portfolio employs an index strategy, that is, Sub-Advisers in a manner that it believes is consistent with achieving the it generally invests in the securities included in its index or a representative Portfolio’s investment objective(s), the Adviser may be subject to potential sample of such securities regardless of market trends. The Portfolio gen- conflicts of interest in allocating the Portfolio’s assets among Sub- erally will not modify its index strategy to respond to changes in the Advisers, including affiliated Sub-Advisers, because the Adviser pays economy, which means that it may be particularly susceptible to a general different fees to the Sub-Advisers and due to other factors that could im- decline in the market segment relating to the relevant index. In addition, pact the Adviser’s revenues and profits. although the index strategy attempts to closely track its benchmark index, Regulatory Risk: The Adviser is registered with the Securities and the Portfolio may not invest in all of the securities in the index. Also, the Exchange Commission (“SEC”) as an investment adviser under the Portfolio’s fees and expenses will reduce the Portfolio’s returns, unlike those Investment Advisers Act of 1940, as amended. The Adviser also is regis- of the benchmark index. Cash flow into and out of the Portfolio, portfolio tered with the Commodity Futures Trading Commission (“CFTC”) as a transaction costs, changes in the securities that comprise the index, and the commodity pool operator (“CPO”) under the Commodity Exchange Act, Portfolio’s valuation procedures also may affect the Portfolio’s performance. as amended, and, due to the Portfolio’s use of derivatives, serves as a Therefore, there can be no assurance that the performance of the index CPO with respect to the Portfolio. Being subject to dual regulation by the strategy will match that of the benchmark index. SEC and the CFTC may increase compliance costs, which may be borne by the Portfolio and may affect Portfolio returns. Large-Cap Company Risk: Larger more established companies may be unable to respond quickly to new competitive challenges such as Sector Risk: From time to time, based on market or economic conditions, changes in technology and consumer tastes. Many larger companies also the Portfolio may have significant positions in one or more sectors of the may not be able to attain the high growth rate of successful smaller market. To the extent the Portfolio invests more heavily in particular sectors, companies, especially during extended periods of economic expansion. its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform Leveraging Risk: When the Portfolio leverages its holdings, the value differently, than the broader market. The industries that constitute a sector of an investment in the Portfolio will be more volatile and all other risks will may all react in the same way to economic, political or regulatory events. tend to be compounded. For example, the Portfolio may take on leveraging risk when it engages in derivatives transactions (such as futures and op- Securities Lending Risk: The Portfolio may lend its portfolio securities tions investments), invests collateral from securities loans or borrows to seek income. There is a risk that a borrower may default on its obligations money. The Portfolio may experience leveraging risk in connection with to return loaned securities, however, the Portfolio’s securities lending agent investments in derivatives because its investments in derivatives may be may indemnify the Portfolio against that risk. The Portfolio will be respon- small relative to the investment exposure assumed, leaving more assets to sible for the risks associated with the investment of cash collateral, including be invested in other investments. Such investments may have the effect of any collateral invested in an affiliated money market fund. The Portfolio may leveraging the Portfolio because the Portfolio may experience gains or lose money on its investment of cash collateral or may fail to earn sufficient losses not only on its investments in derivatives, but also on the invest- income on its investment to meet obligations to the borrower. In addition, ments purchased with the remainder of the assets. If the value of the Port- delays may occur in the recovery of securities from borrowers, which could folio’s investments in derivatives is increasing, this could be offset by interfere with the Portfolio’s ability to vote proxies or to settle transactions. declining values of the Portfolio’s other investments. Conversely, it is Short Position Risk: The Portfolio may engage in short sales and possible that the rise in the value of the Portfolio’s non-derivative invest- may enter into derivative contracts that have a similar economic effect ments could be offset by a decline in the value of the Portfolio’s invest- (e.g., taking a short position in a futures contract). The Portfolio will ments in derivatives. In either scenario, the Portfolio may experience losses. incur a loss as a result of a short position if the price of the asset sold In a market where the value of the Portfolio’s investments in derivatives is short increases in value between the date of the short position sale and declining and the value of its other investments is declining, the Portfolio the date on which an offsetting position is purchased. Short positions may experience substantial losses. may be considered speculative transactions and involve special risks Multiple Sub-Adviser Risk: The Adviser allocates the Portfolio’s that could cause or increase losses or reduce gains, including greater assets among multiple Sub-Advisers, each of which is responsible for reliance on the investment adviser’s ability to accurately anticipate the future value of a security or instrument, potentially higher transaction investing its allocated portion of the Portfolio’s assets. To a significant costs, and imperfect correlation between the actual and desired level of extent, the Portfolio’s performance will depend on the success of the Ad- exposure. Because the Portfolio’s potential loss on a short position viser in allocating the Portfolio’s assets to Sub-Advisers and its selection arises from increases in the value of the asset sold short, the extent of and oversight of the Sub-Advisers. Because each Sub-Adviser manages its such loss, like the price of the asset sold short, is theoretically unlimited. allocated portion of the Portfolio independently from another Sub-Adviser, the same security may be held in different portions of the Portfolio, or may Volatility Management Risk: The Adviser from time to time em- be acquired for one portion of the Portfolio at a time when a Sub-Adviser ploys various volatility management techniques in managing the Portfolio,

ALCCMV 3 including the use of futures and options to manage equity exposure. Al- The performance results do not reflect any Contract-related fees and though these actions are intended to reduce the overall risk of investing in expenses, which would reduce the performance results. the Portfolio, they may not work as intended and may result in losses by the Portfolio or periods of underperformance, particularly during periods Calendar Year Annual Total Returns — Class IB when market values are increasing but market volatility is high. The suc- 31.61% cess of the Portfolio’s volatility management strategy will be subject to the 26.50% Adviser’s ability to correctly assess the degree of correlation between the performance of the relevant market index and the metrics used by the 14.27% 14.92% 11.68% Adviser to measure market volatility. Since the characteristics of many 9.78% 3.90% securities change as markets change or time passes, the success of the 0.34% Portfolio’s volatility management strategy also will be subject to the Ad- viser’s ability to continually recalculate, readjust, and execute volatility -4.24% management techniques (such as options and futures transactions) in an efficient manner. In addition, because market conditions change, sometimes rapidly and unpredictably, the success of the volatility management strategy will be subject to the Adviser’s ability to execute the strategy in a timely manner. Moreover, volatility management strategies may increase -37.42% portfolio transaction costs, which could cause or increase losses or reduce 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 gains. For a variety of reasons, the Adviser may not seek to establish a perfect correlation between the relevant market index and the metrics Best quarter (% and time period) Worst quarter (% and time period) that the Adviser uses to measure market volatility. In addition, it is not 15.69% (2009 2nd Quarter) –21.76% (2008 4th Quarter) possible to manage volatility fully or perfectly. Futures contracts and other instruments used in connection with the volatility management strategy are not necessarily held by the Portfolio to hedge the value of the Portfo- Average Annual Total Returns lio’s other investments and, as a result, these futures contracts and other Ten One Five Years/Since instruments may decline in value at the same time as the Portfolio’s Year Years Inception investments. Any one or more of these factors may prevent the Portfolio AXA Large Cap Core Managed Volatility from achieving the intended volatility management or could cause the Portfolio – Class IA Shares 9.78% 13.22% 5.44% Portfolio to underperform or experience losses (some of which may be AXA Large Cap Core Managed Volatility sudden) or volatility for any particular period that may be higher or lower. Portfolio – Class IB Shares 9.78% 13.22% 5.29% S&P 500 Index (reflects no deduction for In addition, the use of volatility management techniques may not protect fees, expenses, or taxes) 11.96% 14.66% 6.95% against market declines and may limit the Portfolio’s participation in mar- Volatility Managed Index – Large Cap ket gains, even during periods when the market is rising. Volatility man- Core (reflects no deduction for fees, agement techniques, when implemented effectively to reduce the overall expenses, or taxes) 11.04% 14.80% 8.80% risk of investing in the Portfolio, may result in underperformance by the Portfolio. For example, if the Portfolio has reduced its overall exposure to WHO MANAGES THE PORTFOLIO equities to avoid losses in certain market environments, the Portfolio may forgo some of the returns that can be associated with periods of rising Investment Adviser: FMG LLC equity values. The Portfolio’s performance may be lower than similar funds where volatility management techniques are not used. In addition, Portfolio Managers: The members of the team that are jointly and volatility management techniques may reduce potential losses and/or primarily responsible for (i) the selection, monitoring and oversight of mitigate financial risks to insurance companies that provide certain bene- the Portfolio’s Sub-Advisers, (ii) allocating assets among the Portfolio’s fits and guarantees available under the Contracts and offer the Portfolio Allocated Portions, (iii) managing the Portfolio’s equity exposure and as an investment option in their products. (iv) the selection of investments in exchange-traded funds for the Portfolio’s ETF Allocated Portion are: Risk/Return Bar Chart and Table Date Began The bar chart and table below provide some indication of the risks of in- Managing vesting in the Portfolio by showing changes in the Portfolio’s performance Name Title the Portfolio from year to year and by showing how the Portfolio’s average annual to- Kenneth T. Kozlowski, Executive Vice President May 2011 tal returns for the past one, five and ten years (or since inception) through CFP®, CLU, ChFC and Chief Investment December 31, 2016 compared to the returns of a broad-based securities Officer of FMG LLC market index. The additional index shows how the Portfolio’s perform- Alwi Chan, CFA® Senior Vice President May 2009 ance compared with the returns of a volatility managed index. The return and Deputy Chief of the broad-based securities market index (and any additional com- Investment Officer of parative index) shown in the right hand column below is the return of the FMG LLC index for the last 10 years or, if shorter, since the inception of the share Xavier Poutas, CFA® Assistant Portfolio May 2011 class with the longest history. Past performance is not an indication of Manager of FMG LLC future performance. Miao Hu, CFA® Assistant Portfolio May 2016 Manager of FMG LLC

ALCCMV 4 Sub-Adviser: Capital Guardian Trust Company (“Capital Sub-Adviser: BlackRock Investment Management, LLC Guardian”) (“BlackRock”) Portfolio Managers: The members of the team that are jointly and Portfolio Managers: The members of the team that are jointly and primarily responsible for the securities selection, research and trading primarily responsible for the securities selection, research and trading for a portion of the Active Allocated Portion of the Portfolio are: for the Index Allocated Portion of the Portfolio are:

Date Began Date Began Managing Managing Name Title the Portfolio Name Title the Portfolio Carlos Schonfeld Co-research portfolio June 2013 Alan Mason Managing Director of March 2014 coordinator and Partner of the BlackRock Capital International Investors Greg Savage, Managing Director and May 2012 division of Capital Research ® and Management Company, CFA Portfolio Manager of an affiliate of Capital Guardian BlackRock Cheryl E. Frank Co-research portfolio June 2013 Rachel M. Aguirre Director of BlackRock April 2016 coordinator and Partner of the Creighton Jue, Managing Director of April 2016 Capital International Investors CFA® BlackRock division of Capital Research and Management Company, an affiliate of Capital Guardian The Adviser has been granted relief by the Securities and Exchange Com- mission to hire, terminate and replace Sub-Advisers and amend sub- Sub-Adviser: Vaughan Nelson Investment Management advisory agreements subject to the approval of the Board of Trustees and (“Vaughan Nelson”) without obtaining shareholder approval. However, the Adviser may not Portfolio Managers: The members of the team that are jointly and enter into a sub-advisory agreement on behalf of the Portfolio with an primarily responsible for the securities selection, research and trading “affiliated person” of the Adviser, such as AllianceBernstein L.P., unless for a portion of the Active Allocated Portion of the Portfolio are: the sub-advisory agreement is approved by the Portfolio’s shareholders. The Adviser is responsible for overseeing Sub-Advisers and recommending Date Began their hiring, termination and replacement to the Board of Trustees. Managing Name Title the Portfolio Scott J. Weber, Senior Portfolio Manager of January 2016 PURCHASE AND REDEMPTION OF PORTFOLIO CFA® Vaughan Nelson SHARES

Dennis G. Alff, Senior Portfolio Manager of January 2016 The Portfolio’s shares are currently sold only to insurance company sepa- CFA® Vaughan Nelson rate accounts in connection with Contracts issued by AXA Equitable Life Chad D. Fargason, Senior Portfolio Manager of January 2016 Insurance Company (“AXA Equitable”), AXA Life and Annuity Company, PhD Vaughan Nelson or other affiliated or unaffiliated insurance companies and to The AXA Chris D. Wallis, Chief Executive Officer and January 2016 Equitable 401(k) Plan. Shares also may be sold to other tax-qualified re- CFA®, CPA Chief Investment Officer of tirement plans, to other portfolios managed by FMG LLC that currently Vaughan Nelson sell their shares to such accounts and plans and to other investors eligible under applicable federal income tax regulations. Sub-Adviser: Thornburg Investment Management, Inc. (“Thornburg”) The Portfolio does not have minimum initial or subsequent investment Portfolio Managers: The members of the team that are jointly requirements. Shares of the Portfolio are redeemable on any business primarily responsible for the securities selection, research and trading day (which typically is any day the New York Stock Exchange is open) for a portion of the Active Allocated Portion of the Portfolio are: upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven Date Began days after tender. Please refer to your Contract prospectus for more in- Managing formation on purchasing and redeeming Portfolio shares. Name Title the Portfolio Connor Browne, CFA® Portfolio Manager and May 2014 Managing Director of TAX INFORMATION Thornburg The Portfolio’s shareholders are (or may include) insurance company sepa- Robert MacDonald, Portfolio Manager and May 2014 CFA® Managing Director of rate accounts, qualified plans and other investors eligible under applicable Thornburg federal income tax regulations. Accordingly, distributions the Portfolio makes of its net investment income and net realized gains — most or all of which it intends to distribute annually — and redemptions or exchanges of Portfolio shares generally will not be taxable to its shareholders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax information.

ALCCMV 5 PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES This Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and the Adviser and its affiliates may make payments to a sponsoring insurance company (or its affiliates) or other financial intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. Ask your financial adviser or visit your financial intermediary’s website for more information.

ALCCMV 6 EQ Advisors TrustSM

AXA Large Cap Growth Managed Volatility Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks to provide long-term capital growth PORTFOLIO TURNOVER with an emphasis on risk-adjusted returns and managing volatility in The Portfolio pays transaction costs, such as commissions, when it buys the Portfolio. and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not FEES AND EXPENSES OF THE PORTFOLIO reflected in annual fund operating expenses or in the Example, affect the The following table describes the fees and expenses that you may pay if Portfolio’s performance. During the most recent fiscal year, the Portfolio’s you buy and hold shares of the Portfolio. The table below does not re- portfolio turnover rate was 25% of the average value of the Portfolio. flect any fees and expenses associated with variable life insurance contracts and variable annuity certificates and contracts (“Contracts”), INVESTMENTS, RISKS, AND PERFORMANCE which would increase overall fees and expenses. See the Contract pro- Principal Investment Strategy: Under normal circumstances, the Port- spectus for a description of those fees and expenses. folio intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in securities of large-cap companies (or other financial Shareholder Fees (fees paid directly from your investment) instruments that derive their value from the securities of such companies). Not applicable. For this Portfolio, large-cap companies mean those companies with market capitalizations within the range of at least one of the following indices at the time of purchase: Standard & Poor’s 500 Composite Stock Index (market Annual Portfolio Operating Expenses capitalization range of approximately $2.4 billion - $617.6 billion as of (expenses that you pay each year as a percentage of the value of December 31, 2016), Russell 1000® Index (market capitalization range of your investment) approximately $0.2 billion - $617.6 billion as of December 31, 2016), Mor- AXA Large Cap Growth Managed Volatility Class IA Class IB Portfolio Shares Shares ningstar Large Core Index (market capitalization range of approximately Management Fee 0.46% 0.46% $18.8 billion - $617.6 billion as of December 31, 2016). Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% Other Expenses 0.15% 0.15% The Portfolio’s assets normally are allocated among three or more investment Acquired Fund Fees and Expenses 0.03% 0.03% managers, each of which manages its portion of the Portfolio using a differ- Total Annual Portfolio Operating Expenses 0.89% 0.89% ent but complementary investment strategy. One portion of the Portfolio is actively managed (“Active Allocated Portion”); one portion of the Portfolio seeks to track the performance of a particular index (“Index Allocated Example Portion”); and one portion of the Portfolio invests in exchange-traded funds This Example is intended to help you compare the cost of investing in the (“ETFs”) (“ETF Allocated Portion”). Under normal circumstances, the Active Portfolio with the cost of investing in other portfolios. The Example as- Allocated Portion consists of approximately 30% of the Portfolio’s net assets, sumes that you invest $10,000 in the Portfolio for the periods indicated the Index Allocated Portion consists of approximately 60% of the Portfolio’s and then redeem all of your shares at the end of these periods. The Exam- net assets and the ETF Allocated Portion consists of approximately 10% of ple also assumes that your investment has a 5% return each year and that the Portfolio’s net assets. These percentages are targets established by the the Portfolio’s operating expenses remain the same. This Example does not Adviser; actual allocations may deviate from these targets. reflect any Contract-related fees and expenses including redemption fees (if The Active Allocated Portion invests primarily in equity securities of any) at the Contract level. If such fees and expenses were reflected, the companies whose above-average prospective earnings growth is not total expenses would be higher. Although your actual costs may be higher fully reflected, in the view of the Sub-Advisers, in current market valu- or lower, based on these assumptions your costs would be: ations. The Portfolio may invest up to 25% of its total assets in securities of foreign companies, including companies based in emerging 1 Year 3 Years 5 Years 10 Years Class IA Shares $91 $284 $493 $1,096 market countries. A Sub-Adviser may sell a security for a variety of rea- Class IB Shares $91 $284 $493 $1,096 sons, such as to make other investments believed by a Sub-Adviser to offer superior investment opportunities.

EQLCGMV 1 The Index Allocated Portion of the Portfolio seeks to track the perform- Cash Management Risk: Upon entering into certain derivatives ance (before fees and expenses) of the Russell 1000® Growth Index contracts, such as futures contracts, and to maintain open positions in with minimal tracking error. This strategy is commonly referred to as an certain derivatives contracts, the Portfolio may be required to post indexing strategy. Generally, the Index Allocated Portion uses a full collateral for the contract, the amount of which may vary. As such, the replication technique, although in certain instances a sampling ap- Portfolio may maintain cash balances, including foreign currency balan- proach may be utilized for a portion of the Index Allocated Portion. The ces, which may be significant, with counterparties such as the Trust’s Index Allocated Portion also may invest in other instruments, such as custodian or its affiliates. The Portfolio is thus subject to counterparty futures and options contracts, that provide comparable exposure as the risk and credit risk with respect to these arrangements. index without buying the underlying securities comprising the index. Derivatives Risk: The Portfolio’s investments in derivatives may rise AXA Equitable Funds Management Group, LLC (“FMG LLC” or the or fall in value more rapidly than other investments. Changes in the “Adviser”) also may utilize futures and options, such as exchange-traded value of a derivative may not correlate perfectly or at all with the under- futures and options contracts on securities indices, to manage equity ex- lying asset, rate or index, and the Portfolio could lose more than the posure. Futures and options can provide exposure to the performance of a principal amount invested. Some derivatives can have the potential for securities index without buying the underlying securities comprising the unlimited losses. In addition, it may be difficult or impossible for the index. They also provide a means to manage the Portfolio’s equity ex- Portfolio to purchase or sell certain derivatives in sufficient amounts to posure without having to buy or sell securities. When market volatility is achieve the desired level of exposure, which may result in a loss or may increasing above specific thresholds set for the Portfolio, the Adviser may be costly to the Portfolio. Derivatives also may be subject to certain limit equity exposure either by reducing investments in securities, shorting other risks such as leveraging risk, interest rate risk, credit risk, the risk or selling long futures and options positions on an index, increasing cash that a counterparty may be unable or unwilling to honor its obligations, levels, and/or shorting an index. During such times, the Portfolio’s ex- and the risk of mispricing or improper valuation. Derivatives also may posure to equity securities may be significantly less than that of a tradi- not behave as anticipated by the Portfolio, especially in abnormal mar- tional equity portfolio. Volatility is a statistical measure of the magnitude ket conditions. Changing regulation may make derivatives more costly, of changes in the Portfolio’s returns, without regard to the direction of limit their availability, impact the Portfolio’s ability to maintain its those changes. Higher volatility generally indicates higher risk and is often investments in derivatives, disrupt markets, or otherwise adversely af- reflected by frequent and sometimes significant movements up and down in value. The Portfolio may invest up to 25% of its assets in derivatives. It fect their value or performance. is anticipated that the Portfolio’s derivative instruments will consist Equity Risk: In general, stocks and other equity security values fluc- primarily of exchange-traded futures and options contracts on securities tuate, and sometimes widely fluctuate, in response to changes in a indices, but the Portfolio also may utilize other types of derivatives. The company’s financial condition as well as general market, economic and Portfolio’s investments in derivatives may be deemed to involve the use of political conditions and other factors. leverage because the Portfolio is not required to invest the full market value of the contract upon entering into the contract but participates in ETFs Risk: The Portfolio will indirectly bear fees and expenses paid by gains and losses on the full contract price. The use of derivatives also may the ETFs in which it invests, in addition to the Portfolio’s direct fees and be deemed to involve the use of leverage because the heightened price expenses. The cost of investing in the Portfolio, therefore, may be sensitivity of some derivatives to market changes may magnify the Portfo- higher than the cost of investing in a mutual fund that exclusively in- lio’s gain or loss. It is not generally expected, however, that the Portfolio vests directly in individual stocks and bonds. In addition, the Portfolio’s will be leveraged by borrowing money for investment purposes. In addi- net asset value will be subject to fluctuations in the market values of tion, the Portfolio generally does not intend to use leverage to increase its the ETFs in which it invests. The Portfolio is also subject to the risks net investment exposure above approximately 100% of the Portfolio’s net associated with the securities or other investments in which the ETFs asset value or below 0%. The Portfolio may maintain a significant invest and the ability of the Portfolio to meet its investment objective percentage of its assets in cash and cash equivalent instruments, some of will directly depend on the ability of the ETFs to meet their investment which may serve as margin or collateral for the Portfolio’s obligations objectives. There is also the risk that an ETF’s performance may not under derivative transactions. match that of the relevant index. It is also possible that an active trading market for an ETF may not develop or be maintained, in which case The ETF Allocated Portion invests in ETFs (the “Underlying ETFs”) that the liquidity and value of the Portfolio’s investment in the ETF could be meet the investment criteria of the Portfolio as a whole. The Underlying substantially and adversely affected. The extent to which the investment ETFs in which the ETF Allocated Portion may invest may be changed performance and risks associated with the Portfolio correlate to those of from time to time without notice or shareholder approval. a particular ETF will depend upon the extent to which the Portfolio’s The Portfolio also may lend its portfolio securities to earn additional assets are allocated from time to time for investment in the ETF, which income. will vary. Principal Risks: An investment in the Portfolio is not a deposit of a Foreign Securities Risk: Investments in foreign securities, includ- bank and is not insured or guaranteed by the Federal Deposit Insurance ing depositary receipts, involve risks not associated with investing in Corporation or any other government agency. You may lose money by U.S. securities. Foreign markets, particularly emerging markets, may be investing in the Portfolio. Performance may be affected by one or more less liquid, more volatile and subject to less government supervision of the following risks. than U.S. markets. Security values also may be negatively affected by

EQLCGMV 2 changes in the exchange rates between the U.S. dollar and foreign cur- relevant index. In addition, although the index strategy attempts to rencies. Differences between U.S. and foreign legal, political and eco- closely track its benchmark index, the Portfolio may not invest in all of nomic systems, regulatory regimes and market practices also may the securities in the index. Also, the Portfolio’s fees and expenses will impact security values and it may take more time to clear and settle reduce the Portfolio’s returns, unlike those of the benchmark index. trades involving foreign securities. Cash flow into and out of the Portfolio, portfolio transaction costs, changes in the securities that comprise the index, and the Portfolio’s Currency Risk: Investments in foreign currencies and in secu- valuation procedures also may affect the Portfolio’s performance. There- rities that trade in, or receive revenues in, or in derivatives that fore, there can be no assurance that the performance of the index provide exposure to foreign currencies are subject to the risk that strategy will match that of the benchmark index. those currencies will decline in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in Investment Style Risk: The Portfolio may use a particular style or value relative to the currency being hedged. Any such decline may set of styles — in this case “growth” styles — to select investments. erode or reverse any potential gains from an investment in secu- Those styles may be out of favor or may not produce the best results rities denominated in foreign currency or may widen existing loss. over short or longer time periods. Growth stocks may be more sensitive Currency rates may fluctuate significantly over short periods of to changes in current or expected earnings than the prices of other time for a number of reasons, including changes in interest rates, stocks. Growth investing also is subject to the risk that the stock price intervention (or the failure to intervene) by governments, central of one or more companies will fall or will fail to appreciate as antici- banks or supranational entities, or by the imposition of currency pated, regardless of movements in the securities market. Growth stocks controls or other political developments in the U.S. or abroad. also tend to be more volatile than value stocks, so in a declining market their prices may decrease more than value stocks in general. Growth Emerging Markets Risk: There are greater risks involved in stocks also may increase the volatility of the Portfolio’s share price. investing in emerging market countries and/or their securities markets. Investments in these countries and/or markets may Large-Cap Company Risk: Larger more established companies may present market, credit, currency, liquidity, legal, political, technical be unable to respond quickly to new competitive challenges such as and other risks different from, or greater than, the risks of inves- changes in technology and consumer tastes. Many larger companies also ting in developed countries. Investments in emerging markets are may not be able to attain the high growth rate of successful smaller com- more susceptible to loss than investments in developed markets. panies, especially during extended periods of economic expansion. In addition, the risks associated with investing in a narrowly de- Leveraging Risk: When the Portfolio leverages its holdings, the value fined geographic area are generally more pronounced with respect of an investment in the Portfolio will be more volatile and all other risks will to investments in emerging market countries. tend to be compounded. For example, the Portfolio may take on leveraging Futures Contract Risk: The primary risks associated with the use risk when it engages in derivatives transactions (such as futures and op- of futures contracts are (a) the imperfect correlation between the tions investments), invests collateral from securities loans or borrows change in market value of the instruments held by the Portfolio and the money. The Portfolio may experience leveraging risk in connection with price of the futures contract; (b) liquidity risks, including the possible investments in derivatives because its investments in derivatives may be absence of a liquid secondary market for a futures contract and the re- small relative to the investment exposure assumed, leaving more assets to sulting inability to close a futures contract when desired; (c) losses be invested in other investments. Such investments may have the effect of (potentially unlimited) caused by unanticipated market movements; leveraging the Portfolio because the Portfolio may experience gains or (d) an investment manager’s inability to predict correctly the direction of losses not only on its investments in derivatives, but also on the invest- securities prices, interest rates, currency exchange rates and other eco- ments purchased with the remainder of the assets. If the value of the Port- nomic factors; (e) the possibility that a counterparty, clearing member or folio’s investments in derivatives is increasing, this could be offset by clearinghouse will default in the performance of its obligations; (f) if the declining values of the Portfolio’s other investments. Conversely, it is Portfolio has insufficient cash, it may have to sell securities from its possible that the rise in the value of the Portfolio’s non-derivative invest- portfolio to meet daily variation margin requirements, and the Portfolio ments could be offset by a decline in the value of the Portfolio’s invest- may have to sell securities at a time when it may be disadvantageous to ments in derivatives. In either scenario, the Portfolio may experience losses. do so; and (g) transaction costs associated with investments in futures In a market where the value of the Portfolio’s investments in derivatives is contracts may be significant, which could cause or increase losses or declining and the value of its other investments is declining, the Portfolio reduce gains. Futures contracts are also subject to the same risks as the may experience substantial losses. underlying investments to which they provide exposure. In addition, Multiple Sub-Adviser Risk: The Adviser allocates the Portfolio’s futures contracts may subject the Portfolio to leveraging risk. assets among multiple Sub-Advisers, each of which is responsible for Index Strategy Risk: The Portfolio employs an index strategy, that investing its allocated portion of the Portfolio’s assets. To a significant is, it generally invests in the securities included in its index or a repre- extent, the Portfolio’s performance will depend on the success of the Ad- sentative sample of such securities regardless of market trends. The viser in allocating the Portfolio’s assets to Sub-Advisers and its selection Portfolio generally will not modify its index strategy to respond to and oversight of the Sub-Advisers. Because each Sub-Adviser manages its changes in the economy, which means that it may be particularly allocated portion of the Portfolio independently from another Sub-Adviser, susceptible to a general decline in the market segment relating to the the same security may be held in different portions of the Portfolio, or may

EQLCGMV 3 be acquired for one portion of the Portfolio at a time when a Sub-Adviser that could cause or increase losses or reduce gains, including greater to another portion deems it appropriate to dispose of the security from reliance on the investment adviser’s ability to accurately anticipate the that other portion, resulting in higher expenses without accomplishing any future value of a security or instrument, potentially higher transaction net result in the Portfolio’s holdings. Similarly, under some market con- costs, and imperfect correlation between the actual and desired level of ditions, one Sub-Adviser may believe that temporary, defensive invest- exposure. Because the Portfolio’s potential loss on a short position ments in short-term instruments or cash are appropriate when another arises from increases in the value of the asset sold short, the extent of Sub-Adviser believes continued exposure to the equity or debt markets is such loss, like the price of the asset sold short, is theoretically unlimited. appropriate for its allocated portion of the Portfolio. Because each Sub- Volatility Management Risk: The Adviser from time to time Adviser directs the trading for its own portion of the Portfolio, and does employs various volatility management techniques in managing the not aggregate its transactions with those of the other Sub-Adviser, the Portfolio, including the use of futures and options to manage equity Portfolio may incur higher brokerage costs than would be the case if a exposure. Although these actions are intended to reduce the overall risk single Sub-Adviser were managing the entire Portfolio. In addition, while of investing in the Portfolio, they may not work as intended and may the Adviser seeks to allocate the Portfolio’s assets among the Portfolio’s result in losses by the Portfolio or periods of underperformance, partic- Sub-Advisers in a manner that it believes is consistent with achieving the ularly during periods when market values are increasing but market Portfolio’s investment objective(s), the Adviser may be subject to potential volatility is high. The success of the Portfolio’s volatility management conflicts of interest in allocating the Portfolio’s assets among Sub- strategy will be subject to the Adviser’s ability to correctly assess the Advisers, including affiliated Sub-Advisers, because the Adviser pays degree of correlation between the performance of the relevant market different fees to the Sub-Advisers and due to other factors that could im- index and the metrics used by the Adviser to measure market volatility. pact the Adviser’s revenues and profits. Since the characteristics of many securities change as markets change Regulatory Risk: The Adviser is registered with the Securities and or time passes, the success of the Portfolio’s volatility management Exchange Commission (“SEC”) as an investment adviser under the In- strategy also will be subject to the Adviser’s ability to continually re- vestment Advisers Act of 1940, as amended. The Adviser also is regis- calculate, readjust, and execute volatility management techniques (such tered with the Commodity Futures Trading Commission (“CFTC”) as a as options and futures transactions) in an efficient manner. In addition, commodity pool operator (“CPO”) under the Commodity Exchange Act, because market conditions change, sometimes rapidly and un- as amended, and, due to the Portfolio’s use of derivatives, serves as a predictably, the success of the volatility management strategy will be CPO with respect to the Portfolio. Being subject to dual regulation by subject to the Adviser’s ability to execute the strategy in a timely man- the SEC and the CFTC may increase compliance costs, which may be ner. Moreover, volatility management strategies may increase portfolio borne by the Portfolio and may affect Portfolio returns. transaction costs, which could cause or increase losses or reduce gains. For a variety of reasons, the Adviser may not seek to establish a perfect Sector Risk: From time to time, based on market or economic con- correlation between the relevant market index and the metrics that the ditions, the Portfolio may have significant positions in one or more sec- Adviser uses to measure market volatility. In addition, it is not possible tors of the market. To the extent the Portfolio invests more heavily in to manage volatility fully or perfectly. Futures contracts and other particular sectors, its performance will be especially sensitive to instruments used in connection with the volatility management strategy developments that significantly affect those sectors. Individual sectors are not necessarily held by the Portfolio to hedge the value of the may be more volatile, and may perform differently, than the broader Portfolio’s other investments and, as a result, these futures contracts market. The industries that constitute a sector may all react in the same and other instruments may decline in value at the same time as the way to economic, political or regulatory events. Portfolio’s investments. Any one or more of these factors may prevent Securities Lending Risk: The Portfolio may lend its portfolio secu- the Portfolio from achieving the intended volatility management or rities to seek income. There is a risk that a borrower may default on its could cause the Portfolio to underperform or experience losses (some of obligations to return loaned securities, however, the Portfolio’s secu- which may be sudden) or volatility for any particular period that may be rities lending agent may indemnify the Portfolio against that risk. The higher or lower. In addition, the use of volatility management tech- Portfolio will be responsible for the risks associated with the investment niques may not protect against market declines and may limit the of cash collateral, including any collateral invested in an affiliated Portfolio’s participation in market gains, even during periods when the money market fund. The Portfolio may lose money on its investment of market is rising. Volatility management techniques, when implemented cash collateral or may fail to earn sufficient income on its investment to effectively to reduce the overall risk of investing in the Portfolio, may meet obligations to the borrower. In addition, delays may occur in the result in underperformance by the Portfolio. For example, if the Portfolio recovery of securities from borrowers, which could interfere with the has reduced its overall exposure to equities to avoid losses in certain Portfolio’s ability to vote proxies or to settle transactions. market environments, the Portfolio may forgo some of the returns that can be associated with periods of rising equity values. The Portfolio’s Short Position Risk: The Portfolio may engage in short sales and performance may be lower than similar funds where volatility manage- may enter into derivative contracts that have a similar economic effect ment techniques are not used. In addition, volatility management tech- (e.g., taking a short position in a futures contract). The Portfolio will niques may reduce potential losses and/or mitigate financial risks to incur a loss as a result of a short position if the price of the asset sold insurance companies that provide certain benefits and guarantees short increases in value between the date of the short position sale and available under the Contracts and offer the Portfolio as an investment the date on which an offsetting position is purchased. Short positions option in their products. may be considered speculative transactions and involve special risks

EQLCGMV 4 Risk/Return Bar Chart and Table Date Began Managing The bar chart and table below provide some indication of the risks of Name Title the Portfolio investing in the Portfolio by showing changes in the Portfolio’s Kenneth T. Kozlowski, Executive Vice President May 2007 CFP®, CLU, ChFC and Chief Investment performance from year to year and by showing how the Portfolio’s Officer of FMG LLC average annual total returns for the past one, five and ten years (or Alwi Chan, CFA® Senior Vice President and May 2009 since inception) through December 31, 2016 compared to the returns of Deputy Chief Investment a broad-based securities market index. The additional index shows how Officer of FMG LLC the Portfolio’s performance compared with the returns of a volatility Xavier Poutas, CFA® Assistant Portfolio May 2011 managed index. The return of the broad-based securities market index Manager of FMG LLC (and any additional comparative index) shown in the right hand column Miao Hu, CFA® Assistant Portfolio May 2016 below is the return of the index for the last 10 years or, if shorter, since Manager of FMG LLC the inception of the share class with the longest history. Past performance is not an indication of future performance. Sub-Adviser: Loomis, Sayles & Company, L.P. (“Loomis The performance results do not reflect any Contract-related fees and Sayles”) expenses, which would reduce the performance results. Portfolio Manager: The individual primarily responsible for the securities selection, research and trading for a portion of the Active Allo- Calendar Year Annual Total Returns — Class IB cated Portion of the Portfolio is: 34.77% 35.39% Date Began 15.66% 14.46% 13.76% Managing 11.07% Name Title the Portfolio 4.05% 5.53% Aziz V. Vice President and Portfolio January 2016 -3.66% Hamzaogullari, Manager of Loomis Sayles CFA®

Sub-Adviser: T. Rowe Price Associates, Inc. (“T. Rowe Price”) -38.28% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Portfolio Manager: The individual primarily responsible for the securities selection, research and trading for a portion of the Active Allo- Best quarter (% and time period) Worst quarter (% and time period) cated Portion of the Portfolio is: 16.23% (2009 2nd Quarter) –21.65% (2008 4th Quarter) Date Began Managing Average Annual Total Returns Name Title the Portfolio Ten Joseph Fath, CPA Vice President of January 2014 One Five Years/Since T. Rowe Price and Portfolio Year Years Inception Manager AXA Large Cap Growth Managed Volatility Portfolio – Class IA Shares 5.48% 13.42% 7.28% AXA Large Cap Growth Managed Sub-Adviser: HS Management Partners, LLC (“HSMP”) Volatility Portfolio – Class IB Shares 5.53% 13.43% 7.15% Russell 1000® Growth Index (reflects no Portfolio Manager: The individual primarily responsible for the secu- deduction for fees, expenses, or taxes) 7.08% 14.50% 8.33% rities selection, research and trading for a portion of the Active Allo- Volatility Managed Index – Large Cap cated Portion of the Portfolio is: Growth (reflects no deduction for fees, expenses, or taxes) 8.60% 14.73% 9.53% Date Began Managing WHO MANAGES THE PORTFOLIO Name Title the Portfolio Investment Adviser: FMG LLC Harry Segalas Managing Partner and Chief December, 2016 Investment Officer of HSMP Portfolio Managers: The members of the team that are jointly and primarily responsible for (i) the selection, monitoring and oversight of the Portfolio’s Sub-Advisers, (ii) allocating assets among the Portfolio’s Allocated Portions, (iii) managing the Portfolio’s equity exposure and (iv) the selection of investments in exchange-traded funds for the Portfolio’s ETF Allocated Portion are:

EQLCGMV 5 Sub-Adviser: Polen Capital Management, LLC (“Polen”) The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business Portfolio Managers: The members of the team that are jointly and day (which typically is any day the New York Stock Exchange is open) primarily responsible for the securities selection, research and trading upon receipt of a request. All redemption requests will be processed for a portion of the Active Allocated Portion of the Portfolio are: and payment with respect thereto will normally be made within seven Date Began days after tender. Please refer to your Contract prospectus for more in- Managing formation on purchasing and redeeming Portfolio shares. Name Title the Portfolio Dan Davidowitz Portfolio Manager and December, 2016 TAX INFORMATION Chief Investment Officer of Polen The Portfolio’s shareholders are (or may include) insurance company sepa- Damon Ficklin Portfolio Manager and December, 2016 rate accounts, qualified plans and other investors eligible under applicable Analyst of Polen federal income tax regulations. Accordingly, distributions the Portfolio makes of its net investment income and net realized gains — most or all of Sub-Adviser: BlackRock Investment Management, LLC which it intends to distribute annually — and redemptions or exchanges of (“BlackRock”) Portfolio shares generally will not be taxable to its shareholders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the Portfolio Managers: The members of the team that are jointly and prospectus for your Contract for further tax information. primarily responsible for the securities selection, research and trading for the Index Allocated Portion of the Portfolio are: PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES Date Began Managing This Portfolio is not sold directly to the general public but instead is of- Name Title the Portfolio fered as an underlying investment option for Contracts and retirement Alan Mason Managing Director of March 2014 BlackRock plans and to other eligible investors. The Portfolio and the Adviser and its affiliates may make payments to a sponsoring insurance company (or Greg Savage, CFA® Managing Director and May 2012 Portfolio Manager of its affiliates) or other financial intermediary for distribution and/or other BlackRock services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your finan- Rachel M. Aguirre Director of BlackRock April 2016 cial adviser to recommend the Portfolio over another investment or by ® Creighton Jue, CFA Managing Director of April 2016 influencing an insurance company to include the Portfolio as an under- BlackRock lying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information The Adviser has been granted relief by the Securities and Exchange about these payments. Ask your financial adviser or visit your financial Commission to hire, terminate and replace Sub-Advisers and amend sub- intermediary’s website for more information. advisory agreements subject to the approval of the Board of Trustees and without obtaining shareholder approval. However, the Adviser may not enter into a sub-advisory agreement on behalf of the Portfolio with an “affiliated person” of the Adviser, such as AllianceBernstein L.P., unless the sub-advisory agreement is approved by the Portfolio’s shareholders. The Adviser is responsible for overseeing Sub-Advisers and recommending their hiring, termination and replacement to the Board of Trustees.

EQLCGMV 6 EQ Advisors TrustSM

AXA Large Cap Value Managed Volatility Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks to achieve long-term growth of capital PORTFOLIO TURNOVER with an emphasis on risk-adjusted returns and managing volatility in The Portfolio pays transaction costs, such as commissions, when it buys the Portfolio. and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not FEES AND EXPENSES OF THE PORTFOLIO reflected in annual fund operating expenses or in the Example, affect the The following table describes the fees and expenses that you may pay if Portfolio’s performance. During the most recent fiscal year, the Portfolio’s you buy and hold shares of the Portfolio. The table below does not re- portfolio turnover rate was 21% of the average value of the Portfolio. flect any fees and expenses associated with variable life insurance contracts and variable annuity certificates and contracts (“Contracts”), INVESTMENTS, RISKS, AND PERFORMANCE which would increase overall fees and expenses. See the Contract pro- Principal Investment Strategy: Under normal circumstances, the Port- spectus for a description of those fees and expenses. folio invests at least 80% of its net assets, plus borrowings for investment purposes, in securities of large-cap companies (or other financial instru- Shareholder Fees (fees paid directly from your investment) ments that derive their value from the securities of such companies). For Not applicable. this Portfolio, large-cap companies mean those companies with market capitalizations within the range of at least one of the following indices at the time of purchase: Standard & Poor’s 500 Composite Stock Index Annual Portfolio Operating Expenses (market capitalization range of approximately $2.4 billion - $617.6 billion (expenses that you pay each year as a percentage of the value of as of December 31, 2016), Russell 1000® Index (market capitalization your investment) range of approximately $0.2 billion - $617.6 billion as of December 31, Class IA Class IB AXA Large Cap Value Managed Volatility Portfolio Shares Shares 2016), Morningstar Large Core Index (market capitalization range of Management Fee 0.46% 0.46% approximately $18.8 billion - $617.6 billion as of December 31, 2016). The Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% Portfolio’s investments may include real estate investment trusts (“REITs”). Other Expenses 0.15% 0.15% Acquired Fund Fees and Expenses 0.01% 0.01% The Portfolio’s assets normally are allocated among two or more investment Total Annual Portfolio Operating Expenses 0.87% 0.87% managers, each of which manages its portion of the Portfolio using a different but complementary investment strategy. One portion of the Portfo- lio is actively managed (“Active Allocated Portion”) and one portion of the Example Portfolio seeks to track the performance of a particular index (“Index Allo- This Example is intended to help you compare the cost of investing in the cated Portion”); and one portion of the Portfolio invests in exchange-traded Portfolio with the cost of investing in other portfolios. The Example as- funds (“ETFs”) (“ETF Allocated Portion”). Under normal circumstances, the sumes that you invest $10,000 in the Portfolio for the periods indicated Active Allocated Portion consists of approximately 30% of the Portfolio’s net and then redeem all of your shares at the end of these periods. The Exam- assets and the Index Allocated Portion consists of approximately 60% of the ple also assumes that your investment has a 5% return each year and that Portfolio’s net assets and the ETF Allocated Portion consists of approx- the Portfolio’s operating expenses remain the same. This Example does not imately 10% of the Portfolio’s net assets. These percentages are targets es- reflect any Contract-related fees and expenses including redemption fees (if tablished by the Adviser; actual allocations may deviate from these targets. any) at the Contract level. If such fees and expenses were reflected, the The Active Allocated Portion utilizes a value-oriented investment style total expenses would be higher. Although your actual costs may be higher and invests primarily in equity securities of companies that, in the view or lower, based on these assumptions your costs would be: of the Sub-Advisers, are currently underpriced according to certain

1 Year 3 Years 5 Years 10 Years financial measurements, which may include price-to-earnings and price- Class IA Shares $89 $278 $482 $1,073 to-book ratios and dividend income potential. These Sub-Advisers may Class IB Shares $89 $278 $482 $1,073 sell a security for a variety of reasons, such as because it becomes overvalued, shows deteriorating fundamentals or to invest in a company believed to offer superior investment opportunities.

ALCVMV 1 The Index Allocated Portion of the Portfolio seeks to track the perform- collateral for the contract, the amount of which may vary. As such, the ance (before fees and expenses) of the Russell 1000® Value Index with Portfolio may maintain cash balances, including foreign currency balan- minimal tracking error. This strategy is commonly referred to as an ces, which may be significant, with counterparties such as the Trust’s indexing strategy. Generally, the Index Allocated Portion uses a full custodian or its affiliates. The Portfolio is thus subject to counterparty replication technique, although in certain instances a sampling ap- risk and credit risk with respect to these arrangements. proach may be utilized for a portion of the Index Allocated Portion. The Derivatives Risk: The Portfolio’s investments in derivatives may rise or Index Allocated Portion also may invest in other instruments, such as fall in value more rapidly than other investments. Changes in the value of a futures and options contracts, that provide comparable exposure as the derivative may not correlate perfectly or at all with the underlying asset, index without buying the underlying securities comprising the index. rate or index, and the Portfolio could lose more than the principal amount AXA Equitable Funds Management Group, LLC (“FMG LLC” or the invested. Some derivatives can have the potential for unlimited losses. In “Adviser”) also may utilize futures and options, such as exchange-traded addition, it may be difficult or impossible for the Portfolio to purchase or sell futures and options contracts on securities indices, to manage equity ex- certain derivatives in sufficient amounts to achieve the desired level of exposure. Futures and options can provide exposure to the performance of a posure, which may result in a loss or may be costly to the Portfolio. De- securities index without buying the underlying securities comprising the rivatives also may be subject to certain other risks such as leveraging risk, index. They also provide a means to manage the Portfolio’s equity exposure interest rate risk, credit risk, the risk that a counterparty may be unable or without having to buy or sell securities. When market volatility is increasing unwilling to honor its obligations, and the risk of mispricing or improper above specific thresholds set for the Portfolio, the Adviser may limit equity valuation. Derivatives also may not behave as anticipated by the Portfolio, exposure either by reducing investments in securities, shorting or selling especially in abnormal market conditions. Changing regulation may make long futures and options positions on an index, increasing cash levels, and/ derivatives more costly, limit their availability, impact the Portfolio’s ability or shorting an index. During such times, the Portfolio’s exposure to equity to maintain its investments in derivatives, disrupt markets, or otherwise securities may be significantly less than that of a traditional equity portfolio. adversely affect their value or performance. Volatility is a statistical measure of the magnitude of changes in the Portfo- Equity Risk: In general, stocks and other equity security values fluc- lio’s returns, without regard to the direction of those changes. Higher vola- tuate, and sometimes widely fluctuate, in response to changes in a tility generally indicates higher risk and is often reflected by frequent and sometimes significant movements up and down in value. The Portfolio may company’s financial condition as well as general market, economic and invest up to 25% of its assets in derivatives. It is anticipated that the political conditions and other factors. Portfolio’s derivative instruments will consist primarily of exchange-traded ETFs Risk: The Portfolio will indirectly bear fees and expenses paid by futures and options contracts on securities indices, but the Portfolio also the ETFs in which it invests, in addition to the Portfolio’s direct fees and may utilize other types of derivatives. The Portfolio’s investments in de- expenses. The cost of investing in the Portfolio, therefore, may be rivatives may be deemed to involve the use of leverage because the Portfo- higher than the cost of investing in a mutual fund that exclusively in- lio is not required to invest the full market value of the contract upon vests directly in individual stocks and bonds. In addition, the Portfolio’s entering into the contract but participates in gains and losses on the full net asset value will be subject to fluctuations in the market values of contract price. The use of derivatives also may be deemed to involve the use the ETFs in which it invests. The Portfolio is also subject to the risks of leverage because the heightened price sensitivity of some derivatives to associated with the securities or other investments in which the ETFs market changes may magnify the Portfolio’s gain or loss. It is not generally invest and the ability of the Portfolio to meet its investment objective expected, however, that the Portfolio will be leveraged by borrowing money will directly depend on the ability of the ETFs to meet their investment for investment purposes. In addition, the Portfolio generally does not intend touseleveragetoincreaseitsnetinvestment exposure above approx- objectives. There is also the risk that an ETF’s performance may not imately 100% of the Portfolio’s net asset value or below 0%. The Portfolio match that of the relevant index. It is also possible that an active trad- may maintain a significant percentage of its assets in cash and cash equiv- ing market for an ETF may not develop or be maintained, in which case alent instruments, some of which may serve as margin or collateral for the the liquidity and value of the Portfolio’s investment in the ETF could be Portfolio’s obligations under derivative transactions. substantially and adversely affected. The extent to which the investment performance and risks associated with the Portfolio correlate to those of The ETF Allocated Portion invests in ETFs (the “Underlying ETFs”) that a particular ETF will depend upon the extent to which the Portfolio’s meet the investment criteria of the Portfolio as a whole. The Underlying assets are allocated from time to time for investment in the ETF, which ETFs in which the ETF Allocated Portion may invest may be changed will vary. from time to time without notice or shareholder approval. Futures Contract Risk: The primary risks associated with the use The Portfolio also may lend its portfolio securities to earn additional income. of futures contracts are (a) the imperfect correlation between the Principal Risks: An investment in the Portfolio is not a deposit of a change in market value of the instruments held by the Portfolio and the bank and is not insured or guaranteed by the Federal Deposit Insurance price of the futures contract; (b) liquidity risks, including the possible Corporation or any other government agency. You may lose money by absence of a liquid secondary market for a futures contract and the re- investing in the Portfolio. Performance may be affected by one or more sulting inability to close a futures contract when desired; (c) losses of the following risks. (potentially unlimited) caused by unanticipated market movements; (d) Cash Management Risk: Upon entering into certain derivatives an investment manager’s inability to predict correctly the direction of contracts, such as futures contracts, and to maintain open positions in securities prices, interest rates, currency exchange rates and other eco- certain derivatives contracts, the Portfolio may be required to post nomic factors; (e) the possibility that a counterparty, clearing member or

ALCVMV 2 clearinghouse will default in the performance of its obligations; (f) if the value of the Portfolio’s investments in derivatives. In either scenario, the Portfolio has insufficient cash, it may have to sell securities from its Portfolio may experience losses. In a market where the value of the Port- portfolio to meet daily variation margin requirements, and the Portfolio folio’s investments in derivatives is declining and the value of its other may have to sell securities at a time when it may be disadvantageous to investments is declining, the Portfolio may experience substantial losses. do so; and (g) transaction costs associated with investments in futures Multiple Sub-Adviser Risk: The Adviser allocates the Portfolio’s contracts may be significant, which could cause or increase losses or assets among multiple Sub-Advisers, each of which is responsible for reduce gains. Futures contracts are also subject to the same risks as the investing its allocated portion of the Portfolio’s assets. To a significant underlying investments to which they provide exposure. In addition, extent, the Portfolio’s performance will depend on the success of the futures contracts may subject the Portfolio to leveraging risk. Adviser in allocating the Portfolio’s assets to Sub-Advisers and its se- Index Strategy Risk: The Portfolio employs an index strategy, that lection and oversight of the Sub-Advisers. Because each Sub-Adviser is, it generally invests in the securities included in its index or a repre- manages its allocated portion of the Portfolio independently from sentative sample of such securities regardless of market trends. The another Sub-Adviser, the same security may be held in different portions Portfolio generally will not modify its index strategy to respond to of the Portfolio, or may be acquired for one portion of the Portfolio at a changes in the economy, which means that it may be particularly time when a Sub-Adviser to another portion deems it appropriate to dis- susceptible to a general decline in the market segment relating to the pose of the security from that other portion, resulting in higher expenses relevant index. In addition, although the index strategy attempts to without accomplishing any net result in the Portfolio’s holdings. Sim- closely track its benchmark index, the Portfolio may not invest in all of ilarly, under some market conditions, one Sub-Adviser may believe that the securities in the index. Also, the Portfolio’s fees and expenses will temporary, defensive investments in short-term instruments or cash are reduce the Portfolio’s returns, unlike those of the benchmark index. appropriate when another Sub-Adviser believes continued exposure to Cash flow into and out of the Portfolio, portfolio transaction costs, the equity or debt markets is appropriate for its allocated portion of the changes in the securities that comprise the index, and the Portfolio’s Portfolio. Because each Sub-Adviser directs the trading for its own por- valuation procedures also may affect the Portfolio’s performance. There- tion of the Portfolio, and does not aggregate its transactions with those fore, there can be no assurance that the performance of the index of the other Sub-Adviser, the Portfolio may incur higher brokerage costs strategy will match that of the benchmark index. than would be the case if a single Sub-Adviser were managing the entire Portfolio. In addition, while the Adviser seeks to allocate the Portfolio’s Investment Style Risk: The Portfolio may use a particular style or assets among the Portfolio’s Sub-Advisers in a manner that it believes is set of styles — in this case “value” styles — to select investments. consistent with achieving the Portfolio’s investment objective(s), the Ad- Those styles may be out of favor or may not produce the best results viser may be subject to potential conflicts of interest in allocating the over short or longer time periods. Value stocks are subject to the risks Portfolio’s assets among Sub-Advisers, including affiliated Sub-Advisers, that notwithstanding that a stock is selling at a discount to its perceived because the Adviser pays different fees to the Sub-Advisers and due to true worth, the market will never fully recognize its intrinsic value. In other factors that could impact the Adviser’s revenues and profits. addition, there is the risk that a stock judged to be undervalued may actually be appropriately priced. Real Estate Investing Risk: Real estate-related investments may decline in value as a result of factors affecting the overall real estate in- Large-Cap Company Risk: Larger more established companies may dustry. Real estate is a cyclical business, highly sensitive to supply and be unable to respond quickly to new competitive challenges such as demand, general and local economic developments and characterized by changes in technology and consumer tastes. Many larger companies also intense competition and periodic overbuilding. Real estate income and may not be able to attain the high growth rate of successful smaller com- values also may be greatly affected by demographic trends, such as pop- panies, especially during extended periods of economic expansion. ulation shifts or changing tastes and values. Losses may occur from casu- Leveraging Risk: When the Portfolio leverages its holdings, the alty or condemnation and government actions, such as tax law changes, value of an investment in the Portfolio will be more volatile and all other zoning law changes, regulatory limitations on rents, or environmental risks will tend to be compounded. For example, the Portfolio may take regulations, also may have a major impact on real estate. The availability on leveraging risk when it engages in derivatives transactions (such as of mortgages and changes in interest rates may also affect real estate val- futures and options investments), invests collateral from securities loans ues. Changing interest rates and credit quality requirements also will affect or borrows money. The Portfolio may experience leveraging risk in con- the cash flow of real estate companies and their ability to meet capital nection with investments in derivatives because its investments in de- needs. Real Estate Investment Trusts (“REITs”) generally invest directly in rivatives may be small relative to the investment exposure assumed, real estate (equity REITs), in mortgages secured by interests in real estate leaving more assets to be invested in other investments. Such invest- (mortgage REITs) or in some combination of the two (hybrid REITs). Inves- ments may have the effect of leveraging the Portfolio because the ting in REITs exposes investors to the risks of owning real estate directly, as Portfolio may experience gains or losses not only on its investments in well as to risks that relate specifically to the way in which REITs are or- derivatives, but also on the investments purchased with the remainder of ganized and operated. Equity REITs may be affected by changes in the the assets. If the value of the Portfolio’s investments in derivatives is in- value of the underlying property owned by the REIT, while mortgage REITs creasing, this could be offset by declining values of the Portfolio’s other may be affected by the quality of any credit extended. Equity and mortgage investments. Conversely, it is possible that the rise in the value of the REITs are also subject to heavy cash flow dependency, defaults by bor- Portfolio’s non-derivative investments could be offset by a decline in the rowers, and self-liquidations. The risk of defaults is generally higher in the

ALCVMV 3 case of mortgage pools that include subprime mortgages involving bor- Volatility Management Risk: The Adviser from time to time em- rowers with blemished credit histories. Individual REITs may own a limited ploys various volatility management techniques in managing the Portfolio, number of properties and may concentrate in a particular region or prop- including the use of futures and options to manage equity exposure. Al- erty type. Domestic REITs also must satisfy specific Internal Revenue Code though these actions are intended to reduce the overall risk of investing in requirements to qualify for the tax-free pass-through of net investment in- the Portfolio, they may not work as intended and may result in losses by the come and net realized gains. Failure to meet these requirements may have Portfolio or periods of underperformance, particularly during periods when adverse consequences on the Portfolio. In addition, even the larger REITs in market values are increasing but market volatility is high. The success of the the industry tend to be small- to medium-sized companies in relation to the Portfolio’s volatility management strategy will be subject to the Adviser’s equity markets as a whole. Moreover, shares of REITs may trade less fre- ability to correctly assess the degree of correlation between the perform- quently and, therefore, are subject to more erratic price movements than ance of the relevant market index and the metrics used by the Adviser to securities of larger issuers. measure market volatility. Since the characteristics of many securities change as markets change or time passes, the success of the Portfolio’s Regulatory Risk: The Adviser is registered with the Securities and Exchange Commission (“SEC”) as an investment adviser under the In- volatility management strategy also will be subject to the Adviser’s ability to vestment Advisers Act of 1940, as amended. The Adviser also is regis- continually recalculate, readjust, and execute volatility management tech- tered with the Commodity Futures Trading Commission (“CFTC”) as a niques (such as options and futures transactions) in an efficient manner. In commodity pool operator (“CPO”) under the Commodity Exchange Act, addition, because market conditions change, sometimes rapidly and un- as amended, and, due to the Portfolio’s use of derivatives, serves as a predictably, the success of the volatility management strategy will be sub- CPO with respect to the Portfolio. Being subject to dual regulation by ject to the Adviser’s ability to execute the strategy in a timely manner. the SEC and the CFTC may increase compliance costs, which may be Moreover, volatility management strategies may increase portfolio trans- borne by the Portfolio and may affect Portfolio returns. action costs, which could cause or increase losses or reduce gains. For a variety of reasons, the Adviser may not seek to establish a perfect correla- Sector Risk: From time to time, based on market or economic con- tion between the relevant market index and the metrics that the Adviser ditions, the Portfolio may have significant positions in one or more sec- uses to measure market volatility. In addition, it is not possible to manage tors of the market. To the extent the Portfolio invests more heavily in volatility fully or perfectly. Futures contracts and other instruments used in particular sectors, its performance will be especially sensitive to connection with the volatility management strategy are not necessarily held developments that significantly affect those sectors. Individual sectors by the Portfolio to hedge the value of the Portfolio’s other investments and, may be more volatile, and may perform differently, than the broader as a result, these futures contracts and other instruments may decline in market. The industries that constitute a sector may all react in the same value at the same time as the Portfolio’s investments. Any one or more of way to economic, political or regulatory events. these factors may prevent the Portfolio from achieving the intended vola- Securities Lending Risk: The Portfolio may lend its portfolio secu- tility management or could cause the Portfolio to underperform or experi- rities to seek income. There is a risk that a borrower may default on its ence losses (some of which may be sudden) or volatility for any particular obligations to return loaned securities, however, the Portfolio’s secu- period that may be higher or lower. In addition, the use of volatility rities lending agent may indemnify the Portfolio against that risk. The management techniques may not protect against market declines and may Portfolio will be responsible for the risks associated with the investment limit the Portfolio’s participation in market gains, even during periods when of cash collateral, including any collateral invested in an affiliated the market is rising. Volatility management techniques, when implemented money market fund. The Portfolio may lose money on its investment of effectively to reduce the overall risk of investing in the Portfolio, may result cash collateral or may fail to earn sufficient income on its investment to in underperformance by the Portfolio. For example, if the Portfolio has re- meet obligations to the borrower. In addition, delays may occur in the duced its overall exposure to equities to avoid losses in certain market envi- recovery of securities from borrowers, which could interfere with the ronments, the Portfolio may forgo some of the returns that can be Portfolio’s ability to vote proxies or to settle transactions. associated with periods of rising equity values. The Portfolio’s performance may be lower than similar funds where volatility management techniques Short Position Risk: The Portfolio may engage in short sales and are not used. In addition, volatility management techniques may reduce may enter into derivative contracts that have a similar economic effect potential losses and/or mitigate financial risks to insurance companies that (e.g., taking a short position in a futures contract). The Portfolio will provide certain benefits and guarantees available under the Contracts and incur a loss as a result of a short position if the price of the asset sold offer the Portfolio as an investment option in their products. short increases in value between the date of the short position sale and the date on which an offsetting position is purchased. Short positions Risk/Return Bar Chart and Table may be considered speculative transactions and involve special risks that could cause or increase losses or reduce gains, including greater The bar chart and table below provide some indication of the risks of reliance on the investment adviser’s ability to accurately anticipate the investing in the Portfolio by showing changes in the Portfolio’s future value of a security or instrument, potentially higher transaction performance from year to year and by showing how the Portfolio’s costs, and imperfect correlation between the actual and desired level of average annual total returns for the past one, five and ten years (or exposure. Because the Portfolio’s potential loss on a short position since inception) through December 31, 2016 compared to the returns of arises from increases in the value of the asset sold short, the extent of a broad-based securities market index. The additional index shows how such loss, like the price of the asset sold short, is theoretically unlimited. the Portfolio’s performance compared with the returns of a volatility managed index. The return of the broad-based securities market index

ALCVMV 4 (and any additional comparative index) shown in the right hand column Date Began below is the return of the index for the last 10 years or, if shorter, since Managing Name Title the Portfolio the inception of the share class with the longest history. Past perform- Xavier Poutas, CFA® Assistant Portfolio May 2011 ance is not an indication of future performance. Manager of FMG LLC The performance results do not reflect any Contract-related fees and Miao Hu, CFA® Assistant Portfolio May 2016 expenses, which would reduce the performance results. Manager of FMG LLC

Calendar Year Annual Total Returns — Class IB Sub-Adviser: AllianceBernstein L.P. (“AllianceBernstein”) 32.50% Portfolio Managers: The members of the team that are jointly and 20.34% primarily responsible for the securities selection, research and trading 15.86% 15.32% 12.76% 12.20% for a portion of the Active Allocated Portion of the Portfolio are:

Date Began -4.55% -5.09% -4.05% Managing Name Title the Portfolio Joseph Gerard Paul Senior Vice President/Chief October 2009 Investment Officer – US Value Equities at AllianceBernstein -43.32% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Cem Inal Senior Vice President/ March 2016 Portfolio Manager at AllianceBernstein Best quarter (% and time period) Worst quarter (% and time period) 17.58% (2009 3rd Quarter) –24.24% (2008 4th Quarter) Portfolio Manager: The individual primarily responsible for the secu- Average Annual Total Returns rities selection, research and trading for the Index Allocated Portion of Ten the Portfolio is: One Five Years/Since Year Years Inception Date Began AXA Large Cap Value Managed Volatility Managing Portfolio – Class IA Shares 15.28% 13.78% 3.03% Name Title the Portfolio AXA Large Cap Value Managed Volatility Portfolio – Class IB Shares 15.32% 13.77% 2.88% Judith DeVivo Senior Vice President December 2008 Russell 1000® Value Index (reflects no and Portfolio Manager of deduction for fees, expenses, or taxes) 17.34% 14.80% 5.72% AllianceBernstein Volatility Managed Index – Large Cap Value (reflects no deduction for fees, expenses, or taxes) 13.69% 14.88% 8.20% Sub-Adviser: BlackRock Investment Management, LLC. (“BlackRock”)

WHO MANAGES THE PORTFOLIO Portfolio Managers: The members of the team that are jointly and primarily responsible for the securities selection, research and trading Investment Adviser: FMG LLC for a portion of the Active Allocated Portion of the Portfolio are: Portfolio Managers: The members of the team that are jointly and Date Began primarily responsible for (i) the selection, monitoring and oversight of Managing the Portfolio’s Sub-Advisers, (ii) allocating assets among the Portfolio’s Name Title the Portfolio Allocated Portions, (iii) managing the Portfolio’s equity exposure and Carrie King Managing Director of July 2013 (iv) the selection of investments in exchange-traded funds for the BlackRock Portfolio’s ETF Allocated Portion are: Joseph Wolfe, CFA® Director of BlackRock, March 2017 Inc. Date Began Managing Name Title the Portfolio Kenneth T. Kozlowski, Executive Vice President December 2008 CFP®, CLU, ChFC and Chief Investment Officer of FMG LLC Alwi Chan, CFA® Senior Vice President May 2009 and Deputy Chief Investment Officer of FMG LLC

ALCVMV 5 Sub-Adviser: Massachusetts Financial Services Company d/b/a PAYMENTS TO BROKER-DEALERS AND OTHER MFS Investment Management. (“MFS”) FINANCIAL INTERMEDIARIES Portfolio Managers: The members of the team that are jointly and This Portfolio is not sold directly to the general public but instead is of- primarily responsible for the securities selection, research and trading fered as an underlying investment option for Contracts and retirement for a portion of the Active Allocated Portion of the Portfolio are: plans and to other eligible investors. The Portfolio and the Adviser and its affiliates may make payments to a sponsoring insurance company (or Date Began its affiliates) or other financial intermediary for distribution and/or other Managing services. These payments may create a conflict of interest by influencing Name Title the Portfolio the insurance company or other financial intermediary and your finan- Nevin Chitkara Investment Officer and May 2014 Portfolio Manager of MFS cial adviser to recommend the portfolio over another investment or by influencing an insurance company to include the Portfolio as an under- Steven Gorham Investment Officer and May 2014 Portfolio Manager of MFS lying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information The Adviser has been granted relief by the Securities and Exchange Commis- about these payments. Ask your financial adviser or visit your financial sion to hire, terminate and replace Sub-Advisers and amend sub-advisory intermediary’s website for more information. agreements subject to the approval of the Board of Trustees and without obtaining shareholder approval. However, the Adviser may not enter into a sub-advisory agreement on behalf of the Portfolio with an “affiliated person” of the Adviser, such as AllianceBernstein L.P., unless the sub-advisory agreement is approved by the Portfolio’s shareholders. The Adviser is responsible for overseeing Sub-Advisers and recommending their hiring, termination and replacement to the Board of Trustees.

PURCHASE AND REDEMPTION OF PORTFOLIO SHARES The Portfolio’s shares are currently sold only to insurance company separate accounts in connection with Contracts issued by AXA Equitable Life Insurance Company (“AXA Equitable”), AXA Life and Annuity Company, or 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, to other portfolios managed by FMG LLC that currently sell their shares to such accounts and plans, and to other investors eligible under applicable federal income tax regulations. The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day (which typically is any day the New York Stock Exchange is open) upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares.

TAX INFORMATION The Portfolio’s shareholders are (or may include) insurance company separate accounts, qualified plans and other investors eligible under applicable federal income tax regulations. Accordingly, distributions the Portfolio makes of its net investment income and net realized gains — most or all of which it intends to distribute annually — and redemptions or exchanges of Portfolio shares generally will not be taxable to its shareholders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax information.

ALCVMV 6 EQ Advisors TrustSM

AXA/Loomis Sayles Growth Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks to achieve capital appreciation. (if any) at the Contract level. If such fees and expenses were reflected, the total expenses would be higher. Although your actual costs may be higher FEES AND EXPENSES OF THE PORTFOLIO or lower, based on these assumptions your costs would be:

The following table describes the fees and expenses that you may pay if 1 Year 3 Years 5 Years 10 Years you buy and hold shares of the Portfolio. The table below does not re- Class IA Shares $107 $351 $615 $1,367 flect any fees and expenses associated with variable life insurance con- Class IB Shares $107 $351 $615 $1,367 tracts and variable annuity certificates and contracts (“Contracts”), which would increase overall fees and expenses. See the Contract pro- PORTFOLIO TURNOVER spectus for a description of those fees and expenses. The Portfolio pays transaction costs, such as commissions, when it buys Shareholder Fees and sells securities (or “turns over” its portfolio). A higher portfolio turn- (fees paid directly from your investment) over rate may indicate higher transaction costs. These costs, which are not Not applicable. reflected in annual fund operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s Annual Portfolio Operating Expenses portfolio turnover rate was 11% of the average value of the Portfolio. (expenses that you pay each year as a percentage of the value of your investment) INVESTMENTS, RISKS AND PERFORMANCE Class IA Class IB AXA/Loomis Sayles Growth Portfolio Shares Shares Principal Investment Strategy: Under normal market conditions, the Management Fee 0.75% 0.75% Portfolio will invest primarily in equity securities, including common stocks, Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% convertible securities and warrants. The Portfolio focuses on stocks of large Other Expenses 0.13% 0.13% capitalization companies, but the Portfolio may invest in companies of any Total Annual Portfolio Operating Expenses 1.13% 1.13% size. For this Portfolio, large capitalization companies include those Fee Waiver and/or Expense Reimbursement† –0.08% –0.08% Total Annual Portfolio Operating Expenses After Fee Waiver companies with market capitalization in excess of $5 billion at the time of and/or Expense Reimbursement 1.05% 1.05% investment. The Portfolio may invest up to 25% of its total assets in foreign † Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreed to securities listed on a domestic or foreign securities exchange, including make payments or waive its management, administrative and other fees to limit the ex- American Depositary Receipts or European Depositary Receipts. penses of the Portfolio through April 30, 2018 (unless the Board of Trustees consents to an earlier revision or termination of this arrangement) (“Expense Limitation The Portfolio normally invests across a wide range of sectors and industries. Arrangement”) so that the annual operating expenses of the Portfolio (exclusive of taxes, The Sub-Adviser employs a growth style of equity management that interest, brokerage commissions, capitalized expenses, acquired fund fees and expenses, dividend and interest expenses on securities sold short, and extraordinary expenses) do emphasizes companies with sustainable competitive advantages, long-term not exceed an annual rate of average daily net assets of 1.05% for Class IA and IB structural growth drivers, attractive cash flow returns on invested capital, shares of the Portfolio. The Expense Limitation Arrangement may be terminated by AXA Equitable Funds Management Group, LLC at any time after April 30, 2018. and management teams focused on creating long-term value for shareholders. The Sub-Adviser aims to invest in companies when they trade at a Example significant discount to the estimate of intrinsic value. This Example is intended to help you compare the cost of investing in the The Portfolio will consider selling a portfolio investment when the Sub- Portfolio with the cost of investing in other portfolios. The Example as- Adviser believes an unfavorable structural change occurs within a given sumes that you invest $10,000 in the Portfolio for the periods indicated business or the markets in which it operates, a critical underlying invest- and then redeem all of your shares at the end of these periods. The ment assumption is flawed, when a more attractive reward-to-risk oppor- Example also assumes that your investment has a 5% return each year, tunity becomes available, when the current price fully reflects intrinsic value, that the Portfolio’s operating expenses remain the same, and that the or for other investment reasons which the Sub-Adviser deems appropriate. Expense Limitation Arrangement is not renewed. This Example does not The Portfolio also may lend its portfolio securities to earn additional reflect any Contract-related fees and expenses including redemption fees income.

ALSG 1 Principal Risks: An investment in the Portfolio is not a deposit of a Receipts and Global Depositary Receipts) are generally subject to bank and is not insured or guaranteed by the Federal Deposit Insurance the same risks of investing in the foreign securities that they evi- Corporation or any other government agency. You may lose money by dence or into which they may be converted. In addition, issuers investing in the Portfolio. Performance may be affected by one or more underlying unsponsored depositary receipts may not provide as of the following risks. much information as U.S. issuers and issuers underlying sponsored depositary receipts. Unsponsored depositary receipts also may not Convertible Securities Risk: The value of convertible securities carry the same voting privileges as sponsored depositary receipts. fluctuates in relation to changes in interest rates and the credit quality of the issuer and, in addition, fluctuates in relation to the underlying Investment Style Risk: The Portfolio may use a particular style or common stock. A convertible security may be subject to redemption at set of styles — in this case “growth” styles — to select investments. the option of the issuer at a price established in the convertible secur- Those styles may be out of favor or may not produce the best results ity’s governing instrument, which may be different than the current over short or longer time periods. Growth stocks may be more sensitive market price of the security. If a convertible security held by the Portfo- to changes in current or expected earnings than the prices of other lio is called for redemption, the Portfolio will be required to permit the stocks. Growth investing also is subject to the risk that the stock price of issuer to redeem the security, convert it into underlying common stock one or more companies will fall or will fail to appreciate as anticipated, or sell it to a third party. Investments by the Portfolio in convertible debt regardless of movements in the securities market. Growth stocks also tend to be more volatile than value stocks, so in a declining market their securities may not be subject to any ratings restrictions, but the Portfo- prices may decrease more than value stocks in general. Growth stocks lio’s investment manager will consider ratings, and any changes to rat- also may increase the volatility of the Portfolio’s share price. ings, in its determination of whether the Portfolio should invest in and/ or continue to hold the securities. Convertible securities are subject to Large-Cap Company Risk: Larger more established companies may equity risk, interest rate risk and credit risk and are often lower-quality be unable to respond quickly to new competitive challenges such as securities, which means that they are subject to the same risks as an changes in technology and consumer tastes. Many larger companies also investment in lower rated debt securities. Since it derives a portion of its may not be able to attain the high growth rate of successful smaller com- value from the common stock into which it may be converted, a con- panies, especially during extended periods of economic expansion. vertible security is also subject to the same types of market and issuer- Mid-Cap and Small-Cap Company Risk: The Portfolio’s specific risks that apply to the underlying common stock. investments in mid-and small-cap companies may involve greater risks Equity Risk: In general, stocks and other equity security values fluc- than investments in larger, more established issuers because they gen- tuate, and sometimes widely fluctuate, in response to changes in a erally are more vulnerable than larger companies to adverse business or company’s financial condition as well as general market, economic and economic developments. Such companies generally have narrower political conditions and other factors. product lines, more limited financial and management resources and more limited markets for their stock as compared with larger compa- Foreign Securities Risk: Investments in foreign securities, including nies. As a result, the value of such securities may be more volatile than depositary receipts, involve risks not associated with investing in U.S. secu- the securities of larger companies, and the Portfolio may experience rities. Foreign markets, particularly emerging markets, may be less liquid, difficulty in purchasing or selling such securities at the desired time and more volatile and subject to less government supervision than U.S. mar- price or in the desired amount. In general, these risks are greater for kets. Security values also may be negatively affected by changes in the small-cap companies than for mid-cap companies. exchange rates between the U.S. dollar and foreign currencies. Differences Sector Risk: From time to time, based on market or economic con- between U.S. and foreign legal, political and economic systems, regulatory ditions, the Portfolio may have significant positions in one or more sec- regimes and market practices also may impact security values and it may tors of the market. To the extent the Portfolio invests more heavily in take more time to clear and settle trades involving foreign securities. particular sectors, its performance will be especially sensitive to Currency Risk: Investments in foreign currencies and in secu- developments that significantly affect those sectors. Individual sectors rities that trade in, or receive revenues in, or in derivatives that may be more volatile, and may perform differently, than the broader provide exposure to foreign currencies are subject to the risk that market. The industries that constitute a sector may all react in the same those currencies will decline in value relative to the U.S. dollar, or, way to economic, political or regulatory events. in the case of hedging positions, that the U.S. dollar will decline in Securities Lending Risk: The Portfolio may lend its portfolio secu- value relative to the currency being hedged. Any such decline may rities to seek income. There is a risk that a borrower may default on its erode or reverse any potential gains from an investment in secu- obligations to return loaned securities, however, the Portfolio’s securities denominated in foreign currency or may widen existing loss. rities lending agent may indemnify the Portfolio against that risk. The Currency rates may fluctuate significantly over short periods of Portfolio will be responsible for the risks associated with the investment time for a number of reasons, including changes in interest rates, of cash collateral, including any collateral invested in an affiliated intervention (or the failure to intervene) by governments, central money market fund. The Portfolio may lose money on its investment of banks or supranational entities, or by the imposition of currency cash collateral or may fail to earn sufficient income on its investment to controls or other political developments in the U.S. or abroad. meet obligations to the borrower. In addition, delays may occur in the Depositary Receipts Risk: Investments in depositary receipts recovery of securities from borrowers, which could interfere with the (including American Depositary Receipts, European Depositary Portfolio’s ability to vote proxies or to settle transactions.

ALSG 2 Risk/Return Bar Chart and Table WHO MANAGES THE PORTFOLIO The bar chart and table below provide some indication of the risks of Investment Adviser: FMG LLC investing in the Portfolio by showing changes in the Portfolio’s Portfolio Managers: The members of the team that are jointly and performance from year to year and by showing how the Portfolio’s primarily responsible for the selection, monitoring and oversight of the average annual total returns for the past one, five and ten years (or Portfolio’s Sub-Adviser are: since inception) through December 31, 2016 compared to the returns of a broad-based securities market index. The return of the broad-based Date Began securities market index (and any additional comparative index) shown in Managing the right-hand column below is the return of the index for the last 10 Name Title the Portfolio years or, if shorter, since the inception of the share class with the lon- Kenneth T. Kozlowski, Executive Vice President May 2011 gest history. Past performance is not an indication of future perform- CFP®, CLU, ChFC and Chief Investment ance. Performance information for the periods prior to September 1, Officer of FMG LLC 2014 is that of the Portfolio when it engaged a different Sub-Adviser Alwi Chan, CFA® Senior Vice President, and May 2009 under the name “EQ/Montag & Caldwell Growth Portfolio.” Deputy Chief Investment Officer of FMG LLC The performance results do not reflect any Contract-related fees and expenses, which would reduce the performance results. Sub-Adviser: Loomis, Sayles & Company, L.P. (“Loomis Calendar Year Annual Total Returns — Class IB Sayles”) Portfolio Manager: The individual primarily responsible for the secu- 29.77% 27.39% 20.77% rities selection, research and trading for the Portfolio is: 12.44% 11.52% Date Began 8.14% 7.79% 6.85% 2.99% Managing Name Title the Portfolio Aziz V. Vice President and September 2014 Hamzaogullari, Portfolio Manager of CFA® Loomis Sayles

AXA Equitable Funds Management Group, LLC (“FMG LLC” or the -32.86% “Adviser”) has been granted relief by the Securities and Exchange 20072008 2009 2010 20112012 2013 2014 2015 2016 Commission to hire, terminate and replace sub-advisers and amend sub- advisory agreements subject to the approval of the Board of Trustees and Best quarter (% and time period Worst quarter (% and time period) without obtaining shareholder approval. However, the Adviser may not nd th 15.18% (2009 2 Quarter) –20.38% (2008 4 Quarter) enter into a sub-advisory agreement on behalf of the Portfolio with an “affiliated person” of the Adviser, such as AllianceBernstein L.P., unless the Average Annual Total Returns sub-advisory agreement is approved by the Portfolio’s shareholders. The Ten Adviser is responsible for overseeing Sub-Advisers and recommending their One Five Years/Since hiring, termination and replacement to the Board of Trustees. Year Years Inception AXA/Loomis Sayles Growth Portfolio – Class IA Shares 6.88% 12.99% 8.12% PURCHASE AND REDEMPTION OF PORTFOLIO AXA/Loomis Sayles Growth Portfolio – SHARES Class IB Shares 6.85% 12.97% 7.99% Russell 3000® Growth Index (reflects no The Portfolio’s shares are currently sold only to insurance company sepa- deduction for fees, expenses, or taxes) 7.39% 14.44% 8.28% rate accounts in connection with Contracts issued by AXA Equitable Life Insurance Company (“AXA Equitable”), AXA Life and Annuity Company, or 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, to other portfolios managed by FMG LLC that currently sell their shares to such accounts and plans and to other investors eligible under applicable federal income tax regulations. The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day (which typically is any day the New York Stock Exchange is open) upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares.

ALSG 3 TAX INFORMATION The Portfolio’s shareholders are (or may include) insurance company separate accounts, qualified plans and other investors eligible under applicable federal income tax regulations. Accordingly, distributions the Portfolio makes of its net investment income and net realized gains — most or all of which it intends to distribute annually — and redemptions or exchanges of Portfolio shares generally will not be taxable to its shareholders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax information.

PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES This Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts, retirement plans and other eligible investments. The Portfolio and the Adviser and its affiliates may make payments to a sponsoring insurance company (or its affiliates) or other financial intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. Ask your financial adviser or visit your financial intermediary’s website for more information.

ALSG 4 EQ Advisors TrustSM

AXA 2000 Managed Volatility Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: The Portfolio seeks to achieve long- PORTFOLIO TURNOVER term growth of capital with an emphasis on risk-adjusted returns and The Portfolio pays transaction costs, such as commissions, when it buys managing volatility in the Portfolio. and sells securities (or “turns over” its portfolio). A higher portfolio FEES AND EXPENSES OF THE PORTFOLIO turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, The following table describes the fees and expenses that you may pay if affect the Portfolio’s performance. During the most recent fiscal year, you buy and hold shares of the Portfolio. The table below does not re- the Portfolio’s portfolio turnover rate was 18% of the average value of flect any fees and expenses associated with variable life insurance con- its portfolio. tracts and variable annuity certificates and contracts (“Contracts”), which would increase overall fees and expenses. See the Contract pro- INVESTMENTS, RISKS, AND PERFORMANCE spectus for a description of those fees and expenses. Principal Investment Strategy: The Portfolio is divided into two portions, one of which utilizes a passive investment index style focused Shareholder Fees (fees paid directly from your investment) on equity securities of small-capitalization companies and a second Not applicable. portion which utilizes an actively managed futures and options strategy to tactically manage equity exposure in the Portfolio based on the level of volatility in the market. The combination of these strategies is in- Annual Portfolio Operating Expenses tended to produce better risk-adjusted returns over time than investing (expenses that you pay each year as a percentage of the value of your investment) exclusively in a passively managed portfolio of securities. Class IA Class IB The Portfolio generally allocates approximately 50% of its net assets to a AXA 2000 Managed Volatility Portfolio Shares* Shares Management Fee 0.44% 0.44% portion of the Portfolio that invests in the common stocks of companies in- ® Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% cluded in the Russell 2000 Index in a manner that is intended to track the Other Expenses 0.16% 0.16% performance (before fees and expenses) of that index, commonly referred to Total Annual Portfolio Operating Expenses 0.85% 0.85% as an indexing strategy. This percentage may range from 0% to 100% of the Portfolio’s net assets depending on the level of volatility in the market. * Based on estimated amounts for the current fiscal year. These investments typically represent the small-capitalization sector of the Example U.S. equity market. As of December 31, 2016, the market capitalization of companies in this index ranged from $21.1 million to $10.5 billion. The This Example is intended to help you compare the cost of investing in Portfolio also may invest in exchange-traded funds (“ETFs”) that seek to the Portfolio with the cost of investing in other portfolios. The Example track the Russell 2000® Index and in other instruments, such as futures and assumes that you invest $10,000 in the Portfolio for the time periods options contracts, that provide exposure to the index. indicated, and then redeem all of your shares at the end of those time The other portion of the Portfolio invests in futures and options contracts, periods. The Example also assumes that your investment has a 5% re- including contracts on the Russell 2000® Index, and other strategies to turn each year and that the Portfolio’s operating expenses remain the manage the Portfolio’s equity exposure. During periods when certain same. This Example does not reflect any Contract-related fees and ex- quantitative market indicators indicate that market volatility is high or is penses including redemption fees (if any) at the Contract level. If such likely to increase, this portion of the Portfolio may implement strategies fees and expenses were reflected, the total expenses would be higher. that are intended to reduce the Portfolio’s equity exposure and, therefore, Although your actual costs may be higher or lower, based on these as- the risk of market losses from investing in equity securities. This portion of sumptions your costs would be: the Portfolio may reduce equity exposure in the Portfolio using a variety of 1 Year 3 Years 5 Years 10 Years strategies, including shorting or selling its long futures positions on an Class IA Shares $87 $271 $471 $1,049 index, entering into short futures positions on an index, or increasing cash Class IB Shares $87 $271 $471 $1,049 levels, or a combination of some or all of these strategies. During such

A2000MV 1 times, the Portfolio’s exposure to equity securities may be significantly investments in derivatives, disrupt markets, or otherwise adversely af- less than that of a traditional equity portfolio. Conversely, when the fect their value or performance. market volatility indicators decrease, this portion of the Portfolio may Equity Risk: In general, stocks and other equity security values fluc- increase equity exposure in the Portfolio such as by investing in futures tuate, and sometimes widely fluctuate, in response to changes in a contracts on an index or by investing in ETFs that provide comparable company’s financial condition as well as general market, economic and exposure as an index. Volatility is a statistical measure of the magnitude political conditions and other factors. of changes in the Portfolio’s returns, without regard to the direction of those changes. Higher volatility generally indicates higher risk and is ETFs Risk: The Portfolio will indirectly bear fees and expenses paid by often reflected by frequent and sometimes significant movements up the ETFs in which it invests, in addition to the Portfolio’s direct fees and and down in value. The Portfolio’s investments in derivatives may in- expenses. The cost of investing in the Portfolio, therefore, may be volve the use of leverage because the Portfolio is not required to invest higher than the cost of investing in a mutual fund that exclusively in- the full market value of the contract upon entering into the contract but vests directly in individual stocks and bonds. In addition, the Portfolio’s participates in gains and losses on the full contract price. The use of de- net asset value will be subject to fluctuations in the market values of rivatives also may involve the use of leverage because the heightened the ETFs in which it invests. The Portfolio is also subject to the risks price sensitivity of some derivatives to market changes may magnify the associated with the securities or other investments in which the ETFs Portfolio’s gain or loss. It is not generally expected, however, that the invest and the ability of the Portfolio to meet its investment objective Portfolio will be leveraged by borrowing money for investment pur- will directly depend on the ability of the ETFs to meet their investment poses. In addition, the Portfolio generally does not intend to use lever- objectives. There is also the risk that an ETF’s performance may not age to increase its net investment exposure above approximately 100% match that of the relevant index. It is also possible that an active trad- of the Portfolio’s net asset value or below 0%. The Portfolio may main- ing market for an ETF may not develop or be maintained, in which case tain a significant percentage of its assets in cash and cash equivalent the liquidity and value of the Portfolio’s investment in the ETF could be instruments, some of which may serve as margin or collateral for the substantially and adversely affected. The extent to which the investment Portfolio’s obligations under derivative transactions. performance and risks associated with the Portfolio correlate to those of a particular ETF will depend upon the extent to which the Portfolio’s The Portfolio also may lend its portfolio securities to earn additional assets are allocated from time to time for investment in the ETF, which income. will vary. Principal Risks: An investment in the Portfolio is not a deposit of a Futures Contract Risk: The primary risks associated with the use bank and is not insured or guaranteed by the Federal Deposit Insurance of futures contracts are (a) the imperfect correlation between the Corporation or any other government agency. You may lose money by change in market value of the instruments held by the Portfolio and the investing in the Portfolio. Performance may be affected by one or more price of the futures contract; (b) liquidity risks, including the possible of the following risks. absence of a liquid secondary market for a futures contract and the re- Cash Management Risk: Upon entering into certain derivatives sulting inability to close a futures contract when desired; (c) losses contracts, such as futures contracts, and to maintain open positions in (potentially unlimited) caused by unanticipated market movements; (d) certain derivatives contracts, the Portfolio may be required to post an investment manager’s inability to predict correctly the direction of collateral for the contract, the amount of which may vary. As such, the securities prices, interest rates, currency exchange rates and other eco- Portfolio may maintain cash balances, including foreign currency balan- nomic factors; (e) the possibility that a counterparty, clearing member or ces, which may be significant, with counterparties such as the Trust’s clearinghouse will default in the performance of its obligations; (f) if the custodian or its affiliates. The Portfolio is thus subject to counterparty Portfolio has insufficient cash, it may have to sell securities from its risk and credit risk with respect to these arrangements. portfolio to meet daily variation margin requirements, and the Portfolio may have to sell securities at a time when it may be disadvantageous to Derivatives Risk: The Portfolio’s investments in derivatives may rise do so; and (g) transaction costs associated with investments in futures or fall in value more rapidly than other investments. Changes in the contracts may be significant, which could cause or increase losses or value of a derivative may not correlate perfectly or at all with the under- reduce gains. Futures contracts are also subject to the same risks as the lying asset, rate or index, and the Portfolio could lose more than the underlying investments to which they provide exposure. In addition, principal amount invested. Some derivatives can have the potential for futures contracts may subject the Portfolio to leveraging risk. unlimited losses. In addition, it may be difficult or impossible for the Portfolio to purchase or sell certain derivatives in sufficient amounts to Index Strategy Risk: The Portfolio employs an index strategy, that achieve the desired level of exposure, which may result in a loss or may is, it generally invests in the securities included in its index or a repre- be costly to the Portfolio. Derivatives also may be subject to certain sentative sample of such securities regardless of market trends. The other risks such as leveraging risk, interest rate risk, credit risk, the risk Portfolio generally will not modify its index strategy to respond to that a counterparty may be unable or unwilling to honor its obligations, changes in the economy, which means that it may be particularly and the risk of mispricing or improper valuation. Derivatives also may susceptible to a general decline in the market segment relating to the not behave as anticipated by the Portfolio, especially in abnormal mar- relevant index. In addition, although the index strategy attempts to ket conditions. Changing regulation may make derivatives more costly, closely track its benchmark index, the Portfolio may not invest in all of limit their availability, impact the Portfolio’s ability to maintain its the securities in the index. Also, the Portfolio’s fees and expenses will

A2000MV 2 reduce the Portfolio’s returns, unlike those of the benchmark index. Regulatory Risk: The Adviser is registered with the Securities and Cash flow into and out of the Portfolio, portfolio transaction costs, Exchange Commission (“SEC”) as an investment adviser under the In- changes in the securities that comprise the index, and the Portfolio’s vestment Advisers Act of 1940, as amended. The Adviser also is regis- valuation procedures also may affect the Portfolio’s performance. There- tered with the Commodity Futures Trading Commission (“CFTC”) as a fore, there can be no assurance that the performance of the index commodity pool operator (“CPO”) under the Commodity Exchange Act, strategy will match that of the benchmark index. as amended, and, due to the Portfolio’s use of derivatives, serves as a CPO with respect to the Portfolio. Being subject to dual regulation by Leveraging Risk: When the Portfolio leverages its holdings, the value the SEC and the CFTC may increase compliance costs, which may be of an investment in the Portfolio will be more volatile and all other risks borne by the Portfolio and may affect Portfolio returns. will tend to be compounded. For example, the Portfolio may take on leveraging risk when it engages in derivatives transactions (such as fu- Sector Risk: From time to time, based on market or economic con- tures and options investments), invests collateral from securities loans or ditions, the Portfolio may have significant positions in one or more sec- borrows money. The Portfolio may experience leveraging risk in con- tors of the market. To the extent the Portfolio invests more heavily in nection with investments in derivatives because its investments in de- particular sectors, its performance will be especially sensitive to rivatives may be small relative to the investment exposure assumed, developments that significantly affect those sectors. Individual sectors leaving more assets to be invested in other investments. Such investments may be more volatile, and may perform differently, than the broader may have the effect of leveraging the Portfolio because the Portfolio may market. The industries that constitute a sector may all react in the same experience gains or losses not only on its investments in derivatives, but way to economic, political or regulatory events. also on the investments purchased with the remainder of the assets. If the Securities Lending Risk: The Portfolio may lend its portfolio secu- value of the Portfolio’s investments in derivatives is increasing, this could rities to seek income. There is a risk that a borrower may default on its be offset by declining values of the Portfolio’s other investments. Con- obligations to return loaned securities, however, the Portfolio’s securities versely, it is possible that the rise in the value of the Portfolio’s non- lending agent may indemnify the Portfolio against that risk. The Portfolio derivative investments could be offset by a decline in the value of the will be responsible for the risks associated with the investment of cash Portfolio’s investments in derivatives. In either scenario, the Portfolio may collateral, including any collateral invested in an affiliated money market experience losses. In a market where the value of the Portfolio’s invest- fund. The Portfolio may lose money on its investment of cash collateral or ments in derivatives is declining and the value of its other investments is may fail to earn sufficient income on its investment to meet obligations to declining, the Portfolio may experience substantial losses. the borrower. In addition, delays may occur in the recovery of securities Multiple Sub-Adviser Risk: The Adviser allocates the Portfolio’s from borrowers, which could interfere with the Portfolio’s ability to vote assets among multiple Sub-Advisers, each of which is responsible for proxies or to settle transactions. investing its allocated portion of the Portfolio’s assets. To a significant Short Position Risk: The Portfolio may engage in short sales and extent, the Portfolio’s performance will depend on the success of the may enter into derivative contracts that have a similar economic effect Adviser in allocating the Portfolio’s assets to Sub-Advisers and its se- (e.g., taking a short position in a futures contract). The Portfolio will lection and oversight of the Sub-Advisers. Because each Sub-Adviser incur a loss as a result of a short position if the price of the asset sold manages its allocated portion of the Portfolio independently from short increases in value between the date of the short position sale and another Sub-Adviser, the same security may be held in different portions the date on which an offsetting position is purchased. Short positions of the Portfolio, or may be acquired for one portion of the Portfolio at a may be considered speculative transactions and involve special risks time when a Sub-Adviser to another portion deems it appropriate to that could cause or increase losses or reduce gains, including greater dispose of the security from that other portion, resulting in higher ex- reliance on the investment adviser’s ability to accurately anticipate the penses without accomplishing any net result in the Portfolio’s holdings. future value of a security or instrument, potentially higher transaction Similarly, under some market conditions, one Sub-Adviser may believe costs, and imperfect correlation between the actual and desired level of that temporary, defensive investments in short-term instruments or cash exposure. Because the Portfolio’s potential loss on a short position are appropriate when another Sub-Adviser believes continued exposure arises from increases in the value of the asset sold short, the extent of to the equity or debt markets is appropriate for its allocated portion of such loss, like the price of the asset sold short, is theoretically unlimited. the Portfolio. Because each Sub-Adviser directs the trading for its own portion of the Portfolio, and does not aggregate its transactions with Small-Cap Company Risk: The Portfolio’s investments in small-cap those of the other Sub-Adviser, the Portfolio may incur higher brokerage companies may involve greater risks than investments in larger, more costs than would be the case if a single Sub-Adviser were managing the established issuers because small-cap companies generally are more entire Portfolio. In addition, while the Adviser seeks to allocate the vulnerable than larger companies to adverse business or economic Portfolio’s assets among the Portfolio’s Sub-Advisers in a manner that it developments. Such companies generally have narrower product lines, believes is consistent with achieving the Portfolio’s investment more limited financial and management resources and more limited mar- objective(s), the Adviser may be subject to potential conflicts of interest kets for their stock as compared with larger companies. Small-cap compa- in allocating the Portfolio’s assets among Sub-Advisers, including affili- nies may depend on a more limited management group than larger ated Sub-Advisers, because the Adviser pays different fees to the Sub- capitalized companies. In addition, it is more difficult to get information on Advisers and due to other factors that could impact the Adviser’s smaller companies, which tend to be less well known, have shorter operat- revenues and profits. ing histories, do not have significant ownership by large investors and are

A2000MV 3 followed by relatively few securities analysts. As a result, the value of such Risk/Return Bar Chart and Table securities may be more volatile than the securities of larger companies, and The bar chart and table below provide some indication of the risks of in- because the securities generally trade in lower volumes than larger cap vesting in the Portfolio by showing changes in the Portfolio’s performance securities, the Portfolio may experience difficulty in purchasing or selling such securities at the desired time and price or in the desired amount. from year to year and by showing how the Portfolio’s average annual total returns for the past one year, five years, and since inception through Volatility Management Risk: The Adviser from time to time December 31, 2016 compared to the returns of a broad-based securities employs various volatility management techniques in managing the market index. The additional index shows how the Portfolio’s perform- Portfolio, including the use of futures and options to manage equity ance compared with the returns of a volatility-managed index. The return exposure. Although these actions are intended to reduce the overall risk of the broad-based securities market index (and any additional com- of investing in the Portfolio, they may not work as intended and may parative index) shown in the right hand column below is the return of the result in losses by the Portfolio or periods of underperformance, partic- index for the last 10 years or, if shorter, since the inception of the share ularly during periods when market values are increasing but market class with the longest history. Past performance is not an indication of volatility is high. The success of the Portfolio’s volatility management future performance. strategy will be subject to the Adviser’s ability to correctly assess the degree of correlation between the performance of the relevant market As of the close of business on April 13, 2015, Class IA shares ceased index and the metrics used by the Adviser to measure market volatility. operations and are not currently offered. Since the characteristics of many securities change as markets change The performance results do not reflect any Contract-related fees and or time passes, the success of the Portfolio’s volatility management expenses which would reduce the performance results. strategy also will be subject to the Adviser’s ability to continually recalculate, readjust, and execute volatility management techniques (such Calendar Year Annual Total Returns — Class IB as options and futures transactions) in an efficient manner. In addition, 37.40% because market conditions change, sometimes rapidly and unpredictably, the success of the volatility management strategy will be subject to the Adviser’s ability to execute the strategy in a timely man- 24.08% 20.49% ner. Moreover, volatility management strategies may increase portfolio 15.50% transaction costs, which could cause or increase losses or reduce gains. For a variety of reasons, the Adviser may not seek to establish a perfect 4.03% correlation between the relevant market index and the metrics that the Adviser uses to measure market volatility. In addition, it is not possible to manage volatility fully or perfectly. Futures contracts and other -5.09% instruments used in connection with the volatility management strategy -10.58% are not necessarily held by the Portfolio to hedge the value of the Portfolio’s other investments and, as a result, these futures contracts 20102011 2012 2013 2014 2015 2016 and other instruments may decline in value at the same time as the Portfolio’s investments. Any one or more of these factors may prevent Best quarter (% and time period) Worst quarter (% and time period) 16.07% (2010 4th Quarter) –23.14% (2011 3rd Quarter) the Portfolio from achieving the intended volatility management or could cause the Portfolio to underperform or experience losses (some of which may be sudden) or volatility for any particular period that may be Average Annual Total Returns higher or lower. In addition, the use of volatility management tech- One Five Since Year Years Inception niques may not protect against market declines and may limit the AXA 2000 Managed Volatility Portfolio – Portfolio’s participation in market gains, even during periods when the Class IB Shares (Inception Date: market is rising. Volatility management techniques, when implemented October 29, 2009) 20.49% 13.55% 11.98% Russell 2000® Index (reflects no deduction effectively to reduce the overall risk of investing in the Portfolio, may for fees, expenses, or taxes) 21.31% 14.46% 14.13% result in underperformance by the Portfolio. For example, if the Portfolio Volatility Managed Index – Small Cap Core (reflects no deduction for fees, expenses, has reduced its overall exposure to equities to avoid losses in certain or taxes) 20.17% 14.31% 13.10% market environments, the Portfolio may forgo some of the returns that can be associated with periods of rising equity values. The Portfolio’s performance may be lower than similar funds where volatility management techniques are not used. In addition, volatility management techniques may reduce potential losses and/or mitigate financial risks to insurance companies that provide certain benefits and guarantees available under the Contracts and offer the Portfolio as an investment option in their products.

A2000MV 4 WHO MANAGES THE PORTFOLIO the sub-advisory agreement is approved by the Portfolio’s shareholders. The Adviser is responsible for overseeing Sub-Advisers and recommend- Investment Adviser: AXA Equitable Funds Management ing their hiring, termination and replacement to the Board of Trustees. Group, LLC (“FMG LLC” or the “Adviser”). Portfolio Managers: The members of the team that are jointly and PURCHASE AND REDEMPTION OF PORTFOLIO SHARES primarily responsible for (i) the selection, monitoring and oversight of The Portfolio’s shares are currently sold only to insurance company sepa- the Portfolio’s Sub-Advisers, (ii) allocating the Portfolio’s assets among rate accounts in connection with Contracts issued by AXA Equitable Life investment styles and (iii) managing the Portfolio’s equity exposure are: Insurance Company (“AXA Equitable”), AXA Life and Annuity Company, Date Began or other affiliated or unaffiliated insurance companies and to The AXA Managing Equitable 401(k) Plan. Shares also may be sold to other tax-qualified Name Title the Portfolio retirement plans, to other portfolios managed by FMG LLC that currently Kenneth T. Kozlowski, Executive Vice President May 2011 sell their shares to such accounts and plans, and to other investors eligible ® CFP , CLU, ChFC and Chief Executive under applicable federal income tax regulations. Officer of FMG LLC Alwi Chan, CFA® Senior Vice President May 2009 The Portfolio does not have minimum initial or subsequent investment and Deputy Chief requirements. Shares of the Portfolio are redeemable on any business Investment Officer day (which typically is any day when the New York Stock Exchange is of FMG LLC open) upon receipt of a request. All redemption requests will be proc- Xavier Poutas, CFA® Assistant Portfolio May 2011 essed and payment with respect thereto will normally be made within Manager of FMG LLC seven days after tender. Please refer to your Contract prospectus for Miao Hu, CFA® Assistant Portfolio May 2016 more information on purchasing and redeeming Portfolio shares. Manager of FMG LLC TAX INFORMATION Sub-Adviser: AllianceBernstein L.P. (“AllianceBernstein”) The Portfolio’s shareholders are (or may include) insurance company Portfolio Manager: The individual primarily responsible for the se- separate accounts, qualified plans and other investors eligible under lection, research and trading of physical securities for the Portfolio is: applicable federal income tax regulations. Accordingly, distributions the Portfolio makes of its net investment income and net realized gains — Date Began most or all of which it intends to distribute annually — and re- Managing Name Title the Portfolio demptions or exchanges of Portfolio shares generally will not be taxable Judith DeVivo Senior Vice President May 2009 to its shareholders (or to the holders of underlying Contracts or plan of AllianceBernstein participants or beneficiaries). See the prospectus for your Contract for further tax information. Sub-Adviser: BlackRock Investment Management, LLC (“BlackRock”) PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES Portfolio Managers: The members of the team that are jointly and primarily responsible for the selection, research and trading of futures This Portfolio is not sold directly to the general public but instead is and options for the Portfolio are: offered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and the Adviser and Date Began its affiliates may make payments to a sponsoring insurance company (or Managing its affiliates) or other financial intermediary for distribution and/or other Name Title the Portfolio Alan Mason Managing Director of March 2014 services. These payments may create a conflict of interest by influencing BlackRock the insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or Greg Savage, Managing Director of May 2012 CFA® BlackRock by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other Rachel M. Aguirre Director of BlackRock April 2016 offering document) for your Contract may contain additional Creighton Jue, Managing Director of April 2016 information about these payments. Ask your financial adviser or visit CFA® BlackRock your financial intermediary’s website for more information. The Adviser has been granted relief by the Securities and Exchange Commission to hire, terminate and replace Sub-Advisers and amend sub- advisory agreements subject to the approval of the Board of Trustees and without obtaining shareholder approval. However, the Adviser may not enter into a sub-advisory agreement on behalf of the Portfolio with an “affiliated person” of the Adviser, such as AllianceBernstein L.P., unless

A2000MV 5 EQ Advisors TrustSM

AXA 400 Managed Volatility Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: The Portfolio seeks to achieve long- each year, that the Portfolio’s operating expenses remain the same and term growth of capital with an emphasis on risk-adjusted returns and that the Expense Limitation Arrangement is not renewed. This Example managing volatility in the Portfolio. does not reflect any Contract-related fees and expenses including redemption fees (if any) at the Contract level. If such fees and expenses FEES AND EXPENSES OF THE PORTFOLIO were reflected, the total expenses would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs The following table describes the fees and expenses that you may pay if would be: you buy and hold shares of the Portfolio. The table below does not reflect any fees and expenses associated with variable life insurance con- 1 Year 3 Years 5 Years 10 Years tracts and variable annuity certificates and contracts (“Contracts”), Class IA Shares $87 $273 $476 $1,060 which would increase overall fees and expenses. See the Contract pro- Class IB Shares $87 $273 $476 $1,060 spectus for a description of those fees and expenses.

Shareholder Fees PORTFOLIO TURNOVER (fees paid directly from your investment) The Portfolio pays transaction costs, such as commissions, when it buys Not applicable. and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not Annual Portfolio Operating Expenses reflected in annual fund operating expenses or in the Example, affect the (expenses that you pay each year as a percentage of the value of Portfolio’s performance. During the most recent fiscal year, the Portfolio’s your investment) portfolio turnover rate was 19% of the average value of its portfolio. Class IA Class IB AXA 400 Managed Volatility Portfolio Shares* Shares Management Fee 0.45% 0.45% INVESTMENTS, RISKS, AND PERFORMANCE Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% Principal Investment Strategy: The Portfolio is divided into two Other Expenses 0.16% 0.16% portions, one of which utilizes a passive investment index style focused Total Annual Portfolio Operating Expenses 0.86% 0.86% Fee Waiver and/or Expense Reimbursement† –0.01% –0.01% on equity securities of mid-capitalization companies and a second por- Total Annual Portfolio Operating Expenses After Fee tion which utilizes an actively managed futures and options strategy to Waiver and/or Expense Reimbursement 0.85% 0.85% tactically manage equity exposure in the Portfolio based on the level of * Based on estimated amounts for the current fiscal year. volatility in the market. The combination of these strategies is intended † Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreed to to produce better risk-adjusted returns over time than investing ex- make payments or waive its management, administrative and other fees to limit the clusively in a passively managed portfolio of securities. expenses of the Portfolio through April 30, 2018 (unless the Board of Trustees consents to an earlier revision or termination of this arrangement) (“Expense Limitation The Portfolio generally allocates approximately 50% of its net assets to Arrangement”) so that the annual operating expenses of the Portfolio (exclusive of taxes, interest, brokerage commissions, dividend and interest expenses on securities a portion of the Portfolio that invests in the common stocks of compa- sold short, capitalized expenses, acquired fund fees and expenses, and extraordinary nies included in the Standard & Poor’s MidCap 400® Index (“S&P 400 expenses) do not exceed an annual rate of average daily net assets of 0.85% for Class IA and Class IB shares of the Portfolio. The Expense Limitation Arrangement Index”) in a manner that is intended to track the performance (before may be terminated by AXA Equitable Funds Management Group, LLC at any time fees and expenses) of that index, commonly referred to as an indexing after April 30, 2018. strategy. This percentage may range from 0% to 100% of the Portfo- lio’s net assets depending on the level of volatility in the market. These Example investments typically represent the mid-capitalization sector of the U.S. This Example is intended to help you compare the cost of investing in the equity market. As of December 31, 2016, the market capitalization of Portfolio with the cost of investing in other portfolios. The Example as- companies in this index ranged from $952 million to $10.5 billion. The sumes that you invest $10,000 in the Portfolio for the time periods in- Portfolio also may invest in exchange-traded funds (“ETFs”) that seek to dicated, and then redeem all of your shares at the end of those time track the S&P 400 Index and in other instruments, such as futures and periods. The Example also assumes that your investment has a 5% return options contracts, that provide exposure to the index.

A400MV 1 The other portion of the Portfolio invests in futures and options con- rate or index, and the Portfolio could lose more than the principal amount tracts, including contracts on the S&P 400 Index, and other strategies to invested. Some derivatives can have the potential for unlimited losses. In manage the Portfolio’s equity exposure. During periods when certain addition, it may be difficult or impossible for the Portfolio to purchase or quantitative market indicators indicate that market volatility is high or is sell certain derivatives in sufficient amounts to achieve the desired level of likely to increase, this portion of the Portfolio may implement strategies exposure, which may result in a loss or may be costly to the Portfolio. De- that are intended to reduce the Portfolio’s equity exposure and, there- rivatives also may be subject to certain other risks such as leveraging risk, fore, the risk of market losses from investing in equity securities. This interest rate risk, credit risk, the risk that a counterparty may be unable or portion of the Portfolio may reduce equity exposure in the Portfolio us- unwilling to honor its obligations, and the risk of mispricing or improper ing a variety of strategies, including shorting or selling its long futures valuation. Derivatives also may not behave as anticipated by the Portfolio, positions on an index, entering into short futures positions on an index, especially in abnormal market conditions. Changing regulation may make or increasing cash levels, or a combination of some or all of these strat- derivatives more costly, limit their availability, impact the Portfolio’s ability egies. During such times, the Portfolio’s exposure to equity securities to maintain its investments in derivatives, disrupt markets, or otherwise may be significantly less than that of a traditional equity portfolio. Con- adversely affect their value or performance. versely, when the market volatility indicators decrease, this portion of Equity Risk: In general, stocks and other equity security values fluc- the Portfolio may increase equity exposure in the Portfolio such as by tuate, and sometimes widely fluctuate, in response to changes in a investing in futures contracts on an index or by investing in ETFs that company’s financial condition as well as general market, economic and provide comparable exposure as an index. Volatility is a statistical political conditions and other factors. measure of the magnitude of changes in the Portfolio’s returns, without regard to the direction of those changes. Higher volatility generally in- ETFs Risk: The Portfolio will indirectly bear fees and expenses paid by dicates higher risk and is often reflected by frequent and sometimes the ETFs in which it invests, in addition to the Portfolio’s direct fees and significant movements up and down in value. The Portfolio’s invest- expenses. The cost of investing in the Portfolio, therefore, may be higher ments in derivatives may involve the use of leverage because the Portfo- than the cost of investing in a mutual fund that exclusively invests di- lio is not required to invest the full market value of the contract upon rectly in individual stocks and bonds. In addition, the Portfolio’s net asset entering into the contract but participates in gains and losses on the full value will be subject to fluctuations in the market values of the ETFs in contract price. The use of derivatives also may involve the use of lever- which it invests. The Portfolio is also subject to the risks associated with age because the heightened price sensitivity of some derivatives to the securities or other investments in which the ETFs invest and the abil- market changes may magnify the Portfolio’s gain or loss. It is not gen- ity of the Portfolio to meet its investment objective will directly depend erally expected, however, that the Portfolio will be leveraged by on the ability of the ETFs to meet their investment objectives. There is borrowing money for investment purposes. In addition, the Portfolio also the risk that an ETF’s performance may not match that of the rele- generally does not intend to use leverage to increase its net investment vant index. It is also possible that an active trading market for an ETF exposure above approximately 100% of the Portfolio’s net asset value may not develop or be maintained, in which case the liquidity and value or below 0%. The Portfolio may maintain a significant percentage of its of the Portfolio’s investment in the ETF could be substantially and ad- assets in cash and cash equivalent instruments, some of which may versely affected. The extent to which the investment performance and serve as margin or collateral for the Portfolio’s obligations under de- risks associated with the Portfolio correlate to those of a particular ETF rivative transactions. will depend upon the extent to which the Portfolio’s assets are allocated from time to time for investment in the ETF, which will vary. The Portfolio also may lend its portfolio securities to earn additional income. Futures Contract Risk: The primary risks associated with the use of futures contracts are (a) the imperfect correlation between the change in Principal Risks: An investment in the Portfolio is not a deposit of a market value of the instruments held by the Portfolio and the price of the bank and is not insured or guaranteed by the Federal Deposit Insurance futures contract; (b) liquidity risks, including the possible absence of a liq- Corporation or any other government agency. You may lose money by uid secondary market for a futures contract and the resulting inability to investing in the Portfolio. Performance may be affected by one or more close a futures contract when desired; (c) losses (potentially unlimited) of the following risks. caused by unanticipated market movements; (d) an investment manager’s Cash Management Risk: Upon entering into certain derivatives inability to predict correctly the direction of securities prices, interest rates, contracts, such as futures contracts, and to maintain open positions in currency exchange rates and other economic factors; (e) the possibility that certain derivatives contracts, the Portfolio may be required to post a counterparty, clearing member or clearinghouse will default in the per- collateral for the contract, the amount of which may vary. As such, the formance of its obligations; (f) if the Portfolio has insufficient cash, it may Portfolio may maintain cash balances, including foreign currency balan- have to sell securities from its portfolio to meet daily variation margin re- ces, which may be significant, with counterparties such as the Trust’s quirements, and the Portfolio may have to sell securities at a time when it custodian or its affiliates. The Portfolio is thus subject to counterparty may be disadvantageous to do so; and (g) transaction costs associated risk and credit risk with respect to these arrangements. with investments in futures contracts may be significant, which could cause or increase losses or reduce gains. Futures contracts are also subject to the Derivatives Risk: The Portfolio’s investments in derivatives may rise or same risks as the underlying investments to which they provide exposure. fall in value more rapidly than other investments. Changes in the value of In addition, futures contracts may subject the Portfolio to leveraging risk. a derivative may not correlate perfectly or at all with the underlying asset,

A400MV 2 Index Strategy Risk: The Portfolio employs an index strategy, that that other portion, resulting in higher expenses without accomplishing any is, it generally invests in the securities included in its index or a repre- net result in the Portfolio’s holdings. Similarly, under some market con- sentative sample of such securities regardless of market trends. The ditions, one Sub-Adviser may believe that temporary, defensive invest- Portfolio generally will not modify its index strategy to respond to ments in short-term instruments or cash are appropriate when another changes in the economy, which means that it may be particularly sus- Sub-Adviser believes continued exposure to the equity or debt markets is ceptible to a general decline in the market segment relating to the appropriate for its allocated portion of the Portfolio. Because each Sub- Adviser directs the trading for its own portion of the Portfolio, and does relevant index. In addition, although the index strategy attempts to not aggregate its transactions with those of the other Sub-Adviser, the closely track its benchmark index, the Portfolio may not invest in all of Portfolio may incur higher brokerage costs than would be the case if a the securities in the index. Also, the Portfolio’s fees and expenses will single Sub-Adviser were managing the entire Portfolio. In addition, while reduce the Portfolio’s returns, unlike those of the benchmark index. the Adviser seeks to allocate the Portfolio’s assets among the Portfolio’s Cash flow into and out of the Portfolio, portfolio transaction costs, Sub-Advisers in a manner that it believes is consistent with achieving the changes in the securities that comprise the index, and the Portfolio’s Portfolio’s investment objective(s), the Adviser may be subject to potential valuation procedures also may affect the Portfolio’s performance. conflicts of interest in allocating the Portfolio’s assets among Sub- Therefore, there can be no assurance that the performance of the in- Advisers, including affiliated Sub-Advisers, because the Adviser pays dex strategy will match that of the benchmark index. different fees to the Sub-Advisers and due to other factors that could impact the Adviser’s revenues and profits. Leveraging Risk: When the Portfolio leverages its holdings, the value of an investment in the Portfolio will be more volatile and all other Regulatory Risk: The Adviser is registered with the Securities and risks will tend to be compounded. For example, the Portfolio may take Exchange Commission (“SEC”) as an investment adviser under the In- on leveraging risk when it engages in derivatives transactions (such as vestment Advisers Act of 1940, as amended. The Adviser also is futures and options investments), invests collateral from securities loans registered with the Commodity Futures Trading Commission (“CFTC”) or borrows money. The Portfolio may experience leveraging risk in con- as a commodity pool operator (“CPO”) under the Commodity Exchange nection with investments in derivatives because its investments in de- Act, as amended, and, due to the Portfolio’s use of derivatives, serves rivatives may be small relative to the investment exposure assumed, as a CPO with respect to the Portfolio. Being subject to dual regulation leaving more assets to be invested in other investments. Such invest- by the SEC and the CFTC may increase compliance costs, which may be borne by the Portfolio and may affect Portfolio returns. ments may have the effect of leveraging the Portfolio because the Portfolio may experience gains or losses not only on its investments in Sector Risk: From time to time, based on market or economic con- derivatives, but also on the investments purchased with the remainder of ditions, the Portfolio may have significant positions in one or more sec- the assets. If the value of the Portfolio’s investments in derivatives is in- tors of the market. To the extent the Portfolio invests more heavily in creasing, this could be offset by declining values of the Portfolio’s other particular sectors, its performance will be especially sensitive to investments. Conversely, it is possible that the rise in the value of the developments that significantly affect those sectors. Individual sectors Portfolio’s non-derivative investments could be offset by a decline in the may be more volatile, and may perform differently, than the broader value of the Portfolio’s investments in derivatives. In either scenario, the market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Portfolio may experience losses. In a market where the value of the Port- folio’s investments in derivatives is declining and the value of its other Securities Lending Risk: The Portfolio may lend its portfolio secu- investments is declining, the Portfolio may experience substantial losses. rities to seek income. There is a risk that a borrower may default on its obligations to return loaned securities, however, the Portfolio’s secu- Mid-Cap Company Risk: The Portfolio’s investments in mid-cap rities lending agent may indemnify the Portfolio against that risk. The companies may involve greater risks than investments in larger, more Portfolio will be responsible for the risks associated with the investment established issuers because mid-cap companies generally are more vulner- of cash collateral, including any collateral invested in an affiliated able than larger companies to adverse business or economic develop- money market fund. The Portfolio may lose money on its investment of ments. Such companies generally have narrower product lines, more cash collateral or may fail to earn sufficient income on its investment to limited financial and management resources and more limited markets for meet obligations to the borrower. In addition, delays may occur in the their stock as compared with larger companies. As a result, the value of recovery of securities from borrowers, which could interfere with the such securities may be more volatile than the securities of larger compa- Portfolio’s ability to vote proxies or to settle transactions. nies, and the Portfolio may experience difficulty in purchasing or selling such securities at the desired time and price or in the desired amount. Short Position Risk: The Portfolio may engage in short sales and may enter into derivative contracts that have a similar economic effect Multiple Sub-Adviser Risk: The Adviser allocates the Portfolio’s (e.g., taking a short position in a futures contract). The Portfolio will assets among multiple Sub-Advisers, each of which is responsible for incur a loss as a result of a short position if the price of the asset sold investing its allocated portion of the Portfolio’s assets. To a significant short increases in value between the date of the short position sale and extent, the Portfolio’s performance will depend on the success of the Ad- the date on which an offsetting position is purchased. Short positions viser in allocating the Portfolio’s assets to Sub-Advisers and its selection may be considered speculative transactions and involve special risks and oversight of the Sub-Advisers. Because each Sub-Adviser manages its that could cause or increase losses or reduce gains, including greater allocated portion of the Portfolio independently from another Sub-Adviser, reliance on the investment adviser’s ability to accurately anticipate the the same security may be held in different portions of the Portfolio, or may future value of a security or instrument, potentially higher transaction be acquired for one portion of the Portfolio at a time when a Sub-Adviser costs, and imperfect correlation between the actual and desired level of to another portion deems it appropriate to dispose of the security from

A400MV 3 exposure. Because the Portfolio’s potential loss on a short position December 31, 2016 compared to the returns of a broad-based securities arises from increases in the value of the asset sold short, the extent of market index. The additional index shows how the Portfolio’s perform- such loss, like the price of the asset sold short, is theoretically unlimited. ance compared with the returns of a volatility-managed index. The return of the broad-based securities market index (and any additional com- Volatility Management Risk: The Adviser from time to time parative index) shown in the right hand column below is the return of the employs various volatility management techniques in managing the index for the last 10 years or, if shorter, since the inception of the share Portfolio, including the use of futures and options to manage equity class with the longest history. Past performance is not an indication of exposure. Although these actions are intended to reduce the overall risk future performance. of investing in the Portfolio, they may not work as intended and may result in losses by the Portfolio or periods of underperformance, partic- As of the close of business on April 13, 2015, Class IA shares ceased ularly during periods when market values are increasing but market operations and are not currently offered. volatility is high. The success of the Portfolio’s volatility management The performance results do not reflect any Contract-related fees and strategy will be subject to the Adviser’s ability to correctly assess the expenses which would reduce the performance results. degree of correlation between the performance of the relevant market index and the metrics used by the Adviser to measure market volatility. Calendar Year Annual Total Returns — Class IB Since the characteristics of many securities change as markets change 31.64% or time passes, the success of the Portfolio’s volatility management strategy also will be subject to the Adviser’s ability to continually re- 23.71% calculate, readjust, and execute volatility management techniques (such 19.68% as options and futures transactions) in an efficient manner. In addition, 16.48% because market conditions change, sometimes rapidly and unpredictably, the success of the volatility management strategy will be 8.82% subject to the Adviser’s ability to execute the strategy in a timely manner. Moreover, volatility management strategies may increase portfolio transaction costs, which could cause or increase losses or reduce gains. For a variety of reasons, the Adviser may not seek to establish a perfect -3.13% correlation between the relevant market index and the metrics that the -8.19% Adviser uses to measure market volatility. In addition, it is not possible to manage volatility fully or perfectly. Futures contracts and other 20102011 2012 2013 2014 2015 2016 instruments used in connection with the volatility management strategy are not necessarily held by the Portfolio to hedge the value of the Best quarter (% and time period) Worst quarter (% and time period) 13.25% (2010 4th Quarter) –21.53% (2011 3rd Quarter) Portfolio’s other investments and, as a result, these futures contracts and other instruments may decline in value at the same time as the Portfolio’s investments. Any one or more of these factors may prevent Average Annual Total Returns the Portfolio from achieving the intended volatility management or One Five Since could cause the Portfolio to underperform or experience losses (some of Year Years Inception which may be sudden) or volatility for any particular period that may be AXA 400 Managed Volatility Portfolio – Class IB Shares (Inception Date: higher or lower. In addition, the use of volatility management tech- October 29, 2009) 19.68% 14.10% 12.57% niques may not protect against market declines and may limit the S&P MidCap 400® Index (reflects no Portfolio’s participation in market gains, even during periods when the deduction for fees, expenses, or taxes) 20.74% 15.33% 15.02% Volatility Managed Index – Mid Cap Core market is rising. Volatility management techniques, when implemented (reflects no deduction for fees, effectively to reduce the overall risk of investing in the Portfolio, may expenses, or taxes) 19.51% 15.14% 13.79% result in underperformance by the Portfolio. For example, if the Portfolio has reduced its overall exposure to equities to avoid losses in certain market environments, the Portfolio may forgo some of the returns that can be associated with periods of rising equity values. The Portfolio’s performance may be lower than similar funds where volatility management techniques are not used. In addition, volatility management techniques may reduce potential losses and/or mitigate financial risks to insurance companies that provide certain benefits and guarantees available under the Contracts and offer the Portfolio as an investment option in their products.

A400MV 4 WHO MANAGES THE PORTFOLIO the sub-advisory agreement is approved by the Portfolio’s shareholders. The Adviser is responsible for overseeing Sub-Advisers and recommending Investment Adviser: AXA Equitable Funds Management their hiring, termination and replacement to the Board of Trustees. Group, LLC (“FMG LLC” or the “Adviser”).

Portfolio Managers: The members of the team that are jointly and PURCHASE AND REDEMPTION OF PORTFOLIO SHARES primarily responsible for (i) the selection, monitoring and oversight of the Portfolio’s Sub-Advisers, (ii) allocating the Portfolio’s assets among The Portfolio’s shares are currently sold only to insurance company sepa- investment styles and (iii) managing the Portfolio’s equity exposure are: rate accounts in connection with Contracts issued by AXA Equitable Life Insurance Company (“AXA Equitable”), AXA Life and Annuity Company, Date Began or other affiliated or unaffiliated insurance companies and to The AXA Managing Equitable 401(k) Plan. Shares also may be sold to other tax-qualified Name Title the Portfolio retirement plans, to other portfolios managed by FMG LLC that currently Kenneth T. Kozlowski, Executive Vice President May 2011 sell their shares to such accounts and plans, and to other investors eligible CFP®, CLU, ChFC and Chief Investment Officer of FMG LLC under applicable federal income tax regulations. Alwi Chan, CFA® Senior Vice President May 2009 The Portfolio does not have minimum initial or subsequent investment and Deputy Chief requirements. Shares of the Portfolio are redeemable on any business Investment Officer of day (which typically is any day when the New York Stock Exchange is FMG LLC open) upon receipt of a request. All redemption requests will be proc- Xavier Poutas, CFA® Assistant Portfolio May 2011 essed and payment with respect thereto will normally be made within Manager of FMG LLC seven days after tender. Please refer to your Contract prospectus for Miao Hu, CFA® Assistant Portfolio May 2016 more information on purchasing and redeeming Portfolio shares. Manager of FMG LLC TAX INFORMATION Sub-Adviser: AllianceBernstein L.P. (“AllianceBernstein”) The Portfolio’s shareholders are (or may include) insurance company sepa- Portfolio Manager: The individual primarily responsible for the se- rate accounts, qualified plans and other investors eligible under applicable lection, research and trading of physical securities for the Portfolio is: federal income tax regulations. Accordingly, distributions the Portfolio makes of its net investment income and net realized gains — most or all of Date Began which it intends to distribute annually — and redemptions or exchanges of Managing Name Title the Portfolio Portfolio shares generally will not be taxable to its shareholders (or to the Judith DeVivo Senior Vice President of May 2009 holders of underlying Contracts or plan participants or beneficiaries). See AllianceBernstein the prospectus for your Contract for further tax information.

Sub-Adviser: BlackRock Investment Management, LLC PAYMENTS TO BROKER-DEALERS AND OTHER (“BlackRock”) FINANCIAL INTERMEDIARIES Portfolio Managers: The members of the team that are jointly and This Portfolio is not sold directly to the general public but instead is of- primarily responsible for the selection, research and trading of futures fered as an underlying investment option for Contracts and retirement and options for the Portfolio are: plans and to other eligible investors. The Portfolio and the Adviser and its affiliates may make payments to a sponsoring insurance company (or Date Began its affiliates) or other financial intermediary for distribution and/or other Managing services. These payments may create a conflict of interest by influencing Name Title the Portfolio the insurance company or other financial intermediary and your Alan Mason Managing Director of March 2014 BlackRock financial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an un- Greg Savage, Managing Director of May 2012 derlying investment option in the Contract. The prospectus (or other CFA® BlackRock offering document) for your Contract may contain additional in- Rachel M. Aguirre Director of BlackRock April 2016 formation about these payments. Ask your financial adviser or visit your Creighton Jue, Managing Director of April 2016 financial intermediary’s website for more information. CFA® BlackRock

A400MV 5 EQ Advisors TrustSM

AXA 500 Managed Volatility Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: The Portfolio seeks to achieve long- PORTFOLIO TURNOVER term growth of capital with an emphasis on risk-adjusted returns and The Portfolio pays transaction costs, such as commissions, when it buys managing volatility in the Portfolio. and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not FEES AND EXPENSES OF THE PORTFOLIO reflected in annual fund operating expenses or in the Example, affect the The following table describes the fees and expenses that you may pay if Portfolio’s performance. During the most recent fiscal year, the Portfolio’s you buy and hold shares of the Portfolio. The table below does not re- portfolio turnover rate was 4% of the average value of its portfolio. flect any fees and expenses associated with variable life insurance contracts and variable annuity certificates and contracts (“Contracts”), INVESTMENTS, RISKS, AND PERFORMANCE which would increase overall fees and expenses. See the Contract pro- Principal Investment Strategy: The Portfolio is divided into two por- spectus for a description of those fees and expenses. tions, one of which utilizes a passive investment index style focused on equity securities of large-capitalization companies and a second portion Shareholder Fees which utilizes an actively managed futures and options strategy to tacti- (fees paid directly from your investment) cally manage equity exposure in the Portfolio based on the level of vola- Not applicable. tility in the market. The combination of these strategies is intended to produce better risk-adjusted returns over time than investing exclusively in Annual Portfolio Operating Expenses a passively managed portfolio of securities. (expenses that you pay each year as a percentage of the value of your investment) The Portfolio generally allocates approximately 50% of its net assets to a Class IA Class IB portion of the Portfolio that invests in the common stocks of companies AXA 500 Managed Volatility Portfolio Shares* Shares included in the Standard & Poor’s 500® Composite Stock Price Index Management Fee 0.43% 0.43% (“S&P 500 Index”) in a manner that is intended to track the performance Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% (before fees and expenses) of that index, commonly referred to as an in- Other Expenses 0.15% 0.15% dexing strategy. This percentage may range from 0% to 100% of the Total Annual Portfolio Operating Expenses 0.83% 0.83% Portfolio’s net assets depending on the level of volatility in the market. * Based on estimated amounts for the current fiscal year. These investments typically represent the large-capitalization sector of the U.S. equity market. As of December 31, 2016, the market capitalization of Example companies in this index ranged from $2.4 billion to $617.6 billion. The Portfolio also may invest in exchange-traded funds (“ETFs”) that seek to This Example is intended to help you compare the cost of investing in track the S&P 500 Index and in other instruments, such as futures and the Portfolio with the cost of investing in other portfolios. The Example options contracts, that provide exposure to the index. assumes that you invest $10,000 in the Portfolio for the time periods indicated, and then redeem all of your shares at the end of those time The other portion of the Portfolio invests in futures and options contracts, periods. The Example also assumes that your investment has a 5% re- including contracts on the S&P 500 Index, and other strategies to manage turn each year and that the Portfolio’s operating expenses remain the the Portfolio’s equity exposure. During periods when certain quantitative same. This Example does not reflect any Contract-related fees and ex- market indicators indicate that market volatility is high or is likely to increase, penses including redemption fees (if any) at the Contract level. If such this portion of the Portfolio may implement strategies that are intended to fees and expenses were reflected, the total expenses would be higher. reduce the Portfolio’s equity exposure and, therefore, the risk of market Although your actual costs may be higher or lower, based on these as- losses from investing in equity securities. This portion of the Portfolio may sumptions your costs would be: reduce equity exposure in the Portfolio using a variety of strategies, including shorting or selling its long futures positions on an index, entering into short 1 Year 3 Years 5 Years 10 Years futures positions on an index, or increasing cash levels, or a combination of Class IA Shares $85 $265 $460 $1,025 some or all of these strategies. During such times, the Portfolio’s exposure to Class IB Shares $85 $265 $460 $1,025 equity securities may be significantly less than that of a traditional equity portfolio. Conversely, when the market volatility indicators decrease, this

A500MV 1 portion of the Portfolio may increase equity exposure in the Portfolio such as ETFs Risk: The Portfolio will indirectly bear fees and expenses paid by by investing in futures contracts on an index or by investing in ETFs that the ETFs in which it invests, in addition to the Portfolio’s direct fees and provide comparable exposure as an index. Volatility is a statistical measure of expenses. The cost of investing in the Portfolio, therefore, may be higher the magnitude of changes in the Portfolio’s returns, without regard to the than the cost of investing in a mutual fund that exclusively invests di- direction of those changes. Higher volatility generally indicates higher risk and rectly in individual stocks and bonds. In addition, the Portfolio’s net asset is often reflected by frequent and sometimes significant movements up and value will be subject to fluctuations in the market values of the ETFs in down in value. The Portfolio’s investments in derivatives may involve the use which it invests. The Portfolio is also subject to the risks associated with of leverage because the Portfolio is not required to invest the full market the securities or other investments in which the ETFs invest and the abil- value of the contract upon entering into the contract but participates in gains and losses on the full contract price. The use of derivatives also may involve ity of the Portfolio to meet its investment objective will directly depend the use of leverage because the heightened price sensitivity of some on the ability of the ETFs to meet their investment objectives. There is derivatives to market changes may magnify the Portfolio’s gain or loss. It is also the risk that an ETF’s performance may not match that of the rele- not generally expected, however, that the Portfolio will be leveraged by vant index. It is also possible that an active trading market for an ETF borrowing money for investment purposes. In addition, the Portfolio generally may not develop or be maintained, in which case the liquidity and value does not intend to use leverage to increase its net investment exposure of the Portfolio’s investment in the ETF could be substantially and ad- above approximately 100% of the Portfolio’s net asset value or below 0%. versely affected. The extent to which the investment performance and The Portfolio may maintain a significant percentage of its assets in cash and risks associated with the Portfolio correlate to those of a particular ETF cash equivalent instruments, some of which may serve as margin or collateral will depend upon the extent to which the Portfolio’s assets are allocated for the Portfolio’s obligations under derivative transactions. from time to time for investment in the ETF, which will vary. The Portfolio also may lend its portfolio securities to earn additional income. Futures Contract Risk: The primary risks associated with the use Principal Risks: An investment in the Portfolio is not a deposit of a of futures contracts are (a) the imperfect correlation between the bank and is not insured or guaranteed by the Federal Deposit Insurance change in market value of the instruments held by the Portfolio and the Corporation or any other government agency. You may lose money by price of the futures contract; (b) liquidity risks, including the possible investing in the Portfolio. Performance may be affected by one or more absence of a liquid secondary market for a futures contract and the re- of the following risks. sulting inability to close a futures contract when desired; (c) losses (potentially unlimited) caused by unanticipated market movements; (d) Cash Management Risk: Upon entering into certain derivatives an investment manager’s inability to predict correctly the direction of contracts, such as futures contracts, and to maintain open positions in securities prices, interest rates, currency exchange rates and other eco- certain derivatives contracts, the Portfolio may be required to post nomic factors; (e) the possibility that a counterparty, clearing member or collateral for the contract, the amount of which may vary. As such, the clearinghouse will default in the performance of its obligations; (f) if the Portfolio may maintain cash balances, including foreign currency balan- Portfolio has insufficient cash, it may have to sell securities from its ces, which may be significant, with counterparties such as the Trust’s portfolio to meet daily variation margin requirements, and the Portfolio custodian or its affiliates. The Portfolio is thus subject to counterparty may have to sell securities at a time when it may be disadvantageous to risk and credit risk with respect to these arrangements. do so; and (g) transaction costs associated with investments in futures Derivatives Risk: The Portfolio’s investments in derivatives may rise or contracts may be significant, which could cause or increase losses or fall in value more rapidly than other investments. Changes in the value of reduce gains. Futures contracts are also subject to the same risks as the a derivative may not correlate perfectly or at all with the underlying asset, underlying investments to which they provide exposure. In addition, rate or index, and the Portfolio could lose more than the principal amount futures contracts may subject the Portfolio to leveraging risk. invested. Some derivatives can have the potential for unlimited losses. In Index Strategy Risk: The Portfolio employs an index strategy, that is, addition, it may be difficult or impossible for the Portfolio to purchase or it generally invests in the securities included in its index or a representative sell certain derivatives in sufficient amounts to achieve the desired level of sample of such securities regardless of market trends. The Portfolio gen- exposure, which may result in a loss or may be costly to the Portfolio. De- erally will not modify its index strategy to respond to changes in the rivatives also may be subject to certain other risks such as leveraging risk, economy, which means that it may be particularly susceptible to a general interest rate risk, credit risk, the risk that a counterparty may be unable or decline in the market segment relating to the relevant index. In addition, unwilling to honor its obligations, and the risk of mispricing or improper although the index strategy attempts to closely track its benchmark index, valuation. Derivatives also may not behave as anticipated by the Portfolio, the Portfolio may not invest in all of the securities in the index. Also, the especially in abnormal market conditions. Changing regulation may make Portfolio’s fees and expenses will reduce the Portfolio’s returns, unlike those derivatives more costly, limit their availability, impact the Portfolio’s ability of the benchmark index. Cash flow into and out of the Portfolio, portfolio to maintain its investments in derivatives, disrupt markets, or otherwise transaction costs, changes in the securities that comprise the index, and the adversely affect their value or performance. Portfolio’s valuation procedures also may affect the Portfolio’s performance. Equity Risk: In general, stocks and other equity security values fluc- Therefore, there can be no assurance that the performance of the index tuate, and sometimes widely fluctuate, in response to changes in a strategy will match that of the benchmark index. company’s financial condition as well as general market, economic and Large-Cap Company Risk: Larger more established companies may political conditions and other factors. be unable to respond quickly to new competitive challenges such as

A500MV 2 changes in technology and consumer tastes. Many larger companies also commodity pool operator (“CPO”) under the Commodity Exchange Act, may not be able to attain the high growth rate of successful smaller com- as amended, and, due to the Portfolio’s use of derivatives, serves as a panies, especially during extended periods of economic expansion. CPO with respect to the Portfolio. Being subject to dual regulation by the SEC and the CFTC may increase compliance costs, which may be Leveraging Risk: When the Portfolio leverages its holdings, the borne by the Portfolio and may affect Portfolio returns. value of an investment in the Portfolio will be more volatile and all other risks will tend to be compounded. For example, the Portfolio may take Sector Risk: From time to time, based on market or economic con- on leveraging risk when it engages in derivatives transactions (such as ditions, the Portfolio may have significant positions in one or more sec- futures and options investments), invests collateral from securities loans tors of the market. To the extent the Portfolio invests more heavily in or borrows money. The Portfolio may experience leveraging risk in con- particular sectors, its performance will be especially sensitive to nection with investments in derivatives because its investments in de- developments that significantly affect those sectors. Individual sectors rivatives may be small relative to the investment exposure assumed, may be more volatile, and may perform differently, than the broader leaving more assets to be invested in other investments. Such invest- market. The industries that constitute a sector may all react in the same ments may have the effect of leveraging the Portfolio because the way to economic, political or regulatory events. Portfolio may experience gains or losses not only on its investments in Securities Lending Risk: The Portfolio may lend its portfolio secu- derivatives, but also on the investments purchased with the remainder of rities to seek income. There is a risk that a borrower may default on its the assets. If the value of the Portfolio’s investments in derivatives is in- obligations to return loaned securities, however, the Portfolio’s secu- creasing, this could be offset by declining values of the Portfolio’s other rities lending agent may indemnify the Portfolio against that risk. The investments. Conversely, it is possible that the rise in the value of the Portfolio will be responsible for the risks associated with the investment Portfolio’s non-derivative investments could be offset by a decline in the of cash collateral, including any collateral invested in an affiliated value of the Portfolio’s investments in derivatives. In either scenario, the money market fund. The Portfolio may lose money on its investment of Portfolio may experience losses. In a market where the value of the Port- cash collateral or may fail to earn sufficient income on its investment to folio’s investments in derivatives is declining and the value of its other meet obligations to the borrower. In addition, delays may occur in the investments is declining, the Portfolio may experience substantial losses. recovery of securities from borrowers, which could interfere with the Multiple Sub-Adviser Risk: The Adviser allocates the Portfolio’s as- Portfolio’s ability to vote proxies or to settle transactions. sets among multiple Sub-Advisers, each of which is responsible for investing Short Position Risk: The Portfolio may engage in short sales and its allocated portion of the Portfolio’s assets. To a significant extent, the may enter into derivative contracts that have a similar economic effect Portfolio’s performance will depend on the success of the Adviser in allocat- (e.g., taking a short position in a futures contract). The Portfolio will in- ing the Portfolio’s assets to Sub-Advisers and its selection and oversight of cur a loss as a result of a short position if the price of the asset sold short the Sub-Advisers. Because each Sub-Adviser manages its allocated portion increases in value between the date of the short position sale and the of the Portfolio independently from another Sub-Adviser, the same security date on which an offsetting position is purchased. Short positions may may be held in different portions of the Portfolio, or may be acquired for one be considered speculative transactions and involve special risks that portion of the Portfolio at a time when a Sub-Adviser to another portion could cause or increase losses or reduce gains, including greater reliance deems it appropriate to dispose of the security from that other portion, re- on the investment adviser’s ability to accurately anticipate the future sulting in higher expenses without accomplishing any net result in the value of a security or instrument, potentially higher transaction costs, Portfolio’s holdings. Similarly, under some market conditions, one Sub- and imperfect correlation between the actual and desired level of ex- Adviser may believe that temporary, defensive investments in short-term in- posure. Because the Portfolio’s potential loss on a short position arises struments or cash are appropriate when another Sub-Adviser believes from increases in the value of the asset sold short, the extent of such continued exposure to the equity or debt markets is appropriate for its allo- loss, like the price of the asset sold short, is theoretically unlimited. cated portion of the Portfolio. Because each Sub-Adviser directs the trading for its own portion of the Portfolio, and does not aggregate its transactions Volatility Management Risk: The Adviser from time to time em- with those of the other Sub-Adviser, the Portfolio may incur higher broker- ploys various volatility management techniques in managing the Portfolio, age costs than would be the case if a single Sub-Adviser were managing the including the use of futures and options to manage equity exposure. Al- entire Portfolio. In addition, while the Adviser seeks to allocate the Portfo- though these actions are intended to reduce the overall risk of investing in lio’s assets among the Portfolio’s Sub-Advisers in a manner that it believes is the Portfolio, they may not work as intended and may result in losses by consistent with achieving the Portfolio’s investment objective(s), the Adviser the Portfolio or periods of underperformance, particularly during periods may be subject to potential conflicts of interest in allocating the Portfolio’s when market values are increasing but market volatility is high. The suc- assets among Sub-Advisers, including affiliated Sub-Advisers, because the cess of the Portfolio’s volatility management strategy will be subject to the Adviser pays different fees to the Sub-Advisers and due to other factors that Adviser’s ability to correctly assess the degree of correlation between the could impact the Adviser’s revenues and profits. performance of the relevant market index and the metrics used by the Ad- viser to measure market volatility. Since the characteristics of many secu- Regulatory Risk: The Adviser is registered with the Securities and rities change as markets change or time passes, the success of the Exchange Commission (“SEC”) as an investment adviser under the In- Portfolio’s volatility management strategy also will be subject to the Ad- vestment Advisers Act of 1940, as amended. The Adviser also is regis- viser’s ability to continually recalculate, readjust, and execute volatility tered with the Commodity Futures Trading Commission (“CFTC”) as a management techniques (such as options and futures transactions) in an

A500MV 3 efficient manner. In addition, because market conditions change, some- The performance results do not reflect any Contract-related fees and times rapidly and unpredictably, the success of the volatility management expenses, which would reduce the performance results. strategy will be subject to the Adviser’s ability to execute the strategy in a timely manner. Moreover, volatility management strategies may increase Calendar Year Annual Total Returns — Class IB portfolio transaction costs, which could cause or increase losses or reduce 31.00% gains. For a variety of reasons, the Adviser may not seek to establish a perfect correlation between the relevant market index and the metrics that the Adviser uses to measure market volatility. In addition, it is not possible to manage volatility fully or perfectly. Futures contracts and other instruments 14.82% 12.97% 12.53% used in connection with the volatility management strategy are not neces- 11.04% sarily held by the Portfolio to hedge the value of the Portfolio’s other investments and, as a result, these futures contracts and other instruments may decline in value at the same time as the Portfolio’s investments. Any 0.37% one or more of these factors may prevent the Portfolio from achieving the intended volatility management or could cause the Portfolio to underper- -3.77% form or experience losses (some of which may be sudden) or volatility for any particular period that may be higher or lower. In addition, the use of 20102011 2012 2013 2014 2015 2016 volatility management techniques may not protect against market declines and may limit the Portfolio’s participation in market gains, even during Best quarter (% and time period) Worst quarter (% and time period) 12.31% (2012 1st Quarter) –15.38% (2011 3rd Quarter) periods when the market is rising. Volatility management techniques, when implemented effectively to reduce the overall risk of investing in the Portfolio, may result in underperformance by the Portfolio. For example, if Average Annual Total Returns the Portfolio has reduced its overall exposure to equities to avoid losses in One Five Since Year Years Inception certain market environments, the Portfolio may forgo some of the returns AXA 500 Managed Volatility Portfolio – Class IB that can be associated with periods of rising equity values. The Portfolio’s Shares (Inception Date: October 29, 2009) 11.04% 13.54% 11.15% performance may be lower than similar funds where volatility management S&P 500® Index (reflects no deduction for fees, expenses, or taxes) 11.96% 14.66% 13.28% techniques are not used. In addition, volatility management techniques Volatility Managed Index – Large Cap Core (reflects may reduce potential losses and/or mitigate financial risks to insurance no deduction for fees, expenses, or taxes) 11.04% 14.80% 12.76% companies that provide certain benefits and guarantees available under the Contracts and offer the Portfolio as an investment option in their WHO MANAGES THE PORTFOLIO products. Investment Adviser: AXA Equitable Funds Management Risk/Return Bar Chart and Table Group, LLC (“FMG LLC” or the “Adviser”). The bar chart and table below provide some indication of the risks of in- Portfolio Managers: The members of the team that are jointly and vesting in the Portfolio by showing changes in the Portfolio’s performance primarily responsible for (i) the selection, monitoring and oversight of from year to year and by showing how changes in the Portfolio’s average the Portfolio’s Sub-Advisers, (ii) allocating the Portfolio’s assets among annual total returns for the past one year, five years, and since inception investment styles and (iii) managing the Portfolio’s equity exposure are: through December 31, 2016 compared to the returns of a broad-based Date Began securities market index. The additional index shows how the Portfolio’s Managing performance compared with the returns of a volatility-managed index. The Name Title the Portfolio return of the broad-based securities market index (and any additional Kenneth T. Kozlowski, Executive Vice President May 2011 comparative index) shown in the right hand column below is the return of CFP®, CLU, ChFC and Chief Investment Officer of FMG LLC the index for the last 10 years or, if shorter, since the inception of the share class with the longest history. Past performance is not an indication Alwi Chan, CFA® Senior Vice President and May 2009 of future performance. Deputy Chief Investment Officer of FMG LLC As of the close of business on April 13, 2015, Class IA shares ceased oper- Xavier Poutas, Assistant Portfolio Manager May 2011 ations and are not currently offered. CFA® of FMG LLC Miao Hu, CFA® Assistant Portfolio Manager May 2016 of FMG LLC

A500MV 4 Sub-Adviser: AllianceBernstein L.P. (“AllianceBernstein”) TAX INFORMATION Portfolio Manager: The individual primarily responsible for the se- The Portfolio’s shareholders are (or may include) insurance company lection, research and trading of physical securities for the Portfolio is: separate accounts, qualified plans and other investors eligible under applicable federal income tax regulations. Accordingly, distributions the Date Began Portfolio makes of its net investment income and net realized gains — Managing most or all of which it intends to distribute annually — and re- Name Title the Portfolio demptions or exchanges of Portfolio shares generally will not be taxable Judith DeVivo Senior Vice President of May 2009 to its shareholders (or to the holders of underlying Contracts or plan AllianceBernstein participants or beneficiaries). See the prospectus for your Contract for further tax information. Sub-Adviser: BlackRock Investment Management, LLC (“BlackRock”) PAYMENTS TO BROKER-DEALERS AND OTHER Portfolio Managers: The members of the team that are jointly and FINANCIAL INTERMEDIARIES primarily responsible for the selection, research and trading of futures This Portfolio is not sold directly to the general public but instead is of- and options for the Portfolio are: fered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and the Adviser and its Date Began affiliates may make payments to a sponsoring insurance company (or its Managing Name Title the Portfolio affiliates) or other financial intermediary for distribution and/or other serv- Alan Mason Managing Director of March 2014 ices. These payments may create a conflict of interest by influencing the BlackRock insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influenc- Greg Savage, Managing Director of May 2012 CFA® BlackRock ing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering Rachel M. Aguirre Director of BlackRock April 2016 document) for your Contract may contain additional information about Creighton Jue, Managing Director of April 2016 these payments. Ask your financial adviser or visit your financial inter- CFA® BlackRock mediary’s website for more information.

The Adviser has been granted relief by the Securities and Exchange Com- mission to hire, terminate and replace Sub-Advisers and amend sub- advisory agreements subject to the approval of the Board of Trustees and without obtaining shareholder approval. However, the Adviser may not enter into a sub-advisory agreement on behalf of the Portfolio with an “affiliated person” of the Adviser, such as AllianceBernstein L.P., unless the sub-advisory agreement is approved by the Portfolio’s shareholders. The Adviser is responsible for overseeing Sub-Advisers and recommending their hiring, termination and replacement to the Board of Trustees.

PURCHASE AND REDEMPTION OF PORTFOLIO SHARES The Portfolio’s shares are currently sold only to insurance company separate accounts in connection with Contracts issued by AXA Equitable Life Insurance Company (“AXA Equitable”), AXA Life and Annuity Com- pany, or 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, to other portfolios managed by FMG LLC that currently sell their shares to such accounts and plans, and to other investors eligible under applicable federal income tax regulations. The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day (which typically is any day when the New York Stock Exchange is open) upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares.

A500MV 5 EQ Advisors TrustSM

AXA Mid Cap Value Managed Volatility Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks to achieve long-term capital apprecia- PORTFOLIO TURNOVER tion with an emphasis on risk-adjusted returns and managing volatility The Portfolio pays transaction costs, such as commissions, when it buys in the Portfolio. and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not FEES AND EXPENSES OF THE PORTFOLIO reflected in annual fund operating expenses or in the Example, affect the The following table describes the fees and expenses that you may pay if Portfolio’s performance. During the most recent fiscal year, the Portfolio’s you buy and hold shares of the Portfolio. The table below does not re- portfolio turnover rate was 23% of the average value of the Portfolio. flect any fees and expenses associated with variable life insurance contracts and variable annuity certificates and contracts (“Contracts”), INVESTMENTS, RISKS, AND PERFORMANCE which would increase overall fees and expenses. See the Contract pro- Principal Investment Strategy: Under normal circumstances, the spectus for a description of those fees and expenses. Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, in securities of companies with medium market Shareholder Fees (fees paid directly from your investment) capitalizations (or other financial instruments that derive their value from Not applicable. the securities of such companies). For this Portfolio, medium market capitalization companies means those companies with market capitalizations within the range of at least one of the following indices at the time of Annual Portfolio Operating Expenses purchase: Russell Midcap® Index (market capitalization range of approx- (expenses that you pay each year as a percentage of the value of your investment) imately $0.2 billion - $57.1 billion as of December 31, 2016), Morningstar Class IA Class IB Mid Core Index (market capitalization range of approximately $0.9 billion AXA Mid Cap Value Managed Volatility Portfolio Shares Shares - $26.9 billion as of December 31, 2016), Standard & Poor’s MidCap 400 Management Fee 0.55% 0.55% Index (market capitalization range of approximately $952 million - $10.5 Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% billion as of December 31, 2016). The Portfolio may invest up to 10% of Other Expenses 0.15% 0.15% its assets in foreign securities. The Portfolio’s investments may include real Acquired Fund Fees and Expenses 0.03% 0.03% estate investment trusts (“REITs”). Total Annual Portfolio Operating Expenses 0.98% 0.98% The Portfolio’s assets normally are allocated among three or more investment managers, each of which manages its portion of the Portfolio using Example a different but complementary investment strategy. One portion of the This Example is intended to help you compare the cost of investing in Portfolio is actively managed (“Active Allocated Portion”); one portion of the Portfolio with the cost of investing in other portfolios. The Example the Portfolio seeks to track the performance of a particular index (“Index assumes that you invest $10,000 in the Portfolio for the periods in- Allocated Portion”); and one portion of the Portfolio invests in exchange- dicated and then redeem all of your shares at the end of these periods. traded funds (“ETFs”) (“ETF Allocated Portion”). Under normal circum- The Example also assumes that your investment has a 5% return each stances, the Active Allocated Portion consists of approximately 30% of year and that the Portfolio’s operating expenses remain the same. This the Portfolio’s net assets, the Index Allocated Portion consists of approx- Example does not reflect any Contract-related fees and expenses includ- imately 60% of the Portfolio’s net assets and the ETF Allocated Portion ing redemption fees (if any) at the Contract level. If such fees and ex- consists of approximately 10% of the Portfolio’s net assets. These percen- penses were reflected, the total expenses would be higher. Although tages are targets established by the Adviser; actual allocations may de- your actual costs may be higher or lower, based on these assumptions viate from these targets. your costs would be: The Active Allocated Portion utilizes a value-oriented investment style 1 Year 3 Years 5 Years 10 Years and invests primarily in equity securities of companies that, in the view of Class IA Shares $100 $312 $542 $1,201 the Sub-Advisers, are currently under-valued according to certain Class IB Shares $100 $312 $542 $1,201 financial measurements, which may include price-to-earnings and price- to-book ratios and dividend income potential. The Sub-Advisers may sell

AMCVMV 1 a security for a variety of reasons, such as it becomes overvalued, shows Principal Risks: An investment in the Portfolio is not a deposit of a deteriorating fundamentals or to invest in a company believed to offer bank and is not insured or guaranteed by the Federal Deposit Insurance superior investment opportunities. Corporation or any other government agency. You may lose money by investing in the Portfolio. Performance may be affected by one or more The Index Allocated Portion of the Portfolio seeks to track the perform- of the following risks. ance (before fees and expenses) of the Russell Midcap® Value Index with minimal tracking error. This strategy is commonly referred to as an Cash Management Risk: Upon entering into certain derivatives indexing strategy. Generally, the Index Allocated Portion uses a full contracts, such as futures contracts, and to maintain open positions in replication technique, although in certain instances a sampling ap- certain derivatives contracts, the Portfolio may be required to post proach may be utilized for a portion of the Index Allocated Portion. The collateral for the contract, the amount of which may vary. As such, the Index Allocated Portion also may invest in other instruments, such as Portfolio may maintain cash balances, including foreign currency balan- futures and options contracts, that provide comparable exposure as the ces, which may be significant, with counterparties such as the Trust’s index without buying the underlying securities comprising the index. custodian or its affiliates. The Portfolio is thus subject to counterparty AXA Equitable Funds Management Group, LLC (“FMG LLC” or the risk and credit risk with respect to these arrangements. “Adviser”) also may utilize futures and options, such as exchange- Derivatives Risk: The Portfolio’s investments in derivatives may rise or traded futures and options contracts on securities indices, to manage fall in value more rapidly than other investments. Changes in the value of equity exposure. Futures and options can provide exposure to the per- a derivative may not correlate perfectly or at all with the underlying asset, formance of a securities index without buying the underlying securities rate or index, and the Portfolio could lose more than the principal amount comprising the index. They also provide a means to manage the Portfo- invested. Some derivatives can have the potential for unlimited losses. In lio’s equity exposure without having to buy or sell securities. When addition, it may be difficult or impossible for the Portfolio to purchase or market volatility is increasing above specific thresholds set for the sell certain derivatives in sufficient amounts to achieve the desired level of Portfolio, the Adviser may limit equity exposure either by reducing exposure, which may result in a loss or may be costly to the Portfolio. De- investments in securities, shorting or selling long futures and options rivatives also may be subject to certain other risks such as leveraging risk, positions on an index, increasing cash levels, and/or shorting an index. interest rate risk, credit risk, the risk that a counterparty may be unable or During such times, the Portfolio’s exposure to equity securities may be unwilling to honor its obligations, and the risk of mispricing or improper significantly less than that of a traditional equity portfolio. Volatility is a valuation. Derivatives also may not behave as anticipated by the Portfolio, statistical measure of the magnitude of changes in the Portfolio’s re- especially in abnormal market conditions. Changing regulation may make turns, without regard to the direction of those changes. Higher volatility derivatives more costly, limit their availability, impact the Portfolio’s ability generally indicates higher risk and is often reflected by frequent and to maintain its investments in derivatives, disrupt markets, or otherwise sometimes significant movements up and down in value. The Portfolio adversely affect their value or performance. may invest up to 25% of its assets in derivatives. It is anticipated that the Portfolio’s derivative instruments will consist primarily of exchange- Equity Risk: In general, stocks and other equity security values fluc- traded futures and options contracts on securities indices, but the tuate, and sometimes widely fluctuate, in response to changes in a Portfolio also may utilize other types of derivatives. The Portfolio’s in- company’s financial condition as well as general market, economic and vestments in derivatives may be deemed to involve the use of leverage political conditions and other factors. because the Portfolio is not required to invest the full market value of ETFs Risk: The Portfolio will indirectly bear fees and expenses paid by the contract upon entering into the contract but participates in gains the ETFs in which it invests, in addition to the Portfolio’s direct fees and and losses on the full contract price. The use of derivatives also may be deemed to involve the use of leverage because the heightened price expenses. The cost of investing in the Portfolio, therefore, may be higher sensitivity of some derivatives to market changes may magnify the Port- than the cost of investing in a mutual fund that exclusively invests directly folio’s gain or loss. It is not generally expected, however, that the in individual stocks and bonds. In addition, the Portfolio’s net asset value Portfolio will be leveraged by borrowing money for investment pur- will be subject to fluctuations in the market values of the ETFs in which it poses. In addition, the Portfolio generally does not intend to use lever- invests. The Portfolio is also subject to the risks associated with the secu- age to increase its net investment exposure above approximately 100% rities or other investments in which the ETFs invest and the ability of the of the Portfolio’s net asset value or below 0%. The Portfolio may main- Portfolio to meet its investment objective will directly depend on the abil- tain a significant percentage of its assets in cash and cash equivalent ity of the ETFs to meet their investment objectives. There is also the risk instruments, some of which may serve as margin or collateral for the that an ETF’s performance may not match that of the relevant index. It is Portfolio’s obligations under derivative transactions. also possible that an active trading market for an ETF may not develop or be maintained, in which case the liquidity and value of the Portfolio’s in- The ETF Allocated Portion invests in ETFs (the “Underlying ETFs”) that vestment in the ETF could be substantially and adversely affected. The meet the investment criteria of the Portfolio as a whole. The Underlying extent to which the investment performance and risks associated with the ETFs in which the ETF Allocated Portion may invest may be changed Portfolio correlate to those of a particular ETF will depend upon the extent from time to time without notice or shareholder approval. to which the Portfolio’s assets are allocated from time to time for invest- The Portfolio also may lend its portfolio securities to earn additional ment in the ETF, which will vary. income. Foreign Securities Risk: Investments in foreign securities, including depositary receipts, involve risks not associated with investing in

AMCVMV 2 U.S. securities. Foreign markets, particularly emerging markets, may be that a counterparty, clearing member or clearinghouse will default in the less liquid, more volatile and subject to less government supervision performance of its obligations; (f) if the Portfolio has insufficient cash, it than U.S. markets. Security values also may be negatively affected by may have to sell securities from its portfolio to meet daily variation margin changes in the exchange rates between the U.S. dollar and foreign cur- requirements, and the Portfolio may have to sell securities at a time when rencies. Differences between U.S. and foreign legal, political and eco- it may be disadvantageous to do so; and (g) transaction costs associated nomic systems, regulatory regimes and market practices also may with investments in futures contracts may be significant, which could impact security values and it may take more time to clear and settle cause or increase losses or reduce gains. Futures contracts are also subject trades involving foreign securities. to the same risks as the underlying investments to which they provide exposure. In addition, futures contracts may subject the Portfolio to lever- Currency Risk: Investments in foreign currencies and in secu- aging risk. rities that trade in, or receive revenues in, or in derivatives that provide exposure to foreign currencies are subject to the risk that Index Strategy Risk: The Portfolio that employs an index strategy, those currencies will decline in value relative to the U.S. dollar, or, that is, it generally invests in the securities included in its index or a rep- in the case of hedging positions, that the U.S. dollar will decline in resentative sample of such securities regardless of market trends. The value relative to the currency being hedged. Any such decline may Portfolio generally will not modify its index strategy to respond to erode or reverse any potential gains from an investment in changes in the economy, which means that it may be particularly securities denominated in foreign currency or may widen existing susceptible to a general decline in the market segment relating to the loss. Currency rates may fluctuate significantly over short periods relevant index. In addition, although the index strategy attempts to of time for a number of reasons, including changes in interest closely track its benchmark index, the Portfolio may not invest in all of rates, intervention (or the failure to intervene) by governments, the securities in the index. Also, the Portfolio’s fees and expenses will central banks or supranational entities, or by the imposition of reduce the Portfolio’s returns, unlike those of the benchmark index. currency controls or other political developments in the U.S. or Cash flow into and out of the Portfolio, portfolio transaction costs, abroad. changes in the securities that comprise the index, and the Portfolio’s valuation procedures also may affect the Portfolio’s performance. There- Emerging Markets Risk: There are greater risks involved in fore, there can be no assurance that the performance of the index investing in emerging market countries and/or their securities strategy will match that of the benchmark index. markets. Investments in these countries and/or markets may present market, credit, currency, liquidity, legal, political, technical and Investment Style Risk: The Portfolio may use a particular style or other risks different from, or greater than, the risks of investing in set of styles — in this case “value” styles — to select investments. developed countries. Investments in emerging markets are more Those styles may be out of favor or may not produce the best results susceptible to loss than investments in developed markets. In over short or longer time periods. Value stocks are subject to the risks addition, the risks associated with investing in a narrowly defined that notwithstanding that a stock is selling at a discount to its perceived geographic area are generally more pronounced with respect to true worth, the market will never fully recognize its intrinsic value. In investments in emerging market countries. addition, there is the risk that a stock judged to be undervalued may actually be appropriately priced. Regulatory Risk: Less information may be available about foreign companies. In general, foreign companies are not subject Leveraging Risk: When the Portfolio leverages its holdings, the to uniform accounting, auditing and financial reporting standards value of an investment in the Portfolio will be more volatile and all other or to other regulatory practices and requirements as are U.S. com- risks will tend to be compounded. For example, the Portfolio may take panies. Many foreign governments do not supervise and regulate on leveraging risk when it engages in derivatives transactions (such as stock exchanges, brokers and the sale of securities to the same futures and options investments), invests collateral from securities loans extent as does the United States and may not have laws to protect or borrows money. The Portfolio may experience leveraging risk in con- investors that are comparable to U.S. securities laws. In addition, nection with investments in derivatives because its investments in de- some countries may have legal systems that may make it difficult rivatives may be small relative to the investment exposure assumed, for the Portfolio to vote proxies, exercise shareholder rights, and leaving more assets to be invested in other investments. Such invest- pursue legal remedies with respect to its foreign investments. ments may have the effect of leveraging the Portfolio because the Portfolio may experience gains or losses not only on its investments in Futures Contract Risk: The primary risks associated with the use of derivatives, but also on the investments purchased with the remainder of futures contracts are (a) the imperfect correlation between the change in the assets. If the value of the Portfolio’s investments in derivatives is in- market value of the instruments held by the Portfolio and the price of the creasing, this could be offset by declining values of the Portfolio’s other futures contract; (b) liquidity risks, including the possible absence of a liq- investments. Conversely, it is possible that the rise in the value of the uid secondary market for a futures contract and the resulting inability to Portfolio’s non-derivative investments could be offset by a decline in the close a futures contract when desired; (c) losses (potentially unlimited) value of the Portfolio’s investments in derivatives. In either scenario, the caused by unanticipated market movements; (d) an investment manager’s Portfolio may experience losses. In a market where the value of the Port- inability to predict correctly the direction of securities prices, interest rates, folio’s investments in derivatives is declining and the value of its other currency exchange rates and other economic factors; (e) the possibility investments is declining, the Portfolio may experience substantial losses.

AMCVMV 3 Mid-Cap Company Risk: The Portfolio’s investments in mid-cap combination of the two (hybrid REITs). Investing in REITs exposes invest- companies may involve greater risks than investments in larger, more ors to the risks of owning real estate directly, as well as to risks that established issuers because mid-cap companies generally are more vul- relate specifically to the way in which REITs are organized and oper- nerable than larger companies to adverse business or economic ated. Equity REITs may be affected by changes in the value of the developments. Such companies generally have narrower product lines, underlying property owned by the REIT, while mortgage REITs may be more limited financial and management resources and more limited affected by the quality of any credit extended. Equity and mortgage markets for their stock as compared with larger companies. As a result, REITs are also subject to heavy cash flow dependency, defaults by bor- the value of such securities may be more volatile than the securities of rowers, and self-liquidations. The risk of defaults is generally higher in larger companies, and the Portfolio may experience difficulty in purchas- the case of mortgage pools that include subprime mortgages involving ing or selling such securities at the desired time and price or in the de- borrowers with blemished credit histories. Individual REITs may own a sired amount. limited number of properties and may concentrate in a particular region or property type. Domestic REITs also must satisfy specific Internal Rev- Multiple Sub-Adviser Risk: The Adviser allocates the Portfolio’s enue Code requirements to qualify for the tax-free pass-through of net assets among multiple Sub-Advisers, each of which is responsible for investment income and net realized gains. Failure to meet these investing its allocated portion of the Portfolio’s assets. To a significant requirements may have adverse consequences on the Portfolio. In addi- extent, the Portfolio’s performance will depend on the success of the tion, even the larger REITs in the industry tend to be small- to medium- Adviser in allocating the Portfolio’s assets to Sub-Advisers and its se- sized companies in relation to the equity markets as a whole. Moreover, lection and oversight of the Sub-Advisers. Because each Sub-Adviser shares of REITs may trade less frequently and, therefore, are subject to manages its allocated portion of the Portfolio independently from more erratic price movements than securities of larger issuers. another Sub-Adviser, the same security may be held in different portions of the Portfolio, or may be acquired for one portion of the Portfolio at a Regulatory Risk: The Adviser is registered with the Securities and time when a Sub-Adviser to another portion deems it appropriate to Exchange Commission (“SEC”) as an investment adviser under the In- dispose of the security from that other portion, resulting in higher ex- vestment Advisers Act of 1940, as amended. The Adviser also is regis- penses without accomplishing any net result in the Portfolio’s holdings. tered with the Commodity Futures Trading Commission (“CFTC”) as a Similarly, under some market conditions, one Sub-Adviser may believe commodity pool operator (“CPO”) under the Commodity Exchange Act, that temporary, defensive investments in short-term instruments or cash as amended, and, due to the Portfolio’s use of derivatives, serves as a are appropriate when another Sub-Adviser believes continued exposure CPO with respect to the Portfolio. Being subject to dual regulation by to the equity or debt markets is appropriate for its allocated portion of the SEC and the CFTC may increase compliance costs, which may be the Portfolio. Because each Sub-Adviser directs the trading for its own borne by the Portfolio and may affect Portfolio returns. portion of the Portfolio, and does not aggregate its transactions with Sector Risk: From time to time, based on market or economic con- those of the other Sub-Adviser, the Portfolio may incur higher brokerage ditions, the Portfolio may have significant positions in one or more sec- costs than would be the case if a single Sub-Adviser were managing the tors of the market. To the extent the Portfolio invests more heavily in entire Portfolio. In addition, while the Adviser seeks to allocate the particular sectors, its performance will be especially sensitive to Portfolio’s assets among the Portfolio’s Sub-Advisers in a manner that it developments that significantly affect those sectors. Individual sectors believes is consistent with achieving the Portfolio’s investment objective(s), the Adviser may be subject to potential conflicts of interest may be more volatile, and may perform differently, than the broader in allocating the Portfolio’s assets among Sub-Advisers, including affili- market. The industries that constitute a sector may all react in the same ated Sub-Advisers, because the Adviser pays different fees to the Sub- way to economic, political or regulatory events. Advisers and due to other factors that could impact the Adviser’s Securities Lending Risk: The Portfolio may lend its portfolio secu- revenues and profits. rities to seek income. There is a risk that a borrower may default on its Real Estate Investing Risk: Real estate-related investments may obligations to return loaned securities, however, the Portfolio’s secu- decline in value as a result of factors affecting the overall real estate rities lending agent may indemnify the Portfolio against that risk. The industry. Real estate is a cyclical business, highly sensitive to supply and Portfolio will be responsible for the risks associated with the investment demand, general and local economic developments and characterized of cash collateral, including any collateral invested in an affiliated by intense competition and periodic overbuilding. Real estate income money market fund. The Portfolio may lose money on its investment of and values also may be greatly affected by demographic trends, such as cash collateral or may fail to earn sufficient income on its investment to population shifts or changing tastes and values. Losses may occur from meet obligations to the borrower. In addition, delays may occur in the casualty or condemnation and government actions, such as tax law recovery of securities from borrowers, which could interfere with the changes, zoning law changes, regulatory limitations on rents, or Portfolio’s ability to vote proxies or to settle transactions. environmental regulations, also may have a major impact on real estate. Short Position Risk: The Portfolio may engage in short sales and The availability of mortgages and changes in interest rates may also af- may enter into derivative contracts that have a similar economic effect fect real estate values. Changing interest rates and credit quality (e.g., taking a short position in a futures contract). The Portfolio will requirements also will affect the cash flow of real estate companies and incur a loss as a result of a short position if the price of the asset sold their ability to meet capital needs. Real Estate Investment Trusts short increases in value between the date of the short position sale and (“REITs”) generally invest directly in real estate (equity REITs), in mort- the date on which an offsetting position is purchased. Short positions gages secured by interests in real estate (mortgage REITs) or in some may be considered speculative transactions and involve special risks

AMCVMV 4 that could cause or increase losses or reduce gains, including greater Risk/Return Bar Chart and Table reliance on the investment adviser’s ability to accurately anticipate the The bar chart and table below provide some indication of the risks of inves- future value of a security or instrument, potentially higher transaction ting in the Portfolio by showing changes in the Portfolio’s performance costs, and imperfect correlation between the actual and desired level of from year to year and by showing how the Portfolio’s average annual total exposure. Because the Portfolio’s potential loss on a short position returns for the past one, five and ten years (or since inception) through arises from increases in the value of the asset sold short, the extent of December 31, 2016 compared to the returns of a broad-based securities such loss, like the price of the asset sold short, is theoretically unlimited. market index. The additional index shows how the Portfolio’s performance Volatility Management Risk: The Adviser from time to time em- compared with the returns of a volatility managed index. The return of the ploys various volatility management techniques in managing the Portfolio, broad-based securities market index (and any additional comparative in- including the use of futures and options to manage equity exposure. Al- dex) shown in the right hand column below is the return of the index for though these actions are intended to reduce the overall risk of investing in the last 10 years or, if shorter, since the inception of the share class with the Portfolio, they may not work as intended and may result in losses by the longest history. Past performance is not an indication of future the Portfolio or periods of underperformance, particularly during periods performance. when market values are increasing but market volatility is high. The suc- The performance results do not reflect any Contract-related fees and cess of the Portfolio’s volatility management strategy will be subject to the expenses, which would reduce the performance results. Adviser’s ability to correctly assess the degree of correlation between the performance of the relevant market index and the metrics used by the Calendar Year Annual Total Returns — Class IB Adviser to measure market volatility. Since the characteristics of many 35.86% securities change as markets change or time passes, the success of the 33.01% Portfolio’s volatility management strategy also will be subject to the Ad- 22.47% 18.65% 17.62% viser’s ability to continually recalculate, readjust, and execute volatility 10.88% management techniques (such as options and futures transactions) in an efficient manner. In addition, because market conditions change, some- -1.62% times rapidly and unpredictably, the success of the volatility management -3.52% -9.44% strategy will be subject to the Adviser’s ability to execute the strategy in a timely manner. Moreover, volatility management strategies may increase portfolio transaction costs, which could cause or increase losses or reduce gains. For a variety of reasons, the Adviser may not seek to establish a -39.53% perfect correlation between the relevant market index and the metrics 2007 20082009 2010 20112012 2013 2014 2015 2016 that the Adviser uses to measure market volatility. In addition, it is not possible to manage volatility fully or perfectly. Futures contracts and other Best quarter (% and time period) Worst quarter (% and time period) 22.74% (2009 3rd Quarter) –25.87% (2008 4th Quarter) instruments used in connection with the volatility management strategy are not necessarily held by the Portfolio to hedge the value of the Portfo- lio’s other investments and, as a result, these futures contracts and other Average Annual Total Returns instruments may decline in value at the same time as the Portfolio’s Ten One Five Years/Since investments. Any one or more of these factors may prevent the Portfolio Year Years Inception from achieving the intended volatility management or could cause the AXA Mid Cap Value Managed Volatility Portfolio to underperform or experience losses (some of which may be Portfolio – Class IA Shares 17.69% 14.70% 6.09% AXA Mid Cap Value Managed Volatility sudden) or volatility for any particular period that may be higher or lower. Portfolio – Class IB Shares 17.62% 14.71% 5.94% In addition, the use of volatility management techniques may not protect Russell Midcap® Value Index (reflects no against market declines and may limit the Portfolio’s participation in mar- deduction for fees, expenses, or taxes) 20.00% 15.70% 7.59% Volatility Managed Index – Mid Cap ket gains, even during periods when the market is rising. Volatility man- Value (reflects no deduction for fees, agement techniques, when implemented effectively to reduce the overall expenses, or taxes) 19.16% 15.34% 9.74% risk of investing in the Portfolio, may result in underperformance by the Portfolio. For example, if the Portfolio has reduced its overall exposure to WHO MANAGES THE PORTFOLIO equities to avoid losses in certain market environments, the Portfolio may forgo some of the returns that can be associated with periods of rising Investment Adviser: FMG LLC equity values. The Portfolio’s performance may be lower than similar Portfolio Managers: The members of the team that are jointly and funds where volatility management techniques are not used. In addition, primarily responsible for (i) the selection, monitoring and oversight of volatility management techniques may reduce potential losses and/or the Portfolio’s Sub-Advisers, (ii) allocating assets among the Portfolio’s mitigate financial risks to insurance companies that provide certain bene- Allocated Portions, (iii) managing the Portfolio’s equity exposure and fits and guarantees available under the Contracts and offer the Portfolio as an investment option in their products.

AMCVMV 5 (iv) the selection of investments in exchange-traded funds for the Portfo- Sub-Adviser: BlackRock Investment Management, LLC lio’s ETF Allocated Portion are: (“BlackRock”)

Date Began Portfolio Managers: The members of the team that are jointly and Managing primarily responsible for the securities selection, research and trading Name Title the Portfolio for the Index Allocated Portion of the Portfolio are: Kenneth T. Kozlowski, Executive Vice President May 2007 ® CFP , CLU, ChFC and Chief Investment Date Began Officer of FMG LLC Managing Alwi Chan, CFA® Senior Vice President May 2009 Name Title the Portfolio and Deputy Chief Alan Mason Managing Director of March 2014 Investment Officer of BlackRock FMG LLC Greg Savage, Managing Director May 2012 Xavier Poutas, CFA® Assistant Portfolio May 2011 CFA® and Portfolio Manager of Manager of FMG LLC BlackRock Miao Hu, CFA® Assistant Portfolio May 2016 Rachel M. Aguirre Director of BlackRock April 2016 Manager of FMG LLC Creighton Jue, Managing Director of April 2016 CFA® BlackRock Sub-Adviser: Diamond Hill Capital Management, Inc. (“Diamond Hill”) The Adviser has been granted relief by the Securities and Exchange Com- Portfolio Managers: The members of the team that are jointly and mission to hire, terminate and replace Sub-Advisers and amend sub- primarily responsible for the securities selection, research and trading advisory agreements subject to the approval of the Board of Trustees and without obtaining shareholder approval. However, the Adviser may not for a portion of the Active Allocated Portion of the Portfolio are: enter into a sub-advisory agreement on behalf of the Portfolio with an Date Began “affiliated person” of the Adviser, such as AllianceBernstein L.P., unless Managing the sub-advisory agreement is approved by the Portfolio’s shareholders. Name Title the Portfolio The Adviser is responsible for overseeing Sub-Advisers and recommending ® Chris Welch, CFA Portfolio Manager and July 2013 their hiring, termination and replacement to the Board of Trustees. Co-Chief Investment Officer of Diamond Hill PURCHASE AND REDEMPTION OF PORTFOLIO ® Tom Schindler, CFA Assistant Portfolio July 2013 SHARES Manager of Diamond Hill Jeanette Hubbard, Assistant Portfolio May 2014 The Portfolio’s shares are currently sold only to insurance company sepa- CFA® Manager of Diamond Hill rate accounts in connection with Contracts issued by AXA Equitable Life Insurance Company (“AXA Equitable”), AXA Life and Annuity Company, Sub-Adviser: Wellington Management Company LLP or other affiliated or unaffiliated insurance companies and to The AXA (“Wellington Management”) Equitable 401(k) Plan. Shares also may be sold to other tax-qualified re- Portfolio Managers: The individual responsible for the securities se- tirement plans, to other portfolios managed by FMG LLC that currently lection, research and trading for a portion of the Active Allocated Por- sell their shares to such accounts and plans and to other investors eligi- tion of the Portfolio is: ble under applicable federal income tax regulations. The Portfolio does not have minimum initial or subsequent investment Date Began Managing requirements. Shares of the Portfolio are redeemable on any business Name Title the Portfolio day (which typically is any day the New York Stock Exchange is open) James N. Mordy Senior Managing Director May 2007 upon receipt of a request. All redemption requests will be processed and Equity Portfolio and payment with respect thereto will normally be made within seven Manager of Wellington days after tender. Please refer to your Contract prospectus for more in- Management formation on purchasing and redeeming Portfolio shares.

AMCVMV 6 TAX INFORMATION The Portfolio’s shareholders are (or may include) insurance company separate accounts, qualified plans and other investors eligible under applicable federal income tax regulations. Accordingly, distributions the Portfolio makes of its net investment income and net realized gains — most or all of which it intends to distribute annually — and redemptions or exchanges of Portfolio shares generally will not be taxable to its shareholders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax information.

PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES This Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and the Adviser and its affiliates may make payments to a sponsoring insurance company (or its affiliates) or other financial intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. Ask your financial adviser or visit your financial intermediary’s website for more information.

AMCVMV 7 EQ Advisors TrustSM

AXA Moderate Growth Strategy Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks long-term capital appreciation PORTFOLIO TURNOVER and current income, with a greater emphasis on current income. The Portfolio will not incur transaction costs, such as commissions, when it buys and sells shares of the Underlying Portfolios (or “turns over” its FEES AND EXPENSES OF THE PORTFOLIO portfolio), but it could incur transaction costs if it were to buy and sell The following table describes the fees and expenses that you may pay if other types of securities directly. If the Portfolio were to buy and sell other you buy and hold shares of the Portfolio. The table below does not re- types of securities directly, a higher portfolio turnover rate could indicate flect any fees and expenses associated with variable life insurance con- higher transaction costs. Such costs, if incurred, would not be reflected in tracts and variable annuity certificates and contracts (“Contracts”), annual fund operating expenses or in the Example, and would affect the which would increase overall fees and expenses. See the Contract pro- Portfolio’s performance. During the most recent fiscal year, the Portfolio’s spectus for a description of those fees and expenses. portfolio turnover rate was 13% of the average value of the Portfolio.

Shareholder Fees INVESTMENTS, RISKS, AND PERFORMANCE (fees paid directly from your investment) Not applicable. Principal Investment Strategy: The Portfolio pursues its investment objective by investing in other mutual funds (“Underlying Portfolios”) managed by AXA Equitable Funds Management Group, LLC (“FMG Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of LLC” or “Adviser”) and sub-advised by one or more investment sub- your investment) advisers (“Sub-Adviser”). The Portfolio invests approximately 60% of its Class IA Class IB assets in equity investments and approximately 40% of its assets in AXA Moderate Growth Strategy Portfolio Shares* Shares fixed income investments through investments in Underlying Portfolios. Management Fee 0.10% 0.10% Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% The equity asset class may include securities of small-, mid- and large- Other Expenses 0.16% 0.16% capitalization companies and exchange-traded funds. The fixed income Acquired Fund Fees and Expenses (Underlying Portfolios) 0.54% 0.54% asset class may include investment grade securities, below investment Total Annual Portfolio Operating Expenses 1.05% 1.05% grade securities (also known as high yield or “junk” bonds), mortgage- * Based on estimated amounts for the current fiscal year. backed securities and government securities. These securities may include securities with maturities that range from short to longer term. Example The asset classes may include securities of foreign issuers in addition to This Example is intended to help you compare the cost of investing in securities of domestic issuers. Actual allocations among asset classes the Portfolio with the cost of investing in other portfolios. The Example can deviate from the amounts shown above by up to 15% of the assumes that you invest $10,000 in the Portfolio for the time periods Portfolio’s assets. The Portfolio may invest in Underlying Portfolios that indicated, and then redeem all of your shares at the end of these peri- tactically manage equity exposure. The Portfolio may invest in Under- ods. The Example also assumes that your investment has a 5% return lying Portfolios that employ derivatives (including futures contracts) for each year and that the Portfolio’s operating expenses remain the same. a variety of purposes, including to reduce risk, to seek enhanced returns This Example does not reflect any Contract-related fees and expenses from certain asset classes and to leverage exposure to certain asset including redemption fees (if any) at the Contract level. If such fees and classes. When market volatility is increasing above specific thresholds, expenses were reflected, the total expenses would be higher. Although such Underlying Portfolios may reduce their equity exposure. During your actual costs may be higher or lower, based on these assumptions such times, the Portfolio’s exposure to equity securities may be sig- your costs would be: nificantly less than if it invested in a traditional equity portfolio and the Portfolio may deviate significantly from its asset allocation targets. Al- 1 Year 3 Years 5 Years 10 Years though the Portfolio’s investment in Underlying Portfolios that tactically Class IA Shares $107 $334 $579 $1,283 manage equity exposure is intended to reduce the Portfolio’s overall Class IB Shares $107 $334 $579 $1,283 risk, it may result in periods of underperformance.

AMGSA 1 The Adviser may change the asset allocation targets and the particular limit their availability, impact the Portfolio’s ability to maintain its Underlying Portfolios in which the Portfolio invests. The Adviser may sell investments in derivatives, disrupt markets, or otherwise adversely af- the Portfolio’s holdings for a variety of reasons, including to invest in an fect their value or performance. Underlying Portfolio believed to offer superior investment opportunities. • Equity Risk — In general, stocks and other equity security values Principal Risks: An investment in the Portfolio is not a deposit of a fluctuate, and sometimes widely fluctuate, in response to changes in bank and is not insured or guaranteed by the Federal Deposit Insurance a company’s financial condition as well as general market, economic Corporation or any other government agency. You may lose money by and political conditions and other factors. investing in the Portfolio. Performance may be affected by one or more • ETFs Risk — The Portfolio will indirectly bear fees and expenses paid of the following risks. The Portfolio is also subject to the risks associated by the ETFs in which it invests, in addition to the Portfolio’s direct fees with the Underlying Portfolios’ investments; please see the Prospectuses and expenses. The cost of investing in the Portfolio, therefore, may be and Statements of Additional Information for the Underlying Portfolios higher than the cost of investing in a mutual fund that exclusively in- for additional information about these risks. In this section, the term vests directly in individual stocks and bonds. In addition, the Portfolio’s “Portfolio” may include the Portfolio, an Underlying Portfolio, or both. net asset value will be subject to fluctuations in the market values of • Affiliated Portfolio Risk — In managing a Portfolio that invests in the ETFs in which it invests. The Portfolio is also subject to the risks Underlying Portfolios, the Adviser will have the authority to select associated with the securities or other investments in which the ETFs and substitute the Underlying Portfolios. The Adviser may be subject invest and the ability of the Portfolio to meet its investment objective to potential conflicts of interest in allocating the Portfolio’s assets will directly depend on the ability of the ETFs to meet their investment among the various Underlying Portfolios because the fees payable to objectives. There is also the risk that an ETF’s performance may not it by some of the Underlying Portfolios are higher than the fees pay- match that of the relevant index. It is also possible that an active trad- able by other Underlying Portfolios and because the Adviser is also ing market for an ETF may not develop or be maintained, in which case responsible for managing, administering, and with respect to certain the liquidity and value of the Portfolio’s investment in the ETF could be Underlying Portfolios, its affiliates are responsible for sub-advising, substantially and adversely affected. The extent to which the invest- the Underlying Portfolios. ment performance and risks associated with the Portfolio correlate to those of a particular ETF will depend upon the extent to which the • Credit Risk — The Portfolio is subject to the risk that the issuer or Portfolio’s assets are allocated from time to time for investment in the the guarantor (or other obligor, such as a party providing insurance ETF, which will vary. or other credit enhancement) of a fixed income security, or the counterparty to a derivatives contract, repurchase agreement, loan of • Foreign Securities Risk — Investments in foreign securities, including portfolio securities or other transaction, is unable or unwilling, or is depositary receipts, involve risks not associated with investing in U.S. perceived (whether by market participants, ratings agencies, pricing securities. Foreign markets, particularly emerging markets, may be services or otherwise) as unable or unwilling, to make timely princi- less liquid, more volatile and subject to less government supervision pal and/or interest payments, or otherwise honor its obligations. than U.S. markets. Security values also may be negatively affected by Securities are subject to varying degrees of credit risk, which are of- changes in the exchange rates between the U.S. dollar and foreign ten reflected in their credit ratings. However, rating agencies may fail currencies. Differences between U.S. and foreign legal, political and to make timely changes to credit ratings in response to subsequent economic systems, regulatory regimes and market practices also may events and a credit rating may become stale in that it fails to reflect impact security values and it may take more time to clear and settle changes in an issuer’s financial condition. The downgrade of the trades involving foreign securities. credit rating of a security may decrease its value. Lower credit quality • Futures Contract Risk — The primary risks associated with the use of also may lead to greater volatility in the price of a security and may futures contracts are (a) the imperfect correlation between the negatively affect a security’s liquidity. change in market value of the instruments held by the Portfolio and • Derivatives Risk — The Portfolio’s investments in derivatives may rise the price of the futures contract; (b) liquidity risks, including the or fall in value more rapidly than other investments. Changes in the possible absence of a liquid secondary market for a futures contract value of a derivative may not correlate perfectly or at all with the and the resulting inability to close a futures contract when desired; underlying asset, rate or index, and the Portfolio could lose more than (c) losses (potentially unlimited) caused by unanticipated market the principal amount invested. Some derivatives can have the potential movements; (d) an investment manager’s inability to predict correctly for unlimited losses. In addition, it may be difficult or impossible for the the direction of securities prices, interest rates, currency exchange Portfolio to purchase or sell certain derivatives in sufficient amounts to rates and other economic factors; (e) the possibility that a counter- achieve the desired level of exposure, which may result in a loss or may party, clearing member or clearinghouse will default in the be costly to the Portfolio. Derivatives also may be subject to certain performance of its obligations; (f) if the Portfolio has insufficient other risks such as leveraging risk, interest rate risk, credit risk, the risk cash, it may have to sell securities from its portfolio to meet daily var- that a counterparty may be unable or unwilling to honor its obligations, iation margin requirements, and the Portfolio may have to sell secu- and the risk of mispricing or improper valuation. Derivatives also may rities at a time when it may be disadvantageous to do so; and (g) not behave as anticipated by the Portfolio, especially in abnormal mar- transaction costs associated with investments in futures contracts ket conditions. Changing regulation may make derivatives more costly, may be significant, which could cause or increase losses or reduce

AMGSA 2 gains. Futures contracts are also subject to the same risks as the them more sensitive to changes in interest rates. As a result, in a underlying investments to which they provide exposure. In addition, period of rising interest rates, to the extent the Portfolio holds these futures contracts may subject the Portfolio to leveraging risk. types of securities, it may experience additional volatility and losses. This is known as extension risk. Moreover, declines in the credit qual- • Interest Rate Risk — The Portfolio is subject to the risk that fixed ity of the issuers of mortgage- and asset-backed securities or in- income securities will decline in value because of changes in interest stability in the markets for such securities may affect the value and rates. When interest rates decline, the value of the Portfolio’s debt liquidity of such securities, which could result in losses to the Portfo- securities generally rises. Conversely, when interest rates rise, the lio. In addition, certain mortgage- and asset-backed securities may value of the Portfolio’s debt securities generally declines. A portfolio include securities backed by pools of loans made to “subprime” bor- with a longer average duration will be more sensitive to changes in rowers or borrowers with blemished credit histories; the risk of de- interest rates, usually making it more volatile than a portfolio with a faults is generally higher in the case of mortgage pools that include shorter average duration. As of the date of this Prospectus, interest such subprime mortgages. rates are near historic lows in the United States, and below zero in other parts of the world, including certain European countries and • Non-Investment Grade Securities Risk — Bonds rated below investment grade (i.e., BB or lower by S&P or Fitch or Ba or lower by Japan. The Portfolio is subject to a greater risk of rising interest rates Moody’s or, if unrated, determined by the investment manager to be due to these market conditions. A significant or rapid rise in interest of comparable quality) are speculative in nature and are subject to rates could result in losses to the Portfolio. additional risk factors such as increased possibility of default, illi- • Investment Grade Securities Risk — Debt securities generally are quidity of the security, and changes in value based on changes in in- rated by national bond ratings agencies. The Portfolio considers secu- terest rates. Non-investment grade bonds, sometimes referred to as rities to be investment grade if they are rated BBB or higher by Stan- “junk bonds,” are usually issued by companies without long track dard & Poor’s Global Ratings (“S&P”) or Fitch Ratings, Ltd. (“Fitch”) records of sales and earnings, or by those companies with ques- or Baa or higher by Moody’s Investors Service, Inc. (“Moody’s”), or, if tionable credit strength. The creditworthiness of issuers of non- unrated, determined by the investment manager to be of comparable investment grade debt securities may be more complex to analyze quality. Securities rated in the lower investment grade rating catego- than that of issuers of investment grade debt securities, and reliance ries (e.g., BBB or Baa) are considered investment grade securities, but on credit ratings may present additional risks. are somewhat riskier than higher rated obligations because they are • Risks of Investing in Underlying Portfolios — The Portfolio will in- regarded as having only an adequate capacity to pay principal and directly bear fees and expenses paid by the Underlying Portfolios in interest, are considered to lack outstanding investment characteristics, which it invests, in addition to the Portfolio’s direct fees and ex- and may possess certain speculative characteristics. penses. The cost of investing in the Portfolio, therefore, may be • Large-Cap Company Risk — Larger more established companies may higher than the cost of investing in a mutual fund that invests di- be unable to respond quickly to new competitive challenges such as rectly in individual stocks and bonds. In addition, the Portfolio’s net asset value is subject to fluctuations in the net asset values of the changes in technology and consumer tastes. Many larger companies Underlying Portfolios in which it invests. The Portfolio is also subject also may not be able to attain the high growth rate of successful smaller to the risks associated with the securities or other investments in companies, especially during extended periods of economic expansion. which the Underlying Portfolios invest and the ability of the Portfolio • Mid-Cap and Small-Cap Company Risk — The Portfolio’s investments to meet its investment objective will directly depend on the ability of in mid- and small-cap companies may involve greater risks than the Underlying Portfolios to meet their objectives. The Portfolio and investments in larger, more established issuers because they generally the Underlying Portfolios are subject to certain general investment are more vulnerable than larger companies to adverse business or risks, including market risk, asset class risk, issuer-specific risk, in- economic developments. Such companies generally have narrower vestment style risk and portfolio management risk. In addition, to product lines, more limited financial and management resources and the extent a Portfolio invests in Underlying Portfolios that invest in more limited markets for their stock as compared with larger compa- equity securities, fixed income securities and/or foreign securities, nies. As a result, the value of such securities may be more volatile than the Portfolio is subject to the risks associated with investing in such the securities of larger companies, and the Portfolio may experience securities. The extent to which the investment performance and difficulty in purchasing or selling such securities at the desired time and risks associated with the Portfolio correlate to those of a particular price or in the desired amount. In general, these risks are greater for Underlying Portfolio will depend upon the extent to which the Port- small-cap companies than for mid-cap companies. folio’s assets are allocated from time to time for investment in the Underlying Portfolio, which will vary. • Mortgage-Backed and Asset-Backed Securities Risk — The Portfolio is subject to the risk that the principal on mortgage- and asset- • Volatility Management Risk — The Portfolio may invest from time to backed securities held by the Portfolio will be prepaid, which gen- time in Underlying Portfolios managed by the Adviser that employ erally will reduce the yield and market value of these securities. If various volatility management techniques, including the use of futures interest rates fall, the rate of prepayments tends to increase as bor- and options to manage equity exposure. Although these actions are rowers are motivated to pay off debt and refinance at new lower intended to reduce the overall risk of investing in the Portfolio, they rates. Rising interest rates may increase the risk of default by bor- may not work as intended and may result in losses by the Portfolio or rowersandtendtoextendthedurationofthesesecurities,making periods of underperformance, particularly during periods when market

AMGSA 3 values are increasing but market volatility is high. The success of any in which the Portfolio may invest. Past performance is not an indication volatility management strategy will be subject to the Adviser’s ability of future performance. to correctly assess the degree of correlation between the performance Class IA shares have not commenced operations as of the date of this of the relevant market index and the metrics used by the Adviser to Prospectus. measure market volatility. Since the characteristics of many securities change as markets change or time passes, the success of any volatility The performance results do not reflect any Contract-related fees and management strategy also will be subject to the Adviser’s ability to expenses, which would reduce the performance results. continually recalculate, readjust, and execute volatility management techniques (such as options and futures transactions) in an efficient Calendar Year Annual Total Returns — Class IB manner. In addition, because market conditions change, sometimes 16.86% rapidly and unpredictably, the success of a volatility management strategy will be subject to the Adviser’s ability to execute the strategy 10.84% in a timely manner. Moreover, volatility management strategies may 9.89% increase portfolio transaction costs, which could cause or increase 7.01% losses or reduce gains. For a variety of reasons, the Adviser may not 5.02% seek to establish a perfect correlation between the relevant market index and the metrics that the Adviser uses to measure market volatility. In addition, it is not possible to manage volatility fully or perfectly. Futures contracts and other instruments used in connection -0.76% with the volatility management strategy are not necessarily held by an -3.36% Underlying Portfolio to hedge the value of the Underlying Portfolio’s 2010 2011 2012 20132014 2015 2016 other investments and, as a result, these futures contracts and other instruments may decline in value at the same time as the Underlying Best quarter (% and time period) Worst quarter (% and time period) Portfolio’s investments. Any one or more of these factors may prevent 7.93% (2010 3rd Quarter) –10.54% (2011 3rd Quarter) the Underlying Portfolio from achieving the intended volatility management or could cause the Underlying Portfolio, and in turn, the Average Annual Total Returns Portfolio, to underperform or experience losses (some of which may One Five Since be sudden) or volatility for any particular period that may be higher or Year Years Inception AXA Moderate Growth Strategy Portfolio — lower than intended. In addition, the use of volatility management Class IB Shares (Inception Date: April 30, techniques may not protect against market declines and may limit the 2009) 7.01% 7.45% 8.27% Underlying Portfolio’s, and thus the Portfolio’s, participation in market S&P 500® Index (reflects no deduction for fees, expenses, or taxes) 11.96% 14.66% 15.50% gains, even during periods when the market is rising. Volatility man- Bloomberg Barclays U.S. Intermediate agement techniques, when implemented effectively to reduce the Government Bond Index (reflects no deduction for fees, expenses, or taxes) 1.05% 1.04% 2.16% overall risk of investing in an Underlying Portfolio, may result in AXA Moderate Growth Strategy Index (reflects underperformance by an Underlying Portfolio. For example, if an Un- no deduction for fees, expenses, or taxes) 8.29% 8.44% 9.58% derlying Portfolio has reduced its overall exposure to equities to avoid losses in certain market environments, the Underlying Portfolio may WHO MANAGES THE PORTFOLIO forgo some of the returns that can be associated with periods of rising equity values. The Underlying Portfolio’s performance, and therefore Investment Adviser: FMG LLC the Portfolio’s performance, may be lower than similar funds where Portfolio Managers: volatility management techniques are not used. In addition, volatility management techniques may reduce potential losses and/or mitigate Date Began Managing financial risks to insurance companies that provide certain benefits Name Title the Portfolio and guarantees available under the Contracts and offer the Under- Kenneth T. Kozlowski, Executive Vice President April 2009 lying Portfolios as an investment option in their products. CFP®, CLU, ChFC and Chief Investment Officer of FMG LLC Risk/Return Bar Chart and Table Alwi Chan, CFA® Senior Vice President and May 2011 Deputy Chief Investment The bar chart and table below provide some indication of the risks of Officer of FMG LLC investing in the Portfolio by showing changes in the Portfolio’s perform- ® ance from year to year and by showing how the Portfolio’s average Xavier Poutas, CFA Assistant Portfolio May 2011 Manager of FMG LLC annual total returns for the past one- and five-year and since inception periods through December 31, 2016 compared to the returns of a broad- Miao Hu, CFA® Assistant Portfolio May 2016 Manager of FMG LLC based securities market index. The additional broad-based securities market index and the hypothetical composite index show how the Portfolio’s performance compared with the returns of other asset classes

AMGSA 4 PURCHASE AND REDEMPTION OF PORTFOLIO SHARES The Portfolio’s shares are currently sold only to insurance company separate accounts in connection with Contracts issued by AXA Equi- table Life Insurance Company (“AXA Equitable”), AXA Life and An- nuity Company, or 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 and other investors eligible under applicable federal tax regulations. The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day (which typically is any day the New York Stock Exchange is open) upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares.

PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES This Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and the Adviser and its affiliates may make payments to a sponsoring insurance company (or its affiliates) or other financial intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. Ask your financial adviser or visit your financial intermediary’s website for more information.

AMGSA 5 EQ Advisors TrustSM

AXA/Mutual Large Cap Equity Managed Volatility Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks to achieve capital appreciation, which that the Portfolio’s operating expenses remain the same and that the may occasionally be short-term, with an emphasis on risk-adjusted re- Expense Limitation Arrangement is not renewed. This Example does not turns and managing volatility in the Portfolio. reflect any Contract-related fees and expenses including redemption fees (if any) at the Contract level. If such fees and expenses were reflected, FEES AND EXPENSES OF THE PORTFOLIO the total expenses would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table below does not re- 1 Year 3 Years 5 Years 10 Years flect any fees and expenses associated with variable life insurance con- Class IA Shares $107 $349 $610 $1,357 tracts and variable annuity certificates and contracts (“Contracts”), Class IB Shares $107 $349 $610 $1,357 which would increase overall fees and expenses. See the Contract prospectus for a description of those fees and expenses. PORTFOLIO TURNOVER

Shareholder Fees The Portfolio pays transaction costs, such as commissions, when it buys (fees paid directly from your investment) and sells securities (or “turns over” its portfolio). A higher portfolio turn- Not applicable. over rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Annual Portfolio Operating Expenses Portfolio’s performance. During the most recent fiscal year, the Portfolio’s (expenses that you pay each year as a percentage of the value of portfolio turnover rate was 13% of the average value of the Portfolio. your investment) AXA/Mutual Large Cap Equity Managed Volatility Class IA Class IB INVESTMENTS, RISKS, AND PERFORMANCE Portfolio Shares Shares Management Fee 0.70% 0.70% Principal Investment Strategy: The Portfolio’s assets normally are Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% allocated between two investment managers, each of which will man- Other Expenses 0.17% 0.17% age its portion of the Portfolio using a different but complementary in- Total Annual Portfolio Operating Expenses 1.12% 1.12% vestment strategy. One portion of the Portfolio is actively managed Fee Waiver and/or Expense Reimbursement† –0.07% –0.07% (“Active Allocated Portion”); the other portion of the Portfolio seeks to Total Annual Portfolio Operating Expenses After Fee track the performance of a particular index (“Index Allocated Portion”). Waiver and/or Expense Reimbursement 1.05% 1.05% Under normal circumstances, the Portfolio invests at least 80% of its net † Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreed to assets, plus borrowings for investment purposes, in equity securities of make payments or waive its management, administrative and other fees to limit the expenses of the Portfolio through April 30, 2018 (unless the Board of Trustees consents large-capitalization companies (or financial instruments that derive their to an earlier revision or termination of this arrangement) (“Expense Limitation value from such securities). For this Portfolio, large-capitalization Arrangement”) so that the annual operating expenses of the Portfolio (exclusive of taxes, interest, brokerage commissions, dividend and interest expenses on securities companies are companies with market capitalizations of $5 billion or sold short, capitalized expenses, acquired fund fees and expenses, and extraordinary more at the time of purchase. The Active Allocated Portion consists of expenses) do not exceed an annual rate of average daily net assets of 1.05% for Class IA and Class IB shares of the Portfolio. The Expense Limitation Arrangement may be approximately 50% of the Portfolio’s net assets; the Index Allocated terminated by AXA Equitable Funds Management Group, LLC at any time after April 30, Portion consists of approximately 50% of the Portfolio’s net assets. 2018. These percentages are targets established by the Adviser; actual allocations may deviate from these targets. Example Under normal circumstances, the Active Allocated Portion invests mainly This Example is intended to help you compare the cost of investing in the in equity securities of U.S. and foreign companies that the Sub-Adviser Portfolio with the cost of investing in other portfolios. The Example as- to the Active Allocated Portion believes are undervalued. The Active sumes that you invest $10,000 in the Portfolio for the periods indicated Allocated Portion invests predominantly in large-cap companies, but it and then redeem all of your shares at the end of these periods. The may invest up to 20% of its net assets in smaller companies as well. Example also assumes that your investment has a 5% return each year,

AMLCEMV 1 The Active Allocated Portion may invest up to 35% of its assets in for- (including currency index futures contracts) when in the Sub-Adviser’s opin- eign securities, including securities of companies in emerging markets ion it would be advantageous for the Active Allocated Portion to do so. and depositary receipts. In addition, the Active Allocated Portion may The Index Allocated Portion of the Portfolio seeks to track the perform- invest in derivatives and may use forward foreign currency exchange ance (before fees and expenses) of the Standard & Poor’s 500 Compo- contracts to hedge against currency risks when the Sub-Adviser to the site Stock Index (“S&P 500 Index”) with minimal tracking error. This Active Allocated Portion believes it would be advantageous to the Ac- strategy is commonly referred to as an indexing strategy. Generally, the tive Allocated Portion to do so. Index Allocated Portion uses a full replication technique, although in The Active Allocated Portion invests primarily in securities that the Sub- certain instances a sampling approach may be utilized for a portion of Adviser to the Active Allocated Portion believes are trading at a discount to the Index Allocated Portion. The Index Allocated Portion also may invest their intrinsic value. To a lesser extent, the Active Allocated Portion also in other instruments, such as futures and options contracts, that provide invests in risk arbitrage securities (securities of companies involved in re- comparable exposure as the index without buying the underlying secu- structuring or that the Sub-Adviser to the Active Allocated Portion believes rities comprising the index. are cheap relative to an economically equivalent security of the same or AXA Equitable Funds Management Group, LLC (“FMG LLC” or the another company) and securities of distressed companies that are, or are “Adviser”) also may utilize futures and options, such as exchange- about to be, involved in reorganizations, financial restructurings or bank- traded futures and options contracts on securities indices, to manage ruptcy. While the Active Allocated Portion generally purchases securities for equity exposure. Futures and options can provide exposure to the per- investment purposes, the Sub-Adviser to the Active Allocated Portion also formance of a securities index without buying the underlying securities may seek to influence or control management, or invest in other companies comprising the index. They also provide a means to manage the Portfo- that do so, when the Sub-Adviser to the Active Allocated Portion believes lio’s equity exposure without having to buy or sell securities. When the Active Allocated Portion may benefit. market volatility is increasing above specific thresholds set for the When engaging in an arbitrage strategy, the Active Allocated Portion Portfolio, the Adviser may limit equity exposure either by reducing typically buys one security while at the same time selling short another investments in securities, shorting or selling long futures and options security. The Active Allocated Portion generally engages in an arbitrage positions on an index, increasing cash levels, and/or shorting an index. strategy in connection with an announced corporate restructuring, such During such times, the Portfolio’s exposure to equity securities may be as a merger, acquisition or tender offer, or other corporate action or significantly less than that of a traditional equity portfolio. Volatility is a event. The Active Allocated Portion’s investments in distressed compa- statistical measure of the magnitude of changes in the Portfolio’s re- nies may involve investments of up to 10% of the Portfolio’s total as- turns, without regard to the direction of those changes. Higher volatility sets in bank debt, lower-rated or defaulted debt securities, comparable generally indicates higher risk and is often reflected by frequent and unrated debt securities or other indebtedness (or participations in the sometimes significant movements up and down in value. The Portfolio indebtedness) of such companies. may invest up to 25% of its assets in derivatives. It is anticipated that the Portfolio’s derivative instruments will consist primarily of exchange- Such other indebtedness generally represents a specific commercial loan traded futures and options contracts on securities indices, but the or portion of a loan made to a company by a financial institution such Portfolio also may utilize other types of derivatives. The Portfolio’s as a bank. Loan participations represent fractional interests in a investments in derivatives may be deemed to involve the use of leverage company’s indebtedness and are generally made available by banks or because the Portfolio is not required to invest the full market value of other institutional investors. By purchasing all or a part of a company’s the contract upon entering into the contract but participates in gains direct indebtedness, the Active Allocation Portion, in effect, steps into and losses on the full contract price. The use of derivatives also may be the shoes of the lender. If the loan is secured, the Active Allocated Por- deemed to involve the use of leverage because the heightened price tion of the Portfolio will have a priority claim to the assets of the com- sensitivity of some derivatives to market changes may magnify the Port- pany ahead of unsecured creditors and stock holders. The Active folio’s gain or loss. It is not generally expected, however, that the Allocated Portion generally makes such investments to achieve capital Portfolio will be leveraged by borrowing money for investment pur- appreciation, in addition to generating income. poses. In addition, the Portfolio generally does not intend to use lever- The Sub-Adviser to the Active Allocated Portion may keep a portion, which age to increase its net investment exposure above approximately 100% may be significant at times, of the Active Allocated Portion’s assets in cash of the Portfolio’s net asset value or below 0%. The Portfolio may main- or invested in high-quality short-term money market instruments, corporate tain a significant percentage of its assets in cash and cash equivalent debt, or direct or indirect U.S. and non-U.S. government and agency instruments, some of which may serve as margin or collateral for the obligations, when it believes that insufficient investment opportunities Portfolio’s obligations under derivative transactions. meeting the Active Allocated Portion’s investment criteria exist or that it The Portfolio also may lend its portfolio securities to earn additional may otherwise be necessary to maintain liquidity. The Sub-Adviser to the income Active Allocated Portion may sell a security for a variety of reasons, such as Principal Risks: An investment in the Portfolio is not a deposit of a to invest in a company believed by the Sub-Adviser to offer superior bank and is not insured or guaranteed by the Federal Deposit Insurance investment opportunities. The Active Allocated Portion may attempt, from Corporation or any other government agency. You may lose money by time to time, to hedge (protect) against currency risks, largely by using investing in the Portfolio. Performance may be affected by one or more forward currency exchange contracts and currency futures contracts of the following risks.

AMLCEMV 2 Cash Management Risk: Upon entering into certain derivatives Foreign Securities Risk: Investments in foreign securities, includ- contracts, such as futures contracts, and to maintain open positions in ing depositary receipts, involve risks not associated with investing in certain derivatives contracts, the Portfolio may be required to post U.S. securities. Foreign markets, particularly emerging markets, may be collateral for the contract, the amount of which may vary. As such, the less liquid, more volatile and subject to less government supervision Portfolio may maintain cash balances, including foreign currency balan- than U.S. markets. Security values also may be negatively affected by ces, which may be significant, with counterparties such as the Trust’s changes in the exchange rates between the U.S. dollar and foreign cur- custodian or its affiliates. The Portfolio is thus subject to counterparty rencies. Differences between U.S. and foreign legal, political and eco- risk and credit risk with respect to these arrangements. nomic systems, regulatory regimes and market practices also may impact security values and it may take more time to clear and settle Credit Risk: The Portfolio is subject to the risk that the issuer or the trades involving foreign securities. guarantor (or other obligor, such as a party providing insurance or other Currency Risk: Investments in foreign currencies and in credit enhancement) of a fixed income security, or the counterparty to a securities that trade in, or receive revenues in, or in derivatives derivatives contract, repurchase agreement, loan of portfolio securities that provide exposure to foreign currencies are subject to the or other transaction, is unable or unwilling, or is perceived (whether by risk that those currencies will decline in value relative to the U.S. market participants, ratings agencies, pricing services or otherwise) as dollar, or, in the case of hedging positions, that the U.S. dollar unable or unwilling, to make timely principal and/or interest payments, will decline in value relative to the currency being hedged. Any or otherwise honor its obligations. Securities are subject to varying de- such decline may erode or reverse any potential gains from an grees of credit risk, which are often reflected in their credit ratings. investment in securities denominated in foreign currency or may However, rating agencies may fail to make timely changes to credit rat- widen existing loss. Currency rates may fluctuate significantly ings in response to subsequent events and a credit rating may become over short periods of time for a number of reasons, including stale in that it fails to reflect changes in an issuer’s financial condition. changes in interest rates, intervention (or the failure to inter- The downgrade of the credit rating of a security may decrease its value. vene) by governments, central banks or supranational entities, Lower credit quality also may lead to greater volatility in the price of a or by the imposition of currency controls or other political devel- security and may negatively affect a security’s liquidity. opments in the U.S. or abroad. Derivatives Risk: The Portfolio’s investments in derivatives may rise Depositary Receipts Risk: Investments in depositary receipts or fall in value more rapidly than other investments. Changes in the (including American Depositary Receipts, European Depositary value of a derivative may not correlate perfectly or at all with the under- Receipts and Global Depositary Receipts) are generally subject to lying asset, rate or index, and the Portfolio could lose more than the the same risks of investing in the foreign securities that they principal amount invested. Some derivatives can have the potential for evidence or into which they may be converted. In addition, issuers unlimited losses. In addition, it may be difficult or impossible for the underlying unsponsored depositary receipts may not provide as Portfolio to purchase or sell certain derivatives in sufficient amounts to much information as U.S. issuers and issuers underlying sponsored achieve the desired level of exposure, which may result in a loss or may depositary receipts. Unsponsored depositary receipts also may not be costly to the Portfolio. Derivatives also may be subject to certain carry the same voting privileges as sponsored depositary receipts. other risks such as leveraging risk, interest rate risk, credit risk, the risk Emerging Markets Risk: There are greater risks involved in that a counterparty may be unable or unwilling to honor its obligations, investing in emerging market countries and/or their securities and the risk of mispricing or improper valuation. Derivatives also may markets. Investments in these countries and/or markets may not behave as anticipated by the Portfolio, especially in abnormal mar- present market, credit, currency, liquidity, legal, political, techni- ket conditions. Changing regulation may make derivatives more costly, cal and other risks different from, or greater than, the risks of limit their availability, impact the Portfolio’s ability to maintain its investing in developed countries. Investments in emerging mar- investments in derivatives, disrupt markets, or otherwise adversely af- kets are more susceptible to loss than investments in developed fect their value or performance. markets. In addition, the risks associated with investing in a narrowly defined geographic area are generally more pronounced Distressed Companies Risk: Debt obligations of distressed with respect to investments in emerging market countries. companies typically are unrated, lower-rated or close to default. Secu- rities of distressed companies may be less liquid and are generally more Geographic Concentration Risk: To the extent the Portfolio likely to become worthless than the securities of more financially stable invests a significant portion of its assets in securities of companies companies. If the issuer of a security held by the Portfolio defaults, the domiciled, or exercising the predominant part of their economic activity, in one country or geographic region, it assumes the risk Portfolio may experience significant losses on the security, which may that economic, political, social and environmental conditions in lower the Portfolio’s net asset value. Securities tend to lose much of that particular country or region will have a significant impact on their value before the issuer defaults. the Portfolio’s investment performance and that the Portfolio’s Equity Risk: In general, stocks and other equity security values fluc- performance will be more volatile than the performance of more tuate, and sometimes widely fluctuate, in response to changes in a geographically diversified funds. The economies and financial company’s financial condition as well as general market, economic and markets of certain regions can be highly interdependent and may political conditions and other factors. decline all at the same time. In addition, certain areas are prone to

AMLCEMV 3 natural disasters such as earthquakes, volcanoes, droughts or tsu- near historic lows in the United States, and below zero in other parts of namis and are economically sensitive to environmental events. the world, including certain European countries and Japan. The Portfolio is subject to a greater risk of rising interest rates due to these market Regulatory Risk: Less information may be available about for- conditions. A significant or rapid rise in interest rates could result in eign companies. In general, foreign companies are not subject losses to the Portfolio. to uniform accounting, auditing and financial reporting standards or to other regulatory practices and requirements as are U.S. compa- Investment Style Risk: The Portfolio may use a particular style or nies. Many foreign governments do not supervise and regulate stock set of styles — in this case “value” styles — to select investments. exchanges, brokers and the sale of securities to the same extent as Those styles may be out of favor or may not produce the best results does the United States and may not have laws to protect investors over short or longer time periods. Value stocks are subject to the risks that are comparable to U.S. securities laws. In addition, some coun- that notwithstanding that a stock is selling at a discount to its perceived tries may have legal systems that may make it difficult for the true worth, the market will never fully recognize its intrinsic value. In Portfolio to vote proxies, exercise shareholder rights, and pursue addition, there is the risk that a stock judged to be undervalued may legal remedies with respect to its foreign investments. actually be appropriately priced. Futures Contract Risk: The primary risks associated with the use Large-Cap Company Risk: Larger more established companies of futures contracts are (a) the imperfect correlation between the may be unable to respond quickly to new competitive challenges such change in market value of the instruments held by the Portfolio and the as changes in technology and consumer tastes. Many larger companies price of the futures contract; (b) liquidity risks, including the possible also may not be able to attain the high growth rate of successful absence of a liquid secondary market for a futures contract and the re- smaller companies, especially during extended periods of economic sulting inability to close a futures contract when desired; (c) losses expansion. (potentially unlimited) caused by unanticipated market movements; (d) an investment manager’s inability to predict correctly the direction of Leveraging Risk: When the Portfolio leverages its holdings, the securities prices, interest rates, currency exchange rates and other eco- value of an investment in the Portfolio will be more volatile and all other nomic factors; (e) the possibility that a counterparty, clearing member or risks will tend to be compounded. For example, the Portfolio may take clearinghouse will default in the performance of its obligations; (f) if the on leveraging risk when it engages in derivatives transactions (such as Portfolio has insufficient cash, it may have to sell securities from its futures and options investments), invests collateral from securities loans portfolio to meet daily variation margin requirements, and the Portfolio or borrows money. The Portfolio may experience leveraging risk in con- may have to sell securities at a time when it may be disadvantageous to nection with investments in derivatives because its investments in de- do so; and (g) transaction costs associated with investments in futures rivatives may be small relative to the investment exposure assumed, contracts may be significant, which could cause or increase losses or leaving more assets to be invested in other investments. Such invest- reduce gains. Futures contracts are also subject to the same risks as the ments may have the effect of leveraging the Portfolio because the underlying investments to which they provide exposure. In addition, Portfolio may experience gains or losses not only on its investments in futures contracts may subject the Portfolio to leveraging risk. derivatives, but also on the investments purchased with the remainder of the assets. If the value of the Portfolio’s investments in derivatives is in- Index Strategy Risk: The Portfolio employs an index strategy, that creasing, this could be offset by declining values of the Portfolio’s other is, it generally invests in the securities included in its index or a repre- investments. Conversely, it is possible that the rise in the value of the sentative sample of such securities regardless of market trends. The Portfolio’s non-derivative investments could be offset by a decline in the Portfolio generally will not modify its index strategy to respond to value of the Portfolio’s investments in derivatives. In either scenario, the changes in the economy, which means that it may be particularly Portfolio may experience losses. In a market where the value of the Port- susceptible to a general decline in the market segment relating to the folio’s investments in derivatives is declining and the value of its other relevant index. In addition, although the index strategy attempts to investments is declining, the Portfolio may experience substantial losses. closely track its benchmark index, the Portfolio may not invest in all of the securities in the index. Also, the Portfolio’s fees and expenses will Loan Risk: Loan interests are subject to liquidity risk, prepayment risk reduce the Portfolio’s returns, unlike those of the benchmark index. (the risk that when interest rates fall, debt securities may be repaid more Cash flow into and out of the Portfolio, portfolio transaction costs, quickly than expected and the Portfolio may be required to reinvest in changes in the securities that comprise the index, and the Portfolio’s securities with a lower yield), extension risk (the risk that when interest valuation procedures also may affect the Portfolio’s performance. There- rates rise, debt securities may be repaid more slowly than expected and fore, there can be no assurance that the performance of the index the value of the Portfolio’s holdings may decrease), the risk of sub- strategy will match that of the benchmark index. ordination to other creditors, restrictions on resale, and the lack of a Interest Rate Risk: The Portfolio is subject to the risk that fixed regular trading market and publicly available information. Loan interests income securities will decline in value because of changes in interest may be difficult to value and may have extended trade settlement peri- rates. When interest rates decline, the value of the Portfolio’s debt ods. Accordingly, the proceeds from the sale of a loan may not be avail- securities generally rises. Conversely, when interest rates rise, the value able to make additional investments or to meet redemption obligations of the Portfolio’s debt securities generally declines. A portfolio with a until potentially a substantial period after the sale of the loan. The ex- longer average duration will be more sensitive to changes in interest tended trade settlement periods could force the Portfolio to liquidate rates, usually making it more volatile than a portfolio with a shorter other securities to meet redemptions and may present a risk that the average duration. As of the date of this Prospectus, interest rates are Portfolio may incur losses in order to timely honor redemptions. There is a

AMLCEMV 4 risk that the value of any collateral securing a loan in which the Portfolio of the security, and changes in value based on changes in interest has an interest may decline and that the collateral may not be sufficient rates. Non-investment grade bonds, sometimes referred to as “junk to cover the amount owed on the loan. In the event the borrower de- bonds,” are usually issued by companies without long track records of faults, the Portfolio’s access to the collateral may be limited or delayed by sales and earnings, or by those companies with questionable credit bankruptcy or other insolvency laws. To the extent that the Portfolio in- strength. The creditworthiness of issuers of non-investment grade debt vests in loan participations and assignments, it is subject to the risk that securities may be more complex to analyze than that of issuers of in- the financial institution acting as agent for all interests in a loan might vestment grade debt securities, and reliance on credit ratings may fail financially. It is also possible that the Portfolio could be held liable, or present additional risks. may be called upon to fulfill other obligations, as a co-lender. Regulatory Risk: The Adviser is registered with the Securities and Mid-Cap and Small-Cap Company Risk: The Portfolio’s in- Exchange Commission (“SEC”) as an investment adviser under the In- vestments in mid- and small-cap companies may involve greater risks vestment Advisers Act of 1940, as amended. The Adviser also is regis- than investments in larger, more established issuers because they tered with the Commodity Futures Trading Commission (“CFTC”) as a generally are more vulnerable than larger companies to adverse busi- commodity pool operator (“CPO”) under the Commodity Exchange Act, ness or economic developments. Such companies generally have nar- as amended, and, due to the Portfolio’s use of derivatives, serves as a rower product lines, more limited financial and management CPO with respect to the Portfolio. Being subject to dual regulation by resources and more limited markets for their stock as compared with the SEC and the CFTC may increase compliance costs, which may be larger companies. As a result, the value of such securities may be borne by the Portfolio and may affect Portfolio returns. more volatile than the securities of larger companies, and the Portfo- Sector Risk: From time to time, based on market or economic con- lio may experience difficulty in purchasing or selling such securities at ditions, the Portfolio may have significant positions in one or more sec- the desired time and price or in the desired amount. In general, these tors of the market. To the extent the Portfolio invests more heavily in risks are greater for small-cap companies than for mid-cap companies. particular sectors, its performance will be especially sensitive to Multiple Sub-Adviser Risk: The Adviser allocates the Portfolio’s developments that significantly affect those sectors. Individual sectors assets among multiple Sub-Advisers, each of which is responsible for may be more volatile, and may perform differently, than the broader investing its allocated portion of the Portfolio’s assets. To a significant market. The industries that constitute a sector may all react in the same extent, the Portfolio’s performance will depend on the success of the Ad- way to economic, political or regulatory events. viser in allocating the Portfolio’s assets to Sub-Advisers and its selection Securities Lending Risk: The Portfolio may lend its portfolio secu- and oversight of the Sub-Advisers. Because each Sub-Adviser manages its rities to seek income. There is a risk that a borrower may default on its allocated portion of the Portfolio independently from another Sub-Adviser, obligations to return loaned securities, however, the Portfolio’s secu- the same security may be held in different portions of the Portfolio, or may be acquired for one portion of the Portfolio at a time when a Sub-Adviser rities lending agent may indemnify the Portfolio against that risk. The to another portion deems it appropriate to dispose of the security from Portfolio will be responsible for the risks associated with the investment that other portion, resulting in higher expenses without accomplishing any of cash collateral, including any collateral invested in an affiliated net result in the Portfolio’s holdings. Similarly, under some market con- money market fund. The Portfolio may lose money on its investment of ditions, one Sub-Adviser may believe that temporary, defensive invest- cash collateral or may fail to earn sufficient income on its investment to ments in short-term instruments or cash are appropriate when another meet obligations to the borrower. In addition, delays may occur in the Sub-Adviser believes continued exposure to the equity or debt markets is recovery of securities from borrowers, which could interfere with the appropriate for its allocated portion of the Portfolio. Because each Sub- Portfolio’s ability to vote proxies or to settle transactions. Adviser directs the trading for its own portion of the Portfolio, and does Short Position Risk: The Portfolio may engage in short sales and not aggregate its transactions with those of the other Sub-Adviser, the may enter into derivative contracts that have a similar economic effect Portfolio may incur higher brokerage costs than would be the case if a (e.g., taking a short position in a futures contract). The Portfolio will single Sub-Adviser were managing the entire Portfolio. In addition, while incur a loss as a result of a short position if the price of the asset sold the Adviser seeks to allocate the Portfolio’s assets among the Portfolio’s short increases in value between the date of the short position sale and Sub-Advisers in a manner that it believes is consistent with achieving the the date on which an offsetting position is purchased. Short positions Portfolio’s investment objective(s), the Adviser may be subject to potential may be considered speculative transactions and involve special risks conflicts of interest in allocating the Portfolio’s assets among Sub- that could cause or increase losses or reduce gains, including greater Advisers, including affiliated Sub-Advisers, because the Adviser pays reliance on the investment adviser’s ability to accurately anticipate the different fees to the Sub-Advisers and due to other factors that could im- future value of a security or instrument, potentially higher transaction pact the Adviser’s revenues and profits. costs, and imperfect correlation between the actual and desired level of Non-Investment Grade Securities Risk: Bonds rated below exposure. Because the Portfolio’s potential loss on a short position investment grade (i.e., BB or lower by Standard & Poor’s Global Rat- arises from increases in the value of the asset sold short, the extent of ings or Fitch Ratings, Ltd. or Ba or lower by Moody’s Investors Service, such loss, like the price of the asset sold short, is theoretically unlimited. Inc. or, if unrated, determined by the investment manager to be of Special Situations Risk: The Portfolio may seek to benefit from comparable quality) are speculative in nature and are subject to “special situations,” such as mergers, consolidations, bankruptcies, liqui- additional risk factors such as increased possibility of default, illiquidity dations, reorganizations, restructurings, tender or exchange offers or other

AMLCEMV 5 unusual events expected to affect a particular issuer. In general, securities are not used. In addition, volatility management techniques may reduce of companies which are the subject of a tender or exchange offer or a potential losses and/or mitigate financial risks to insurance companies that merger, consolidation, liquidation, restructuring, bankruptcy or reorganiza- provide certain benefits and guarantees available under the Contracts and tion proposal sell at a premium to their historic market price immediately offer the Portfolio as an investment option in their products. prior to the announcement of the transaction. However, it is possible that the value of securities of a company involved in such a transaction will not Risk/Return Bar Chart and Table rise and in fact may fall, in which case the Portfolio would lose money. It is The bar chart and table below provide some indication of the risks of also possible that the transaction may not be completed as anticipated or investing in the Portfolio by showing changes in the Portfolio’s perform- may take an excessive amount of time to be completed, in which case the ance from year to year and by showing how the Portfolio’s average Portfolio may not realize any premium on its investment and could lose annual total returns for the past one, five and ten years (or since in- money if the value of the securities declines during the Portfolio’s holding ception) through December 31, 2016 compared to the returns of a period. In some circumstances, the securities purchased may be illiquid broad-based securities market index. The additional index shows how making it difficult for the Portfolio to dispose of them at an advantageous the Portfolio’s performance compared with the returns of a volatility price. managed index. The return of the broad-based securities market index Volatility Management Risk: The Adviser from time to time em- (and any additional comparative index) shown in the right hand column ploys various volatility management techniques in managing the Portfolio, below is the return of the index for the last 10 years or, if shorter, since including the use of futures and options to manage equity exposure. Al- the inception of the share class with the longest history. Past perform- though these actions are intended to reduce the overall risk of investing in ance is not an indication of future performance. the Portfolio, they may not work as intended and may result in losses by the The performance results do not reflect any Contract-related fees and Portfolio or periods of underperformance, particularly during periods when expenses, which would reduce the performance results. market values are increasing but market volatility is high. The success of the Portfolio’s volatility management strategy will be subject to the Adviser’s Calendar Year Annual Total Returns — Class IB ability to correctly assess the degree of correlation between the perform- 29.32% ance of the relevant market index and the metrics used by the Adviser to 25.17% measure market volatility. Since the characteristics of many securities 13.91% 13.16% change as markets change or time passes, the success of the Portfolio’s 11.88% 9.66% volatility management strategy also will be subject to the Adviser’s ability to 1.69% continually recalculate, readjust, and execute volatility management tech- -2.39% niques (such as options and futures transactions) in an efficient manner. In -4.37% addition, because market conditions change, sometimes rapidly and unpredictably, the success of the volatility management strategy will be subject to the Adviser’s ability to execute the strategy in a timely manner. Moreover, volatility management strategies may increase portfolio trans- -38.13% action costs, which could cause or increase losses or reduce gains. For a 2007 2008 20092010 2011 2012 2013 2014 2015 2016 variety of reasons, the Adviser may not seek to establish a perfect correlation between the relevant market index and the metrics that the Adviser Best quarter (% and time period) Worst quarter (% and time period) uses to measure market volatility. In addition, it is not possible to manage 15.89% (2009 3rd Quarter) –21.71% (2008 4th Quarter) volatility fully or perfectly. Futures contracts and other instruments used in connection with the volatility management strategy are not necessarily held Average Annual Total Returns by the Portfolio to hedge the value of the Portfolio’s other investments and, One Five Ten Years/ as a result, these futures contracts and other instruments may decline in Year Years Since Inception value at the same time as the Portfolio’s investments. Any one or more of AXA/Mutual Large Cap Equity Managed Volatility Portfolio – these factors may prevent the Portfolio from achieving the intended vola- Class IA Shares 13.14% 12.33% 4.31% tility management or could cause the Portfolio to underperform or experi- AXA/Mutual Large Cap Equity Managed Volatility Portfolio – ence losses (some of which may be sudden) or volatility for any particular Class IB Shares 13.16% 12.33% 4.18% period that may be higher or lower. In addition, the use of volatility S&P 500 Index (reflects no deduction for fees, expenses, or taxes) 11.96% 14.66% 6.95% management techniques may not protect against market declines and may Volatility Managed Index – Large limit the Portfolio’s participation in market gains, even during periods when Cap Core (reflects no deduction the market is rising. Volatility management techniques, when implemented for fees, expenses, or taxes) 11.04% 14.80% 8.80% effectively to reduce the overall risk of investing in the Portfolio, may result in underperformance by the Portfolio. For example, if the Portfolio has reduced its overall exposure to equities to avoid losses in certain market environments, the Portfolio may forgo some of the returns that can be associated with periods of rising equity values. The Portfolio’s performance may be lower than similar funds where volatility management techniques

AMLCEMV 6 WHO MANAGES THE PORTFOLIO Date Began Managing Investment Adviser: FMG LLC Name Title the Portfolio Rachel M. Aguirre Director of BlackRock April 2016 Portfolio Managers: The members of the team that are jointly and ® primarily responsible for (i) the selection, monitoring and oversight of the Creighton Jue, CFA Managing Director of April 2016 BlackRock Portfolio’s Sub-Advisers, (ii) allocating assets among the Portfolio’s Allo- cated Portions and (iii) managing the Portfolio’s equity exposure are: The Adviser has been granted relief by the Securities and Exchange Date Began Commission to hire, terminate and replace Sub-Advisers and amend sub- Managing advisory agreements subject to the approval of the Board of Trustees and Name Title the Portfolio without obtaining shareholder approval. However, the Adviser may not Kenneth T. Kozlowski, Executive Vice President May 2011 enter into a sub-advisory agreement on behalf of the Portfolio with an CFP®, CLU, ChFC and Chief Investment “affiliated person” of the Adviser, such as AllianceBernstein L.P., unless Officer of FMG LLC the sub-advisory agreement is approved by the Portfolio’s shareholders. Alwi Chan, CFA® Senior Vice President May 2009 The Adviser is responsible for overseeing Sub-Advisers and recommend- and Deputy Chief ing their hiring, termination and replacement to the Board of Trustees. Investment Officer of FMG LLC PURCHASE AND REDEMPTION OF PORTFOLIO Xavier Poutas, CFA® Assistant Portfolio May 2015 Manager of FMG LLC SHARES Miao Hu, CFA® Assistant Portfolio May 2016 The Portfolio’s shares are currently sold only to insurance company sepa- Manager of FMG LLC rate accounts in connection with Contracts issued by AXA Equitable Life Insurance Company (“AXA Equitable”), AXA Life and Annuity Com- Sub-Adviser: Franklin Mutual Advisers, LLC (“Franklin pany, or other affiliated or unaffiliated insurance companies and to The Mutual”) AXA Equitable 401(k) Plan. Shares also may be sold to other tax-qualified retirement plans, to other portfolios managed by FMG LLC Portfolio Managers: The members of the team that are jointly and that currently sell their shares to such accounts and plans and to other primarily responsible for the securities selection, research and trading investors eligible under applicable federal income tax regulations. for the Active Allocated Portion of the Portfolio are: The Portfolio does not have minimum initial or subsequent investment Date Began requirements. Shares of the Portfolio are redeemable on any business Managing day (which typically is any day the New York Stock Exchange is open) Name Title the Portfolio upon receipt of a request. All redemption requests will be processed Peter A. Langerman Chairman, President September 2006 and Chief Executive and payment with respect thereto will normally be made within seven Officer of Franklin days after tender. Please refer to your Contract prospectus for more in- Mutual formation on purchasing and redeeming Portfolio shares. F. David Segal, Portfolio Manager and September 2006 CFA® Research Analyst of TAX INFORMATION Franklin Mutual The Portfolio’s shareholders are (or may include) insurance company sepa- Deborah A. Turner, Assistant Portfolio September 2006 rate accounts, qualified plans and other investors eligible under applicable CFA® Manager of Franklin Mutual federal tax income regulations. Accordingly, distributions the Portfolio makes of its net investment income and net realized gains — most or all of which it intends to distribute annually — and redemptions or ex- Sub-Adviser: BlackRock Investment Management, LLC changes of Portfolio shares generally will not be taxable to its share- (“BlackRock”) holders (or to the holders of underlying Contracts or plan participants or Portfolio Manager: The members of the team that are jointly and beneficiaries). See the prospectus for your Contract for further tax primarily responsible for the securities selection, research and trading information. for the Index Allocated Portion of the Portfolio are:

Date Began Managing Name Title the Portfolio Alan Mason Managing Director of March 2014 BlackRock Greg Savage, CFA® Managing Director and May 2012 Portfolio Manager of BlackRock

AMLCEMV 7 PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES This Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and the Adviser and its affiliates may make payments to a sponsoring insurance company (or its affiliates) or other financial intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. Ask your financial adviser or visit your financial intermediary’s website for more information.

AMLCEMV 8 EQ Advisors TrustSM

AXA/Templeton Global Equity Managed Volatility Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks to achieve long-term capital growth PORTFOLIO TURNOVER with an emphasis on risk-adjusted returns and managing volatility in The Portfolio pays transaction costs, such as commissions, when it buys the Portfolio. and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not FEES AND EXPENSES OF THE PORTFOLIO reflected in annual fund operating expenses or in the Example, affect the The following table describes the fees and expenses that you may pay if Portfolio’s performance. During the most recent fiscal year, the Portfolio’s you buy and hold shares of the Portfolio. The table below does not re- portfolio turnover rate was 13% of the average value of the Portfolio. flect any fees and expenses associated with variable life insurance contracts and variable annuity certificates and contracts (“Contracts”), INVESTMENTS, RISKS, AND PERFORMANCE which would increase overall fees and expenses. See the Contract pro- Principal Investment Strategy: The Portfolio’s assets normally are spectus for a description of those fees and expenses. allocated between two investment managers, each of which will manage its portion of the Portfolio using a different but complementary Shareholder Fees (fees paid directly from your investment) investment strategy. One portion of the Portfolio is actively managed Not applicable. by a Sub-Adviser (“Active Allocated Portion”); the other portion of the Portfolio seeks to track the performance of a particular index or indices (“Index Allocated Portion”). Under normal circumstances, the Portfolio Annual Portfolio Operating Expenses invests at least 80% of its net assets, plus borrowings for investment (expenses that you pay each year as a percentage of the value of purposes, in equity securities (or other financial instruments that derive your investment) their value from such securities). The Portfolio normally will invest a AXA/Templeton Global Equity Managed Volatility Class IA Class IB Portfolio Shares Shares significant portion of its assets in foreign securities. The Active Allo- Management Fee 0.70% 0.70% cated Portion will consist of approximately 50% of the Portfolio’s net Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% assets; the Index Allocated Portion will consist of approximately 50% Other Expenses 0.18% 0.18% of the Portfolio’s net assets. These percentages are targets established Total Annual Portfolio Operating Expenses 1.13% 1.13% by the Adviser; actual allocations may deviate from these targets. Under normal circumstances, the Active Allocated Portion invests primarily Example in equity securities, including common stocks and preferred stocks, of com- This Example is intended to help you compare the cost of investing in panies located anywhere in the world, including emerging markets. The the Portfolio with the cost of investing in other portfolios. The Example Active Allocated Portion may invest up to 25% of its total assets in debt assumes that you invest $10,000 in the Portfolio for the periods in- securities of companies and governments located anywhere in the world. dicated and then redeem all of your shares at the end of these periods. Debt securities include bonds, notes and debentures. Although the Active The Example also assumes that your investment has a 5% return each Allocated Portion seeks investments across a number of countries and sec- year and that the Portfolio’s operating expenses remain the same. This tors, from time to time, based on economic conditions, the Active Allocated Example does not reflect any Contract-related fees and expenses includ- Portion may have significant positions in particular countries or sectors. ing redemption fees (if any) at the Contract level. If such fees and ex- When choosing equity investments for the Active Allocated Portion, the penses were reflected, the total expenses would be higher. Although Sub-Adviser to the portion applies a bottom-up value-oriented, long- your actual costs may be higher or lower, based on these assumptions term approach. The Sub-Adviser may sell a security for a variety of rea- your costs would be: sons, such as to invest in a company believed by the Sub-Adviser to offer superior investment opportunities. 1 Year 3 Years 5 Years 10 Years Class IA Shares $115 $359 $622 $1,375 The Index Allocated Portion of the Portfolio is comprised of two strat- Class IB Shares $115 $359 $622 $1,375 egies, which seek to track the performance (before fees and expenses) of the Standard & Poor’s 500® Composite Stock Index (the “S&P 500”)

ATGEMV 1 and the Morgan Stanley Capital International EAFE Index (“MSCI Cash Management Risk: Upon entering into certain derivatives EAFE”), respectively, each with minimal tracking error. The Index Allo- contracts, such as futures contracts, and to maintain open positions in cated Portion’s assets will be allocated in approximately the following certain derivatives contracts, the Portfolio may be required to post manner: 40-60% in each of the S&P 500 and MSCI EAFE. This strategy collateral for the contract, the amount of which may vary. As such, the is commonly referred to as an indexing strategy. Generally, each portion Portfolio may maintain cash balances, including foreign currency balan- of the Index Allocated Portion uses a full replication technique, al- ces, which may be significant, with counterparties such as the Trust’s though in certain instances a sampling approach may be utilized for a custodian or its affiliates. The Portfolio is thus subject to counterparty portion of the Index Allocated Portion. Each portion of the Index Allo- risk and credit risk with respect to these arrangements. cated Portion also may invest in other instruments, such as futures and Credit Risk: The Portfolio is subject to the risk that the issuer or the options contracts, that provide comparable exposure as the index with- guarantor (or other obligor, such as a party providing insurance or other out buying the underlying securities comprising the index. credit enhancement) of a fixed income security, or the counterparty to a AXA Equitable Funds Management Group, LLC (“FMG LLC” or the derivatives contract, repurchase agreement, loan of portfolio securities or “Adviser”) also may utilize futures and options, such as exchange- other transaction, is unable or unwilling, or is perceived (whether by mar- traded futures and options contracts on securities indices, to manage ket participants, ratings agencies, pricing services or otherwise) as unable equity exposure. Futures and options can provide exposure to the per- or unwilling, to make timely principal and/or interest payments, or other- formance of a securities index without buying the underlying securities wise honor its obligations. Securities are subject to varying degrees of comprising the index. They also provide a means to manage the Portfo- credit risk, which are often reflected in their credit ratings. However, rat- lio’s equity exposure without having to buy or sell securities. When ing agencies may fail to make timely changes to credit ratings in response market volatility is increasing above specific thresholds set for the to subsequent events and a credit rating may become stale in that it fails Portfolio, the Adviser may limit equity exposure either by reducing to reflect changes in an issuer’s financial condition. The downgrade of the investments in securities, shorting or selling long futures and options credit rating of a security may decrease its value. Lower credit quality also positions on an index, increasing cash levels, and/or shorting an index. may lead to greater volatility in the price of a security and may negatively During such times, the Portfolio’s exposure to equity securities may be affect a security’s liquidity. significantly less than that of a traditional equity portfolio. Volatility is a statistical measure of the magnitude of changes in the Portfolio’s re- Derivatives Risk: The Portfolio’s investments in derivatives may rise turns, without regard to the direction of those changes. Higher volatility or fall in value more rapidly than other investments. Changes in the generally indicates higher risk and is often reflected by frequent and value of a derivative may not correlate perfectly or at all with the under- sometimes significant movements up and down in value. The Portfolio lying asset, rate or index, and the Portfolio could lose more than the may invest up to 25% of its assets in derivatives. It is anticipated that principal amount invested. Some derivatives can have the potential for the Portfolio’s derivative instruments will consist primarily of exchange- unlimited losses. In addition, it may be difficult or impossible for the traded futures and options contracts on securities indices, but the Portfolio to purchase or sell certain derivatives in sufficient amounts to Portfolio also may utilize other types of derivatives. The Portfolio’s in- achieve the desired level of exposure, which may result in a loss or may vestments in derivatives may be deemed to involve the use of leverage be costly to the Portfolio. Derivatives also may be subject to certain because the Portfolio is not required to invest the full market value of other risks such as leveraging risk, interest rate risk, credit risk, the risk the contract upon entering into the contract but participates in gains that a counterparty may be unable or unwilling to honor its obligations, and losses on the full contract price. The use of derivatives also may be and the risk of mispricing or improper valuation. Derivatives also may deemed to involve the use of leverage because the heightened price not behave as anticipated by the Portfolio, especially in abnormal mar- sensitivity of some derivatives to market changes may magnify the Port- ket conditions. Changing regulation may make derivatives more costly, folio’s gain or loss. It is not generally expected, however, that the limit their availability, impact the Portfolio’s ability to maintain its Portfolio will be leveraged by borrowing money for investment pur- investments in derivatives, disrupt markets, or otherwise adversely af- poses. In addition, the Portfolio generally does not intend to use lever- fect their value or performance. age to increase its net investment exposure above approximately 100% Equity Risk: In general, stocks and other equity security values fluc- of the Portfolio’s net asset value or below 0%. The Portfolio may main- tuate, and sometimes widely fluctuate, in response to changes in a tain a significant percentage of its assets in cash and cash equivalent company’s financial condition as well as general market, economic and instruments, some of which may serve as margin or collateral for the political conditions and other factors. Portfolio’s obligations under derivative transactions. Foreign Securities Risk: Investments in foreign securities, includ- The Portfolio also may lend its portfolio securities to earn additional ing depositary receipts, involve risks not associated with investing in income. U.S. securities. Foreign markets, particularly emerging markets, may be Principal Risks: An investment in the Portfolio is not a deposit of a less liquid, more volatile and subject to less government supervision bank and is not insured or guaranteed by the Federal Deposit Insurance than U.S. markets. Security values also may be negatively affected by Corporation or any other government agency. You may lose money by changes in the exchange rates between the U.S. dollar and foreign cur- investing in the Portfolio. Performance may be affected by one or more rencies. Differences between U.S. and foreign legal, political and eco- of the following risks. nomic systems, regulatory regimes and market practices also may impact security values and it may take more time to clear and settle trades involving foreign securities.

ATGEMV 2 Currency Risk: Investments in foreign currencies and in secu- sell securities from its portfolio to meet daily variation margin requirements, rities that trade in, or receive revenues in, or in derivatives that and the Portfolio may have to sell securities at a time when it may be dis- provide exposure to foreign currencies are subject to the risk that advantageous to do so; and (g) transaction costs associated with invest- those currencies will decline in value relative to the U.S. dollar, or, ments in futures contracts may be significant, which could cause or increase in the case of hedging positions, that the U.S. dollar will decline in losses or reduce gains. Futures contracts are also subject to the same risks value relative to the currency being hedged. Any such decline may as the underlying investments to which they provide exposure. In addition, erode or reverse any potential gains from an investment in secu- futures contracts may subject the Portfolio to leveraging risk. rities denominated in foreign currency or may widen existing loss. Index Strategy Risk: The Portfolio employs an index strategy, that Currency rates may fluctuate significantly over short periods of is, it generally invests in the securities included in its index or a repre- time for a number of reasons, including changes in interest rates, sentative sample of such securities regardless of market trends. The intervention (or the failure to intervene) by governments, central Portfolio generally will not modify its index strategy to respond to banks or supranational entities, or by the imposition of currency changes in the economy, which means that it may be particularly controls or other political developments in the U.S. or abroad. susceptible to a general decline in the market segment relating to the Depositary Receipts Risk: Investments in depositary receipts relevant index. In addition, although the index strategy attempts to (including American Depositary Receipts, European Depositary closely track its benchmark index, the Portfolio may not invest in all of the securities in the index. Also, the Portfolio’s fees and expenses will Receipts and Global Depositary Receipts) are generally subject to reduce the Portfolio’s returns, unlike those of the benchmark index. the same risks of investing in the foreign securities that they evi- Cash flow into and out of the Portfolio, portfolio transaction costs, dence or into which they may be converted. In addition, issuers changes in the securities that comprise the index, and the Portfolio’s underlying unsponsored depositary receipts may not provide as valuation procedures also may affect the Portfolio’s performance. There- much information as U.S. issuers and issuers underlying sponsored fore, there can be no assurance that the performance of the index depositary receipts. Unsponsored depositary receipts also may not strategy will match that of the benchmark index. carry the same voting privileges as sponsored depositary receipts. Interest Rate Risk: The Portfolio is subject to the risk that fixed in- Emerging Markets Risk: There are greater risks involved in come securities will decline in value because of changes in interest rates. investing in emerging market countries and/or their securities mar- When interest rates decline, the value of the Portfolio’s debt securities kets. Investments in these countries and/or markets may present generally rises. Conversely, when interest rates rise, the value of the Port- market, credit, currency, liquidity, legal, political, technical and other folio’s debt securities generally declines. A portfolio with a longer average risks different from, or greater than, the risks of investing in devel- duration will be more sensitive to changes in interest rates, usually mak- oped countries. Investments in emerging markets are more suscep- ing it more volatile than a portfolio with a shorter average duration. As of tible to loss than investments in developed markets. In addition, the the date of this Prospectus, interest rates are near historic lows in the risks associated with investing in a narrowly defined geographic United States, and below zero in other parts of the world, including cer- area are generally more pronounced with respect to investments in emerging market countries. tain European countries and Japan. The Portfolio is subject to a greater risk of rising interest rates due to these market conditions. A significant or Regulatory Risk: Less information may be available about for- rapid rise in interest rates could result in losses to the Portfolio. eign companies. In general, foreign companies are not subject to uniform accounting, auditing and financial reporting standards or Large-Cap Company Risk: Larger more established companies may to other regulatory practices and requirements as are U.S. compa- be unable to respond quickly to new competitive challenges such as nies. Many foreign governments do not supervise and regulate stock changes in technology and consumer tastes. Many larger companies also exchanges, brokers and the sale of securities to the same extent as may not be able to attain the high growth rate of successful smaller com- does the United States and may not have laws to protect investors panies, especially during extended periods of economic expansion. that are comparable to U.S. securities laws. In addition, some coun- Leveraging Risk: When the Portfolio leverages its holdings, the value tries may have legal systems that may make it difficult for the of an investment in the Portfolio will be more volatile and all other risks will Portfolio to vote proxies, exercise shareholder rights, and pursue tend to be compounded. For example, the Portfolio may take on leveraging legal remedies with respect to its foreign investments. risk when it engages in derivatives transactions (such as futures and options Futures Contract Risk: The primary risks associated with the use of investments), invests collateral from securities loans or borrows money. The futures contracts are (a) the imperfect correlation between the change in Portfolio may experience leveraging risk in connection with investments in market value of the instruments held by the Portfolio and the price of the derivatives because its investments in derivatives may be small relative to futures contract; (b) liquidity risks, including the possible absence of a liquid the investment exposure assumed, leaving more assets to be invested in secondary market for a futures contract and the resulting inability to close a other investments. Such investments may have the effect of leveraging the futures contract when desired; (c) losses (potentially unlimited) caused by Portfolio because the Portfolio may experience gains or losses not only on unanticipated market movements; (d) an investment manager’s inability to its investments in derivatives, but also on the investments purchased with predict correctly the direction of securities prices, interest rates, currency the remainder of the assets. If the value of the Portfolio’s investments in exchange rates and other economic factors; (e) the possibility that a derivatives is increasing, this could be offset by declining values of the Port- counterparty, clearing member or clearinghouse will default in the perform- folio’s other investments. Conversely, it is possible that the rise in the value ance of its obligations; (f) if the Portfolio has insufficient cash, it may have to of the Portfolio’s non-derivative investments could be offset by a decline in

ATGEMV 3 the value of the Portfolio’s investments in derivatives. In either scenario, the may be more volatile, and may perform differently, than the broader Portfolio may experience losses. In a market where the value of the Portfo- market. The industries that constitute a sector may all react in the same lio’s investments in derivatives is declining and the value of its other way to economic, political or regulatory events. investments is declining, the Portfolio may experience substantial losses. Securities Lending Risk: The Portfolio may lend its portfolio secu- Mid-Cap Company Risk: The Portfolio’s investments in mid-cap rities to seek income. There is a risk that a borrower may default on its companies may involve greater risks than investments in larger, more obligations to return loaned securities, however, the Portfolio’s secu- established issuers because mid-cap companies generally are more vulner- rities lending agent may indemnify the Portfolio against that risk. The able than larger companies to adverse business or economic develop- Portfolio will be responsible for the risks associated with the investment ments. Such companies generally have narrower product lines, more of cash collateral, including any collateral invested in an affiliated limited financial and management resources and more limited markets for money market fund. The Portfolio may lose money on its investment of their stock as compared with larger companies. As a result, the value of cash collateral or may fail to earn sufficient income on its investment to such securities may be more volatile than the securities of larger compa- meet obligations to the borrower. In addition, delays may occur in the nies, and the Portfolio may experience difficulty in purchasing or selling recovery of securities from borrowers, which could interfere with the such securities at the desired time and price or in the desired amount. Portfolio’s ability to vote proxies or to settle transactions. Multiple Sub-Adviser Risk: The Adviser allocates the Portfolio’s as- Short Position Risk: The Portfolio may engage in short sales and sets among multiple Sub-Advisers, each of which is responsible for investing may enter into derivative contracts that have a similar economic effect its allocated portion of the Portfolio’s assets. To a significant extent, the (e.g., taking a short position in a futures contract). The Portfolio will Portfolio’s performance will depend on the success of the Adviser in allocat- incur a loss as a result of a short position if the price of the asset sold ing the Portfolio’s assets to Sub-Advisers and its selection and oversight of short increases in value between the date of the short position sale and the Sub-Advisers. Because each Sub-Adviser manages its allocated portion the date on which an offsetting position is purchased. Short positions of the Portfolio independently from another Sub-Adviser, the same security may be considered speculative transactions and involve special risks may be held in different portions of the Portfolio, or may be acquired for one that could cause or increase losses or reduce gains, including greater portion of the Portfolio at a time when a Sub-Adviser to another portion reliance on the investment adviser’s ability to accurately anticipate the deems it appropriate to dispose of the security from that other portion, future value of a security or instrument, potentially higher transaction resulting in higher expenses without accomplishing any net result in the costs, and imperfect correlation between the actual and desired level of Portfolio’s holdings. Similarly, under some market conditions, one Sub- exposure. Because the Portfolio’s potential loss on a short position Adviser may believe that temporary, defensive investments in short-term in- arises from increases in the value of the asset sold short, the extent of struments or cash are appropriate when another Sub-Adviser believes such loss, like the price of the asset sold short, is theoretically unlimited. continued exposure to the equity or debt markets is appropriate for its allo- Volatility Management Risk: The Adviser from time to time cated portion of the Portfolio. Because each Sub-Adviser directs the trading employs various volatility management techniques in managing the for its own portion of the Portfolio, and does not aggregate its transactions Portfolio, including the use of futures and options to manage equity with those of the other Sub-Adviser, the Portfolio may incur higher brokerage costs than would be the case if a single Sub-Adviser were managing the exposure. Although these actions are intended to reduce the overall risk entire Portfolio. In addition, while the Adviser seeks to allocate the Portfo- of investing in the Portfolio, they may not work as intended and may lio’s assets among the Portfolio’s Sub-Advisers in a manner that it believes is result in losses by the Portfolio or periods of underperformance, consistent with achieving the Portfolio’s investment objective(s), the Adviser particularly during periods when market values are increasing but may be subject to potential conflicts of interest in allocating the Portfolio’s market volatility is high. The success of the Portfolio’s volatility assets among Sub-Advisers, including affiliated Sub-Advisers, because the management strategy will be subject to the Adviser’s ability to correctly Adviser pays different fees to the Sub-Advisers and due to other factors that assess the degree of correlation between the performance of the could impact the Adviser’s revenues and profits. relevant market index and the metrics used by the Adviser to measure market volatility. Since the characteristics of many securities change as Regulatory Risk: The Adviser is registered with the Securities and markets change or time passes, the success of the Portfolio’s volatility Exchange Commission (“SEC”) as an investment adviser under the In- management strategy also will be subject to the Adviser’s ability to vestment Advisers Act of 1940, as amended. The Adviser also is regis- continually recalculate, readjust, and execute volatility management tered with the Commodity Futures Trading Commission (“CFTC”) as a techniques (such as options and futures transactions) in an efficient commodity pool operator (“CPO”) under the Commodity Exchange Act, manner. In addition, because market conditions change, sometimes as amended, and, due to the Portfolio’s use of derivatives, serves as a rapidly and unpredictably, the success of the volatility management CPO with respect to the Portfolio. Being subject to dual regulation by strategy will be subject to the Adviser’s ability to execute the strategy in the SEC and the CFTC may increase compliance costs, which may be a timely manner. Moreover, volatility management strategies may borne by the Portfolio and may affect Portfolio returns. increase portfolio transaction costs, which could cause or increase Sector Risk: From time to time, based on market or economic con- losses or reduce gains. For a variety of reasons, the Adviser may not ditions, the Portfolio may have significant positions in one or more sec- seek to establish a perfect correlation between the relevant market tors of the market. To the extent the Portfolio invests more heavily in index and the metrics that the Adviser uses to measure market particular sectors, its performance will be especially sensitive to volatility. In addition, it is not possible to manage volatility fully or developments that significantly affect those sectors. Individual sectors perfectly. Futures contracts and other instruments used in connection

ATGEMV 4 with the volatility management strategy are not necessarily held by the Average Annual Total Returns Portfolio to hedge the value of the Portfolio’s other investments and, as Ten One Five Years/Since a result, these futures contracts and other instruments may decline in Year Years Inception value at the same time as the Portfolio’s investments. Any one or more AXA/Templeton Global Equity Managed of these factors may prevent the Portfolio from achieving the intended Volatility Portfolio – Class IA Shares 5.26% 9.44% 2.15% AXA/Templeton Global Equity Managed volatility management or could cause the Portfolio to underperform or Volatility Portfolio – Class IB Shares 5.26% 9.44% 2.01% experience losses (some of which may be sudden) or volatility for any MSCI World (Net) Index (reflects no particular period that may be higher or lower. In addition, the use of deduction for fees or expenses) 7.51% 10.41% 3.83% volatility management techniques may not protect against market Volatility Managed Index – Global Blend (reflects no deduction for fees or expenses) 4.59% 10.36% 5.30% declines and may limit the Portfolio’s participation in market gains, even International Proxy Index (reflects no during periods when the market is rising. Volatility management deduction for fees, expenses, or taxes) 2.13% 6.36% 0.61% techniques, when implemented effectively to reduce the overall risk of Volatility Managed Index – Global Proxy Blend (reflects no deduction for fees, investing in the Portfolio, may result in underperformance by the expenses, or taxes) 5.50% 10.50% 5.54% Portfolio. For example, if the Portfolio has reduced its overall exposure to equities to avoid losses in certain market environments, the Portfolio WHO MANAGES THE PORTFOLIO may forgo some of the returns that can be associated with periods of rising equity values. The Portfolio’s performance may be lower than Investment Adviser: FMG LLC similar funds where volatility management techniques are not used. In Portfolio Managers: The members of the team that are jointly and addition, volatility management techniques may reduce potential losses primarily responsible for (i) the selection, monitoring and oversight of and/or mitigate financial risks to insurance companies that provide the Portfolio’s Sub-Advisers, (ii) allocating assets among the Portfolio’s certain benefits and guarantees available under the Contracts and offer Allocated Portions and (iii) managing the Portfolio’s equity exposure the Portfolio as an investment option in their products. are: Risk/Return Bar Chart and Table Date Began The bar chart and table below provide some indication of the risks of in- Managing vesting in the Portfolio by showing changes in the Portfolio’s performance Name Title the Portfolio from year to year and by showing how the Portfolio’s average annual to- Kenneth T. Executive Vice President and May 2011 Kozlowski, CFP®, Chief Investment Officer of tal returns for the past one, five and ten years (or since inception) through CLU, ChFC FMG LLC December 31, 2016 compared to the returns of a broad-based securities Alwi Chan, CFA® Senior Vice President and May 2009 market index. The additional indexes show how the Portfolio’s perform- Deputy Chief Investment ance compared with the returns of other indexes that have characteristics Officer of FMG LLC relevant to the Portfolio’s investment strategies, including volatility man- Xavier Poutas, CFA® Assistant Portfolio Manager of May 2015 aged indexes. The return of the broad-based securities market index (and FMG LLC any additional comparative index) shown in the right hand column below Miao Hu, CFA® Assistant Portfolio Manager of May 2016 is the return of the index for the last 10 years or, if shorter, since the in- FMG LLC ception of the share class with the longest history. Past performance is not an indication of future performance. Sub-Adviser: Templeton Investment Counsel, LLC The performance results do not reflect any Contract-related fees and (“Templeton”) expenses, which would reduce the performance results. Portfolio Manager: The individual primarily responsible for the securities selection, research and trading for the Active Allocated Portion of Calendar Year Annual Total Returns — Class IB the Portfolio is: 30.05% 26.95% 19.40% Date Began Managing 8.03% 5.26% Name Title the Portfolio 2.09% 1.07% Cindy Sweeting, President and Director of February 2008 -2.68% CFA® Portfolio Management of -8.35% Templeton

-40.84% 20072008 2009 20102011 20122013 2014 2015 2016

Best quarter (% and time period) Worst quarter (% and time period) 18.48% (2009 3rd Quarter) –21.53% (2008 4th Quarter)

ATGEMV 5 Sub-Adviser: BlackRock Investment Management, LLC TAX INFORMATION (“BlackRock”) The Portfolio’s shareholders are (or may include) insurance company Portfolio Managers: The members of the team that are jointly and separate accounts, qualified plans and other investors eligible under primarily responsible for the securities selection, research and trading applicable federal income tax regulations. Accordingly, distributions the for the Index Allocated Portion of the Portfolio are: Portfolio makes of its net investment income and net realized gains — most or all of which it intends to distribute annually — and re- Date Began demptions or exchanges of Portfolio shares generally will not be taxable Managing to its shareholders (or to the holders of underlying Contracts or plan Name Title the Portfolio Alan Mason Managing Director of March 2014 participants or beneficiaries). See the prospectus for your Contract for BlackRock further tax information. Greg Savage, CFA® Managing Director and May 2012 Portfolio Manager of PAYMENTS TO BROKER-DEALERS AND OTHER BlackRock FINANCIAL INTERMEDIARIES Rachel M. Aguirre Director of BlackRock April 2016 This Portfolio is not sold directly to the general public but instead is of- Creighton Jue, CFA® Managing Director of April 2016 fered as an underlying investment option for Contracts and retirement BlackRock plans and to other eligible investors. The Portfolio and the Adviser and its affiliates may make payments to a sponsoring insurance company (or The Adviser has been granted relief by the Securities and Exchange its affiliates) or other financial intermediary for distribution and/or other Commission to hire, terminate and replace Sub-Advisers and amend sub- services. These payments may create a conflict of interest by influencing advisory agreements subject to the approval of the Board of Trustees and the insurance company or other financial intermediary and your finan- without obtaining shareholder approval. However, the Adviser may not cial adviser to recommend the Portfolio over another investment or by enter into a sub-advisory agreement on behalf of the Portfolio with an influencing an insurance company to include the Portfolio as an under- “affiliated person” of the Adviser, such as AllianceBernstein L.P., unless lying investment option in the Contract. The prospectus (or other offer- the sub-advisory agreement is approved by the Portfolio’s shareholders. ing document) for your Contract may contain additional information The Adviser is responsible for overseeing Sub-Advisers and recommend- about these payments. Ask your financial adviser or visit your financial ing their hiring, termination and replacement to the Board of Trustees. intermediary’s website for more information.

PURCHASE AND REDEMPTION OF PORTFOLIO SHARES The Portfolio’s shares are currently sold only to insurance company separate accounts in connection with Contracts issued by AXA Equitable Life Insurance Company (“AXA Equitable”), AXA Life and Annuity Com- pany, or 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, to other portfolios managed by FMG LLC that currently sell their shares to such accounts and plans and to other investors eligible under applicable federal income tax regulations. The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day (which typically is any day the New York Stock Exchange is open) upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares.

ATGEMV 6 EQ Advisors TrustSM

AXA Ultra Conservative Strategy Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks current income. and that the Expense Limitation Arrangement is not renewed. This Example does not reflect any Contract-related fees and expenses includ- FEES AND EXPENSES OF THE PORTFOLIO ing redemption fees (if any) at the Contract level. If such fees and ex- The following table describes the fees and expenses that you may pay if penses were reflected, the total expenses would be higher. Although you buy and hold shares of the Portfolio. The table below does not re- your actual costs may be higher or lower, based on these assumptions flect any fees and expenses associated with variable life insurance con- your costs would be: tracts and variable annuity certificates and contracts (“Contracts”), 1 Year 3 Years 5 Years 10 Years which would increase overall fees and expenses. See the Contract pro- Class IA Shares $97 $320 $561 $1,252 spectus for a description of those fees and expenses. Class IB Shares $97 $320 $561 $1,252

Shareholder Fees (fees paid directly from your investment) PORTFOLIO TURNOVER Not applicable. The Portfolio will not incur transaction costs, such as commissions, when it buys and sells shares of the Underlying Portfolios (or “turns Annual Portfolio Operating Expenses over” its portfolio), but it could incur transaction costs if it were to buy (expenses that you pay each year as a percentage of the value of and sell other types of securities directly. If the Portfolio were to buy your investment) and sell other types of securities directly, a higher portfolio turnover rate Class IA Class IB AXA Ultra Conservative Strategy Portfolio Shares* Shares could indicate higher transaction costs. Such costs, if incurred, would Management Fee 0.10% 0.10% not be reflected in annual fund operating expenses or in the Example, Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% and would affect the Portfolio’s performance. During the most recent Other Expenses 0.21% 0.21% fiscal year, the Portfolio’s portfolio turnover rate was 452% of the Acquired Fund Fees and Expenses (Underlying Portfolios) 0.47% 0.47% average value of the Portfolio. Total Annual Portfolio Operating Expenses 1.03% 1.03% Fee Waiver and/or Expense Reimbursement† –0.08% –0.08% INVESTMENTS, RISKS, AND PERFORMANCE Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.95% 0.95% Principal Investment Strategy: The Portfolio pursues its investment * Based on estimated amounts for the current fiscal year. objective by investing in other mutual funds (“Underlying Portfolios”) † Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreed to managed by AXA Equitable Funds Management Group, LLC (“FMG make payments or waive its management, administrative and other fees to limit the expenses of the Portfolio through April 30, 2018 (unless the Board of Trustees con- LLC” or “Adviser”) and sub-advised by one or more investment sub- sents to an earlier revision or termination of this arrangement) (“Expense Limitation advisers (“Sub-Adviser”). Under normal market conditions, it is ex- Arrangement”) so that the annual operating expenses (including Acquired Fund Fees pected that the Portfolio will invest approximately 90% of its assets in and Expenses) of the Portfolio (exclusive of taxes, interest, brokerage commissions, dividend and interest expenses on securities sold short, capitalized expenses and fixed income investments and approximately 10% of its assets in equity extraordinary expenses) do not exceed an annual rate of average daily net assets of investments through investments in Underlying Portfolios. 0.95% for Class IA and Class IB shares of the Portfolio. The Expense Limitation Ar- rangement may be terminated by AXA Equitable Funds Management Group, LLC at The fixed income asset class may include investment grade securities, any time after April 30, 2018. mortgage-backed securities and government securities. These securities may include securities with maturities that range from short to longer Example term. The equity asset class may include securities of small-, mid- and This Example is intended to help you compare the cost of investing in large-capitalization companies and exchange-traded funds. The asset the Portfolio with the cost of investing in other portfolios. The Example classes may include securities of foreign issuers in addition to securities of assumes that you invest $10,000 in the Portfolio for the time periods domestic issuers. Actual allocations among asset classes can deviate from indicated, and then redeem all of your shares at the end of these time the amounts shown above by up to 15% of the Portfolio’s assets. The periods. The Example also assumes that your investment has a 5% re- Portfolio may invest in Underlying Portfolios that tactically manage equity turn each year, that the Portfolio’s operating expenses remain the same, exposure. The Portfolio may invest in Underlying Portfolios that employ

AUCSA 1 derivatives (including futures contracts) for a variety of purposes, including • Credit Risk — The Portfolio is subject to the risk that the issuer or the to reduce risk, to seek enhanced returns from certain asset classes and to guarantor (or other obligor, such as a party providing insurance or other leverage exposure to certain asset classes. When market volatility is in- credit enhancement) of a fixed income security, or the counterparty to a creasing above specific thresholds, such Underlying Portfolios may reduce derivatives contract, repurchase agreement, loan of portfolio securities their equity exposure. During such times, the Portfolio’s exposure to or other transaction, is unable or unwilling, or is perceived (whether by equity securities may be significantly less than if it invested in a traditional market participants, ratings agencies, pricing services or otherwise) as equity portfolio and the Portfolio may deviate significantly from its asset unable or unwilling, to make timely principal and/or interest payments, allocation targets. Although the Portfolio’s investment in Underlying Port- or otherwise honor its obligations. Securities are subject to varying de- folios that tactically manage equity exposure is intended to reduce the grees of credit risk, which are often reflected in their credit ratings. Portfolio’s overall risk, it may result in periods of underperformance. However, rating agencies may fail to make timely changes to credit rat- The Adviser may change the asset allocation targets and the particular ings in response to subsequent events and a credit rating may become Underlying Portfolios in which the Portfolio invests. The Adviser may sell stale in that it fails to reflect changes in an issuer’s financial condition. the Portfolio’s holdings for a variety of reasons, including to invest in an The downgrade of the credit rating of a security may decrease its value. Underlying Portfolio believed to offer superior investment opportunities. Lower credit quality also may lead to greater volatility in the price of a security and may negatively affect a security’s liquidity. Principal Risks: An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance • Derivatives Risk — The Portfolio’s investments in derivatives may rise or fall in value more rapidly than other investments. Changes in the value Corporation or any other government agency. You may lose money by of a derivative may not correlate perfectly or at all with the underlying investing in the Portfolio. Performance may be affected by one or more of asset, rate or index, and the Portfolio could lose more than the principal the following risks. The Portfolio is also subject to the risks associated amount invested. Some derivatives can have the potential for unlimited with the Underlying Portfolios’ investments; please see the Prospectuses losses. In addition, it may be difficult or impossible for the Portfolio to and Statements of Additional Information for the Underlying Portfolios for purchase or sell certain derivatives in sufficient amounts to achieve the additional information about these risks. In this section, the term desired level of exposure, which may result in a loss or may be costly to “Portfolio” may include the Portfolio, an Underlying Portfolio, or both. the Portfolio. Derivatives also may be subject to certain other risks such as leveraging risk, interest rate risk, credit risk, the risk that a counter- • Affiliated Portfolio Risk — In managing a Portfolio that invests in party may be unable or unwilling to honor its obligations, and the risk of Underlying Portfolios, the Adviser will have the authority to select mispricing or improper valuation. Derivatives also may not behave as and substitute the Underlying Portfolios. The Adviser may be subject anticipated by the Portfolio, especially in abnormal market conditions. to potential conflicts of interest in allocating the Portfolio’s assets Changing regulation may make derivatives more costly, limit their among the various Underlying Portfolios because the fees payable to availability, impact the Portfolio’s ability to maintain its investments in it by some of the Underlying Portfolios are higher than the fees pay- derivatives, disrupt markets, or otherwise adversely affect their value or able by other Underlying Portfolios and because the Adviser is also performance. responsible for managing, administering, and with respect to certain • Equity Risk — In general, stocks and other equity security values Underlying Portfolios, its affiliates are responsible for sub-advising, fluctuate, and sometimes widely fluctuate, in response to changes in the Underlying Portfolios. a company’s financial condition as well as general market, economic and political conditions and other factors. • Asset Transfer Program Risk — The Portfolio is used in connection with certain benefit programs under Contracts issued by AXA Equi- • ETFs Risk — The Portfolio will indirectly bear fees and expenses paid table Life Insurance Company (“AXA Equitable”). The Contracts pro- by the ETFs in which it invests, in addition to the Portfolio’s direct fees vide that AXA Equitable can automatically transfer contract value and expenses. The cost of investing in the Portfolio, therefore, may be between the Portfolio and other portfolios managed by the Adviser higher than the cost of investing in a mutual fund that exclusively in- and the general account of AXA Equitable through a vests directly in individual stocks and bonds. In addition, the Portfolio’s non-discretionary, systematic mathematical process. The purpose of net asset value will be subject to fluctuations in the market values of these transfers is to attempt to protect Contract value from declines the ETFs in which it invests. The Portfolio is also subject to the risks due to market volatility, and thereby limit AXA Equitable’s exposure associated with the securities or other investments in which the ETFs to risk on certain guaranteed benefits under the Contracts. This invest and the ability of the Portfolio to meet its investment objective mathematical process may, however, result in large-scale asset flows will directly depend on the ability of the ETFs to meet their investment into and out of the Portfolio and subject the Portfolio to certain risks. objectives. There is also the risk that an ETF’s performance may not For instance, the Portfolio’s investment performance could be ad- match that of the relevant index. It is also possible that an active trad- versely affected if the mathematical process requires the Adviser to ing market for an ETF may not develop or be maintained, in which case purchase and sell securities at inopportune times or otherwise limits the liquidity and value of the Portfolio’s investment in the ETF could be the Adviser’s ability to fully implement the Portfolio’s investment substantially and adversely affected. The extent to which the invest- strategies. In addition, these pre-determined mathematical formulas ment performance and risks associated with the Portfolio correlate to may result in relatively small asset bases and relatively high operating those of a particular ETF will depend upon the extent to which the expense ratios for the Portfolio compared to other similar funds. Portfolio’s assets are allocated from time to time for investment in the ETF, which will vary.

AUCSA 2 • Foreign Securities Risk — Investments in foreign securities, including • Large-Cap Company Risk — Larger more established companies may depositary receipts, involve risks not associated with investing in U.S. be unable to respond quickly to new competitive challenges such as securities. Foreign markets, particularly emerging markets, may be changes in technology and consumer tastes. Many larger companies less liquid, more volatile and subject to less government supervision also may not be able to attain the high growth rate of successful smaller than U.S. markets. Security values also may be negatively affected by companies, especially during extended periods of economic expansion. changes in the exchange rates between the U.S. dollar and foreign • Mid-Cap and Small-Cap Company Risk — The Portfolio’s investments currencies. Differences between U.S. and foreign legal, political and in mid- and small-cap companies may involve greater risks than economic systems, regulatory regimes and market practices also may investments in larger, more established issuers because they generally impact security values and it may take more time to clear and settle are more vulnerable than larger companies to adverse business or trades involving foreign securities. economic developments. Such companies generally have narrower • Futures Contract Risk — The primary risks associated with the use of product lines, more limited financial and management resources and futures contracts are (a) the imperfect correlation between the change more limited markets for their stock as compared with larger in market value of the instruments held by the Portfolio and the price of companies. As a result, the value of such securities may be more the futures contract; (b) liquidity risks, including the possible absence of volatile than the securities of larger companies, and the Portfolio may a liquid secondary market for a futures contract and the resulting inabil- experience difficulty in purchasing or selling such securities at the ity to close a futures contract when desired; (c) losses (potentially un- desired time and price or in the desired amount. In general, these risks limited) caused by unanticipated market movements; (d) an investment are greater for small-cap companies than for mid-cap companies. manager’s inability to predict correctly the direction of securities prices, • Mortgage-Backed and Asset-Backed Securities Risk — The Portfolio is interest rates, currency exchange rates and other economic factors; (e) subject to the risk that the principal on mortgage- and asset-backed the possibility that a counterparty, clearing member or clearinghouse securities held by the Portfolio will be prepaid, which generally will re- will default in the performance of its obligations; (f) if the Portfolio has duce the yield and market value of these securities. If interest rates fall, insufficient cash, it may have to sell securities from its portfolio to meet the rate of prepayments tends to increase as borrowers are motivated to daily variation margin requirements, and the Portfolio may have to sell pay off debt and refinance at new lower rates. Rising interest rates may securities at a time when it may be disadvantageous to do so; and (g) increase the risk of default by borrowers and tend to extend the dura- transaction costs associated with investments in futures contracts may tion of these securities, making them more sensitive to changes in be significant, which could cause or increase losses or reduce gains. interest rates. As a result, in a period of rising interest rates, to the ex- Futures contracts are also subject to the same risks as the underlying tent the Portfolio holds these types of securities, it may experience addi- investments to which they provide exposure. In addition, futures con- tional volatility and losses. This is known as extension risk. Moreover, tracts may subject the Portfolio to leveraging risk. declines in the credit quality of the issuers of mortgage- and asset- • Interest Rate Risk — The Portfolio is subject to the risk that fixed in- backed securities or instability in the markets for such securities may come securities will decline in value because of changes in interest affect the value and liquidity of such securities, which could result in rates. When interest rates decline, the value of the Portfolio’s debt losses to the Portfolio. In addition, certain mortgage- and asset-backed securities generally rises. Conversely, when interest rates rise, the value securities may include securities backed by pools of loans made to of the Portfolio’s debt securities generally declines. A portfolio with a “subprime” borrowers or borrowers with blemished credit histories; the longer average duration will be more sensitive to changes in interest risk of defaults is generally higher in the case of mortgage pools that rates, usually making it more volatile than a portfolio with a shorter include such subprime mortgages. average duration. As of the date of this Prospectus, interest rates are • Risks of Investing in Underlying Portfolios — The Portfolio will in- near historic lows in the United States, and below zero in other parts of directly bear fees and expenses paid by the Underlying Portfolios in the world, including certain European countries and Japan. The Portfolio which it invests, in addition to the Portfolio’s direct fees and expenses. is subject to a greater risk of rising interest rates due to these market The cost of investing in the Portfolio, therefore, may be higher than the conditions. A significant or rapid rise in interest rates could result in cost of investing in a mutual fund that invests directly in individual losses to the Portfolio. stocks and bonds. In addition, the Portfolio’s net asset value is subject • Investment Grade Securities Risk — Debt securities generally are rated to fluctuations in the net asset values of the Underlying Portfolios in by national bond ratings agencies. The Portfolio considers securities to which it invests. The Portfolio is also subject to the risks associated with be investment grade if they are rated BBB or higher by Standard & the securities or other investments in which the Underlying Portfolios Poor’s Global Ratings (“S&P”) or Fitch Ratings, Ltd. (“Fitch”) or Baa or invest and the ability of the Portfolio to meet its investment objective higher by Moody’s Investors Service, Inc. (“Moody’s”), or, if unrated, will directly depend on the ability of the Underlying Portfolios to meet determined by the investment manager to be of comparable quality. their objectives. The Portfolio and the Underlying Portfolios are subject Securities rated in the lower investment grade rating categories (e.g., to certain general investment risks, including market risk, asset class BBB or Baa) are considered investment grade securities, but are some- risk, issuer-specific risk, investment style risk and portfolio management what riskier than higher rated obligations because they are regarded as risk. In addition, to the extent a Portfolio invests in Underlying Portfolios having only an adequate capacity to pay principal and interest, are con- that invest in equity securities, fixed income securities and/or foreign sidered to lack outstanding investment characteristics, and may possess securities, the Portfolio is subject to the risks associated with investing in certain speculative characteristics. such securities. The extent to which the investment performance and

AUCSA 3 risks associated with the Portfolio correlate to those of a particular Un- Risk/Return Bar Chart and Table derlying Portfolio will depend upon the extent to which the Portfolio’s The bar chart and table below provide some indication of the risks of assets are allocated from time to time for investment in the Underlying investing in the Portfolio by showing changes in the Portfolio’s perform- Portfolio, which will vary. ance from year to year and by showing how the Portfolio’s average • Volatility Management Risk — The Portfolio may invest from time to annual total returns for the past one- and five-year and since inception time in Underlying Portfolios managed by the Adviser that employ vari- periods through December 31, 2016 compared to the returns of a broad- based securities market index. The additional broad-based securities ous volatility management techniques, including the use of futures and market index and the hypothetical composite index show how the options to manage equity exposure. Although these actions are intended Portfolio’s performance compared with the returns of other asset classes to reduce the overall risk of investing in the Portfolio, they may not work in which the Portfolio may invest. Past performance is not an indication as intended and may result in losses by the Portfolio or periods of of future performance. underperformance, particularly during periods when market values are increasing but market volatility is high. The success of any volatility Class IA shares have not commenced operations as of the date of this management strategy will be subject to the Adviser’s ability to correctly Prospectus. assess the degree of correlation between the performance of the rele- The performance results do not reflect any Contract-related fees and vant market index and the metrics used by the Adviser to measure mar- expenses, which would reduce the performance results. ket volatility. Since the characteristics of many securities change as markets change or time passes, the success of any volatility manage- Calendar Year Annual Total Returns — Class IB ment strategy also will be subject to the Adviser’s ability to continually 2.49% recalculate, readjust, and execute volatility management techniques 1.89% (such as options and futures transactions) in an efficient manner. In 1.39% addition, because market conditions change, sometimes rapidly and 1.29% unpredictably, the success of a volatility management strategy will be subject to the Adviser’s ability to execute the strategy in a timely manner. Moreover, volatility management strategies may increase portfolio -0.02% transaction costs, which could cause or increase losses or reduce gains. 2012 20132014 2015 2016 For a variety of reasons, the Adviser may not seek to establish a perfect correlation between the relevant market index and the metrics that the Best quarter (% and time period) Worst quarter (% and time period) Adviser uses to measure market volatility. In addition, it is not possible to 1.56% (2016 1st Quarter) –1.27% (2013 2nd Quarter) manage volatility fully or perfectly. Futures contracts and other instruments used in connection with the volatility management strategy are Average Annual Total Returns not necessarily held by an Underlying Portfolio to hedge the value of the One Five Since Underlying Portfolio’s other investments and, as a result, these futures Year Years Inception AXA Ultra Conservative Strategy Portfolio contracts and other instruments may decline in value at the same time — Class IB Shares (Inception Date: as the Underlying Portfolio’s investments. Any one or more of these fac- September 28, 2011) 1.39% 1.41% 1.48% tors may prevent the Underlying Portfolio from achieving the intended S&P 500® Index (reflects no deduction for fees, expenses, or taxes) 11.96% 14.66% 15.96% volatility management or could cause the Underlying Portfolio, and in Bloomberg Barclays U.S. Intermediate turn, the Portfolio, to underperform or experience losses (some of which Government Bond Index (reflects no deduction for fees, expenses, or taxes) 1.05% 1.04% 1.14% may be sudden) or volatility for any particular period that may be higher AXA Ultra Conservative Strategy Index or lower than intended. In addition, the use of volatility management (reflects no deduction for fees, techniques may not protect against market declines and may limit the expenses, or taxes) 2.27% 2.30% 2.51% Underlying Portfolio’s, and thus the Portfolio’s, participation in market gains, even during periods when the market is rising. Volatility management techniques, when implemented effectively to reduce the overall risk of investing in an Underlying Portfolio, may result in underperformance by an Underlying Portfolio. For example, if an Underlying Portfolio has reduced its overall exposure to equities to avoid losses in certain market environments, the Underlying Portfolio may forgo some of the returns that can be associated with periods of rising equity values. The Underlying Portfolio’s performance, and therefore the Portfolio’s performance, may be lower than similar funds where volatility management techniques are not used. In addition, volatility management techniques may reduce potential losses and/or mitigate financial risks to insurance companies that provide certain benefits and guarantees available under the Contracts and offer the Underlying Portfolios as an investment option in their products.

AUCSA 4 WHO MANAGES THE PORTFOLIO PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES Investment Adviser: FMG LLC This Portfolio is not sold directly to the general public but instead is of- Portfolio Managers: fered as an underlying investment option for Contracts. The Portfolio Date Began and the Adviser and its affiliates may make payments to a sponsoring Managing insurance company (or its affiliates) or other financial intermediary for Name Title the Portfolio Kenneth T. Kozlowski, Executive Vice President August 2011 distribution and/or other services. These payments may create a conflict CFP®, CLU, ChFC and Chief Investment of interest by influencing the insurance company or other financial Officer of FMG LLC intermediary and your financial adviser to recommend the Portfolio over Alwi Chan, CFA® Senior Vice President August 2011 another investment or by influencing an insurance company to include and Deputy Chief the Portfolio as an underlying investment option in the Contract. The Investment Officer of FMG LLC prospectus (or other offering document) for your Contract may contain additional information about these payments. Ask your financial adviser Xavier Poutas, CFA® Assistant Portfolio August 2011 Manager of FMG LLC or visit your financial intermediary’s website for more information. Miao Hu, CFA® Assistant Portfolio May 2016 Manager of FMG LLC

PURCHASE AND REDEMPTION OF PORTFOLIO SHARES The Portfolio’s shares are currently sold only to insurance company separate accounts in connection with certain benefit programs under Con- tracts issued by AXA Equitable. The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day (which typically is any day the New York Stock Exchange is open) upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Procedures for purchasing and redeeming Portfolio shares are governed by the applicable separate account through which you invest. In certain limited circumstances, Portfolio shares may be redeemed as part of an exchange on a specified delayed basis. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares.

TAX INFORMATION The Portfolio currently sells its shares only to insurance company separate accounts. Accordingly, distributions the Portfolio makes of its net investment income and net realized gains — most or all of which it intends to distribute annually — and redemptions or exchanges of Portfolio shares generally will not be taxable to its shareholders (or to the holders of underlying Contracts). See the prospectus for your Contract for further tax information.

AUCSA 5 EQ Advisors TrustSM

EQ/Capital Guardian Research Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks to achieve long-term growth of capital. not reflect any Contract-related fees and expenses including redemption fees (if any) at the Contract level. If such fees and expenses were re- FEES AND EXPENSES OF THE PORTFOLIO flected, the total expenses would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would The following table describes the fees and expenses that you may pay if be: you buy and hold shares of the Portfolio. The table below does not reflect any fees and expenses associated with variable life insurance con- 1 Year 3 Years 5 Years 10 Years tracts and variable annuity certificates and contracts (“Contracts”), Class IA Shares $99 $324 $567 $1,265 which would increase overall fees and expenses. See the Contract pro- Class IB Shares $99 $324 $567 $1,265 spectus for a description of those fees and expenses. PORTFOLIO TURNOVER Shareholder Fees (fees paid directly from your investment) The Portfolio pays transaction costs, such as commissions, when it buys Not applicable. and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which Annual Portfolio Operating Expenses are not reflected in annual fund operating expenses or in the Example, (expenses that you pay each year as a percentage of the value of affect the Portfolio’s performance. During the most recent fiscal year, your investment) the Portfolio’s portfolio turnover rate was 20% of the average value of Class IA Class IB the Portfolio. EQ/Capital Guardian Research Portfolio Shares Shares Management Fee 0.65% 0.65% Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% INVESTMENTS, RISKS, AND PERFORMANCE Other Expenses 0.14% 0.14% Principal Investment Strategy: The Portfolio invests primarily in Total Annual Portfolio Operating Expenses 1.04% 1.04% equity securities of United States issuers and securities whose principal Fee Waiver and/or Expense Reimbursement† –0.07% –0.07% Total Annual Portfolio Operating Expenses After Fee markets are in the United States, including American Depositary Re- Waiver and/or Expense Reimbursement 0.97% 0.97% ceipts and other United States registered foreign securities. The Portfo-

† Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreed to lio invests primarily in common stocks of companies with a market make payments or waive its management, administrative and other fees to limit the ex- capitalization greater than $1 billion at the time of purchase. The penses of the Portfolio through April 30, 2018 (unless the Board of Trustees consents to Portfolio seeks to achieve long-term growth of capital through invest- an earlier revision or termination of this arrangement) (“Expense Limitation Arrangement”) so that the annual operating expenses of the Portfolio (exclusive of taxes, ments in a portfolio comprised primarily of equity securities; the Sub- interest, brokerage commissions, capitalized expenses, acquired fund fees and expenses, Adviser seeks to invest in stocks whose prices are not excessive relative dividend and interest expenses on securities sold short, and extraordinary expenses) do not exceed an annual rate of average daily net assets of 0.97% for Class IA and IB to book value, or in companies whose asset values are understated. The shares of the Portfolio. The Expense Limitation Arrangement may be terminated by AXA Sub-Adviser may sell a security for a variety of reasons, including to in- Equitable Funds Management Group, LLC at any time after April 30, 2018. vest in a company believed to offer superior investment opportunities.

Example The Portfolio may invest up to 15% of its total assets, at the time of purchase, in securities of issuers domiciled outside the United States This Example is intended to help you compare the cost of investing in and not included in the Standard & Poor’s 500 Composite Stock Index the Portfolio with the cost of investing in other portfolios. The Example (“S&P 500 Index”) (i.e., foreign securities). In determining the domicile assumes that you invest $10,000 in the Portfolio for the periods in- of an issuer, the Sub-Adviser takes into account where the company is dicated and then redeem all of your shares at the end of these periods. legally organized, the location of its principal corporate offices, where it The Example also assumes that your investment has a 5% return each conducts its principal operations and the location of its primary listing. year, that the Portfolio’s operating expenses remain the same, and that the Expense Limitation Arrangement is not renewed. This Example does The Portfolio also may lend its portfolio securities to earn additional income.

EQCGR 1 Principal Risks: An investment in the Portfolio is not a deposit of a product lines, more limited financial and management resources and bank and is not insured or guaranteed by the Federal Deposit Insurance more limited markets for their stock as compared with larger compa- Corporation or any other government agency. You may lose money by nies. As a result, the value of such securities may be more volatile than investing in the Portfolio. Performance may be affected by one or more the securities of larger companies, and the Portfolio may experience of the following risks. difficulty in purchasing or selling such securities at the desired time and price or in the desired amount. In general, these risks are greater for Equity Risk: In general, stocks and other equity security values fluc- small-cap companies than for mid-cap companies. tuate, and sometimes widely fluctuate, in response to changes in a company’s financial condition as well as general market, economic and Sector Risk: From time to time, based on market or economic con- political conditions and other factors. ditions, the Portfolio may have significant positions in one or more sectors of the market. To the extent the Portfolio invests more heavily in Foreign Securities Risk: Investments in foreign securities, includ- particular sectors, its performance will be especially sensitive to ing depositary receipts, involve risks not associated with investing in developments that significantly affect those sectors. Individual sectors U.S. securities. Foreign markets, particularly emerging markets, may be may be more volatile, and may perform differently, than the broader less liquid, more volatile and subject to less government supervision market. The industries that constitute a sector may all react in the same than U.S. markets. Security values also may be negatively affected by way to economic, political or regulatory events. changes in the exchange rates between the U.S. dollar and foreign currencies. Differences between U.S. and foreign legal, political and eco- Securities Lending Risk: The Portfolio may lend its portfolio secu- nomic systems, regulatory regimes and market practices also may rities to seek income. There is a risk that a borrower may default on its impact security values and it may take more time to clear and settle obligations to return loaned securities, however, the Portfolio’s secu- trades involving foreign securities. rities lending agent may indemnify the Portfolio against that risk. The Portfolio will be responsible for the risks associated with the investment Currency Risk: Investments in foreign currencies and in secu- of cash collateral, including any collateral invested in an affiliated rities that trade in, or receive revenues in, or in derivatives that money market fund. The Portfolio may lose money on its investment of provide exposure to foreign currencies are subject to the risk that cash collateral or may fail to earn sufficient income on its investment to those currencies will decline in value relative to the U.S. dollar, or, meet obligations to the borrower. In addition, delays may occur in the in the case of hedging positions, that the U.S. dollar will decline in recovery of securities from borrowers, which could interfere with the value relative to the currency being hedged. Any such decline may Portfolio’s ability to vote proxies or to settle transactions. erode or reverse any potential gains from an investment in securities denominated in foreign currency or may widen existing loss. Risk/Return Bar Chart and Table Currency rates may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, The bar chart and table below provide some indication of the risks of in- intervention (or the failure to intervene) by governments, central vesting in the Portfolio by showing changes in the Portfolio’s performance banks or supranational entities, or by the imposition of currency from year to year and by showing how the Portfolio’s average annual to- controls or other political developments in the U.S. or abroad. tal returns for the past one, five and ten years (or since inception) through December 31, 2016 compared to the returns of a broad-based securities Depositary Receipts Risk: Investments in depositary receipts market index. The return of the broad-based securities market index (and (including American Depositary Receipts, European Depositary any additional comparative index) shown in the right hand column below Receipts and Global Depositary Receipts) are generally subject to is the return of the index for the last 10 years or, if shorter, since the in- the same risks of investing in the foreign securities that they evi- ception of the share class with the longest history. Past performance is not dence or into which they may be converted. In addition, issuers an indication of future performance. underlying unsponsored depositary receipts may not provide as much information as U.S. issuers and issuers underlying sponsored depositary receipts. Unsponsored depositary receipts also may not carry the same voting privileges as sponsored depositary receipts.

Large-Cap Company Risk: Larger more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

Mid-Cap and Small-Cap Company Risk: The Portfolio’s investments in mid- and small-cap companies may involve greater risks than investments in larger, more established issuers because they generally are more vulnerable than larger companies to adverse business or economic developments. Such companies generally have narrower

EQCGR 2 The performance results do not reflect any Contract-related fees and Sub-Adviser: Capital Guardian Trust Company (“Capital expenses, which would reduce the performance results. Guardian”) Portfolio Managers: The members of the team that are jointly and Calendar Year Annual Total Returns — Class IB primarily responsible for the securities selection, research and trading 31.36% 31.78% for the Portfolio are:

15.86% 17.38% Date Began 10.50% 8.40% Managing 4.00% 1.63% 1.92% Name Title the Portfolio Carlos Schonfeld Co-research portfolio April 2013 coordinator and Partner of the Capital International Investors division of Capital Research and Management Company, an affiliate of Capital Guardian -39.62% 20072008 2009 2010 2011 20122013 2014 2015 2016 Cheryl E. Frank Co-research portfolio January 2009 coordinator and Partner of the Capital International Best quarter: (% and time period) Worst quarter: (% and time period) Investors division of Capital 16.94% (2009 3rd Quarter) –23.38% (2008 4th Quarter) Research and Management Company, an affiliate of Capital Guardian Average Annual Total Returns Ten One Five Years/Since AXA Equitable Funds Management Group, LLC (“FMG LLC” or the Year Years Inception “Adviser”) has been granted relief by the Securities and Exchange Com- EQ/Capital Guardian Research Portfolio – mission to hire, terminate and replace Sub-Advisers and amend sub- Class IA Shares 8.46% 13.57% 6.39% EQ/Capital Guardian Research Portfolio – advisory agreements subject to the approval of the Board of Trustees and Class IB Shares 8.40% 13.56% 6.25% without obtaining shareholder approval. However, the Adviser may not S&P 500® Index (reflects no deduction enter into a sub-advisory agreement on behalf of the Portfolio with an for fees, expenses, or taxes) 11.96% 14.66% 6.95% “affiliated person” of the Adviser, such as AllianceBernstein L.P., unless the sub-advisory agreement is approved by the Portfolio’s shareholders. WHO MANAGES THE PORTFOLIO The Adviser is responsible for overseeing Sub-Advisers and recommend- Investment Adviser: FMG LLC ing their hiring, termination and replacement to the Board of Trustees.

Portfolio Managers: The members of the team that are jointly and PURCHASE AND REDEMPTION OF PORTFOLIO primarily responsible for the selection, monitoring and oversight of the SHARES Portfolio’s Sub-Adviser are: The Portfolio’s shares are currently sold only to insurance company sepa- Date Began rate accounts in connection with Contracts issued by AXA Equitable Life Managing Insurance Company (“AXA Equitable”), AXA Life and Annuity Company, Name Title the Portfolio or other affiliated or unaffiliated insurance companies and to The AXA Kenneth T. Kozlowski, Executive Vice President and May 2011 Equitable 401(k) Plan. Shares also may be sold to other tax-qualified CFP®, CLU, ChFC Chief Investment Officer of FMG LLC retirement plans, to other portfolios managed by FMG LLC that currently sell their shares to such accounts and plans and to other investors eligible Alwi Chan, CFA® Senior Vice President May 2009 under applicable federal income tax regulations. and Deputy Chief Investment Officer of FMG LLC The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day (which typically is any day the New York Stock Exchange is open) upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares.

EQCGR 3 TAX INFORMATION The Portfolio’s shareholders are (or may include) insurance company separate accounts, qualified plans and other investors eligible under applicable federal income tax regulations. Accordingly, distributions the Portfolio makes of its net investment income and net realized gains — most or all of which it intends to distribute annually — and redemptions or exchanges of Portfolio shares generally will not be taxable to its shareholders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax information.

PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES This Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and the Adviser and its affiliates may make payments to a sponsoring insurance company (or its affiliates) or other intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. Ask your financial adviser or visit your financial intermediary’s website for more information.

EQCGR 4 EQ Advisors TrustSM

EQ/Core Bond Index Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks to achieve a total return before expenses 1 Year 3 Years 5 Years 10 Years Class IA Shares $73 $227 $395 $883 that approximates the total return performance of the Bloomberg Barclays Class IB Shares $73 $227 $395 $883 U.S. Intermediate Government/Credit Index (“Intermediate Government Credit Index”), including reinvestment of dividends, at a risk level consistent with that of the Intermediate Government Credit Index. PORTFOLIO TURNOVER The Portfolio pays transaction costs, such as commissions, when it buys FEES AND EXPENSES OF THE PORTFOLIO and sells securities (or “turns over” its portfolio). A higher portfolio turn- The following table describes the fees and expenses that you may pay if over rate may indicate higher transaction costs. These costs, which are not you buy and hold shares of the Portfolio. The table below does not re- reflected in annual fund operating expenses or in the Example, affect the flect any fees and expenses associated with variable life insurance con- Portfolio’s performance. During the most recent fiscal year, the Portfolio’s tracts and variable annuity certificates and contracts (“Contracts”), portfolio turnover rate was 25% of the average value of the Portfolio. which would increase overall fees and expenses. See the Contract prospectus for a description of those fees and expenses. INVESTMENTS, RISKS, AND PERFORMANCE Principal Investment Strategy: Under normal market conditions, Shareholder Fees the Portfolio invests at least 80% of its net assets, plus borrowings for (fees paid directly from your investment) investment purposes, in securities that are included in the Intermediate Not applicable. Government Credit Index, which covers the U.S. dollar denominated, investment grade, fixed-rate, taxable bond market, including U.S. Annual Portfolio Operating Expenses Treasury and government-related, corporate, credit and agency fixed- (expenses that you pay each year as a percentage of the value of your investment) rate debt securities. The Portfolio also may invest up to 40% of the Class IA Class IB Portfolio’s assets in exchange-traded funds (“ETFs”) that invest in EQ/Core Bond Index Portfolio Shares Shares securities included in the Intermediate Government Credit Index. Management Fee 0.33% 0.33% Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% In seeking to achieve the Portfolio’s investment objective, the Sub-Adviser Other Expenses 0.12% 0.12% will employ a stratified sample approach to build a portfolio whose broad Acquired Fund Fees and Expenses 0.01% 0.01% characteristics match those of the Intermediate Government Credit Index. Total Annual Portfolio Operating Expenses 0.71% 0.71% This strategy is commonly referred to as an indexing strategy. Individual securities holdings may differ from those of the Intermediate Government Example Credit Index, and the Portfolio may not track the performance of the Intermediate Government Credit Index perfectly due to expenses and This Example is intended to help you compare the cost of investing in transaction costs, the size and frequency of cash flow into and out of the the Portfolio with the cost of investing in other portfolios. The Example Portfolio, and differences between how and when the Portfolio and the assumes that you invest $10,000 in the Portfolio for the periods in- Intermediate Government Credit Index are valued. dicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each The Portfolio also may lend its portfolio securities to earn additional income. year and that the Portfolio’s operating expenses remain the same. This Principal Risks: An investment in the Portfolio is not a deposit of a Example does not reflect any Contract-related fees and expenses includ- bank and is not insured or guaranteed by the Federal Deposit Insurance ing redemption fees (if any) at the Contract level. If such fees and ex- Corporation or any other government agency. You may lose money by penses were reflected, the total expenses would be higher. Although investing in the Portfolio. Performance may be affected by one or more of your actual costs may be higher or lower, based on these assumptions the following risks. your costs would be:

EQCBI 1 Credit Risk: The Portfolio is subject to the risk that the issuer or the the date of this Prospectus, interest rates are near historic lows in the guarantor (or other obligor, such as a party providing insurance or other United States, and below zero in other parts of the world, including cer- credit enhancement) of a fixed income security, or the counterparty to a tain European countries and Japan. The Portfolio is subject to a greater derivatives contract, repurchase agreement, loan of portfolio securities risk of rising interest rates due to these market conditions. A significant or or other transaction, is unable or unwilling, or is perceived (whether by rapid rise in interest rates could result in losses to the Portfolio. market participants, ratings agencies, pricing services or otherwise) as Investment Grade Securities Risk: Debt securities generally are unable or unwilling, to make timely principal and/or interest payments, rated by national bond ratings agencies. The Portfolio considers securities or otherwise honor its obligations. Securities are subject to varying de- to be investment grade if they are rated BBB or higher by Standard & grees of credit risk, which are often reflected in their credit ratings. Poor’s Global Ratings or Fitch Ratings, Ltd. or Baa or higher by Moody’s However, rating agencies may fail to make timely changes to credit rat- Investors Service, Inc., or, if unrated, determined by the investment ings in response to subsequent events and a credit rating may become manager to be of comparable quality. Securities rated in the lower invest- stale in that it fails to reflect changes in an issuer’s financial condition. ment grade rating categories (e.g., BBB or Baa) are considered investment The downgrade of the credit rating of a security may decrease its value. grade securities, but are somewhat riskier than higher rated obligations Lower credit quality also may lead to greater volatility in the price of a because they are regarded as having only an adequate capacity to pay security and may negatively affect a security’s liquidity. principal and interest, are considered to lack outstanding investment char- ETFs Risk: The Portfolio will indirectly bear fees and expenses paid by acteristics, and may possess certain speculative characteristics. the ETFs in which it invests, in addition to the Portfolio’s direct fees and Liquidity Risk: The Portfolio is subject to the risk that certain expenses. The cost of investing in the Portfolio, therefore, may be higher investments may be difficult or impossible for the Portfolio to purchase than the cost of investing in a mutual fund that exclusively invests directly or sell at an advantageous time or price or in sufficient amounts to in individual stocks and bonds. In addition, the Portfolio’s net asset value achieve the desired level of exposure. The Portfolio may be required to will be subject to fluctuations in the market values of the ETFs in which it dispose of other investments at unfavorable times or prices to satisfy invests. The Portfolio is also subject to the risks associated with the secu- obligations, which may result in a loss or may be costly to the Portfolio. rities or other investments in which the ETFs invest and the ability of the Judgment plays a greater role in pricing illiquid investments than Portfolio to meet its investment objective will directly depend on the abil- investments with more active markets. ity of the ETFs to meet their investment objectives. There is also the risk that an ETF’s performance may not match that of the relevant index. It is Redemption Risk: The Portfolio may experience periods of heavy also possible that an active trading market for an ETF may not develop or redemptions that could cause the Portfolio to sell assets at inopportune be maintained, in which case the liquidity and value of the Portfolio’s in- times or at a loss or depressed value. Redemption risk is heightened vestment in the ETF could be substantially and adversely affected. The during periods of declining or illiquid markets. Heavy redemptions could extent to which the investment performance and risks associated with the hurt the Portfolio’s performance. Portfolio correlate to those of a particular ETF will depend upon the extent Market developments and other factors, including a general rise in interest to which the Portfolio’s assets are allocated from time to time for invest- rates, have the potential to cause investors to move out of fixed income ment in the ETF, which will vary. securities on a large scale, which may increase redemptions from mutual Index Strategy Risk: The Portfolio employs an index strategy, that is, funds that hold large amounts of fixed income securities. Such a move, it generally invests in the securities included in its index or a representative coupled with a reduction in the ability or willingness of dealers and other sample of such securities regardless of market trends. The Portfolio gen- institutional investors to buy or hold fixed income securities, may result in erally will not modify its index strategy to respond to changes in the decreased liquidity and increased volatility in the fixed income markets. economy, which means that it may be particularly susceptible to a general Securities Lending Risk: The Portfolio may lend its portfolio secu- decline in the market segment relating to the relevant index. In addition, rities to seek income. There is a risk that a borrower may default on its although the index strategy attempts to closely track its benchmark index, obligations to return loaned securities, however, the Portfolio’s secu- the Portfolio may not invest in all of the securities in the index. Also, the rities lending agent may indemnify the Portfolio against that risk. The Portfolio’s fees and expenses will reduce the Portfolio’s returns, unlike Portfolio will be responsible for the risks associated with the investment those of the benchmark index. Cash flow into and out of the Portfolio, of cash collateral, including any collateral invested in an affiliated portfolio transaction costs, changes in the securities that comprise the in- money market fund. The Portfolio may lose money on its investment of dex, and the Portfolio’s valuation procedures also may affect the Portfolio’s cash collateral or may fail to earn sufficient income on its investment to performance. Therefore, there can be no assurance that the performance meet obligations to the borrower. In addition, delays may occur in the of the index strategy will match that of the benchmark index. recovery of securities from borrowers, which could interfere with the Interest Rate Risk: The Portfolio is subject to the risk that fixed in- Portfolio’s ability to vote proxies or to settle transactions. come securities will decline in value because of changes in interest rates. When interest rates decline, the value of the Portfolio’s debt securities U.S. Government Securities Risk: U.S. government securities are generally rises. Conversely, when interest rates rise, the value of the Port- subject to market risk, interest rate risk and credit risk. Securities, such as folio’s debt securities generally declines. A portfolio with a longer average those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are duration will be more sensitive to changes in interest rates, usually mak- backed by the full faith and credit of the U.S. are guaranteed only as to ing it more volatile than a portfolio with a shorter average duration. As of the timely payment of interest and principal when held to maturity, and

EQCBI 2 the market prices for such securities will fluctuate due to changing interest WHO MANAGES THE PORTFOLIO rates, among other factors. Notwithstanding that these securities are Investment Adviser: FMG LLC backed by the full faith and credit of the U.S., circumstances could arise that would prevent the payment of interest or principal. This would result Portfolio Managers: The members of the team that are jointly and in losses to the Portfolio. Securities issued or guaranteed by U.S. govern- primarily responsible for the selection, monitoring and oversight of the ment related organizations, such as Fannie Mae and Freddie Mac, are not Portfolio’s Sub-Advisers are: backed by the full faith and credit of the U.S. government and no assur- Date Began ance can be given that the U.S. government will provide financial support. Managing Therefore, U.S. government related organizations may not have the funds Name Title the Portfolio to meet their payment obligations in the future. Kenneth T. Kozlowski, Executive June 2011 CFP®, CLU, ChFC Vice President and Chief Investment Officer Risk/Return Bar Chart and Table of FMG LLC The bar chart and table below provide some indication of the risks of Alwi Chan, CFA® Senior Vice President June 2011 investing in the Portfolio by showing changes in the Portfolio’s and Deputy Chief Investment Officer performance from year to year and by showing how the Portfolio’s of FMG LLC average annual total returns for the past one, five and ten years (or since inception) through December 31, 2016 compared to the returns of Sub-Adviser: SSGA Funds Management, Inc. (“SSGA FM”) a broad-based securities market index. The return of the broad-based securities market index (and any additional comparative index) shown in Portfolio Managers: The members of the team that are jointly and the right hand column below is the return of the index for the last 10 primarily responsible for the securities selection, research and trading years or, if shorter, since the inception of the share class with the lon- for the Portfolio are: gest history. Past performance is not an indication of future perform- Date Began ance. Prior to February 15, 2011, the Portfolio had a different Managing investment objective and principal investment strategy. Name Title the Portfolio Michael Brunell, CFA® Vice President January 2009 The performance results do not reflect any Contract-related fees and of SSGA FM expenses, which would reduce the performance results. Michael Przygoda,CFA® Vice President May 2016 of SSGA FM Calendar Year Annual Total Returns — Class IB AXA Equitable Funds Management Group, LLC (“FMG LLC” or the 5.76% 4.85% “Adviser”) has been granted relief by the Securities and Exchange Com- 3.08% 2.70% 3.20% 2.46% 1.45% mission to hire, terminate and replace Sub-Advisers and amend sub- 0.41% advisory agreements subject to the approval of the Board of Trustees and -1.69% without obtaining shareholder approval. However, the Adviser may not enter into a sub-advisory agreement on behalf of the Portfolio with an “affiliated person” of the Adviser, such as AllianceBernstein L.P., unless -8.93% the sub-advisory agreement is approved by the Portfolio’s shareholders. 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 The Adviser is responsible for overseeing Sub-Advisers and recommending their hiring, termination and replacement to the Board of Trustees. Best quarter: (% and time period) Worst quarter: (% and time period) 3.38% (2009 3rd Quarter) –2.89% (2008 3rd Quarter) PURCHASE AND REDEMPTION OF PORTFOLIO SHARES Average Annual Total Returns Ten The Portfolio’s shares are currently sold only to insurance company sepa- One Five Years/Since rate accounts in connection with Contracts issued by AXA Equitable Life Year Years Inception Insurance Company (“AXA Equitable”), AXA Life and Annuity Com- EQ/Core Bond Index Portfolio – Class IA Shares 1.35% 1.15% 1.37% pany, or other affiliated or unaffiliated insurance companies and to The EQ/Core Bond Index Portfolio – Class IB Shares 1.45% 1.15% 1.25% AXA Equitable 401(k) Plan. Shares also may be sold to other Bloomberg Barclays U.S. Intermediate tax-qualified retirement plans, to other portfolios managed by FMG LLC Government/Credit Bond Index (reflects no deduction for fees, expenses, or that currently sell their shares to such accounts and plans and to other taxes) 2.08% 1.85% 3.84% investors eligible under applicable federal income tax regulations.

EQCBI 3 The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day (which typically is any day the New York Stock Exchange is open) upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares.

PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES This Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and the Adviser and its affiliates may make payments to a sponsoring insurance company (or its affiliates) or other financial intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. Ask your financial adviser or visit your financial intermediary’s website for more information.

EQCBI 4 EQ Advisors TrustSM

EQ/Global Bond PLUS Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks to achieve capital growth and current Limitation Arrangement is not renewed. This Example does not reflect any income. Contract-related fees and expenses including redemption fees (if any) at the Contract level. If such fees and expenses were reflected, the total ex- FEES AND EXPENSES OF THE PORTFOLIO penses would be higher. Although your actual costs may be higher or The following table describes the fees and expenses that you may pay if lower, based on these assumptions your costs would be: you buy and hold shares of the Portfolio. The table below does not re- 1 Year 3 Years 5 Years 10 Years flect any fees and expenses associated with variable life insurance con- Class IA Shares $97 $313 $548 $1,220 tracts and variable annuity certificates and contracts (“Contracts”), Class IB Shares $97 $313 $548 $1,220 which would increase overall fees and expenses. See the Contract prospectus for a description of those fees and expenses. PORTFOLIO TURNOVER Shareholder Fees The Portfolio pays transaction costs, such as commissions, when it buys (fees paid directly from your investment) and sells securities (or “turns over” its portfolio). A higher portfolio turn- Not applicable. over rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Annual Portfolio Operating Expenses Portfolio’s performance. During the most recent fiscal year, the Portfolio’s (expenses that you pay each year as a percentage of the value of portfolio turnover rate was 44% of the average value of the Portfolio. your investment) Class IA Class IB EQ/Global Bond PLUS Portfolio Shares Shares INVESTMENTS, RISKS, AND PERFORMANCE Management Fee 0.55% 0.55% Principal Investment Strategy: The Portfolio’s assets normally are Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% allocated among two investment managers, each of which manages its Other Expenses 0.20% 0.20% portion of the Portfolio using a different but complementary investment Total Annual Portfolio Operating Expenses 1.00% 1.00% Fee Waiver and/or Expense Reimbursement† –0.05% –0.05% strategy. One portion of the Portfolio is actively managed by a Sub-Adviser Total Annual Portfolio Operating Expenses After Fee Waiver (“Active Allocated Portion”) and one portion of the Portfolio seeks to track and/or Expense Reimbursement 0.95% 0.95% the performance of a particular index (“Index Allocated Portion”). Under † Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreed to normal circumstances, the Active Allocated Portion consists of approx- make payments or waive its management, administrative and other fees to limit the imately 35-45% of the Portfolio’s net assets and the Index Allocated Por- expenses of the Portfolio through April 30, 2018 (unless the Board of Trustees consents to an earlier revision or termination of this arrangement) (“Expense Limitation tion consists of approximately 55-65% of the Portfolio’s net assets. Up to Arrangement”) so that the annual operating expenses of the Portfolio (exclusive of 20% of the Portfolio’s assets may be invested in exchange-traded funds taxes, interest, brokerage commissions, capitalized expenses, acquired fund fees and (“Underlying ETFs”) that meet the investment criteria of the Portfolio. The expenses, dividend and interest expenses on securities sold short, and extraordinary expenses) do not exceed an annual rate of average daily net assets of 0.95% for Underlying ETFs in which the Portfolio may invest may be changed from Class IA and Class IB shares of the Portfolio. The Expense Limitation Arrangement time to time without notice or shareholder approval. These percentages are may be terminated by AXA Equitable Funds Management Group, LLC at any time after April 30, 2018. targets established by the Adviser; actual allocations may deviate from these targets. The Portfolio normally invests at least 80% of its net assets, Example plus borrowings for investment purposes, in debt securities, including obligations of foreign government or corporate entities or supranational agen- This Example is intended to help you compare the cost of investing in the cies (such as the World Bank) denominated in various currencies. The Portfolio with the cost of investing in other portfolios. The Example as- Portfolio invests primarily in investment grade debt securities that are rated sumes that you invest $10,000 in the Portfolio for the periods indicated Baa or higher by Moody’s Investor Service, Inc. (“Moody’s”) or equivalently and then redeem all of your shares at the end of these periods. The Exam- rated by Standard & Poor’s Global Ratings (“S&P”) or Fitch Ratings Ltd. ple also assumes that your investment has a 5% return each year, that the (“Fitch”) or, if unrated, determined by the Adviser or Sub-Adviser to be of Portfolio’s operating expenses remain the same and that the Expense

EQGBP 1 comparable quality. The Portfolio normally will invest a significant portion The Portfolio also may lend its portfolio securities to earn additional income. of its assets in foreign securities and normally invests in at least three Principal Risks: An investment in the Portfolio is not a deposit of a countries and may invest in the securities of issuers in emerging markets. bank and is not insured or guaranteed by the Federal Deposit Insurance The Active Allocated Portion generally maintains a dollar-weighted aver- Corporation or any other government agency. You may lose money by age maturity of 5 to 14 years and a duration of 3½ to 10 years. Maturity investing in the Portfolio. Performance may be affected by one or more measures the average final payable dates of debt instruments. Duration of the following risks. measures the sensitivity of the value of a bond or bond portfolio to Credit Risk: The Portfolio is subject to the risk that the issuer or the changes in interest rates. Typically, a bond portfolio with a low (short) guarantor (or other obligor, such as a party providing insurance or other duration means that its value is less sensitive to interest rate changes, credit enhancement) of a fixed income security, or the counterparty to a while a bond portfolio with a high (long) duration is more sensitive. derivatives contract, repurchase agreement, loan of portfolio securities The Sub-Adviser to the Active Allocated Portion makes its country selection or other transaction, is unable or unwilling, or is perceived (whether by and currency decisions for the Active Allocated Portion based on its own market participants, ratings agencies, pricing services or otherwise) as fundamental research and advanced analytical systems. In choosing unable or unwilling, to make timely principal and/or interest payments, investments, the Sub-Adviser to the Active Allocated Portion searches for or otherwise honor its obligations. Securities are subject to varying de- the best values on securities that meet the Active Allocated Portion’s credit grees of credit risk, which are often reflected in their credit ratings. and maturity requirements. Bonds selected for inclusion in the Active Allo- However, rating agencies may fail to make timely changes to credit rat- cated Portion are continually monitored to assure they meet the Sub- ings in response to subsequent events and a credit rating may become Adviser to the Active Allocated Portion’s standards. The Sub-Adviser to the stale in that it fails to reflect changes in an issuer’s financial condition. Active Allocated Portion may sell a security for a variety of reasons, such as The downgrade of the credit rating of a security may decrease its value. to invest in an issuer believed to offer superior investment opportunities. Lower credit quality also may lead to greater volatility in the price of a security and may negatively affect a security’s liquidity. The Active Allocated Portion may invest up to 20% of its assets in foreign mortgage- and asset-based securities and/or foreign bank obliga- Derivatives Risk: The Portfolio’s investments in derivatives may tions. In addition, the Active Allocated Portion may invest up to 20% of rise or fall in value more rapidly than other investments. Changes in its assets in investment grade fixed income securities or obligations of the value of a derivative may not correlate perfectly or at all with the U.S. government entities or U.S. corporations. underlying asset, rate or index, and the Portfolio could lose more than the principal amount invested. Some derivatives can have the potential The Index Allocated Portion of the Portfolio seeks to track the perform- for unlimited losses. In addition, it may be difficult or impossible for ance (before fees and expenses) of the Bloomberg Barclays U.S. Inter- the Portfolio to purchase or sell certain derivatives in sufficient mediate Government/Credit Index (“Intermediate Government Credit amounts to achieve the desired level of exposure, which may result in Index”) with, minimal tracking error. This strategy is commonly referred a loss or may be costly to the Portfolio. Derivatives also may be subject to as an indexing strategy. The Intermediate Government Credit Index to certain other risks such as leveraging risk, interest rate risk, credit covers the U.S. dollar denominated, investment grade, fixed-rate, tax- risk, the risk that a counterparty may be unable or unwilling to honor able bond market, including U.S. Treasury and government-related, its obligations, and the risk of mispricing or improper valuation. De- corporate, credit and agency fixed-rate debt securities. rivatives also may not behave as anticipated by the Portfolio, especially The Sub-Adviser selects the Index Allocated Portion’s investments by a in abnormal market conditions. Changing regulation may make de- “sampling” strategy. Specifically, the Sub-Adviser invests in a representa- rivatives more costly, limit their availability, impact the Portfolio’s abil- tive sample of securities from each broad segment of the Intermediate ity to maintain its investments in derivatives, disrupt markets, or Government Credit Index, such as government bonds and corporate is- otherwise adversely affect their value or performance. sues that represent key index characteristics. The Index Allocated Portion ETFs Risk: The Portfolio will indirectly bear fees and expenses paid by also may invest in other instruments that provide comparable exposure to the ETFs in which it invests, in addition to the Portfolio’s direct fees and the index, such as futures and options contracts and other derivatives. expenses. The cost of investing in the Portfolio, therefore, may be higher Generally, the Index Allocated Portion attempts to have a correlation be- than the cost of investing in a mutual fund that exclusively invests di- tween its performance and that of the Intermediate Government Credit rectly in individual stocks and bonds. In addition, the Portfolio’s net asset Index of approximately 0.95 before expenses. value will be subject to fluctuations in the market values of the ETFs in The Portfolio may invest up to 30% of the Portfolio’s total assets in de- which it invests. The Portfolio is also subject to the risks associated with rivatives such as foreign currency forward contracts as a substitute for the securities or other investments in which the ETFs invest and the abil- investing directly in securities or for hedging purposes. The Portfolio’s ity of the Portfolio to meet its investment objective will directly depend investments in derivatives may be deemed to involve the use of leverage on the ability of the ETFs to meet their investment objectives. There is because the Portfolio is not required to invest the full market value of the also the risk that an ETF’s performance may not match that of the rele- contract upon entering into the contract but participates in gains and losses vant index. It is also possible that an active trading market for an ETF on the full contract price. The use of derivatives also may be deemed to may not develop or be maintained, in which case the liquidity and value involve the use of leverage because the heightened price sensitivity of some of the Portfolio’s investment in the ETF could be substantially and ad- derivatives to market changes may magnify the Portfolio’s gain or loss. versely affected. The extent to which the investment performance and

EQGBP 2 risks associated with the Portfolio correlate to those of a particular ETF country’s creditworthiness and could negatively impact global will depend upon the extent to which the Portfolio’s assets are allocated markets more generally. Recent events in Europe may adversely from time to time for investment in the ETF, which will vary. affect the euro’s exchange rate and value and may continue to impact the economies of every European country. In June 2016, Foreign Securities Risk: Investments in foreign securities, includ- the United Kingdom (the “UK”) voted to withdraw from the EU, ing depositary receipts, involve risks not associated with investing in commonly referred to as “Brexit.” The impact of Brexit is so far U.S. securities. Foreign markets, particularly emerging markets, may be uncertain. Additional EU members could decide to abandon the less liquid, more volatile and subject to less government supervision euro and also withdraw from the EU. The decision by an EU than U.S. markets. Security values also may be negatively affected by member to leave the EU may cause increased volatility and have a changes in the exchange rates between the U.S. dollar and foreign cur- significant adverse impact on world financial markets, which could rencies. Differences between U.S. and foreign legal, political and eco- adversely affect the value of the Portfolio’s investments. nomic systems, regulatory regimes and market practices also may impact security values and it may take more time to clear and settle Interest Rate Risk: The Portfolio is subject to the risk that fixed in- trades involving foreign securities. come securities will decline in value because of changes in interest rates. When interest rates decline, the value of the Portfolio’s debt securities Currency Risk: Investments in foreign currencies and in secu- generally rises. Conversely, when interest rates rise, the value of the Port- rities that trade in, or receive revenues in, or in derivatives that folio’s debt securities generally declines. A portfolio with a longer average provide exposure to foreign currencies are subject to the risk that duration will be more sensitive to changes in interest rates, usually mak- those currencies will decline in value relative to the U.S. dollar, or, ing it more volatile than a portfolio with a shorter average duration. As of in the case of hedging positions, that the U.S. dollar will decline in the date of this Prospectus, interest rates are near historic lows in the value relative to the currency being hedged. Any such decline may United States, and below zero in other parts of the world, including cer- erode or reverse any potential gains from an investment in secu- tain European countries and Japan. The Portfolio is subject to a greater rities denominated in foreign currency or may widen existing loss. risk of rising interest rates due to these market conditions. A significant or Currency rates may fluctuate significantly over short periods of rapid rise in interest rates could result in losses to the Portfolio. time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by governments, central Investment Grade Securities Risk: Debt securities generally are banks or supranational entities, or by the imposition of currency rated by national bond ratings agencies. The Portfolio considers securities controls or other political developments in the U.S. or abroad. to be investment grade if they are rated BBB or higher by Standard & Poor’s Global Ratings or Fitch Ratings, Ltd. or Baa or higher by Moody’s Emerging Markets Risk: There are greater risks involved in Investors Service, Inc., or, if unrated, determined by the investment man- investing in emerging market countries and/or their securities ager to be of comparable quality. Securities rated in the lower investment markets. Investments in these countries and/or markets may pres- grade rating categories (e.g., BBB or Baa) are considered investment ent market, credit, currency, liquidity, legal, political, technical and grade securities, but are somewhat riskier than higher rated obligations other risks different from, or greater than, the risks of investing in because they are regarded as having only an adequate capacity to pay developed countries. Investments in emerging markets are more principal and interest, are considered to lack outstanding investment susceptible to loss than investments in developed markets. In characteristics, and may possess certain speculative characteristics. addition, the risks associated with investing in a narrowly defined geographic area are generally more pronounced with respect to Index Strategy Risk: The Portfolio employs an index strategy, that investments in emerging market countries. is, it generally invests in the securities included in its index or a representative sample of such securities regardless of market trends. The European Economic Risk: The European Union’s (the “EU”) Portfolio generally will not modify its index strategy to respond to Economic and Monetary Union (the “EMU”) requires member changes in the economy, which means that it may be particularly countries to comply with restrictions on interest rates, deficits, debt susceptible to a general decline in the market segment relating to the levels, and inflation rates, and other factors, each of which may relevant index. In addition, although the index strategy attempts to significantly impact every European country. The economies of EU closely track its benchmark index, the Portfolio may not invest in all of member countries and their trading partners may be adversely the securities in the index. Also, the Portfolio’s fees and expenses will affected by changes in the euro’s exchange rate, changes in EU or reduce the Portfolio’s returns, unlike those of the benchmark index. governmental regulations on trade, and the threat of default or an Cash flow into and out of the Portfolio, portfolio transaction costs, actual default by an EU member country on its sovereign debt, changes in the securities that comprise the index, and the Portfolio’s which could negatively impact the Portfolio’s investments and valuation procedures also may affect the Portfolio’s performance. There- cause it to lose money. In recent years, the European financial fore, there can be no assurance that the performance of the index markets have been negatively impacted by concerns relating to strategy will match that of the benchmark index. rising government debt levels and national unemployment; possible default on or restructuring of sovereign debt in several European Leveraging Risk: When the Portfolio leverages its holdings, the countries; and economic downturns. A European country’s default value of an investment in the Portfolio will be more volatile and all other or debt restructuring would adversely affect the holders of the risks will tend to be compounded. For example, the Portfolio may take country’s debt and sellers of credit default swaps linked to the on leveraging risk when it engages in derivatives transactions (such as

EQGBP 3 futures and options investments), invests collateral from securities loans appropriate for its allocated portion of the Portfolio. Because each Sub- or borrows money. The Portfolio may experience leveraging risk in con- Adviser directs the trading for its own portion of the Portfolio, and does nection with investments in derivatives because its investments in de- not aggregate its transactions with those of the other Sub-Adviser, the rivatives may be small relative to the investment exposure assumed, Portfolio may incur higher brokerage costs than would be the case if a leaving more assets to be invested in other investments. Such invest- single Sub-Adviser were managing the entire Portfolio. In addition, while ments may have the effect of leveraging the Portfolio because the the Adviser seeks to allocate the Portfolio’s assets among the Portfolio’s Portfolio may experience gains or losses not only on its investments in derivatives, but also on the investments purchased with the remainder of Sub-Advisers in a manner that it believes is consistent with achieving the the assets. If the value of the Portfolio’s investments in derivatives is in- Portfolio’s investment objective(s), the Adviser may be subject to potential creasing, this could be offset by declining values of the Portfolio’s other conflicts of interest in allocating the Portfolio’s assets among Sub- investments. Conversely, it is possible that the rise in the value of the Advisers, including affiliated Sub-Advisers, because the Adviser pays Portfolio’s non-derivative investments could be offset by a decline in the different fees to the Sub-Advisers and due to other factors that could im- value of the Portfolio’s investments in derivatives. In either scenario, the pact the Adviser’s revenues and profits. Portfolio may experience losses. In a market where the value of the Port- folio’s investments in derivatives is declining and the value of its other Redemption Risk: The Portfolio may experience periods of heavy investments is declining, the Portfolio may experience substantial losses. redemptions that could cause the Portfolio to sell assets at inopportune times or at a loss or depressed value. Redemption risk is heightened Liquidity Risk: The Portfolio is subject to the risk that certain during periods of declining or illiquid markets. Heavy redemptions could investments may be difficult or impossible for the Portfolio to purchase hurt the Portfolio’s performance. or sell at an advantageous time or price or in sufficient amounts to achieve the desired level of exposure. The Portfolio may be required to Market developments and other factors, including a general rise in interest dispose of other investments at unfavorable times or prices to satisfy rates, have the potential to cause investors to move out of fixed income obligations, which may result in a loss or may be costly to the Portfolio. securities on a large scale, which may increase redemptions from mutual Judgment plays a greater role in pricing illiquid investments than funds that hold large amounts of fixed income securities. Such a move, investments with more active markets. coupled with a reduction in the ability or willingness of dealers and other Mortgage-Backed and Asset-Backed Securities Risk: The institutional investors to buy or hold fixed income securities, may result in Portfolio is subject to the risk that the principal on mortgage- and asset- decreased liquidity and increased volatility in the fixed income markets. backed securities held by the Portfolio will be prepaid, which generally will reduce the yield and market value of these securities. If interest rates fall, the Securities Lending Risk: The Portfolio may lend its portfolio secu- rate of prepayments tends to increase as borrowers are motivated to pay off rities to seek income. There is a risk that a borrower may default on its debt and refinance at new lower rates. Rising interest rates may increase the obligations to return loaned securities, however, the Portfolio’s secu- risk of default by borrowers and tend to extend the duration of these securities lending agent may indemnify the Portfolio against that risk. The rities, making them more sensitive to changes in interest rates. As a result, Portfolio will be responsible for the risks associated with the investment in a period of rising interest rates, to the extent the Portfolio holds these of cash collateral, including any collateral invested in an affiliated types of securities it may experience additional volatility and losses. This is money market fund. The Portfolio may lose money on its investment of known as extension risk. Moreover, declines in the credit quality of the is- cash collateral or may fail to earn sufficient income on its investment to suers of mortgage- and asset-backed securities or instability in the markets meet obligations to the borrower. In addition, delays may occur in the for such securities may affect the value and liquidity of such securities, which recovery of securities from borrowers, which could interfere with the could result in losses to the Portfolio. In addition, certain mortgage- and Portfolio’s ability to vote proxies or to settle transactions. asset-backed securities may include securities backed by pools of loans made to “subprime” borrowers or borrowers with blemished credit histor- U.S. Government Securities Risk: U.S. government securities ies; the risk of defaults is generally higher in the case of mortgage pools that are subject to market risk, interest rate risk and credit risk. Securities, include such subprime mortgages. such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, Multiple Sub-Adviser Risk: The Adviser allocates the Portfolio’s that are backed by the full faith and credit of the U.S. are guaranteed assets among multiple Sub-Advisers, each of which is responsible for only as to the timely payment of interest and principal when held to investing its allocated portion of the Portfolio’s assets. To a significant maturity, and the market prices for such securities will fluctuate due to extent, the Portfolio’s performance will depend on the success of the Ad- changing interest rates, among other factors. Notwithstanding that viser in allocating the Portfolio’s assets to Sub-Advisers and its selection these securities are backed by the full faith and credit of the U.S., cir- and oversight of the Sub-Advisers. Because each Sub-Adviser manages its cumstances could arise that would prevent the payment of interest or allocated portion of the Portfolio independently from another Sub-Adviser, principal. This would result in losses to the Portfolio. Securities issued or the same security may be held in different portions of the Portfolio, or may guaranteed by U.S. government related organizations, such as Fannie be acquired for one portion of the Portfolio at a time when a Sub-Adviser Mae and Freddie Mac, are not backed by the full faith and credit of the to another portion deems it appropriate to dispose of the security from U.S. government and no assurance can be given that the U.S. govern- that other portion, resulting in higher expenses without accomplishing any ment will provide financial support. Therefore, U.S. government related net result in the Portfolio’s holdings. Similarly, under some market con- organizations may not have the funds to meet their payment obligations ditions, one Sub-Adviser may believe that temporary, defensive invest- in the future. ments in short-term instruments or cash are appropriate when another Sub-Adviser believes continued exposure to the equity or debt markets is

EQGBP 4 Risk/Return Bar Chart and Table Date Began Managing The bar chart and table below provide some indication of the risks of in- Name Title the Portfolio vesting in the Portfolio by showing changes in the Portfolio’s performance Kenneth T. Kozlowski, Executive Vice President June 2011 ® from year to year and by showing how the Portfolio’s average annual CFP , CLU, ChFC and Chief Investment Officer of FMG LLC total returns for the past one year, five years and ten years (or since inception) through December 31, 2016 compared to the returns of a broad- Alwi Chan, CFA® Senior Vice President June 2011 based securities market index. The return of the broad-based securities and Deputy Chief Investment Officer of market index (and any additional comparative index) shown in the right FMG LLC hand column below is the return of the index for the last 10 years or, if shorter, since the inception of the share class with the longest history. Sub-Adviser: First International Advisors, LLC (“First Past performance is not an indication of future performance. International”) and Wells Capital Management, Inc. The performance results do not reflect any Contract-related fees and Portfolio Managers: The members of the team that are jointly and expenses, which would reduce the performance results. primarily responsible for the securities selection, research and trading for the Active Allocated Portion of the Portfolio are: Calendar Year Annual Total Returns — Class IB 9.26% Date Began Managing 6.51% 6.28% Name Title the Portfolio 4.41% 3.72% Anthony Norris Chief Investment Officer, May 2006 Managing Director and 1.96% 0.83% 0.70% Senior Portfolio Manager of First International Peter Wilson Managing Director and May 2006 -2.45% Senior Portfolio Manager -3.85% of First International 20072008 2009 2010 2011 2012 2013 2014 2015 2016 Sub-Adviser: BlackRock Investment Management, LLC Best quarter (% and time period) Worst quarter (% and time period) (“BlackRock”) 9.57% (2008 1st Quarter) –6.50% (2016 4th Quarter) Portfolio Managers: The members of the team that are jointly and Average Annual Total Returns primarily responsible for the securities selection, research and trading Ten for the Index Allocated Portion of the Portfolio are: One Five Years/Since Year Years Inception Date Began EQ/Global Bond PLUS Portfolio – Class IA Managing Shares 0.71% –0.26% 2.80% Name Title the Portfolio EQ/Global Bond PLUS Portfolio – Class IB Scott Radell Managing Director and June 2010 Shares 0.70% –0.25% 2.66% Portfolio Manager of Bloomberg Barclays Global Aggregate BlackRock Index (reflects no deduction for fees, expenses, or taxes) 2.10% 0.21% 3.29% Karen Uyehara Director and Portfolio May 2011 Manager of BlackRock WHO MANAGES THE PORTFOLIO AXA Equitable Funds Management Group, LLC (“FMG LLC” or the Investment Adviser: FMG LLC “Adviser”) has been granted relief by the Securities and Exchange Com- Portfolio Managers: The members of the team that are jointly and mission to hire, terminate and replace Sub-Advisers and amend sub- primarily responsible for (i) the selection, monitoring and oversight of advisory agreements subject to the approval of the Board of Trustees and the Portfolio’s Sub-Advisers, (ii) allocating assets among the Portfolio’s without obtaining shareholder approval. However, the Adviser may not Allocated Portions and (iii) the selection of investments in exchange- enter into a sub-advisory agreement on behalf of the Portfolio with an traded funds for the Portfolio are: “affiliated person” of the Adviser, such as AllianceBernstein L.P., unless the sub-advisory agreement is approved by the Portfolio’s shareholders. The Adviser is responsible for overseeing Sub-Advisers and recommending their hiring, termination and replacement to the Board of Trustees.

EQGBP 5 PURCHASE AND REDEMPTION OF PORTFOLIO SHARES The Portfolio’s shares are currently sold only to insurance company separate accounts in connection with Contracts issued by AXA Equitable Life Insurance Company (“AXA Equitable”), AXA Life and Annuity Company, or 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, to other portfolios managed by FMG LLC that currently sell their shares to such accounts and plans and to other investors eligible under applicable federal income tax regulations. The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day (which typically is any day the New York Stock Exchange is open) upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares.

PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES This Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and the Adviser and its affiliates may make payments to a sponsoring insurance company (or its affiliates) or other financial intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. Ask your financial adviser or visit your financial intermediary’s website for more information.

EQGBP 6 EQ Advisors TrustSM

EQ/Intermediate Government Bond Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks to achieve a total return before ex- 1 Year 3 Years 5 Years 10 Years Class IA Shares $74 $230 $401 $894 penses that approximates the total return performance of the Bloom- Class IB Shares $74 $230 $401 $894 berg Barclays U.S. Intermediate Government Bond Index (“Intermediate Government Bond Index”), including reinvestment of dividends, at a risk level consistent with that of the Intermediate Government Bond PORTFOLIO TURNOVER Index. The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turn- FEES AND EXPENSES OF THE PORTFOLIO over rate may indicate higher transaction costs. These costs, which are not The following table describes the fees and expenses that you may pay if reflected in annual fund operating expenses or in the Example, affect the you buy and hold shares of the Portfolio. The table below does not re- Portfolio’s performance. During the most recent fiscal year, the Portfolio’s flect any fees and expenses associated with variable life insurance con- portfolio turnover rate was 54% of the average value of the Portfolio. tracts and variable annuity certificates and contracts (“Contracts”), which would increase overall fees and expenses. See the Contract pro- INVESTMENTS, RISKS, AND PERFORMANCE spectus for a description of those fees and expenses. Principal Investment Strategy: The Portfolio normally invests at least 80% of its net assets, plus borrowings for investment purposes, Shareholder Fees in debt securities that are included in the Intermediate Government (fees paid directly from your investment) Bond Index, or other financial instruments that derive their value from Not applicable. those securities. The Intermediate Government Bond Index is an unmanaged index that measures the performance of securities consisting Annual Portfolio Operating Expenses of all U.S. Treasury and agency securities with remaining maturities of (expenses that you pay each year as a percentage of the value of your investment) from one to ten years and issue amounts of at least $250 million out- Class IA Class IB standing, which may include zero-coupon securities. The Adviser may EQ/Intermediate Government Bond Portfolio Shares Shares also invest up to 20% of the Portfolio’s assets in exchange-traded Management Fee 0.33% 0.33% funds (“ETFs”) that invest in securities included in the Intermediate Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% Government Bond Index. The Sub-Adviser may also purchase or sell Other Expenses 0.12% 0.12% futures contracts on fixed-income securities in lieu of investment di- Acquired Fund Fees and Expenses 0.02% 0.02% Total Annual Portfolio Operating Expenses 0.72% 0.72% rectly in fixed-income securities themselves. The Portfolio may not track the performance of the Intermediate Govern- Example ment Bond Index due to differences in individual securities holdings, expenses and transaction costs, the size and frequency of cash flow into and This Example is intended to help you compare the cost of investing in the out of the Portfolio, and differences between how and when the Portfolio Portfolio with the cost of investing in other portfolios. The Example assumes and the Intermediate Government Bond Index are valued. that you invest $10,000 in the Portfolio for the periods indicated and then redeem all of your shares at the end of these periods. The Example also The Portfolio also may lend its portfolio securities to earn additional assumes that your investment has a 5% return each year and that the Port- income. folio’s operating expenses remain the same. This Example does not reflect Principal Risks: An investment in the Portfolio is not a deposit of a any Contract-related fees and expenses including redemption fees (if any) at bank and is not insured or guaranteed by the Federal Deposit Insurance the Contract level. If such fees and expenses were reflected, the total ex- Corporation or any other government agency. You may lose money by penses would be higher. Although your actual costs may be higher or investing in the Portfolio. Performance may be affected by one or more lower, based on these assumptions your costs would be: of the following risks.

EQIGB 1 Credit Risk: The Portfolio is subject to the risk that the issuer or the but are somewhat riskier than higher rated obligations because they are guarantor (or other obligor, such as a party providing insurance or other regarded as having only an adequate capacity to pay principal and interest, credit enhancement) of a fixed income security, or the counterparty to a are considered to lack outstanding investment characteristics, and may derivatives contract, repurchase agreement, loan of portfolio securities possess certain speculative characteristics. or other transaction, is unable or unwilling, or is perceived (whether by Redemption Risk: The Portfolio may experience periods of heavy market participants, ratings agencies, pricing services or otherwise) as redemptions that could cause the Portfolio to sell assets at inopportune unable or unwilling, to make timely principal and/or interest payments, times or at a loss or depressed value. Redemption risk is heightened or otherwise honor its obligations. Securities are subject to varying during periods of declining or illiquid markets. Heavy redemptions could degrees of credit risk, which are often reflected in their credit ratings. hurt the Portfolio’s performance. However, rating agencies may fail to make timely changes to credit ratings in response to subsequent events and a credit rating may Market developments and other factors, including a general rise in interest become stale in that it fails to reflect changes in an issuer’s financial rates, have the potential to cause investors to move out of fixed income condition. The downgrade of the credit rating of a security may securities on a large scale, which may increase redemptions from mutual decrease its value. Lower credit quality also may lead to greater funds that hold large amounts of fixed income securities. Such a move, volatility in the price of a security and may negatively affect a security’s coupled with a reduction in the ability or willingness of dealers and other liquidity. institutional investors to buy or hold fixed income securities, may result in decreased liquidity and increased volatility in the fixed income markets. ETFs Risk: The Portfolio will indirectly bear fees and expenses paid by the ETFs in which it invests, in addition to the Portfolio’s direct fees and Securities Lending Risk: The Portfolio may lend its portfolio secu- expenses. The cost of investing in the Portfolio, therefore, may be higher rities to seek income. There is a risk that a borrower may default on its than the cost of investing in a mutual fund that exclusively invests di- obligations to return loaned securities, however, the Portfolio’s secu- rectly in individual stocks and bonds. In addition, the Portfolio’s net asset rities lending agent may indemnify the Portfolio against that risk. The value will be subject to fluctuations in the market values of the ETFs in Portfolio will be responsible for the risks associated with the investment which it invests. The Portfolio is also subject to the risks associated with of cash collateral, including any collateral invested in an affiliated the securities or other investments in which the ETFs invest and the abil- money market fund. The Portfolio may lose money on its investment of ity of the Portfolio to meet its investment objective will directly depend cash collateral or may fail to earn sufficient income on its investment to on the ability of the ETFs to meet their investment objectives. There is meet obligations to the borrower. In addition, delays may occur in the also the risk that an ETF’s performance may not match that of the rele- recovery of securities from borrowers, which could interfere with the vant index. It is also possible that an active trading market for an ETF Portfolio’s ability to vote proxies or to settle transactions. may not develop or be maintained, in which case the liquidity and value U.S. Government Securities Risk: U.S. government securities of the Portfolio’s investment in the ETF could be substantially and ad- are subject to market risk, interest rate risk and credit risk. Securities, versely affected. The extent to which the investment performance and such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, risks associated with the Portfolio correlate to those of a particular ETF that are backed by the full faith and credit of the U.S. are guaranteed will depend upon the extent to which the Portfolio’s assets are allocated only as to the timely payment of interest and principal when held to from time to time for investment in the ETF, which will vary. maturity, and the market prices for such securities will fluctuate due to Interest Rate Risk: The Portfolio is subject to the risk that fixed in- changing interest rates, among other factors. Notwithstanding that come securities will decline in value because of changes in interest rates. these securities are backed by the full faith and credit of the U.S., cir- When interest rates decline, the value of the Portfolio’s debt securities cumstances could arise that would prevent the payment of interest or generally rises. Conversely, when interest rates rise, the value of the Port- principal. This would result in losses to the Portfolio. Securities issued or folio’s debt securities generally declines. A portfolio with a longer average guaranteed by U.S. government related organizations, such as Fannie duration will be more sensitive to changes in interest rates, usually mak- Mae and Freddie Mac, are not backed by the full faith and credit of the ing it more volatile than a portfolio with a shorter average duration. As of U.S. government and no assurance can be given that the U.S. govern- the date of this Prospectus, interest rates are near historic lows in the ment will provide financial support. Therefore, U.S. government related United States, and below zero in other parts of the world, including cer- organizations may not have the funds to meet their payment obligations tain European countries and Japan. The Portfolio is subject to a greater in the future. risk of rising interest rates due to these market conditions. A significant or Zero Coupon and Pay-in-Kind Securities Risk: Azerocou- rapid rise in interest rates could result in losses to the Portfolio. pon or pay-in-kind security pays no interest in cash to its holder during Investment Grade Securities Risk: Debt securities generally are its life. Accordingly, zero coupon securities usually trade at a deep dis- rated by national bond ratings agencies. The Portfolio considers securities count from their face or par value and, together with pay-in kind secu- to be investment grade if they are rated BBB or higher by Standard & Poor’s rities, will be subject to greater fluctuations in market value in response Global Ratings or Fitch Ratings, Ltd. or Baa or higher by Moody’s Investors to changing interest rates than debt obligations of comparable matur- Service, Inc., or, if unrated, determined by the investment manager to be of ities that make current distribution of interest in cash. comparable quality. Securities rated in the lower investment grade rating categories (e.g., BBB or Baa) are considered investment grade securities,

EQIGB 2 Risk/Return Bar Chart and Table Sub-Adviser: SSGA Funds Management, Inc. (“SSGA FM”) The bar chart and table below provide some indication of the risks of Portfolio Managers: The members of the team that are jointly and investing in the Portfolio by showing changes in the Portfolio’s primarily responsible for the securities selection, research and trading performance from year to year and by showing how the Portfolio’s for the Portfolio are: average annual total returns for the past one, five and ten years (or since inception) through December 31, 2016 compared to the returns of Date Began Managing a broad-based securities market index. The return of the broad-based Name Title the Portfolio securities market index (and any additional comparative index) shown in Michael Brunell, CFA® Vice President January 2009 the right hand column below is the return of the index for the last 10 of SSGA FM years or, if shorter, since the inception of the share class with the lon- Michael Przygoda,CFA® Vice President May 2016 gest history. Past performance is not an indication of future perform- of SSGA FM ance. Prior to February 15, 2011, the Portfolio had a different investment objective and investment strategy. AXA Equitable Funds Management Group, LLC (“FMG LLC” or the “Adviser”) has been granted relief by the Securities and Exchange Com- The performance results do not reflect any Contract-related fees and mission to hire, terminate and replace Sub-Advisers and amend sub- expenses, which would reduce the performance results. advisory agreements subject to the approval of the Board of Trustees and Calendar Year Annual Total Returns — Class IB without obtaining shareholder approval. However, the Adviser may not enter into a sub-advisory agreement on behalf of the Portfolio with an 6.97% 5.30% “affiliated person” of the Adviser, such as AllianceBernstein L.P., unless 4.19% the sub-advisory agreement is approved by the Portfolio’s shareholders. 3.19% The Adviser is responsible for overseeing Sub-Advisers and recommend- 1.02% 1.59% 0.43% 0.39% ing their hiring, termination and replacement to the Board of Trustees.

-1.93% -1.72% PURCHASE AND REDEMPTION OF PORTFOLIO SHARES 2007 2008 2009 2010 20112012 2013 2014 2015 2016 The Portfolio’s shares are currently sold only to insurance company sepa-

Best quarter (% and time period) Worst quarter (% and time period) rate accounts in connection with Contracts issued by AXA Equitable Life 3.05% (2011 3rd Quarter) –1.88% (2008 2nd Quarter) Insurance Company (“AXA Equitable”), AXA Life and Annuity Com- pany, or other affiliated or unaffiliated insurance companies and to The AXA Equitable 401(k) Plan. Shares also may be sold to other Average Annual Total Returns tax-qualified retirement plans, to other portfolios managed by FMG LLC Ten One Five Years/Since that currently sell their shares to such accounts and plans and to other Year Years Inception investors eligible under applicable federal income tax regulations. EQ/Intermediate Government Bond Portfolio – Class IA Shares 0.39% 0.34% 2.03% The Portfolio does not have minimum initial or subsequent investment EQ/Intermediate Government Bond Portfolio – Class IB Shares 0.39% 0.34% 1.91% requirements. Shares of the Portfolio are redeemable on any business Bloomberg Barclays U.S. Intermediate day (which typically is any day the New York Stock Exchange is open) Government Bond Index (reflects no deduction for fees, expenses, or taxes) 1.05% 1.04% 3.42% upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven WHO MANAGES THE PORTFOLIO days after tender. Please refer to your Contract prospectus for more in- Investment Adviser: FMG LLC formation on purchasing and redeeming Portfolio shares.

Portfolio Managers: The members of the team that are jointly and TAX INFORMATION primarily responsible for the selection, monitoring and oversight of the Portfolio’s Sub-Advisers are: The Portfolio’s shareholders are (or may include) insurance company separate accounts, qualified plans and other investors eligible under Date Began applicable federal income tax regulations. Accordingly, distributions the Managing Portfolio makes of its net investment income and net realized gains — Name Title the Portfolio most or all of which it intends to distribute annually — and re- Kenneth T. Kozlowski, Executive Vice President June 2011 CFP®, CLU, ChFC and Chief Investment demptions or exchanges of Portfolio shares generally will not be taxable Officer of FMG LLC to its shareholders (or to the holders of underlying Contracts or plan Alwi Chan, CFA® Senior Vice President June 2011 participants or beneficiaries). See the prospectus for your Contract for and Deputy further tax information. Chief Investment Officer of FMG LLC

EQIGB 3 PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES This Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and the Adviser and its affiliates may make payments to a sponsoring insurance company (or its affiliates) or other financial intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. Ask your financial adviser or visit your financial intermediary’s website for more information.

EQIGB 4 EQ Advisors TrustSM

EQ/Invesco Comstock Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks to achieve capital growth and income. reflect any Contract-related fees and expenses including redemption fees (if any) at the Contract level. If such fees and expenses were reflected, the FEES AND EXPENSES OF THE PORTFOLIO total expenses would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table below does not re- 1 Year 3 Years 5 Years 10 Years flect any fees and expenses associated with variable life insurance con- Class IA Shares $102 $333 $583 $1,299 tracts and variable annuity certificates and contracts (“Contracts”), Class IB Shares $102 $333 $583 $1,299 which would increase overall fees and expenses. See the Contract prospectus for a description of those fees and expenses. PORTFOLIO TURNOVER

Shareholder Fees The Portfolio pays transaction costs, such as commissions, when it buys (fees paid directly from your investment) and sells securities (or “turns over” its portfolio). A higher portfolio turn- Not applicable. over rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Annual Portfolio Operating Expenses Portfolio’s performance. During the most recent fiscal year, the Portfolio’s (expenses that you pay each year as a percentage of the value of portfolio turnover rate was 18% of the average value of the Portfolio. your investment) Class IA Class IB INVESTMENTS, RISKS, AND PERFORMANCE EQ/Invesco Comstock Portfolio Shares Shares Management Fee 0.65% 0.65% Principal Investment Strategy: Under normal market conditions, Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% the Portfolio invests at least 80% of its net assets, plus borrowings for Other Expenses 0.17% 0.17% investment purposes, in common stocks. The Portfolio may invest in is- Total Annual Portfolio Operating Expenses 1.07% 1.07% suers of any market capitalization range, however, a substantial number Fee Waiver and/or Expense Reimbursement† –0.07% –0.07% Total Annual Portfolio Operating Expenses After Fee of issuers are large capitalization issuers. The Portfolio may invest in Waiver and/or Expense Reimbursement 1.00% 1.00% other types of equity securities. † Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreed to The Sub-Adviser emphasizes a value style of investing, seeking well estab- make payments or waive its management, administrative and other fees to limit the expenses of the Portfolio through April 30, 2018 (unless the Board of Trustees consents to lished, undervalued companies believed by the Sub-Adviser to possess the an earlier revision or termination of this arrangement) (“Expense Limitation potential for capital growth and income. The Sub-Adviser typically sells Arrangement”) so that the annual operating expenses of the Portfolio (exclusive of taxes, portfolio securities when (i) the target price of the investment has been interest, brokerage commissions, capitalized expenses, acquired fund fees and expenses, dividend and interest expenses on securities sold short, and extraordinary expenses) do realized and the Sub-Adviser no longer considers the company under- not exceed an annual rate of average daily net assets of 1.00% for Class IA and IB valued, (ii) a better value opportunity is identified, or (iii) research shows shares of the Portfolio. The Expense Limitation Arrangement may be terminated by AXA Equitable Funds Management Group, LLC at any time after April 30, 2018. that the company is experiencing deteriorating fundamentals beyond the Sub-Adviser’s tolerable level and the trend is likely to be a long-term issue. Example The Portfolio may invest up to 25% of its net assets in securities of for- This Example is intended to help you compare the cost of investing in the eign issuers, including emerging market securities and depositary re- Portfolio with the cost of investing in other portfolios. The Example as- ceipts. With respect to investments in foreign issuers, the Portfolio may sumes that you invest $10,000 in the Portfolio for the periods indicated enter into foreign currency transactions, including currency forward and then redeem all of your shares at the end of these periods. The transactions, which are a type of derivative. The Portfolio may invest up Example also assumes that your investment has a 5% return each year, to 10% of its total assets in real estate investment trusts (“REITs”). that the Portfolio’s operating expenses remain the same, and that the The Portfolio also may lend its portfolio securities to earn additional Expense Limitation Arrangement is not renewed. This Example does not income.

EQICK 1 Principal Risks: An investment in the Portfolio is not a deposit of a into which they may be converted. In addition, issuers underlying bank and is not insured or guaranteed by the Federal Deposit Insurance unsponsored depositary receipts may not provide as much in- Corporation or any other government agency. You may lose money by formation as U.S. issuers and issuers underlying sponsored deposi- investing in the Portfolio. Performance may be affected by one or more tary receipts. Unsponsored depositary receipts also may not carry the of the following risks. same voting privileges as sponsored depositary receipts. Derivatives Risk: The Portfolio’s investments in derivatives may rise or Emerging Markets Risk: There are greater risks involved in fall in value more rapidly than other investments. Changes in the value of a investing in emerging market countries and/or their securities derivative may not correlate perfectly or at all with the underlying asset, markets. Investments in these countries and/or markets may pres- rate or index, and the Portfolio could lose more than the principal amount ent market, credit, currency, liquidity, legal, political, technical and invested. Some derivatives can have the potential for unlimited losses. In other risks different from, or greater than, the risks of investing in addition, it may be difficult or impossible for the Portfolio to purchase or developed countries. Investments in emerging markets are more sell certain derivatives in sufficient amounts to achieve the desired level of susceptible to loss than investments in developed markets. In exposure, which may result in a loss or may be costly to the Portfolio. De- addition, the risks associated with investing in a narrowly defined rivatives also may be subject to certain other risks such as leveraging risk, geographic area are generally more pronounced with respect to interest rate risk, credit risk, the risk that a counterparty may be unable or investments in emerging market countries. unwilling to honor its obligations, and the risk of mispricing or improper Investment Style Risk: The Portfolio may use a particular style or valuation. Derivatives also may not behave as anticipated by the Portfolio, set of styles — in this case “value” styles — to select investments. especially in abnormal market conditions. Changing regulation may make Those styles may be out of favor or may not produce the best results derivatives more costly, limit their availability, impact the Portfolio’s ability over short or longer time periods. Value stocks are subject to the risks to maintain its investments in derivatives, disrupt markets, or otherwise that notwithstanding that a stock is selling at a discount to its perceived adversely affect their value or performance. true worth, the market will never fully recognize its intrinsic value. In Equity Risk: In general, stocks and other equity security values fluc- addition, there is the risk that a stock judged to be undervalued may tuate, and sometimes widely fluctuate, in response to changes in a actually be appropriately priced. Value stocks may also increase the company’s financial condition as well as general market, economic and volatility of the Portfolio’s share price. political conditions and other factors. Large-Cap Company Risk: Larger more established companies Foreign Securities Risk: Investments in foreign securities, includ- may be unable to respond quickly to new competitive challenges such ing depositary receipts, involve risks not associated with investing in as changes in technology and consumer tastes. Many larger companies U.S. securities. Foreign markets, particularly emerging markets, may be also may not be able to attain the high growth rate of successful less liquid, more volatile and subject to less government supervision smaller companies, especially during extended periods of economic than U.S. markets. Security values also may be negatively affected by expansion. changes in the exchange rates between the U.S. dollar and foreign cur- Mid-Cap and Small-Cap Company Risk: The Portfolio’s rencies. Differences between U.S. and foreign legal, political and eco- investments in mid- and small-cap companies may involve greater risks nomic systems, regulatory regimes and market practices also than investments in larger, more established issuers because they gen- may impact security values and it may take more time to clear and settle erally are more vulnerable than larger companies to adverse business or trades involving foreign securities. economic developments. Such companies generally have narrower Currency Risk: Investments in foreign currencies and in secu- product lines, more limited financial and management resources and rities that trade in, or receive revenues in, or in derivatives that more limited markets for their stock as compared with larger compa- provide exposure to foreign currencies are subject to the risk that nies. As a result, the value of such securities may be more volatile than those currencies will decline in value relative to the U.S. dollar, or, the securities of larger companies, and the Portfolio may experience in the case of hedging positions, that the U.S. dollar will decline in difficulty in purchasing or selling such securities at the desired time and value relative to the currency being hedged. Any such decline may price or in the desired amount. In general, these risks are greater for erode or reverse any potential gains from an investment in secu- small-cap companies than for mid-cap companies. rities denominated in foreign currency or may widen existing loss. Real Estate Investing Risk: Real estate-related investments may Currency rates may fluctuate significantly over short periods of decline in value as a result of factors affecting the overall real estate time for a number of reasons, including changes in interest rates, industry. Real estate is a cyclical business, highly sensitive to supply and intervention (or the failure to intervene) by governments, central demand, general and local economic developments and characterized banks or supranational entities, or by the imposition of currency by intense competition and periodic overbuilding. Real estate income controls or other political developments in the U.S. or abroad. and values also may be greatly affected by demographic trends, such as Depositary Receipts Risk: Investments in depositary receipts population shifts or changing tastes and values. Losses may occur from (including American Depositary Receipts, European Depositary Re- casualty or condemnation and government actions, such as tax law ceipts and Global Depositary Receipts) are generally subject to the changes, zoning law changes, regulatory limitations on rents, or same risks of investing in the foreign securities that they evidence or environmental regulations, also may have a major impact on real estate.

EQICK 2 The availability of mortgages and changes in interest rates may also af- the right hand column below is the return of the index for the last 10 fect real estate values. Changing interest rates and credit quality years or, if shorter, since the inception of the share class with the lon- requirements also will affect the cash flow of real estate companies and gest history. Past performance is not an indication of future perform- their ability to meet capital needs. Real Estate Investment Trusts ance. (“REITs”) generally invest directly in real estate (equity REITs), in mort- The performance results do not reflect any Contract-related fees and gages secured by interests in real estate (mortgage REITs) or in some expenses, which would reduce the performance results. combination of the two (hybrid REITs). Investing in REITs exposes investors to the risks of owning real estate directly, as well as to risks Calendar Year Annual Total Returns — Class IB that relate specifically to the way in which REITs are organized and 35.06% operated. Equity REITs may be affected by changes in the value of the 28.36% underlying property owned by the REIT, while mortgage REITs may be 18.35% affected by the quality of any credit extended. Equity and mortgage 15.30% 17.36% REITs are also subject to heavy cash flow dependency, defaults by bor- 8.92% rowers, and self-liquidations. The risk of defaults is generally higher in the case of mortgage pools that include subprime mortgages involving -2.57% -2.01% borrowers with blemished credit histories. Individual REITs may own a -6.18% limited number of properties and may concentrate in a particular region or property type. Domestic REITs also must satisfy specific Internal Rev- enue Code requirements to qualify for the tax-free pass-through of net investment income and net realized gains. Failure to meet these -36.92% requirements may have adverse consequences on the Portfolio. In addi- 2007 2008 2009 2010 2011 2012 2013 20142015 2016 tion, even the larger REITs in the industry tend to be small- to medium- sized companies in relation to the equity markets as a whole. Moreover, Best quarter (% and time period) Worst quarter (% and time period) 19.12% (2009 3rd Quarter) –23.30% (2008 4th Quarter) shares of REITs may trade less frequently and, therefore, are subject to more erratic price movements than securities of larger issuers. Average Annual Total Returns Sector Risk: From time to time, based on market or economic con- Ten ditions, the Portfolio may have significant positions in one or more sec- One Five Years/Since tors of the market. To the extent the Portfolio invests more heavily in Year Years Inception EQ/Invesco Comstock Portfolio – Class IA particular sectors, its performance will be especially sensitive to Shares 17.37% 13.91% 5.64% developments that significantly affect those sectors. Individual sectors EQ/Invesco Comstock Portfolio – Class IB may be more volatile, and may perform differently, than the broader Shares 17.36% 13.90% 5.50% Russell 1000® Value Index (reflects no market. The industries that constitute a sector may all react in the same deduction for fees, expenses, or taxes) 17.34% 14.80% 5.72% way to economic, political or regulatory events.

Securities Lending Risk: The Portfolio may lend its portfolio secu- WHO MANAGES THE PORTFOLIO rities to seek income. There is a risk that a borrower may default on its Investment Adviser: FMG LLC obligations to return loaned securities, however, the Portfolio’s securities lending agent may indemnify the Portfolio against that risk. The Portfolio Managers: The members of the team that are jointly and Portfolio will be responsible for the risks associated with the investment primarily responsible for the selection, monitoring and oversight of the of cash collateral, including any collateral invested in an affiliated Portfolio’s Sub-Adviser are: money market fund. The Portfolio may lose money on its investment of cash collateral or may fail to earn sufficient income on its investment to Date Began Managing meet obligations to the borrower. In addition, delays may occur in the Name Title the Portfolio recovery of securities from borrowers, which could interfere with the Kenneth T. Kozlowski, Executive May 2011 Portfolio’s ability to vote proxies or to settle transactions. CFP®, CLU, ChFC Vice President and Chief Investment Officer Risk/Return Bar Chart and Table of FMG LLC Alwi Chan, CFA® Senior Vice President May 2009 The bar chart and table below provide some indication of the risks of and Deputy investing in the Portfolio by showing changes in the Portfolio’s Chief Investment Officer performance from year to year and by showing how the Portfolio’s of FMG LLC average annual total returns for the past one, five and ten years (or since inception) through December 31, 2016 compared to the returns of a broad-based securities market index. The return of the broad-based securities market index (and any additional comparative index) shown in

EQICK 3 Sub-Adviser: Invesco Advisers, Inc. (“Invesco”) TAX INFORMATION Portfolio Managers: The members of the team that are jointly and The Portfolio’s shareholders are (or may include) insurance company primarily responsible for the securities selection, research and trading separate accounts, qualified plans and other investors eligible under for the Portfolio are: applicable federal income tax regulations. Accordingly, distributions the Portfolio makes of its net investment income and net realized gains — Date Began most or all of which it intends to distribute annually — and re- Managing demptions or exchanges of Portfolio shares generally will not be taxable Name Title the Portfolio Kevin C. Holt Lead Portfolio Manager of April 2005 to its shareholders (or to the holders of underlying Contracts or plan Invesco participants or beneficiaries). See the prospectus for your Contract for further tax information. Devin E. Armstrong Portfolio Manager of Invesco July 2007 James N. Warwick Portfolio Manager of Invesco July 2007 PAYMENTS TO BROKER-DEALERS AND OTHER Charles DyReyes Portfolio Manager of Invesco November 2015 FINANCIAL INTERMEDIARIES This Portfolio is not sold directly to the general public but instead is of- AXA Equitable Funds Management Group, LLC (“FMG LLC” or the fered as an underlying investment option for Contracts and retirement “Adviser”) has been granted relief by the Securities and Exchange plans and to other eligible investors. The Portfolio and the Adviser and Commission to hire, terminate and replace Sub-Advisers and amend its affiliates may make payments to a sponsoring insurance company (or sub-advisory agreements subject to the approval of the Board of Trust- its affiliates) or other financial intermediary for distribution and/or other ees and without obtaining shareholder approval. However, the Adviser services. These payments may create a conflict of interest by influencing may not enter into a sub-advisory agreement on behalf of the Portfolio the insurance company or other financial intermediary and your finan- with an “affiliated person” of the Adviser, such as AllianceBernstein cial adviser to recommend the Portfolio over another investment or by L.P., unless the sub-advisory agreement is approved by the Portfolio’s influencing an insurance company to include the Portfolio as an under- shareholders. The Adviser is responsible for overseeing Sub-Advisers lying investment option in the Contract. The prospectus (or other offer- and recommending their hiring, termination and replacement to the ing document) for your Contract may contain additional information Board of Trustees. about these payments. Ask your financial adviser or visit your financial intermediary’s website for more information. PURCHASE AND REDEMPTION OF PORTFOLIO SHARES The Portfolio’s shares are currently sold only to insurance company separate accounts in connection with Contracts issued by AXA Equitable Life Insurance Company (”AXA Equitable”), AXA Life and Annuity Company, or 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, to other portfolios managed by FMG LLC that currently sell their shares to such accounts and plans and to other investors eligible under applicable federal income tax regulations. The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day (which typically is any day the New York Stock Exchange is open) upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares.

EQICK 4 EQ Advisors TrustSM

EQ/JPMorgan Value Opportunities Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks to achieve long-term capital appreciation. PORTFOLIO TURNOVER The Portfolio pays transaction costs, such as commissions, when it buys FEES AND EXPENSES OF THE PORTFOLIO and sells securities (or “turns over” its portfolio). A higher portfolio The following table describes the fees and expenses that you may pay if turnover rate may indicate higher transaction costs. These costs, which you buy and hold shares of the Portfolio. The table below does not re- are not reflected in annual fund operating expenses or in the Example, flect any fees and expenses associated with variable life insurance con- affect the Portfolio’s performance. During the most recent fiscal year, tracts and variable annuity certificates and contracts (“Contracts”), the Portfolio’s portfolio turnover rate was 188% of the average value of which would increase overall fees and expenses. See the Contract pro- the Portfolio. spectus for a description of those fees and expenses. INVESTMENTS, RISKS, AND PERFORMANCE Shareholder Fees (fees paid directly from your investment) Principal Investment Strategy: Under normal circumstances, the Not applicable. Portfolio invests at least 80% of its net assets in equity securities of mid- and large-capitalization companies. For this Portfolio, issuers with market capitalization between $2 billion and $5 billion are considered Annual Portfolio Operating Expenses mid-capitalization while those above $5 billion are considered large- (expenses that you pay each year as a percentage of the value of your investment) capitalization. The Portfolio may invest up to 10% of its net assets in Class IA Class IB foreign securities. EQ/JPMorgan Value Opportunities Portfolio Shares Shares Management Fee 0.60% 0.60% The Sub-Adviser employs a value-oriented investment approach that Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% seeks to identify attractive companies through fundamental research Other Expenses 0.14% 0.14% and discounted cash flow analysis. The Sub-Adviser seeks to identify Total Annual Portfolio Operating Expenses 0.99% 0.99% relative value within sectors by combining company analysis of its research and portfolio management teams with market sentiment and Example macro-insights of the portfolio managers. The Sub-Adviser may sell a security for a variety of reasons, including to invest in a company be- This Example is intended to help you compare the cost of investing in lieved to offer superior investment opportunities. the Portfolio with the cost of investing in other portfolios. The Example assumes that you invest $10,000 in the Portfolio for the periods in- The Portfolio may invest its uninvested cash in U.S. Treasury securities. dicated and then redeem all of your shares at the end of these periods. Principal Risks: An investment in the Portfolio is not a deposit of a The Example also assumes that your investment has a 5% return each bank and is not insured or guaranteed by the Federal Deposit Insurance year, that the Portfolio’s operating expenses remain the same, and that Corporation or any other government agency. You may lose money by the expense limitation arrangement is not renewed. This Example does investing in the Portfolio. Performance may be affected by one or more not reflect any Contract-related fees and expenses including redemption of the following risks. fees (if any) at the Contract level. If such fees and expenses were reflected, the total expenses would be higher. Although your actual costs Equity Risk: In general, stocks and other equity security values fluc- may be higher or lower, based on these assumptions your costs tuate, and sometimes widely fluctuate, in response to changes in a would be: company’s financial condition as well as general market, economic and political conditions and other factors. 1 Year 3 Years 5 Years 10 Years Class IA Shares $101 $315 $547 $1,213 Foreign Securities Risk: Investments in foreign securities, includ- Class IB Shares $101 $315 $547 $1,213 ing depositary receipts, involve risks not associated with investing in U.S. securities. Foreign markets, particularly emerging markets, may be less liquid, more volatile and subject to less government supervision

EQJPMV 1 than U.S. markets. Security values also may be negatively affected by developments that significantly affect those sectors. Individual sectors changes in the exchange rates between the U.S. dollar and foreign cur- may be more volatile, and may perform differently, than the broader rencies. Differences between U.S. and foreign legal, political and eco- market. The industries that constitute a sector may all react in the same nomic systems, regulatory regimes and market practices also may way to economic, political or regulatory events. impact security values and it may take more time to clear and settle U.S. Government Securities Risk: U.S. government securities trades involving foreign securities. are subject to market risk, interest rate risk and credit risk. Securities, Currency Risk: Investments in foreign currencies and in secu- such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, rities that trade in, or receive revenues in, or in derivatives that that are backed by the full faith and credit of the U.S. are guaranteed provide exposure to foreign currencies are subject to the risk that only as to the timely payment of interest and principal when held to those currencies will decline in value relative to the U.S. dollar, or, maturity, and the market prices for such securities will fluctuate due to in the case of hedging positions, that the U.S. dollar will decline in changing interest rates, among other factors. Notwithstanding that value relative to the currency being hedged. Any such decline may these securities are backed by the full faith and credit of the U.S., cir- erode or reverse any potential gains from an investment in secu- cumstances could arise that would prevent the payment of interest or rities denominated in foreign currency or may widen existing loss. principal. This would result in losses to the Portfolio. Securities issued or Currency rates may fluctuate significantly over short periods of guaranteed by U.S. government related organizations, such as Fannie time for a number of reasons, including changes in interest rates, Mae and Freddie Mac, are not backed by the full faith and credit of the intervention (or the failure to intervene) by governments, central U.S. government and no assurance can be given that the U.S. govern- banks or supranational entities, or by the imposition of currency ment will provide financial support. Therefore, U.S. government related controls or other political developments in the U.S. or abroad. organizations may not have the funds to meet their payment obligations in the future. Investment Style Risk: The Portfolio may use a particular style or set of styles — in this case “value” styles — to select investments. Risk/Return Bar Chart and Table Those styles may be out of favor or may not produce the best results over short or longer time periods. Value stocks are subject to the risks The bar chart and table below provide some indication of the risks of that notwithstanding that a stock is selling at a discount to its perceived investing in the Portfolio by showing changes in the Portfolio’s true worth, the market will never fully recognize its intrinsic value. In performance from year to year and by showing how the Portfolio’s addition, there is the risk that a stock judged to be undervalued may average annual total returns for the past one, five and ten years (or actually be appropriately priced. since inception) through December 31, 2016 compared to the returns of a broad-based securities market index. The return of the broad-based Large-Cap Company Risk: Larger more established companies securities market index (and any additional comparative index) shown in may be unable to respond quickly to new competitive challenges such the right hand column below is the return of the index for the last 10 as changes in technology and consumer tastes. Many larger companies years or, if shorter, since the inception of the share class with the lon- also may not be able to attain the high growth rate of successful gest history. Past performance is not an indication of future smaller companies, especially during extended periods of economic performance. expansion. The performance results do not reflect any Contract-related fees and Mid-Cap Company Risk: The Portfolio’s investments in mid-cap expenses, which would reduce the performance results. companies may involve greater risks than investments in larger, more established issuers because mid-cap companies generally are more vul- Calendar Year Annual Total Returns — Class IB nerable than larger companies to adverse business or economic 35.77% developments. Such companies generally have narrower product lines, 32.10% more limited financial and management resources and more limited 21.53% markets for their stock as compared with larger companies. As a result, 16.14% 12.38% 14.36% the value of such securities may be more volatile than the securities of larger companies, and the Portfolio may experience difficulty in purchasing or selling such securities at the desired time and price or in the de- -1.18% -2.31% sired amount. -5.32% Portfolio Turnover Risk: High portfolio turnover (generally, turnover, in excess of 100% in any given fiscal year) may result in increased transaction costs to the Portfolio, which may result in higher fund expenses and lower total return. -39.70% Sector Risk: From time to time, based on market or economic con- 20072008 2009 2010 2011 2012 2013 2014 2015 2016 ditions, the Portfolio may have significant positions in one or more sec- Best quarter (% and time period) Worst quarter (% and time period) tors of the market. To the extent the Portfolio invests more heavily in 21.72% (2009 2nd Quarter) –20.78% (2008 4th Quarter) particular sectors, its performance will be especially sensitive to

EQJPMV 2 Average Annual Total Returns PURCHASE AND REDEMPTION OF PORTFOLIO Ten SHARES One Five Years/Since Year Years Inception The Portfolio’s shares are currently sold only to insurance company sepa- EQ/JPMorgan Value Opportunities Portfolio – Class IA Shares 21.51% 16.45% 6.15% rate accounts in connection with Contracts issued by AXA Equitable Life EQ/JPMorgan Value Opportunities Insurance Company (“AXA Equitable”), AXA Life and Annuity Com- Portfolio – Class IB Shares 21.53% 16.45% 6.01% pany, or other affiliated or unaffiliated insurance companies and to The Russell 1000® Value Index (reflects no deduction for fees, expenses, or taxes) 17.34% 14.80% 5.72% AXA Equitable 401(k) Plan. Shares also may be sold to other tax-qualified retirement plans, to other portfolios managed by FMG LLC that currently sell their shares to such accounts and plans and to other WHO MANAGES THE PORTFOLIO investors eligible under applicable federal income tax regulations. Investment Adviser: FMG LLC The Portfolio does not have minimum initial or subsequent investment Portfolio Managers: The members of the team that are jointly and requirements. Shares of the Portfolio are redeemable on any business primarily responsible for the selection, monitoring and oversight of the day (which typically is any day the New York Stock Exchange is open) Portfolio’s Sub-Adviser are: upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven Date Began days after tender. Please refer to your Contract prospectus for more in- Managing formation on purchasing and redeeming Portfolio shares. Name Title the Portfolio Kenneth T. Kozlowski, Executive Vice President and May 2011 CFP®, CLU, ChFC Chief Investment Officer TAX INFORMATION of FMG LLC The Portfolio’s shareholders are (or may include) insurance company Alwi Chan, CFA® Senior Vice President and May 2009 separate accounts, qualified plans and other investors eligible under Deputy Chief Investment Officer applicable federal income tax regulations. Accordingly, distributions the of FMG LLC Portfolio makes of its net investment income and net realized gains — most or all of which it intends to distribute annually — and re- Sub-Adviser: J.P. Morgan Investment Management, Inc. demptions or exchanges of Portfolio shares generally will not be taxable (“JP Morgan”) to its shareholders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for Portfolio Manager: The individual primarily responsible for the secu- further tax information. rities selection, research and trading for the Portfolio is:

Date Began PAYMENTS TO BROKER-DEALERS AND OTHER Managing FINANCIAL INTERMEDIARIES Name Title the Portfolio Scott Blasdell Managing Director of May 2013 This Portfolio is not sold directly to the general public but instead is of- JP Morgan fered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and the Adviser and AXA Equitable Funds Management Group, LLC (“FMG LLC” or the its affiliates may make payments to a sponsoring insurance company (or “Adviser”) has been granted relief by the Securities and Exchange its affiliates) or other financial intermediary for distribution and/or other Commission to hire, terminate and replace Sub-Advisers and amend services. These payments may create a conflict of interest by influencing sub-advisory agreements subject to the approval of the Board of Trust- the insurance company or other financial intermediary and your finan- ees and without obtaining shareholder approval. However, the Adviser cial adviser to recommend the Portfolio over another investment or by may not enter into a sub-advisory agreement on behalf of the Portfolio influencing an insurance company to include the Portfolio as an with an “affiliated person” of the Adviser, such as AllianceBernstein underlying investment option in the Contract. The prospectus (or other L.P., unless the sub-advisory agreement is approved by the Portfolio’s offering document) for your Contract may contain additional in- shareholders. The Adviser is responsible for overseeing Sub-Advisers formation about these payments. Ask your financial adviser or visit your and recommending their hiring, termination and replacement to the financial intermediary’s website for more information. Board of Trustees.

EQJPMV 3 EQ Advisors TrustSM

EQ/MFS International Growth Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks to achieve capital appreciation. reflect any Contract-related fees and expenses including redemption fees (if any) at the Contract level. If such fees and expenses were reflected, the FEES AND EXPENSES OF THE PORTFOLIO total expenses would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table below does not re- 1 Year 3 Years 5 Years 10 Years flect any fees and expenses associated with variable life insurance con- Class IA Shares $122 $387 $673 $1,486 tracts and variable annuity certificates and contracts (“Contracts”), Class IB Shares $122 $387 $673 $1,486 which would increase overall fees and expenses. See the Contract prospectus for a description of those fees and expenses. PORTFOLIO TURNOVER

Shareholder Fees The Portfolio pays transaction costs, such as commissions, when it buys (fees paid directly from your investment) and sells securities (or “turns over” its portfolio). A higher portfolio turn- Not applicable. over rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Annual Portfolio Operating Expenses Portfolio’s performance. During the most recent fiscal year, the Portfolio’s (expenses that you pay each year as a percentage of the value of portfolio turnover rate was 20% of the average value of the Portfolio. your investment) Class IA Class IB INVESTMENTS, RISKS, AND PERFORMANCE EQ/MFS International Growth Portfolio Shares Shares Management Fee 0.84% 0.84% Principal Investment Strategy: Under normal circumstances, the Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% Portfolio intends to invest at least 80% of its net assets in the equity Other Expenses 0.14% 0.14% securities of foreign companies, including emerging markets equity secu- Total Annual Portfolio Operating Expenses 1.23% 1.23% Fee Waiver and/or Expense Reimbursement† –0.03% –0.03% rities. The Portfolio may invest a large percentage of its assets in issuers in Total Annual Portfolio Operating Expenses After Fee a single country, a small number of countries, or a particular geographic Waiver and/or Expense Reimbursement 1.20% 1.20% region. The Sub-Adviser normally allocates the Portfolio’s investments † Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreed to across different industries and sectors, but the Sub-Adviser may invest a make payments or waive its management, administrative and other fees to limit the significant percentage of the Portfolio’s assets in issuers in a single or expenses of the Portfolio through April 30, 2018 (unless the Board of Trustees consents to an earlier revision or termination of this arrangement) (“Expense Limitation small number of industries or sectors. The Sub-Adviser focuses on inves- Arrangement”) so that the annual operating expenses of the Portfolio (exclusive of ting the Portfolio’s assets in the stocks of companies it believes to have taxes, interest, brokerage commissions, dividend and interest expenses on securities above average earnings growth potential compared to other companies sold short, capitalized expenses, acquired fund fees and expenses, and extraordinary expenses) do not exceed an annual rate of average daily net assets of 1.20% for (i.e. growth companies). Growth companies tend to have stock prices that Class IA and Class IB shares of the Portfolio. The Expense Limitation Arrangement are high relative to their earnings, dividends, book value, or other finan- may be terminated by AXA Equitable Funds Management Group, LLC at any time cial measures. The Portfolio may invest in companies of any size. after April 30, 2018. The Portfolio intends to invest primarily in common stocks, but it may also Example invest in other types of equity securities. These may include depositary This Example is intended to help you compare the cost of investing in the receipts, preferred stocks and warrants. The Portfolio may engage in ac- Portfolio with the cost of investing in other portfolios. The Example as- tive and frequent trading in pursuing its principal investment strategies. sumes that you invest $10,000 in the Portfolio for the periods indicated The Sub-Adviser uses a bottom-up approach to buying and selling invest- and then redeem all of your shares at the end of these periods. The ments for the Portfolio. Investments are selected primarily based on Example also assumes that your investment has a 5% return each year, fundamental analysis of individual issuers and their potential in light of their that the Portfolio’s operating expenses remain the same and that the financial condition, and market, economic, political, and regulatory con- Expense Limitation Arrangement is not renewed. This Example does not ditions. Factors considered may include analysis of an issuer’s earnings,

EQMG 1 cash flows, competitive position, and management ability. Quantitative market, credit, currency, liquidity, legal, political, technical and other models that systematically evaluate an issuer’s valuation, price and earn- risks different from, or greater than, the risks of investing in devel- ings momentum, earnings quality, and other factors may also be consid- oped countries. Investments in emerging markets are more suscep- ered. The Sub-Adviser may sell a security for a variety of reasons, such as to tible to loss than investments in developed markets. In addition, the secure gains, to limit losses, or redeploy assets into opportunities believed risks associated with investing in a narrowly defined geographic to be more promising, among others. area are generally more pronounced with respect to investments in emerging market countries. The Portfolio also may lend its portfolio securities to earn additional income. Geographic Concentration Risk: To the extent the Portfolio invests a significant portion of its assets in securities of companies Principal Risks: An investment in the Portfolio is not a deposit of a domiciled, or exercising the predominant part of their economic bank and is not insured or guaranteed by the Federal Deposit Insurance activity, in one country or geographic region, it assumes the risk Corporation or any other government agency. You may lose money by that economic, political, social and environmental conditions in investing in the Portfolio. Performance may be affected by one or more that particular country or region will have a significant impact on of the following risks. the Portfolio’s investment performance and that the Portfolio’s Equity Risk: In general, stocks and other equity security values fluc- performance will be more volatile than the performance of more tuate, and sometimes widely fluctuate, in response to changes in a geographically diversified funds. The economies and financial company’s financial condition as well as general market, economic and markets of certain regions can be highly interdependent and may political conditions and other factors. decline all at the same time. In addition, certain areas are prone to Foreign Securities Risk: Investments in foreign securities, includ- natural disasters such as earthquakes, volcanoes, droughts or tsu- ing depositary receipts, involve risks not associated with investing in namis and are economically sensitive to environmental events. U.S. securities. Foreign markets, particularly emerging markets, may be Investment Style Risk: The Portfolio may use a particular style or less liquid, more volatile and subject to less government supervision set of styles — in this case “growth” styles — to select investments. than U.S. markets. Security values also may be negatively affected by Those styles may be out of favor or may not produce the best results changes in the exchange rates between the U.S. dollar and foreign cur- over short or longer time periods. Growth stocks may be more sensitive rencies. Differences between U.S. and foreign legal, political and eco- to changes in current or expected earnings than the prices of other nomic systems, regulatory regimes and market practices also may stocks. Growth investing also is subject to the risk that the stock price impact security values and it may take more time to clear and settle of one or more companies will fall or will fail to appreciate as antici- trades involving foreign securities. pated, regardless of movements in the securities market. Growth stocks Currency Risk: Investments in foreign currencies and in secu- also tend to be more volatile than value stocks, so in a declining market rities that trade in, or receive revenues in, or in derivatives that their prices may decrease more than value stocks in general. Growth provide exposure to foreign currencies are subject to the risk that stocks also may increase the volatility of the Portfolio’s share price. those currencies will decline in value relative to the U.S. dollar, or, Large-Cap Company Risk: Larger more established companies may in the case of hedging positions, that the U.S. dollar will decline in be unable to respond quickly to new competitive challenges such as value relative to the currency being hedged. Any such decline may changes in technology and consumer tastes. Many larger companies also erode or reverse any potential gains from an investment in secu- may not be able to attain the high growth rate of successful smaller com- rities denominated in foreign currency or may widen existing loss. panies, especially during extended periods of economic expansion. Currency rates may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, Mid-Cap and Small-Cap Company Risk: The Portfolio’s intervention (or the failure to intervene) by governments, central investments in mid- and small-cap companies may involve greater risks banks or supranational entities, or by the imposition of currency than investments in larger, more established issuers because they gen- controls or other political developments in the U.S. or abroad. erally are more vulnerable than larger companies to adverse business or economic developments. Such companies generally have narrower Depositary Receipts Risk: Investments in depositary receipts product lines, more limited financial and management resources and (including American Depositary Receipts, European Depositary more limited markets for their stock as compared with larger compa- Receipts and Global Depositary Receipts) are generally subject to nies. As a result, the value of such securities may be more volatile than the same risks of investing in the foreign securities that they evi- the securities of larger companies, and the Portfolio may experience dence or into which they may be converted. In addition, issuers difficulty in purchasing or selling such securities at the desired time and underlying unsponsored depositary receipts may not provide as price or in the desired amount. In general, these risks are greater for much information as U.S. issuers and issuers underlying sponsored small-cap companies than for mid-cap companies. depositary receipts. Unsponsored depositary receipts also may not carry the same voting privileges as sponsored depositary receipts. Portfolio Turnover Risk: High portfolio turnover (generally, turnover, in excess of 100% in any given fiscal year) may result in increased Emerging Markets Risk: There are greater risks involved in transaction costs to the Portfolio, which may result in higher fund ex- investing in emerging market countries and/or their securities mar- penses and lower total return. kets. Investments in these countries and/or markets may present

EQMG 2 Sector Risk: From time to time, based on market or economic con- The performance results do not reflect any Contract-related fees and ditions, the Portfolio may have significant positions in one or more sec- expenses, which would reduce the performance results. tors of the market. To the extent the Portfolio invests more heavily in particular sectors, its performance will be especially sensitive to Calendar Year Annual Total Returns — Class IB developments that significantly affect those sectors. Individual sectors 37.08% may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same 19.71% 16.14% way to economic, political or regulatory events. 14.96% 13.62% Securities Lending Risk: The Portfolio may lend its portfolio secu- 0.23% 1.95% rities to seek income. There is a risk that a borrower may default on its -5.08% obligations to return loaned securities, however, the Portfolio’s secu- -10.70% rities lending agent may indemnify the Portfolio against that risk. The Portfolio will be responsible for the risks associated with the investment of cash collateral, including any collateral invested in an affiliated -40.19% money market fund. The Portfolio may lose money on its investment of cash collateral or may fail to earn sufficient income on its investment to 20072008 2009 2010 2011 2012 2013 2014 2015 2016 meet obligations to the borrower. In addition, delays may occur in the recovery of securities from borrowers, which could interfere with the Best quarter (% and time period) Worst quarter (% and time period) 23.32% (2009 2nd Quarter) –19.66% (2011 3rd Quarter) Portfolio’s ability to vote proxies or to settle transactions.

Risk/Return Bar Chart and Table Average Annual Total Returns Ten The bar chart and table below provide some indication of the risks of One Five Years/Since investing in the Portfolio by showing changes in the Portfolio’s perform- Year Years Inception EQ/MFS International Growth Portfolio – ance from year to year and by showing how the Portfolio’s average Class IA Shares 1.95% 5.71% 2.67% annual total returns for the past one, five and ten years (or since in- EQ/MFS International Growth Portfolio – ception) through December 31, 2016 compared to the returns of a Class IB Shares 1.95% 5.70% 2.58% MSCI ACWI ex U.S. Growth (Net) Index broad-based securities market index. The return of the broad-based (reflects no deduction for fees or securities market index (and any additional comparative index) shown in expenses) 0.21% 5.34% 1.52% the right hand column below is the return of the index for the last 10 years or, if shorter, since the inception of the share class with the longest WHO MANAGES THE PORTFOLIO history. Past performance is not an indication of future performance. Investment Adviser: FMG LLC For periods prior to the date Class IA shares commenced operations (September 26, 2008), Class IA share performance information shown Portfolio Managers: The members of the team that are jointly and in the table below is the performance of Class IB shares, which reflects primarily responsible for the selection, monitoring and oversight of the the effect of 12b-1 fees paid by Class IB shares. Class IA shares did not Portfolio’s Sub-Adviser are: pay 12b-1 fees prior to January 1, 2012. Date Began Managing Name Title the Portfolio Kenneth T. Kozlowski, Executive May 2011 CFP®, CLU, ChFC Vice President and Chief Investment Officer of FMG LLC Alwi Chan, CFA® Senior Vice President May 2009 and Deputy Chief Investment Officer of FMG LLC

EQMG 3 Sub-Adviser: Massachusetts Financial Services Company d/b/a PAYMENTS TO BROKER-DEALERS AND OTHER MFS Investment Management (“MFS”) FINANCIAL INTERMEDIARIES Portfolio Managers: The members of the team that are jointly and This Portfolio is not sold directly to the general public but instead is offered primarily responsible for the securities selection, research and trading as an underlying investment option for Contracts and retirement plans and for the Portfolio are: to other eligible investors. The Portfolio and the Adviser and its affiliates may make payments to a sponsoring insurance company (or its affiliates) or other Date Began financial intermediary for distribution and/or other services. These payments Managing may create a conflict of interest by influencing the insurance company or Name Title the Portfolio David Antonelli Vice Chairman and Portfolio January 2010 other financial intermediary and your financial adviser to recommend the Manager of MFS Portfolio over another investment or by influencing an insurance company to Kevin Dwan Investment Officer and January 2012 include the Portfolio as an underlying investment option in the Contract. The Portfolio Manager of MFS prospectus (or other offering document) for your Contract may contain addi- Matthew Barrett Investment Officer and March 2015 tional information about these payments. Ask your financial adviser or visit Portfolio Manager of MFS your financial intermediary’s website for more information.

AXA Equitable Funds Management Group, LLC (“FMG LLC” or the “Adviser”) has been granted relief by the Securities and Exchange Com- mission to hire, terminate and replace Sub-Advisers and amend sub- advisory agreements subject to the approval of the Board of Trustees and without obtaining shareholder approval. However, the Adviser may not enter into a sub-advisory agreement on behalf of the Portfolio with an “affiliated person” of the Adviser, such as AllianceBernstein L.P., unless the sub-advisory agreement is approved by the Portfolio’s shareholders. The Adviser is responsible for overseeing Sub-Advisers and recommending their hiring, termination and replacement to the Board of Trustees.

PURCHASE AND REDEMPTION OF PORTFOLIO SHARES The Portfolio’s shares are currently sold only to insurance company separate accounts in connection with Contracts issued by AXA Equitable Life Insurance Company (“AXA Equitable”), AXA Life and Annuity Company, or 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, to other portfolios managed by FMG LLC that currently sell their shares to such accounts and plans and to other investors eligible under applicable federal income tax regulations. The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day (which typically is any day the New York Stock Exchange is open) upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares.

TAX INFORMATION The Portfolio’s shareholders are (or may include) insurance company separate accounts, qualified plans and other investors eligible under applicable federal income tax regulations. Accordingly, distributions the Portfolio makes of its net investment income and net realized gains — most or all of which it intends to distribute annually — and redemptions or exchanges of Portfolio shares generally will not be taxable to its shareholders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax information.

EQMG 4 EQ Advisors TrustSM

EQ/Money Market Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks to obtain a high level of current in- INVESTMENTS, RISKS, AND PERFORMANCE come, preserve its assets and maintain liquidity. Principal Investment Strategy: The Portfolio invests 99.5% or more of its total assets in: FEES AND EXPENSES OF THE PORTFOLIO • debt securities issued or guaranteed as to principal or interest by the The following table describes the fees and expenses that you may pay if U.S. government, or by U.S. government agencies or instrumentalities; you buy and hold shares of the Portfolio. The table below does not reflect any fees and expenses associated with variable life insurance con- • repurchase agreements that are collateralized fully by cash items or tracts and variable annuity certificates and contracts (“Contracts”), U.S. Treasury and U.S. government securities; and which would increase overall fees and expenses. See the Contract pro- •cash. spectus for a description of those fees and expenses. The Portfolio invests only in U.S. dollar-denominated securities and in Shareholder Fees instruments with a remaining maturity of 397 calendar days or less at (fees paid directly from your investment) the time of investment. Debt securities issued or guaranteed as to Not applicable. principal or interest by the U.S. government, or by U.S. government agencies or instrumentalities, may include, among others, direct obligations of the U.S. Treasury (such as Treasury bills, notes or bonds), Annual Portfolio Operating Expenses obligations issued or guaranteed as to principal and interest (but not as (expenses that you pay each year as a percentage of the value of your investment) to market value) by the U.S. government, its agencies or its in- Class IA Class IB strumentalities, and mortgage-backed securities issued or guaranteed EQ/Money Market Portfolio Shares Shares by government agencies or government-sponsored enterprises. Management Fee 0.34% 0.34% A repurchase agreement is a transaction in which the Portfolio pur- Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% Other Expenses 0.13% 0.13% chases securities or other obligations from a bank or securities dealer Total Annual Portfolio Operating Expenses 0.72% 0.72% (or its affiliate) and simultaneously commits to resell them to a counterparty at an agreed-upon date or upon demand and at a price reflecting a market rate of interest unrelated to the coupon rate or maturity of the Example purchased obligations. The difference between the original purchase This Example is intended to help you compare the cost of investing in the price and the repurchase price is normally based on prevailing short- Portfolio with the cost of investing in other portfolios. The Example as- term interest rates. Under a repurchase agreement, the seller is required sumes that you invest $10,000 in the Portfolio for the periods indicated to furnish collateral (i.e., U.S. Treasury or U.S. government securities) at and then redeem all of your shares at the end of these periods. The Exam- least equal in value or market price to the amount of the seller’s re- ple also assumes that your investment has a 5% return each year and that purchase obligation. In evaluating whether to enter into a repurchase the Portfolio’s operating expenses remain the same. This Example does not agreement, the Adviser and Sub-Adviser will carefully consider the cred- reflect any Contract-related fees and expenses including redemption fees (if itworthiness of the seller. any) at the Contract level. If such fees and expenses were reflected, the As prevailing market conditions and the economic environment warrant, total expenses would be higher. Although your actual costs may be higher and at the discretion of the Adviser and Sub-Adviser, a percentage of or lower, based on these assumptions your costs would be: the Portfolio’s total assets may be held in cash. During such periods, cash assets will be held in the Portfolio’s custody account and may be 1 Year 3 Years 5 Years 10 Years subject to credit and counterparty risk. Cash assets held in the Portfo- Class IA Shares $74 $230 $401 $894 lio’s custody account are not income-generating and would impact the Class IB Shares $74 $230 $401 $894 Portfolio’s current yield. Without limitation, such a strategy may be deemed advisable during periods where the interest rate on newly- issued U.S. Treasury securities is extremely low or where no interest rate is paid at all, or when Treasuries are in short supply, or due to a dis- location in the Treasury or broader fixed income markets.

EQMM 1 The Portfolio maintains a dollar-weighted average portfolio maturity of other parts of the world, including certain European countries and 60 days or less, a dollar-weighted average life to maturity of 120 days Japan. The Portfolio is subject to a greater risk of rising interest rates or less, and uses the amortized cost method of valuation to seek to due to these market conditions. A significant or rapid rise in interest maintain a stable $1.00 net asset value (“NAV”) per share price. It is rates could result in losses to the Portfolio. not anticipated that any Portfolio affiliate will make a capital infusion, enter into a capital support agreement or take other actions to prevent Money Market Risk: Although a money market fund is designed the NAV per share of the Portfolio from falling below $0.995. However, to be a relatively low risk investment, it is not free of risk. Despite the the Portfolio’s NAV per share may be impacted by forced selling during short maturities and high credit quality of a money market fund’s periods of high redemption pressures and/or illiquid markets. In addi- investments, increases in interest rates and deteriorations in the credit tion, the actions of a few large investors in the Portfolio may have a quality of the instruments the money market fund has purchased may significant adverse effect on other shareholders. reduce the money market fund’s yield and can cause the price of a money market security to decrease. In addition, a money market fund is A low-interest rate environment may prevent the Portfolio from provid- subject to the risk that the value of an investment may be eroded over ing a positive yield, cause the Portfolio to pay Portfolio expenses out of time by inflation. Although the Portfolio seeks to maintain a stable net Portfolio assets or impair the Portfolio’s ability to maintain a stable asset value at $1.00 per share, it cannot guarantee it will do so. An $1.00 NAV per share. The Adviser or Sub-Adviser may, in its sole discretion, maintain a temporary defensive position with respect to the investment in the Portfolio is not insured or guaranteed by the Federal Portfolio. Although not required to do so, as a temporary defensive Deposit Insurance Corporation or any other government agency. The measure, the Adviser may waive or cause to be waived fees owed by Securities and Exchange Commission adopted changes to the rules that the Portfolio, in attempting to maintain a stable $1.00 NAV per share. govern money market funds, which became effective in October 2016. These changes may affect the Portfolio’s operations or return potential. The Portfolio intends to qualify as a “government money market fund,” In accordance with the changes to the money market fund rules, the as such term is defined in or interpreted under Rule 2a-7 under the In- Portfolio operates as a “government money market fund.” The con- vestment Company Act of 1940, as amended. “Government money version of money market funds to “government money market funds,” market funds” are exempt from rules that require money market funds in general, could lead to decreased supply within the U.S. Treasury to impose a liquidity fee and/or temporary redemption gates. While the securities market as demand increases for U.S. government securities. Portfolio’s Board of Trustees may elect to subject the Portfolio to liquidity fee and gate requirements in the future, the Board of Trustees has Mortgage-Backed and Asset-Backed Securities Risk: The not elected to do so at this time. Portfolio is subject to the risk that the principal on mortgage- and asset- backed securities held by the Portfolio will be prepaid, which generally will Principal Risks: You could lose money by investing in the Portfolio. Al- reduce the yield and market value of these securities. If interest rates fall, though the Portfolio seeks to preserve the value of your investments at the rate of prepayments tends to increase as borrowers are motivated to $1.00 per share, it cannot guarantee it will do so. An investment in the pay off debt and refinance at new lower rates. Rising interest rates may Portfolio is not guaranteed by the Federal Deposit Insurance Corporation or increase the risk of default by borrowers and tend to extend the duration of any other government agency. The Portfolio’s sponsor has no legal obliga- these securities, making them more sensitive to changes in interest rates. tion to provide financial support to the Portfolio, and you should not expect As a result, in a period of rising interest rates, to the extent the Portfolio that the sponsor will provide financial support to the Portfolio at any time. holds these types of securities, it may experience additional volatility and Performance may be affected by one or more of the following risks. losses. This is known as extension risk. Moreover, declines in the credit Credit Risk: The Portfolio is subject to the risk that the issuer or the quality of the issuers of mortgage- and asset-backed securities or instability guarantor (or other obligor, such as a party providing insurance or other in the markets for such securities may affect the value and liquidity of such credit enhancement) of a fixed income security, or the counterparty to a securities, which could result in losses to the Portfolio. In addition, certain derivatives contract, repurchase agreement, loan of portfolio securities mortgage- and asset-backed securities may include securities backed by or other transaction, is unable or unwilling, or is perceived (whether by pools of loans made to “subprime” borrowers or borrowers with blem- market participants, ratings agencies, pricing services or otherwise) as ished credit histories; the risk of defaults is generally higher in the case of unable or unwilling, to make timely principal and/or interest payments, mortgage pools that include such subprime mortgages. or otherwise honor its obligations. Securities are subject to varying de- Repurchase Agreement Risk: Repurchase agreements carry cer- grees of credit risk, which are often reflected in their credit ratings. The tain risks, including risks that are not associated with direct investments downgrade of the credit rating of a security may decrease its value. in securities. If a seller under a repurchase agreement were to default Interest Rate Risk: The Portfolio is subject to the risk that fixed on the agreement and be unable to repurchase the security subject to income securities will decline in value because of changes in interest the repurchase agreement, the Portfolio would look to the collateral rates. When interest rates decline, the value of the Portfolio’s debt underlying the seller’s repurchase agreement, including the securities or securities generally rises. Conversely, when interest rates rise, the other obligations subject to the repurchase agreement, for satisfaction value of the Portfolio’s debt securities generally declines. A portfolio of the seller’s obligation to the Portfolio. The Portfolio’s right to liqui- with a longer average duration will be more sensitive to changes in date the securities or other obligations subject to the repurchase interest rates, usually making it more volatile than a portfolio with a agreement in the event of a default by the seller could involve certain shorter average duration. As of the date of this Prospectus, interest costs and delays and, to the extent that proceeds from any sale upon a rates are near historic lows in the United States, and below zero in default of the obligation to repurchase are less than the repurchase

EQMM 2 price (e.g., due to transactions costs or a decline in the value of the Average Annual Total Returns collateral), the Portfolio could suffer a loss. In addition, if bankruptcy One Five Ten proceedings are commenced with respect to the seller, realization of the Year Years Years EQ/Money Market Portfolio – Class IA Shares 0.00% 0.00% 0.76% collateral may be delayed or limited and a loss may be incurred. EQ/Money Market Portfolio – Class IB Shares 0.00% 0.00% 0.67% U.S. Government Securities Risk: U.S. government securities BofA Merrill Lynch 3-Month U.S. Treasury Bill Index (reflects no deduction for fees, expenses, are subject to market risk, interest rate risk and credit risk. Securities, or taxes) 0.33% 0.12% 0.80% such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, The Portfolio’s 7-day yield as of December 31, 2016 was 0.00%. that are backed by the full faith and credit of the U.S. are guaranteed only as to the timely payment of interest and principal when held to WHO MANAGES THE PORTFOLIO maturity, and the market prices for such securities will fluctuate due to changing interest rates, among other factors. Notwithstanding that Investment Adviser: FMG LLC these securities are backed by the full faith and credit of the U.S., Sub-Adviser: The Dreyfus Corporation (“Dreyfus”) circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Portfolio. Securities issued or AXA Equitable Funds Management Group, LLC (“FMG LLC” or the guaranteed by U.S. government related organizations, such as Fannie “Adviser”) has been granted relief by the Securities and Exchange Mae and Freddie Mac, are not backed by the full faith and credit of the Commission to hire, terminate and replace Sub-Advisers and amend U.S. government and no assurance can be given that the U.S. govern- sub-advisory agreements subject to the approval of the Board of Trust- ment will provide financial support. Therefore, U.S. government related ees and without obtaining shareholder approval. However, the Adviser organizations may not have the funds to meet their payment obligations may not enter into a sub-advisory agreement on behalf of the Portfolio in the future. with an “affiliated person” of the Adviser, such as AllianceBernstein L.P., unless the sub-advisory agreement is approved by the Portfolio’s Risk/Return Bar Chart and Table shareholders. The Adviser is responsible for overseeing Sub-Advisers and The bar chart and table below provide some indication of the risks of recommending their hiring, termination and replacement to the Board of investing in the Portfolio by showing changes in the Portfolio’s Trustees. performance from year to year and by showing how the Portfolio’s PURCHASE AND REDEMPTION OF PORTFOLIO average annual total returns for the past one, five and ten years SHARES through December 31, 2016 compared to the returns of a broad-based securities market index. Past performance is not an indication of future The Portfolio’s shares are currently sold only to insurance company sepa- performance. rate accounts in connection with Contracts issued by AXA Equitable Life Insurance Company (“AXA Equitable”), AXA Life and Annuity Com- Prior to April 1, 2016, the Portfolio was not designated as a pany, or other affiliated or unaffiliated insurance companies and to The “government money market fund,” as defined in Rule 2a-7 under the AXA Equitable 401(k) Plan. Shares also may be sold to other tax- Investment Company Act of 1940, and invested in certain types of secu- qualified retirement plans, to other portfolios managed by FMG LLC rities that it is no longer permitted to hold. Consequently, the perform- that currently sell their shares to such accounts and plans and to other ance shown below may be different if the current limitations on the investors eligible under applicable federal income tax regulations. Portfolio’s investments had been in effect prior to its conversion to a government money market fund. The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business The performance results do not reflect any Contract-related fees and expenses, which would reduce the performance results. day (which typically is any day the New York Stock Exchange is open) upon receipt of a request. All redemption requests will be processed Calendar Year Annual Total Returns — Class IB and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more in- 4.71% formation on purchasing and redeeming Portfolio shares.

2.13% TAX INFORMATION The Portfolio’s shareholders are (or may include) insurance company 0.01% 0.00% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% separate accounts, qualified plans and other investors eligible under 2007 2008 2009 2010 2011 2012 20132014 2015 2016 applicable federal income tax regulations. Accordingly, distributions the Portfolio makes of its net investment income and net realized gains — Best quarter (% and time period) Worst quarter (% and time period) most or all of which it intends to distribute annually — and re- 1.16% (2007 1st Quarter) 0.00% (2016 2nd Quarter) demptions or exchanges of Portfolio shares generally will not be taxable to its shareholders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax information.

EQMM 3 PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES This Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and the Adviser and its affiliates may make payments to a sponsoring insurance company (or its affiliates) or other financial intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. Ask your financial adviser or visit your financial intermediary’s website for more information.

EQMM 4 EQ Advisors TrustSM

EQ/Oppenheimer Global Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks to achieve capital appreciation. not reflect any Contract-related fees and expenses including redemption fees (if any) at the Contract level. If such fees and expenses were re- FEES AND EXPENSES OF THE PORTFOLIO flected, the total expenses would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would The following table describes the fees and expenses that you may pay if be: you buy and hold shares of the Portfolio. The table below does not reflect any fees and expenses associated with variable life insurance con- 1 Year 3 Years 5 Years 10 Years tracts and variable annuity certificates and contracts (“Contracts”), Class IA Shares $122 $421 $742 $1,652 which would increase overall fees and expenses. See the Contract pro- Class IB Shares $122 $421 $742 $1,652 spectus for a description of those fees and expenses. PORTFOLIO TURNOVER Shareholder Fees (fees paid directly from your investment) The Portfolio pays transaction costs, such as commissions, when it buys Not applicable. and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not Annual Portfolio Operating Expenses reflected in annual fund operating expenses or in the Example, affect the (expenses that you pay each year as a percentage of the value of Portfolio’s performance. During the most recent fiscal year, the Portfolio’s your investment) portfolio turnover rate was 18% of the average value of the Portfolio. Class IA Class IB EQ/Oppenheimer Global Portfolio Shares Shares Management Fee 0.95% 0.95% INVESTMENTS, RISKS, AND PERFORMANCE Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% Principal Investment Strategy: Under normal circumstances, the Other Expenses 0.19% 0.19% Portfolio invests primarily in equity securities of U.S. and foreign Total Annual Portfolio Operating Expenses 1.39% 1.39% Fee Waiver and/or Expense Reimbursement† –0.19% –0.19% companies. The Portfolio can invest without limit in foreign securities, Total Annual Portfolio Operating Expenses After Fee including depositary receipts, and can invest in any country, including Waiver and/or Expense Reimbursement 1.20% 1.20% countries with developing or emerging markets. However, the Portfolio † Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreed to currently emphasizes its investments in developed markets such as the make payments or waive its management, administrative and other fees to limit the United States, countries in Western Europe and Japan. The Portfolio expenses of the Portfolio through April 30, 2018 (unless the Board of Trustees consents to an earlier revision or termination of this arrangement) (“Expense Limitation normally will invest a significant portion of its assets in foreign secu- Arrangement”) so that the annual operating expenses of the Portfolio (exclusive of rities. The Portfolio may invest in companies of any size, however, it taxes, interest, brokerage commissions, capitalized expenses, acquired fund fees and expenses, dividend and interest expenses on securities sold short, and extraordinary primarily invests in mid- and large-cap companies. Equity securities in expenses) do not exceed an annual rate of average daily net assets of 1.20% for which the Portfolio may invest may include common stocks, preferred Class IA and IB shares of the Portfolio. The Expense Limitation Arrangement may be stocks and warrants. terminated by AXA Equitable Funds Management Group, LLC at any time after April 30, 2018. The Portfolio is not required to allocate its investments in any set percentage in any particular countries. The Portfolio expects to invest in a number Example of different countries and normally invests in at least three countries (one This Example is intended to help you compare the cost of investing in of which may be the United States). From time to time, the Portfolio may the Portfolio with the cost of investing in other portfolios. The Example increase the relative emphasis of investments in a particular industry. assumes that you invest $10,000 in the Portfolio for the periods in- The Sub-Adviser primarily looks for quality companies, regardless of dicated and then redeem all of your shares at the end of these periods. domicile, that have sustainable growth. The Sub-Adviser’s investment The Example also assumes that your investment has a 5% return each approach combines a thematic approach to idea generation with year, that the Portfolio’s operating expenses remain the same, and that bottom-up, fundamental company analysis. The Sub-Adviser seeks to the Expense Limitation Arrangement is not renewed. This Example does identify secular changes in the world and looks for pockets of durable

EQOG 1 change that the Sub-Adviser believes will drive global growth for the erode or reverse any potential gains from an investment in secu- next decade. These large scale structural themes are referred to collec- rities denominated in foreign currency or may widen existing loss. tively as MANTRA®: Mass Affluence, New Technology, Restructuring, Currency rates may fluctuate significantly over short periods of and Aging. The Sub-Adviser does not target a fixed allocation with re- time for a number of reasons, including changes in interest rates, gard to any particular theme, and may choose to focus on various sub- intervention (or the failure to intervene) by governments, central themes within each theme. Within each sub-theme, the Sub-Adviser banks or supranational entities, or by the imposition of currency employs fundamental company analysis to select investments for the controls or other political developments in the U.S. or abroad. Portfolio. The economic characteristics he seeks include a combination Depositary Receipts Risk: Investments in depositary receipts of high return on invested capital, good cash flow characteristics, high (including American Depositary Receipts, European Depositary barriers to entry, dominant market share, a strong competitive position, Receipts and Global Depositary Receipts) are generally subject to talented management, and balance sheet strength that the Sub-Adviser the same risks of investing in the foreign securities that they believes will enable the company to fund its own growth. These criteria evidence or into which they may be converted. In addition, issuers may vary. The Sub-Adviser also considers how industry dynamics, mar- underlying unsponsored depositary receipts may not provide as ket trends and general economic conditions may affect a company’s much information as U.S. issuers and issuers underlying sponsored earnings outlook. depositary receipts. Unsponsored depositary receipts also may not carry the same voting privileges as sponsored depositary receipts. The Sub-Adviser has a long-term investment horizon of typically three to five years. The Sub-Adviser also has a contrarian buy discipline; the Emerging Markets Risk: There are greater risks involved in Sub-Adviser buys high quality companies that fit its investment criteria investing in emerging market countries and/or their securities mar- when their valuations underestimate their long-term earnings potential. kets. Investments in these countries and/or markets may present For example, a company’s stock price may dislocate from its funda- market, credit, currency, liquidity, legal, political, technical and mental outlook due to a short-term earnings glitch or negative, short- other risks different from, or greater than, the risks of investing in developed countries. Investments in emerging markets are more term market sentiment, which can give rise to an investment susceptible to loss than investments in developed markets. In addi- opportunity. The Sub-Adviser monitors individual issuers for changes in tion, the risks associated with investing in a narrowly defined geo- earnings potential or other effects of changing market conditions that graphic area are generally more pronounced with respect to may trigger a decision to sell a security, but do not require a decision to investments in emerging market countries. do so. European Economic Risk: The European Union’s (the “EU”) The Portfolio also may lend its portfolio securities to earn additional Economic and Monetary Union (the “EMU”) requires member coun- income. tries to comply with restrictions on interest rates, deficits, debt levels, Principal Risks: An investment in the Portfolio is not a deposit of a and inflation rates, and other factors, each of which may significantly bank and is not insured or guaranteed by the Federal Deposit Insurance impact every European country. The economies of EU member coun- Corporation or any other government agency. You may lose money by tries and their trading partners may be adversely affected by changes investing in the Portfolio. Performance may be affected by one or more in the euro’s exchange rate, changes in EU or governmental regu- of the following risks. lations on trade, and the threat of default or an actual default by an Equity Risk: In general, stocks and other equity security values fluc- EU member country on its sovereign debt, which could negatively tuate, and sometimes widely fluctuate, in response to changes in a impact the Portfolio’s investments and cause it to lose money. In re- company’s financial condition as well as general market, economic and cent years, the European financial markets have been negatively im- political conditions and other factors. pacted by concerns relating to rising government debt levels and national unemployment; possible default on or restructuring of sover- Foreign Securities Risk: Investments in foreign securities, includ- eign debt in several European countries; and economic downturns. A ing depositary receipts, involve risks not associated with investing in European country’s default or debt restructuring would adversely af- U.S. securities. Foreign markets, particularly emerging markets, may be fect the holders of the country’s debt and sellers of credit default less liquid, more volatile and subject to less government supervision than U.S. markets. Security values also may be negatively affected by swaps linked to the country’s creditworthiness and could negatively changes in the exchange rates between the U.S. dollar and foreign cur- impact global markets more generally. Recent events in Europe may rencies. Differences between U.S. and foreign legal, political and eco- adversely affect the euro’s exchange rate and value and may continue nomic systems, regulatory regimes and market practices also may to impact the economies of every European country. In June 2016, impact security values and it may take more time to clear and settle the United Kingdom (the “UK”) voted to withdraw from the EU, trades involving foreign securities. commonly referred to as “Brexit.” The impact of Brexit is so far uncertain. Additional EU members could decide to abandon the euro Currency Risk: Investments in foreign currencies and in secu- and also withdraw from the EU. The decision by an EU member to rities that trade in, or receive revenues in, or in derivatives that leave the EU may cause increased volatility and have a significant provide exposure to foreign currencies are subject to the risk that adverse impact on world financial markets, which could adversely af- those currencies will decline in value relative to the U.S. dollar, or, fect the value of the Portfolio’s investments. in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. Any such decline may

EQOG 2 Investment Style Risk: The Portfolio may use a particular style or offer or a merger, consolidation, liquidation, restructuring, bankruptcy set of styles — in this case “growth” styles — to select investments. or reorganization proposal sell at a premium to their historic market Those styles may be out of favor or may not produce the best results price immediately prior to the announcement of the transaction. How- over short or longer time periods. Growth stocks may be more sensitive ever, it is possible that the value of securities of a company involved in to changes in current or expected earnings than the prices of other such a transaction will not rise and in fact may fall, in which case the stocks. Growth investing also is subject to the risk that the stock price Portfolio would lose money. It is also possible that the transaction may of one or more companies will fall or will fail to appreciate as antici- not be completed as anticipated or may take an excessive amount of pated, regardless of movements in the securities market. Growth stocks time to be completed, in which case the Portfolio may not realize any also tend to be more volatile than value stocks, so in a declining market premium on its investment and could lose money if the value of the their prices may decrease more than value stocks in general. Growth securities declines during the Portfolio’s holding period. In some stocks also may increase the volatility of the Portfolio’s share price. circumstances, the securities purchased may be illiquid making it difficult for the Portfolio to dispose of them at an advantageous price. Large-Cap Company Risk: Larger more established companies may be unable to respond quickly to new competitive challenges such as Risk/Return Bar Chart and Table changes in technology and consumer tastes. Many larger companies also may not be able to attain the high growth rate of successful smaller com- The bar chart and table below provide some indication of the risks of in- panies, especially during extended periods of economic expansion. vesting in the Portfolio by showing changes in the Portfolio’s performance from year to year and by showing how the Portfolio’s average annual to- Mid-Cap and Small-Cap Company Risk: The Portfolio’s invest- tal returns for the past one, five and ten years through December 31, ments in mid- and small-cap companies may involve greater risks than in- 2016 compared to the returns of a broad-based securities market index. vestments in larger, more established issuers because they generally are Past performance is not an indication of future performance. more vulnerable than larger companies to adverse business or economic developments. Such companies generally have narrower product lines, The performance results do not reflect any Contract-related fees and more limited financial and management resources and more limited mar- expenses, which would reduce the performance results. kets for their stock as compared with larger companies. As a result, the value of such securities may be more volatile than the securities of larger Calendar Year Annual Total Returns — Class IB companies, and the Portfolio may experience difficulty in purchasing or 38.71% 26.33% selling such securities at the desired time and price or in the desired 15.14% 20.39% amount. In general, these risks are greater for small-cap companies than 5.66% 1.78% 3.15% 0.05% for mid-cap companies. -8.62% Sector Risk: From time to time, based on market or economic con- -40.75% ditions, the Portfolio may have significant positions in one or more sectors of the market. To the extent the Portfolio invests more heavily in 2007 2008 2009 20102011 2012 2013 20142015 2016 particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors Best quarter (% and time period) Worst quarter (% and time period) 22.42% (2009 2nd Quarter) –21.93% (2008 4th Quarter) may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Average Annual Total Returns One Five Ten Securities Lending Risk: The Portfolio may lend its portfolio secu- Year Years Years rities to seek income. There is a risk that a borrower may default on its EQ/Oppenheimer Global Portfolio – Class IA Shares –0.02% 9.82% 3.99% obligations to return loaned securities, however, the Portfolio’s secu- EQ/Oppenheimer Global Portfolio – Class IB rities lending agent may indemnify the Portfolio against that risk. The Shares 0.05% 9.82% 3.85% Portfolio will be responsible for the risks associated with the investment MSCI All Country World (Net) Index (reflects no deduction for fees or expenses) 7.86% 9.36% 3.56% of cash collateral, including any collateral invested in an affiliated money market fund. The Portfolio may lose money on its investment of cash collateral or may fail to earn sufficient income on its investment to meet obligations to the borrower. In addition, delays may occur in the recovery of securities from borrowers, which could interfere with the Portfolio’s ability to vote proxies or to settle transactions. Special Situations Risk: The Portfolio may seek to benefit from “special situations,” such as mergers, consolidations, bankruptcies, liquidations, reorganizations, restructurings, tender or exchange offers or other unusual events expected to affect a particular issuer. In general, securities of companies which are the subject of a tender or exchange

EQOG 3 WHO MANAGES THE PORTFOLIO The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business Investment Adviser: FMG LLC day (which typically is any day the New York Stock Exchange is open) Portfolio Managers: The members of the team that are jointly and upon receipt of a request. All redemption requests will be processed primarily responsible for the selection, monitoring and oversight of the and payment with respect thereto will normally be made within seven Portfolio’s Sub-Adviser are: days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares. Date Began Managing Name Title the Portfolio TAX INFORMATION Kenneth T. Kozlowski, Executive May 2011 The Portfolio’s shareholders are (or may include) insurance company CFP®, CLU, ChFC Vice President and Chief Investment Officer separate accounts, qualified plans and other investors eligible under of FMG LLC applicable federal income tax regulations. Accordingly, distributions the Alwi Chan, CFA® Senior Vice President May 2009 Portfolio makes of its net investment income and net realized gains — and Deputy most or all of which it intends to distribute annually — and re- Chief Investment Officer demptions or exchanges of Portfolio shares generally will not be taxable of FMG LLC to its shareholders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for Sub-Adviser: OppenheimerFunds, Inc. (“Oppenheimer”) further tax information. Portfolio Manager: The members of the team that are jointly and primarily responsible for the securities selection, research and trading PAYMENTS TO BROKER-DEALERS AND OTHER for the Portfolio are: FINANCIAL INTERMEDIARIES This Portfolio is not sold directly to the general public but instead is of- Date Began fered as an underlying investment option for Contracts and retirement Managing Name Title the Portfolio plans and to other eligible investors. The Portfolio and the Adviser and Rajeev Bhaman, Director of Global Equities August 2006 its affiliates may make payments to a sponsoring insurance company (or CFA® and Senior Vice President of its affiliates) or other financial intermediary for distribution and/or other Oppenheimer services. These payments may create a conflict of interest by influencing John Delano, Director of Equity Research May 2017 the insurance company or other financial intermediary and your finan- CFA® and Vice President of cial adviser to recommend the Portfolio over another investment or by Oppenheimer influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offer- AXA Equitable Funds Management Group, LLC (“FMG LLC” or the ing document) for your Contract may contain additional information “Adviser”) has been granted relief by the Securities and Exchange Com- about these payments. Ask your financial adviser or visit your financial mission to hire, terminate and replace Sub-Advisers and amend sub- intermediary’s website for more information. advisory agreements subject to the approval of the Board of Trustees and without obtaining shareholder approval. However, the Adviser may not enter into a sub-advisory agreement on behalf of the Portfolio with an “affiliated person” of the Adviser, such as AllianceBernstein L.P., unless the sub-advisory agreement is approved by the Portfolio’s shareholders. The Adviser is responsible for overseeing Sub-Advisers and recommending their hiring, termination and replacement to the Board of Trustees.

EQOG 4 EQ Advisors TrustSM

EQ/PIMCO Ultra Short Bond Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks to generate a return in excess of tradi- The Example also assumes that your investment has a 5% return each tional money market products while maintaining an emphasis on year, that the Portfolio’s operating expenses remain the same and that preservation of capital and liquidity. the Expense Limitation Arrangement is not renewed. This Example does not reflect any Contract-related fees and expenses including redemption FEES AND EXPENSES OF THE PORTFOLIO fees (if any) at the Contract level. If such fees and expenses were reflected, the total expenses would be higher. Although your actual costs The following table describes the fees and expenses that you may pay if may be higher or lower, based on these assumptions your costs you buy and hold shares of the Portfolio. The table below does not re- would be: flect any fees and expenses associated with variable life insurance contracts and variable annuity certificates and contracts (“Contracts”), 1 Year 3 Years 5 Years 10 Years which would increase overall fees and expenses. See the Contract pro- Class IA Shares $91 $288 $502 $1,118 spectus for a description of those fees and expenses. Class IB Shares $91 $288 $502 $1,118

Shareholder Fees (fees paid directly from your investment) PORTFOLIO TURNOVER Not applicable. The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio Annual Portfolio Operating Expenses turnover rate may indicate higher transaction costs. These costs, which (expenses that you pay each year as a percentage of the value of are not reflected in annual fund operating expenses or in the Example, your investment) affect the Portfolio’s performance. During the most recent fiscal year, Class IA Class IB the Portfolio’s portfolio turnover rate was 115% of the average value of EQ/PIMCO Ultra Short Bond Portfolio Shares Shares Management Fee 0.49% 0.49% the Portfolio. Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% Other Expenses* 0.17% 0.17% INVESTMENTS, RISKS, AND PERFORMANCE Total Annual Portfolio Operating Expenses 0.91% 0.91% Principal Investment Strategy: The Portfolio invests at least 80% of Fee Waiver and/or Expense Reimbursement† –0.02% –0.02% Total Annual Portfolio Operating Expenses After Fee Waiver its net assets in a diversified portfolio of fixed income instruments of and/or Expense Reimbursement 0.89% 0.89% varying maturities, which may be represented by forwards or derivatives

* Includes Interest Expense of 0.04%. such as options, futures contracts or swap agreements. The Portfolio † Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreed to may invest in investment grade U.S. dollar denominated securities of make payments or waive its management, administrative and other fees to limit the U.S. issuers that are rated Baa or higher by Moody’s Investors Service, expenses of the Portfolio through April 30, 2018 (unless the Board of Trustees consents to an earlier revision or termination of this arrangement) (“Expense Limitation Inc. (“Moody’s), or equivalently rated by Standard & Poor’s Ratings Serv- Arrangement”) so that the annual operating expenses of the Portfolio (exclusive of ices (“S&P”) or Fitch Ratings Ltd. (“Fitch”), or, if unrated, determined by taxes, interest, brokerage commissions, capitalized expenses, acquired fund fees and the Sub-Adviser to be of comparable quality. The Portfolio invests in a expenses, dividend and interest expenses on securities sold short, and extraordinary expenses) do not exceed an annual rate of average daily net assets of 0.85% for variety of fixed income investments, including securities issued or Class IA and Class IB shares of the Portfolio. The Expense Limitation Arrangement guaranteed by the U.S. Government, its agencies or government- may be terminated by AXA Equitable Funds Management Group, LLC at any time sponsored enterprises (“U.S. Government Securities”); corporate debt after April 30, 2018. securities of U.S. issuers, including corporate commercial paper; Example mortgage-backed and other asset-backed securities; loan participations and assignments. The Sub-Adviser will seek to add value by emphasiz- This Example is intended to help you compare the cost of investing in ing market sectors and individual securities that, based on historical the Portfolio with the cost of investing in other portfolios. The Example yield relationships represent an attractive valuation. The average portfo- assumes that you invest $10,000 in the Portfolio for the periods in- lio duration of this Portfolio will vary based on the Sub-Adviser’s fore- dicated and then redeem all of your shares at the end of these periods. cast for interest rates and will normally not exceed one year. Duration is

EQPUS 1 a measure used to determine the sensitivity of a security’s price to interest Derivatives Risk: The Portfolio’s investments in derivatives may rise rates. Typically, a bond portfolio with a low (short) duration means that its or fall in value more rapidly than other investments. Changes in the value is less sensitive to interest rate changes, while a bond portfolio with a value of a derivative may not correlate perfectly or at all with the under- high (long) duration is more sensitive. lying asset, rate or index, and the Portfolio could lose more than the principal amount invested. Some derivatives can have the potential for The Portfolio may invest, without limitation, in derivative instruments unlimited losses. In addition, it may be difficult or impossible for the such as options, futures contracts or swap agreements. The Portfolio Portfolio to purchase or sell certain derivatives in sufficient amounts to intends to use derivatives for a variety of purposes, including as a sub- achieve the desired level of exposure, which may result in a loss or may stitute for investing directly in securities, as a hedge against interest be costly to the Portfolio. Derivatives also may be subject to certain rate risk and to attempt to enhance returns. The Portfolio’s investments other risks such as leveraging risk, interest rate risk, credit risk, the risk in derivatives transactions may be deemed to involve the use of lever- that a counterparty may be unable or unwilling to honor its obligations, age because the Portfolio is not required to invest the full market value and the risk of mispricing or improper valuation. Derivatives also may of the contract upon entering into the contract but participates in gains not behave as anticipated by the Portfolio, especially in abnormal mar- and losses on the full contract price. The use of derivatives also may be ket conditions. Changing regulation may make derivatives more costly, deemed to involve the use of leverage because the heightened price limit their availability, impact the Portfolio’s ability to maintain its sensitivity of some derivatives to market changes may magnify the Port- investments in derivatives, disrupt markets, or otherwise adversely af- folio’s gain or loss. It is not expected, however, that the Portfolio will be fect their value or performance. leveraged by borrowing money for investment purposes. In addition, the Portfolio generally does not intend to use leverage to increase its net Equity Risk: In general, stocks and other equity security values fluc- investment exposure above approximately 100% of the Portfolio’s net tuate, and sometimes widely fluctuate, in response to changes in a asset value or below 0%. The Portfolio’s investments in derivatives may company’s financial condition as well as general market, economic and require it to maintain a percentage of its assets in cash and cash equiv- political conditions and other factors. alent instruments to serve as margin or collateral for the Portfolio’s Interest Rate Risk: The Portfolio is subject to the risk that fixed in- obligations under derivative transactions. come securities will decline in value because of changes in interest The Portfolio may also invest up to 10% of its total assets in preferred rates. When interest rates decline, the value of the Portfolio’s debt and common stocks. The Sub-Adviser may sell a security for a variety of securities generally rises. Conversely, when interest rates rise, the value reasons, including to invest in a company believed to offer superior in- of the Portfolio’s debt securities generally declines. A portfolio with a vestment opportunities. lf a security is downgraded, the Sub-Adviser longer average duration will be more sensitive to changes in interest will reevaluate the holding to determine what action, including the sale rates, usually making it more volatile than a portfolio with a shorter of such security, is in the best interest of investors. The Portfolio may average duration. As of the date of this Prospectus, interest rates are engage in active and frequent trading of portfolio securities to achieve near historic lows in the United States, and below zero in other parts of its investment objective. the world, including certain European countries and Japan. The Portfolio The Portfolio also may lend its portfolio securities to earn additional is subject to a greater risk of rising interest rates due to these market income. conditions. A significant or rapid rise in interest rates could result in losses to the Portfolio. Principal Risks: An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Investment Grade Securities Risk: Debt securities generally are Corporation or any other government agency. You may lose money by rated by national bond ratings agencies. The Portfolio considers secu- investing in the Portfolio. Performance may be affected by one or more rities to be investment grade if they are rated BBB or higher by S&P or of the following risks. Fitch or Baa or higher by Moody’s, or, if unrated, determined by the investment manager to be of comparable quality. Securities rated in the Credit Risk: The Portfolio is subject to the risk that the issuer or the lower investment grade rating categories (e.g., BBB or Baa) are consid- guarantor (or other obligor, such as a party providing insurance or other ered investment grade securities, but are somewhat riskier than higher credit enhancement) of a fixed income security, or the counterparty to a rated obligations because they are regarded as having only an adequate derivatives contract, repurchase agreement, loan of portfolio securities capacity to pay principal and interest, are considered to lack out- or other transaction, is unable or unwilling, or is perceived (whether by standing investment characteristics, and may possess certain speculative market participants, ratings agencies, pricing services or otherwise) as characteristics. unable or unwilling, to make timely principal and/or interest payments, or otherwise honor its obligations. Securities are subject to varying de- Leveraging Risk: When the Portfolio leverages its holdings, the value grees of credit risk, which are often reflected in their credit ratings. of an investment in the Portfolio will be more volatile and all other risks However, rating agencies may fail to make timely changes to credit rat- will tend to be compounded. For example, the Portfolio may take on ings in response to subsequent events and a credit rating may become leveraging risk when it engages in derivatives transactions (such as fu- stale in that it fails to reflect changes in an issuer’s financial condition. tures and options investments), invests collateral from securities loans or The downgrade of the credit rating of a security may decrease its value. borrows money. The Portfolio may experience leveraging risk in con- Lower credit quality also may lead to greater volatility in the price of a nection with investments in derivatives because its investments in de- security and may negatively affect a security’s liquidity. rivatives may be small relative to the investment exposure assumed,

EQPUS 2 leaving more assets to be invested in other investments. Such investments institutional investors to buy or hold fixed income securities, may result in may have the effect of leveraging the Portfolio because the Portfolio may decreased liquidity and increased volatility in the fixed income markets. experience gains or losses not only on its investments in derivatives, but Sector Risk: From time to time, based on market or economic con- also on the investments purchased with the remainder of the assets. If the ditions, the Portfolio may have significant positions in one or more sec- value of the Portfolio’s investments in derivatives is increasing, this could tors of the market. To the extent the Portfolio invests more heavily in be offset by declining values of the Portfolio’s other investments. Con- particular sectors, its performance will be especially sensitive to versely, it is possible that the rise in the value of the Portfolio’s non- developments that significantly affect those sectors. Individual sectors derivative investments could be offset by a decline in the value of the may be more volatile, and may perform differently, than the broader Portfolio’s investments in derivatives. In either scenario, the Portfolio may market. The industries that constitute a sector may all react in the same experience losses. In a market where the value of the Portfolio’s invest- way to economic, political or regulatory events. ments in derivatives is declining and the value of its other investments is declining, the Portfolio may experience substantial losses. Securities Lending Risk: The Portfolio may lend its portfolio securities to seek income. There is a risk that a borrower may default on its Liquidity Risk: The Portfolio is subject to the risk that certain obligations to return loaned securities, however, the Portfolio’s secu- investments may be difficult or impossible for the Portfolio to purchase rities lending agent may indemnify the Portfolio against that risk. The or sell at an advantageous time or price or in sufficient amounts to Portfolio will be responsible for the risks associated with the investment achieve the desired level of exposure. The Portfolio may be required to of cash collateral, including any collateral invested in an affiliated dispose of other investments at unfavorable times or prices to satisfy money market fund. The Portfolio may lose money on its investment of obligations, which may result in a loss or may be costly to the Portfolio. cash collateral or may fail to earn sufficient income on its investment to Judgment plays a greater role in pricing illiquid investments than meet obligations to the borrower. In addition, delays may occur in the investments with more active markets. recovery of securities from borrowers, which could interfere with the Mortgage-Backed and Asset-Backed Securities Risk: The Portfolio’s ability to vote proxies or to settle transactions. Portfolio is subject to the risk that the principal on mortgage- and asset- U.S. Government Securities Risk: U.S. government securities backed securities held by the Portfolio will be prepaid, which generally are subject to market risk, interest rate risk and credit risk. Securities, will reduce the yield and market value of these securities. If interest such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, rates fall, the rate of prepayments tends to increase as borrowers are that are backed by the full faith and credit of the U.S. are guaranteed motivated to pay off debt and refinance at new lower rates. Rising only as to the timely payment of interest and principal when held to interest rates may increase the risk of default by borrowers and tend to maturity, and the market prices for such securities will fluctuate due to extend the duration of these securities, making them more sensitive to changing interest rates, among other factors. Notwithstanding that changes in interest rates. As a result, in a period of rising interest rates these securities are backed by the full faith and credit of the U.S., cir- to the extent the Portfolio holds these types of securities, it may experi- cumstances could arise that would prevent the payment of interest or ence additional volatility and losses. This is known as extension risk. principal. This would result in losses to the Portfolio. Securities issued or Moreover, declines in the credit quality of the issuers of mortgage- and guaranteed by U.S. government related organizations, such as Fannie asset-backed securities or instability in the markets for such securities Mae and Freddie Mac, are not backed by the full faith and credit of the may affect the value and liquidity of such securities, which could result U.S. government and no assurance can be given that the U.S. govern- in losses to the Portfolio. In addition, certain mortgage- and asset- ment will provide financial support. Therefore, U.S. government related backed securities may include securities backed by pools of loans made organizations may not have the funds to meet their payment obligations to “subprime” borrowers or borrowers with blemished credit histories; in the future. the risk of defaults is generally higher in the case of mortgage pools that include such subprime mortgages. Risk/Return Bar Chart and Table Portfolio Turnover Risk: High portfolio turnover (generally, turn- The bar chart and table below provide some indication of the risks of in- over, in excess of 100% in any given fiscal year) may result in increased vesting in the Portfolio by showing changes in the Portfolio’s performance transaction costs to the Portfolio, which may result in higher fund ex- from year to year and by showing how the Portfolio’s average annual to- penses and lower total return. tal returns for the past one, five and ten years (or since inception) through Redemption Risk: The Portfolio may experience periods of heavy December 31, 2016 compared to the returns of a broad-based securities redemptions that could cause the Portfolio to sell assets at inopportune market index. The return of the broad-based securities market index (and times or at a loss or depressed value. Redemption risk is heightened any additional comparative index) shown in the right hand column below during periods of declining or illiquid markets. Heavy redemptions could is the return of the index for the last 10 years or, if shorter, since the in- hurt the Portfolio’s performance. ception of the share class with the longest history. Past performance is not Market developments and other factors, including a general rise in interest an indication of future performance. rates, have the potential to cause investors to move out of fixed income For periods prior to the inception date for Class IA shares (March 30, securities on a large scale, which may increase redemptions from mutual 2007), Class IA share performance information shown in the table be- funds that hold large amounts of fixed income securities. Such a move, low is the performance of Class IB shares, which reflects the effect of coupled with a reduction in the ability or willingness of dealers and other

EQPUS 3 12b-1 fees paid by Class IB shares. Class IA shares did not pay 12b-1 Sub-Adviser: Pacific Investment Management Company, LLC. fees prior to January 1, 2012. (“PIMCO”) The performance results do not reflect any Contract-related fees and Portfolio Manager: The individual primarily responsible for the secu- expenses, which would reduce the performance results. rities selection, research and trading for the Portfolio is:

Calendar Year Annual Total Returns — Class IB Date Began Managing 11.43% Name Title the Portfolio Jerome Schneider Managing Director of PIMCO January 2011 8.09%

AXA Equitable Funds Management Group, LLC (“FMG LLC” or the “Adviser”) has been granted relief by the Securities and Exchange Com- 1.48% 1.95% 0.85% mission to hire, terminate and replace Sub-Advisers and amend sub- 0.03% advisory agreements subject to the approval of the Board of Trustees and -0.18% -0.11% -0.23% without obtaining shareholder approval. However, the Adviser may not enter into a sub-advisory agreement on behalf of the Portfolio with an -4.07% “affiliated person” of the Adviser, such as AllianceBernstein L.P., unless 20072008 2009 20102011 2012 2013 2014 2015 2016 the sub-advisory agreement is approved by the Portfolio’s shareholders. The Adviser is responsible for overseeing Sub-Advisers and recommending Best quarter (% and time period) Worst quarter (% and time period) their hiring, termination and replacement to the Board of Trustees. 5.91% (2007 4th Quarter) –5.22% (2008 3rd Quarter) PURCHASE AND REDEMPTION OF PORTFOLIO Average Annual Total Returns SHARES One Five Ten Years/ The Portfolio’s shares are currently sold only to insurance company sepa- Year Years Since Inception EQ/PIMCO Ultra Short Bond rate accounts in connection with Contracts issued by AXA Equitable Life Portfolio – Class IA Shares 2.05% 0.62% 1.96% Insurance Company (“AXA Equitable”), AXA Life and Annuity Company, EQ/PIMCO Ultra Short Bond or other affiliated or unaffiliated insurance companies and to The AXA Portfolio – Class IB Shares 1.95% 0.62% 1.84% Equitable 401(k) Plan. Shares also may be sold to other tax-qualified BofA Merrill Lynch 3-Month U.S. Treasury Bill Index (reflects no deduction for retirement plans, to other portfolios managed by FMG LLC that currently fees, expenses, or taxes) 0.33% 0.12% 0.80% sell their shares to such accounts and plans and to other investors eligible under applicable federal income tax regulations. WHO MANAGES THE PORTFOLIO The Portfolio does not have minimum initial or subsequent investment Investment Adviser: FMG LLC requirements. Shares of the Portfolio are redeemable on any business day (which typically is any day the New York Stock Exchange is open) Portfolio Managers: The members of the team that are jointly and upon receipt of a request. All redemption requests will be processed primarily responsible for the selection, monitoring and oversight of the and payment with respect thereto will normally be made within seven Portfolio’s Sub-Adviser are: days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares. Date Began Managing Name Title the Portfolio TAX INFORMATION Kenneth T. Kozlowski, Executive Vice President May 2011 The Portfolio’s shareholders are (or may include) insurance company CFP®, CLU, ChFC and Chief Investment Officer of FMG LLC separate accounts, qualified plans and other investors eligible under applicable federal income tax regulations. Accordingly, distributions the ® Alwi Chan, CFA Senior Vice President and May 2009 Portfolio makes of its net investment income and net realized gains — Deputy Chief Investment Officer of FMG LLC most or all of which it intends to distribute annually — and redemptions or exchanges of Portfolio shares generally will not be taxable to its shareholders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax information.

EQPUS 4 PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES This Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and the Adviser and its affiliates may make payments to a sponsoring insurance company (or its affiliates) or other financial intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. Ask your financial adviser or visit your financial intermediary’s website for more information.

EQPUS 5 EQ Advisors TrustSM

EQ/Quality Bond PLUS Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks to achieve high current income con- PORTFOLIO TURNOVER sistent with moderate risk to capital. The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio FEES AND EXPENSES OF THE PORTFOLIO turnover rate may indicate higher transaction costs. These costs, which The following table describes the fees and expenses that you may pay if are not reflected in annual fund operating expenses or in the Example, you buy and hold shares of the Portfolio. The table below does not re- affect the Portfolio’s performance. During the most recent fiscal year, flect any fees and expenses associated with variable life insurance con- the Portfolio’s portfolio turnover rate was 129% of the average value of tracts and variable annuity certificates and contracts (“Contracts”), the Portfolio. which would increase overall fees and expenses. See the Contract prospectus for a description of those fees and expenses. INVESTMENTS, RISKS, AND PERFORMANCE Principal Investment Strategy: Under normal circumstances, the Shareholder Fees (fees paid directly from your investment) Portfolio invests at least 80% of its net assets, plus borrowings for Not applicable. investment purposes, in debt securities. For this Portfolio, debt securities include direct and indirect investments in debt securities and investments in other investment companies and financial instruments that derive their Annual Portfolio Operating Expenses value from such securities. The Portfolio invests primarily (either directly or (expenses that you pay each year as a percentage of the value of your investment) indirectly through other investments) in securities, including government, Class IA Class IB corporate and agency mortgage- and asset-backed securities, that are EQ/Quality Bond PLUS Portfolio Shares Shares rated investment grade at the time of purchase (i.e., at least Baa by Management Fee 0.40% 0.40% Moody’s Investors Service, Inc. (“Moody’s) or BBB by Standard & Poor’s Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% Global Ratings (“S&P”) or Fitch Ratings Ltd. (“Fitch”)), or if unrated, fixed Other Expenses 0.16% 0.16% income securities that the Adviser or Sub-Adviser determines to be of Total Annual Portfolio Operating Expenses 0.81% 0.81% comparable quality. Split rated securities, which are securities that receive different ratings from two or more rating agencies, will be considered to Example have the higher credit rating. The Portfolio also seeks to maintain an This Example is intended to help you compare the cost of investing in average aggregate quality rating of its portfolio securities of at least A the Portfolio with the cost of investing in other portfolios. The Example (Moody’s or S&P or Fitch). In the event that the credit rating of a security assumes that you invest $10,000 in the Portfolio for the periods in- held by the Portfolio falls below investment grade (or, in the case of un- dicated and then redeem all of your shares at the end of these periods. rated securities, the Sub-Adviser determines that the quality of such secu- The Example also assumes that your investment has a 5% return each rity has deteriorated below investment grade), the Portfolio will not be year, and that the Portfolio’s operating expenses remain the same. This obligated to dispose of such security and may continue to hold the Example does not reflect any Contract-related fees and expenses includ- obligation if the Sub-Adviser believes such an investment is appropriate ing redemption fees (if any) at the Contract level. If such fees and ex- under the circumstances. The Portfolio may also purchase or sell futures penses were reflected, the total expenses would be higher. Although contracts on fixed-income securities in lieu of investment directly in fixed- your actual costs may be higher or lower, based on these assumptions income securities themselves. The Portfolio may engage in active and fre- your costs would be: quent trading of portfolio securities to achieve its investment objective. The Portfolio’s assets normally are allocated among two portions, each of 1 Year 3 Years 5 Years 10 Years which is managed using a different but complementary investment strategy. Class IA Shares $83 $259 $450 $1,002 Class IB Shares $83 $259 $450 $1,002 One portion of the Portfolio is actively managed (“Active Allocated Portion”) and one portion of the Portfolio seeks to track the performance of a particular index (“Passive Allocated Portion”).Undernormalcircumstances,the

EQQBP 1 Active Allocated Portion consists of approximately 30% of the Portfolio’s The downgrade of the credit rating of a security may decrease its value. net assets and the Passive Allocated Portion consists of approximately Lower credit quality also may lead to greater volatility in the price of a 70% of the Portfolio’s net assets. These percentages are targets estab- security and may negatively affect a security’s liquidity. lished by the Adviser; actual allocations may deviate from these targets. Derivatives Risk: The Portfolio’s investments in derivatives may rise The Active Allocated Portion may invest in debt securities of U.S. and or fall in value more rapidly than other investments. Changes in the foreign issuers, including issuers located in emerging markets. The Ac- value of a derivative may not correlate perfectly or at all with the under- tive Allocated Portion’s investments may include government secu- lying asset, rate or index, and the Portfolio could lose more than the rities, corporate bonds, bonds of foreign issuers (including those principal amount invested. Some derivatives can have the potential for denominated in foreign currencies or U.S. dollars), commercial and unlimited losses. In addition, it may be difficult or impossible for the residential mortgage-backed securities, and asset-backed securities. Portfolio to purchase or sell certain derivatives in sufficient amounts to Foreign currency exposure (from non-U.S. dollar-denominated secu- achieve the desired level of exposure, which may result in a loss or may rities or currencies) normally will be limited to 10% of the Portfolio’s be costly to the Portfolio. Derivatives also may be subject to certain total assets. Securities are purchased for the Active Allocated Portion other risks such as leveraging risk, interest rate risk, credit risk, the risk when a Sub-Adviser determines that they have the potential for above- that a counterparty may be unable or unwilling to honor its obligations, average total return. A Sub-Adviser may sell a security for a variety of and the risk of mispricing or improper valuation. Derivatives also may reasons, such as to make other investments believed by the Sub- not behave as anticipated by the Portfolio, especially in abnormal mar- Adviser to offer superior investment opportunities. ket conditions. Changing regulation may make derivatives more costly, The Passive Allocated Portion of the Portfolio will invest in debt secu- limit their availability, impact the Portfolio’s ability to maintain its rities that are included in the Bloomberg Barclays U.S. Intermediate investments in derivatives, disrupt markets, or otherwise adversely af- Government Bond Index (“Intermediate Government Bond Index”), or fect their value or performance. other financial instruments, including exchange-traded funds (“ETFs”), ETFs Risk: The Portfolio will indirectly bear fees and expenses paid by that derive their value from those securities. The Intermediate Govern- the ETFs in which it invests, in addition to the Portfolio’s direct fees and ment Bond Index is an unmanaged index that measures the perform- expenses. The cost of investing in the Portfolio, therefore, may be ance of securities consisting of all U.S. Treasury and agency securities higher than the cost of investing in a mutual fund that exclusively in- with remaining maturities of from one to ten years and issue amounts vests directly in individual stocks and bonds. In addition, the Portfolio’s of at least $250 million outstanding, which may include zero-coupon net asset value will be subject to fluctuations in the market values of securities. the ETFs in which it invests. The Portfolio is also subject to the risks Individual securities holdings may differ from the Intermediate Govern- associated with the securities or other investments in which the ETFs ment Bond Index, and the Portfolio may not track the performance of invest and the ability of the Portfolio to meet its investment objective the Intermediate Government Bond Index perfectly due to expenses and will directly depend on the ability of the ETFs to meet their investment transaction costs, the size and frequency of cash flow into and out of objectives. There is also the risk that an ETF’s performance may not the Portfolio, and differences between how and when the Portfolio and match that of the relevant index. It is also possible that an active trad- the Intermediate Government Bond Index are valued. ing market for an ETF may not develop or be maintained, in which case the liquidity and value of the Portfolio’s investment in the ETF could be The Portfolio also may lend its portfolio securities to earn additional substantially and adversely affected. The extent to which the investment income. performance and risks associated with the Portfolio correlate to those of Principal Risks: An investment in the Portfolio is not a deposit of a a particular ETF will depend upon the extent to which the Portfolio’s bank and is not insured or guaranteed by the Federal Deposit Insurance assets are allocated from time to time for investment in the ETF, which Corporation or any other government agency. You may lose money by will vary. investing in the Portfolio. Performance may be affected by one or more Foreign Securities Risk: Investments in foreign securities, includ- of the following risks. ing depositary receipts, involve risks not associated with investing in Credit Risk: The Portfolio is subject to the risk that the issuer or the U.S. securities. Foreign markets, particularly emerging markets, may be guarantor (or other obligor, such as a party providing insurance or other less liquid, more volatile and subject to less government supervision credit enhancement) of a fixed income security, or the counterparty to a than U.S. markets. Security values also may be negatively affected by derivatives contract, repurchase agreement, loan of portfolio securities changes in the exchange rates between the U.S. dollar and foreign cur- or other transaction, is unable or unwilling, or is perceived (whether by rencies. Differences between U.S. and foreign legal, political and eco- market participants, ratings agencies, pricing services or otherwise) as nomic systems, regulatory regimes and market practices also may unable or unwilling, to make timely principal and/or interest payments, impact security values and it may take more time to clear and settle or otherwise honor its obligations. Securities are subject to varying de- trades involving foreign securities. grees of credit risk, which are often reflected in their credit ratings. Currency Risk: Investments in foreign currencies and in secu- However, rating agencies may fail to make timely changes to credit rat- rities that trade in, or receive revenues in, or in derivatives that ings in response to subsequent events and a credit rating may become provide exposure to foreign currencies are subject to the risk that stale in that it fails to reflect changes in an issuer’s financial condition. those currencies will decline in value relative to the U.S. dollar, or,

EQQBP 2 in the case of hedging positions, that the U.S. dollar will decline in grade securities, but are somewhat riskier than higher rated obligations value relative to the currency being hedged. Any such decline may because they are regarded as having only an adequate capacity to pay erode or reverse any potential gains from an investment in secu- principal and interest, are considered to lack outstanding investment char- rities denominated in foreign currency or may widen existing loss. acteristics, and may possess certain speculative characteristics. Currency rates may fluctuate significantly over short periods of Leveraging Risk: When the Portfolio leverages its holdings, the time for a number of reasons, including changes in interest rates, value of an investment in the Portfolio will be more volatile and all intervention (or the failure to intervene) by governments, central other risks will tend to be compounded. For example, the Portfolio may banks or supranational entities, or by the imposition of currency take on leveraging risk when it engages in derivatives transactions controls or other political developments in the U.S. or abroad. (such as futures and options investments), invests collateral from Emerging Markets Risk: There are greater risks involved in securities loans or borrows money. The Portfolio may experience investing in emerging market countries and/or their securities mar- leveraging risk in connection with investments in derivatives because its kets. Investments in these countries and/or markets may present investments in derivatives may be small relative to the investment market, credit, currency, liquidity, legal, political, technical and other exposure assumed, leaving more assets to be invested in other risks different from, or greater than, the risks of investing in devel- investments. Such investments may have the effect of leveraging the oped countries. Investments in emerging markets are more suscep- Portfolio because the Portfolio may experience gains or losses not only tible to loss than investments in developed markets. In addition, the on its investments in derivatives, but also on the investments purchased risks associated with investing in a narrowly defined geographic with the remainder of the assets. If the value of the Portfolio’s area are generally more pronounced with respect to investments in investments in derivatives is increasing, this could be offset by declining emerging market countries. values of the Portfolio’s other investments. Conversely, it is possible that the rise in the value of the Portfolio’s non-derivative investments Index Strategy Risk: The Portfolio employs an index strategy, that could be offset by a decline in the value of the Portfolio’s investments in is, it generally invests in the securities included in its index or a repre- derivatives. In either scenario, the Portfolio may experience losses. In a sentative sample of such securities regardless of market trends. The market where the value of the Portfolio’s investments in derivatives is Portfolio generally will not modify its index strategy to respond to declining and the value of its other investments is declining, the changes in the economy, which means that it may be particularly Portfolio may experience substantial losses. susceptible to a general decline in the market segment relating to the relevant index. In addition, although the index strategy attempts to Liquidity Risk: The Portfolio is subject to the risk that certain closely track its benchmark index, the Portfolio may not invest in all of investments may be difficult or impossible for the Portfolio to purchase the securities in the index. Also, the Portfolio’s fees and expenses will or sell at an advantageous time or price or in sufficient amounts to reduce the Portfolio’s returns, unlike those of the benchmark index. achieve the desired level of exposure. The Portfolio may be required to Cash flow into and out of the Portfolio, portfolio transaction costs, dispose of other investments at unfavorable times or prices to satisfy changes in the securities that comprise the index, and the Portfolio’s obligations, which may result in a loss or may be costly to the Portfolio. valuation procedures also may affect the Portfolio’s performance. There- Judgment plays a greater role in pricing illiquid investments than in in- fore, there can be no assurance that the performance of the index vestments with more active markets. strategy will match that of the benchmark index. Mortgage-Backed and Asset-Backed Securities Risk: The Interest Rate Risk: The Portfolio is subject to the risk that fixed in- Portfolio is subject to the risk that the principal on mortgage- and asset- come securities will decline in value because of changes in interest backed securities held by the Portfolio will be prepaid, which generally will rates. When interest rates decline, the value of the Portfolio’s debt reduce the yield and market value of these securities. If interest rates fall, securities generally rises. Conversely, when interest rates rise, the value the rate of prepayments tends to increase as borrowers are motivated to of the Portfolio’s debt securities generally declines. A portfolio with a pay off debt and refinance at new lower rates. Rising interest rates may in- longer average duration will be more sensitive to changes in interest crease the risk of default by borrowers and tend to extend the duration of rates, usually making it more volatile than a portfolio with a shorter these securities, making them more sensitive to changes in interest rates. average duration. As of the date of this Prospectus, interest rates are As a result, in a period of rising interest rates to the extent the Portfolio near historic lows in the United States, and below zero in other parts of holds these types of securities, it may experience additional volatility and the world, including certain European countries and Japan. The Portfolio losses. This is known as extension risk. Moreover, declines in the credit is subject to a greater risk of rising interest rates due to these market quality of the issuers of mortgage- and asset-backed securities or instability conditions. A significant or rapid rise in interest rates could result in in the markets for such securities may affect the value and liquidity of such losses to the Portfolio. securities, which could result in losses to the Portfolio. In addition, certain mortgage- and asset-backed securities may include securities backed by Investment Grade Securities Risk: Debt securities generally are pools of loans made to “subprime” borrowers or borrowers with blemished rated by national bond ratings agencies. The Portfolio considers securities credit histories; the risk of defaults is generally higher in the case of mort- to be investment grade if they are rated BBB or higher by S&P or Fitch or gage pools that include such subprime mortgages. Baa or higher by Moody’s, or, if unrated, determined by the investment manager to be of comparable quality. Securities rated in the lower invest- Multiple Sub-Adviser Risk: The Adviser allocates the Portfolio’s ment grade rating categories (e.g., BBB or Baa) are considered investment assets among multiple Sub-Advisers, each of which is responsible for

EQQBP 3 investing its allocated portion of the Portfolio’s assets. To a significant U.S. Government Securities Risk: U.S. government securities are extent, the Portfolio’s performance will depend on the success of the Ad- subject to market risk, interest rate risk and credit risk. Securities, such as viser in allocating the Portfolio’s assets to Sub-Advisers and its selection those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are and oversight of the Sub-Advisers. Because each Sub-Adviser manages its backed by the full faith and credit of the U.S. are guaranteed only as to allocated portion of the Portfolio independently from another Sub-Adviser, the timely payment of interest and principal when held to maturity, and the same security may be held in different portions of the Portfolio, or may the market prices for such securities will fluctuate due to changing interest be acquired for one portion of the Portfolio at a time when a Sub-Adviser rates, among other factors. Notwithstanding that these securities are to another portion deems it appropriate to dispose of the security from backed by the full faith and credit of the U.S., circumstances could arise that other portion, resulting in higher expenses without accomplishing any that would prevent the payment of interest or principal. This would result net result in the Portfolio’s holdings. Similarly, under some market con- in losses to the Portfolio. Securities issued or guaranteed by U.S. govern- ditions, one Sub-Adviser may believe that temporary, defensive investment related organizations, such as Fannie Mae and Freddie Mac, are not ments in short-term instruments or cash are appropriate when another backed by the full faith and credit of the U.S. government and no assur- Sub-Adviser believes continued exposure to the equity or debt markets is ance can be given that the U.S. government will provide financial support. appropriate for its allocated portion of the Portfolio. Because each Sub- Therefore, U.S. government related organizations may not have the funds Adviser directs the trading for its own portion of the Portfolio, and does to meet their payment obligations in the future not aggregate its transactions with those of the other Sub-Adviser, the Portfolio may incur higher brokerage costs than would be the case if a Risk/Return Bar Chart and Table single Sub-Adviser were managing the entire Portfolio. In addition, while The bar chart and table below provide some indication of the risks of in- the Adviser seeks to allocate the Portfolio’s assets among the Portfolio’s vesting in the Portfolio by showing changes in the Portfolio’s performance Sub-Advisers in a manner that it believes is consistent with achieving the from year to year and by showing how the Portfolio’s average annual to- Portfolio’s investment objective(s), the Adviser may be subject to potential tal returns for the past one, five and ten years (or since inception) through conflicts of interest in allocating the Portfolio’s assets among Sub- December 31, 2016 compared to the returns of a broad-based securities Advisers, including affiliated Sub-Advisers, because the Adviser pays market index. The return of the broad-based securities market index (and different fees to the Sub-Advisers and due to other factors that could im- any additional comparative index) shown in the right hand column below pact the Adviser’s revenues and profits. is the return of the index for the last 10 years or, if shorter, since the in- Portfolio Turnover Risk: High portfolio turnover (generally, turn- ception of the share class with the longest history. Past performance is not over, in excess of 100% in any given fiscal year) may result in increased an indication of future performance. Prior to September 1, 2012, the transaction costs to the Portfolio, which may result in higher fund ex- Portfolio had a different investment strategy. penses and lower total return. The performance results do not reflect any Contract-related fees and Redemption Risk: The Portfolio may experience periods of heavy expenses, which would reduce the performance results. redemptions that could cause the Portfolio to sell assets at inopportune times or at a loss or depressed value. Redemption risk is heightened Calendar Year Annual Total Returns — Class IB during periods of declining or illiquid markets. Heavy redemptions could 6.09% 6.29% 4.60% hurt the Portfolio’s performance. 2.66% 2.96% 1.16% 1.20% Market developments and other factors, including a general rise in inter- 0.16% est rates, have the potential to cause investors to move out of fixed in- -2.32% come securities on a large scale, which may increase redemptions from mutual funds that hold large amounts of fixed income securities. Such a -6.57% move, coupled with a reduction in the ability or willingness of dealers 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 and other institutional investors to buy or hold fixed income securities, may result in decreased liquidity and increased volatility in the fixed in- Best quarter (% and time period) Worst quarter (% and time period) 4.02% (2009 3rd Quarter) –3.44% (2008 3rd Quarter) come markets. Securities Lending Risk: The Portfolio may lend its portfolio secu- Average Annual Total Returns rities to seek income. There is a risk that a borrower may default on its Ten obligations to return loaned securities, however, the Portfolio’s secu- One Five Years/Since rities lending agent may indemnify the Portfolio against that risk. The Year Years Inception EQ/Quality Bond PLUS Portfolio – Class IA Portfolio will be responsible for the risks associated with the investment Shares 1.09% 0.91% 1.66% of cash collateral, including any collateral invested in an affiliated EQ/Quality Bond PLUS Portfolio – Class IB money market fund. The Portfolio may lose money on its investment of Shares 1.20% 0.92% 1.55% Bloomberg Barclays U.S. Intermediate cash collateral or may fail to earn sufficient income on its investment to Government Bond Index (reflects no meet obligations to the borrower. In addition, delays may occur in the deduction for fees, expenses, or taxes) 1.05% 1.04% 3.42% recovery of securities from borrowers, which could interfere with the Portfolio’s ability to vote proxies or to settle transactions.

EQQBP 4 WHO MANAGES THE PORTFOLIO without obtaining shareholder approval. However, the Adviser may not Investment Adviser: FMG LLC enter into a sub-advisory agreement on behalf of the Portfolio with an “affiliated person” of the Adviser, such as AllianceBernstein L.P., unless Portfolio Managers: The members of the team that are jointly and the sub-advisory agreement is approved by the Portfolio’s shareholders. primarily responsible for (i) the selection, monitoring and oversight of The Adviser is responsible for overseeing Sub-Advisers and recommend- the Portfolio’s Sub-Advisers, and (ii) allocating assets among the Portfo- ing their hiring, termination and replacement to the Board of Trustees. lio’s Allocated Portions are: PURCHASE AND REDEMPTION OF PORTFOLIO Date Began SHARES Managing Name Title the Portfolio The Portfolio’s shares are currently sold only to insurance company sepa- Kenneth T. Executive Vice President and May 2011 rate accounts in connection with Contracts issued by AXA Equitable Life Kozlowski, Chief Investment Officer CFP®, CLU, of FMG LLC Insurance Company (“AXA Equitable”), AXA Life and Annuity Com- ChFC pany, or other affiliated or unaffiliated insurance companies and to The Alwi Chan, CFA® Senior Vice President and May 2009 AXA Equitable 401(k) Plan. Shares also may be sold to other Deputy Chief Investment tax-qualified retirement plans, to other portfolios managed by FMG LLC Officer of FMG LLC that currently sell their shares to such accounts and plans and to other investors eligible under applicable federal income tax regulations. Sub-Adviser: AllianceBernstein L.P. (“AllianceBernstein”) The Portfolio does not have minimum initial or subsequent investment Portfolio Manager: The individuals that are primarily responsible for requirements. Shares of the Portfolio are redeemable on any business the securities selection, research and trading for a portion of the Active day (which typically is any day the New York Stock Exchange is open) Allocated Portion of the Portfolio and the Passive Allocated Portion of upon receipt of a request. All redemption requests will be processed the Portfolio are: and payment with respect thereto will normally be made within seven Date Began days after tender. Please refer to your Contract prospectus for more Managing information on purchasing and redeeming Portfolio shares. Name Title the Portfolio Greg Wilensky, Senior Vice President and November 2007 TAX INFORMATION CFA® Portfolio Manager of AllianceBernstein The Portfolio’s shareholders are (or may include) insurance company Douglas J. Peebles Chief Investment Officer – May 2015 separate accounts, qualified plans and other investors eligible under AllianceBernstein Fixed applicable federal income tax regulations. Accordingly, distributions the Income Portfolio makes of its net investment income and net realized gains — Michael S. Senior Vice President of February 2016 most or all of which it intends to distribute annually — and Canter AllianceBernstein redemptions or exchanges of Portfolio shares generally will not be Shawn E. Senior Vice President of May 2015 taxable to its shareholders (or to the holders of underlying Contracts or Keegan AllianceBernstein plan participants or beneficiaries). See the prospectus for your Contract for further tax information. Sub-Adviser: Pacific Investment Management Company LLC (“PIMCO”) PAYMENTS TO BROKER-DEALERS AND OTHER Portfolio Manager: The individuals that are jointly and primarily re- FINANCIAL INTERMEDIARIES sponsible for securities selection, research and trading for a portion of This Portfolio is not sold directly to the general public but instead is the Active Allocated Portion of the Portfolio are: offered as an underlying investment option for Contracts and retirement Date Began plans and to other eligible investors. The Portfolio and the Adviser and Managing its affiliates may make payments to a sponsoring insurance company (or Name Title the Portfolio its affiliates) or other financial intermediary for distribution and/or other Mark R. Kiesel Managing Director and January 2015 services. These payments may create a conflict of interest by influencing Portfolio Manager of PIMCO the insurance company or other financial intermediary and your Mihir P. Worah Managing Director and January 2015 financial adviser to recommend the Portfolio over another investment or Portfolio Manager of PIMCO by influencing an insurance company to include the Portfolio as an Scott A. Mather Managing Director and January 2015 underlying investment option in the Contract. The prospectus (or other Portfolio Manager of PIMCO offering document) for your Contract may contain additional information about these payments. Ask your financial adviser or visit AXA Equitable Funds Management Group, LLC (“FMG LLC” or the your financial intermediary’s website for more information. “Adviser”) has been granted relief by the Securities and Exchange Com- mission to hire, terminate and replace Sub-Advisers and amend sub- advisory agreements subject to the approval of the Board of Trustees and

EQQBP 5 EQ Advisors TrustSM

EQ/T. Rowe Price Growth Stock Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks to achieve long-term capital apprecia- reflect any Contract-related fees and expenses including redemption fees tion and secondarily, income. (if any) at the Contract level. If such fees and expenses were reflected, the total expenses would be higher. Although your actual costs may be higher FEES AND EXPENSES OF THE PORTFOLIO or lower, based on these assumptions your costs would be:

The following table describes the fees and expenses that you may pay if 1 Year 3 Years 5 Years 10 Years you buy and hold shares of the Portfolio. The table below does not re- Class IA Shares $107 $351 $615 $1,367 flect any fees and expenses associated with variable life insurance con- Class IB Shares $107 $351 $615 $1,367 tracts and variable annuity certificates and contracts (“Contracts”), which would increase overall fees and expenses. See the Contract pro- PORTFOLIO TURNOVER spectus for a description of those fees and expenses. The Portfolio pays transaction costs, such as commissions, when it buys Shareholder Fees and sells securities (or “turns over” its portfolio). A higher portfolio turn- (fees paid directly from your investment) over rate may indicate higher transaction costs. These costs, which are not Not applicable. reflected in annual fund operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s Annual Portfolio Operating Expenses portfolio turnover rate was 44% of the average value of the Portfolio. (expenses that you pay each year as a percentage of the value of your investment) INVESTMENTS, RISKS, AND PERFORMANCE Class IA Class IB EQ/T. Rowe Price Growth Stock Portfolio Shares Shares Principal Investment Strategy: The Portfolio normally invests at least Management Fee 0.75% 0.75% 80% of net assets, plus borrowings for investment purposes, in common Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% stocks of a diversified group of growth companies. The Portfolio will invest Other Expenses 0.13% 0.13% primarily in equity securities of large-cap companies. For this Portfolio, Total Annual Portfolio Operating Expenses 1.13% 1.13% large-cap companies are defined as those companies with market capital- Fee Waiver and/or Expense Reimbursement† –0.08% –0.08% ization larger than the median market cap of companies in the Russell Total Annual Portfolio Operating Expenses After Fee ® Waiver and/or Expense Reimbursement 1.05% 1.05% 1000 Growth Index, a widely used benchmark of the largest domestic growth stocks (the median market cap as of December 31, 2016 was † Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreed to $8.9 billion, and is subject to change) at the time of purchase. The Sub- make payments or waive its management, administrative and other fees to limit the expenses of the Portfolio through April 30, 2018 (unless the Board of Trustees consents to Adviser mostly seeks investments in companies that have the ability to an earlier revision or termination of this arrangement) (“Expense Limitation pay increasing dividends through strong cash flow. The Sub-Adviser gen- Arrangement”) so that the annual operating expenses of the Portfolio (exclusive of taxes, erally looks for companies with an above-average rate of earnings growth interest, brokerage commissions, capitalized expenses, acquired fund fees and expenses, dividend and interest expenses on securities sold short, and extraordinary expenses) do and an attractive niche in the economy that gives them the ability to sus- not exceed an annual rate of average daily net assets of 1.05% for Class IA and IB tain earnings momentum even during times of slow economic growth. As shares of the Portfolio. The Expense Limitation Arrangement may be terminated by AXA a growth investor, the Sub-Adviser believes that when a company in- Equitable Funds Management Group, LLC at any time after April 30, 2018. creases its earnings faster than both inflation and the overall economy, Example the market will eventually reward it with a higher stock price. The Portfo- lio may at times invest significantly in technology. This Example is intended to help you compare the cost of investing in the While most assets are invested in U.S. common stocks, other securities may Portfolio with the cost of investing in other portfolios. The Example as- also be purchased, including warrants and preferred stocks, in keeping sumes that you invest $10,000 in the Portfolio for the periods indicated with portfolio objectives. The Portfolio may invest up to 30% of its total and then redeem all of your shares at the end of these periods. The assets in securities of foreign issuers, including those in emerging markets. Example also assumes that your investment has a 5% return each year, that the Portfolio’s operating expenses remain the same, and that the In pursuing the Portfolio’s investment objective, the Sub-Adviser has the Expense Limitation Arrangement is not renewed. This Example does not discretion to purchase some securities, including warrants and preferred

EQTGS 1 stocks, that do not meet its normal investment criteria, as described geographic area are generally more pronounced with respect to above, when it perceives an opportunity for substantial appreciation. investments in emerging market countries. These situations might arise when the Sub-Adviser believes a security Investment Style Risk: The Portfolio may use a particular style or could increase in value for a variety of reasons, including a change in set of styles — in this case “growth” styles — to select investments. management, an extraordinary corporate event, a new product in- Those styles may be out of favor or may not produce the best results troduction or innovation, or a favorable competitive development. over short or longer time periods. Growth stocks may be more sensitive The Sub-Adviser may sell securities for a variety of reasons, such as to to changes in current or expected earnings than the prices of other secure gains, limit losses, or redeploy assets into more promising stocks. Growth investing also is subject to the risk that the stock price opportunities. of one or more companies will fall or will fail to appreciate as anticipated, regardless of movements in the securities market. Growth stocks The Portfolio also may lend its portfolio securities to earn additional also tend to be more volatile than value stocks, so in a declining market income. their prices may decrease more than value stocks in general. Growth Principal Risks: An investment in the Portfolio is not a deposit of a stocks also may increase the volatility of the Portfolio’s share price. bank and is not insured or guaranteed by the Federal Deposit Insurance Large-Cap Company Risk: Larger more established companies may Corporation or any other government agency. You may lose money by be unable to respond quickly to new competitive challenges such as investing in the Portfolio. Performance may be affected by one or more changes in technology and consumer tastes. Many larger companies also of the following risks. may not be able to attain the high growth rate of successful smaller com- Equity Risk: In general, stocks and other equity security values fluc- panies, especially during extended periods of economic expansion. tuate, and sometimes widely fluctuate, in response to changes in a Sector Risk: To the extent the Portfolio invests more heavily in partic- company’s financial condition as well as general market, economic and ular sectors, its performance will be especially sensitive to developments political conditions and other factors. that significantly affect those sectors. Individual sectors may be more Foreign Securities Risk: Investments in foreign securities, includ- volatile, and may perform differently, than the broader market. The in- ing depositary receipts, involve risks not associated with investing in dustries that constitute a sector may all react in the same way to U.S. securities. Foreign markets, particularly emerging markets, may be economic, political or regulatory events. less liquid, more volatile and subject to less government supervision Securities Lending Risk: The Portfolio may lend its portfolio secu- than U.S. markets. Security values also may be negatively affected by rities to seek income. There is a risk that a borrower may default on its changes in the exchange rates between the U.S. dollar and foreign cur- obligations to return loaned securities, however, the Portfolio’s securities rencies. Differences between U.S. and foreign legal, political and eco- lending agent may indemnify the Portfolio against that risk. The Portfolio nomic systems, regulatory regimes and market practices also may will be responsible for the risks associated with the investment of cash impact security values and it may take more time to clear and settle collateral, including any collateral invested in an affiliated money market trades involving foreign securities. fund. The Portfolio may lose money on its investment of cash collateral or Currency Risk: Investments in foreign currencies and in secu- may fail to earn sufficient income on its investment to meet obligations to rities that trade in, or receive revenues in, or in derivatives that the borrower. In addition, delays may occur in the recovery of securities provide exposure to foreign currencies are subject to the risk that from borrowers, which could interfere with the Portfolio’s ability to vote those currencies will decline in value relative to the U.S. dollar, or, proxies or to settle transactions. in the case of hedging positions, that the U.S. dollar will decline in Special Situations Risk: The Portfolio may seek to benefit from value relative to the currency being hedged. Any such decline may “special situations,” such as mergers, consolidations, bankruptcies, liq- erode or reverse any potential gains from an investment in secu- uidations, reorganizations, restructurings, tender or exchange offers or rities denominated in foreign currency or may widen existing loss. other unusual events expected to affect a particular issuer. In general, Currency rates may fluctuate significantly over short periods of securities of companies which are the subject of a tender or exchange time for a number of reasons, including changes in interest rates, offer or a merger, consolidation, liquidation, restructuring, bankruptcy intervention (or the failure to intervene) by governments, central or reorganization proposal sell at a premium to their historic market banks or supranational entities, or by the imposition of currency price immediately prior to the announcement of the transaction. How- controls or other political developments in the U.S. or abroad. ever, it is possible that the value of securities of a company involved in Emerging Markets Risk: There are greater risks involved in such a transaction will not rise and in fact may fall, in which case the investing in emerging market countries and/or their securities Portfolio would lose money. It is also possible that the transaction may markets. Investments in these countries and/or markets may pres- not be completed as anticipated or may take an excessive amount of ent market, credit, currency, liquidity, legal, political, technical and time to be completed, in which case the Portfolio may not realize any other risks different from, or greater than, the risks of investing in premium on its investment and could lose money if the value of the developed countries. Investments in emerging markets are more securities declines during the Portfolio’s holding period. In some susceptible to loss than investments in developed markets. In circumstances, the securities purchased may be illiquid making it diffi- addition, the risks associated with investing in a narrowly defined cult for the Portfolio to dispose of them at an advantageous price.

EQTGS 2 Technology Sector Risk: The value of the shares of a Portfolio WHO MANAGES THE PORTFOLIO that invests primarily in technology companies is particularly vulnerable to factors affecting the technology sector, such as dependency on con- Investment Adviser: FMG LLC sumer and business acceptance as new technology evolves, large and Portfolio Managers: The members of the team that are jointly and rapid price movements resulting from competition, rapid obsolescence primarily responsible for the selection, monitoring and oversight of the of products and services and short product cycles. Many technology Portfolio’s Sub-Adviser are: companies are small and at an earlier stage of development and, therefore, may be subject to risks such as those arising out of limited product Date Began lines, markets and financial and managerial resources. Managing Name Title the Portfolio Risk/Return Bar Chart and Table Kenneth T. Kozlowski, Executive May 2011 CFP®, CLU, ChFC Vice President and The bar chart and table below provide some indication of the risks of in- Chief Investment Officer vesting in the Portfolio by showing changes in the Portfolio’s performance of FMG LLC from year to year and by showing how the Portfolio’s average annual to- Alwi Chan, CFA® Senior Vice President May 2009 tal returns for the past one, five and ten years (or since inception) through and Deputy December 31, 2016 compared to the returns of a broad-based securities Chief Investment Officer of FMG LLC market index. The return of the broad-based securities market index (and any additional comparative index) shown in the right hand column below is the return of the index for the last 10 years or, if shorter, since the in- Sub-Adviser: T. Rowe Price Associates, Inc. (“T. Rowe Price”) ception of the share class with the longest history. Past performance is not Portfolio Manager: The individual primarily responsible for the secu- an indication of future performance. rities selection, research and trading for the Portfolio is: For periods prior to the inception date for Class IA shares (May 16, 2007), Class IA share performance information shown in the table be- Date Began Managing low is the performance of Class IB shares, which reflects the effect of Name Title the Portfolio 12b-1 fees paid by Class IB shares. Class IA shares did not pay 12b-1 Joseph Fath, CPA Vice President of January 2014 fees prior to January 1, 2012. T. Rowe Price and Portfolio Manager The performance results do not reflect any Contract-related fees and expenses, which would reduce the performance results. AXA Equitable Funds Management Group, LLC (“FMG LLC” or the “Adviser”) has been granted relief by the Securities and Exchange Com- Calendar Year Annual Total Returns — Class IB mission to hire, terminate and replace Sub-Advisers and amend sub- 42.39% 37.93% advisory agreements subject to the approval of the Board of Trustees and without obtaining shareholder approval. However, the Adviser may not 16.41% 18.94% enter into a sub-advisory agreement on behalf of the Portfolio with an 7.19% 8.64% 10.22% “affiliated person” of the Adviser, such as AllianceBernstein L.P., unless 1.34% the sub-advisory agreement is approved by the Portfolio’s shareholders. -1.94% The Adviser is responsible for overseeing Sub-Advisers and recommending their hiring, termination and replacement to the Board of Trustees.

PURCHASE AND REDEMPTION OF PORTFOLIO -42.10% SHARES 2007 20082009 2010 2011 2012 2013 2014 2015 2016 The Portfolio’s shares are currently sold only to insurance company separate accounts in connection with Contracts issued by AXA Equitable Life Best quarter (% and time period) Worst quarter (% and time period) 19.09% (2012 1st Quarter) –23.77% (2008 4th Quarter) Insurance Company (“AXA Equitable”), AXA Life and Annuity Company, or other affiliated or unaffiliated insurance companies and to The AXA Equitable 401(k) Plan. Shares also may be sold to other tax-qualified Average Annual Total Returns retirement plans, to other portfolios managed by FMG LLC that currently Ten sell their shares to such accounts and plans and to other investors eligible One Five Years/Since Year Years Inception under applicable federal income tax regulations. EQ/T. Rowe Price Growth Stock Portfolio – Class IA Shares 1.35% 14.76% 7.37% The Portfolio does not have minimum initial or subsequent investment EQ/T. Rowe Price Growth Stock Portfolio – requirements. Shares of the Portfolio are redeemable on any business Class IB Shares 1.34% 14.76% 7.22% day (which typically is any day the New York Stock Exchange is open) Russell 1000® Growth Index (reflects no deduction for fees, expenses, or taxes) 7.08% 14.50% 8.33% upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares.

EQTGS 3 TAX INFORMATION The Portfolio’s shareholders are (or may include) insurance company separate accounts, qualified plans and other investors eligible under applicable federal income tax regulations. Accordingly, distributions the Portfolio makes of its net investment income and net realized gains — most or all of which it intends to distribute annually — and redemptions or exchanges of Portfolio shares generally will not be taxable to its shareholders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax information.

EQTGS 4 EQ Advisors TrustSM

EQ/UBS Growth and Income Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks to achieve total return through capital reflect any Contract-related fees and expenses including redemption fees appreciation with income as a secondary consideration. (if any) at the Contract level. If such fees and expenses were reflected, the total expenses would be higher. Although your actual costs may be higher FEES AND EXPENSES OF THE PORTFOLIO or lower, based on these assumptions your costs would be:

The following table describes the fees and expenses that you may pay if 1 Year 3 Years 5 Years 10 Years you buy and hold shares of the Portfolio. The table below does not re- Class IA Shares $107 $366 $645 $1,441 flect any fees and expenses associated with variable life insurance con- Class IB Shares $107 $366 $645 $1,441 tracts and variable annuity certificates and contracts (“Contracts”), which would increase overall fees and expenses. See the Contract pro- PORTFOLIO TURNOVER spectus for a description of those fees and expenses. The Portfolio pays transaction costs, such as commissions, when it buys Shareholder Fees and sells securities (or “turns over” its portfolio). A higher portfolio (fees paid directly from your investment) turnover rate may indicate higher transaction costs. These costs, which Not applicable. are not reflected in annual fund operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, Annual Portfolio Operating Expenses the Portfolio’s portfolio turnover rate was 61% of the average value of (expenses that you pay each year as a percentage of the value of the Portfolio. your investment) Class IA Class IB INVESTMENTS, RISKS, AND PERFORMANCE EQ/UBS Growth and Income Portfolio Shares* Shares Management Fee 0.75% 0.75% Principal Investment Strategy: Under normal circumstances, the Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% Portfolio intends to invest primarily in a broadly diversified group of Other Expenses 0.20% 0.20% equity securities of U.S. large capitalization companies that offer the Total Annual Portfolio Operating Expenses 1.20% 1.20% Fee Waiver and/or Expense Reimbursement† –0.15% –0.15% opportunity for capital appreciation and, secondarily, income. For this Total Annual Portfolio Operating Expenses After Fee Portfolio, large capitalization companies include those companies with Waiver and/or Expense Reimbursement 1.05% 1.05% market capitalizations within the range of the Russell 1000 Index at * Based on estimated amounts for the current fiscal year. the time of investment. As of December 31, 2016, the market capital- † Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreed to ization of the Russell 1000 Index was $0.2 billion to $617.6 billion. In make payments or waive its management, administrative and other fees to limit the expenses of the Portfolio through April 30, 2018 (unless the Board of Trustees consents to seeking income, the Portfolio invests in stocks of dividend-paying an earlier revision or termination of this arrangement) (“Expense Limitation companies. The Portfolio intends to invest primarily in common stocks, Arrangement”) so that the annual operating expenses of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses, acquired fund fees and expenses, but it may also invest in other equity securities that the Sub-Adviser dividend and interest expenses on securities sold short, and extraordinary expenses) do believes provide opportunities for capital growth. not exceed an annual rate of average daily net assets of 1.05% for Class IA and IB shares of the Portfolio. The Expense Limitation Arrangement may be terminated by AXA The Sub-Adviser utilizes an investment style that focuses on identifying Equitable Funds Management Group, LLC at any time after April 30, 2018. discrepancies between a security’s fundamental value (i.e., the Sub- Adviser’s assessment of what the security is worth) and its market price. Example In choosing investments, the Sub-Adviser utilizes a process that involves This Example is intended to help you compare the cost of investing in the researching and evaluating companies for potential investment. The Sub- Portfolio with the cost of investing in other portfolios. The Example as- Adviser estimates the fundamental value of each stock under analysis sumes that you invest $10,000 in the Portfolio for the periods indicated based on economic, industry and company analysis and a company’s and then redeem all of your shares at the end of these periods. The management team, competitive advantage and core competencies. The Example also assumes that your investment has a 5% return each year, Sub-Adviser then compares its assessment of a security’s value against that the Portfolio’s operating expenses remain the same, and that the the prevailing market prices, with the aim of constructing a portfolio of Expense Limitation Arrangement is not renewed. This Example does not stocks with attractive price and value characteristics. The Sub-Adviser

EQUGI 1 may sell a security for a variety of reasons, such as to invest in a com- Risk/Return Bar Chart and Table pany offering superior investment opportunities. The bar chart and table below provide some indication of the risks of The Portfolio also may lend its portfolio securities to earn additional investing in the Portfolio by showing changes in the Portfolio’s income. performance from year to year and by showing how the Portfolio’s average annual total returns for the past one, five and ten years Principal Risks: An investment in the Portfolio is not a deposit of a through December 31, 2016 compared to the returns of a broad-based bank and is not insured or guaranteed by the Federal Deposit Insurance securities market index. Past performance is not an indication of future Corporation or any other government agency. You may lose money by performance. investing in the Portfolio. Performance may be affected by one or more of the following risks. Class IA shares have not commenced operations as of the date of this Prospectus. Dividend Risk: There is no guarantee that the companies in which the Portfolio invests will declare dividends in the future or that dividends, The performance results do not reflect any Contract-related fees and if declared, will remain at current levels or increase over time. expenses, which would reduce the performance results. Equity Risk: In general, stocks and other equity security values fluc- Calendar Year Annual Total Returns — Class IB tuate, and sometimes widely fluctuate, in response to changes in a 35.50% company’s financial condition as well as general market, economic and 32.47% political conditions and other factors. 13.04% 14.46% Investment Style Risk: The Portfolio may use a particular style or 12.80% 10.16% set of styles — in this case “value” styles — to select investments. 1.14% Those styles may be out of favor or may not produce the best results -2.72% -1.46% over short or longer time periods. Value stocks are subject to the risks that notwithstanding that a stock is selling at a discount to its perceived true worth, the market will never fully recognize its intrinsic value. In addition, there is the risk that a stock judged to be undervalued may actually be appropriately priced. -40.03% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Large-Cap Company Risk: Larger more established companies may be unable to respond quickly to new competitive challenges such as Best quarter (% and time period) Worst quarter (% and time period) changes in technology and consumer tastes. Many larger companies also 19.44% (2009 2nd Quarter) –26.24% (2008 4th Quarter) may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. Average Annual Total Returns Sector Risk: From time to time, based on market or economic con- One Five Ten ditions, the Portfolio may have significant positions in one or more sectors Year Years Years EQ/UBS Growth and Income Portfolio – of the market. To the extent the Portfolio invests more heavily in particular Class IB Shares 10.16% 13.69% 5.31% sectors, its performance will be especially sensitive to developments that Russell 1000® Index (reflects no deduction for significantly affect those sectors. Individual sectors may be more volatile, fees, expenses, or taxes) 12.05% 14.69% 7.08% and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or WHO MANAGES THE PORTFOLIO regulatory events. Investment Adviser: FMG LLC Securities Lending Risk: The Portfolio may lend its portfolio securities to seek income. There is a risk that a borrower may default on its Portfolio Managers: The members of the team that are jointly and obligations to return loaned securities, however, the Portfolio’s secu- primarily responsible for the selection, monitoring and oversight of the rities lending agent may indemnify the Portfolio against that risk. The Portfolio’s Sub-Adviser are: Portfolio will be responsible for the risks associated with the investment Date Began of cash collateral, including any collateral invested in an affiliated Managing money market fund. The Portfolio may lose money on its investment of Name Title the Portfolio cash collateral or may fail to earn sufficient income on its investment to Kenneth T. Kozlowski, Executive Vice President May 2011 meet obligations to the borrower. In addition, delays may occur in the CFP®, CLU, ChFC and Chief Investment Officer of FMG LLC recovery of securities from borrowers, which could interfere with the Portfolio’s ability to vote proxies or to settle transactions. Alwi Chan, CFA® Senior Vice President May 2009 and Deputy Chief Investment Officer of FMG LLC

EQUGI 2 Sub-Adviser: UBS Asset Management (Americas) Inc. (“UBS AM”) PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES Portfolio Managers: The members of the team that are jointly and primarily responsible for the securities selection, research and trading This Portfolio is not sold directly to the general public but instead is of- for the Portfolio are: fered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and the Adviser and Date Began its affiliates may make payments to a sponsoring insurance company (or Managing its affiliates) or other financial intermediary for distribution and/or other Name Title the Portfolio Thomas J. Digenan, Managing Director and April 2005 services. These payments may create a conflict of interest by influencing CFA® Head of U.S. Intrinsic the insurance company or other financial intermediary and your finan- Value Equities of UBS cial adviser to recommend the Portfolio over another investment or by AM influencing an insurance company to include the Portfolio as an under- Ian McIntosh Senior Portfolio September 2012 lying investment option in the Contract. The prospectus (or other offer- Manager of UBS AM ing document) for your Contract may contain additional information about these payments. Ask your financial adviser or visit your financial AXA Equitable Funds Management Group, LLC (“FMG LLC” or the intermediary’s website for more information. “Adviser”) has been granted relief by the Securities and Exchange Commission to hire, terminate and replace Sub-Advisers and amend sub-advisory agreements subject to the approval of the Board of Trust- ees and without obtaining shareholder approval. However, the Adviser may not enter into a sub-advisory agreement on behalf of the Portfolio with an “affiliated person” of the Adviser, such as AllianceBernstein L.P., unless the sub-advisory agreement is approved by the Portfolio’s shareholders. The Adviser is responsible for overseeing Sub-Advisers and recommending their hiring, termination and replacement to the Board of Trustees.

PURCHASE AND REDEMPTION OF PORTFOLIO SHARES The Portfolio’s shares are currently sold only to insurance company separate accounts in connection with Contracts issued by AXA Equitable Life Insurance Company (“AXA Equitable”), AXA Life and Annuity Company, or 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, to other portfolios managed by FMG LLC that currently sell their shares to such accounts and plans and to other investors eligible under applicable federal income tax regulations. The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day (which typically is any day the New York Stock Exchange is open) upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares.

TAX INFORMATION The Portfolio’s shareholders are (or may include) insurance company separate accounts, qualified plans and other investors eligible under applicable federal income tax regulations. Accordingly, distributions the Portfo- lio makes of its net investment income and net realized gains — most or all of which it intends to distribute annually — and redemptions or exchanges of Portfolio shares generally will not be taxable to its shareholders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax information.

EQUGI 3 EQ Advisors TrustSM

Multimanager Aggressive Equity Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks to achieve long-term growth of capital. turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, FEES AND EXPENSES OF THE PORTFOLIO affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 63% of the average value of The following table describes the fees and expenses that you may pay if the Portfolio. you buy and hold shares of the Portfolio. The table below does not reflect any fees and expenses associated with variable life insurance con- INVESTMENTS, RISKS, AND PERFORMANCE tracts and variable annuity certificates and contracts (“Contracts”), which would increase overall fees and expenses. See the Contract pro- Principal Investment Strategy: Under normal circumstances, the spectus for a description of those fees and expenses. Portfolio intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in equity securities. For purposes of this Portfolio, Shareholder Fees equity securities shall include common stocks, preferred stocks, and other (fees paid directly from your investment) equity securities, and financial instruments that derive their value from such Not applicable. securities. The Portfolio invests primarily in securities of large capitalization growth companies. For purposes of this Portfolio, large capitalization Annual Portfolio Operating Expenses companies are companies with market capitalization within the range of (expenses that you pay each year as a percentage of the value of the Russell 3000® Growth Index (“Russell 3000 Growth”) at the time of your investment) investment (market capitalization range of approximately $21.1 million to Class IA Class IB Multimanager Aggressive Equity Portfolio Shares Shares $617.6 billion as of December 31, 2016). The Portfolio intends to invest Management Fee 0.58% 0.58% primarily in common stocks, but may also invest in other equity securities Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% that a Sub-Adviser believes provide opportunities for capital growth. The Other Expenses 0.17% 0.17% size of companies in the Russell 3000 Growth changes with market Total Annual Portfolio Operating Expenses 1.00% 1.00% conditions, which can result in changes to the market capitalization range of companies in the index. The Portfolio may invest up to 15% of its total Example assets in securities of foreign issuers, including emerging market securities and depositary receipts. This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other portfolios. The Example as- AXA Equitable Funds Management Group, LLC (“FMG LLC” or sumes that you invest $10,000 in the Portfolio for the periods indicated “Adviser”) will generally allocate the Portfolio’s assets among three or and then redeem all of your shares at the end of these periods. The Exam- more Sub-Advisers, each of which will manage its portion of the Portfo- ple also assumes that your investment has a 5% return each year and that lio using different yet complementary investment strategies. Under the Portfolio’s operating expenses remain the same. This Example does not normal circumstances, one portion of the Portfolio will track the reflect any Contract-related fees and expenses including redemption fees (if performance of a particular index (“Index Allocated Portion”) and the any) at the Contract level. If such fees and expenses were reflected, the other portions of the Portfolio will be actively managed (“Active Allo- total expenses would be higher. Although your actual costs may be higher cated Portions”). Under normal circumstances, the Adviser anticipates or lower, based on these assumptions your costs would be: allocating approximately 50% of the Portfolio’s net assets to the Index Allocated Portion and the remaining 50% of net assets among the Ac- 1 Year 3 Years 5 Years 10 Years tive Allocated Portions. These percentages are targets established by Class IA Shares $102 $318 $552 $1,225 the Adviser and actual allocations between the portions may deviate Class IB Shares $102 $318 $552 $1,225 from these targets by up to 20% of the Portfolio’s net assets. The Index Allocated Portion of the Portfolio seeks to track the perform- PORTFOLIO TURNOVER ance (before fees and expenses) of the Russell 3000 Growth with minimal The Portfolio pays transaction costs, such as commissions, when it buys tracking error. This strategy is commonly referred to as indexing strategy. and sells securities (or “turns over” its portfolio). A higher portfolio Generally, the Index Allocated Portion utilizes a sampling construction

MMAE 1 process in which the Index Allocated Portion invests in a subset of the much information as U.S. issuers and issuers underlying sponsored companies represented in the Russell 3000 Growth based on the Sub- depositary receipts. Unsponsored depositary receipts also may not Adviser’s analysis of key risk factors and characteristics. Such factors and carry the same voting privileges as sponsored depositary receipts. characteristics include industry weightings, market capitalizations, return variability and yield. Emerging Markets Risk: There are greater risks involved in investing in emerging market countries and/or their securities Each Active Allocated Portion invests primarily in equity securities of markets. Investments in these countries and/or markets may pres- companies whose above-average prospective earnings growth is not ent market, credit, currency, liquidity, legal, political, technical and fully reflected, in the view of the Sub-Adviser, in current market valu- other risks different from, or greater than, the risks of investing in ations. The Active Allocated Portions may invest up to 25% of their to- developed countries. Investments in emerging markets are more tal assets in securities of foreign companies, including companies based susceptible to loss than investments in developed markets. In in developing countries. A Sub-Adviser may sell a security for a variety addition, the risks associated with investing in a narrowly defined of reasons, such as to make other investments believed by the Sub- geographic area are generally more pronounced with respect to Adviser to offer superior investment opportunities. investments in emerging market countries. The Portfolio also may lend its portfolio securities to earn additional Index Strategy Risk: The Portfolio employs an index strategy, that is, income. it generally invests in the securities included in its index or a representative Principal Risks: An investment in the Portfolio is not a deposit of a sample of such securities regardless of market trends. The Portfolio gen- bank and is not insured or guaranteed by the Federal Deposit Insurance erally will not modify its index strategy to respond to changes in the Corporation or any other government agency. You may lose money by economy, which means that it may be particularly susceptible to a general investing in the Portfolio. Performance may be affected by one or more decline in the market segment relating to the relevant index. In addition, of the following risks. although the index strategy attempts to closely track its benchmark index, Equity Risk: In general, stocks and other equity security values fluc- the Portfolio may not invest in all of the securities in the index. Also, the tuate, and sometimes widely fluctuate, in response to changes in a Portfolio’s fees and expenses will reduce the Portfolio’s returns, unlike company’s financial condition as well as general market, economic, and those of the benchmark index. Cash flow into and out of the Portfolio, political conditions and other factors. portfolio transaction costs, changes in the securities that comprise the index, and the Portfolio’s valuation procedures also may affect the Portfolio’s Foreign Securities Risk: Investments in foreign securities, includ- performance. Therefore, there can be no assurance that the performance ing depositary receipts, involve risks not associated with investing in of the index strategy will match that of the benchmark index. U.S. securities. Foreign markets, particularly emerging markets, may be less liquid, more volatile and subject to less government supervision Large-Cap Company Risk: Larger more established companies may than U.S. markets. Security values also may be negatively affected by be unable to respond quickly to new competitive challenges such as changes in the exchange rates between the U.S. dollar and foreign cur- changes in technology and consumer tastes. Many larger companies also rencies. Differences between U.S. and foreign legal, political and eco- may not be able to attain the high growth rate of successful smaller com- nomic systems, regulatory regimes and market practices also may panies, especially during extended periods of economic expansion impact security values and it may take more time to clear and settle Mid-Cap and Small-Cap Company Risk: The Portfolio’s trades involving foreign securities. investments in mid- and small-cap companies may involve greater risks Currency Risk: Investments in foreign currencies and in secu- than investments in larger, more established issuers because they gen- rities that trade in, or receive revenues in, or in derivatives that erally are more vulnerable than larger companies to adverse business or provide exposure to foreign currencies are subject to the risk that economic developments. Such companies generally have narrower prod- those currencies will decline in value relative to the U.S. dollar, or, uct lines, more limited financial and management resources and more in the case of hedging positions, that the U.S. dollar will decline in limited markets for their stock as compared with larger companies. As a value relative to the currency being hedged. Any such decline may result, the value of such securities may be more volatile than the secu- erode or reverse any potential gains from an investment in securities of larger companies, and the Portfolio may experience difficulty in rities denominated in foreign currency or may widen existing loss. purchasing or selling such securities at the desired time and price or in Currency rates may fluctuate significantly over short periods of the desired amount. In general, these risks are greater for small-cap time for a number of reasons, including changes in interest rates, companies than for mid-cap companies. intervention (or the failure to intervene) by governments, central Multiple Sub-Adviser Risk: The Adviser allocates the Portfolio’s as- banks or supranational entities, or by the imposition of currency sets among multiple Sub-Advisers, each of which is responsible for investing controls or other political developments in the U.S. or abroad. its allocated portion of the Portfolio’s assets. To a significant extent, the Depositary Receipts Risk: Investments in depositary receipts Portfolio’s performance will depend on the success of the Adviser in allocating the Portfolio’s assets to Sub-Advisers and its selection and oversight of (including American Depositary Receipts, European Depositary the Sub-Advisers. Because each Sub-Adviser manages its allocated portion Receipts and Global Depositary Receipts) are generally subject to of the Portfolio independently from another Sub-Adviser, the same security the same risks of investing in the foreign securities that they may be held in different portions of the Portfolio, or may be acquired for one evidence or into which they may be converted. In addition, issuers portion of the Portfolio at a time when a Sub-Adviser to another portion underlying unsponsored depositary receipts may not provide as

MMAE 2 deems it appropriate to dispose of the security from that other portion, result- of AXA Premier VIP Trust that had a substantially identical investment ing in higher expenses without accomplishing any net result in the Portfolio’s objective, policies and strategies. holdings. Similarly, under some market conditions, one Sub-Adviser may believe that temporary, defensive investments in short-term instruments or Calendar Year Total Returns (Class IB) cash are appropriate when another Sub-Adviser believes continued exposure 37.28% 37.14% to the equity or debt markets is appropriate for its allocated portion of the Portfolio. Because each Sub-Adviser directs the trading for its own portion of 17.63% 14.19% the Portfolio, and does not aggregate its transactions with those of the other 11.40% 10.68% Sub-Adviser, the Portfolio may incur higher brokerage costs than would be 4.00% 3.43% the case if a single Sub-Adviser were managing the entire Portfolio. In addition, while the Adviser seeks to allocate the Portfolio’s assets among the -6.33% Portfolio’s Sub-Advisers in a manner that it believes is consistent with achieving the Portfolio’s investment objective(s), the Adviser may be subject to potential conflicts of interest in allocating the Portfolio’s assets among Sub-Advisers, including affiliated Sub-Advisers, because the Adviser pays different fees to the Sub-Advisers and due to other factors that could impact -46.68% the Adviser’s revenues and profits. 2007 2008 2009 2010 20112012 2013 2014 2015 2016

Sector Risk: From time to time, based on market or economic con- Best Quarter (% and time period) Worst Quarter (% and time period) ditions, the Portfolio may have significant positions in one or more sectors 17.70% (2009 2nd Quarter) –25.44% (2008 4th Quarter) of the market. To the extent the Portfolio invests more heavily in particular sectors, its performance will be especially sensitive to developments that Average Annual Total Returns significantly affect those sectors. Individual sectors may be more volatile, Ten and may perform differently, than the broader market. The industries that One Five Years/Since constitute a sector may all react in the same way to economic, political or Year Years Inception regulatory events. Multimanager Aggressive Equity Portfolio – Class IA 3.44% 13.28% 5.43% Securities Lending Risk: The Portfolio may lend its portfolio secu- Multimanager Aggressive Equity Portfolio – Class IB 3.43% 13.27% 5.30% rities to seek income. There is a risk that a borrower may default on its Russell 3000® Growth Index (reflects no obligations to return loaned securities, however, the Portfolio’s securities deduction for fees, expenses, or taxes) 7.39% 14.44% 8.28% lending agent may indemnify the Portfolio against that risk. The Portfolio will be responsible for the risks associated with the investment of cash collateral, including any collateral invested in an affiliated money market WHO MANAGES THE PORTFOLIO fund. The Portfolio may lose money on its investment of cash collateral or Investment Adviser: FMG LLC may fail to earn sufficient income on its investment to meet obligations to the borrower. In addition, delays may occur in the recovery of securities Portfolio Managers: The members of the team that are jointly and from borrowers, which could interfere with the Portfolio’s ability to vote primarily responsible for (i) the selection, monitoring and oversight of proxies or to settle transactions. the Portfolio’s Sub-Advisers and (ii) allocating assets among the Portfo- lio’s Allocated Portions are: Risk/Return Bar Chart and Table Date Began The bar chart and table below provide some indication of the risks of inves- Managing ting in the Portfolio by showing changes in the Portfolio’s performance Name Title the Portfolio from year to year and by showing how the Portfolio’s average annual total Kenneth T. Kozlowski, Executive Vice President May 2011 CFP®, CLU, ChFC and Chief Investment returns for the past one, five and ten years (or since inception) through Officer of FMG LLC December 31, 2016 compared to the returns of a broad-based securities ® market index. The return of the broad-based securities market index shown Alwi Chan, CFA Senior Vice President February 2010 and Deputy Chief in the right hand column below is the return of the index for the last 10 Investment Officer of years or, if shorter, since the inception of the share class with the longest FMG LLC history. Past performance is not an indication of future performance. The performance results do not reflect any Contract-related fees and expenses, which would reduce the performance results. Prior to April 2014, the Portfolio employed a volatility management strategy; returns prior to that date may have been different if the Portfo- lio had followed its current policies. For periods prior to June 2014, the performance shown below is that of the Portfolio’s predecessor, a series

MMAE 3 Sub-Adviser: AllianceBernstein L.P. (“AllianceBernstein”) Sub-Adviser: Westfield Capital Management Company, L.P. (“Westfield”) Portfolio Managers: The individual primarily responsible for the securities selection, research and trading for the Index Allocated Portion of Portfolio Managers: The members of the team that are jointly and the Portfolio is: primarily responsible for the securities selection, research and trading for a portion of the Active Allocated Portion of the Portfolio are: Date Began Managing a Portion Date Began Name Title of the Portfolio Managing a Portion Judith DeVivo Senior Vice President December 2009 Name Title of the Portfolio and Portfolio Manager of William A. President, Chief Executive September 2010 AllianceBernstein Muggia Officer and Chief Investment Officer of Westfield Sub-Adviser: ClearBridge Investments, LLC (“ClearBridge”) Ethan J. Managing Partner and September 2010 Portfolio Managers: The members of the team that are jointly and Meyers, Director of Research of primarily responsible for the securities selection, research and trading CFA® Westfield for a portion of the Active Allocated Portion of the Portfolio are: John M. Managing Partner, Portfolio September 2010 Montgomery Strategist and Chief Date Began Operating Officer of Managing a Portion Westfield Name Title of the Portfolio Hamlen Managing Partner of September 2010 Richard Freeman Managing Director January 2007 Thompson Westfield and Portfolio Manager of ClearBridge Bruce N. Managing Partner of September 2010 Jacobs, Westfield Evan Bauman Managing Director January 2007 CFA® and Portfolio Manager of ClearBridge The Adviser has been granted relief by the Securities and Exchange Com- mission to hire, terminate and replace Sub-Advisers and amend sub- Sub-Adviser: Scotia Institutional Asset Management US, Ltd. advisory agreements subject to the approval of the Board of Trustees and (“Scotia”) without obtaining shareholder approval. However, the Adviser may not Portfolio Manager: The individual primarily responsible for the secu- enter into a sub-advisory agreement on behalf of the Portfolio with an rities selection, research and trading for a portion of the Active Allo- “affiliated person” of the Adviser, such as AllianceBernstein L.P., unless cated Portion of the Portfolio is: the sub-advisory agreement is approved by the Portfolio’s shareholders. The Adviser is responsible for overseeing Sub-Advisers and recommending Date Began their hiring, termination and replacement to the Board of Trustees. Managing a Portion Name Title of the Portfolio PURCHASE AND REDEMPTION OF PORTFOLIO Noah Vice President of Scotia September 2010 SHARES Blackstein The Portfolio’s shares are currently sold only to insurance company sepa- Sub-Adviser: T. Rowe Price Associates, Inc. (“T. Rowe Price”) rate accounts in connection with Contracts issued by AXA Equitable Life Insurance Company (“AXA Equitable”), AXA Life and Annuity Com- Portfolio Manager: The individual primarily responsible for the secu- pany, or other affiliated or unaffiliated insurance companies and to The rities selection, research and trading for a portion of the Active Allo- AXA Equitable 401(k) Plan. Shares also may be sold to other tax- cated Portion of the Portfolio is: qualified retirement plans, to other portfolios managed by FMG LLC Date Began that currently sell their shares to such accounts and plans and to other Managing a Portion investors eligible under applicable federal income tax regulations. Name Title of the Portfolio Taymour R. Vice President and Portfolio January 2017 The Portfolio does not have minimum initial or subsequent investment Tamaddon, Manager of T. Rowe Price requirements. Shares of the Portfolio are redeemable on any business CFA® day (which typically is any day the New York Stock Exchange is open) upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares.

MMAE 4 TAX INFORMATION The Portfolio’s shareholders are (or may include) insurance company separate accounts, qualified plans and other investors eligible under applicable federal income tax regulations. Accordingly, distributions the Portfolio makes of its net investment income and net realized gains — most or all of which it intends to distribute annually — and redemptions or exchanges of Portfolio shares generally will not be taxable to its shareholders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax information.

PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES This Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and the Adviser and its affiliates may make payments to a sponsoring insurance company (or its affiliates) or other financial intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. Ask your financial adviser or visit your financial intermediary’s website for more information.

MMAE 5 EQ Advisors TrustSM

Multimanager Core Bond Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks to achieve a balance of high current the Contract level. If such fees and expenses were reflected, the total ex- income and capital appreciation, consistent with a prudent level of risk. penses would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be: FEES AND EXPENSES OF THE PORTFOLIO 1 Year 3 Years 5 Years 10 Years The following table describes the fees and expenses that you may pay if Class IA Shares $92 $308 $543 $1,216 you buy and hold shares of the Portfolio. The table below does not re- Class IB Shares $92 $308 $543 $1,216 flect any fees and expenses associated with variable life insurance contracts and variable annuity certificates and contracts (“Contracts”), PORTFOLIO TURNOVER which would increase overall fees and expenses. See the Contract prospectus for a description of those fees and expenses. The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turn- Shareholder Fees over rate may indicate higher transaction costs. These costs, which are not (fees paid directly from your investment) reflected in annual fund operating expenses or in the Example, affect the Not applicable. Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 298% of the average value of the Portfolio. Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of INVESTMENTS, RISKS, AND PERFORMANCE your investment) Principal Investment Strategy: Under normal circumstances, the Class IA Class IB Multimanager Core Bond Portfolio Shares Shares Portfolio intends to invest at least 80% of its net assets, plus borrow- Management Fee 0.55% 0.55% ings for investment purposes, in investment grade bonds. For purposes Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% of this investment policy, a debt security is considered a “bond.” Debt Other Expenses 0.20% 0.20% securities represent an issuer’s obligation to repay a loan of money that Total Annual Portfolio Operating Expenses 1.00% 1.00% generally pays interest to the holder. Bonds, notes and debentures are Fee Waiver and/or Expense Reimbursement† –0.10% –0.10% Total Annual Portfolio Operating Expenses After Fee examples of debt securities. The Portfolio invests primarily in U.S. gov- Waiver and/or Expense Reimbursement 0.90% 0.90% ernment and corporate debt securities. The Portfolio may invest up to

† Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreed to 20% of its net assets in non-investment grade securities (commonly make payments or waive its management, administrative and other fees to limit the ex- known as “junk bonds”). penses of the Portfolio through April 30, 2018 (unless the Board of Trustees consents to an earlier revision or termination of this arrangement) (“Expense Limitation AXA Equitable Funds Management Group, LLC (“FMG LLC” or Arrangement”) so that the annual operating expenses of the Portfolio (exclusive of taxes, “Adviser”) will generally allocate the Portfolio’s assets among four or interest, brokerage commissions, dividend and interest expenses on securities sold short, capitalized expenses, acquired fund fees and expenses and extraordinary expenses) do more Sub-Advisers, each of which will manage its portion of the not exceed an annual rate of average daily net assets of 0.90% for Class IA and Class IB Portfolio using different yet complementary investment strategies. shares of the Portfolio. The Expense Limitation Arrangement may be terminated by AXA Equitable Funds Management Group, LLC at any time after April 30, 2018. Under normal circumstances, one portion of the Portfolio will track the performance of a particular index (“Index Allocated Portion”) and the Example other portions of the Portfolio will be actively managed (“Active Allo- cated Portions”). Under normal circumstances, the Adviser anticipates This Example is intended to help you compare the cost of investing in the allocating approximately 25% of the Portfolio’s net assets to the Index Portfolio with the cost of investing in other portfolios. The Example as- Allocated Portion and the remaining 75% of net assets among the Ac- sumes that you invest $10,000 in the Portfolio for the periods indicated tive Allocated Portions. These percentages are targets established by and then redeem all of your shares at the end of these periods. The Exam- the Adviser and actual allocations between the portions may deviate ple also assumes that your investment has a 5% return each year, that the from these targets by up to 20% of the Portfolio’s net assets. Portfolio’s operating expenses remain the same, and that the Expense Limitation Arrangement is not renewed. This Example does not reflect any The Index Allocated Portion of the Portfolio seeks to track the perform- Contract-related fees and expenses including redemption fees (if any) at ance (before fees and expenses and including reinvestment of coupon

MMCB 1 payments) of the Bloomberg Barclays U.S. Intermediate Government/ collateral for the contract, the amount of which may vary. As such, the Credit Index (“Government/Credit Index”) with minimal tracking error. Portfolio may maintain cash balances, including foreign currency balan- This strategy is commonly referred to as an indexing strategy. The Gov- ces, which may be significant, with counterparties such as the Trust’s ernment/Credit Index covers U.S. dollar denominated, investment grade, custodian or its affiliates. The Portfolio is thus subject to counterparty fixed-rate securities, which include U.S. Treasury and government- risk and credit risk with respect to these arrangements. related, corporate, credit and agency fixed-rate debt securities. Gen- erally, the Index Allocated Portion uses a sampling technique. Collateralized Debt Obligations Risk: The risks of an investment in a collateralized debt obligation (“CDO”) depend largely on the The Active Allocated Portions may invest in debt securities of U.S. and quality and type of the collateral and the tranche of the CDO in which the foreign issuers, including issuers located in emerging markets. The Active Portfolio invests. Normally, collateralized bond obligations, collateralized Allocated Portions’ investments may include government securities, loan obligations, and other CDOs are privately offered and sold, and thus corporate bonds, bonds of foreign issuers (including those denominated in are not registered under the securities laws. As a result, investments in foreign currencies or U.S. dollars), commercial and residential mortgage- CDOs may be characterized by the Portfolio as illiquid securities; however, backed securities, floating or variable rate obligations, and asset-backed an active dealer market, or other relevant measures of liquidity, may exist securities. Foreign currency exposure (from non-U.S. dollar-denominated for CDOs allowing a CDO potentially to be deemed liquid under the securities or currencies) normally will be limited to 10% of the Portfolio’s Portfolio’s liquidity policies approved by the Board of Trustees. In addition total assets. The Active Allocated Portions may engage in active and fre- to the risks associated with debt instruments (e.g., interest rate risk and quent trading to achieve the Portfolio’s investment objective. Securities are purchased for the Active Allocated Portions when a Sub-Adviser de- credit risk), CDOs carry risks including, but not limited to: (a) the possi- termines that they have the potential for above-average total return. A bility that distributions from collateral securities will not be adequate to Sub-Adviser may sell a security for a variety of reasons, such as to make make interest or other payments; (b) the risk that the quality of the other investments believed by the Sub-Adviser to offer superior invest- collateral may decline in value or default; (c) the possibility that the ment opportunities. Portfolio may invest in CDOs that are subordinate to other classes; and (d) the risk that the complex structure of the security may not be fully under- The Portfolio may purchase bonds of any maturity, but generally the Portfo- stood at the time of investment and may produce disputes with the issuer lio’s overall effective duration will be of an intermediate-term nature (similar or unexpected investment results. to that of three- to seven-year U.S. Treasury notes) and will generally have a comparable duration in the range of the Government/Credit Index Credit Risk: The Portfolio is subject to the risk that the issuer or the (approximately 4.05 years as of December 31, 2016) and the Bloomberg guarantor (or other obligor, such as a party providing insurance or other Barclays U.S. Aggregate Bond Index (approximately 5.48 years as of De- credit enhancement) of a fixed income security, or the counterparty to a cember 31, 2016) as calculated by the Sub-Advisers. The Portfolio also may derivatives contract, repurchase agreement, loan of portfolio securities use financial instruments such as futures and options to manage duration. or other transaction, is unable or unwilling, or is perceived (whether by Duration measures the sensitivity of the value of a bond or bond portfolio to market participants, ratings agencies, pricing services or otherwise) as changes in interest rates. Typically, a bond portfolio with a low (short) unable or unwilling, to make timely principal and/or interest payments, duration means that its value is less sensitive to interest rate changes, while or otherwise honor its obligations. Securities are subject to varying de- a bond portfolio with a high (long) duration is more sensitive. The Portfolio grees of credit risk, which are often reflected in their credit ratings. may invest in derivatives. It is anticipated that the Portfolio’s derivative in- However, rating agencies may fail to make timely changes to credit rat- struments will consist primarily of forward contracts, exchange-traded fu- ings in response to subsequent events and a credit rating may become tures and options contracts on individual securities or securities indices, but stale in that it fails to reflect changes in an issuer’s financial condition. the Portfolio also may utilize other types of derivatives. The Portfolio’s in- The downgrade of the credit rating of a security may decrease its value. vestments in derivatives may be deemed to involve the use of leverage be- Lower credit quality also may lead to greater volatility in the price of a cause the Portfolio is not required to invest the full market value of the security and may negatively affect a security’s liquidity. contract upon entering into the contract but participates in gains and losses Derivatives Risk: The Portfolio’s investments in derivatives may rise on the full contract price. The use of derivatives also may be deemed to or fall in value more rapidly than other investments. Changes in the involve the use of leverage because the heightened price sensitivity of some value of a derivative may not correlate perfectly or at all with the under- derivatives to market changes may magnify the Portfolio’s gain or loss. lying asset, rate or index, and the Portfolio could lose more than the The Portfolio also may lend its portfolio securities to earn additional principal amount invested. Some derivatives can have the potential for income. unlimited losses. In addition, it may be difficult or impossible for the Portfolio to purchase or sell certain derivatives in sufficient amounts to Principal Risks: An investment in the Portfolio is not a deposit of a achieve the desired level of exposure, which may result in a loss or may bank and is not insured or guaranteed by the Federal Deposit Insurance be costly to the Portfolio. Derivatives also may be subject to certain Corporation or any other government agency. You may lose money by other risks such as leveraging risk, interest rate risk, credit risk, the risk investing in the Portfolio. Performance may be affected by one or more of that a counterparty may be unable or unwilling to honor its obligations, the following risks. and the risk of mispricing or improper valuation. Derivatives also may Cash Management Risk: Upon entering into certain derivatives not behave as anticipated by the Portfolio, especially in abnormal mar- contracts, such as futures contracts, and to maintain open positions in ket conditions. Changing regulation may make derivatives more costly, certain derivatives contracts, the Portfolio may be required to post limit their availability, impact the Portfolio’s ability to maintain its

MMCB 2 investments in derivatives, disrupt markets, or otherwise adversely af- Index Strategy Risk: The Portfolio employs an index strategy, that fect their value or performance. is, it generally invests in the securities included in its index or a representative sample of such securities regardless of market trends. The Foreign Securities Risk: Investments in foreign securities, includ- Portfolio generally will not modify its index strategy to respond to ing depositary receipts, involve risks not associated with investing in changes in the economy, which means that it may be particularly U.S. securities. Foreign markets, particularly emerging markets, may be susceptible to a general decline in the market segment relating to the less liquid, more volatile and subject to less government supervision relevant index. In addition, although the index strategy attempts to than U.S. markets. Security values also may be negatively affected by closely track its benchmark index, the Portfolio may not invest in all of changes in the exchange rates between the U.S. dollar and foreign cur- the securities in the index. Also, the Portfolio’s fees and expenses will rencies. Differences between U.S. and foreign legal, political and eco- reduce the Portfolio’s returns, unlike those of the benchmark index. nomic systems, regulatory regimes and market practices also may Cash flow into and out of the Portfolio, portfolio transaction costs, impact security values and it may take more time to clear and settle changes in the securities that comprise the index, and the Portfolio’s trades involving foreign securities. valuation procedures also may affect the Portfolio’s performance. There- Currency Risk. Investments in foreign currencies and in secu- fore, there can be no assurance that the performance of the index strategy will match that of the benchmark index. rities that trade in, or receive revenues in, or in derivatives that provide exposure to foreign currencies are subject to the risk that Interest Rate Risk: The Portfolio is subject to the risk that fixed in- those currencies will decline in value relative to the U.S. dollar, or, come securities will decline in value because of changes in interest rates. in the case of hedging positions, that the U.S. dollar will decline in When interest rates decline, the value of the Portfolio’s debt securities value relative to the currency being hedged. Any such decline may generally rises. Conversely, when interest rates rise, the value of the Port- erode or reverse any potential gains from an investment in secu- folio’s debt securities generally declines. A portfolio with a longer aver- rities denominated in foreign currency or may widen existing loss. age duration will be more sensitive to changes in interest rates, usually Currency rates may fluctuate significantly over short periods of making it more volatile than a portfolio with a shorter average duration. time for a number of reasons, including changes in interest rates, As of the date of this Prospectus, interest rates are near historic lows in intervention (or the failure to intervene) by governments, central the United States, and below zero in other parts of the world, including banks or supranational entities, or by the imposition of currency certain European countries and Japan. The Portfolio is subject to a controls or other political developments in the U.S. or abroad. greater risk of rising interest rates due to these market conditions. A sig- Emerging Markets Risk. There are greater risks involved in nificant or rapid rise in interest rates could result in losses to the Portfolio. investing in emerging market countries and/or their securities mar- Investment Grade Securities Risk: Debt securities generally are kets. Investments in these countries and/or markets may present rated by national bond ratings agencies. The Portfolio considers securities market, credit, currency, liquidity, legal, political, technical and other to be investment grade if they are rated BBB or higher by Standard & risks different from, or greater than, the risks of investing in devel- Poor’s Global Ratings (“S&P”) or Fitch Ratings, Ltd. (“Fitch”) or Baa or oped countries. Investments in emerging markets are more suscep- higher by Moody’s Investors Service, Inc. (“Moody’s”), or, if unrated, de- tible to loss than investments in developed markets. In addition, the termined by the investment manager to be of comparable quality. Secu- risks associated with investing in a narrowly defined geographic rities rated in the lower investment grade rating categories (e.g., BBB or area are generally more pronounced with respect to investments in Baa) are considered investment grade securities, but are somewhat riskier emerging market countries. than higher rated obligations because they are regarded as having only an Futures Contract Risk: The primary risks associated with the use of adequate capacity to pay principal and interest, are considered to lack futures contracts are (a) the imperfect correlation between the change in outstanding investment characteristics, and may possess certain spec- market value of the instruments held by the Portfolio and the price of the ulative characteristics. futures contract; (b) liquidity risks, including the possible absence of a liquid secondary market for a futures contract and the resulting inability Leveraging Risk: When the Portfolio leverages its holdings, the value to close a futures contract when desired; (c) losses (potentially unlimited) of an investment in the Portfolio will be more volatile and all other risks will caused by unanticipated market movements; (d) an investment tend to be compounded. For example, the Portfolio may take on leveraging manager’s inability to predict correctly the direction of securities prices, risk when it engages in derivatives transactions (such as futures and options interest rates, currency exchange rates and other economic factors; investments), invests collateral from securities loans or borrows money. The (e) the possibility that a counterparty, clearing member or clearinghouse Portfolio may experience leveraging risk in connection with investments in will default in the performance of its obligations; (f) if the Portfolio has derivatives because its investments in derivatives may be small relative to insufficient cash, it may have to sell securities from its portfolio to meet the investment exposure assumed, leaving more assets to be invested in daily variation margin requirements, and the Portfolio may have to sell other investments. Such investments may have the effect of leveraging the securities at a time when it may be disadvantageous to do so; and Portfolio because the Portfolio may experience gains or losses not only on (g) transaction costs associated with investments in futures contracts may its investments in derivatives, but also on the investments purchased with be significant, which could cause or increase losses or reduce gains. the remainder of the assets. If the value of the Portfolio’s investments in Futures contracts are also subject to the same risks as the underlying derivatives is increasing, this could be offset by declining values of the investments to which they provide exposure. In addition, futures Portfolio’s other investments. Conversely, it is possible that the rise in the contracts may subject the Portfolio to leveraging risk. value of the Portfolio’s non-derivative investments could be offset by a

MMCB 3 decline in the value of the Portfolio’s investments in derivatives. In either Because each Sub-Adviser directs the trading for its own portion of the scenario, the Portfolio may experience losses. In a market where the value Portfolio, and does not aggregate its transactions with those of the other of the Portfolio’s investments in derivatives is declining and the value of its Sub-Adviser, the Portfolio may incur higher brokerage costs than would other investments is declining, the Portfolio may experience substantial be the case if a single Sub-Adviser were managing the entire Portfolio. In losses. addition, while the Adviser seeks to allocate the Portfolio’s assets among the Portfolio’s Sub-Advisers in a manner that it believes is consistent with Liquidity Risk: The Portfolio is subject to the risk that certain achieving the Portfolio’s investment objective(s), the Adviser may be investments may be difficult or impossible for the Portfolio to purchase subject to potential conflicts of interest in allocating the Portfolio’s assets or sell at an advantageous time or price or in sufficient amounts to among Sub-Advisers, including affiliated Sub-Advisers, because the achieve the desired level of exposure. The Portfolio may be required to Adviser pays different fees to the Sub-Advisers and due to other factors dispose of other investments at unfavorable times or prices to satisfy that could impact the Adviser’s revenues and profits. obligations, which may result in a loss or may be costly to the Portfolio. Judgment plays a greater role in pricing illiquid investments than Non-Investment Grade Securities Risk: Bonds rated below in- investments with more active markets. vestment grade (i.e., BB or lower by S&P or Fitch or Ba or lower by Moody’s or, if unrated, determined by the investment manager to be of Mortgage-Backed and Asset-Backed Securities Risk: The comparable quality) are speculative in nature and are subject to additional Portfolio is subject to the risk that the principal on mortgage- and asset- risk factors such as increased possibility of default, illiquidity of the secu- backed securities held by the Portfolio will be prepaid, which generally rity, and changes in value based on changes in interest rates. Non- will reduce the yield and market value of these securities. If interest investment grade bonds, sometimes referred to as “junk bonds,” are rates fall, the rate of prepayments tends to increase as borrowers are usually issued by companies without long track records of sales and earn- motivated to pay off debt and refinance at new lower rates. Rising ings, or by those companies with questionable credit strength. The cred- interest rates may increase the risk of default by borrowers and tend to itworthiness of issuers of non-investment grade debt securities may be extend the duration of these securities, making them more sensitive to more complex to analyze than that of issuers of investment grade debt changes in interest rates. As a result, in a period of rising interest rates, securities, and reliance on credit ratings may present additional risks. to the extent the Portfolio holds these types of securities it may experience additional volatility and losses. This is known as extension risk. Portfolio Turnover Risk: High portfolio turnover (generally, turn- Moreover, declines in the credit quality of the issuers of mortgage- and over in excess of 100% in any given fiscal year) may result in increased asset-backed securities or instability in the markets for such securities transaction costs to the Portfolio, which may result in higher fund ex- may affect the value and liquidity of such securities, which could result penses and lower total return. in losses to the Portfolio. In addition, certain mortgage- and asset- Redemption Risk: The Portfolio may experience periods of heavy backed securities may include securities backed by pools of loans made redemptions that could cause the Portfolio to sell assets at inopportune to “subprime” borrowers or borrowers with blemished credit histories; times or at a loss or depressed value. Redemption risk is heightened the risk of defaults is generally higher in the case of mortgage pools during periods of declining or illiquid markets. Heavy redemptions could that include such subprime mortgages. Mortgage-backed securities is- hurt the Portfolio’s performance. sued in the form of collateralized mortgage obligations (“CMOs”) are Market developments and other factors, including a general rise in interest collateralized by mortgage loans or mortgage pass-through securities. rates, have the potential to cause investors to move out of fixed income In periods of supply and demand imbalances in the market for CMOs or securities on a large scale, which may increase redemptions from mutual in periods of sharp interest rate movements, the prices of CMOs may funds that hold large amounts of fixed income securities. Such a move, fluctuate to a greater extent than would be expected from interest rate coupled with a reduction in the ability or willingness of dealers and other movements alone. CMOs and other mortgage-backed securities may be institutional investors to buy or hold fixed income securities, may result in structured similarly to CDOs and may be subject to similar risks. decreased liquidity and increased volatility in the fixed income markets. Multiple Sub-Adviser Risk: The Adviser allocates the Portfolio’s Securities Lending Risk: The Portfolio may lend its portfolio secu- assets among multiple Sub-Advisers, each of which is responsible for rities to seek income. There is a risk that a borrower may default on its investing its allocated portion of the Portfolio’s assets. To a significant obligations to return loaned securities, however, the Portfolio’s secu- extent, the Portfolio’s performance will depend on the success of the rities lending agent may indemnify the Portfolio against that risk. The Adviser in allocating the Portfolio’s assets to Sub-Advisers and its Portfolio will be responsible for the risks associated with the investment selection and oversight of the Sub-Advisers. Because each Sub-Adviser of cash collateral, including any collateral invested in an affiliated manages its allocated portion of the Portfolio independently from another money market fund. The Portfolio may lose money on its investment of Sub-Adviser, the same security may be held in different portions of the cash collateral or may fail to earn sufficient income on its investment to Portfolio, or may be acquired for one portion of the Portfolio at a time meet obligations to the borrower. In addition, delays may occur in the when a Sub-Adviser to another portion deems it appropriate to dispose of recovery of securities from borrowers, which could interfere with the the security from that other portion, resulting in higher expenses without Portfolio’s ability to vote proxies or to settle transactions. accomplishing any net result in the Portfolio’s holdings. Similarly, under some market conditions, one Sub-Adviser may believe that temporary, U.S. Government Securities Risk: U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as defensive investments in short-term instruments or cash are appropriate those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are when another Sub-Adviser believes continued exposure to the equity or backed by the full faith and credit of the U.S. are guaranteed only as to the debt markets is appropriate for its allocated portion of the Portfolio.

MMCB 4 timely payment of interest and principal when held to maturity, and the Average Annual Total Returns market prices for such securities will fluctuate due to changing interest rates, Ten among other factors. Notwithstanding that these securities are backed by One Five Years/Since Year Years Inception the full faith and credit of the U.S., circumstances could arise that would Multimanager Core Bond Portfolio – prevent the payment of interest or principal. This would result in losses to Class IA 2.64% 1.89% 3.96% the Portfolio. Securities issued or guaranteed by U.S. government related Multimanager Core Bond Portfolio – Class IB 2.63% 1.89% 3.82% organizations, such as Fannie Mae and Freddie Mac, are not backed by the Bloomberg Barclays U.S. Intermediate full faith and credit of the U.S. government and no assurance can be given Government/Credit Index (reflects no that the U.S. government will provide financial support. Therefore, U.S. deduction for fees, expenses, or taxes) 2.08% 1.85% 3.84% government related organizations may not have the funds to meet their payment obligations in the future. WHO MANAGES THE PORTFOLIO Zero Coupon and Pay-in-Kind Securities Risk: A zero coupon Investment Adviser: FMG LLC or pay-in-kind security pays no interest in cash to its holder during its life. Accordingly, zero coupon securities usually trade at a deep discount from Portfolio Managers: The members of the team that are jointly and their face or par value and, together with pay-in-kind securities, will be sub- primarily responsible for (i) the selection, monitoring and oversight of ject to greater fluctuations in market value in response to changing interest the Portfolio’s Sub-Advisers and (ii) allocating assets among the Portfo- rates than debt obligations of comparable maturities that make current dis- lio’s Allocated Portions are: tribution of interest in cash. Date Began Risk/Return Bar Chart and Table Managing Name Title the Portfolio The bar chart and table below provide some indication of the risks of inves- Kenneth T. Executive May 2011 ting in the Portfolio by showing changes in the Portfolio’s performance Kozlowski, Vice President and CFP®, CLU, Chief Investment Officer from year to year and by showing how the Portfolio’s average annual total ChFC of FMG LLC returns for the past one, five and ten years (or since inception) through Alwi Chan, Senior Vice President February 2010 December 31, 2016 compared to the returns of a broad-based securities CFA® and Deputy market index. The return of the broad-based securities market index shown Chief Investment Officer in the right hand column below is the return of the index for the last 10 of FMG LLC years or, if shorter, since the inception of the share class with the longest history. Past performance is not an indication of future performance. Sub-Adviser: BlackRock Financial Management, Inc. (“BlackRock”) The performance results do not reflect any Contract-related fees and expenses, which would reduce the performance results. Portfolio Managers: The members of the team that are jointly and primarily responsible for the securities selection, research and trading For periods prior to June 2014, the performance shown below is that of for a portion of the Active Allocated Portion of the Portfolio are: the Portfolio’s predecessor, a series of AXA Premier VIP Trust that had a substantially identical investment objective, policies and strategies. Date Began Managing a Portion Calendar Year Total Returns (Class IB) Name Title of the Portfolio Akiva Dickstein Managing Director of May 2014 8.26% BlackRock 6.23% 6.33% 5.83% 5.50% Bob Miller Managing Director of October 2011 BlackRock 3.70% 2.50% 2.63% Sub-Adviser: DoubleLine Capital LP (“DoubleLine”) 0.11% Portfolio Managers: The members of the team that are jointly and -2.31% primarily responsible for the securities selection, research and trading 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 for a portion of the Active Allocated Portion of the Portfolio are:

Date Began Best Quarter (% and time period) Worst Quarter (% and time period) Managing a Portion 4.34% (2009 3rd Quarter) –2.52% (2013 2nd Quarter) Name Title of the Portfolio Jeffrey E. Gundlach Chief Executive Officer and January 2015 Chief Investment Officer of DoubleLine Philip A. Barach President of DoubleLine January 2015

MMCB 5 Sub-Adviser: Pacific Investment Management Company LLC The Portfolio does not have minimum initial or subsequent investment (“PIMCO”) requirements. Shares of the Portfolio are redeemable on any business day (which typically is any day the New York Stock Exchange is open) Portfolio Manager: The individuals that are jointly and primarily re- upon receipt of a request. All redemption requests will be processed sponsible for the securities selection, research and trading for a portion and payment with respect thereto will normally be made within seven of the Active Allocated Portion of the Portfolio are: days after tender. Please refer to your Contract prospectus for more in-

Date Began formation on purchasing and redeeming Portfolio shares. Managing a Portion Name Title of the Portfolio TAX INFORMATION Mark R. Kiesel Managing Director and January 2015 Portfolio Manager of The Portfolio’s shareholders are (or may include) insurance company sepa- PIMCO rate accounts, qualified plans and other investors eligible under applicable Mihir P. Worah Managing Director and January 2015 federal income tax regulations. Accordingly, distributions the Portfolio Portfolio Manager of makes of its net investment income and net realized gains — most or all PIMCO of which it intends to distribute annually — and redemptions or ex- Scott A. Mather Managing Director and January 2015 changes of Portfolio shares generally will not be taxable to its share- Portfolio Manager of PIMCO holders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax information. Sub-Adviser: SSGA Funds Management, Inc. (“SSGA FM”)

Portfolio Managers: The members of the team that are jointly and PAYMENTS TO BROKER-DEALERS AND OTHER primarily responsible for the securities selection, research and trading FINANCIAL INTERMEDIARIES for the Index Allocated Portion of the Portfolio are: This Portfolio is not sold directly to the general public but instead is of- Date Began fered as an underlying investment option for Contracts and retirement Managing a Portion plans and to other eligible investors. The Portfolio and the Adviser and Name Title of the Portfolio its affiliates may make payments to a sponsoring insurance company (or Michael Brunell, CFA® Vice President February 2009 its affiliates) or other financial intermediary for distribution and/or other of SSGA FM services. These payments may create a conflict of interest by influencing Michael Przygoda,CFA® Vice President May 2016 the insurance company or other financial intermediary and your finan- of SSGA FM cial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an under- The Adviser has been granted relief by the Securities and Exchange Com- lying investment option in the Contract. The prospectus (or other offer- mission to hire, terminate and replace Sub-Advisers and amend sub- ing document) for your Contract may contain additional information advisory agreements subject to the approval of the Board of Trustees and about these payments. Ask your financial adviser or visit your financial without obtaining shareholder approval. However, the Adviser may not intermediary’s website for more information. enter into a sub-advisory agreement on behalf of the Portfolio with an “affiliated person” of the Adviser, such as AllianceBernstein L.P., unless the sub-advisory agreement is approved by the Portfolio’s shareholders. The Adviser is responsible for overseeing Sub-Advisers and recommending their hiring, termination and replacement to the Board of Trustees.

MMCB 6 EQ Advisors TrustSM

Multimanager Mid Cap Growth Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks to achieve long-term growth of capital. not reflect any Contract-related fees and expenses including redemption fees (if any) at the Contract level. If such fees and expenses were re- FEES AND EXPENSES OF THE PORTFOLIO flected, the total expenses would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would The following table describes the fees and expenses that you may pay if be: you buy and hold shares of the Portfolio. The table below does not reflect any fees and expenses associated with variable life insurance con- 1 Year 3 Years 5 Years 10 Years tracts and variable annuity certificates and contracts (“Contracts”), Class IA Shares $112 $405 $720 $1,612 which would increase overall fees and expenses. See the Contract pro- Class IB Shares $112 $405 $720 $1,612 spectus for a description of those fees and expenses. PORTFOLIO TURNOVER Shareholder Fees (fees paid directly from your investment) The Portfolio pays transaction costs, such as commissions, when it buys Not applicable. and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which Annual Portfolio Operating Expenses are not reflected in annual fund operating expenses or in the Example, (expenses that you pay each year as a percentage of the value of affect the Portfolio’s performance. During the most recent fiscal year, your investment) the Portfolio’s portfolio turnover rate was 49% of the average value of Class IA Class IB the Portfolio. Multimanager Mid Cap Growth Portfolio Shares Shares Management Fee 0.80% 0.80% Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% INVESTMENTS, RISKS, AND PERFORMANCE Other Expenses 0.31% 0.31% Principal Investment Strategy: Under normal circumstances, the Total Annual Portfolio Operating Expenses 1.36% 1.36% Portfolio intends to invest at least 80% of its net assets, plus borrow- Fee Waiver and/or Expense Reimbursement† –0.26% –0.26% Total Annual Portfolio Operating Expenses After Fee ings for investment purposes, in equity securities of U.S. mid- Waiver and/or Expense Reimbursement 1.10% 1.10% capitalization companies. For purposes of this Portfolio, mid-

† Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreed to capitalization companies generally are companies with market make payments or waive its management, administrative and other fees to limit the capitalization within the range of companies in the Russell 2500TM In- expenses of the Portfolio through April 30, 2018 (unless the Board of Trustees con- dex (“Russell 2500”) or the Russell Midcap® Index (“Russell Midcap”) sents to an earlier revision or termination of this arrangement) (“Expense Limitation Arrangement”) so that the annual operating expenses of the Portfolio (exclusive of at the time of investment (as of December 31, 2016, the market capital- taxes, interest, brokerage commissions, dividend and interest expenses on securities ization of the companies in the Russell 2500 was between sold short, capitalized expenses, acquired fund fees and expenses and extraordinary expenses) do not exceed an annual rate of average daily net assets of 1.10% for $21.1 million and $18.7 billion and the market capitalization of the Class IA and IB shares of the Portfolio. The Expense Limitation Arrangement may be companies in the Russell Midcap was between $0.2 billion and terminated by AXA Equitable Funds Management Group, LLC at any time after $57.1 billion). In addition, securities of mid-capitalization companies April 30, 2018. may include financial instruments that derive their value from the secu- Example rities of such companies. The sizes of the companies in these indexes change with market conditions, which can result in changes to the This Example is intended to help you compare the cost of investing in market capitalization ranges of companies in the indexes. The Portfolio the Portfolio with the cost of investing in other portfolios. The Example intends to invest primarily in common stocks, but it may also invest in assumes that you invest $10,000 in the Portfolio for the periods in- other securities that a Sub-Adviser believes provide opportunities for dicated and then redeem all of your shares at the end of these periods. capital growth. The Example also assumes that your investment has a 5% return each year, that the Portfolio’s operating expenses remain the same, and that AXA Equitable Funds Management Group, LLC (“FMG LLC” or the Expense Limitation Arrangement is not renewed. This Example does “Adviser”) will generally allocate the Portfolio’s assets among three or

MMMCG 1 more Sub-Advisers, each of which will manage its portion of the Portfo- Those styles may be out of favor or may not produce the best results lio using different yet complementary investment strategies. Under over short or longer time periods. Growth stocks may be more sensitive normal circumstances, one portion of the portfolio will track the to changes in current or expected earnings than the prices of other performance of a particular index (“Index Allocated Portion”) and the stocks. Growth investing also is subject to the risk that the stock price other portions of the Portfolio will be actively managed (“Active Allo- of one or more companies will fall or will fail to appreciate as antici- cated Portions”). Under normal circumstances, the Adviser anticipates pated, regardless of movements in the securities market. Growth stocks allocating approximately 50% of the Portfolio’s net assets to the Index also tend to be more volatile than value stocks, so in a declining market Allocated Portion and the remaining 50% of net assets among the Ac- their prices may decrease more than value stocks in general. Growth tive Allocated Portions. These percentages are targets established by stocks also may increase the volatility of the Portfolio’s share price. the Adviser and actual allocations between the portions may deviate Mid-Cap and Small-Cap Company Risk: The Portfolio’s from these targets by up to 20% of the Portfolio’s net assets. investments in mid- and small-cap companies may involve greater risks The Index Allocated Portion of the Portfolio seeks to track the perform- than investments in larger, more established issuers because they gen- ance (before fees and expenses) of the Russell 2500TM Growth Index erally are more vulnerable than larger companies to adverse business or with minimal tracking error. This strategy is commonly referred to as an economic developments. Such companies generally have narrower indexing strategy. Generally, the Index Allocated Portion uses a full product lines, more limited financial and management resources and replication technique, although in certain instances a sampling ap- more limited markets for their stock as compared with larger compa- proach may be utilized for a portion of the Index Allocated Portion. nies. As a result, the value of such securities may be more volatile than the securities of larger companies, and the Portfolio may experience Each Active Allocated Portion utilizes an aggressive, growth-oriented difficulty in purchasing or selling such securities at the desired time and investment style and invests primarily in equity securities of companies price or in the desired amount. In general, these risks are greater for that, in the view of the Sub-Adviser, are either in or entering into the small-cap companies than for mid-cap companies. growth phase of their business cycle. A Sub-Adviser may sell a security for a variety of reasons, such as to make other investments believed by Multiple Sub-Adviser Risk: The Adviser allocates the Portfolio’s the Sub-Adviser to offer superior investment opportunities. assets among multiple Sub-Advisers, each of which is responsible for investing its allocated portion of the Portfolio’s assets. To a significant The Portfolio also may lend its portfolio securities to earn additional extent, the Portfolio’s performance will depend on the success of the income. Adviser in allocating the Portfolio’s assets to Sub-Advisers and its se- Principal Risks: An investment in the Portfolio is not a deposit of a lection and oversight of the Sub-Advisers. Because each Sub-Adviser bank and is not insured or guaranteed by the Federal Deposit Insurance manages its allocated portion of the Portfolio independently from Corporation or any other government agency. You may lose money by another Sub-Adviser, the same security may be held in different portions investing in the Portfolio. Performance may be affected by one or more of the Portfolio, or may be acquired for one portion of the Portfolio at a of the following risks. time when a Sub-Adviser to another portion deems it appropriate to dispose of the security from that other portion, resulting in higher ex- Equity Risk: In general, stocks and other equity security values fluc- penses without accomplishing any net result in the Portfolio’s holdings. tuate, and sometimes widely fluctuate, in response to changes in a Similarly, under some market conditions, one Sub-Adviser may believe company’s financial condition as well as general market, economic and that temporary, defensive investments in short-term instruments or cash political conditions and other factors. are appropriate when another Sub-Adviser believes continued exposure Index Strategy Risk: The Portfolio employs an index strategy, that to the equity or debt markets is appropriate for its allocated portion of is, it generally invests in the securities included in its index or a repre- the Portfolio. Because each Sub-Adviser directs the trading for its own sentative sample of such securities regardless of market trends. The portion of the Portfolio, and does not aggregate its transactions with Portfolio generally will not modify its index strategy to respond to those of the other Sub-Adviser, the Portfolio may incur higher brokerage changes in the economy, which means that it may be particularly costs than would be the case if a single Sub-Adviser were managing the susceptible to a general decline in the market segment relating to the entire Portfolio. In addition, while the Adviser seeks to allocate the relevant index. In addition, although the index strategy attempts to Portfolio’s assets among the Portfolio’s Sub-Advisers in a manner that it closely track its benchmark index, the Portfolio may not invest in all of believes is consistent with achieving the Portfolio’s investment the securities in the index. Also, the Portfolio’s fees and expenses will objective(s), the Adviser may be subject to potential conflicts of interest reduce the Portfolio’s returns, unlike those of the benchmark index. in allocating the Portfolio’s assets among Sub-Advisers, including affili- Cash flow into and out of the Portfolio, portfolio transaction costs, ated Sub-Advisers, because the Adviser pays different fees to the Sub- changes in the securities that comprise the index, and the Portfolio’s Advisers and due to other factors that could impact the Adviser’s valuation procedures also may affect the Portfolio’s performance. There- revenues and profits. fore, there can be no assurance that the performance of the index Sector Risk: From time to time, based on market or economic con- strategy will match that of the benchmark index. ditions, the Portfolio may have significant positions in one or more sec- Investment Style Risk: The Portfolio may use a particular style or tors of the market. To the extent the Portfolio invests more heavily in set of styles — in this case “growth” styles — to select investments. particular sectors, its performance will be especially sensitive to

MMMCG 2 developments that significantly affect those sectors. Individual sectors Average Annual Total Returns may be more volatile, and may perform differently, than the broader Ten One Five Years/Since market. The industries that constitute a sector may all react in the same Year Years Inception way to economic, political or regulatory events. Multimanager Mid Cap Growth Portfolio – Class IA 6.78% 12.25% 6.57% Securities Lending Risk: The Portfolio may lend its portfolio secu- Multimanager Mid Cap Growth Portfolio – rities to seek income. There is a risk that a borrower may default on its Class IB 6.76% 12.28% 6.44% Russell 2500TM Growth Index (reflects no obligations to return loaned securities, however, the Portfolio’s secu- deduction for fees, expenses, or taxes) 9.73% 13.88% 8.24% rities lending agent may indemnify the Portfolio against that risk. The Portfolio will be responsible for the risks associated with the investment WHO MANAGES THE PORTFOLIO of cash collateral, including any collateral invested in an affiliated money market fund. The Portfolio may lose money on its investment of Investment Adviser: FMG LLC cash collateral or may fail to earn sufficient income on its investment to Portfolio Managers: The members of the team that are jointly and meet obligations to the borrower. In addition, delays may occur in the primarily responsible for (i) the selection, monitoring and oversight of recovery of securities from borrowers, which could interfere with the the Portfolio’s Sub-Advisers and (ii) allocating assets among the Portfo- Portfolio’s ability to vote proxies or to settle transactions. lio’s Allocated Portions are:

Risk/Return Bar Chart and Table Date Began The bar chart and table below provide some indication of the risks of Managing Name Title the Portfolio investing in the Portfolio by showing changes in the Portfolio’s Kenneth T. Kozlowski, Executive Vice President May 2011 performance from year to year and by showing how the Portfolio’s CFP®, CLU, ChFC and Chief Investment average annual total returns for the past one, five and ten years (or Officer of FMG LLC since inception) through December 31, 2016 compared to the returns of Alwi Chan, CFA® Senior Vice President February 2010 a broad-based securities market index. The return of the broad-based and Deputy Chief Investment Officer of securities market index shown in the right hand column below is the FMG LLC return of the index for the last 10 years or, if shorter, since the inception of the share class with the longest history. Past performance is not an Sub-Adviser: AllianceBernstein L.P. (“AllianceBernstein”) indication of future performance. Portfolio Managers: The members of the team that are jointly and The performance results do not reflect any Contract-related fees and primarily responsible for the securities selection, research and trading expenses, which would reduce the performance results. for a portion of the Active Allocated Portion of the Portfolio are: Prior to April 2014, the Portfolio employed a volatility management strategy; returns prior to that date may have been different if the Portfolio had followed Date Began Managing a Portion its current policies. For periods prior to June 2014, the performance shown Name Title of the Portfolio below is that of the Portfolio’s predecessor, a series of AXA Premier VIP Trust Bruce Aronow Senior Vice President and December 2001 that had a substantially identical investment objective, policies and strategies. Portfolio Manager/Research Analyst of AllianceBernstein Calendar Year Total Returns (Class IB) Kumar Kirpalani Senior Vice President and December 2001 41.88% 40.14% Portfolio Manager/Research Analyst of AllianceBernstein 26.98% Samantha S. Lau Senior Vice President and December 2001 15.46% 11.97% 6.76% Portfolio Manager/Research 4.92% Analyst of AllianceBernstein -1.53% Wen-Tse Tseng Senior Vice President and May 2006 -7.90% Portfolio Manager/Research Analyst of AllianceBernstein

-43.68% 2007 2008 2009 201020112012 2013 2014 2015 2016

Best Quarter (% and time period) Worst Quarter (% and time period) 20.34% (2009 2nd Quarter) –27.15% (2008 4th Quarter)

MMMCG 3 Sub-Adviser: BlackRock Investment Management, LLC “affiliated person” of the Adviser, such as AllianceBernstein L.P., unless (“BlackRock”) the sub-advisory agreement is approved by the Portfolio’s shareholders. The Adviser is responsible for overseeing Sub-Advisers and recommend- Portfolio Managers: The members of the team that are jointly and ing their hiring, termination and replacement to the Board of Trustees. primarily responsible for the securities selection, research and trading for the Index Allocated Portion of the Portfolio are: PURCHASE AND REDEMPTION OF PORTFOLIO SHARES Date Began Managing a Portion The Portfolio’s shares are currently sold only to insurance company sepa- Name Title of the Portfolio rate accounts in connection with Contracts issued by AXA Equitable Life Greg Savage, CFA® Managing Director and May 2012 Portfolio Manager of Insurance Company (“AXA Equitable”), AXA Life and Annuity Company, BlackRock or other affiliated or unaffiliated insurance companies and to The AXA Equitable 401(k) Plan. Shares also may be sold to other tax-qualified re- Alan Mason Managing Director and March 2014 Portfolio Manager of tirement plans, to other portfolios managed by FMG LLC that currently BlackRock sell their shares to such accounts and plans and to other investors eligi- Rachel M. Aguirre Director of BlackRock April 2016 ble under applicable federal income tax regulations. Creighton Jue, Managing Director of April 2016 The Portfolio does not have minimum initial or subsequent investment CFA® BlackRock requirements. Shares of the Portfolio are redeemable on any business day (which typically is any day the New York Stock Exchange is open) Sub-Adviser: Franklin Advisers, Inc. (“Franklin Advisers”) upon receipt of a request. All redemption requests will be processed Portfolio Managers: The members of the team that are jointly and and payment with respect thereto will normally be made within seven primarily responsible for the securities selection, research and trading days after tender. Please refer to your Contract prospectus for more in- for a portion of the Active Allocated Portion of the Portfolio are: formation on purchasing and redeeming Portfolio shares.

Date Began TAX INFORMATION Managing a Portion Name Title of the Portfolio The Portfolio’s shareholders are (or may include) insurance company sepa- Michael Executive Vice President, May 2003 rate accounts, qualified plans and other investors eligible under applicable McCarthy Chief Investment Officer and federal income tax regulations. Accordingly, distributions the Portfolio CFA® Portfolio Manager of Franklin makes of its net investment income and net realized gains — most or all of Advisers which it intends to distribute annually — and redemptions or exchanges of Bradley T. Vice President, Portfolio May 2015 Portfolio shares generally will not be taxable to its shareholders (or to the Carris, Manager and Research holders of underlying Contracts or plan participants or beneficiaries). See CFA® Analyst of Franklin Advisers the prospectus for your Contract for further tax information. Sub-Adviser: Wellington Management Company LLP PAYMENTS TO BROKER-DEALERS AND OTHER (“Wellington”) FINANCIAL INTERMEDIARIES Portfolio Managers: The members of the team that are jointly and This Portfolio is not sold directly to the general public but instead is of- primarily responsible for the securities selection, research and trading fered as an underlying investment option for Contracts and retirement for a portion of the Active Allocated Portion of the Portfolio are: plans and to other eligible investors. The Portfolio and the Adviser and its affiliates may make payments to a sponsoring insurance company (or Date Began Managing a Portion its affiliates) or other financial intermediary for distribution and/or other Name Title of the Portfolio services. These payments may create a conflict of interest by influencing Stephen Senior Managing Director July 2008 the insurance company or other financial intermediary and your Mortimer and Equity Portfolio Manager financial adviser to recommend the Portfolio over another investment or of Wellington by influencing an insurance company to include the Portfolio as an un- Michael T. Senior Managing Director May 2010 derlying investment option in the Contract. The prospectus (or other Carmen, and Equity Portfolio Manager offering document) for your Contract may contain additional in- CFA®, of Wellington CPA formation about these payments. Ask your financial adviser or visit your financial intermediary’s website for more information. The Adviser has been granted relief by the Securities and Exchange Commission to hire, terminate and replace Sub-Advisers and amend sub- advisory agreements subject to the approval of the Board of Trustees and without obtaining shareholder approval. However, the Adviser may not enter into a sub-advisory agreement on behalf of the Portfolio with an

MMMCG 4 EQ Advisors TrustSM

Multimanager Mid Cap Value Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks to achieve long-term growth of capital. Expense Limitation Arrangement is not renewed. This Example does not reflect any Contract-related fees and expenses including redemption fees FEES AND EXPENSES OF THE PORTFOLIO (if any) at the Contract level. If such fees and expenses were reflected, the total expenses would be higher. Although your actual costs may be higher The following table describes the fees and expenses that you may pay if or lower, based on these assumptions your costs would be: you buy and hold shares of the Portfolio. The table below does not reflect any fees and expenses associated with variable life insurance con- 1 Year 3 Years 5 Years 10 Years tracts and variable annuity certificates and contracts (“Contracts”), Class IA Shares $112 $392 $694 $1,550 which would increase overall fees and expenses. See the Contract pro- Class IB Shares $112 $392 $694 $1,550 spectus for a description of those fees and expenses. PORTFOLIO TURNOVER Shareholder Fees (fees paid directly from your investment) The Portfolio pays transaction costs, such as commissions, when it buys Not applicable. and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which Annual Portfolio Operating Expenses are not reflected in annual fund operating expenses or in the Example, (expenses that you pay each year as a percentage of the value of affect the Portfolio’s performance. During the most recent fiscal year, your investment) the Portfolio’s portfolio turnover rate was 42% of the average value of Class IA Class IB the Portfolio. Multimanager Mid Cap Value Portfolio Shares Shares Management Fee 0.80% 0.80% Distribution and/or Service Fees INVESTMENTS, RISKS, AND PERFORMANCE (12b-1 fees) 0.25% 0.25% Other Expenses 0.25% 0.25% Principal Investment Strategy: Under normal circumstances, the Total Annual Portfolio Operating Expenses 1.30% 1.30% Portfolio intends to invest at least 80% of its net assets, plus borrow- Fee Waiver and/or Expense Reimbursement† –0.20% –0.20% ings for investment purposes, in equity securities of U.S. mid- Total Annual Portfolio Operating Expenses After Fee capitalization companies. For purposes of this Portfolio, mid- Waiver and/or Expense Reimbursement 1.10% 1.10% capitalization companies generally are companies with market † Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreed to capitalization within the range of companies in the Russell 2500™ In- make payments or waive its management, administrative and other fees to limit the ® expenses of the Portfolio through April 30, 2018 (unless the Board of Trustees con- dex (“Russell 2500”) or the Russell Midcap Index (“Russell Midcap”) sents to an earlier revision or termination of this arrangement) (“Expense Limitation at the time of investment (as of December 31, 2016, the market capital- Arrangement”) so that the annual operating expenses of the Portfolio (exclusive of ization of the companies in the Russell 2500 was between taxes, interest, brokerage commissions, dividend and interest expenses on securities sold short, capitalized expenses, acquired fund fees and expenses and extraordinary $21.1 million and $18.7 billion and the market capitalization of the expenses) do not exceed an annual rate of average daily net assets of 1.10% for companies in the Russell Midcap was between $0.2 billion and Class IA and IB shares of the Portfolio. The Expense Limitation Arrangement may be $57.1 billion). In addition, securities of mid-capitalization companies terminated by AXA Equitable Funds Management Group, LLC at any time after April 30, 2018. may include financial instruments that derive their value from the securities of such companies. The sizes of the companies in these indexes Example change with market conditions, which can result in changes to the market capitalization ranges of companies in the indexes. The Portfolio This Example is intended to help you compare the cost of investing in the intends to invest primarily in common stocks, but it may also invest in Portfolio with the cost of investing in other portfolios. The Example as- other securities that an Adviser believes provide opportunities for capital sumes that you invest $10,000 in the Portfolio for the periods indicated growth. These include securities of real estate investment trusts. and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year, AXA Equitable Funds Management Group, LLC (“FMG LLC” or that the Portfolio’s operating expenses remain the same, and that the “Adviser”) will generally allocate the Portfolio’s assets among three or

MMMCV 1 more Sub-Advisers, each of which will manage its portion of the Portfo- over short or longer time periods. Value stocks are subject to the risks lio using different yet complementary investment strategies. Under that notwithstanding that a stock is selling at a discount to its perceived normal circumstances, one portion of the Portfolio will track the true worth, the market will never fully recognize its intrinsic value. In performance of a particular index (“Index Allocated Portion”) and the addition, there is the risk that a stock judged to be undervalued may other portions of the Portfolio will be actively managed (“Active Allo- actually be appropriately priced. cated Portions”). Under normal circumstances, the Adviser anticipates Mid-Cap and Small-Cap Company Risk: The Portfolio’s allocating approximately 50% of the Portfolio’s net assets to the Index investments in mid- and small-cap companies may involve greater risks Allocated Portion and the remaining 50% of net assets among the Ac- than investments in larger, more established issuers because they gen- tive Allocated Portions. These percentages are targets established by erally are more vulnerable than larger companies to adverse business or the Adviser and actual allocations between the portions may deviate economic developments. Such companies generally have narrower from these targets by up to 20% of the Portfolio’s net assets. product lines, more limited financial and management resources and more limited markets for their stock as compared with larger compa- The Index Allocated Portion of the Portfolio seeks to track the perform- nies. As a result, the value of such securities may be more volatile than ance (before fees and expenses) of the Russell 2500™ Value Index with the securities of larger companies, and the Portfolio may experience minimal tracking error. This strategy is commonly referred to as an difficulty in purchasing or selling such securities at the desired time and indexing strategy. Generally, the Index Allocated Portion uses a full price or in the desired amount. In general, these risks are greater for replication technique, although in certain instances a sampling ap- small-cap companies than for mid-cap companies. proach may be utilized for a portion of the Index Allocated Portion. Multiple Sub-Adviser Risk: The Adviser allocates the Portfolio’s Each Active Allocated Portion utilizes a value-oriented investment style assets among multiple Sub-Advisers, each of which is responsible for and invests primarily in equity securities of companies that, in the view of investing its allocated portion of the Portfolio’s assets. To a significant the Sub-Adviser, are currently undervalued according to certain financial extent, the Portfolio’s performance will depend on the success of the measurements, which may include price-to-earnings and price-to-book Adviser in allocating the Portfolio’s assets to Sub-Advisers and its se- ratios and dividend income potential. A Sub-Adviser may sell a security for lection and oversight of the Sub-Advisers. Because each Sub-Adviser a variety of reasons, such as because the Sub-Adviser believes that it has manages its allocated portion of the Portfolio independently from become overvalued or shows deteriorating fundamentals. another Sub-Adviser, the same security may be held in different portions The Portfolio also may lend its portfolio securities to earn additional of the Portfolio, or may be acquired for one portion of the Portfolio at a income. time when a Sub-Adviser to another portion deems it appropriate to dispose of the security from that other portion, resulting in higher ex- Principal Risks: An investment in the Portfolio is not a deposit of a penses without accomplishing any net result in the Portfolio’s holdings. bank and is not insured or guaranteed by the Federal Deposit Insurance Similarly, under some market conditions, one Sub-Adviser may believe Corporation or any other government agency. You may lose money by that temporary, defensive investments in short-term instruments or cash investing in the Portfolio. Performance may be affected by one or more are appropriate when another Sub-Adviser believes continued exposure of the following risks. to the equity or debt markets is appropriate for its allocated portion of Equity Risk: In general, stocks and other equity security values fluc- the Portfolio. Because each Sub-Adviser directs the trading for its own tuate, and sometimes widely fluctuate, in response to changes in a portion of the Portfolio, and does not aggregate its transactions with company’s financial condition as well as general market, economic, and those of the other Sub-Adviser, the Portfolio may incur higher brokerage political conditions and other factors. costs than would be the case if a single Sub-Adviser were managing the entire Portfolio. In addition, while the Adviser seeks to allocate the Index Strategy Risk: The Portfolio employs an index strategy, that Portfolio’s assets among the Portfolio’s Sub-Advisers in a manner that it is, it generally invests in the securities included in its index or a repre- believes is consistent with achieving the Portfolio’s investment sentative sample of such securities regardless of market trends. The objective(s), the Adviser may be subject to potential conflicts of interest Portfolio generally will not modify its index strategy to respond to in allocating the Portfolio’s assets among Sub-Advisers, including affili- changes in the economy, which means that it may be particularly ated Sub-Advisers, because the Adviser pays different fees to the Sub- susceptible to a general decline in the market segment relating to the Advisers and due to other factors that could impact the Adviser’s relevant index. In addition, although the index strategy attempts to revenues and profits. closely track its benchmark index, the Portfolio may not invest in all of the securities in the index. Also, the Portfolio’s fees and expenses will Real Estate Investing Risk: Real estate-related investments may reduce the Portfolio’s returns, unlike those of the benchmark index. decline in value as a result of factors affecting the overall real estate Cash flow into and out of the Portfolio, portfolio transaction costs, industry. Real estate is a cyclical business, highly sensitive to supply and changes in the securities that comprise the index, and the Portfolio’s demand, general and local economic developments and characterized valuation procedures also may affect the Portfolio’s performance. There- by intense competition and periodic overbuilding. Real estate income fore, there can be no assurance that the performance of the index and values also may be greatly affected by demographic trends, such as strategy will match that of the benchmark index. population shifts or changing tastes and values. Losses may occur from casualty or condemnation and government actions, such as tax law Investment Style Risk: The Portfolio may use a particular style or changes, zoning law changes, regulatory limitations on rents, or set of styles — in this case “value” styles — to select investments. Those styles may be out of favor or may not produce the best results environmental regulations, also may have a major impact on real estate.

MMMCV 2 The availability of mortgages and changes in interest rates may also af- The performance results do not reflect any Contract-related fees and fect real estate values. Changing interest rates and credit quality expenses, which would reduce the performance results. requirements also will affect the cash flow of real estate companies and Prior to April 2014, the Portfolio employed a volatility management their ability to meet capital needs. Real estate investment trusts (“REITs”) generally invest directly in real estate (equity REITs), in mort- strategy; returns prior to that date may have been different if the Portfo- gages secured by interests in real estate (mortgage REITs) or in some lio had followed its current policies. For periods prior to June 2014, the combination of the two (hybrid REITs). Investing in REITs exposes performance shown below is that of the Portfolio’s predecessor, a series investors to the risks of owning real estate directly, as well as to risks of AXA Premier VIP Trust that had a substantially identical investment that relate specifically to the way in which REITs are organized and objective, policies and strategies. operated. Equity REITs may be affected by changes in the value of the underlying property owned by the REIT, while mortgage REITs may be Calendar Year Total Returns (Class IB) affected by the quality of any credit extended. Equity and mortgage 44.46% REITs are also subject to heavy cash flow dependency, defaults by bor- 35.50% rowers, and self-liquidations. The risk of defaults is generally higher in 24.86% 19.06% the case of mortgage pools that include subprime mortgages involving 14.92% borrowers with blemished credit histories. Individual REITs may own a 5.39% 0.10% limited number of properties and may concentrate in a particular region or property type. Domestic REITs also must satisfy specific Internal Rev- -5.55% enue Code requirements to qualify for the tax-free pass-through of net -13.36% investment income and net realized gains. Failure to meet these requirements may have adverse consequences on the Portfolio. In addi- -35.99% tion, even the larger REITs in the industry tend to be small- to medium- 2007 2008 2009 201020112012 2013 2014 2015 2016 sized companies in relation to the equity markets as a whole. Moreover, shares of REITs may trade less frequently and, therefore, are subject to Best Quarter (% and time period) Worst Quarter (% and time period) more erratic price movements than securities of larger issuers. 22.65% (2009 2nd Quarter) –22.50% (2008 4th Quarter) Sector Risk: From time to time, based on market or economic conditions, the Portfolio may have significant positions in one or more sec- Average Annual Total Returns tors of the market. To the extent the Portfolio invests more heavily in Ten One Five Years/Since particular sectors, its performance will be especially sensitive to Year Years Inception developments that significantly affect those sectors. Individual sectors Multimanager Mid Cap Value Portfolio – may be more volatile, and may perform differently, than the broader Class IA 19.08% 13.02% 6.46% Multimanager Mid Cap Value Portfolio – market. The industries that constitute a sector may all react in the same Class IB 19.06% 13.04% 6.33% way to economic, political or regulatory events. Russell 2500™ Value Index (reflects no deduction for fees, expenses, or taxes) 25.20% 15.04% 6.94% Securities Lending Risk: The Portfolio may lend its portfolio securities to seek income. There is a risk that a borrower may default on its obligations to return loaned securities, however, the Portfolio’s secu- WHO MANAGES THE PORTFOLIO rities lending agent may indemnify the Portfolio against that risk. The Investment Adviser: FMG LLC Portfolio will be responsible for the risks associated with the investment Portfolio Managers: The members of the team that are jointly and of cash collateral, including any collateral invested in an affiliated primarily responsible for (i) the selection, monitoring and oversight of money market fund. The Portfolio may lose money on its investment of the Portfolio’s Sub-Advisers and (ii) allocating assets among the Portfo- cash collateral or may fail to earn sufficient income on its investment to lio’s Allocated Portions are: meet obligations to the borrower. In addition, delays may occur in the recovery of securities from borrowers, which could interfere with the Date Began Portfolio’s ability to vote proxies or to settle transactions. Managing Name Title the Portfolio Risk/Return Bar Chart and Table Kenneth T. Executive Vice President May 2011 Kozlowski, CFP®, and Chief Investment The bar chart and table below provide some indication of the risks of inves- CLU, ChFC Officer of FMG LLC ting in the Portfolio by showing changes in the Portfolio’s performance Alwi Chan, CFA® Senior Vice President and February 2010 from year to year and by showing how the Portfolio’s average annual total Deputy Chief Investment returns for the past one, five and ten years (or since inception) through Officer of FMG LLC December 31, 2016 compared to the returns of a broad-based securities market index. The return of the broad-based securities market index shown in the right hand column below is the return of the index for the last 10 years or, if shorter, since the inception of the share class with the longest history. Past performance is not an indication of future performance.

MMMCV 3 Sub-Adviser: BlackRock Investment Management, LLC “affiliated person” of the Adviser, such as AllianceBernstein L.P., unless (“BlackRock”) the sub-advisory agreement is approved by the Portfolio’s shareholders. Portfolio Managers: The members of the team that are jointly and The Adviser is responsible for overseeing Sub-Advisers and recommend- primarily responsible for the securities selection, research and trading ing their hiring, termination and replacement to the Board of Trustees. for the Index Allocated Portion of the Portfolio are: PURCHASE AND REDEMPTION OF PORTFOLIO Date Began SHARES Managing a Portion Name Title of the Portfolio The Portfolio’s shares are currently sold only to insurance company sepa- Greg Savage, CFA® Managing Director and May 2012 rate accounts in connection with Contracts issued by AXA Equitable Life Portfolio Manager of Insurance Company (“AXA Equitable”), AXA Life and Annuity Company, BlackRock or other affiliated or unaffiliated insurance companies and to The AXA Alan Mason Managing Director and March 2014 Equitable 401(k) Plan. Shares also may be sold to other tax-qualified Portfolio Manager of retirement plans, to other portfolios managed by FMG LLC that currently BlackRock sell their shares to such accounts and plans and to other investors eligible Rachel M. Aguirre Director of BlackRock April 2016 under applicable federal income tax regulations. Creighton Jue, Managing Director of April 2016 The Portfolio does not have minimum initial or subsequent investment CFA® BlackRock requirements. Shares of the Portfolio are redeemable on any business day (which typically is any day the New York Stock Exchange is open) Sub-Adviser: Diamond Hill Capital Management, Inc. upon receipt of a request. All redemption requests will be processed (“Diamond Hill”) and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more in- Portfolio Managers: The members of the team that are jointly and formation on purchasing and redeeming Portfolio shares. primarily responsible for the securities selection, research and trading for a portion of the Active Allocated Portion of the Portfolio are: TAX INFORMATION Date Began The Portfolio’s shareholders are (or may include) insurance company Managing a Portion separate accounts, qualified plans and other investors eligible under Name Title of the Portfolio applicable federal income tax regulations. Accordingly, distributions the Chris Welch, Portfolio Manager and Co- January 2011 CFA® Chief Investment Officer of Portfolio makes of its net investment income and net realized gains — Diamond Hill most or all of which it intends to distribute annually — and re- Tom Assistant Portfolio Manager January 2011 demptions or exchanges of Portfolio shares generally will not be taxable Schindler, of Diamond Hill to its shareholders (or to the holders of underlying Contracts or plan CFA® participants or beneficiaries). See the prospectus for your Contract for Jeanette Assistant Portfolio Manager May 2014 further tax information. Hubbard, of Diamond Hill CFA® PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES Sub-Adviser: Lord, Abbett & Co. LLC (“Lord Abbett”) This Portfolio is not sold directly to the general public but instead is of- Portfolio Managers: The members of the team that are jointly and fered as an underlying investment option for Contracts and retirement primarily responsible for the securities selection, research and trading plans and to other eligible investors. The Portfolio and the Adviser and for a portion of the Active Allocated Portion of the Portfolio are: its affiliates may make payments to a sponsoring insurance company (or its affiliates) or other financial intermediary for distribution and/or other Date Began services. These payments may create a conflict of interest by influencing Managing a Portion the insurance company or other financial intermediary and your finan- Name Title of the Portfolio cial adviser to recommend the Portfolio over another investment or by Justin C. Partner & Portfolio Manager June 2012 influencing an insurance company to include the Portfolio as an under- Maurer of Lord Abbett lying investment option in the Contract. The prospectus (or other offer- Thomas B. Partner and Portfolio June 2012 ing document) for your Contract may contain additional information Maher Manager of Lord Abbett about these payments. Ask your financial adviser or visit your financial intermediary’s website for more information. The Adviser has been granted relief by the Securities and Exchange Commission to hire, terminate and replace Sub-Advisers and amend sub- advisory agreements subject to the approval of the Board of Trustees and without obtaining shareholder approval. However, the Adviser may not enter into a sub-advisory agreement on behalf of the Portfolio with an

MMMCV 4 EQ Advisors TrustSM

Multimanager Technology Portfolio – Class IA and IB Shares

Summary Prospectus dated May 1, 2017

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2017, as may be amended or supplemented from time to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2016, are incorporated by reference into this Summary Prospectus. You canfindthe Portfolio’s Prospectus, SAI and other information about the Portfolio online at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sending an e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section 817(d) of the Internal Revenue Code (“Contracts”) and certain other eligible investors and is not intended for use by other investors.

Investment Objective: Seeks to achieve long-term growth of capital. year, that the Portfolio’s operating expenses remain the same, and that the Expense Limitation Arrangement is not renewed. This Example FEES AND EXPENSES OF THE PORTFOLIO does not reflect any Contract-related fees and expenses including redemption fees (if any) at the Contract level. If such fees and expenses The following table describes the fees and expenses that you may pay if were reflected, the total expenses would be higher. Although your you buy and hold shares of the Portfolio. The table below does not re- actual costs may be higher or lower, based on these assumptions your flect any fees and expenses associated with variable life insurance con- costs would be: tracts and variable annuity certificates and contracts (“Contracts”), which would increase overall fees and expenses. See the Contract pro- 1 Year 3 Years 5 Years 10 Years spectus for a description of those fees and expenses. Class IA Shares $132 $438 $765 $1,692 Class IB Shares $132 $438 $765 $1,692 Shareholder Fees (fees paid directly from your investment) Not applicable. PORTFOLIO TURNOVER The Portfolio pays transaction costs, such as commissions, when it buys Annual Portfolio Operating Expenses and sells securities (or “turns over” its portfolio). A higher portfolio (expenses that you pay each year as a percentage of the value of turnover rate may indicate higher transaction costs. These costs, which your investment) are not reflected in annual fund operating expenses or in the Example, Class IA Class IB affect the Portfolio’s performance. During the most recent fiscal year, Multimanager Technology Portfolio Shares Shares Management Fee 0.95% 0.95% the Portfolio’s portfolio turnover rate was 64% of the average value of Distribution and/or Service Fees the Portfolio. (12b-1 fees) 0.25% 0.25% Other Expenses 0.17% 0.17% INVESTMENTS, RISKS, AND PERFORMANCE Acquired Fund Fees and Expenses 0.05% 0.05% Total Annual Portfolio Operating Expenses 1.42% 1.42% Principal Investment Strategy: Under normal circumstances, the Fee Waiver and/or Expense Reimbursement† –0.12% –0.12% Portfolio intends to invest at least 80% of its net assets, plus borrowings Total Annual Portfolio Operating Expenses After Fee for investment purposes, in equity securities of companies principally en- Waiver and/or Expense Reimbursement 1.30% 1.30% gaged in the technology sector. Such companies include, among others, † Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreed to those in internet products and services, computers, electronics, hardware make payments or waive its management, administrative and other fees to limit the expenses of the Portfolio through April 30, 2018 (unless the Board of Trustees con- and components, communications, software, e-commerce, information sents to an earlier revision or termination of this arrangement) (“Expense Limitation services, healthcare equipment and services, including medical devices, Arrangement”) so that the annual operating expenses of the Portfolio (exclusive of biotechnology, chemical products and synthetic materials, defense and taxes, interest, brokerage commissions, capitalized expenses, acquired fund fees and expenses, dividend and interest expenses on securities sold short, and extraordinary aerospace, environmental services, nanotechnology, energy equipment expenses) do not exceed an annual rate of average daily net assets of 1.25% for and services, and electronic manufacturing services. In addition, securities Class IA and Class IB shares of the Portfolio. The Expense Limitation Arrangement may be terminated by AXA Equitable Funds Management Group, LLC at any time of companies in the technology sector may include financial instruments after April 30, 2018. that derive their value from the securities of such companies. The Portfolio may invest in companies of any size and can invest in securities of both Example U.S. and foreign companies. The Portfolio intends to invest primarily in This Example is intended to help you compare the cost of investing in common stocks, but it may also invest in other securities that a Sub- the Portfolio with the cost of investing in other portfolios. The Example Adviser believes provide opportunities for capital growth. The Portfolio is assumes that you invest $10,000 in the Portfolio for the periods in- non-diversified, which means that it may invest its assets in a smaller dicated and then redeem all of your shares at the end of these periods. number of issuers than a diversified portfolio. The Example also assumes that your investment has a 5% return each

MMT 1 AXA Equitable Funds Management Group, LLC (“FMG LLC” or “Adviser”) ETFs Risk: The Portfolio will indirectly bear fees and expenses paid by will generally allocate the Portfolio’s assets among three or more Sub- the ETFs in which it invests, in addition to the Portfolio’s direct fees and Advisers, each of which will manage its portion of the Portfolio using dif- expenses. The cost of investing in the Portfolio, therefore, may be ferent yet complementary investment strategies. Under normal higher than the cost of investing in a mutual fund that exclusively in- circumstances, one portion of the Portfolio will track the performance of a vests directly in individual stocks and bonds. In addition, the Portfolio’s particular index (“Index Allocated Portion”), one or more other portions of net asset value will be subject to fluctuations in the market values of the Portfolio will be actively managed (“Active Allocated Portions”), and the ETFs in which it invests. The Portfolio is also subject to the risks another portion will invest in exchange-traded funds (“ETFs”) (“ETF Allo- associated with the securities or other investments in which the ETFs cation Portion”). Under normal circumstances, the Adviser allocates ap- invest and the ability of the Portfolio to meet its investment objective proximately 30% of the Portfolio’s net assets to the Index Allocated will directly depend on the ability of the ETFs to meet their investment Portion, approximately 50% of net assets among the Active Allocated objectives. There is also the risk that an ETF’s performance may not Portions, and approximately 20% of net assets to the ETF Allocated Por- match that of the relevant index. It is also possible that an active trad- tion. These percentages are targets established by the Adviser; actual ing market for an ETF may not develop or be maintained, in which case allocations to the Index Allocated and Active Allocated Portions may de- the liquidity and value of the Portfolio’s investment in the ETF could be viate from these targets by up to 20% of the Portfolio’s net assets and by substantially and adversely affected. The extent to which the investment up to 25% of the Portfolio’s net assets with respect to the ETF Allocated performance and risks associated with the Portfolio correlate to those of Portion, but any allocation to the ETF Allocated Portion generally shall not a particular ETF will depend upon the extent to which the Portfolio’s exceed 20% of the Portfolio’s net assets. assets are allocated from time to time for investment in the ETF, which will vary. The Index Allocated Portion of the Portfolio seeks to track the performance (before fees and expenses) of the S&P North American Technology Sector Focused Portfolio Risk: The Portfolio employs a strategy of inves- Index with minimal tracking error. This strategy is commonly referred to as ting in the securities of a limited number of companies, some of which an indexing strategy. Generally, the Index Allocated Portion uses a full may be in the same industry, sector or geographic region. As a result, replication technique, although in certain instances a sampling approach the Portfolio, which is classified as “non-diversified,” may incur more may be utilized for a portion of the Index Allocated Portion. The Index risk because changes in the value of a single security may have a more Allocated Portion also may invest in ETFs that seek to track the S&P North significant effect, either positive or negative, on the Portfolio’s net asset American Technology Sector Index to obtain comparable exposure as the value. Further, the Portfolio may be more sensitive to events affecting a index without buying the underlying securities comprising the index. single industry, sector or geographic region. The use of such a focused investment strategy may increase the volatility of the Portfolio’s invest- The Active Allocated Portions may engage in active and frequent trad- ment performance, as the Portfolio may be more susceptible to risks ing to achieve the investment objective. The Active Allocated Portions’ associated with a single economic, political or regulatory event than a Sub-Advisers select securities based upon fundamental analysis, such as portfolio that is more broadly invested. an analysis of earnings, cash flows, competitive position and management’s abilities. A Sub-Adviser may sell a security for a variety of rea- Foreign Securities Risk: Investments in foreign securities, includ- sons, such as to make other investments believed by the Sub-Adviser to ing depositary receipts, involve risks not associated with investing in offer superior investment opportunities. U.S. securities. Foreign markets, particularly emerging markets, may be less liquid, more volatile and subject to less government supervision The ETF Allocated Portion invests in ETFs that meet the investment criteria than U.S. markets. Security values also may be negatively affected by of the Portfolio as a whole. The ETFs in which the ETF Allocated Portion changes in the exchange rates between the U.S. dollar and foreign cur- may invest may be changed from time to time without notice or share- rencies. Differences between U.S. and foreign legal, political and eco- holder approval. An investor in the Portfolio will bear the expenses of the nomic systems, regulatory regimes and market practices also may Portfolio as well as the indirect expenses associated with the ETFs held by impact security values and it may take more time to clear and settle the ETF Allocated Portion and, if applicable, the Index Allocated Portion. trades involving foreign securities. The Portfolio also may lend its portfolio securities to earn additional Index Strategy Risk: The Portfolio employs an index strategy, that income. is, it generally invests in the securities included in its index or a repre- Principal Risks: An investment in the Portfolio is not a deposit of a sentative sample of such securities regardless of market trends. The bank and is not insured or guaranteed by the Federal Deposit Insurance Portfolio generally will not modify its index strategy to respond to changes in the economy, which means that it may be particularly sus- Corporation or any other government agency. You may lose money by ceptible to a general decline in the market segment relating to the investing in the Portfolio. Performance may be affected by one or more relevant index. In addition, although the index strategy attempts to of the following risks. closely track its benchmark index, the Portfolio may not invest in all of Equity Risk: In general, stocks and other equity security values fluc- the securities in the index. Also, the Portfolio’s fees and expenses will tuate, and sometimes widely fluctuate, in response to changes in a reduce the Portfolio’s returns, unlike those of the benchmark index. company’s financial condition as well as general market, economic, and Cash flow into and out of the Portfolio, portfolio transaction costs, political conditions and other factors. changes in the securities that comprise the index, and the Portfolio’s valuation procedures also may affect the Portfolio’s performance.

MMT 2 Therefore, there can be no assurance that the performance of the index developments that significantly affect those sectors. Individual sectors strategy will match that of the benchmark index. may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same Large-Cap Company Risk: Larger more established companies way to economic, political or regulatory events. may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies Securities Lending Risk: The Portfolio may lend its portfolio secu- also may not be able to attain the high growth rate of successful rities to seek income. There is a risk that a borrower may default on its smaller companies, especially during extended periods of economic obligations to return loaned securities, however, the Portfolio’s secu- expansion. rities lending agent may indemnify the Portfolio against that risk. The Mid-Cap and Small-Cap Company Risk: The Portfolio’s Portfolio will be responsible for the risks associated with the investment investments in mid- and small-cap companies may involve greater risks of cash collateral, including any collateral invested in an affiliated than investments in larger, more established issuers because they gen- money market fund. The Portfolio may lose money on its investment of erally are more vulnerable than larger companies to adverse business or cash collateral or may fail to earn sufficient income on its investment to economic developments. Such companies generally have narrower meet obligations to the borrower. In addition, delays may occur in the product lines, more limited financial and management resources and recovery of securities from borrowers, which could interfere with the more limited markets for their stock as compared with larger compa- Portfolio’s ability to vote proxies or to settle transactions. nies. As a result, the value of such securities may be more volatile than Technology Sector Risk: The value of the shares of a Portfolio the securities of larger companies, and the Portfolio may experience that invests primarily in technology companies is particularly vulnerable difficulty in purchasing or selling such securities at the desired time and to factors affecting the technology sector, such as dependency on con- price or in the desired amount. In general, these risks are greater for sumer and business acceptance as new technology evolves, large and small-cap companies than for mid-cap companies. rapid price movements resulting from competition, rapid obsolescence Multiple Sub-Adviser Risk: The Adviser allocates the Portfolio’s of products and services and short product cycles. Many technology assets among multiple Sub-Advisers, each of which is responsible for companies are small and at an earlier stage of development and, there- investing its allocated portion of the Portfolio’s assets. To a significant fore, may be subject to risks such as those arising out of limited product extent, the Portfolio’s performance will depend on the success of the Ad- lines, markets and financial and managerial resources. viser in allocating the Portfolio’s assets to Sub-Advisers and its selection and oversight of the Sub-Advisers. Because each Sub-Adviser manages its Risk/Return Bar Chart and Table allocated portion of the Portfolio independently from another Sub-Adviser, The bar chart and table below provide some indication of the risks of the same security may be held in different portions of the Portfolio, or may investing in the Portfolio by showing changes in the Portfolio’s be acquired for one portion of the Portfolio at a time when a Sub-Adviser performance from year to year and by showing how the Portfolio’s to another portion deems it appropriate to dispose of the security from average annual total returns for the past one, five and ten years (or that other portion, resulting in higher expenses without accomplishing any since inception) through December 31, 2016 compared to the returns of net result in the Portfolio’s holdings. Similarly, under some market con- a broad-based securities market index. The additional broad-based ditions, one Sub-Adviser may believe that temporary, defensive invest- securities market index shows how the Portfolio’s performance com- ments in short-term instruments or cash are appropriate when another pared with the returns of another index that has characteristics relevant Sub-Adviser believes continued exposure to the equity or debt markets is to the Portfolio’s investment strategies. The return of the broad-based appropriate for its allocated portion of the Portfolio. Because each Sub- securities market index (and any additional comparative index) shown in Adviser directs the trading for its own portion of the Portfolio, and does the right hand column below is the return of the index for the last 10 not aggregate its transactions with those of the other Sub-Adviser, the years or, if shorter, since the inception of the share class with the lon- Portfolio may incur higher brokerage costs than would be the case if a gest history. Past performance is not an indication of future single Sub-Adviser were managing the entire Portfolio. In addition, while performance. the Adviser seeks to allocate the Portfolio’s assets among the Portfolio’s Sub-Advisers in a manner that it believes is consistent with achieving the The performance results do not reflect any Contract-related fees and Portfolio’s investment objective(s), the Adviser may be subject to potential expenses, which would reduce the performance results. conflicts of interest in allocating the Portfolio’s assets among Sub- For periods prior to June 2014, the performance shown below is that of Advisers, including affiliated Sub-Advisers, because the Adviser pays the Portfolio’s predecessor, a series of AXA Premier VIP Trust that had a different fees to the Sub-Advisers and due to other factors that could im- substantially identical investment objective, policies and strategies. As pact the Adviser’s revenues and profits. of May 1, 2017, the Portfolio changed its investment policy to become Portfolio Turnover Risk: High portfolio turnover (generally, turn- “non-diversified” under the Investment Company Act of 1940; returns over in excess of 100% in any given fiscal year) may result in increased prior to that date may have been different if the Portfolio had followed transaction costs to the Portfolio, which may result in higher fund ex- its current policy. penses and lower total return. Sector Risk: To the extent the Portfolio invests more heavily in particular sectors, its performance will be especially sensitive to

MMT 3 Calendar Year Total Returns (Class IB) Sub-Adviser: Allianz Global Investors U.S. LLC 58.60% (“AllianzGI U.S.”) Portfolio Managers: The members of the team that are jointly and 35.57% primarily responsible for the securities selection, research and trading 18.21% 17.74% for a portion of the Active Allocated Portion of the Portfolio are: 13.45% 13.58% 6.26% 8.97% Date Began Managing -4.84% Name Title the Portfolio Huachen Chen, CFA® Managing Director, Senior January 2002 Analyst and Senior Portfolio Manager of -47.15% AllianzGI U.S. 200720082009 2010 2011 2012 2013 2014 2015 2016 Walter C. Price, CFA® Managing Director, Senior January 2002 Analyst and Senior Best Quarter (% and time period) Worst Quarter (% and time period) Portfolio Manager of 20.57% (2009 2nd Quarter) –27.02% (2008 4th Quarter) AllianzGI U.S.

Average Annual Total Returns Sub-Adviser: SSGA Funds Management, Inc. (“SSGA FM”) Ten One Five Years/Since Portfolio Managers: The members of the team that are jointly and Year Years Inception primarily responsible for the securities selection, research and trading Multimanager Technology Portfolio – Class IA 8.96% 15.13% 8.56% for the Index Allocated Portion of the Portfolio are: Multimanager Technology Portfolio – Class IB 8.97% 15.13% 8.43% Date Began Russell 1000® Index (reflects no Managing deduction for fees, expenses, or taxes) 13.56% 17.41% 10.42% Name Title the Portfolio S&P North American Technology Sector ® Index (reflects no deduction for fees, Michael Feehily, CFA Senior Managing Director May 2015 expenses, or taxes) 12.05% 14.69% 7.08% and Head of Global Equity Beta Solutions — Americas, of SSGA FM WHO MANAGES THE PORTFOLIO Karl Schneider, CAIA® Managing Director and January 2017 Investment Adviser: FMG LLC Deputy Head of Global Equity Beta Solutions — Portfolio Managers: The members of the team that are jointly and Americas, of SSGA FM primarily responsible for (i) the selection, monitoring and oversight of David Chin Vice President and Senior January 2017 the Portfolio’s Sub-Advisers, (ii) allocating assets among the Portfolio’s Portfolio Manager, Global Allocated Portions and (iii) selection of investments in exchange-traded Equity Beta Solutions, of SSGA FM funds for the Portfolio’s ETF Allocated Portion are:

Date Began Sub-Adviser: Wellington Management Company LLP Managing a Portion (“Wellington”) Name Title of the Portfolio Kenneth T. Executive Vice President May 2011 Portfolio Managers: The members of the team that are jointly and Kozlowski, and Chief Investment primarily responsible for the securities selection, research and trading CFP®, CLU, Officer of FMG LLC ChFC for a portion of the Active Allocated Portion of the Portfolio are:

Alwi Chan, CFA® Senior Vice President and February 2010 Date Began Deputy Chief Investment Managing Officer of FMG LLC Name Title the Portfolio Xavier Poutas, Assistant Portfolio May 2011 John F. Averill, Senior Managing Director December 2003 CFA® Manager of FMG LLC CFA® and Global Industry Analyst of Wellington Bruce L. Glazer Senior Managing Director December 2003 and Global Industry Analyst of Wellington Anita M. Senior Managing Director December 2003 Killian, and Global Industry Analyst CFA® of Wellington

MMT 4 The Adviser has been granted relief by the Securities and Exchange Commission to hire, terminate and replace Sub-Advisers and amend sub- advisory agreements subject to the approval of the Board of Trustees and without obtaining shareholder approval. However, the Adviser may not enter into a sub-advisory agreement on behalf of the Portfolio with an “affiliated person” of the Adviser, such as AllianceBernstein L.P., unless the sub-advisory agreement is approved by the Portfolio’s shareholders. The Adviser is responsible for overseeing Sub-Advisers and recommending their hiring, termination and replacement to the Board of Trustees.

PURCHASE AND REDEMPTION OF PORTFOLIO SHARES The Portfolio’s shares are currently sold only to insurance company separate accounts in connection with Contracts issued by AXA Equitable Life Insurance Company (“AXA Equitable”), AXA Life and Annuity Company, or 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, to other portfolios managed by FMG LLC that currently sell their shares to such accounts and plans and to other investors eligible under applicable federal income tax regulations. The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day (which typically is any day the New York Stock Exchange is open) upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares.

TAX INFORMATION The Portfolio’s shareholders are (or may include) insurance company separate accounts, qualified plans and other investors eligible under applicable federal income tax regulations. Accordingly, distributions the Portfolio makes of its net investment income and net realized gains — most or all of which it intends to distribute annually — and redemptions or exchanges of Portfolio shares generally will not be taxable to its shareholders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax information.

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DEPARTMENT OF LABOR NOTICE

AXA Equitable Life Insurance Company (“AXA Equitable”) retains any earnings on amounts held in its general account. These amounts include funds that are pending investment under insurance products as well as funds that have been disbursed from insurance products pending presentment for payment to the client, transferral to another insurance product or mutual fund, if permitted under applicable law, or the client’s financial institution. Earnings on such amounts are generally at institutional money market rates. Investment and distribution options are described in the applicable variable insurance product prospectus, as amended to date, which either accompanies this notice or has been previously provided to you.

Generally, funds received in good order before the close of any business day (as defined in the product prospectus) will be credited to the specified investment option effective on that day. Funds that are pending investment include any amounts for which AXA Equitable has not yet received adequate instructions, documentation or the completed requirements necessary to enable it to allocate funds as directed by the contract owner. Funds that are awaiting investment will be allocated as directed by the contract owner effective on the business day that falls on or next follows the date AXA Equitable receives the completed instructions, documentation or requirements. AXA Equitable will receive any investment earnings through the end of the business day on which funds are allocated.

When AXA Equitable receives a request for any permissible distribution from an insurance product, which may include requests for partial withdrawals, loans, annuitization or death benefit payments, or full surrenders, as applicable, such distribution will be effective on the date we receive the request in good order. AXA Equitable will transfer any applicable separate account amounts to its general account on the process date, regardless of the effective date and send a check to the distributee or commence direct transfer of funds on that date. Amounts will remain in AXA Equitable’s general account until the date the check is presented for payment or the direct transfer of funds is complete, the timing of which is beyond AXA Equitable’s control. AXA Equitable will receive any investment earnings during the period such amounts remain in the general account. Upon request, the owner of the insurance product may receive from AXA Equitable a periodic report summarizing the status of any outstanding distributions, and the length of time such distributions tend to remain outstanding.*

*Not necessary for IRAs.

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[THIS PAGE INTENTIONALLY LEFT BLANK] Important Notice Regarding Delivery of Client Documents

We believe that many of our customers would like us to eliminate duplicate mailings of certain documents to them. We would like to do this too in order to reduce costs and help benefit the environment.

Changes in SEC regulations allow us to send single copies of documents such as Prospectuses, EQ Advisors and AXA Premier VIP Trusts’ Annual and Semi- Annual Reports to our clients who own the same type of variable insurance contract and live at a common address. We began mailing single copies of these documents in 2001.

In the event that you wish to continue receiving multiple mailings of these documents, where a separate copy is sent to each individual contract owner residing at the same address, please call us at 1-877-9 27-2632 within 60 days.

Thank you for your continued support.

HHN 52004 (2/17)

“AXA” is the brand name of AXA Equitable Financial Services, LLC and its family of companies, including AXA Equitable Life Insurance Company (NY, NY), AXA Advisors, LLC, and AXA Distributors, LLC. AXA S.A. is a French holding company for a group of international insurance and financial services companies, including AXA Equitable Financial Services, LLC. The obligations of AXA Equitable Life Insurance Company are backed solely by their claims-paying ability.

IM-17-13A (5/17) Cat. #155819 (5/17) DFS# 233232