Investment Edge® Variable Annuity

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 Investment Edge® 15.0 1

Summary Prospectuses

Page Label Page Label AXA Premier VIP Trust EQ/PIMCO Global Real Return EQPGRR 1-5 AXA Aggressive Allocation AAA 1-5 EQ/PIMCO Ultra Short Bond EQPUS 1-5 AXA Moderate Allocation AMA 1-5 EQ/Small Company Index EQSCI 1-3 AXA Moderate-Plus Allocation AMPA 1-5 EQ/T. Rowe Price Growth Stock EQTGS 1-4 CharterSM Aggressive Growth CAGR 1-6 Multimanager Technology MMT 1-5 CharterSM Conservative CCON 1-6 CharterSM Growth CGR 1-6 CharterSM Moderate CMOD 1-6 CharterSM Moderate Growth CMGR 1-6 CharterSM Small Cap Growth CSCG 1-5 CharterSM Small Cap Value CSCV 1-5 EQ Advisors Trust 1290 VT Convertible Securities VTCS 1-5 1290 VT DoubleLine Opportunistic Bond VTDO 1-6 1290 VT Energy VTE 1-5 1290 VT Equity Income VTEI 1-4 1290 VT GAMCO Mergers & Acquisitions VTGM 1-5 1290 VT GAMCO Small Company Value VTGSC 1-3 1290 VT High Yield Bond VTHY 1-6 1290 VT Low Volatility Global Equity VTLG 1-4 1290 VT Natural Resources VTNR 1-4 1290 VT Real Estate VTRE 1-5 1290 VT SmartBeta Equity VTSB 1-4 1290 VT Socially Responsible VTSR 1-5 All Asset Growth-Alt 20 EQAA 1-7 AXA/AB Dynamic Moderate Growth AABDMG 1-7 AXA/AB Short Duration Government Bond AABSDGB 1-5 AXA/AB Small Cap Growth AASCG 1-4 AXA/Janus Enterprise AJEG 1-4 AXA/Loomis Sayles Growth ALSG 1-4 AXA/Templeton Global Equity Managed Volatility ATGEMV 1-6 EQ/BlackRock Basic Value Equity EQBBV 1-4 EQ/Common Stock Index EQCTI 1-3 EQ/Core Bond Index EQCBI 1-4 EQ/Emerging Markets Equity PLUS EQEMEP 1-5 EQ/Equity 500 Index EQ500I 1-3 EQ/Intermediate Government Bond EQIGB 1-4 EQ/International Equity Index EQIEI 1-4 EQ/Large Cap Growth Index EQLCGI 1-3 EQ/Large Cap Value Index EQLCVI 1-3 EQ/MFS International Growth EQMG 1-4 EQ/Mid Cap Index EQMCI 1-4 EQ/Money Market EQMM 1-4 EQ/Oppenheimer Global EQOG 1-4

343326 ® Please read and keep this Prospectus for future reference. It contains Investment Edge 15.0 important information that you should know before purchasing or taking A variable 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.

® • EQ/International Equity Index Federated Insurance What is Investment Edge 15.0 ? • EQ/Large Cap Growth Index Series — Service Shares ® • EQ/LargeCapValueIndex • Federated High Income Bond Fund II Investment Edge 15.0 (“Investment Edge”) is a variable annuity • EQ/MFS International Growth • Federated Kaufman Fund II • EQ/Mid Cap Index contract issued by AXA Equitable Life Insurance Company. The ® ® ® •EQ/MoneyMarket Fidelity Variable series consists of Investment Edge , Investment Edge Select and • EQ/Oppenheimer Global Insurance Products Investment Edge® ADV. The contract provides for the accumulation of • EQ/PIMCO Global Real Return (VIP) — Service Class 2 ® ® retirement savings. The contract also offers death benefit protection • EQ/PIMCO Ultra Short Bond • Fidelity VIP Contrafund • EQ/Small Company Index • Fidelity® VIP Mid Cap and a number of payout options. You invest to accumulate value on a • EQ/T. Rowe Price Growth Stock • Fidelity® VIP Strategic Income • Multimanager Technology tax-deferred basis in one or more of our variable investment options. First Trust Variable ® AIM Variable Insurance Funds Insurance Trust The Investment Edge Select contract is also available through an (Invesco Variable • First Trust/Dow Jones Dividend & Income exchange program under which certain existing variable annuity con- Insurance Funds) — Series II Allocation tracts issued by AXA Equitable (“Prior Contracts”) may be exchanged • Invesco V.I. Balanced-Risk Allocation • First Trust Multi Income Allocation • Invesco V.I. Global Health Care for this contract. To see a summary comparison of some of the fea- • Invesco V.I. Global Real Estate Franklin Templeton Variable tures of Prior Contracts and the Investment Edge® Select contract, see • Invesco V.I. High Yield Insurance Products Trust — • Invesco V.I. International Growth Class 2 Appendix VIII — “Exchange program” later in this Prospectus. See • Invesco V.I. Small Cap Equity • Franklin Founding Funds Allocation VIP “How you can purchase and contribute to your contract” in • Franklin Income VIP AB Variable Product Series • Franklin Mutual Shares VIP “Contract features and benefits” for more information. Fund, Inc. – Class B • Franklin Rising Dividends VIP • AB VPS Global Thematic Growth • Templeton Global Bond VIP This Prospectus is a disclosure document and describes all of the con- • AB VPS Growth and Income tract’s material features, benefits, rights and obligations, as well as • AB VPS Real Estate Investment Guggenheim Variable Trust • AB VPS Small/Mid Cap Value • Guggenheim VIF Global Managed Futures other information. The description of the contract’s material provisions Strategy in this Prospectus is current as of the date of this Prospectus. If certain ALPS Variable Investment Trust — Class III Shares Hartford HLS Funds — material provisions under the contract are changed after the date of this • ALPS | Red Rocks Listed Private Equity Class IC Shares Prospectus in accordance with the contract, those changes will be • Hartford Capital Appreciation HLS American Century Variable • Hartford Growth Opportunities HLS described in a supplement to this Prospectus. You should carefully read Portfolios, Inc. — Class II this Prospectus in conjunction with any applicable supplements. • American Century VP Inflation Protection JPMorgan Insurance Trust — • American Century VP Mid Cap Value Class 2 Shares The contract may not currently be available in all states. In addition, • JPMorgan Insurance Trust Global Allocation American Funds Insurance • JPMorgan Insurance Trust Income Builder certain features described in this Prospectus may vary in your state. For Series® —Class4Shares a state-by-state description of all material variations to this contract, • American Funds Insurance Series® Asset Ivy Variable Insurance Allocation Fund Portfolios see Appendix III later in this Prospectus. We can refuse to accept any • American Funds Insurance Series® Global • Ivy VIP Asset Strategy application. We can refuse to accept any contribution from you at any Growth Fund •IvyVIPEnergy • American Funds Insurance Series® Global • IvyVIPMicroCapGrowth time, including after you purchase the contract. Small Capitalization Fund • Ivy VIP Science and Technology • American Funds Insurance Series® Our variable investment options are subaccounts of Separate Account Growth-Income Fund Janus Aspen Series — No. 70. Each variable investment option, in turn, invests in a correspond- • American Funds Insurance Series® Service Shares International Growth and Income Fund • Janus Henderson Balanced(4) ing securities portfolio (“Portfolio”) of one of the trusts (the “Trusts”). • American Funds Insurance Series® • Janus Henderson Flexible Bond(4) Below is a complete list of the variable investment options: New World Fund® • Janus Henderson U.S. Low Volatility Portfolio(4) BlackRock Variable Series Variable investment options Funds, Inc. — Class III Lazard Retirement Series, AXA Premier VIP Trust • 1290 VT GAMCO Small Company • BlackRock Global Allocation V.I. Inc. — Service Shares • AXA Aggressive Allocation Value(1) • BlackRock Global Opportunities V.l. • Lazard Retirement Emerging Markets Equity (1) • AXA Moderate Allocation • 1290 VT High Yield Bond ® (1) Delaware VIP — Service Class Legg Mason — Share Class II • AXA Moderate-Plus Allocation • 1290 VT Low Volatility Global Equity ® SM (1) • Delaware VIP Diversified Income Series • ClearBridge Variable Aggressive Growth •Charter Aggressive Growth • 1290 VT Natural Resources • Delaware VIP® Emerging Markets Series • ClearBridge Variable Dividend Strategy •CharterSM Alternative 100 Moderate(2) • 1290 VT Real Estate(1) ® SM (1) • Delaware VIP Limited-Term Diversified • QS Legg Mason Dynamic Multi-Strategy VIT •Charter Conservative • 1290 VT SmartBeta Equity Income Series •CharterSM Growth • 1290 VT Socially Responsible •CharterSM Income Strategies(2) • All Asset Aggressive - Alt 25(2) Eaton Vance Variable Trust •CharterSM Interest Rate Strategies(2) • All Asset Aggressive - Alt 50(2) • Eaton Vance VT Floating-Rate Income •CharterSM International Moderate(2) • All Asset Aggressive - Alt 75(2) •CharterSM Moderate • AllAssetGrowth-Alt20(3) •CharterSM Moderate Growth • AXA/AB Dynamic Moderate Growth •CharterSM Real Assets(2) • AXA/AB Short Duration Government Bond •CharterSM Small Cap Growth •AXA/ABSmallCapGrowth The SEC has not approved or disapproved these securities or •CharterSM Small Cap Value • AXA/Janus Enterprise • AXA/Loomis Sayles Growth determined if this Prospectus is accurate or complete. Any EQ Advisors Trust (1) • AXA/Templeton Global Equity Managed representation to the contrary is a criminal offense. The • 1290 VT Convertible Securities Volatility • 1290 VT DoubleLine Opportunistic contracts are not insured by the FDIC or any other agency. (1) • EQ/BlackRock Basic Value Equity Bond • EQ/Common Stock Index They are not deposits or other obligations of any bank and • 1290 VT Energy(1) (1) • EQ/Core Bond Index • 1290 VT Equity Income • EQ/Emerging Markets Equity PLUS are not bank guaranteed. They are subject to investment • 1290 VT GAMCO Mergers & (1) • EQ/Equity 500 Index risks and possible loss of principal. Acquisitions • EQ/Intermediate Government Bond Investment Edge® 15.0 #477635 Lord Abbett Series Fund, Inc. • PIMCO Global Multi-Asset Managed —ClassVC Allocation • An inherited NQ beneficiary payout contract (a specific form of • Lord Abbett Bond Debenture • PIMCO Total Return NQ contract that we refer to as “Inherited NQ”) (contributions MFS® Variable Insurance Putnam Variable Trust from specified Section 1035 exchanges only). Trusts — Service Class • Putnam VT Absolute Return 500 •MFS® International Value • Putnam VT Diversified Income Not all types of contracts are available with each version of the Invest- •MFS® Investors Trust Series • Putnam VT Global Asset Allocation ® •MFS® Research Series • Putnam VT Research Fund ment Edge series contracts. See “Rules regarding contributions to •MFS® Utilities Series •MFS® Value Series SEI Insurance Product Trust your contract” in Appendix II for more information. • SEI VP Balanced Strategy Neuberger Berman • SEI VP Conservative Strategy The registration statement relating to this offering has been filed with Advisers Management • SEI VP Market Growth Strategy the Securities and Exchange Commission (“SEC”). The statement of Trust — S Class Shares • SEI VP Market Plus Strategy • Neuberger Berman International Equity additional information (“SAI”) dated May 1, 2017 is part of the • Neuberger Berman U.S. Equity Index • SEI VP Moderate Strategy (1) PutWrite Strategy Portfolio T. Rowe Price Equity Series, registration statement. The SAI is available free of charge. You may Northern Lights Variable Trust Inc. request one by writing to our processing office at P.O. Box 1547, • 7TwelveTM Balanced Portfolio • T. Rowe Price Equity-Income Portfolio II • T. Rowe Price Health Sciences Portfolio II Secaucus, NJ 07096-1547 or calling 1-800-789-7771. The SAI is PIMCO Variable Insurance incorporated by this reference into this Prospectus. This Prospectus Trust — Administrative Class VanEck VIP Trust — Initial • PIMCO Global Bond (Unhedged) Class and the SAI can also be obtained from the SEC’s website at • VanEck VIP Unconstrained Emerging www.sec.gov. The table of contents for the SAI appears at the back PIMCO Variable Insurance Markets Bond Trust—AdvisorClass of this Prospectus. • PIMCO CommodityRealReturn® Strategy VanEck VIP Trust — S Class • PIMCO Emerging Markets Bond • VanEck VIP Global Hard Assets

(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 Trusts” later in this Prospectus for the variable investment option’s former name. (2) Please see “Portfolios of the Trusts” later in this Prospectus regarding the planned merger of the Portfolio in which this variable investment option invests, subject to shareholder approval. (3) This variable investment option will be available on or about May 19, 2017, subject to regulatory approval. (4) This is the variable investment option’s new name, effective on or about June 5, 2017, subject to regulatory approval. Please see “Portfolios of the Trusts” later in this Prospectus for the variable investment option’s former name. You may allocate amounts to any of the variable investment options. Your investment results in a variable investment option will depend on the investment performance of the related Portfolio. At any time, we have the right to limit or terminate your contributions and allocations to any of the variable investment options, to add variable investment options, and to limit the number of variable investment options which you may elect. The contract also includes a dollar cost averaging program that allows for systematic transfers of amounts in the EQ/Money Market variable investment option to other variable investment options. 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. • An employer-funded traditional IRA for a simplified employee pension plan (“SEP”) sponsored by the contract owner’s employer. • An annuity that is an investment vehicle for a qualified plan (“QP”) (whether defined contribution or defined benefit; transfer contributions only). The following contracts are intended for specified post-death payments to beneficiaries, with continuing access to the contract’s account balance: • Traditional and Roth Inherited IRA beneficiary continuation contract (“Inherited IRA”) (direct transfer and specified direct rollover contributions only). Contents of this Prospectus

Definitions of key terms 5 Who is AXA Equitable? 7 How to reach us 8 Investment Edge® Series at a glance — key features 10

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 18 What are your investment options under the contract? 19 Portfolios of the Trusts 21 Allocating your contributions 33 Dollar cost averaging 33 Breakpoint Credit 34 Annuity purchase factors 35 Protected premium death benefit 35 Inherited IRA beneficiary continuation contract 35 Inherited NQ beneficiary payout contract 37 Your right to cancel within a certain number of days 39

2. Determining your contract’s value 41 Your account value and cash value 41 Your contract’s value in the variable investment options 41 Insufficient account value 41

“We,”“our,” and “us” refer to AXA Equitable. 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 About your voting rights 79 options 42 Cybersecurity 79 Transferring your account value 42 Statutory compliance 79 Rebalancing your account value 42 About legal proceedings 79 Disruptive transfer activity 42 Financial statements 79 Transfers of ownership, collateral assignments, loans and borrowing 80 4. Accessing your money 44 About Custodial IRAs 80 Distribution of the contracts 80 Withdrawing your account value 44 How withdrawals (and Income Edge scheduled payments, if applicable) are taken from your account value 49 Appendices Effect of withdrawals on your Protected premium death benefit 49 Withdrawals treated as surrenders 50 I — Condensed financial information I-1 Surrendering your contract to receive its cash value 50 II — Rules regarding contributions to your contract II-1 When to expect payments 50 III — State contract availability and/or variations of Your annuity payout options 50 certain features and benefits III-1 IV — Purchase Considerations for QP Contracts IV-1 5. Charges and expenses 52 V — Hypothetical Illustration V-1 VI — Income Edge scheduled payment amount Charges that AXA Equitable deducts 52 expressed as a Percentage of Account Value VI-1 Charges that the Trusts deduct 56 Other distribution arrangements 56 VII — Protected premium death benefit example VII-1 VIII — Exchange program VIII-1

6. Payment of death benefit 57 Statement of additional information Your beneficiary and payment of benefit 57 Table of contents 129 Non-spousal single owner contract continuation 58 Non-spousal joint owner contract continuation 58 Spousal continuation 58 Beneficiary continuation option 59 Income Edge for Beneficiaries option Special Rules for NQ contracts when Income Edge or Income Edge Early Retirement Option is in effect 62

7. Tax information 63 Overview 63 Contracts that fund a retirement arrangement 63 Transfers among investment options 63 Taxation of nonqualified annuities 63 Individual retirement arrangements (IRAs) 67 Traditional individual retirement annuities (traditional IRAs) 67 Simplified Employee Pensions (SEPs) 72 Roth individual retirement annuities (Roth IRAs) 72 Federal and state income tax withholding and information reporting 75 Special rules for contracts funding qualified plans 76 Impact of taxes to AXA Equitable 76

8. More information 77 About Separate Account No. 70 77 About the Trusts 77 About the general account 77 About other methods of payment 78 Dates and prices at which contract events occur 78

4 Contents of this Prospectus Definitions of key terms

Account value — Your account value is the total of the values you beneficiaries of non-qualified deferred annuity contracts not have in the variable investment options. issued by AXA Equitable. Annuitant — The “annuitant” is the person who is the measuring life When used in this Prospectus, “Income Edge payment program” refers for determining the contract’s maturity date (if applicable). The annuitant generally to all forms of Income Edge payment programs, unless we is not necessarily the contract’s owner. Where the owner of the contract indicate otherwise. is a non-natural person, such as a company or trust, the annuitant is the measuring life for determining benefits under the contract. Income Edge Anniversary Date — The anniversary of your Income Edge Effective Date. Your Income Edge Anniversary Date Business Day — Our “business day” is generally any day the New represents the last day of your annual Income Edge payout period. York Stock Exchange (“NYSE”) is open for regular trading and generally ends at 4:00 p.m. Eastern Time (or as of an earlier close of regu- Income Edge Effective Date — Generally, the date on which we lar trading). If the Securities and Exchange Commission determines the receive your election to begin payments under an Income Edge existence of emergency conditions on any day, and consequently, the payment program. However, for Income Edge Beneficiary Advantage, NYSE does not open, then that day is not a business day. the Income Edge Effective Date is the date by which we have received your Income Edge election, along with all required information, Cash Value — At any time before annuity payments begin, your exchanges and cost basis. contract’s “cash value” is equal to the account value plus any accrued but unpaid Breakpoint credit amount, less: (i) as applicable, the total Inherited NQ contract — A specific form of NQ contract that is amount or a pro rata portion of the Contract Maintenance Fee, and offered to beneficiaries of NQ contracts not issued by AXA Equitable any accrued Protected premium death benefit charge; and (ii) any for purposes of making post-death required payments. Contributions applicable withdrawal charges. to an Inherited NQ contract must be made through a Section 1035 exchange. Contract Date — The “contract date” is the effective date of the contract. This usually is the business day we receive the properly IRA — Individual retirement annuity contract, either traditional IRA completed and signed application, along with any other required or Roth IRA (may also refer to an individual retirement account or an documents, and your initial contribution. Your contract date will be individual retirement arrangement). shown in your contract. Maturity date — The contract’s “maturity date” is generally the Contract date anniversary — The end of each 12-month period is contract date anniversary that follows the annuitant’s 95th birthday. your “contract date anniversary.” For example, if your contract date Inherited IRA and Inherited NQ contracts do not have maturity dates. is May 1st, your contract date anniversary is April 30th. If the contract Net Amount at Risk — If you elect the optional Protected premium date anniversary falls on a non-business day, then the transaction death benefit, we use the Net Amount at Risk (NAR) to calculate the date for any transaction that is scheduled to occur on such anniver- daily charge for this benefit. On each day of your contract, your NAR is sary will be the immediately preceding business day. equal to (A) minus (B), where (A) equals your Protected premium death Contract Year — The “contract year” is the 12-month period begin- benefit base, and (B) equals your account value on that day. If (A) is ning on your contract date and each 12-month period after that date. less than or equal to (B), then your NAR for that day equals zero. Free look — If for any reason you are not satisfied with your con- NQ contract — Nonqualified annuity contract. tract, you may exercise your cancellation right under the contract to Owner — The “owner” is the person who is the named owner in receive a refund, but only if you return your contract within the pre- the contract and, if an individual, is the measuring life for determin- scribed period. This is your “Free look” right under the contract. Your ing contract benefits. refund will generally reflect any gain or loss in your investment options. Prior Contract — Certain Structured Capital Strategies® contracts Income Edge payment program — A payment program available previously issued by AXA Equitable, which may be eligible to exchange, for NQ contracts only, which, when elected, will pay out your entire rollover or transfer to an Investment Edge® Select contract. account value via scheduled payments over a set period of time, with a portion of each payment being a return of your cost basis in the contract Protected premium death benefit — An optional rider that pro- and thus excludable from taxes. We offer several versions of the Income vides a guaranteed minimum death benefit equal to the amount of Edge payment program, each of which is described in detail in this your total contributions to the contract, adjusted for any withdrawals. Prospectus: QP contract — An annuity contract that is an investment vehicle for • Income Edge — the standard form of Income Edge payment a qualified plan. program. SEP IRA — A traditional IRA used as a funding vehicle for a simplified • Income Edge Early Retirement Option — available for election employee pension plan established by the IRA owner’s employer. by contract holders under the age of 59 1⁄2. Tax-Free Amount — the portion of each payment under an • Income Edge Beneficiary Advantage — available for election by Income Edge payment program that represents a return of your cost (a) Investment Edge NQ contract death beneficiaries and (b) basis in the contract and is thus excludable from taxes.

5 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 cost basis Your investment in the contract (generally equals the contributions you made, less any amounts you previously withdrew that were not taxable) Income Edge payment program Non-Qualified Payment Program Protected premium death benefit Guaranteed minimum death benefit unit Accumulation Unit

6 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.

7 Who is AXA Equitable? How to reach us • statement of your contract values at the close of each calendar year, and any calendar quarter in which there was a financial Please communicate with us at the mailing addresses listed below for transaction; and the purposes described. Certain methods of contacting us, such as by telephone or electronically, may be unavailable, delayed or • annual statement of your contract values as of the close of the discontinued. For example, our facsimile service may not be available contract year or, for NQ contracts following election of an at all times and/or we may be unavailable due to emergency closing. Income Edge payment program, an Annual Payout Statement. In addition, the level and type of service available may be restricted Online Account Access (“OAA”) system: based on criteria established by us. In order to avoid delays in processing, please send your correspondence and check to the OAA is designed to provide this information through the Internet. You appropriate location, as follows: can obtain information on: For correspondence with checks: • your current account value;

For contributions sent by regular mail: • your current allocation percentages; Retirement Service Solutions • the number of units you have in the variable investment options; P.O. Box 1577 and Secaucus, NJ 07096-1577 • the daily unit values for the variable investment options. For contributions sent by express delivery: In addition, you can do the following: Retirement Service Solutions • change your allocation percentages and/or transfer among the 500 Plaza Drive, 6th Floor investment options; Secaucus, NJ 07094 • obtain performance information regarding the variable invest- For correspondence without checks: ment options; 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 • change your OAA password; and Secaucus, NJ 07096-1547 • access Frequently Asked Questions and Service Forms. For all other communications (e.g., requests for transfers, OAA is normally available seven days a week, 24 hours a day. You may withdrawals, or required notices) sent by express delivery: access OAA by visiting our website at www.axa.com. Of course, for Retirement Service Solutions reasons beyond our control, this service may sometimes be unavailable. 500 Plaza Drive, 6th Floor Secaucus, NJ 07094 We have established procedures to reasonably confirm that the instructions communicated by the Internet are genuine. For example, Your correspondence will be picked up at the mailing address noted we will require certain personal identification information before we above and delivered to our processing office. Your correspondence, will act on Internet instructions and we will provide written con- however, is not considered received by us until it is received at our firmation of your transfers. If we do not employ reasonable proce- processing office. Where this Prospectus refers to the day when we dures to confirm the genuineness of Internet instructions, we may be receive a contribution, request, election, notice, transfer or any other liable for any losses arising out of any act or omission that constitutes transaction request from you, we mean the day on which that item negligence, lack of good faith, or willful misconduct. In light of our (or the last thing necessary for us to process that item) arrives in procedures, we will not be liable for following Internet instructions we complete and proper form at our processing office or via the appro- reasonably believe to be genuine. priate telephone or fax number if the item is a type we accept by those means. There are two main exceptions: if the item arrives (1) on We reserve the right to limit access to this service if we determine a day that is not a business day or (2) after the close of a business that you engaged in a disruptive transfer activity, such as “market day, then, in each case, we are deemed to have received that item on timing” (see “Disruptive transfer activity” in “Transferring your the next business day. Our processing office is: 500 Plaza Drive, 6th money among investment options” later in this Prospectus). Floor, Secaucus, New Jersey 07094. Customer service representative: Reports we provide (in electronic form, or if you do You may also use our toll-free number (1-800-789-7771) to speak not enroll in electronic delivery, in paper form): with one of our customer service representatives. Our customer service representatives are available on the following business days: • written confirmation of financial transactions and certain non- financial transactions, including termination of a systematic • Monday through Thursday from 8:30 a.m. until 7:00 p.m., East- withdrawal option; ern time. • Friday from 8:30 a.m. until 5:30 p.m., Eastern time.

8 Who is AXA Equitable? We require that the following types of communications be on specific forms we provide for that purpose (and submitted in the manner that the forms specify): (1) authorization for telephone transfers by your financial professional; (2) conversion of a traditional IRA to a Roth IRA contract; (3) tax withholding elections (see withdrawal request form); (4) election of the Beneficiary continuation option; (5) IRA contribution recharacterizations; (6) Section 1035 exchanges; (7) direct transfers and rollovers; (8) election of an annuity payout option; (9) election of a version of Income Edge (for NQ contracts only); (10) death claims; (11) change in ownership (NQ only, if available under your contract); (12) purchase by, or change of ownership to, a nonnatural owner; (13) requests to collaterally assign your NQ contract; (14) requests to drop your Protected premium death benefit; (15) requests to transfer into and among the investment options, re-allocate, rebalance and change your future allocations; and (16) withdrawal requests. We also have specific forms that we recommend you use for the following types of requests: (1) beneficiary changes; (2) contract surrender; and (3) dollar cost averaging (if available). To cancel or change any of the following, we require written notification generally at least seven calendar days before the next scheduled transaction: (1) dollar cost averaging (if available); (2) substantially equal withdrawals; (3) systematic withdrawals; (4) the date annuity payments are to begin; and (5) RMD payments from inherited IRAs.

You must sign and date all these requests. Any written request that is not on one of our forms must include your name and your contract number along with adequate details about the notice you wish to give or the action you wish us to take. We reserve the right to add, remove or change our administrative forms, procedures and programs at any time. Signatures: The proper person to sign forms, notices and requests would normally be the owner. If there are joint owners, both must sign.

9 Who is AXA Equitable? Investment Edge® Series at a glance — key features

Three Contract Series This Prospectus describes the Investment Edge® series contracts — Investment Edge®, Investment Edge® Select and Investment Edge® ADV. Each version provides for the accumulation of retirement savings and death benefit protection. Each version also offers various payout options. Each version provides a different 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 “Fee table” and “Charges and expenses” later in this Prospectus. Each version 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 II later in this Prospectus. The Investment Edge® Select contract is also available through an exchange program under which a Prior Contract may be exchanged for this contract. See “How you can purchase and contribute to your contract” in “Contract features and benefits” for more information. In addition, to see a summary comparison of some of the features of Prior Contracts and the Investment Edge® Select contract, see “Exchange Program” in Appendix VIII later in this Prospectus. Throughout the Prospectus, any differences among the contract versions are identified. You should work with your financial professional to decide which version 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. Professional investment The variable investment options in your Investment Edge® series contract invest in different Portfolios managed management by professional investment advisers. 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. • For NQ contracts, the opportunity to elect a version of Income Edge, which will permit you to recover your account value and cost basis over a specified period. Income Edge does not guarantee your account value nor a return of principal: Your account value remains subject to market performance after election of Income Edge. 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. 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 II for more information, including important limitations on contributions. Investment Investment Investment Edge® Edge® Select Edge® ADV NQ $10,000($500) $25,000($500) $25,000($500) Traditional IRA $10,000($50) $25,000($50) $25,000($50) Roth IRA $10,000($50) $25,000($50) $25,000($50) SEP IRA $10,000($500) $25,000($500) $25,000($500) QP $10,000($500) $25,000($500) $25,000(n/a) Inherited IRA Beneficiary Continuation contract $10,000($1,000) $25,000($1,000) $25,000($1,000) (traditional IRA or Roth IRA) (“Inherited IRA”) Inherited NQ $10,000(n/a) $25,000(n/a) $25,000(n/a) • Maximum contribution limitations apply to all contracts. For more information, please see “How you can purchase and contribute to your contract“ in “Contract features and benefits” later in this Prospectus.

10 Investment Edge® Series at a glance — key features We currently do not accept any contribution to your contract if: (i) the sum total of all contributions under all Investment Edge® series contracts with the same owner or annuitant would then total more than $1,500,000 (ii) or 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, to add variable investment options, and to limit the number of variable investment options which you may elect. Access to your money • Partial withdrawals • Several withdrawal options on a periodic basis • Contract surrender 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. Payout options • Income Edge payment program (for NQ contracts only). When elected, an Income Edge payment program will pay out your entire account value via scheduled payments over a set period of time, with a portion of each payment being a return of your cost basis in the contract and thus excludable from taxes. Unlike traditional forms of annuitization, an Income Edge payment program allows for a form of annuity payout that provides continuing access to your contract’s account value. We offer several versions of Income Edge payment program, each of which is described in detail in this Prospectus: — Income Edge — the standard form of Income Edge payment program. — Income Edge Early Retirement Option — available for election by contract holders under the age of 59 1⁄2. — Income Edge Beneficiary Advantage — available for election by (a) Investment Edge NQ contract death beneficiaries and (b) beneficiaries of non-qualified deferred annuity contracts not issued by AXA Equitable (Inherited NQ contract holders). • Other payout options through supplementary contracts. Please see “Your annuity payout options” in “Accessing your money” for additional information. Standard death benefit • Your account value as of the date we receive satisfactory proof of the owner’s or older joint owner’s, if applicable, death, any required instructions for the method of payment, and all information and forms necessary to effect payment. Protected premium death • Greater of your account value or total contributions to your contract, adjusted pro-rata for any benefit withdrawals you have made. This guaranteed benefit is supported by AXA Equitable’s general account and is subject to AXA Equitable’s claims paying ability. Contract owners should look to the financial strength of AXA Equitable for its claims paying ability. Additional features • Dollar cost averaging • Recurring/Scheduled account value rebalancing • Free transfers • Waiver of withdrawal charge for certain withdrawals, disability, terminal illness, or confinement to a nursing home • Spousal continuation • Beneficiary continuation option (IRA and NQ only) 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 II 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.

The table above summarizes only certain current key features of the contract. The table also summarizes certain current limitations, restrictions and exceptions to those features 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. Please see Appendix III later in this Prospectus for more information on state availability and/or variations of certain features and benefits.

11 Investment Edge® Series at a glance — key features 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. Currently, you may purchase an Investment Edge® ADV contract only if you are a participant in an account established under a fee-based program sponsored and maintained by a registered broker-dealer or other financial intermediary we approve (including AXA Advisors, LLC, one of the distributors of the contracts and an affiliate of AXA Equitable). We may, in the future, offer Investment Edge® ADV contracts through other means. The fees and expenses of a fee-based program are separate from and in addition to the fees and expenses of the contract and generally provide for various brokerage services. If you purchase an Investment Edge® ADV contract through a fee-based arrangement and later terminate the arrangement, your contract will continue in force. There may be charges associated with the fee-based arrangement should you decide to no longer participate in the arrangement. Please consult with your program sponsor for more details about your fee-based program.

Other contracts We offer a variety of fixed and variable annuity contracts. They may offer features, including investment options, credits, fees, death or income guarantee benefits 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 Equitable 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 this contract and any optional benefit is appropriate for you based on a thorough analysis of your particular insurance needs, financial objectives, investment goals, tax planning needs, time horizons and risk tolerance.

Exchange program We offer an exchange program under which a Prior Contract may be exchanged for an Investment Edge® Select contract. This is called an “exchange” under securities law. For purposes of this Prospectus, the word “exchange” includes an exchange, rollover or transfer, as applicable, for federal income tax purposes. Under this program, among other criteria, which are described below, the surrender of a Prior Contract may not be subject to withdrawal charges to be eligible for the Investment Edge® Select contract. In addition, the account value of the Investment Edge® Select contract would not be subject to any withdrawal charges, but would be subject to all other charges and fees under the Investment Edge® Select contract, which are described in this Prospectus. You should carefully consider whether an exchange is appropriate for you by considering the benefits and guarantees provided by your Prior Con- tract to the benefits and guarantees provided by the Investment Edge® Select contract. Please note that if you elect to exchange into the Invest- ment Edge® Select contract you will lose all existing benefits under your Prior Contract. You should also review the fees and charges of your Prior Contract and the fees and charges of the Investment Edge® Select contract, which may be higher than the fees and charges under the Prior Con- tract. Any such exchange program will be made available on terms and conditions determined by us and will comply with applicable law. You should read the Prospectus and other information related to your Prior Contract prior to requesting an exchange, rollover or transfer to the Investment Edge® Select contract and you should consider the differences between your Prior Contract and the Investment Edge® Select contract. There may be differences that are important for you to consider prior to purchasing the Investment Edge® Select contract. To see a summary comparison of some of the features of Prior Contracts and the Investment Edge® Select contract, see Appendix VIII — “Exchange program” later in this Prospectus. In considering whether the exchange is appropriate for you, you should consult with your financial professional. Your financial professional will be paid a commission if you exchange, transfer or rollover your Prior Contract to the Investment Edge® Select contract, which may create the potential for a conflict of interest for your financial professional. For more information, please contact your financial professional. You may obtain a copy of your Prior Contract prospectus by contacting your financial professional or by writing or calling us as follows: Structured Capital Strategies® P. O. Box 1547 Secaucus, NJ 07096-1547 1 (877) 899-3743

Listed below is a description of contract owners of Prior Contracts that may or may not be eligible to purchase the Investment Edge® Select contract under an exchange program: • Contract owners of a Structured Capital Strategies® contract are eligible to the extent they have sufficient account value in one or more of the variable investment options that meet the minimum contribution requirements. Account value in a segment is not an eligible source of contribution.

12 Investment Edge® Series at a glance — key features • Contract owners who have remaining or outstanding withdrawal charges on the Prior Contract, or who do not satisfy a condition for waiving the withdrawal charge under the Prior Contract, are not eligible. • Contract owners who have made rollover or transfer contributions within the past two years into a Prior Contract from the date of the request to purchase an Investment Edge® Select contract are not eligible, except, with respect to EQUI-VEST® contracts, if the contract owner has been separated from service at time of the purchase.

Listed below are additional terms and conditions for purchasing an Investment Edge® Select contract under an exchange program: 1. The minimum initial contribution is $25,000. 2. For an exchange from a Structured Capital Strategies® contract, full or partial exchanges, rollovers or transfers are permitted where the source of the contribution is the full account value invested in each variable investment option at the time of the transaction. This means that account value invested in segment type holding accounts and the dollar cap averaging account on the day we process your transaction will also be included in the exchange, rollover or transfer. Account value invested in a segment is not an eligible source of contribution. 3. Exchanges, rollovers or transfers from contracts other than from Prior Contracts are not permitted. 4. Subsequent contributions in a minimum amount of $50 or more for Traditional IRA or Roth IRA contracts and $500 or more for NQ and QP contracts are permitted. 5. We are not able to process an exchange, rollover or transfer from a Structured Capital Strategies® contract to an Investment Edge® Select contract on a segment maturity date or segment start date and we will not consider your request to be in good order if we receive it on a segment maturity date or segment start date. If we receive your exchange, rollover or transfer request on a segment maturity date or segment start date and it is complete, your request will be processed on the next business day.

13 Investment Edge® 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 a 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 (deducted if you Investment Investment Investment surrender your contract or make certain withdrawals or apply your cash value to certain Edge® Edge® Select Edge® ADV payout options). 6.00%(2) N/A N/A

Charge for each additional transfer in excess of Maximum Charge: $35 12 transfers per contract year:(3) 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) • Duplicate Annual and/or Quarterly Statement of Maximum Charge: $35 Account or Annual Payout Statement charge Current Charge: $0

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 Current and Maximum annual Contract Maintenance Fee(7)(8) If your account value on your contract date anniversary is less than $50,000 $50 If your account value on your contract date anniversary is $50,000 or higher $0 Charges we deduct from your variable investment options expressed as an annual percentage of daily net assets(9) Separate account annual expenses(10): Investment Investment Investment Edge® Edge® Select Edge® ADV Operations 0.70% 0.75% 0.20% Administrative 0.30% 0.30% 0.10% Distribution 0.10% 0.20% 0.00% Total Separate account annual expenses (“Contract fee”) 1.10%(11) 1.25%(11) 0.30%

Annual fund facilitation fee(12): Maximum charge: 0.70% Current charge: 0.00%

14 Fee table Charges we deduct from your account value each year if you fund the following optional benefit Protected premium death benefit charge (calculated daily as a percentage of your Net Amount at Risk.(13) Deducted annually on each contract date anniversary for which the benefit is in effect.(14)) Current Maximum Current Maximum Annual Annual Annual Annual Age(15) Charge Charge Age(15) Charge Charge ≤65 0.6% 1.2% 89 12.0% 24.0% 66-70 1.2% 2.4% 90 13.5% 27.0% 71-75 1.8% 3.6% 91 14.5% 29.0% 76-80 3.6% 7.2% 92 16.0% 32.0% 81-85 7.2% 14.4% 93 17.0% 34.0% 86 9.0% 18.0% 94 18.5% 37.0% 87 10.0% 20.0% 95 20.0% 40.0% 88 11.0% 22.0%

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)(*) 0.61% 6.13%(16)

(*) “Total Annual Portfolio Operating Expenses” may be based, in part, on estimated amounts of such expenses. 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 expenses of certain affiliated Portfolios through April 30, 2018 (“Expense Limitation Arrangement”) (unless the Trust’s Board of Trustees consents to an earlier revision or termination of this agreement). The Expense Limitation Arrangement may be terminated by AXA Equitable Funds Management Group, LLC at any time after April 30, 2018. The range of expenses in the table above does not include the effect of the Expense Limitation Arrangement. The Expense Limitation Arrangement does not apply to unaffiliated Portfolios. The range of expense in the table below includes the effect of the Expense Limitation Arrangements. Portfolio operating expenses expressed as an annual percentage of daily net assets Total Annual Portfolio Operating Expenses for 2016 after the effect of Expense Limitation Lowest Highest Arrangements(17) 0.61% 2.30%

For complete information regarding the Expense Limitation Arrangements see the prospectuses for the underlying Portfolios. 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”

Surrender Surrender Contract Year Charge Contract Year Charge 1 ...... 6.00% 4 ...... 4.00% 2 ...... 6.00% 5 ...... 3.00% 3 ...... 5.00% 6+...... 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.

15 Fee table (7) Beginning with your first contract date anniversary, we will deduct this charge on any contract date anniversary on which your account value is less than $50,000. 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. Otherwise, we will deduct the full charge. This charge will no longer apply to NQ contracts following election of an Income Edge payment program, even if your account value falls below $50,000. (8) This charge does not apply to Investment Edge® ADV contracts. (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. (11) Investment Edge® and Investment Edge Select® contract owners only: You may be eligible for a reduction in the Contract fee. See “Breakpoint Credit” in “Contract features and benefits” for more information. (12) This fee does not apply to any variable investment options that we currently offer. (13) On each day of your contract, your NAR is equal to (A) minus (B), where (A) equals your Protected premium death benefit base; and (B) equals your account value on that day. Your NAR can never be less than zero. For more information, see “Protected premium death benefit charge” in “Charges and expenses” later in this Prospectus. (14) If on any date other than the contract date anniversary your contract is surrendered or annuitized, an Income Edge payment program is elected and becomes effective, a death benefit is paid, or the Protected Premium death benefit is otherwise terminated, we will deduct the cumulative accrued charge for that year from your account value. (15) Ageatissue,andsubsequently,asofyourmostrecentcontractdateanniversary. For jointly owned contracts, the charge is based on the age of the older joint owner. The daily charge percentage increases automatically on each contract date anniversary following the date on which you reach the next age bracket shown in the table. (16) Beginning on or about May 19, 2017, the highest Total Annual Portfolio Operating Expenses for 2016 is 4.65%. (17) “Total Annual Portfolio Operating Expenses” may be 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 would pay in the situations illustrated. These examples use an average Contract Maintenance Fee based on anticipated sales and contract sizes, which results in an estimated administrative charge of 0.05% of contract value. The Contract Maintenance Fee and any applicable withdrawal charge do apply to the amounts allocated to the dollar cost averaging program (as available). These examples assume that you invest $10,000 in the contract for the time periods indicated and elect the Protected premium death benefit, that your investment has a 5% return each year, and that on each valuation day your account value increases to reflect this assumed growth rate. Based on these assumptions, your account value is always greater than the Protected premium death benefit base, so your Net Amount at Risk (as described in “Protected premium death benefit charge” in the “Charges and expenses” section later in the Prospectus) never results in a charge for the Protected premium death benefit. For an example of how the Protected premium death benefit charge is calculated when your Net Amount at Risk is positive, see Appendix VII. These examples also assume 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 examples 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: Investment Edge 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 $1,364 $2,732 $3,924 $6,794 $764 $2,232 $3,624 $6,794 (b) assuming minimum fees and expenses of any of the Portfolios $ 785 $1,072 $1,284 $2,132 $185 $ 572 $ 984 $2,132 Investment Edge Select 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 $780 $2,274 $3,687 $6,886 $780 $2,274 $3,687 $6,886 (b) assuming minimum fees and expenses of any of the Portfolios $200 $ 620 $1,064 $2,297 $200 $ 620 $1,064 $2,297

16 Fee table Investment Edge ADV 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 $680 $2,004 $3,280 $6,275 $680 $2,004 $3,280 $6,275 (b) assuming minimum fees and expenses of any of the Portfolios $101 $ 314 $ 546 $1,209 $101 $ 314 $ 546 $1,209 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 Owners which are not individuals may be required to document their contract status to avoid 30% FATCA withholding from U.S.-source income. You may purchase a contract by making payments to us that we call For NQ contracts a joint annuitant may also be named, but the joint “contributions.” We can refuse to accept any application or contribution annuitants must be spouses. In addition, special rules regarding joint from you at any time, including after you purchase the contract. We owners and annuitants apply in connection with election of an Income require a minimum contribution for each type of contract purchased. Edge payment program. See “Income Edge Payment Program” in Maximum contribution limitations also apply. The tables in Appendix II “Accessing your money” later in this Prospectus. summarize our current rules regarding contributions to your contract, Under Inherited NQ contracts, the owner and annuitant must be the which rules are subject to change. In some states our rules may vary. same individual. You must own an Inherited NQ contract in your Both the owner and the annuitant named in the contract must meet the capacity as the beneficiary of a deceased owner’s nonqualified issue age requirements shown in the table, and rules for contributions are deferred annuity contract issued by another insurance company. See based on the age of the older of the original owner and annuitant. “Inherited NQ beneficiary payment contract” later in this section for Upon advance notice to you, we may exercise certain rights we have Inherited NQ (including Income Edge Beneficiary Advantage) under the contract regarding contributions, including our rights to requirements. (i) change minimum and maximum contribution requirements and limi- Under all IRA contracts, the owner and annuitant must be the same tations, and (ii) discontinue acceptance of contributions. Further, we person. In some cases, an IRA contract may be held in a custodial may at any time exercise our rights to limit or terminate your con- individual retirement account for the benefit of the individual annui- tributions and transfers to any of the variable investment options, to tant. See “Inherited IRA beneficiary continuation contract” later in add variable investment options, and to limit the number of variable this section for Inherited IRA owner and annuitant requirements. investment options which you may elect. For the Spousal continuation feature to apply, the spouses must either We reserve the right to change our current limitations on your con- be joint owners, or, for single owner contracts, the surviving spouse tributions and to discontinue acceptance of contributions. must be the sole primary beneficiary and must be age 85 or younger. The determination of spousal status is made under applicable state law. We currently do not accept any contribution to your contract if: (i) the However, in the event of a conflict between federal and state law, we sum total of all contributions under all Investment Edge® series contracts follow federal rules. Spousal continuation is discussed in the “Payment with the same owner or annuitant would then total more than of death benefit” section. $1,500,000 or (ii) the aggregate contributions under all AXA Equitable Investment Edge® Select and Investment Edge® ADV contracts are not annuity accumulation contracts with the same owner or annuitant available for purchase by non-natural owners. In addition, Investment would then total more than $2,500,000. We may waive these con- Edge® Select contracts are not available for purchase by Charitable tribution limitations based on certain criteria, including issue age, the Remainder Trusts. total amount of contributions, variable investment option allocations and selling broker-dealer compensation. These contribution limitations In general, we will not permit a contract to be owned by a minor may not be applicable in your state. Please see Appendix III later in this unless it is pursuant to the Uniform Gifts to Minors Act or the Uniform Prospectus. Transfers to Minors Act in your state. Under QP contracts, the owner must be the qualified plan trust and the Owner and annuitant requirements annuitant must be a plan participant/employee. See Appendix IV at the end of this Prospectus for more information regarding QP contracts. Under NQ contracts, the annuitant can be different from the owner. A joint owner may also be named. Only natural persons can be joint owners. Certain features of your contract, as described in this Prospectus, are This means that an entity such as a corporation cannot be a joint owner. based on the age of the owner. If the owner of the contract is not a natural person, these features will be based on the age of the annuitant The “owner” is the person who is the named owner in the contract or the older of two joint annuitants, if applicable. Under QP contracts, and, if an individual, is the measuring life for determining certain all features are based on the age of the annuitant. If the contract is contract features. The “annuitant” is the person who is the jointly owned, these features will be based on the older of the two measuring life for determining the contract’s maturity date (if owners. In this Prospectus, when we use the terms owner and joint applicable). The annuitant is not necessarily the contract owner. owner, we intend these to be references to annuitant and joint Where the owner of a contract is a non-natural person such as a annuitant, respectively, if the contract has a non-natural owner. company or trust, the annuitant (or the older of two joint annuitants, if applicable) is the measuring life for determining How you can make your contributions certain contract features. Except as noted below, contributions must be by check drawn on a U.S. bank, in U.S. dollars, and made payable to AXA Equitable. We

18 Contract features and benefits may also apply contributions made pursuant to an exchange intended Our “business day” is generally any day the New York Stock Exchange to be a Section 1035 tax-free exchange or a direct transfer. We do is open for regular trading and generally ends at 4:00 p.m. Eastern not accept starter checks or travelers’ checks. All checks are subject to Time (or as of an earlier close of regular trading). A business day our ability to collect the funds. We reserve the right to reject a pay- does not include a day on which we are not open due to emergency mentifitisreceivedinanunacceptableform. conditions determined by the Securities and Exchange Commission. For NQ contracts, special rules regarding contributions via Section We may also close early due to such emergency conditions. For more 1035 exchanges apply to election of an Income Edge payment pro- information about our business day and our pricing of transactions, gram, and special rules regarding contributions apply once Income please see “Dates and prices at which contract events occur.” Edge is in effect. See “Income Edge Payment Program” in “Accessing your money” later in this Prospectus. For Inherited NQ contracts, Contributions to an Investment Edge® Select contract issued contributions must be made via one or more Section 1035 exchanges. under an exchange program See “Inherited NQ beneficiary payout contract” later in this section. For information about funding an Investment Edge® Select contract If your contract is sold by a financial professional of AXA Advisors, issued under an exchange program from a Prior Contract, see AXA Advisors will direct us to hold your initial contribution, whether “Exchange Program” earlier in this Prospectus in “Investment Edge® received via check or wire, in a non-interest bearing “Special Bank Series at a glance — key features”. You will remain invested in your Account for the Exclusive Benefit of Customers” while AXA Advisors Prior Contract while AXA Advisors LLC (“AXA Advisors”) ensures your ensures your application is complete and that suitability standards are application is complete and that suitability standards are met. Upon met. AXA Advisors will either complete this process or instruct us to successful completion of this review, AXA Advisors will transmit your return your contribution to you within the applicable Financial application to us, so that we can consider your application for Industry Regulatory Authority (“FINRA”) time requirements. Upon processing. timely and successful completion of this review, AXA Advisors will If your application is in good order when we receive it for application instruct us to transfer your contribution into our non-interest bearing processing purposes, your Prior Contract will be exchanged for an suspense account and transmit your application to us, so that we can Investment Edge® Select contract at the price calculated at the close consider your application for processing. of that business day (or at the price calculated at the close of the next The “contract date” is the effective date of a contract. This usually is business day if we receive your application on a nonbusiness day). If the business day we receive the properly completed and signed appli- any information we require to issue your contract is missing or cation, along with any other required documents, and your initial unclear, you will remain invested in your Prior Contract while we try contribution. Your contract date will be shown in your contract. The to obtain this information. If we are unable to obtain all of the 12 month period beginning on your contract date and each 12 month information we require within five business days after we receive an period after that date is a “contract year.” The end of each 12 month incomplete application or form, we will inform the financial pro- period is your “contract date anniversary.” For example, if your con- fessional submitting the application on your behalf. We will then tract date is May 1, your contract date anniversary is April 30. cancel your exchange request unless you, or your financial professional acting on your behalf, specifically direct us to keep your If your application is in good order when we receive it for application proc- exchange request until we receive the required information. If we essing purposes, your contribution will be applied within two business have not received the information we require within 30 days, we will days. If any information we require to issue your contract is missing or cancel your exchange request. Your Prior Contract will be exchanged unclear, we will hold your contribution while we try to obtain this for an Investment Edge® Select contract as of the price calculated at information. If we are unable to obtain all of the information we require the close of the business day we receive the missing information. within five business days after we receive an incomplete application or Although we require an application from you, we will import data form, we will inform the financial professional submitting the application that we have in our records regarding the Prior Contract in issuing on your behalf. We will then return the contribution to you, unless you or this contract. If there is a conflict between the data that we have in your financial professional acting on your behalf, specifically direct us to our records regarding the Prior Contract and the information on your keep your contribution until we receive the required information. The con- application, we will not consider the application in good order as tribution will be applied as of the date we receive the missing information. discussed above. For more information on Prior Contracts, see ® If your financial professional is with a selling broker-dealer other than “Exchange Program” in “Investment Edge Series at a glance — key AXA Advisors, your initial contribution must generally be accompanied by features” earlier in this Prospectus. a completed application and any other form we need to process the payments. If any information is missing or unclear, we will hold the con- What are your investment options under the tribution, whether received via check or wire, in a non-interest bearing contract? suspense account while we try to obtain this information. If we are The contract provides the variable investment options available for unable to obtain all of the information we require within five business investing. This section lists each of the variable investment options. days after we receive an incomplete application or form, we will inform The next section, “Allocating your contributions,” discusses dollar the financial professional submitting the application on your behalf. We cost averaging in general. will then return the contribution to you unless you or your financial professional on your behalf, specifically direct us to keep your contribution until we receive the required information. The contribution will be applied as of the date we receive the missing information.

19 Contract features and benefits 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, to add 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 both affiliated and unaffiliated 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 affiliated 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 affiliated 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 affiliated 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 affiliated Portfolios’ sub-advisers and/or their affiliates may also contribute to the cost of expenses for sales meetings or seminar sponsorships 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 such, it may be more profitable for us to offer affiliated Portfolios than to offer unaffiliated Portfolios. AXA Equitable or the Distributors may directly or indirectly receive 12b-1 fees and additional payments from certain unaffiliated Portfolios, their advisers, sub-advisers, distributors or affiliates, for providing certain administrative, marketing, distribution and/or shareholder support services. These fees and payments range from 0% to 0.60% of the unaffiliated Portfolios’ average daily net assets. The Distributors may also receive payments from the advisersor sub-advisers of the unaffiliated Portfolios or their affiliates for certain distribution services, including expenses for sales meetings or seminar sponsorships that may relate to the contracts and/or the advisers’ respective 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 Portfo- lios’ 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 Equitable 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 affiliated 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 Portfo- lios 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 is 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.” Portfolios that utilize the AXA volatility management strategy (or, in the case of certain AXA Fund of Fund Portfolios, invest in other Portfolios thatusetheAXA volatility management strategy) 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 Portfo- lios that do not use the AXA volatility management strategy). This may effectively suppress the value of the guaranteed benefit. 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. 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 affiliated Portfolios, as well as unaffiliated 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

21 Contract features and benefits “Δ” under the column entitled “Volatility Management.” Any such unaffiliated Portfolio is not identified under “Volatility Management” below in the chart. Such techniques could also impact your account value and guaranteed benefit in the same manner described above. Please see the Portfolio prospectuses for more information about the Portfolios’ objective and strategies. Asset Transfer Program. Portfolio allocations in certain AXA variable annuity contracts with guaranteed benefits are subject to our Asset Trans- fer Program (ATP) feature. The ATP helps us manage our financial exposure in connection with providing certain guaranteed benefits, by using predetermined mathematical formulas to move account value between the AXA Ultra Conservative Strategy Portfolio (an investment option utilized solely by the ATP) and the other Portfolios offered under those contracts. 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. This means that Portfolio investments in contracts with no ATP feature, such as yours, could still be adversely impacted. 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 Portfo- lios 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. Investment Manager AXA Premier VIP Trust (or Sub-Adviser(s), Volatility Portfolio Name Share Class Objective as applicable) Management AXA AGGRESSIVE ALLOCATION Class B Seeks to achieve long-term capital • AXA Equitable Funds ✓ appreciation. Management Group, LLC AXA MODERATE ALLOCATION Class B Seeks to achieve long-term capital • AXA Equitable Funds ✓ appreciation and current income. Management Group, LLC AXA MODERATE-PLUS Class B Seeks to achieve long-term capital • AXA Equitable Funds ✓ ALLOCATION appreciation and current income, with a Management Group, greater emphasis on capital appreciation. LLC CHARTERSM AGGRESSIVE Class B Seeks long-term capital appreciation and • AXA Equitable Funds GROWTH current income, with a greater emphasis Management Group, on capital appreciation. LLC CHARTERSM ALTERNATIVE 100 Class B Seeks long-term capital appreciation. • AXA Equitable Funds MODERATE(†) Management Group, LLC CHARTERSM CONSERVATIVE Class B Seeks a high level of current income. • AXA Equitable Funds Management Group, LLC CHARTERSM GROWTH Class B Seeks long-term capital appreciation and • AXA Equitable Funds current income. Management Group, LLC CHARTERSM INCOME Class B Seeks a high level of current income. • AXA Equitable Funds STRATEGIES(†) Management Group, LLC CHARTERSM INTEREST RATE Class B Seeks to achieve long-term total return, • AXA Equitable Funds STRATEGIES(†) consistent with the preservation of capital Management Group, and prudent investment management. LLC CHARTERSM INTERNATIONAL Class B Seeks long-term capital appreciation and • AXA Equitable Funds MODERATE(†) current income, with a greater emphasis Management Group, on current income. LLC CHARTERSM MODERATE Class B Seeks long-term capital appreciation and • AXA Equitable Funds current income, with a greater emphasis Management Group, on current income. LLC

22 Contract features and benefits Investment Manager AXA Premier VIP Trust (or Sub-Adviser(s), Volatility Portfolio Name Share Class Objective as applicable) Management CHARTERSM MODERATE Class B Seeks long-term capital appreciation and • AXA Equitable Funds GROWTH current income, with a greater emphasis Management Group, on current income. LLC CHARTERSM REAL ASSETS(†) Class B Seeks to achieve maximum real return. • AXA Equitable Funds Management Group, LLC CHARTERSM SMALL CAP Class B Seeks to achieve long-term growth of • AXA Equitable Funds GROWTH capital. Management Group, LLC CHARTERSM SMALL CAP VALUE Class B Seeks to achieve long-term growth of • AXA Equitable Funds capital. Management Group, LLC Investment Manager EQ Advisors Trust (or Sub-Adviser(s), Volatility Portfolio Name(*) Share Class Objective as applicable) Management 1290 VT CONVERTIBLE Class IB Seeks a high level of total return. • AXA Equitable Funds SECURITIES(1) Management Group, LLC • Palisade Capital Management, L.L.C. 1290 VT DOUBLELINE Class IB Seeks to maximize current income and • DoubleLine Capital LP OPPORTUNISTIC BOND(2) total return. 1290 VT ENERGY(3) Class IB Seeks long-term capital appreciation. • AXA Equitable Funds Management Group, LLC 1290 VT EQUITY INCOME(4) Class IB Seeks a combination of growth and • Boston Advisors, LLC income to achieve an above average and consistent total return. 1290 VT GAMCO MERGERS & Class IB Seeks to achieve capital appreciation. • GAMCO Asset ACQUISITIONS(5) Management, Inc. 1290 VT GAMCO SMALL Class IB Seeks to maximize capital appreciation. • GAMCO Asset COMPANY VALUE(6) Management, Inc. 1290 VT HIGH YIELD BOND(7) Class IB Seeks to maximize current income. • AXA Equitable Funds Management Group, LLC • AXA Investment Managers, Inc. • Post Advisory Group, LLP 1290 VT LOW VOLATILITY Class IB Seeks long-term capital appreciation with • AXA Equitable Funds GLOBAL EQUITY(8) lower absolute volatility than the broad Management Group, equity market. LLC 1290 VT NATURAL RESOURCES(9) Class IB Seeks to achieve long-term growth of • AllianceBernstein L.P. capital. 1290 VT REAL ESTATE(10) Class IB Seeks to provide long-term capital • AllianceBernstein L.P. appreciation and current income. 1290 VT SMARTBETA EQUITY(11) Class IB Seeks to achieve long-term capital • AXA Rosenberg appreciation. Management, LLC 1290 VT SOCIALLY RESPONSIBLE Class IB Seeks to track the investment results of • BlackRock Investment the MSCI KLD 400 Social Index. Management, LLC ALL ASSET AGGRESSIVE – ALT Class IB Seeks long-term capital appreciation and • AXA Equitable Funds 25(†) current income, with a greater emphasis Management Group, on capital appreciation. LLC

23 Contract features and benefits Investment Manager EQ Advisors Trust (or Sub-Adviser(s), Volatility Portfolio Name(*) Share Class Objective as applicable) Management ALL ASSET AGGRESSIVE – ALT Class IB Seeks long-term capital appreciation. • AXA Equitable Funds 50(†) Management Group, LLC ALL ASSET AGGRESSIVE – ALT Class IB Seeks long-term capital appreciation. • AXA Equitable Funds 75(†) Management Group, LLC ALL ASSET GROWTH – ALT 20(††) Class IB Seeks long-term capital appreciation and • AXA Equitable Funds current income Management Group, LLC AXA/AB DYNAMIC MODERATE Class IB Seeks to achieve total return from long- • AllianceBernstein L.P. Δ GROWTH term growth of capital and income. AXA/AB SHORT DURATION Class IB Seeks to achieve a balance of current • AllianceBernstein L.P. GOVERNMENT BOND income and capital appreciation, consistent with a prudent level of risk. AXA/AB SMALL CAP GROWTH Class IB Seeks to achieve long-term growth of • AllianceBernstein L.P. capital. • AXA Equitable Funds Management Group, LLC AXA/JANUS ENTERPRISE Class IB Seeks to achieve capital growth. • Janus Capital Management LLC AXA/LOOMIS SAYLES GROWTH Class IB Seeks to achieve capital appreciation. • Loomis, Sayles & Company, L.P. AXA/TEMPLETON GLOBAL Class IB Seeks to achieve long-term capital growth • AXA Equitable Funds ✓ EQUITY MANAGED with an emphasis on risk adjusted returns Management Group, VOLATILITY and managing volatility in the Portfolio. LLC • BlackRock Investment Management, LLC • Templeton Investment Counsel, LLC EQ/BLACKROCK BASIC VALUE Class IB Seeks to achieve capital appreciation and • BlackRock Investment EQUITY secondarily, income. Management, LLC EQ/COMMON STOCK INDEX Class IB Seeks to achieve a total return before • AllianceBernstein L.P. expenses that approximates the total return performance of the Russell 3000® Index, including reinvestment of dividends, at a risk level consistent with that of the Russell 3000® Index. EQ/CORE BOND INDEX Class IB Seeks to achieve a total return before • SSgA Funds expenses that approximates the total Management, Inc. 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/EMERGING MARKETS Class IB Seeks to achieve long-term growth of • AllianceBernstein L.P. EQUITY PLUS capital. • AXA Equitable Funds Management Group, LLC • EARNEST Partners, LLC

24 Contract features and benefits Investment Manager EQ Advisors Trust (or Sub-Adviser(s), Volatility Portfolio Name(*) Share Class Objective as applicable) Management EQ/EQUITY 500 INDEX Class IB Seeks to achieve a total return before • AllianceBernstein L.P. expenses that approximates the total return performance of the Standard & Poor’s 500 Composite Stock Price Index, including reinvestment of dividends, at a risk level consistent with that of the Standard & Poor’s 500 Composite Stock Price Index. EQ/INTERMEDIATE Class IB Seeks to achieve a total return before • AXA Equitable Funds GOVERNMENT BOND expenses that approximates the total Management Group, return performance of the Barclays U.S. LLC Intermediate Government Bond Index, • SSgA Funds including reinvestment of dividends, at a Management, Inc. risk level consistent with that of the Barclays U.S. Intermediate Government Bond Index. EQ/INTERNATIONAL EQUITY Class IB Seeks to achieve a total return (before • AllianceBernstein L.P. INDEX expenses) that approximates the total return performance of a composite index comprised of 40% DJ Euro STOXX 50 Index, 25% FTSE 100 Index, 25% TOPIX Index, and 10% S&P/ASX 200 Index, including reinvestment of dividends, at a risk level consistent with that of the composite index. EQ/LARGE CAP GROWTH INDEX Class IB Seeks to achieve a total return before • AllianceBernstein L.P. expenses that approximates the total return performance of the Russell 1000® Growth Index, including reinvestment of dividends at a risk level consistent with that of the Russell 1000® Growth Index. EQ/LARGE CAP VALUE INDEX Class IB Seeks to achieve a total return before • SSgA Funds expenses that approximates the total Management, Inc. return performance of the Russell 1000® Value Index, including reinvestment of dividends, at a risk level consistent with that of the Russell 1000® Value Index. EQ/MFS INTERNATIONAL Class IB Seeks to achieve capital appreciation. • Massachusetts GROWTH Financial Services Company d/b/a MFS Investment Management EQ/MID CAP INDEX Class IB Seeks to achieve a total return before • SSgA Funds expenses that approximates the total Management, Inc. return performance of the Standard & Poor’s Mid Cap 400 Index, including reinvestment of dividends, at a risk level consistent with that of the Standard & Poor’s Mid Cap 400 Index. EQ/MONEY MARKET(†††) Class IB Seeks to obtain a high level of current • The Dreyfus income, preserve its assets and maintain Corporation liquidity. EQ/OPPENHEIMER GLOBAL Class IB Seeks to achieve capital appreciation. • OppenheimerFunds, Inc. EQ/PIMCO GLOBAL REAL Class IB Seeks to achieve maximum real return, • Pacific Investment RETURN consistent with preservation of capital Management and prudent investment management. Company LLC

25 Contract features and benefits Investment Manager EQ Advisors Trust (or Sub-Adviser(s), Volatility Portfolio Name(*) Share Class Objective as applicable) Management EQ/PIMCO ULTRA SHORT BOND Class IB Seeks to generate a return in excess of • Pacific Investment traditional money market products while Management maintaining an emphasis on preservation Company LLC of capital and liquidity. EQ/SMALL COMPANY INDEX Class IB Seeks to replicate as closely as possible • AllianceBernstein L.P. (before expenses) the total return of the Russell 2000 Index. EQ/T. ROWE PRICE GROWTH Class IB Seeks to achieve long-term capital • T. Rowe Price STOCK appreciation and secondarily, income. Associates, Inc. MULTIMANAGER TECHNOLOGY Class IB Seeks to achieve long-term growth of • Allianz Global capital. Investors U.S. LLC • AXA Equitable Funds Management Group, LLC • SSgA Funds Management, Inc. • Wellington Management Company, LLP AIM Variable Insurance Funds (Invesco Variable Insurance Investment Manager (or Funds) – Series II Sub-Adviser(s), Portfolio Name Objective as applicable) INVESCO V.I. BALANCED-RISK The fund’s investment objective is total return with a low to • Invesco Advisers, Inc. ALLOCATION FUND moderate correlation to traditional financial market indices. INVESCO V.I. GLOBAL HEALTH CARE The fund’s investment objective is long-term growth of capital. • Invesco Advisers, Inc. FUND INVESCO V.I. GLOBAL REAL ESTATE The fund’s investment objective is total return through • Invesco Advisers, Inc. FUND growth of capital and current income. • Sub-Adviser: Invesco Asset Management Limited INVESCO V.I. HIGH YIELD FUND The fund’s investment objective is total return, comprised • Invesco Advisers, Inc. of current income and capital appreciation. • Sub-Adviser: Invesco Canada Ltd. INVESCO V.I. INTERNATIONAL GROWTH The fund’s investment objective is long-term growth of • Invesco Advisers, Inc. FUND capital. INVESCO V.I. SMALL CAP EQUITY FUND The fund’s investment objective is long-term growth of • Invesco Advisers, Inc. capital. AB Variable Investment Manager (or Product Series Fund, Inc. – Class B Sub-Adviser(s), Portfolio Name Objective as applicable) AB VPS GLOBAL THEMATIC GROWTH The Portfolio’s investment objective is long-term growth • AllianceBernstein L.P. PORTFOLIO of capital. ABVPSGROWTHANDINCOME The Portfolio’s investment objective is long-term growth • AllianceBernstein L.P. PORTFOLIO of capital. AB VPS REAL ESTATE INVESTMENT The Portfolio’s investment objective is total return from • AllianceBernstein L.P. PORTFOLIO long-term growth of capital and income. AB VPS SMALL/MID CAP VALUE The Portfolio’s investment objective is long-term growth • AllianceBernstein L.P. of capital. ALPS Variable Investment Advisor (or Investment Trust – Class III Shares Sub-Advisor(s), Portfolio Name Objective as applicable) ALPS | RED ROCKS LISTED PRIVATE Is to seek to maximize total return, which consists of • ALPS Advisors, Inc./Red Rocks EQUITY PORTFOLIO appreciation on its investments and a variable income Capital, LLC stream.

26 Contract features and benefits American Century Variable Investment Manager (or Portfolios, Inc. – Class II Sub-Adviser(s), Portfolio Name Objective as applicable) AMERICAN CENTURY VP INFLATION The fund pursues long-term total return using a strategy that • American Century Investment PROTECTION FUND seeks to protect against U.S. inflation. Management, Inc. AMERICAN CENTURY VP MID CAP The fund seeks long-term capital growth. Income is a • American Century Investment VALUE FUND secondary objective. Management, Inc. American Funds Insurance Investment Manager (or Series® –Class4Shares Sub-Adviser(s), Portfolio Name Objective as applicable ASSET ALLOCATION FUND The Fund’s investment objective is to provide you with • Capital Research and high total return (including income and capital gains) Management Company consistent with preservation of capital over the long term. GLOBAL GROWTH FUND The fund’s investment objective is to provide you with • Capital Research and long-term growth of capital. Management Company GROWTH-INCOME FUND The fund’s investment objectives are to achieve long-term • Capital Research and growth of capital and income. Management Company GLOBAL SMALL CAPITALIZATION FUND The fund’s investment objective is to provide you with • Capital Research and long-term growth of capital. Management Company INTERNATIONAL GROWTH AND INCOME The fund’s investment objective is to provide you with long- • Capital Research and FUND term growth of capital while providing current income. Management Company NEW WORLD FUND® The fund’s investment objective is long-term capital • Capital Research and appreciation. Management Company BlackRock Variable Series Investment Manager (or Funds, Inc. – Class III Sub-Adviser(s), Portfolio Name Objective as applicable) BLACKROCK GLOBAL ALLOCATION V.I. To seek high total investment return. • Adviser: BlackRock Advisors, LLC FUND BLACKROCK GLOBAL OPPORTUNITIES V.I. To seek long-term growth of capital. • Adviser: BlackRock Advisors, LLC FUND Investment Manager (or Delaware VIP® Trust – Service Class Sub-Adviser(s), Portfolio Name Objective as applicable) DELAWARE VIP® DIVERSIFIED INCOME Seeks maximum total return, consistent with reasonable • Delaware Management SERIES risk. Company DELAWARE VIP® EMERGING MARKETS Seeks long-term capital appreciation. • Delaware Management SERIES Company DELAWARE VIP® LIMITED-TERM Seeks maximum total return, consistent with reasonable • Delaware Management DIVERSIFIED INCOME SERIES risk. Company Investment Manager (or Eaton Vance Variable Trust Sub-Adviser(s), Portfolio Name Objective as applicable) EATON VANCE VT FLOATING-RATE To provide a high level of current income. • Eaton Vance Management INCOME FUND Federated Insurance Series – Investment Manager (or Service Shares Sub-Adviser(s), Portfolio Name Objective as applicable) FEDERATED HIGH INCOME BOND FUND II Seeking high current income by investing primarily in a • Federated Investment professionally managed, diversified portfolio of fixed- Management Company income securities. FEDERATED KAUFMANN FUND II Seeking capital appreciation by investing principally in • Federated Equity Management common stocks. Company of Pennsylvania • Sub-Adviser: Federated Global Investment Management Corporation

27 Contract features and benefits Fidelity® Variable Insurance Investment Manager (or Products (VIP) – Service Class 2 Sub-Adviser(s), Portfolio Name Objective as applicable) FIDELITY® VIP CONTRAFUND® PORTFOLIO Seeks long-term capital appreciation. • Fidelity Management & Research Company (FMR) FIDELITY® VIP MID CAP PORTFOLIO Seeks long-term growth of capital. • Fidelity Management & Research Company (FMR) FIDELITY® VIP STRATEGIC INCOME Seeks a high level of current income. The fund may also • Fidelity Management & PORTFOLIO seek capital appreciation. Research Company (FMR) Investment Manager (or First Trust Variable Insurance Trust Sub-Adviser(s), Portfolio Name Objective as applicable) FIRST TRUST/DOW JONES DIVIDEND & Seeks to provide total return by allocating among • First Trust Advisors L.P. INCOME ALLOCATION PORTFOLIO dividend-paying stocks and investment grade bonds. FIRST TRUST MULTI INCOME Seeks to maximize current income, with a secondary • First Trust Advisors L.P. ALLOCATION PORTFOLIO objective of capital appreciation. Franklin Templeton Variable Insurance Investment Manager (or Products Trust – Class 2 Sub-Adviser(s), Portfolio Name Objective as applicable) FRANKLIN FOUNDING FUNDS The Fund’s principal investment goal is capital • Fund Administrator: Franklin ALLOCATION VIP FUND appreciation. Its secondary goal is income. Templeton Services, LLC FRANKLIN INCOME VIP FUND Seeks to maximize income while maintaining prospects • Franklin Advisers, Inc. for capital appreciation. FRANKLIN MUTUAL SHARES VIP FUND The Fund’s principal investment goal is capital • Franklin Mutual Advisers, LLC appreciation. Its secondary goal is income. FRANKLIN RISING DIVIDENDS VIP FUND Seeks long-term capital appreciation, with preservation of • Franklin Advisory Services, LLC capital as an important consideration. TEMPLETON GLOBAL BOND VIP FUND Seeks high current income, consistent with preservation of • Franklin Advisers, Inc. capital. Capital appreciation is a secondary consideration. Investment Manager (or Guggenheim Variable Trust Sub-Adviser(s), Portfolio Name Objective as applicable) GUGGENHEIM VIF GLOBAL MANAGED The Fund seeks to generate positive total returns over • Security Investors, LLC, which FUTURES STRATEGY FUND time. operates under the name Guggenheim Investments. Investment Manager (or Hartford HLS Funds – Class IC Shares Sub-Adviser(s), Portfolio Name Objective as applicable) HARTFORD CAPITAL APPRECIATION HLS The Fund seeks growth of capital. • Hartford Funds Management FUND Company, LLC • Sub-Adviser: Wellington Management Company LLP HARTFORD GROWTH OPPORTUNITIES The Fund seeks capital appreciation. • Hartford Funds Management HLS FUND Company, LLC • Sub-Adviser: Wellington Management Company LLP Ivy Variable Insurance Investment Manager (or Portfolios Sub-Adviser(s), Portfolio Name Objective as applicable) IVY VIP ASSET STRATEGY To seek to provide total return. • Ivy Investment Management Company (IICO) IVY VIP ENERGY To seek to provide capital growth and appreciation. • Ivy Investment Management Company (IICO)

28 Contract features and benefits Ivy Variable Insurance Investment Manager (or Portfolios Sub-Adviser(s), Portfolio Name Objective as applicable) IVY VIP MICRO CAP GROWTH To seek to provide growth of capital. • Ivy Investment Management Company (IICO) • Sub-Adviser: Wall Street Associates, LLC (WSA) IVY VIP SCIENCE AND TECHNOLOGY To seek to provide growth of capital. • Ivy Investment Management Company (IICO) Janus Aspen Series – Investment Manager (or Service Shares Sub-Adviser(s), Portfolio Name(*) Objective as applicable) JANUS HENDERSON BALANCED Seeks long-term capital growth, consistent with • Janus Capital Management LLC PORTFOLIO(12) preservation of capital and balanced by current income. JANUS HENDERSON FLEXIBLE BOND Seeks to obtain maximum total return, consistent with • Janus Capital Management LLC PORTFOLIO(13) preservation of capital. JANUS HENDERSON U.S. LOW Seeks capital appreciation. • Sub-Adviser: INTECH VOLATILITY PORTFOLIO(14) Investment Management LLC JPMorgan Insurance Trust – Class 2 Shares Portfolio Name Objective Investment Manager JPMORGAN INSURANCE TRUST GLOBAL The Portfolio seeks to maximize long-term total return. • J.P. Morgan Investment ALLOCATION PORTFOLIO Management Inc. JPMORGAN INSURANCE TRUST INCOME The Portfolio seeks to maximize income while maintaining • J.P. Morgan Investment BUILDER PORTFOLIO prospects for capital appreciation. Management Inc. Lazard Retirement Series, Inc. – Investment Manager (or Service Shares Sub-Adviser(s), Portfolio Name Objective as applicable) LAZARD RETIREMENT EMERGING Seeks long-term capital appreciation. • Lazard Asset Management LLC MARKETS EQUITY PORTFOLIO Legg Mason Partners Variable Equity Trust – Investment Manager (or Share Class II Sub-Adviser(s), Portfolio Name Objective as applicable) CLEARBRIDGE VARIABLE AGGRESSIVE Seeks capital appreciation. • Legg Mason Partners Fund GROWTH PORTFOLIO Advisor, LLC (Investment Manager) • Sub-Adviser: ClearBridge Investments, LLC CLEARBRIDGE VARIABLE DIVIDEND Seeks dividend income, growth of dividend income and • Legg Mason Partners Fund STRATEGY PORTFOLIO long-term capital appreciation. Advisor, LLC (Investment Manager) • Sub-Adviser: ClearBridge Investments, LLC QS LEGG MASON DYNAMIC MULTI- The fund seeks the highest total return (that is, a • Legg Mason Partners Fund STRATEGY VIT PORTFOLIO combination of income and long-term capital Advisor, LLC appreciation) over time consistent with its asset mix. The • Sub-Adviser: QS Investors, LLC fund will seek to reduce volatility as a secondary and Western Asset objective. Management Company Lord Abbett Series Fund, Inc. – Investment Manager (or Class VC Sub-Adviser(s), Portfolio Name Objective as applicable) LORD ABBETT BOND DEBENTURE The fund’s investment objective is to seek high current • Lord, Abbett & Co. LLC PORTFOLIO (VC) income and the opportunity for capital appreciation to produce a high total return.

29 Contract features and benefits MFS® Variable Insurance Trusts – Investment Manager (or Service Class Sub-Adviser(s), Portfolio Name Objective as applicable) MFS® INTERNATIONAL VALUE PORTFOLIO The fund’s investment objective is to seek capital • Massachusetts Financial Services appreciation. Company MFS® INVESTORS TRUST SERIES The fund’s investment objective is to seek capital • Massachusetts Financial Services appreciation. Company MFS® RESEARCH SERIES The fund’s investment objective is to seek capital • Massachusetts Financial Services appreciation. Company MFS® UTILITIES SERIES The fund’s investment objective is to seek total return. • Massachusetts Financial Services Company MFS® VALUE SERIES The fund’s investment objective is to seek capital • Massachusetts Financial appreciation. Services Company Neuberger Berman Advisers Management Investment Manager (or Trust – S Class Shares Sub-Adviser(s), Portfolio Name(*) Objective as applicable) NEUBERGER BERMAN INTERNATIONAL The fund seeks long-term growth of capital by investing • Neuberger Berman Investment EQUITY PORTFOLIO primarily in common stocks of foreign companies. Advisers LLC NEUBERGER BERMAN U.S. EQUITY INDEX The fund seeks long-term growth of capital and income • Neuberger Berman Investment PUTWRITE STRATEGY PORTFOLIO(15) generation. Advisers LLC Investment Manager (or Northern Lights Variable Trust Sub-Adviser(s), Portfolio Name Objective as applicable) 7TWELVETM BALANCED PORTFOLIO The Portfolio seeks to provide superior risk-adjusted returns • 7Twelve Advisors, LLC when compared to the bond and equity markets in general. PIMCO Variable Insurance Trust – Investment Manager (or Administrative Class Sub-Adviser(s), Portfolio Name Objective as applicable) PIMCO GLOBAL BOND PORTFOLIO Seeks maximum total return, consistent with preservation of • Pacific Investment (UNHEDGED) capital and prudent investment management. Management Company LLC PIMCO Variable Insurance Trust – Investment Manager (or Advisor Class Sub-Adviser(s), Portfolio Name Objective as applicable) PIMCO COMMODITYREALRETURN® Seeks maximum real return consistent with prudent investment • Pacific Investment Management STRATEGY PORTFOLIO management. Company LLC PIMCO EMERGING MARKETS BOND Seeks maximum total return, consistent with preservation of • Pacific Investment Management PORTFOLIO capital and prudent investment management. Company LLC PIMCO GLOBAL MULTI-ASSET MANAGED The Portfolio seeks total return which exceeds that of a blend • Pacific Investment Management ALLOCATION PORTFOLIO of 60% MSCI World Index/40% Barclay’s U.S. Aggregate Company LLC Index. PIMCO TOTAL RETURN PORTFOLIO Seek maximum total return, consistent with preservation of • Pacific Investment Management capital and prudent investment management. Company LLC Investment Manager (or Putnam Variable Trust – IB Share Class Sub-Adviser(s), Portfolio Name Objective as applicable) PUTNAM VT ABSOLUTE RETURN 500 Seeks to earn a positive total return that exceeds the return on • Putnam Investment FUND U.S. Treasury bills by 500 basis points (or 5.00%) on an Management, LLC annualized basis over a reasonable period of time (generally at • Sub-Manager: Putnam least three years or more) regardless of market conditions. Investments Limited • Sub-Adviser: The Putnam Advisory Company, LLC PUTNAM VT DIVERSIFIED INCOME FUND Seeks high a level of current income as Putnam Investment • Putnam Investment Management, LLC believes is consistent with preservation of Management, LLC capital. • Sub-Manager: Putnam Investments Limited

30 Contract features and benefits Investment Manager (or Putnam Variable Trust Sub-Adviser(s), Portfolio Name Objective as applicable) PUTNAM VT GLOBAL ASSET ALLOCATION Seeks long-term return consistent with preservation of • Putnam Investment FUND capital. Management, LLC • Sub-Manager: Putnam Investments Limited • Sub-Adviser: The Putnam Advisory Company, LLC PUTNAM VT RESEARCH FUND Seeks capital appreciation. • Putnam Investment Management, LLC • Sub-Manager: Putnam Investments Limited • Sub-Adviser: The Putnam Advisory Company, LLC Investment Manager (or SEI Insurance Product Trust Sub-Adviser(s), Portfolio Name Objective as applicable) SEI VP Balanced Strategy Fund Capital appreciation while maintaining broad equity and • SEI Investments Management fixed income market participation. Corporation SEI VP Conservative Strategy Fund Manage risk of loss while providing the opportunity for • SEI Investments Management modest capital appreciation. Corporation SEI VP Market Growth Strategy Fund Capital appreciation while maintaining broad equity and • SEI Investments Management fixed income market participation. Corporation SEI VP Market Plus Strategy Fund Long-term capital appreciation. • SEI Investments Management Corporation SEI VP Moderate Strategy Fund Capital appreciation, while managing the risk of loss. • SEI Investments Management Corporation Investment Manager (or T. Rowe Price Equity Series, Inc. Sub-Adviser(s), Portfolio Name Objective as applicable) T. ROWE PRICE EQUITY INCOME Seeks a high level of dividend income and long-term • T. Rowe Price Associates, Inc. PORTFOLIO - II capital growth primarily through investments in stocks. T. ROWE PRICE HEALTH SCIENCES Seeks long-term capital appreciation. • T. Rowe Price Associates, Inc. PORTFOLIO - II Investment Manager (or VanEck VIP Trust – Initial Shares Sub-Adviser(s), Portfolio Name Objective as applicable) VANECK VIP UNCONSTRAINED Seeks high total return — income plus capital • Van Eck Associates EMERGING MARKETS BOND FUND appreciation — by investing globally, primarily in a Corporation variety of debt securities. Investment Manager (or VanEck VIP Trust – S Class Sub-Adviser(s), Portfolio Name Objective as applicable) VANECK VIP GLOBAL HARD ASSETS Seeks long-term capital appreciation by investing primarily in • Van Eck Associates Corporation FUND hard asset securities. Income is a secondary consideration.

(*) This information reflects the variable investment option’s name change effective on or about May 19, 2017 or June 5, 2017 respectively, subject to regulatory approval. The chart below reflects the variable investment option’s name in effect until the name change occurs. The number in the “FN” column corresponds with the number contained in the table above.

31 Contract features and benefits FN Variable Investment Option Name Prior to Name Change Effective Date (1) EQ/Convertible Securities May 19, 2017 (2) AXA/DoubleLine Opportunistic Core Plus Bond May 19, 2017 (3) EQ/Energy ETF May 19, 2017 (4) EQ/Boston Advisors Equity Income May 19, 2017 (5) EQ/GAMCO Mergers and Acquisitions May 19, 2017 (6) EQ/GAMCO Small Company Value May 19, 2017 (7) EQ/High Yield Bond May 19, 2017 (8) EQ/Low Volatility Global ETF May 19, 2017 (9) AXA Natural Resources May 19, 2017 (10) AXA Real Estate May 19, 2017 (11) AXA SmartBeta Equity May 19, 2017 (12) Balanced Portfolio June 5, 2017 (13) Flexible Bond Portfolio June 5, 2017 (14) Janus Aspen INTECH U.S. Low Volatility Portfolio June 5, 2017 (15) Neuberger Berman Absolute Return Multi-Manager Portfolio May 19, 2017

(†) These portfolios will be involved in a planned merger effective on or about May 19, 2017, subject to regulatory and shareholder approvals. If approved,onthedateofthe scheduled merger, interests in certain investment options (the “surviving options”) will replace interests in the current investment options (the “replaced options”), as listed in the table below. We will move the assets from each replaced option into the applicable surviving option on the date of the scheduled merger. The value of your interest in each surviving option will be the same as it was in the replaced option. We will also automatically direct any contributions made to a replaced option to the applicable surviving option. Any allocation election to the replaced option will be considered as an allocation election to the applicable surviving option. For more information about these portfolio mergers, please contact our customer service representative.

Replaced options Surviving options All Asset Aggressive – Alt 25 All Asset Growth – Alt 20 All Asset Aggressive – Alt 50 All Asset Growth – Alt 20 All Asset Aggressive – Alt 75 All Asset Growth – Alt 20 CharterSM Alternative 100 Moderate All Asset Growth – Alt 20 CharterSM Income Strategies 1290 VT DoubleLine Opportunistic Bond CharterSM Interest Rate Strategies 1290 VT DoubleLine Opportunistic Bond CharterSM International Moderate Charter Moderate CharterSM Real Assets EQ/PIMCO Global Real Return

(††) This variable investment option will be available on or about May 19, 2017, subject to regulatory approval. (†††) 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. 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.

32 Contract features and benefits Allocating your contributions variable investment options. The program allows you to gradually allocate amounts to available variable investment options by Your initial contribution and any subsequent contributions will be allo- periodically transferring approximately the same dollar amount to the cated according to the investment allocations on file. If you would like variable investment options you select. Regular allocations to the your subsequent contributions to be allocated differently, you must variable investment options will cause you to purchase more units if submit (either in writing or electronically, depending on the form being the unit value is low and fewer units if the unit value is high. used) new allocation instructions on a form that we provide. The max- Therefore, you may get a lower average cost per unit over the long imum number of investment options that may be listed in your alloca- term. This plan of investing, however, does not guarantee that you tion instructions on file or for rebalancing (whether scheduled/recurring will earn a profit or be protected against losses. We may, at any time, or one time) is 100. exercise our right to terminate transfers to any of the variable Transfers. Generally, you may transfer your account value among the investment options, to add variable investment options, and to limit variable investment options. We may, at any time, exercise our right to the number of variable investment options which you may elect. For terminate transfers to any of the variable investment options, to add NQ contracts, existing dollar cost averaging programs will continue variable investment options, and to limit the number of variable invest- after the election of an Income Edge payment program. ment options which you may elect. Units measure your value in each variable investment option. Transfer requests do not change the allocation instructions on file for any future contribution or scheduled/recurring rebalancing. This means You may dollar cost average from the EQ/Money Market investment that upon the next scheduled/recurring rebalancing, we will transfer option, subject to the following: amounts among your investment options pursuant to the allocation • Initial contributions to the program must be at least $5,000 (i.e., instructions previously on file for your account. For more information your value in the EQ/Money Market variable investment option about transferring your account value, please see “Transferring your must be at least $5,000 when you begin the program). money among investment options” later in this Prospectus. • Contributions into the program may be new contributions, or You may also provide instructions for a one-time rebalancing of you may transfer amounts allocated to other variable investment your account. options to initiate the program. You can make additional con- Allocation instruction changes. You may change your instructions tributions to a program after a program has started. for allocations of future contributions. Please note that an allocation • You may choose either a 3 month, 6 month, or 12 month time change for future contributions will not automatically change the period for participation in the dollar cost averaging program; scheduled/recurring rebalancing instructions on file for your account. however, you may only have one time period in effect at any Your responsibility for allocation decisions time and once you select a time period, you may not change it and subsequent contributions or transfers into the program will The contract is between you and AXA Equitable. The contract is not not extend the duration of an existing program. an investment advisory account, and AXA Equitable is not providing any investment advice or managing the allocations under your con- • Currently, your account value may only be transferred from the tract. In the absence of a specific written arrangement to the contrary, program into the variable investment options on a monthly you, as the owner of the contract, have the sole authority to make basis. We may offer these programs in the future with transfers investment allocations and other decisions under the contract. Your on a different basis. AXA Advisors financial professional is acting as a broker-dealer regis- • For the program, you may select different variable investment tered representative, and is not authorized to act as an investment options than those in your allocation instructions on file, except advisor or to manage the allocations under your contract. Certain that you may not do so on your initial application for the contract. AXA Advisors financial professionals who are registered as investment advisory representatives (IARs) of AXA Advisors may enter into • If the value in the EQ/Money Market variable investment option a separate agreement with you to provide investment advice for a fee is less than or equal to the scheduled transfer amount, the entire regarding the management of your Series ADV contract. That amount in the account will be transferred and the program will arrangement will be governed by a separate investment advisory terminate. contract, and different terms and conditions will apply (as set forth in • You can enroll in a dollar cost averaging program on your con- that separate investment advisory contract and related disclosures, tract application or at any time after your contract has been such as pertinent Forms ADV Part 2A). If your financial professional is issued. A program will become effective on the date we receive a registered representative with a broker-dealer other than AXA your first contribution directing us to allocate funds to the EQ/ Advisors, you should speak with him/her regarding any different Money Market variable investment option. The date we receive arrangements that may apply, particularly with regard to any fee- your initial contribution will also be the date of the first transfer based arrangement you may have in connection with your Series ADV to the other variable investment options in accordance with your contract. allocation instructions for the program. Each subsequent transfer date for the time period selected will be one month from the Dollar cost averaging date of the previous transfer. If a transfer date falls on a non- business day, the transfer will be made on the next business day. We offer a dollar cost averaging program via scheduled transfers from We will transfer all amounts by the end of the chosen time the EQ/Money Market investment option to the other available period for your program.

33 Contract features and benefits For example, assume you enroll in a 3-month dollar cost averag- • There are four Valuation Dates each year: (a) Three ing program. On the date we receive your initial contribution “quarterversaries”, which are the dates that occur every three (say, $60,000) to the program, your program becomes effective months on the same calendar day as your Contract Date, but and the first transfer of $20,000 is made immediately in accord- excluding your contract date anniversary) and (b) your contract ance with your program’s allocation instructions. The second date anniversary. If a quarterversary falls on a non-Business Day, transfer of $20,000 will be made one month after your first the Valuation Date for that quarterversary will be the next Busi- contribution and the third and final transfer of $20,000 will be ness Day. If your Contract Date falls after the 28th of a month, made two months after your first contribution. the Valuation Date for each quarterversary will be the first Busi- ness Day of the following month. If your contract date anniver- • If you enroll in a dollar cost averaging program and the transfer sary occurs on a day other than a Business Day, the Valuation date is the 29th, 30th or 31st day of the month, for any sub- Date will be the Business Day immediately preceding your Con- sequent month in your program with less than 29, 30 or 31 days tract date anniversary. respectively, the transfer will take place on the first business day of the following month. • The BPC Threshold is (a) on a quarterversary Valuation Date, $500,000, without deduction of any accrued fees for the For example, if you enrolled in a dollar cost averaging program Protected premium death benefit (if elected) and without includ- that became effective on August 31, the transfer for September ing any accrued BPCs from prior quarterversaries; and (b) on the would occur on the first business day in October; the transfer for contract date anniversary Valuation Date, $500,000, after November would occur on the first business day in December; deduction of all fees and charges. and so on. • The Crediting Date is the date on which we credit your account • The only transfers that will be made from your program are your with the BPC, and is the Valuation Date associated with your regularly scheduled transfers to the variable investment options. contract date anniversary. If you request to transfer any other amounts from your program, we will transfer all of the value that you have remaining in the • If during a contract year your account value meets the BPC account to the investment options according to the allocation Threshold on one or more, but not all, Valuation Dates, you will percentages for the program that we have on file for you, and be credited with the aggregate accrued BPC for the Valuation your program will terminate. Dates on which your account value did meet the BPC Threshold. For example, if your account value satisfied the BPC Threshold • The scheduled/recurring rebalancing program is available while on the first and third quarterversaries, but not on the second the dollar cost averaging program is in effect, and for NQ con- quarterversary or your contract date anniversary, your account tracts, remains available after election of an Income Edge pay- will be credited on the Crediting Date with the aggregate BPC ment program. calculated for your first and third quarterversaries. • You may cancel your participation in the program at any time by • On the Crediting Date, the BPC will be credited to your account notifying us in writing. If you terminate your program, we will pro rata according to your allocation instructions on file. If you allocate any remaining amounts in your program pursuant to have set up a dollar cost averaging program, the BPC will be your program allocations instructions on file. credited according to your allocation instructions for the dollar We do not deduct a transfer charge for any transfer made in con- cost averaging program. nection with our dollar cost averaging program. Note that partic- • The BPC is not a contribution for purposes of the rules governing ipation in the dollar cost averaging program is not cancelled by your contributions to your contract. request for a one-time rebalancing of your account. The dollar cost averaging program is not available in all states. See Appendix III later • Upon your death, or if you surrender or annuitize your contract, in this Prospectus for more information on state availability. we will credit your account with a prorated amount of any accrued BPC. Breakpoint Credit • If you elect an Income Edge payment program, you will continue (Investment Edge® and Investment Edge® Select contracts only) to be eligible for the BPC in accordance with the rules above. If you are an Investment Edge® or Investment Edge Select® contract Valuation Dates for quarterversaries will be determined based on owner, you may be eligible for an annual reduction in the Contract your Income Edge Anniversary Date and your account will be fee of up to 0.10% of your account value. This credit, which we refer credited with the BPC on your Income Edge Anniversary Date. to as the Breakpoint Credit (“BPC”) is calculated quarterly and cred- Any BPC amounts that had accrued prior to your Income Edge ited to your account annually as follows: payment program election will be credited on your Income Edge Effective Date. • On each Valuation Date, if your account value is at least equal to the BPC Threshold, we will calculate a credit equal to 0.025% of • Investment Edge® ADV contract owners are not eligible for the your account value on that Valuation Date. We will then credit BPC. your account with the aggregate BPC on the Crediting Date. “Valuation Date”, “BPC Threshold” and “Crediting Date” are defined below.

34 Contract features and benefits Example: BPC Calculation reduce your Protected premium death benefit base by the same per- Eligible centage. For example, assume your total contributions to your con- Account for tract are $100,000 and your account value is $80,000. Prior to any Valuation Date Value BPC? BPC Amount withdrawals, your Protected premium death benefit base would be First $100,000. If you make a $10,000 withdrawal, that withdrawal Quarterversary $480,000 No $0 represents a 12.5% reduction in your account value. Accordingly, Second your Protected premium death benefit base is reduced by 12.5% to Quarterversary $530,000 Yes $132.50 ($530,000 * 0.025%) $87,500 (12.5% of $100,000 is $12,500, and $100,000 minus Third $12,500 is $87,500). Quarterversary $520,000 Yes $130.00 ($520,000 * 0.025%) You may terminate the PPDB at any time, and once you do so, you Contract may not reelect it. The PPDB is not available for election after issue. anniversary date $550,000 Yes $137.50 ($550,000 * 0.025%) For NQ contracts, if you elect an Income Edge payment program, the PPDB will be automatically terminated on your Income Edge Effective The BPC that will be credited to your account on the Crediting Date is Date. $400. Please refer to “Protected premium death benefit charge” in “Charges and expenses” for information about how we calculate the Annuity purchase factors charge for this guaranteed benefit and, if your account value is low, Annuity purchase factors are the factors applied to determine your the risk that this charge could cause your contract and the periodic payments under certain annuity payout options. Annuity guaranteed benefit to terminate. payout options are discussed under “Your annuity payout options” in The PPDB is not available for election by Inherited NQ contract holders. “Accessing your money” later in this Prospectus. Annuity purchase factors are based on interest rates, mortality tables, frequency of Inherited IRA beneficiary continuation contract payments, the form of annuity benefit, and the owner’s (and any joint owner’s) age and sex in certain instances. We may provide more The Inherited IRA beneficiary continuation contract is favorable current annuity purchase factors for the annuity payout intended to provide options to beneficiaries in complying options. with federal income tax rules. There are a number of limitations on who can purchase the contract, how the contract Protected premium death benefit is purchased, and the features that are available under the contract. A prospective purchaser should seek tax advice At issue, you may elect the optional Protected premium death benefit before making a decision to purchase the contract. (PPDB). The PPDB is equal to the greater of (a) your Protected premium death benefit base on the date of death and (b) your account value on We offer the Inherited IRA beneficiary continuation contract to eligi- the date of claim. ble beneficiaries under individual retirement arrangements (traditional or Roth) where the original individual retirement account or annuity The Protected premium death benefit base is not an account value or was not issued by AXA Equitable. The beneficiary may want to cash value. It is equal to: change the investments of the “original IRA” inherited from the • your initial contribution and any subsequent contributions to now-deceased IRA owner, but must take post-death required mini- your contract, less mum distribution (“RMD”) payments from an IRA that was inherited. The Inherited IRA beneficiary continuation contract has provisions • a deduction that reflects any withdrawals you make (including intended to meet post-death RMD rules, which are similar to those of any applicable withdrawal charges). The way we calculate this the Beneficiary continuation option (“BCO”) restricted to eligible deduction is described in “Pro rata treatment of withdrawals” beneficiaries of contracts issued by AXA Equitable. See “Beneficiary below. continuation option for traditional IRA and Roth IRA contracts only” The date of claim is the date on which we receive satisfactory proof of under “Beneficiary continuation option” in “Payment of death bene- the owner’s (or older joint owner’s, if applicable) death, and any fit” later in this Prospectus. Further, since the Inherited IRA benefi- required instructions for the method of payment, forms necessary to ciary continuation contract is intended to replace the investment effect payment and any other information we may require. originally selected by the now-deceased IRA owner, a prospective purchaser should carefully consider the features and investments For purposes of calculating your PPDB, any accrued but unpaid Break- available under the Inherited IRA beneficiary continuation contract, point Credit amount will be added to your account value and any and the limitations and costs under the contract in comparison with accrued but unpaid PPDB charge will be deducted from your account the existing arrangement before making any purchase decision. Dis- value. tributions from an Inherited IRA beneficiary continuation contract Pro rata treatment of withdrawals. For purposes of calculating must begin no later than December 31 of the year following the date your PPDB, any withdrawals you make from your contract reduce the of death of the original IRA owner. Finally, the contract may not be value of your Protected premium death benefit base on a pro rata available in all states. Please speak with your financial professional basis. Reduction on a pro rata basis means that that we calculate the for further information. percentage of your current account value that is being withdrawn (including the amount of any applicable withdrawal charge) and we

35 Contract features and benefits Who can purchase an Inherited IRA beneficiary continuation When the Inherited IRA beneficiary continuation contract is owned by an contract IRA beneficiary: The Inherited IRA beneficiary continuation contract is offered only to • The Inherited IRA beneficiary continuation contract can be pur- beneficiaries of non-AXA Equitable contracts as follows: chased even though you have already begun taking post-death • beneficiaries of IRAs who are individuals (“IRA beneficiaries”); and RMD payments of your interest as a beneficiary from the deceased owner’s original IRA. You should discuss with your • eligible non-spousal individual beneficiaries of deceased plan partic- own tax adviser when payments must begin or must be made. ipants in qualified plans, 403(b) plans and governmental employer 457(b) plans (“Non-spousal Applicable Plan beneficiaries”). The • The initial contribution must be a direct transfer from the purpose is to enable such beneficiaries to elect certain post-death deceased owner’s original IRA and is subject to minimum con- RMD payment choices available to them under federal income tax tribution amounts. See Appendix II later in this Prospectus for rules, which may not be offered under the Applicable Plan. more information. Certain trusts with only individual beneficiaries are treated as • Subsequent contributions of at least $1,000 are permitted but must individuals and are eligible to purchase the Inherited IRA beneficiary be direct transfers of your interest as a beneficiary from another IRA continuation contract if such trust is either an IRA beneficiary or a with a financial institution other than AXA Equitable, where the Non-spousal Applicable Plan beneficiary. deceased owner is the same as under the original IRA contract. How an Inherited IRA beneficiary continuation contract is • The Inherited IRA contract is designed to pay you at least annually purchased (but you can elect to receive payments monthly or quarterly). IRA Beneficiary. A traditional Inherited IRA beneficiary continuation Payments are generally made over your life expectancy determined contract can only be purchased by a direct transfer of the beneficiary’s in the calendar year after the deceased owner’s death and interest under the deceased owner’s original traditional IRA. An determined on a term certain basis. If you maintain another IRA of Inherited Roth IRA beneficiary continuation contract can only be the same type (traditional or Roth) of the same deceased owner purchased by a direct transfer of the beneficiary’s interest under the and you are also taking distributions over your life from that deceased owner’s original Roth IRA. In this discussion, “you” refers inherited IRA, you may qualify to take an amount from that other to the owner of the Inherited IRA beneficiary continuation contract. inherited IRA which would otherwise satisfy the amount required The owner of the Inherited IRA beneficiary continuation contract to be distributed from the AXA Equitable Inherited IRA contract. If owns the contract in his/her capacity as beneficiary of the original you choose not to take a payment from your Inherited IRA contract traditional or Roth IRA, and not in his/her own right. For this reason, in any year, you must notify us in writing before we make the the contract must also contain the name of the deceased owner. payment from the Inherited IRA contract, and we will not make any future payment unless you request in writing a reasonable time Non-spousal Applicable Plan Beneficiary. In the case of a before we make such payment. If you choose to take a required non-spousal beneficiary under a deceased plan participant’s payment from another inherited IRA, you are responsible for calcu- Applicable Plan, the Inherited IRA can only be purchased by a direct lating the appropriate amount and reporting it on your income tax rollover of the death benefit under the Applicable Plan. In this return. Please feel free to speak with your financial professional, or discussion, “you” refers to the owner of the Inherited IRA beneficiary call our processing office, if you have any questions. continuation contract. The owner of the Inherited IRA beneficiary continuation contract owns the contract in his/her capacity as When the Inherited IRA beneficiary continuation contract is owned by a beneficiary of the deceased plan participant, and not in his/her own Non-spousal Applicable Plan beneficiary: right. For this reason, the contract must also contain the name of the • The initial contribution must be a direct rollover from the deceased plan participant. In this discussion, references to “deceased deceased plan participant’s Applicable Plan and is subject to owner” include “deceased plan participant”; references to “original minimum contribution amounts. See Appendix II later in this IRA” include “the deceased plan participant’s interest or benefit Prospectus for more information. under the Applicable Plan”, and references to “individual beneficiary of a traditional IRA” include “individual non-spousal beneficiary • There are no subsequent contributions. under an Applicable Plan.” • You must receive payments at least annually (but can elect to Limitations on certain features under the Inherited IRA receive payments monthly or quarterly). Payments are made over beneficiary continuation contract your life expectancy determined in the calendar year after the deceased owner’s death and determined on a term certain basis. This contract is intended only for beneficiaries who plan to take Shorter payment periods are not permitted. payments at least annually over their life expectancy. These payments generally must begin no later than December 31st of the calendar • You must receive payments from the Inherited IRA contract even year following the year the deceased owner died. Beneficiaries who if you are receiving payments from another IRA derived from the do not want to take annual scheduled payments and want to wait deceased plan participant. until the 5th year after death to withdraw the entire amount of the Features of the Inherited IRA beneficiary continuation contract which Inherited IRA funds should not purchase this contract. Because of the apply to either type of owner: contract’s focus on payments, certain features noted below more suitable to long-term accumulation vehicles are not available under • The beneficiary of the original IRA (or the Non-spousal Appli- this contract. cable Plan beneficiary) will be the annuitant under the Inherited

36 Contract features and benefits IRA beneficiary continuation contract. In the case where the issued by AXA Equitable (“source contract”). We offer two payout beneficiary is a “see-through trust,” the oldest beneficiary of the options under the Inherited NQ contract, “Income Edge Beneficiary trust will be the annuitant. Advantage” and “Beneficiary NQ Stretch,” both of which are described below. • An inherited IRA beneficiary continuation contract is not available for owners over age 70. The beneficiary under the source contract may want to change the investments of the inherited source contract while still taking the • You may make transfers among the investment options. In addi- payments required with respect to the death of the owner of the tion, you may participate in the dollar cost averaging program. source contract. The beneficiary may also want continuing access to • You may choose at any time to withdraw all or a portion of the the Inherited NQ contract’s account value as scheduled payments are account value. Any partial withdrawal must be at least $300. made, and may also wish to elect the contract’s Income Edge Benefi- Withdrawal charges will apply as described in “Charges and ciary Advantage option. Since an Inherited NQ contract is expenses” later in this Prospectus. intended to replace the investments originally selected by the now-deceased owner of the source contract, a pro- • If you die, we will pay to a beneficiary that you choose the spective purchaser should carefully consider the invest- account value. ments and features available under the Inherited NQ contract (such as the choice between the Beneficiary NQ • Upon your death, your beneficiary has the option to continue Stretch and Income Edge Beneficiary Advantage payout taking required minimum distributions based on your remaining methods), and the limitations and costs under the Inherited life expectancy or to receive any remaining interest in the con- NQ contract as compared to the available investments and tract in a lump sum. The option elected will be processed when features under the source contract before making any pur- we receive satisfactory proof of death, any required instructions chase decision. for the method of payment and any required information and forms necessary to effect payment. Since, as discussed below, the Inherited NQ contract can only be purchased through a Section 1035 exchange, a prospective purchaser Inherited NQ beneficiary payout contract should also confirm with the insurance company that issued the source contract the requirements for exchanging the death benefit The Inherited NQ beneficiary payout contract (“Inherited under the source contract with an Inherited NQ contract. Finally, the NQ”) is intended to provide options to individuals who are Inherited NQ contract may not be available in all states. Please speak beneficiaries under nonqualified deferred annuity contracts with your financial professional for further information. issued by other insurance companies. Qualifying individuals direct the issuing insurance company to exchange their Who can purchase an Inherited NQ contract interest in the original contract’s death benefit with an The Inherited NQ contract is offered only to individuals who are death Inherited NQ contract, which is intended to comply with beneficiaries under non-AXA Equitable nonqualified deferred annuity federal income tax rules governing payments following the contracts. The Inherited NQ contract is not available to non-natural death of the holder of a contract, while providing the persons or purchasers over the age of 70. Joint owners or annuitants Inherited NQ contract owner with continuing access to the are not permitted. Inherited NQ contract’s account value as scheduled payments are made. The owner of the Inherited NQ contract owns the contract in his/her capacity as beneficiary of the deceased owner of the source contract. There are a number of limitations on who can purchase an For this reason, the Inherited NQ contract must also contain the name Inherited NQ contract, how the contract is purchased, and the of the deceased owner. features that are available under the contract. There is a short timeframe for purchasing an Inherited NQ contract and When can an Inherited NQ contract be purchased providing AXA Equitable with all of the necessary information An Inherited NQ contract can only be purchased after the death of to make payments. Also, whether an Inherited NQ contract the owner of the source contract and before the first anniversary of can be issued and the form of payout under the contract is the owner’s death, which is the last possible date that scheduled dependent in part on the agreement and cooperation of the payments under the Inherited NQ contract must start (the “Required insurance company that issued the original nonqualified Payment Starting Date”). deferred annuity contract. Before making a decision to purchase an Inherited NQ contract, a prospective purchaser How an Inherited NQ contract is purchased should seek tax advice and review the issuing insurance An Inherited NQ contract can only be purchased through a company’s requirements applicable to an exchange. Section 1035 exchange of the beneficiary’s interest after the death of An Inherited NQ contract is issued as an Investment Edge®,Invest- the owner under the source contract. If the source contract is owned ment Edge® Select or Investment Edge® ADV series contract. The by a non-natural owner, the deceased individual whose death Inherited NQ contract provides a non-life contingent, variable annuity triggers the requirement to make post-death payments from or with payout for the purpose of distributing to a beneficiary certain pay- respect to the proceeds of the source contract must have been the ments required after the death of a “holder” (typically, the owner) of primary annuitant deemed to be the “holder” or owner of the source a nonqualified deferred annuity contract. We offer the Inherited NQ contract under federal income tax rules. contract to an individual who is a beneficiary upon the death of the owner under an original nonqualified deferred annuity contract not The source contract must be a nonqualified deferred annuity contract, and cannot be a life insurance contract.

37 Contract features and benefits An individual may not purchase an Inherited NQ contract if he/she • We have no minimum age requirement for issuing an Inherited has already elected, received, or started to receive any form of NQ contract, but we will not issue an Inherited NQ contract to beneficiary payout in accordance with Section 72(s) of the Code for an individual over age 70. his/her share of the death proceeds of the source contract with the • The Inherited NQ contract owner must receive scheduled insurance company which issued the source contract. payments at least annually (but can elect to receive scheduled An individual must apply the entire value of his/her beneficiary share in payments monthly or quarterly). The Inherited NQ contract the source contract to the Inherited NQ contract; we do not accept owner can choose a date to start scheduled payments earlier partial exchanges. The individual need not be the only beneficiary under than the Required Payment Starting Date, as long as we have the source contract. If the individual is one of several beneficiaries, we the Section 1035 exchange contribution(s) and information we will accept an exchange into the Inherited NQ contact as long as the need to start scheduled payments on the earlier date. beneficiary’s entire share under the source contract is exchanged. • The amount of the first scheduled payment is determined by Similarly, if the individual is a beneficiary under more than one source dividing the account value as of the date payments begin by the contract owned by the same deceased owner, the individual may direct owner’s life expectancy. Each subsequent annual scheduled each insurance company issuing each such source contract to make a payment is determined by dividing the remaining annuity Section 1035 exchange into the Inherited NQ contract. Each of the account value as of the anniversary date by the initial life multiple Section 1035 exchanges must meet the requirements described expectancy, reduced by 1 for each subsequent year. in this section, and must include a contribution of at least $1,000. For example, if on the date of the first scheduled payment your No contributions will be accepted after we begin scheduled payments account value is $100,000 and your life expectancy is 20 years, under the Inherited NQ contracts. See the description under “Income the amount of the first scheduled payment will be $5,000. If on Edge Beneficiary Advantage” below for the requirements regarding the date of the second scheduled payment your account value is provision of cost basis information. $99,750, the amount of the second scheduled payment will be $5,200 ($99,750 divided by 19). We must receive all contributions and the information we require from the insurance company (or companies) that issued the source • Payment amounts are taken on a pro rata basis from your varia- contract(s) in sufficient time for us to begin making scheduled pay- ble investment options. ments under the Inherited NQ contract, which must be no later than • The Inherited NQ contract owner may make transfers among the twelve months after the date of death of the deceased owner of the variable investment options. source contract. Our deadline is generally 9 months after the date of death of the deceased owner of the source contract. No additional • Once scheduled payments begin, they cannot be stopped until contributions are allowed once we have begun making payments. the account value falls to zero. • No form of annuity benefit other than scheduled payments as If the insurance company that issued the source contract does not pro- described in this section is available under the Inherited NQ vide us with a 1035 exchange contribution and the information we contract. need in a timely manner, we may not be able to issue the Inherited NQ contract or honor an election for Income Edge Beneficiary Advantage. • An Inherited NQ contract owner may choose to withdraw all or See “Payment options under an Inherited NQ contract” below. a portion of his/her account value at any time. Any partial withdrawal must be at least $300. Unlike Income Edge Benefi- Payment options under an Inherited NQ contract ciary Advantage scheduled payments, no portion of such with- There are two payment options under the Inherited NQ contract, drawals will represent a return of cost basis in the contract, “Income Edge Beneficiary Advantage” and “Beneficiary NQ Stretch.” and thus will not affect the Tax-Free Amount applicable to We describe these options and the conditions and limitations that subsequent Income Edge Beneficiary Advantage scheduled apply to each option later in this section. payments. Withdrawal charges will apply, as described in “Charges and expenses” later in this Prospectus. Regardless of payment option, there are some features, conditions and limitations that are common to both options: • Change of ownership of an Inherited NQ contract is not permitted. • The Protected premium death benefit is not available under an • The Inherited NQ contract is intended only for beneficiaries Inherited NQ contract. under source contracts who plan to take payments from the Inherited NQ contract at least annually over a period measured • At the death of the Inherited NQ contract owner, we will con- by their life expectancy. We call these “scheduled payments.” tinue scheduled payments to a successor beneficiary/owner These scheduled payments must begin no later than the chosen by the Inherited NQ contract owner. The successor Required Payment Starting Date. Beneficiaries who do not want beneficiary/owner has the same rights as the Inherited NQ con- to take scheduled payments at least annually and want to wait tract owner to take partial withdrawals in addition to scheduled up to five years after the death of the owner of the source con- payments and to fully surrender (redeem) the Inherited NQ contract to withdraw the entire amount of their interest in the tract. If there is more than one individual or entity chosen by the source contract should not purchase an Inherited NQ contract. Inherited NQ contract owner to be successor beneficiary/owner, Because of the Inherited NQ contract’s focus on scheduled we will make payments in equal shares unless the Inherited NQ payments, certain features more suitable to long-term accumu- contract owner instructed us in writing to pay one or more suc- lation vehicles are not available under the Inherited NQ contract. cessor beneficiary/owner differently.

38 Contract features and benefits Income Edge Beneficiary Advantage Even though the private letter ruling we received from the IRS in connection with the standard form of Income Edge does not specifically Under the Income Edge Beneficiary Advantage payment option for an address Income Edge BA, we believe, based on our review and inter- Inherited NQ contract (“Income Edge BA”), we take into account the pretation of applicable federal tax law, that the Income Edge BA payout “cost basis” in calculating and reporting income amounts with methodology constitutes a series of “substantially equal periodic pay- respect to scheduled payments. A portion of each scheduled payment ments” over a “period not extending beyond the life expectancy” of a is a return of the cost basis in the contract and thus excludable from beneficiary within the applicable requirements of 72(s) of the Code and taxes. The “cost basis” in an Inherited NQ contract with Income Edge therefore complies with current federal tax law requirements applicable BA is the amount of investment in the source contract carried over to post-death payouts from variable annuity contracts. See “Income Edge from the source contract to the Inherited NQ contract (as reported to payment program” under “Tax Information” later in this Prospectus. us in the context of the Section 1035 exchange by the insurance company which issued the source contract), plus or minus any sub- Beneficiary NQ Stretch sequent adjustments. Under the Beneficiary NQ Stretch payment option for the Inherited The payment period for scheduled payments is initially based on the NQ contract, we do not report all scheduled payments as being a age of the Inherited NQ contract owner, using an IRS table for post- partial return of cost basis. Instead, we report scheduled payments as death payments and rounding down to the nearest whole number. taxable to the extent that there is income in the contract. The Inherited NQ contract owner may select a shorter payment Beneficiary NQ Stretch must be elected on our form. However, for an period, which will generally result in larger payments. Inherited NQ contract owner who elected Income Edge BA, Benefi- The conditions applicable to an Income Edge BA election are as fol- ciary NQ Stretch will apply by default if one or more of the conditions lows: for honoring or implementing an Income Edge BA election could not be met before the Required Payment Starting Date. • Income Edge BA must be elected on our form. The payment period is based on the age of the Inherited NQ contract • The account value of the Inherited NQ contract must be at least owner, using an IRS table for post-death payments and rounding $50,000. down to the nearest whole number. A shorter payment period may • The account value of the Inherited NQ contract must be greater not be elected under Beneficiary NQ Stretch. than the cost basis reported to us in the context of the Section Beneficiary NQ Stretch is similar to the Beneficiary Continuation 1035 exchange by the insurance company which issued the source Option we offer to beneficiaries under traditional IRA, Roth IRA and contract. NQ contracts and for which we received a private letter ruling from • We must have received all Section 1035 exchange contributions the IRS. Based on our interpretation of the requirements of Section from each source contract at least three months prior to the 72(s) of the Code, we believe that the Beneficiary NQ Stretch payout Required Payment Starting Date. methodology complies with current federal tax law requirements applicable to post-death payouts from variable annuity contracts. • We must have all cost basis information, in good order, from the insurance company which issued the source contract, at least Your right to cancel within a certain number of three months prior to the Required Payment Starting Date for an days Income Edge BA election to be effective. If we do not receive complete cost basis information in this timeframe, your Income BA If for any reason you are not satisfied with your contract, you may election will not take effect and your contract will default to the return it to us for a refund. To exercise this cancellation right you Beneficiary NQ Stretch payment option. If there are multiple must mail the contract, with a signed letter of instruction electing this source contracts for the same deceased owner, as long as we have right, to our processing office within 10 days after you receive it. If cost basis information in good order for any source contract, we state law requires, this “free look” period may be longer. Other state will use that amount as the cost basis. variations may apply. Please contact your financial professional and/ or see Appendix III to find out what applies in your state. • We may impose a charge approximating premium tax in certain states. Generally, your refund will equal your account value under the contract on the day we receive notification to cancel the contract and will reflect • If an Inherited NQ contract owner elects Income Edge BA, and we any investment gain or loss in the variable investment options (less the cannot honor or implement that election because of a failure to daily charges we deduct), through the date we receive your contract. meet any of the conditions for Income Edge BA noted above, we Some states, however, require that we refund the full amount of your will begin scheduled payments under the Beneficiary NQ Stretch contribution. In addition, in some states, the amount of your refund payment option for the Inherited NQ contract no later than the (either your account value or the full amount of your contributions), and Required Payment Starting Date, which is one year after the date the length of your “free look” period, depend on whether you pur- of death of the deceased owner of the source contract. chased the contract as a replacement. Please refer to your contract or Income Edge BA payment may not be available in all states. We also supplemental materials or contact us for more information. For any IRA offer a version of Income Edge Beneficiary Advantage as a death benefit contract returned to us within seven days after you receive it, we are option for a beneficiary under an NQ Investment Edge contract where the required to refund the full amount of your contribution. When required contract owner dies before an annuity option under the contract has by applicable law to return the full amount of your contribution, we will been elected. See “Payment of death benefit” later in this Prospectus. return the greater of your contribution or your contract’s cash value.

39 Contract features and benefits We may require that you wait six months before you may apply for a contract with us again if: • you cancel your contract during the free look period; or • you change your mind before you receive your contract whether we have received your contribution or not. Please see “Tax information” later in this Prospectus for possible consequences of cancelling your contract. If you fully convert an existing traditional IRA contract to a Roth IRA contract, you may cancel your Roth IRA contract and return to a traditional IRA contract. Our processing office, or your financial professional, can provide you with the cancellation instructions. In addition to the cancellation right described above, you have the right to surrender your contract, rather than cancel it. Please see “Surrendering your contract to receive its cash value,” later in this Prospectus. Surrendering your contract may yield results different than canceling your contract, including a greater potential for taxable income. In some cases, your cash value upon surrender may be greater than your contributions to the contract. Please see “Tax information” later in this Prospectus.

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

Your account value and cash value insufficient due to withdrawals (including withdrawals for the payment of fees and charges under the contract) and/or poor Your “account value” is the total of the values you have in the varia- market performance. Upon such termination, you will lose all your ble investment options. rights under your contract and any applicable guaranteed benefit Your contract also has a “cash value.” At any time before annuity including the Protected premium death benefit, if elected. payments begin, your contract’s cash value is equal to the account value plus any accrued but unpaid Breakpoint credit amount, less: (i) as applicable, the total amount or a pro rata portion of the Con- tract Maintenance Fee (if applicable) and any accrued Protected premium death benefit charge; and (ii) any applicable withdrawal charges. Please see “Surrendering your contract to receive its cash value” in “Accessing your money” later in this Prospectus.

Your contract’s value in the variable investment options Each variable investment option invests in shares of a corresponding Portfolio. Your value in each variable investment option is measured by “units.” The value of your units will increase or decrease as though you had invested it in the corresponding Portfolio’s shares directly. Your value, however, will be reduced by the amount of the fees and charges that we deduct under the contract. The unit value for each variable investment option depends on the investment performance of that option, less daily charges for: (i) operations expenses; (ii) administrative expenses; (iii) distribution charges; and (iv) the fund facilitation fee (if any). On any day, your value in any variable investment option equals the number of units credited to that option, adjusted for any units purchased for or deducted from your contract under that option, multiplied by that day’s value for one unit. The number of your contract units in any variable investment option does not change unless they are: (i) increased to reflect additional contributions; (ii) decreased to reflect a withdrawal (plus withdrawal charges if applicable); or (iii) increased to reflect a transfer into, or decreased to reflect a transfer out of, a variable investment option. Your units are also reduced when we deduct the Contract Main- tenance Fee (if applicable) and any Protected premium death benefit charge. A description of how unit values are calculated is found in the SAI.

Insufficient account value Your account value will fall to zero and your contract will terminate without value if your account value is insufficient to pay any applicable charges when due. Your account value could become

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

Transferring your account value You may elect or terminate the scheduled/recurring rebalancing program at any time. You may also change your allocations under the scheduled/ At any time before the date annuity payments are to begin, you can recurring program at any time. Once enrolled in the scheduled/recurring transfer some or all of your account value among the investment rebalancing program, it will remain in effect until you instruct us in writ- options, subject to the following: ing to terminate the program. Requesting an investment option transfer • We may charge a transfer charge for any transfers in excess of while enrolled in our scheduled/recurring rebalancing program will not 12 transfers in a contract year. For more information, see automatically change your allocation instructions for rebalancing your “Transfer charge” under “Charges that AXA Equitable deducts” account value. This means that upon the next scheduled rebalancing, we in “Charges and expenses” later in this Prospectus. will transfer amounts among your investment options pursuant to the • We reserve the right to restrict transfers into and among variable allocation instructions previously on file for your scheduled/recurring investment options, including limitations on the number, fre- program. Changes to your allocation instructions for the scheduled/ quency, or dollar amount of transfers. We may, at any time, recurring rebalancing program (or termination of your enrollment in the change our transfer rules. We may also, at any time, exercise our program) may be requested through Online Account Access; otherwise, right to terminate transfers to any of the variable investment they must be made in writing and sent to our processing office. The options, to add variable investment options, and to limit the scheduled/recurring rebalancing program is available while the dollar cost number of variable investment options which you may elect. averaging program is in effect, and for NQ contracts, remains available after election of an Income Edge payment program. • Our current transfer restrictions are set forth in the “Disruptive transfer activity” section below. Disruptive transfer activity Some states may have additional transfer restrictions. Please see You should note that the contract is not designed for professional Appendix III later in this Prospectus. “market timing” organizations, or other organizations or individuals We will confirm all transfers in writing or, if you are enrolled in elec- engaging in a market timing strategy. The contract is not designed to tronic delivery, electronically. accommodate programmed transfers, frequent transfers or transfers that are large in relation to the total assets of the underlying portfolio. Please see “Allocating your contributions” in “Contract features and benefits” for more information about your role in managing your Frequent transfers, including market timing and other program trading allocations. or short-term trading strategies, may be disruptive to the underlying portfolios in which the variable investment options invest. Disruptive Rebalancing your account value transfer activity may adversely affect performance and the interests of long-term investors by requiring a portfolio to maintain larger amounts Our rebalancing program offers two options — scheduled/recurring of cash or to liquidate portfolio holdings at a disadvantageous time or rebalancing and one-time rebalancing — that you can use to price. For example, when market timing occurs, a portfolio may have to automatically reallocate your account value among the variable sell its holdings to have the cash necessary to redeem the market investment options. timer’s investment. This can happen when it is not advantageous to sell To enroll in the scheduled/recurring rebalancing program, you must any securities, so the portfolio’s performance may be hurt. When large notify us in writing by completing our investment option selection form, dollar amounts are involved, market timing can also make it difficult to use long-term investment strategies because a portfolio cannot predict telling us: how much cash it will have to invest. In addition, disruptive transfers or (a) in whole percentages only, the percentage you want invested in purchases and redemptions of portfolio investments may impede effi- each variable investment option, and cient portfolio management and impose increased transaction costs, (b) how often you want the rebalancing to occur (quarterly, semi- such as brokerage costs, by requiring the portfolio manager to effect annually, or annually). more frequent purchases and sales of portfolio securities. Similarly, a portfolio may bear increased administrative costs as a result of the asset While your scheduled/recurring rebalancing program is in effect, we will level and investment volatility that accompanies patterns of excessive or transfer amounts among each variable investment option, so that the short-term trading. Portfolios that invest a significant portion of their percentage of your account value that you specify is invested in each assets in foreign securities or the securities of small-and option at the end of each rebalancing date. Your entire account value mid-capitalization companies tend to be subject to the risks associated must be included in the scheduled/recurring rebalancing program. Cur- with market timing and short-term trading strategies to a greater extent rently, we permit rebalancing of up to 100 investment options. than portfolios that do not. Securities trading in overseas markets present time zone arbitrage opportunities when events affecting portfolio Rebalancing does not assure a profit or protect against loss. You securities values occur after the close of the overseas market but prior should periodically review your allocation percentages as your needs to the close of the U.S. markets. Securities of small-and change. You may want to discuss the rebalancing program with your mid-capitalization companies present arbitrage opportunities because financial professional before electing the program. the market for such securities may be less liquid than the market for

42 Transferring your money among investment options securities of larger companies, which could result in pricing Contract owners should note that it is not always possible for us and inefficiencies. Please see the prospectuses for the underlying portfolios the underlying trusts to identify and prevent disruptive transfer activ- for more information on how portfolio shares are priced. ity. In addition, because we do not monitor for all frequent trading at the separate account level, contract owners may engage in frequent We currently use the procedures described below to discourage dis- trading which may not be detected, for example, due to low net ruptive transfer activity. You should understand, however, that these inflows or outflows on the particular day(s). Therefore, no assurance procedures are subject to the following limitations: (1) they primarily can be given that we or the trusts will successfully impose restrictions rely on the policies and procedures implemented by the underlying on all potentially disruptive transfers. Because there is no guarantee portfolios; (2) they do not eliminate the possibility that disruptive that disruptive trading will be stopped, some contract owners may be transfer activity, including market timing, will occur or that portfolio treated differently than others, resulting in the risk that some contract performance will be affected by such activity; and (3) the design of owners may be able to engage in frequent transfer activity while market timing procedures involves inherently subjective judgments, others will bear the effect of that frequent transfer activity. The which we seek to make in a fair and reasonable manner consistent potential effects of frequent transfer activity are discussed above. with the interests of all contract owners. We offer investment options with underlying Portfolios that are a part of AXA Premier VIP Trust and EQ Advisors Trust (together, the “affiliated trusts”), as well as investment options with underlying Portfolios of outside trusts with which AXA Equitable has entered into participation agreements (the “unaffiliated trusts“ and, collectively with the affiliated trusts, the “trusts”). The affiliated trusts have adopted policies and procedures regarding disruptive transfer activity. They discourage frequent purchases and redemptions of portfolio shares and will not make special arrangements to accommodate such transactions. They aggregate inflows and outflows for each portfolio on a daily basis. On any day when a portfolio’s net inflows or outflows exceed an established monitoring threshold, the affiliated trust obtains from us contract owner trading activity. The affiliated trusts currently consider transfers into and out of (or vice versa) the same variable investment option within a five business day period as potentially disruptive transfer activity. When a contract is identified in connection with potentially disruptive transfer activity for the first time, a letter is sent to the contract owner explaining that there is a policy against disruptive transfer activity and that if such activity continues certain transfer privileges may be elimi- nated. If and when the contract owner is identified a second time as engaged in potentially disruptive transfer activity under the contract, we currently prohibit the use of voice, fax and automated transaction services. We currently apply such action for the remaining life of each affected contract. We or a trust may change the definition of potentially disruptive transfer activity, the monitoring procedures and thresholds, any notification procedures, and the procedures to restrict this activity. Any new or revised policies and procedures will apply to all contract owners uniformly. We do not permit exceptions to our policies restrict- ing disruptive transfer activity. Each unaffiliated trust may have its own policies and procedures regarding disruptive transfer activity. If an unaffiliated trust advises us that there may be disruptive activity from one of our contract owners, we will work with the unaffiliated trust to review contract owner trading activity. Each trust reserves the right to reject a transfer that it believes, in its sole discretion, is disruptive (or potentially disruptive) to the management of one of its Portfolios. Please see the prospectuses for the trusts for more information. It is possible that a trust may impose a redemption fee designed to discourage frequent or disruptive trading by contract owners. As of the date of this Prospectus, the trusts had not implemented such a fee. If a redemption fee is implemented by a trust, that fee, like any other trust fee, will be borne by the contract owner.

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

Withdrawing your account value Any partial withdrawal request will terminate the systematic withdrawal option. You have several ways to withdraw your account value before annuity payments begin. Withdrawals will be deducted pro rata from the For NQ and Inherited NQ contracts, special rules apply to partial applicable investment options (excluding amounts in the dollar cost withdrawals (also referred to as redemptions) following election of averaging program (if any), from which withdrawals are deducted any version of Income Edge. Please see “Income Edge Payment Pro- only if there is insufficient value in all other variable investment gram” later in this section and “Inherited NQ beneficiary payment options) unless you instruct us otherwise (except scheduled payments contract” in “Contract Features and Benefits” for more information. from an Income Edge payment program, which are always deducted pro rata). The table below shows the methods available under each If you have authorized your advisor to take withdrawals of advisory ® type of contract. More information follows the table. fees from your Investment Edge ADV contract, your advisor can elect to withdraw their advisory fees from your contract at any time. A Please see “How withdrawals (and Income Edge scheduled pay- withdrawal from a Investment Edge® ADV NQ contract, including a ments, if applicable) are taken from your account value” and “Effect withdrawal to pay the fees of the fee-based program, may be a tax- of withdrawals on your Protected premium death benefit” later in this able event. For the tax consequences of withdrawals, see “Tax section and “Insufficient account value” in “Determining your con- information” later in this Prospectus. tract’s value” earlier in this Prospectus for more information on how withdrawals affect your Protected premium death benefit and could Systematic withdrawals potentially cause your contract to terminate. (All contracts except QP, Inherited IRA, and Inherited NQ) Method of withdrawal and Income Edge availability You may take systematic withdrawals of a particular dollar amount or Pre-age Lifetime a particular percentage of your account value. 59 1⁄2 required Income sub- minimum Edge If your contract is subject to withdrawal charges, you may take sys- Syste- stantially distribu- Payment tematic withdrawals of a fixed dollar amount or percentage of Contract Partial matic equal tion Program account value on a monthly, quarterly or annual basis as long as the (3) NQ Yes Yes Yes No Yes withdrawals do not exceed the following percentages of your account Traditional IRA Yes Yes Yes Yes No value on the date of the withdrawal: 0.8% monthly, 2.4% quarterly Roth IRA Yes Yes Yes No No and 10.0% annually. The minimum amount you may take in each systematic withdrawal is $250. If the amount withdrawn would be SEP IRA Yes Yes Yes Yes No less than $250 on the date a withdrawal is to be taken, we will not QP(2) Yes No No No No make a payment and we will terminate your systematic withdrawal Inherited IRA Yes No No (1) No election. Inherited NQ Yes No No No Yes(4) If your contract is subject to withdrawal charges and any applicable withdrawal charges on your contract have expired, you may elect a (1) The contract pays out post-death required minimum distributions. See “Inherited IRA beneficiary continuation contract” in “Contract features and benefits” systematic withdrawal option in excess of your percentages of your earlier in this Prospectus. account value as of the beginning of the contract year, as described (2) All payments are made to the plan trust as owner of the contract. See “Appendix in the preceding paragraph, up to 100% of your account value. IV: Purchase considerations for QP contracts” later in this Prospectus. However, if you elect a systematic withdrawal option in (3) Includes Income Edge Early Retirement Option and (for your beneficiary) Income excess of these limits, and make a subsequent contribution Edge Beneficiary Advantage. to your contract, the systematic withdrawal option will be (4) Income Edge Beneficiary Advantage is available if the conditions for its election terminated. You may then elect a new systematic withdrawal are satisfied. option within the limits described in the preceding paragraph. For All requests for withdrawals must be made on a specific form that we Investment Edge® Select and Investment Edge® ADV series contracts, provide. Please see “How to reach us” under “Who is AXA Equitable?” you may not elect a systematic withdrawal option in excess of 10% of earlier in this Prospectus for more information. your account value annually. If you elect our systematic withdrawal program, you may request to Partial withdrawals have your withdrawals made on any day of the month, subject to the (All contracts) following restrictions: You may take partial withdrawals from your account value at any • you must select a date that is more than three calendar days time. The minimum amount you may withdraw is $300. prior to your contract date anniversary; and For Investment Edge® contracts, partial withdrawals will be subject to a • you cannot select the 29th, 30th or 31st. withdrawal charge if they exceed the 10% free withdrawal amount. For more information, see “10% free withdrawal amount” in “Charges and If you do not select a date, we will make the withdrawals the same expenses” later in this Prospectus. day of the month as the day we receive your request to elect the

44 Accessing your money program, subject to the same restrictions listed above. You must wait You may elect to take substantially equal withdrawals at any time at least 28 days after your contract is issued before your systematic before you reach age 59 1⁄2. We will make the withdrawal on any day withdrawals can begin. of the month that you select as long as it is not later than the 28th day of the month or within 28 days of the date on which your contract was You may elect to take systematic withdrawals at any time however: issued. We will calculate the amount of your substantially equal with- • for NQ contracts, you may not elect to take systematic withdrawals using the IRS-approved method we offer. The payments will be drawals once you have elected an Income Edge payment pro- made monthly, quarterly or annually as you select, and will continue gram; and until (i) we receive written notice from you to cancel this option; (ii) you • if you own an IRA contract, you may elect this withdrawal take an additional partial withdrawal; (iii) you contribute any more to method only if you are between ages 59 1⁄2 and 70 1⁄2. the contract or; (iv) for NQ contracts, you elect an Income Edge payment program after the mandatory period (which is after five years from You may change the payment frequency, or the amount or percentage the first 72(q) exception withdrawal and you have reached age 59 1⁄2). of your systematic withdrawals, once each contract year. However, you may not change the amount or percentage in any contract year in Unless you are eligible to and have elected an Income Edge payment which you have already taken a partial withdrawal. You can cancel the program, you may elect to start receiving substantially equal with- systematic withdrawal option at any time. In addition, for NQ contracts, drawals again, but the payments may not restart in the same calendar the option is automatically canceled upon election of an Income Edge year in which you took a partial withdrawal or added amounts to the Payment Program. contract. We will calculate the new withdrawal amount. If you take a partial withdrawal while you are taking systematic with- Substantially equal withdrawals that we calculate for you are not drawals, your systematic withdrawal option will be terminated. You subject to a withdrawal charge, and they will not reduce the con- may then elect a new systematic withdrawal option. In addition, you tribution amounts in the contract that are subject to withdrawal may not take systematic withdrawals if you are taking substantially charges. However, partial withdrawals taken while substantially equal equal withdrawals as described below. For IRA contracts, if a required withdrawals are being taken will be subject to withdrawal charges to minimum distribution withdrawal is made while the systematic with- the extent that they exceed the 10% free withdrawal amount, and drawal option is in effect, the option will be terminated. will also terminate the substantially equal withdrawals option. For Investment Edge® contracts, systematic withdrawals are not Income Edge Early Retirement Option. Under certain NQ con- subject to a withdrawal charge, and they will not reduce the tracts, prior to age 59 1⁄2 you may be able to elect a version of Income contribution amounts in the contract that are subject to withdrawal Edge that we call Income Edge Early Retirement Option, which is a charges. However, partial withdrawals taken while systematic variable annuity payout option also intended to qualify for the withdrawals are being taken will be subject to withdrawal charges to exception under Section 72(q) of the Internal Revenue Code. Unlike the extent they exceed the 10% free withdrawal amount. the 72(q) exception withdrawals discussed immediately above, Income Edge Early Retirement Option cannot be stopped and Substantially equal withdrawals restarted at a later time. See “Income Edge Early Retirement Option” (All contracts except QP, Inherited IRA, and Inherited NQ) later in this section for more information. We offer our “substantially equal withdrawals option” to allow you Lifetime required minimum distribution withdrawals to receive distributions from your account value without triggering the (Traditional IRA and SEP IRA contracts only — See “Tax information” 10% additional federal income tax penalty, which normally applies to later in this Prospectus) distributions made before age 59 1⁄2. For traditional IRA, Roth IRA and SEP IRA contracts, substantially equal withdrawals are also We offer our “automatic required minimum distribution (RMD) serv- referred to as “72(t) exception withdrawals”. For NQ contracts, sub- ice” to help you meet lifetime required minimum distributions under stantially equal withdrawals are also referred to as “72(q) exception federal income tax rules. This is not the exclusive way for you to meet withdrawals.” See “Tax information” later in this Prospectus. We use these rules. After consultation with your tax adviser, you may decide one of the IRS-approved methods for doing this; this is not the to compute RMDs yourself and request partial withdrawals. In such a exclusive method of meeting this exception. After consultation with case, a withdrawal charge may apply. Before electing this account your tax adviser, you may decide to use another method which would based withdrawal option, you should consider whether annuitization require you to compute amounts yourself and request partial with- might be better in your situation. drawals. In such a case, a withdrawal charge may apply. Once you You may elect this service in the year in which you reach age 70 1⁄2 or begin to take substantially equal withdrawals, you should not (i) stop in any later year. The minimum amount we will pay out is $250. them; (ii) change the pattern of your withdrawals for example, by Currently, RMD payments will be made annually and will be taken taking an additional partial withdrawal; or (iii) contribute any more to pro rata from all investment options. See “Required minimum dis- the contract until after the later of age 59 1⁄2 or five full years after tributions” in “Tax information” later in this Prospectus. the first withdrawal. If you stop or alter the pattern of withdrawals, you may be liable for the 10% federal tax penalty that would have This service is not available under QP contracts. otherwise been due on prior withdrawals made under this option and This service does not generate automatic RMD payments during the for any interest on the delayed payment of the penalty. first calendar year in which your contract was issued. Therefore, if you In accordance with IRS guidance, an individual who has elected to receive are making a rollover or transfer contribution to the contract after age substantially equal withdrawals may make a one-time change, without 70 1⁄2, you must take any RMDs before the rollover or transfer. If you penalty, from one of the IRS-approved methods of calculating fixed do not, any withdrawals that you take during the first contract year to payments to another IRS-approved method (similar to the required satisfy your RMDs may be subject to withdrawal charges, if applicable, minimum distribution rules) of calculating payments which vary each year. if they exceed the free withdrawal amount.

45 Accessing your money For traditional IRA contracts, we will send a form outlining the dis- When used in this Prospectus, “Income Edge Payment Program” refers generally to all forms of Income Edge payment programs, tribution options available in the year you reach age 70 1⁄2 (if you have not begun your annuity payments before that time). unless we indicate otherwise. • Income Edge If you elect our RMD service, you may request to have your withdrawals made on any day of the month, subject to the following restrictions: In order to elect the standard form of Income Edge, at the time of election your account value must be (i) at least $50,000 and (ii) more • you must select a date that is more than three calendar days than your cost basis in the contract. In addition, there are certain age prior to your contract anniversary; and requirements for electing this feature, which are described below, and in • you cannot select the 29th, 30th, or 31st. some states there may be other limitations regarding election of Income Edge. Please see Appendix III later in this Prospectus for more If you do not select a date, we will make the withdrawals the same information. You also cannot elect Income Edge while you are receiving day of the month as the day we receive your request to elect the serv- systematic withdrawals or “substantially equal withdrawals”, until the ice, subject to the restrictions listed above. You must wait at least 28 mandatory period has elapsed. See “Substantially equal withdrawals” days after your contract is issued before your RMD service with- earlier in this section. For contracts purchased through a Section 1035 drawals can begin. You must elect a date that is more than three exchange, Income Edge cannot be elected unless all expected calendar days prior to your contract anniversary. contributions have been received; in addition, you will be responsible for For Investment Edge® contracts, we do not impose a withdrawal ensuring that the cost basis information for all contracts being exchanged charge on RMD payments taken through our automatic RMD service, into the Investment Edge® contract has been reported to us by the and they will not reduce the contribution amounts in the contract that original insurance companies. Finally, for contracts with a non-natural are subject to withdrawal charges. However, partial withdrawals owner, Income Edge may only be elected where the contract is owned by taken while RMD payments are being taken will be subject to with- a trust or other entity as an agent or nominee for an individual. drawal charges to the extent that they exceed the 10% free withdrawal amount. Maximum payment period. There are two methods for determining the maximum period of time over which we will make payments under If you elect systematic withdrawals AND our automatic RMD service, this feature: Single Election and Joint Election. Under Single Election, any RMD payment made while the systematic withdrawal program is payments will be made over a defined period which, while not life con- in effect will terminate the systematic withdrawal program. tingent, is measured by the age of one person — the owner or, for Income Edge Payment Program jointly owned contracts or contracts with a non-natural owner and joint (NQ contracts only) annuitants, the person selected upon election (the Applicable Individual). Under Joint Election, the defined period is measured by the An Income Edge payment program, when elected, will pay out your age of the younger of two persons selected upon election (also the entire account value via scheduled payments over a set period of time, Applicable Individual) who may be, but need not be, spouses. For con- with a portion of each payment being a return of your cost basis in the tracts with non-natural owners, choosing the Single Election method contract and thus excludable from taxes (the “Tax-Free Amount”).(1) will result in the defined period being measured by the age of the Unlike traditional forms of annuitization, an Income Edge payment annuitant or, in the case of joint annuitants, the age of the younger program allows for a form of annuity payout that provides continuing access to your contract’s account value by allowing you to take partial joint annuitant. At the same time that you elect Income Edge, you may withdrawals or surrender your contract during the payout period. add a successor owner or joint annuitant to your contract in order to choose the Joint Election method. Note that under both methods, the We offer several Income Edge payment program versions, each of defined period is also used to determine the maximum period over which is described in detail in this Prospectus: which your cost basis in the contract will be recovered. • Income Edge — the standard form of Income Edge payment In order to elect the Single Election method, the Applicable Individual must program, described immediately below. be at least age 59 1⁄2 but not older than age 85 at the time that Income • Income Edge Early Retirement Option — available for election Edge is elected. Note that for jointly owned contracts where the Single by contract holders under the age of 59 ½. See “Income Edge Election method is chosen, the owner who is not chosen as the Applicable Early Retirement Option” later in this section. Individual need not satisfy this age requirement. In order to elect the Joint Election method, both persons who are eligible to be designated as the • Income Edge Beneficiary Advantage — available for election: Applicable Individual must be at least age 59 1⁄2 but not older than age 85 — by Investment Edge contract beneficiaries as a death bene- at the time that Income Edge is elected. In order to elect the Joint Election fit option, as described in “Income Edge Beneficiary Advan- method for contracts with either (i) an individual owner or (ii) a non- tage for NQ contracts only” in the “Payment of death natural owner with a single annuitant, the individual added to the contract benefit” section; and as either a successor owner or joint annuitant for purposes of electing the Joint Election method must meet the age requirements set forth above. — as one of two payout options under an Inherited NQ contract, as described in “Inherited NQ beneficiary payout In addition, please note that adding a successor owner or joint annuitant contract” in the “Contract features and benefits” section. to the contract in connection with making the election may change your beneficiary designation. See “Your beneficiary and payment of death benefit” in “Payment of Death Benefit” later in this Prospectus. (1) Unlike systematic withdrawals and 72(q) exception withdrawals, these payments cannot be stopped once they begin.

46 Accessing your money If the Single Election method is chosen, the maximum period over For the first Annual Payout Period, the total amount of payments for which you will receive payments (and recover your cost basis in the that year is calculated by dividing your account value at the time that contract) is determined by the following formula: Age 95 minus the you elect Income Edge by the payment period selected.(1) For each age of the Applicable Individual at the time that Income Edge is subsequent Annual Payout Period the total amount of payments for elected. If the Joint Election method is chosen, that period is that year is calculated by dividing your account value on the last day determined by the following formula: Age 100 minus the age of the of the preceding Annual Payout Period by the remaining number of Applicable Individual at the time that Income Edge is elected. Under years in the payment period as of the first day of the current Annual either method, a shorter period than that calculated by the applicable Payout Period. If not sooner, your account value will always equal formula can be chosen; however, for Investment Edge® Select and zero by the end of the payment period selected. Note that we reserve Investment Edge® ADV contracts, that period cannot be shorter than the right to change the manner in which Income Edge scheduled 10 years and for Investment Edge® contracts, that period cannot be payments are calculated, but such a change will not affect any pay- shorter than 15 years. Please see the following table for examples of ments made pursuant to an Income Edge election that preceded the the payment period calculation. effective date of the change. Please see below for an example of the Age of payment amount calculation. Applicable Maximum Chosen Payment Individual at Payment Shorter Payment In addition, see Appendix VI for a demonstration of the payment Period Method time of Election Period Period Available? amount calculation as a percentage of account value. Single Election 63 32 years Yes (at least 10 years or 15 years, Example depending on Income Edge is elected on 6/15/2017 with the Single Life election contract version) method by an 80 year old contract holder whose account value is $150,000 at the time of election. The contract owner has chosen to Single Election 81 14 years Yes for Investment receive quarterly payments over the maximum payment period. Edge® Select and Investment Edge® Remaining Annual Account Value for number of years Total Payments for ADV contracts (at Payout Payment in Payment Annual Payout least 10 years); No Period Year Calculation Period Period for Investment 1 $150,000 15 $10,000 (in Edge® contracts (as of 6/15/16) quarterly payments Joint Election 63 37 years Yes (at least 10 or of $2,500) 15 years depending 2 $155,000 14 $11,071.43 (in on contract version) (as of 6/14/17) quarterly payments Joint Election 81 19 years Yes (at least 10 or of $2,767.86) 15 years depending 3 $140,000 13 $10,769.23 (in on contract version) (as of 6/14/18) quarterly payments of $2,692.31) The amount of the payments we will make is redetermined on an annual basis, meaning that the amount of your payments may vary — each year of the payment period (called an Annual Payout Period). In 15 $12,000 1 (Annual $12,000 (in contrast, the amount of each payment that is considered to be the (as of 6/14/30) Payout Period quarterly payments return of a portion of your cost basis in the contract is determined at Year 15) of $3,000) the time that you elect Income Edge and does not change during the payment period. Note, however, that if your account value is less than or equal to the amount of any Income Edge scheduled payment on the date that such Your Income Edge payment program becomes effective on the payment is due, the entire amount of your account value will be paid Income Edge Effective Date, which is the date by which we have and your contract will terminate. In addition, if your account value is received your election to begin Income Edge payments along with all greater than the amount of the last Income Edge scheduled payment required information, exchanges and cost basis. on the date that such payment is due, the last Income Edge scheduled You may choose to receive monthly, quarterly, or annual payments payment will be equal to your entire account value. (“payment modes”) during each Annual Payout Period over the payment period. A change in your chosen payment frequency is not Income Edge scheduled payments will be taken pro rata out of all ® permitted. You may request to have your payments made on any day investment options. For Investment Edge contracts, Income Edge of the month, subject to the following restrictions: scheduled payments are not subject to withdrawal charges and they will not reduce the contribution amounts in the contract that are • you must select a date that is no more than one payment mode subject to withdrawal charges. However, such payments will reduce the away from the date on which you elect Income Edge; and 10% free withdrawal amount. If your contract terminates for any reason prior to the end of Income Edge scheduled payments, no further • you cannot select the 29th, 30th, or 31st. Income Edge scheduled payments will be made. If you do not select a date, we will make the payments on the same day of the month as the day we receive your request to elect Income Edge, (1) Note that during the first Annual Payout Period your monthly or quarterly payments subject to the restrictions listed above. must be at least $250.

47 Accessing your money A portion of each Income Edge scheduled payment represents a return In addition, we may impose a premium tax charge on contracts issued of your cost basis in the contract, and is called the Tax-Free Amount. in certain states upon election of Income Edge. If such a charge is The Tax-Free Amount for each Annual Payout Period is calculated at applicable, it will be taken out of your account value on the date that the time that you elect Income Edge and does not change once it is you elect Income Edge on a pro rata basis prior to calculating the calculated. It is calculated by dividing the remaining cost basis in the Income Edge scheduled payment(s) due during the first Annual Payout contract at the time that Income Edge is elected by the number of years Period. in the payment period selected at the time of election. That number is then divided by the number of Income Edge scheduled payments in See “Special Rules for NQ contracts when Income Edge is in effect” in each Annual Payout Period to determine the Tax-Free Amount that “Payment of Death Benefit” for more information on rules that apply applies to each Income Edge scheduled payment. upon the death of the owner. For example, if the remaining cost basis in the contract at the time that Partial Withdrawals. You may make partial withdrawals Income Edge is elected is $100,000, and the payment period chosen at (redemptions) following election of Income Edge, subject to withdrawal election is 10 years, then the Tax-Free Amount for each Annual Payout charges, if applicable. Note that unlike Income Edge scheduled pay- Period is $10,000. And if that contract owner had selected quarterly ments, no portion of such withdrawals will represent a return of your payments, then $2,500 (1/4th of $10,000) would be the amount of cost basis in the contract, and thus will not affect the Tax-Free Amount each Income Edge scheduled payment that would represent a return of applicable to subsequent Income Edge scheduled payments. In addition, cost basis in the contract. the withdrawal charge schedule remains unchanged upon election of Income Edge, and any withdrawal charge waivers that were in effect at Your actual cost basis in the contract is reduced by the Tax-Free the time that Income Edge was elected will continue to be in effect in Amount upon receipt of each Income Edge scheduled payment. Income accordance with their terms. Edge is designed to deplete your entire cost basis in the contract by the end of the payment period selected. Special rules may apply if you have • Income Edge Early Retirement Option purchased more than one non-qualified annuity contract from AXA Income Edge Early Retirement Option (“Income Edge ERO”) is a version Equitable in the same calendar year. Please see “Tax Information” later of Income Edge available for election by Investment Edge NQ contract in this Prospectus for more information. owners aged between 10 and 59½. To elect Income Edge ERO, your All options selected as part of electing Income Edge (e.g., Joint Election, account value must be (i) at least $50,000 and (ii) more than your cost payment period) are final, although you may cancel your election if your basis in the contract. Like the “substantially equal withdrawals” option request to do so is received prior to the date on which your first Income discussed earlier in this section, Income Edge ERO is intended to meet Edge scheduled payment is made. the “substantially equal periodic payments” exception provided under Once Income Edge scheduled payments begin, they cannot be stop- Section 72(q) of the Internal Revenue Code that otherwise applies a ped, although the contract can be fully redeemed (surrendered) for 10% additional federal income tax penalty to distributions taken before the then-current account value net of withdrawal charges, if appli- age 59½. Unlike the “substantially equal withdrawals” option: cable. In addition, upon election of Income Edge the following limi- • Income Edge ERO will pay out your entire account value via tations on your contract apply: scheduled payments over a set period of time, with a portion of • Additional contributions — including Section 1035 each payment representing a return of your cost basis in the exchanges — to your contract are not permitted. contract. • Contract ownership cannot be changed, and no rights • Income Edge ERO scheduled payments cannot be stopped once under the contract may be assigned. they begin, and annuitization options under the contract are no • Any systematic withdrawal option or 72(q) substantially longer available. equal withdrawal option that is in effect will end. The features of Income Edge discussed immediately above also apply • You may not select any of the other annuity payout options to Income Edge ERO, subject to these distinctions: available under your contract, and the maturity date is no • We will continue to make payments under Income Edge ERO even longer applicable. after you are age 59½ until all payments are made under the con- • If you have elected the Joint Election payment method, the tract, unless you request to surrender (redeem) your contract. joint owner, successor owner, or joint annuitant, as appli- Depending both on your age and the length of time you have been cable, supersedes all inconsistent beneficiary designations. receiving payments under Income Edge ERO, we may have to report such redemption as being subject to a federal tax penalty. • Any existing instructions that you specified regarding the manner in which the death benefit should be paid out will • Income Edge ERO is only available for election by individual no longer be in effect. contract owners. Income Edge ERO cannot be elected under a • The beneficiary continuation option, spousal continuation jointly owned contract or by non-natural owners. option, and other annuity options are not available to • Payment period. The discussion in “Income Edge” above beneficiaries. concerning the determination of the payment period and the • The Protected premium death benefit, if elected, will be choice between “Single Election” and “Joint Election” does not terminated on the Income Edge Effective Date. Any accrued apply to Income Edge ERO. Rather, the period of time over Protected premium death benefit charge will be deducted which Income Edge ERO scheduled payments are made is calcu- on that date. lated based on your life expectancy when payments begin. We

48 Accessing your money determine your life expectancy by referring to an IRS table used in the contract, and thus will not affect the Tax-Free Amount for determining “substantially equal periodic payments” and applicable to subsequent Income Edge BA scheduled payments. round down to the nearest whole number. Unlike Income Edge, Withdrawal charges will apply. you cannot select a payment period that is shorter than the life This version of Income Edge BA is described in more detail in “Income expectancy period we determine. Edge Beneficiary Advantage for NQ contracts only” in the “Payment The amount of the first scheduled payment is determined by of death benefit” section of the Prospectus. dividing the account value as of the date payments start by your Features of the version of Income Edge BA available for election by life expectancy as determined above. Each subsequent annual beneficiaries under an Inherited NQ contract include the following: scheduled payment is determined by dividing the remaining account value as of the anniversary date by the initial life • We will determine a payment period at the time that scheduled expectancy, reduced by 1 for each subsequent year. payments are due to begin. The payment period is based on the Inherited NQ contract owner’s life expectancy. The Inherited NQ • Partial withdrawals. As with Income Edge, you have the contract owner may select a shorter payment period, which will ability to take partial withdrawals (redemptions) after you elect generally result in larger payments. Income Edge ERO, subject to withdrawal charges, if applicable. However, if you take partial withdrawals or fully sur- • The Inherited NQ contract owner may choose at any time to render (redeem) your contract (i) prior to age 59½ or (ii) withdraw all or a portion of the account value. Any partial with- after age 59 1⁄2 but prior to having received five full drawal must be at least $300. Unlike Income Edge BA scheduled years of Income Edge ERO scheduled payments, there payments, no portion of such withdrawals will represent a return may be adverse tax consequences. Although we believe of cost basis in the contract, and thus will not affect the Tax-Free that the Income Edge ERO payment program constitutes sub- Amount applicable to subsequent Income Edge BA scheduled stantially equal periodic payments for purposes of Section payments. Withdrawal charges will apply. 72(q) of the Code, taking a withdrawal will alter your payment This version of Income Edge BA is described in more detail in pattern and we can no longer report the Income Edge ERO “Inherited NQ beneficiary payout contract” in the “Contract features scheduled payment amounts as being available for the and benefits” section of the Prospectus. exception. See “Tax Information” later in this Prospectus for more information. How withdrawals are taken from your account If you are under age 59½, you should carefully consider whether to value elect Income Edge ERO or instead wait until you are older than age We will subtract your withdrawals on a pro rata basis from your account 59½ and elect Income Edge. As discussed above, Income Edge ERO value in the variable investment options. We treat scheduled payments has certain limitations that do not apply to Income Edge, and even under any form of Income Edge payment program in the same manner. If though there are no contractual restrictions on your ability to take there is insufficient value or no value in the variable investment options, withdrawals that are in addition to your scheduled payments, or to any additional amount of the withdrawal (or, if applicable, Income Edge fully redeem your contract, adverse tax consequences may apply if scheduled payment) required or the total amount as applicable will be you are under age 59½ and/or have not received five full years of withdrawn from amounts in the dollar cost averaging program (if any). A scheduled Income Edge ERO payments. partial withdrawal (or, if applicable, an Income Edge payment program • Income Edge Beneficiary Advantage scheduled payment) from amounts in the dollar cost averaging program (if any) will not terminate the dollar cost averaging program. The Income Edge Beneficiary Advantage (“Income Edge BA”) payment option is a form of Income Edge payment program available If you direct us to subtract an automated withdrawal (systematic with- under NQ contracts (a) to Investment Edge contract beneficiaries as a drawals, substantially equal withdrawals, or lifetime required minimum distribution withdrawals) from specific variable investment option(s), death benefit option; and (b) as one of two payout options for and the value in the selected investment option(s) drops below the beneficiaries under an Inherited NQ contract. requested withdrawal amount, the requested amount will be taken on Features of the version of Income Edge BA available for election by an a pro rata basis from all other investment options in the contract on the Investment Edge contract beneficiary include the following: business day after the withdrawal was scheduled to occur. All subsequent automated withdrawals will be processed on a pro-rata basis • We will determine a payment period at the time that scheduled from all other investment options. payments begin. The payment period is based on your beneficiary’s age, using an IRS table for post-death payments and For non-automated lump sum withdrawals (i.e., partial withdrawals), if rounding down to the nearest whole number. Before scheduled you direct us to subtract such a withdrawal from specific investment payments start, your beneficiary may choose a shorter payment option(s) and the value in the selected investment option(s) is less than period than the one we determine, but a payment period must the requested withdrawal amount, the request will not be processed be at least 15 years (for beneficiaries of Investment Edge® con- and we will ask you to amend the request before it can be processed. tracts) or 10 years (for beneficiaries of Investment Edge® Select and Investment Edge® ADV contracts). Effect of withdrawals on your Protected premium death benefit • Your beneficiary may choose at any time to withdraw all or a (not applicable if you have elected an Income Edge payment program) portion of the account value. Any partial withdrawal must be at least $300. Unlike Income Edge BA scheduled payments, no If you elected the PPDB, all withdrawals from your contract, whether portion of such withdrawals will represent a return of cost basis partial withdrawals, systematic withdrawals, substantially equal withdrawals, or lifetime required minimum distribution withdrawals,

49 Accessing your money will reduce your PPDB on a pro rata basis. See “Protected premium The following description assumes annuitization of your entire con- death benefit” in “Contract features and benefits” earlier in this tract. For partial annuitization, see “Partial annuitization” below. For Prospectus for more information. NQ contracts, see “Income Edge Payment Program” earlier in this section for details regarding the Income Edge payment program. Withdrawals treated as surrenders ® (not applicable to scheduled payments under any form of Income Edge) Deferred annuity contracts such as Investment Edge provide for conversion to annuity payout status at or before the contract’s “maturity If you request to withdraw more than 90% of a contract’s current date”. This is called “annuitization”. Upon annuitization, your account cash value, or if your account value is reduced to zero as a result of a value is applied to provide periodic payments as described in this sec- withdrawal, we will treat it as a request to surrender the contract for tion; the contract and all its benefits terminate; and will be converted to its cash value. In addition, we have the right to pay the cash value a supplementary contract for the periodic payments (“payout option”). and terminate the contract if you make a withdrawal that would The supplementary contract does not have an account value or cash result in a cash value of less than $500. See “Surrendering your value. If you choose a variable annuity option, you will receive a sepa- contract to receive its cash value” below. For the tax consequences of rate prospectus related to the contract you select. withdrawals, see “Tax information” later in this Prospectus. You may choose to annuitize your contract at any time, which gen- Surrendering your contract to receive its cash erally is at least 13 months after the contract issue date. Please see value Appendix III later in this Prospectus for information on state variations. The contract’s maturity date is the latest date on which You may surrender your contract to receive its cash value at any time annuitization can occur. If you do not annuitize before the maturity while an owner is living (or for contracts with non-natural owners, date and at the maturity date have not made an affirmative choice as while the annuitant is living) and before you begin to receive annuity to the type of annuity payments to be received, we will convert your payments. For a surrender to be effective, we must receive your written contract to the default annuity payout option described in “Annuity request and your contract at our processing office. We will determine maturity date” later in this section. your cash value on the date we receive the required information. You may also surrender your contract while an Income Edge payment In general, your periodic payment amount upon annuitization is program is in effect. determined by the account value or cash value of your Investment Edge® contract at the time of annuitization, the form of the annuity You may receive your cash value in a single sum payment or apply it payout option you elect and the annuity purchase rate to which that to one or more of the annuity payout options. See “Your annuity value is applied, as described below. Once begun, annuity payments payout options” below. For the tax consequences of surrenders, see cannot be stopped unless otherwise provided in the supplementary “Tax information” later in this Prospectus. contract. Your contract guarantees that upon annuitization, your When to expect payments account value will be applied to a guaranteed annuity purchase rate for a life annuity. We reserve the right, with 60 days advance written notice Generally, we will fulfill requests for payments out of the variable invest- to you, to change guaranteed annuity purchase rates any time after ment options within seven calendar days after the date of the transaction your fifth contract date anniversary and at not less than five-year inter- to which the request relates. These transactions may include applying vals after the first change. (Please see your contract and SAI for more proceeds to a variable annuity, payment of a death benefit, payment of information.) In the event that we exercise our contractual right to any amount you withdraw (less any withdrawal charge, if applicable) change the guaranteed annuity purchase factors, we would segregate and, upon surrender, payment of the cash value. We may postpone such the account value based on contributions and earnings received prior to payments or applying proceeds for any period during which: and after the change. When your contract is annuitized, we would (1) the New York Stock Exchange is closed or restricts trading, calculate the payments by applying the applicable purchase factors separately to the value of the contributions received before and after (2) the SEC determines that an emergency exists as a result of which the rate change. For example, assume the contract owner is a 70-year sales of securities or determination of the fair value of a variable old male and contributes $100,000. Seven years later we announce a investment option’s assets is not reasonably practicable, or change in the guaranteed annuity purchase rate. After this change, the (3) the SEC, by order, permits us to defer payment to protect people contract owner contributes $45,000. At age 85, the contract owner remaining in the variable investment options. elects to annuitize the contract. At this time the annuity account value is $260,000, of which $200,000 is attributable to the initial con- We may defer payments for a reasonable amount of time (not to tribution and $60,000 is attributable to the subsequent contribution. exceed 10 days) while we are waiting for a contribution check to Assume the guaranteed annuity purchase rate at the time the contract clear. was issued was 5.63 per $1,000. After the change, the guaranteed All payments are made to a bank account designated by you or by annuity purchase rate is 4.79 per $1,000. The guaranteed monthly check which will be mailed to you (or the payee named in a tax-free payment when the contract is annuitized would be $1,413.40 exchange) by U.S. mail, if you request that we do so subject to any (=200,000 x 5.63 / 1,000 + 60,000 x 4.79 / 1,000). charges. We can also send any payment to you by using an express In addition, you may apply your total account value or cash value, which- delivery or wire transfer service (subject to applicable charges; see ever is applicable, to any other annuity payout option that we may offer at “Charges and Expenses” later in this Prospectus). the time of annuitization. We have the right to require you to provide any Your annuity payout options information we deem necessary to provide an annuity payout option. If an (Not applicable when any version of Income Edge has been elected, or annuity payout is later found to be based on incorrect information, it will be adjusted on the basis of the correct information. to Inherited IRA or Inherited NQ contracts)

50 Accessing your money You can currently choose from among the payout annuity options listed choose from the life-contingent annuity payout options described here. below. Restrictions may apply, depending on the type of contract you We currently do not offer a period certain option for partial annuitiza- own or the owner’s and annuitant’s ages at contract issue. Other than tion. We require you to elect partial annuitization on the form we life annuity with period certain, we reserve the right to add, remove or specify. For purposes of this contract we will effect any partial change any of these annuity payout options at any time. annuitization as a withdrawal applied to a payout annuity. Partial annuitization is available until your annuity maturity date. See “How Fixed annuity payout options • Life annuity withdrawals are taken from your account value” earlier in this section. • Life annuity with period certain For NQ contracts, any partial annuitization must take place prior to • Life annuity with refund election of the Income Edge payment program. In that case, only the certain cost basis for the portion of the contract that has not been annuitized will be available under the Income Edge payment program. See • Life annuity: An annuity that guarantees payments for the rest “Income Edge Payment Program” earlier in this section. of the annuitant’s life. Payments end with the last monthly Selecting an annuity payout option payment before the annuitant’s death. Because there is no continuation of benefits following the annuitant’s death with this When you select a payout option, we will issue you a separate written payout option, it provides the highest monthly payment of any of agreement confirming your right to receive annuity payments. We the life annuity options, so long as the annuitant is living. It is require you to return your contract before annuity payments begin. possible that the Life annuity option could result in only one The contract owner and annuitant must meet the issue age and payment if the annuitant dies immediately after annuitization. payment requirements. You can choose the date annuity payments begin but it may not be • Life annuity with period certain: An annuity that guarantees earlier than thirteen months from your contract date. Please see payments for the rest of the annuitant’s life. If the annuitant dies Appendix III later in this Prospectus for information on state variations. before the end of a selected period of time (“period certain”), You can change the date your annuity payments are to begin at any payments continue to the beneficiary for the balance of the period time. The date may not be later than the annuity maturity date certain. The period certain cannot extend beyond the annuitant’s described below. life expectancy. A life annuity with a period certain is the form of annuity under the contract that you will receive if you do not elect The amount of the annuity payments will depend on the amount a different payout option. In this case, the period certain will be applied to purchase the annuity and the applicable annuity purchase based on the annuitant’s age and will not exceed 10 years. factors, discussed earlier. The amount of each annuity payment will be less with a greater frequency of payments or a longer certain • Life annuity with refund certain: An annuity that guarantees period of a life contingent annuity. Once elected, the frequency with payments for the rest of the annuitant’s life. If the annuitant dies which you receive payments cannot be changed. before the amount applied to purchase the annuity option has been recovered, payments to the beneficiary will continue until If, at the time you elect a payout option, the amount to be applied is that amount has been recovered. 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 The life annuity, life annuity with period certain, and life annuity with single sum rather than as payments under the payout option chosen. refund certain payout options are available on a single life or joint and If you select an annuity payout option and payments have begun, no survivor life basis. The joint and survivor life annuity guarantees pay- change can be made. ments for the rest of the annuitant’s life, and after the annuitant’s Annuity maturity date death, payments continue to the survivor. We may offer other payout options not outlined here, including non-life contingent annuities. Your Your contract has a maturity date by which you must either take a lump financial professional can provide you with details. 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 We guarantee fixed annuity payments will be based either on the tables be changed other than in conformance with applicable law even if you of guaranteed annuity purchase factors in your contract or on our then name a new annuitant. For contracts with joint annuitants, the maturity current annuity purchase factors, whichever is more favorable for you. age is based on the older annuitant. The maturity date is generally the The amount applied to purchase an annuity payout option contract date anniversary that follows the annuitant’s 95th birthday. We will send a notice with the contract statement one year prior to the The amount applied to purchase an annuity payout option varies, maturity date. If you do not respond to the notice within the 30 days depending on the payout option that you choose, and the timing of following the maturity date, your contract will be annuitized automati- your purchase as it relates to any withdrawal charges that apply cally. The notice will include the date of maturity, describe the available ® under your Investment Edge series contract. annuity payout options, state the availability of a lump sum payment For Investment Edge® contracts, there is no withdrawal charge option, and identify the default payout option if you do not provide an imposed if you select a life annuity, life annuity with period certain or election by the time of your contract maturity date. The default payout life annuity with refund certain. If we are offering non-life contingent option is the Life annuity with period certain not to exceed 10 years. forms of annuities, the withdrawal charge will be imposed. Any death benefit you had under your contract will no longer be in effect. You will not be permitted to make any additional withdrawals. Partial annuitization. Partial annuitization of nonqualified deferred annuity contracts, as described in “Partial Annuitization” in “Tax Please see Appendix III later in this Prospectus for variations that may Information”, is permitted under certain circumstances. You may apply in your state.

51 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. Below is the daily charge shown as an annual rate of the net assets in each variable investment option for each contract in the We may also deduct the following charges from your account value. If Investment Edge® series: we deduct these charges from your variable investment options we reduce the number of units credited to your contract: Investment Edge®: 0.70% ® • On each contract date anniversary (or, for NQ contracts where Investment Edge Select: 0.75% an Income Edge payment program has been elected, the Income Investment Edge® ADV: 0.20% Edge Anniversary Date) — the Contract Maintenance Fee, if The mortality risk we assume is the risk that annuitants as a group will applicable. live for a longer time than our actuarial tables predict. If that happens, • At the time you make certain withdrawals or surrender your we would be paying more in annuity income than we planned. We also contract — a withdrawal charge (if applicable). assume a risk that the mortality assumptions reflected in our guaranteed annuity payment tables, shown in each contract, will differ from actual • At the time annuity payments are to begin including, for NQ mortality experience. The expense risk we assume is the risk that it will contracts, Income Edge payment program scheduled payments cost us more to issue and administer the contracts than we expect. — charges designed to approximate certain taxes that may be imposed on us, such as premium taxes in your state. Administrative charge. We deduct a daily charge from the net assets in each variable investment option. The charge, together with • At the time you request a transfer in excess of 12 transfers in a the Contract Maintenance Fee described below, is to compensate us contract year — a transfer charge (currently, there is no charge). for administrative expenses under the contracts. Below is the daily • Charge for third-party transfer or exchange. charge shown as an annual rate of the net assets in each variable investment option: • Special services charges (if applicable). Investment Edge®: 0.30% • Duplicate Annual and/or Quarterly Statement of Account or ® Annual Payout Statement charge (if applicable). Investment Edge Select: 0.30% Investment Edge® ADV: 0.10% More information about these charges appears below. We will not increase these charges for the life of your contract, except as noted. Distribution charge. We deduct a daily charge from the net assets in each variable investment option to compensate us for a portion of The charges under the contracts are designed to cover, in the our sales expenses under the contracts. Below is the daily charge aggregate, our direct and indirect costs of selling, administering and shown as an annual rate of the net assets in each variable investment providing benefits under the contracts. They are also designed, in the option: aggregate, to compensate us for the risks of loss we assume pursuant to the contracts. If, as we expect, the charges that we collect from the Investment Edge®: 0.10% contracts exceed our total costs in connection with the contracts, we Investment Edge® Select: 0.20% will earn a profit. Otherwise, we will incur a loss. Investment Edge® ADV: 0.00% The rates of certain of our charges have been set with reference to esti- We sometimes refer to the total amount of Separate account annual mates of the amount of specific types of expenses or risks that we will expenses as the “Contract fee”. You may be eligible for a reduction incur. In most cases, this Prospectus identifies such expenses or risks in in the Contract fee. See “Breakpoint Credit” in “Contract features the name of the charge; however, the fact that any charge bears the and benefits” for more information. name of, or is designed primarily to defray, a particular expense or risk does not mean that the amount we collect from that charge will never Annual fund facilitation fee. We may deduct a fund facilitation be more than the amount of such expense or risk. Nor does it mean that fee in order to make certain variable investment options available we may not also be compensated for such expense or risk out of any under the contract. The fee applies to variable investment options other charges we are permitted to deduct by the terms of the contracts. that do not provide us with the amount of revenue we require in order for us to meet our expenses and revenue targets.

52 Charges and expenses The fee is based on the net assets in each variable investment option certain services, we will deduct from your account value any withdrawal for which we specify that the fee applies. It is expressed as an annual charge that applies and the charge for the special service. Please note that we percentage rate and is deducted daily from the unit value of the may discontinue some or all of these services without notice. applicable variable investment option. Wire transfer charge. We charge $90 for outgoing wire transfers. If the contract is surrendered or annuitized (not including election of Unless you specify otherwise, this charge will be deducted from the an Income Edge payment program) or a death benefit is paid on a amount you request. date other than a contract date anniversary, we will deduct a pro rata Express mail charge. We charge $35 for sending you a check by portion of the charge for that year. If your account value is insufficient express mail delivery. This charge will be deducted from the amount to pay this charge, your contract will terminate without value. you request. Currently, we do not charge this fee for any variable investment Duplicate contract charge. We charge $35 for providing a copy of option that we offer. your contract. The charge for this service can be paid (i) using a credit Account value charges card acceptable to AXA Equitable, (ii) by sending a check to our processing office, or (iii) by any other means we make available to Contract Maintenance Fee. We will deduct a $50 dollar charge you. on any contract date anniversary on which your account value is less than $50,000. This charge will no longer apply to NQ contracts fol- Check preparation charge. The standard form of payment for all lowing Income Edge election, even if your account value falls below withdrawals is direct deposit. If direct deposit instructions are not $50,000. This charge is intended to compensate us for the cost of provided, payment will be made by check. Currently, we do not providing administrative services in connection with your contract. charge for check preparation, however, we reserve the right to impose a charge, which would be deducted from the amount you We will deduct this charge from your value in the variable investment request following imposition of such a charge. We reserve the right to options on a pro rata basis. If those amounts are insufficient, we will charge a maximum of $85. deduct all or a portion of the charge (as applicable) from amounts in the dollar cost averaging program (if any). Charge for third-party transfer or exchange. Currently, we are waiving the $65 charge for each third-party transfer or exchange; this If the contract is surrendered or annuitized or a death benefit is paid waiver may be discontinued at any time, with or without notice. on any date other than the contract date anniversary, we will deduct Absent this waiver, we deduct a charge for direct rollovers or direct a pro rata portion of the charge for that year. transfers of amounts from your contract to a third party, such as in If your account value is insufficient to pay this charge, your contract the case of a trustee-to-trustee transfer for an IRA contract, or if you will terminate without value. request that your contract be exchanged for a contract issued by another insurance company. This charge will be deducted from the Transfer charge amount you request. We reserve the right to increase this charge to a Currently, we do not charge for transfers among investment options maximum of $125. Please see Appendix III later in this Prospectus for under the contract. In addition we reserve the right, at any time but variations in your state. always with prior notice, to charge for any transfers in excess of 12 per contract year (or, for NQ contracts where an Income Edge pay- Duplicate Annual and/or Quarterly Statement of Account or ment program has been elected, per Annual Payout Period). Annual Payout Statement charge. Currently, we do not charge for providing a duplicate copy of your Annual or Quarterly Statement of In the event that such a charge is imposed, it will be subject to the Account or Annual Payout Statement. However, we reserve the right to following: impose such a charge, regardless of whether you are enrolled in elec- • We reserve the right to waive such charge for transfers tronic delivery or whether the request is for an electronic or hard copy requested electronically. duplicate of the applicable document. Any such charge would be deducted from your account value in the variable investment options at • The charge will never exceed $35 and will be assessed at the the time of the request on a pro rata basis. time that the transfer is processed. Withdrawal charge • For the purposes of this charge, all transfers made on the same (for Investment Edge® contracts only) business day as to a particular contract will be considered one A withdrawal charge applies in two circumstances: (1) if you make transfer. one or more withdrawals during a contract year that, in total, exceed • Any transfer charge will be deducted from the investment the 10% free withdrawal amount, described below, or (2) if you sur- option(s) from which the transfer was made. render your contract to receive its cash value. For more information about the withdrawal charge if you select an annuity payout option, • No charge will be imposed for transfers made in connection with see “Your annuity payout options — The amount applied to pur- the dollar cost averaging program. chase an annuity payout option” in “Accessing your money” earlier Special services charges in this Prospectus. We deduct a charge for providing the special services described below. These The withdrawal charge equals a percentage of the contributions with- charges compensate us for the expense of processing each special service. For drawn even if the account value is less than total net contributions.

53 Charges and expenses The percentage of the withdrawal charge that applies to each con- Disability, terminal illness, or confinement to nursing tribution depends on how long each contribution has been invested home. There are specific circumstances (described below) under in the contract. We determine the withdrawal charge separately for which the withdrawal charge will not apply. At any time after the first each contribution according to the following table: contract date anniversary, you may submit a claim to have the with- Withdrawal charge as a % of contribution Contract Year drawal charge waived if you(1) meet certain requirements. You are not 123456+ eligible to make a claim prior to your first contract date anniversary. Also, your claim must be on the specific form we provide for this Investment Edge® 6% 6% 5% 4% 3% 0%(1) purpose. (1) Charge does not apply in the 6th and subsequent contract years following contribution. The withdrawal charge does not apply if: For purposes of calculating the withdrawal charge, we treat the con- (i) We receive proof satisfactory to us (including certification by a tract year in which we receive a contribution as “contract year 1,” and licensed physician) that an owner (or older joint owner, if appli- the withdrawal charge is reduced or expires on each applicable contract cable) is unable to perform three of the following “activities of date anniversary. Amounts withdrawn that are not subject to the with- daily living”: drawal charge are not considered withdrawals of any contribution. We also treat contributions that have been invested the longest as being — “Bathing” means washing oneself by sponge bath; or in withdrawn first. We treat contributions as withdrawn before earnings either a tub or shower, including the task of getting into or for purposes of calculating the withdrawal charge. However, federal out of the tub or shower. income tax rules treat earnings under your contract as withdrawn first. — “Continence” means the ability to maintain control of See “Tax information” later in this Prospectus. bowel and bladder function; or, when unable to maintain Please see Appendix III later in this Prospectus for possible with- control of bowel or bladder function, the ability to perform drawal charge schedule variations in your state. associated personal hygiene (including caring for catheter or colostomy bag). In order to give you the exact dollar amount of the withdrawal you request, we deduct the amount of the withdrawal and the — “Dressing” means putting on and taking off all items of withdrawal charge from your account value. Any amount deducted to clothing and any necessary braces, fasteners or artificial pay withdrawal charges is also subject to that same withdrawal limbs. charge percentage. We deduct the charge in proportion to the — “Eating” means feeding oneself by food into the body from amount of the withdrawal subtracted from each investment option. a receptacle (such as a plate, cup or table) or by a feeding The withdrawal charge helps cover our sales expenses. tube or intravenously. We offer two versions of the contract that do not include a with- — “Toileting” means getting to and from the toilet, getting on drawal charge. and off the toilet, and performing associated personal hygiene. The withdrawal charge does not apply in the circumstances described — “Transferring” means moving into or out of a bed, chair or below. wheelchair. 10% free withdrawal amount. Each contract year you can with- (ii) We receive proof satisfactory to us (including certification by a draw up to 10% of your account value without paying a withdrawal licensed physician) that an owner’s (or older joint owner’s, if charge. The 10% free withdrawal amount is determined using your applicable) life expectancy is six months or less; or account value at the beginning of each contract year. For NQ contracts, following election of an Income Edge payment program, the amount is (iii) An owner (or older joint owner, if applicable) has been confined determined using your account value at the beginning of each Annual to a nursing home for more than 90 days (or such other period, as required in your state) as verified by a licensed physician. A Payout Period. In the first contract year, the 10% free withdrawal nursing home for this purpose means one that is (a) approved by amount is determined using all contributions received in the first 90 Medicare as a provider of skilled nursing care service, or days of the contsract year. Additional contributions during the contract (b) licensed as a skilled nursing home by the state or territory in year do not increase your 10% free withdrawal amount. The 10% free which it is located (it must be within the United States, Puerto withdrawal amount does not apply if you surrender your contract Rico, or U.S. Virgin Islands) and meets all of the following: except where required by law. — its main function is to provide skilled, intermediate, or Substantially equal withdrawals. For Investment Edge® con- custodial nursing care; tracts, substantially equal withdrawals that we calculate for you are not subject to a withdrawal charge. See “Substantially equal with- — it provides continuous room and board to three or more drawals” in “Accessing your money” earlier in this Prospectus for persons; more information. — it is supervised by a registered nurse or licensed practical Income Edge. Payments made under any form of Income Edge nurse; payment program that we offer are not subject to withdrawal charges. (1) When used in this section, “you” means (a) for single owner contracts, the owner; (b) for jointly owned contracts, the older owner; (c) for contracts with non-natural owner(s) and a single annuitant, the Annuitant; and (d) for contracts with non-natural owner(s) and joint annuitants, the older annuitant.

54 Charges and expenses — it keeps daily medical records of each patient; Net Amount at Risk: On each day of your contract, your NAR is equal to (A) minus (B), where: — it controls and records all medications dispensed; and (A) equals your Protected premium death benefit base; and (B) equals — its primary service is other than to provide housing for your account value on that day. If (A) is less than or equal to (B), then residents. your NAR for that day equals zero. Some states may not permit us to waive the withdrawal charge in the There will be no accrued charge for the PPDB for any day on which above circumstances, or may limit the circumstances for which the your NAR is less than or equal to zero. withdrawal charge may be waived. Your financial professional can provide more information or you may contact our processing office. The charge for a non-business day will be determined using the NAR calculated for the immediately following business day. Charges for state premium and other applicable taxes We will deduct the PPDB charge from your account value in the varia- We deduct a charge designed to approximate certain taxes that may ble investment options on a pro rata basis. If those amounts are be imposed on us, such as premium taxes in your state. Generally, we insufficient, we will deduct all or a portion of the charge (as appli- deduct the charge from the amount applied to provide an annuity cable) from amounts in the dollar cost averaging program (if any). If payout option. For NQ contracts, we also deduct this charge from on any date other than the contract date anniversary your contract is your account value as of the date that you elect an Income Edge surrendered or annuitized, the Income Edge Effective Date, a death payment program. The current tax charge that might be imposed benefit is paid, or the PPDB is terminated, we will deduct the cumu- varies by jurisdiction and ranges from 0% to 3.5%. lative accrued charge for that year from your account value. Please call our processing office for more information. For an example of how the PPDB and the PPDB charge are calcu- Fee-based expenses (Investment Edge® ADV contracts only) lated, see “Appendix VII: Protected premium death benefit example.” The fees and expenses of a fee-based program are separate from and Spousal continuation. If either (a) the surviving younger spouse in addition to the fees and expenses of the contract. Please consult under a spousal joint owner contract or (b) the sole spousal with your program sponsor for more details about your fee-based beneficiary of a single owner contract elects to continue their contract program. You should consider maintaining sufficient assets outside of in which the PPDB had been elected, and that spouse is eligible to this contract in order to pay advisory or custodial account expenses. continue the PPDB, we will use the surviving spouse’s age as of the Withdrawals from your Investment Edge® ADV contract to pay those anniversary preceding the date of claim as the determining age for expenses will be treated like any other withdrawal. calculating the initial daily PPDB charge. Any accrued PPDB charge as Protected premium death benefit charge of the date of claim will be deducted from the account value on that date. Thereafter, the PPDB charge will be deducted from the account If you elect the Protected premium death benefit (PPDB), we deduct a value on each contract date anniversary. If the surviving spouse charge annually on each contract date anniversary for which the decides to terminate the PPDB on the date of claim, any accrued benefit is in effect. This charge is calculated daily as a percentage of PPDB charges up until the date of claim will be deducted from the your Net Amount at Risk (NAR) and varies according to your age as of account value (prior to any reset) on the next contract date your most recent contract date anniversary. For jointly owned con- anniversary. See “Spousal continuation” in “Payment of death tracts, we look to the age of the older joint owner when determining benefit” for more information about spousal continuation options. the charge. The following table shows the current and maximum annual charges for the benefit: Other important considerations Current Maximum Current Maximum • If you have a positive NAR, in a rising market your account value Annual Annual Annual Annual may eventually increase to the point where your NAR reaches Charge Charge Charge Charge Age (% of NAR) (% of NAR) Age (% of NAR) (% of NAR) zero. As long as your NAR stays at zero you will not be charged for the PPDB. ≤65 0.6% 1.2% 89 12.0% 24.0% 66-70 1.2% 2.4% 90 13.5% 27.0% • If your account value declines, whether due to withdrawals, the deduction of fees and/or poor market performance, and you have 71-75 1.8% 3.6% 91 14.5% 29.0% a positive NAR, the dollar amount of the PPDB charge increases. 76-80 3.6% 7.2% 92 16.0% 32.0% Furthermore, if your account value continues to decline, the fee 81-85 7.2% 14.4% 93 17.0% 34.0% will represent an increasing percentage of your account value and could substantially reduce your remaining account value. 86 9.0% 18.0% 94 18.5% 37.0% 87 10.0% 20.0% 95 20.0% 40.0% • Low account value. If your account value is low, deduction of the charge on your contract anniversary, together with any other 88 11.0% 22.0% charges deducted that day, will further deplete your account The daily charge percentage increases automatically on each contract value. Furthermore, if on any Business Day your account value, date anniversary following the date on which you reach the next age including any accrued but unpaid Breakpoint Credit, is less than bracket shown in the table. We reserve the right to increase the or equal to the accrued but unpaid amount of the charge for the charges for this benefit up to the maximum charges shown above. PPDB, your contract, including the PPDB, will terminate without value and you will lose all your rights and benefits under the

55 Charges and expenses contract, including the PPDB. If your account value is low, we recommend speaking to your financial adviser about possible options available to you, including (a) ceasing withdrawals, (b) dropping the PPDB and/or (c) making additional contributions (if permitted under your contract).

Charges that the Trusts deduct The Trusts deduct charges for the following types of fees and expenses: • Management fees. • 12b-1 fees. • Operating expenses, such as trustees’ fees, independent public accounting firms’ fees, legal counsel fees, administrative service fees, custodian fees and liability insurance. • Investment-related expenses, such as brokerage commissions. These charges are reflected in the daily share price of each Portfolio. Since shares of each Trust are purchased at their net asset value, these fees and expenses are, in effect, passed on to the variable investment options and are reflected in their unit values. Certain Port- folios available under the contract in turn invest in shares of other Portfolios of the Trusts and/or shares of unaffiliated portfolios (collectively, the “underlying Portfolios”). The underlying Portfolios each have their own fees and expenses, including management fees, operating expenses, and investment related expenses such as brokerage commissions. For more information about these charges, please refer to the prospectuses for the Trusts.

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.

56 Charges and expenses 6. Payment of death benefit

Your beneficiary and payment of benefit designation and when the death benefit is payable. In general, the beneficiary will have no right to change the election. However, you You designate your beneficiary when you apply for your contract. You should be aware that (i) in accordance with current federal income may change your beneficiary at any time during your lifetime and tax rules, we apply a predetermined death benefit annuity payout while the contract is in force. A beneficiary change will be effective as election only if payment of the death benefit amount begins within of the date the written request is executed, whether or not you are one year following the date of death (the “1-year rule”), which living on the date the change is received in our processing office. We payment may not occur if the beneficiary has failed to provide all are not responsible for any beneficiary change request that we do not required information before the end of that period, (ii) we will not receive. We are not liable for any payments we make or actions we apply the predetermined death benefit payout election if doing so take before we receive the change. We will send you a written con- would violate any federal income tax rules or any other applicable firmation when we receive your request. law, and (iii) a beneficiary or a successor owner who continues the Under jointly owned contracts, the surviving owner is considered the contract under one of the continuation options described below will beneficiary, and will take the place of any other beneficiary. Under a have the right to change your annuity payout election. contract with a non-natural owner that has joint annuitants, who In general, if the annuitant dies, the owner (or older joint owner, if continue to be spouses at the time of death, the surviving annuitant applicable) will become the annuitant, and the death benefit is not is considered the beneficiary, and will take the place of any other payable. If the contract had joint annuitants, it will become a single beneficiary. In a QP contract, the beneficiary must be the plan trust. annuitant contract. Where an NQ contract is owned for the benefit of a minor pursuant to the Uniform Gift to Minors Act or the Uniform Transfers to Minors Effect of the owner’s death Act, the beneficiary must be the estate of the minor. Where an IRA In general, if the owner dies while the contract is in force, the con- contract is owned in a custodial individual retirement account, the tract terminates and the applicable death benefit is paid. If the custodian must be the beneficiary. For NQ contracts where an Income contract is jointly owned, the death benefit is payable upon the Edge payment program has been elected with the Joint Election death of the older owner. See “Special Rules for NQ contracts when payment method, the joint owner, successor owner, or joint annui- Income Edge or Income Edge Early Retirement Option is in effect” tant, as applicable, supersedes any inconsistent beneficiary desig- later in this section for more information regarding special rules nations. This means that a previous beneficiary designation may be applicable to such contracts. invalidated. There are various circumstances, however, in which the contract can be The death benefit is equal to your account value (the standard death continued by a successor owner or under a Beneficiary continuation benefit) or, if elected, the Protected premium death benefit. We option. For NQ contracts with spouses who are joint owners, the determine the amount of the death benefit as of the date we receive surviving spouse will automatically be able to continue the contract satisfactory proof of the owner’s or older joint owner’s, if applicable, under the “Spousal continuation” feature or under our Beneficiary con- death, any required instructions for the method of payment, forms tinuation option, as discussed below. For NQ contracts with necessary to effect payment and any other information we may non-spousal joint owners, the joint owner will be able to continue the require (“date of claim”). Payment of the death benefit terminates contract as a successor owner subject to the limitations discussed below the contract. under “Non-spousal joint owner contract continuation.” If there are multiple beneficiaries, any accrued Breakpoint Credit, the If you are the sole owner of an NQ contract and your spouse is the sole Contract Maintenance Fee (if applicable) and, if the Protected pre- primary beneficiary, your surviving spouse may have the option to: mium death benefit was in effect at the time of your death, any accrued Protected premium death benefit charge will be applied pro • take the death benefit proceeds in a lump sum; rata to each beneficiary’s portion of the death benefit payment. • continue the contract as a successor owner under “Spousal continuation” or under our Beneficiary continuation option; When we use the terms owner and joint owner,weintendtheseto be references to annuitant and joint annuitant, respectively, if the • elect Income Edge Beneficiary Advantage, as discussed below; or contract has a non-natural owner. If the contract is jointly owned or is • for traditional and Roth IRA contracts, roll the death benefit issued to a non-natural owner, the death benefit is payable upon the proceeds over into another similar arrangement. death of the older joint owner or older joint annuitant, as applicable. If your surviving spouse rolls over the death benefit proceeds into a Subject to applicable laws and regulations, you may impose contract issued by us, the amount of the death benefit will be calcu- restrictions on the timing and manner of the payment of the death lated as of the date we receive all requirements necessary to issue benefit to your beneficiary. For example, your beneficiary designation your spouse’s new contract. Any death proceeds will remain invested may specify the form of death benefit payout (such as a life annuity), in this contract until your spouse’s new contract is issued. The provided the payout you elect is one that we offer both at the time of amount of the death benefit will be calculated to equal the account

57 Payment of death benefit value as of the date your spouse’s new contract is issued . This means Spousal continuation that the death benefit proceeds could vary up or down, based on If you are the contract owner and your spouse is the sole primary investment performance, until your spouse’s new contract is issued. beneficiary or you jointly own the contract with your younger spouse, or Non-spousal single owner contract continuation if the contract owner is a non-natural person and you and your younger spouse are joint annuitants, your spouse may elect to continue the For single owner contracts, if the beneficiary is not the surviving contract as successor owner upon your death. Spousal beneficiaries spouse, federal income tax rules generally require payments of (who are not also joint owners) must be 85 or younger as of the date of amounts under the contract to be made within five years of an own- the deceased spouse’s death in order to continue the contract under er’s death (the “5-year rule”). In certain cases, an individual benefi- Spousal continuation. The determination of spousal status is made ciary may opt to receive payments over his/her life (or over a period under applicable state law. However, in the event of a conflict between not in excess of his/her life expectancy) if payments commence within federal and state law, we follow federal rules. one year of the owner’s death, continue the contract under the Beneficiary Continuation option or elect Income Edge Beneficiary In addition, where such a contract is owned by a Living Trust, as Advantage. If the Protected premium death benefit (PPDB), if any, defined in the contract, and at the time of the annuitant’s death the was greater than the account value on the date of claim, then we will annuitant’s spouse is the sole beneficiary of the Living Trust, the reset the account value to equal the PPDB. If the contract continues, Trustee, as owner of the contract, may request that the spouse be withdrawal charges, if applicable under your contract, will no longer substituted as annuitant as of the date of the annuitant’s death. No apply, the PPDB (and associated charge) is terminated and no addi- further change of annuitant will be permitted. tional contributions will be permitted. Any such election must be For jointly owned NQ contracts where an Income Edge payment pro- made in accordance with our rules at the time of death. gram has not been elected or, if elected, payments have not yet begun, if the younger spouse dies first no death benefit is paid, and Non-spousal joint owner contract continuation the contract continues as follows: Upon the death of either owner, the surviving joint owner becomes • If the deceased spouse was the annuitant, the surviving spouse the sole owner. becomes the annuitant. If the deceased spouse was a joint Any death benefit (if the older owner dies first) or cash value (if the annuitant, the contract will become a single annuitant contract. younger owner dies first) must generally be fully paid to the surviving • If the annuitant was neither the deceased or the surviving joint owner within five years. The surviving owner may instead elect to spouse, the surviving spouse can elect to become the annuitant receive a life annuity, provided payments begin within one year of the and supersede the named annuitant. Alternatively, the surviving deceased owner’s death. If the life annuity is elected, the terms of the spouse can allow the named annuitant to remain on the con- supplemental contract supersede the terms of the contract. tract and instead become the annuitant upon the death of the If the older owner dies first, the surviving owner can elect to (1) take the named annuitant. death benefit as a lump sum payment; (2) annuitize within one year; • The withdrawal charge schedule, if applicable, remains in effect. (3) continue the contract for up to five years; (4) continue the contract under the Beneficiary continuation option; or (5) elect Income Edge • The Protected premium death benefit, if any, will remain in Beneficiary Advantage. If the PPDB, if any, was greater than the account effect based on the older spouse’s age, and charges for the value on the date of claim, then we will reset the account value to equal PPDB will continue to apply. the PPDB. If the contract continues, withdrawal charges, if applicable • An Income Edge payment program may be elected at any time under your contract, will no longer apply, the PPDB (and associated so long as the eligibility rules for the feature are satisfied. charge) is terminated and no additional contributions will be permitted. For jointly owned NQ contracts where an Income Edge payment pro- If the younger owner dies first, the surviving owner can elect to gram has not been elected or, if elected, payments have not yet (1) take the death benefit as a lump sum payment; (2) annuitize begun, if the older spouse dies first, the surviving owner can (1) take within one year; (3) continue the contract for up to five years; the death benefit as a lump sum payment; (2) annuitize within one (4) continue the contract under the Beneficiary continuation option; year; (3) continue the contract under the Spousal continuation option; or (5) elect Income Edge Beneficiary Advantage. If the contract con- (4) continue the contract under the Beneficiary continuation option; tinues (other than under the Beneficiary continuation option or or (5) elect Income Edge Beneficiary Advantage. If the PPDB, if any, through an election of Income Edge Beneficiary Advantage), with- was greater than the account value on the date of claim, then we will drawal charges, if applicable under your contract, will continue to reset the account value to equal the PPDB. apply and no additional contributions will be permitted. The PPDB, if any, will remain in effect based on the older owner’s age, and If the contract continues under the Spousal continuation option: becomes payable to the beneficiary if the older owner dies within five • The surviving spouse becomes the sole owner. If the deceased years. Charges for the PPDB will continue to apply. If Income Edge spouse was the annuitant, the surviving spouse becomes the Beneficiary Advantage is elected, the PPDB, if any, will be terminated annuitant. on the Income Edge Effective Date, and any accrued PPDB charge will be deducted on that date. • If the surviving spouse is age 86 or older, election of an Income Edge payment program is not available. A surviving spouse aged 86 or older who wishes to elect Income Edge should consider electing Income Edge Beneficiary Advantage instead of Spousal continuation.

58 Payment of death benefit • If the deceased spouse was a joint annuitant, the contract will Non-natural owner with spousal joint annuitants. For con- become a single annuitant contract. If the annuitant was neither tracts with a non-natural owner and spousal joint annuitants: the deceased or the surviving spouse, the surviving spouse can • If the younger spouse dies first, no death benefit is payable. The elect to become the annuitant and supersede the named annui- contract, including the PPDB (if elected), continues unchanged tant. Alternatively, the surviving spouse can allow the named and withdrawal charges (if applicable) will continue to apply. annuitant to remain on the contract and instead become the annuitant upon the death of the named annuitant. • If the older spouse dies first, the surviving younger spouse can (1) take the death benefit as a lump sum payment; (2) annuitize • The PPDB, if any, will remain in effect if on the date of the older within one year; (3) continue the contract under the Spousal spouse’s death the surviving spouse is 95 or younger. For details continuation option; (4) continue the contract under the Benefi- of how we calculate charges for the PPDB under joint owner ciary continuation option; or (5) elect Income Edge Beneficiary spousal continuation, see “Protected premium death benefit Advantage. If the PPDB, if any, was greater than the account charge” in “Charges and expenses”. value on the date of claim, then we will reset the account value to equal the PPDB. If the contract continues under the spousal • Withdrawal charges, if applicable under the contract, will no continuation option, the PPDB, if any, will remain in effect if on longer apply to the account value on the date of the older spou- the date of the older spouse’s death the surviving spouse is 95 se’s death, but they will apply to the amount of any subsequent or younger. For details of how we calculate charges for the PPDB contributions by the surviving spouse. under spousal continuation, see “Protected premium death For single owner NQ contracts with a sole spousal beneficiary where benefit charge” in “Charges and expenses”. If Income Edge Income Edge or Income Edge Early Retirement Option has not been Beneficiary Advantage is elected, the PPDB, if any, will be elected or, if elected, payments have not yet begun, the sole spousal terminated on the Income Edge Effective Date, and any accrued beneficiary can (1) take the death benefit as a lump sum payment PPDB charge will be deducted on that date. within five years of the deceased owner’s death; (2) annuitize within Where an IRA contract is owned in a custodial individual retirement one year; (3) continue the contract (but only if age 85 or younger on account, and your spouse is the sole beneficiary of the account, the the date of death of the deceased owner) under the Spousal con- custodian may request that the spouse be substituted as annuitant tinuation option; (4) continue the contract under the Beneficiary con- after your death. tinuation option; or (5) elect Income Edge Beneficiary Advantage. If the PPDB, if any, was greater than the account value on the date of If you divorce, Spousal continuation does not apply. claim, then we will reset the account value to equal the PPDB. Beneficiary continuation option If the contract continues under the Spousal continuation option: We make this option available to beneficiaries under traditional IRA, Roth • The sole spousal beneficiary becomes the sole owner. If the IRA and NQ contracts. For NQ contracts, where Income Edge or Income deceased owner was also the annuitant, the sole spousal Edge Early Retirement Option has not been elected or, if elected, pay- beneficiary becomes the annuitant. ments have not yet begun, this feature permits a designated individual, on the contract owner’s death, to either: • If the deceased owner was a joint annuitant, the contract will become a single annuitant contract. If the deceased owner was • maintain a contract with the deceased contract owner’s name not the annuitant, the sole spousal beneficiary can elect to on it and receive distributions under the contract; or become the annuitant and supersede the named annuitant. • elect Income Edge Beneficiary Advantage, Alternatively, the sole spousal beneficiary can allow the named annuitant to remain on the contract and instead become the instead of receiving the death benefit in a single sum. Each of these annuitant upon the death of the named annuitant. options is described below. • A sole spousal beneficiary who is age 85 or younger can elect Please speak with your financial professional for further information. Income Edge Beneficiary Advantage at any time prior to age 86, Where an IRA contract is owned in a custodial individual retirement rather than having to make such election within 9 months of the account, the custodian may reinvest the death benefit in an individual date of death. For information about Income Edge Beneficiary retirement annuity contract, using the account beneficiary as the annui- Advantage, see “Income Edge Beneficiary Advantage for NQ tant. Please speak with your financial professional for further information. contracts only” later in this section. Beneficiary continuation option for traditional IRA and Roth • The PPDB, if any, will remain in effect if on the date of the IRA contracts only. The Beneficiary continuation option must be deceased owner’s death the sole spousal beneficiary is 85 or elected by September 30th of the year following the calendar year of your younger. For details of how we calculate charges for the PPDB death and before any other inconsistent election is made. Beneficiaries who under spousal continuation, see “Protected premium death do not make a timely election will not be eligible for this option. benefit charge” in “Charges and expenses”. Generally, payments will be made once a year to the beneficiary over • Withdrawal charges, if applicable under the contract, will no the beneficiary’s life expectancy (determined in the calendar year after longer apply to the account value as of the date of the deceased your death and determined on a term certain basis). These payments spouse’s death, but they will apply to the amount of any sub- must begin no later than December 31st of the calendar year after the sequent contributions by the sole spousal beneficiary. year of your death. For sole spousal beneficiaries, payments may begin

59 Payment of death benefit by December 31st of the calendar year in which you would have If you are interested in electing an Income Edge payment program, reached age 70 1⁄2, if such time is later. For traditional IRA contracts please see “Income Edge Beneficiary Advantage for NQ contracts only” only, if you die before your Required Beginning Date for Required later in this section. Minimum Distributions, as discussed later in this Prospectus in “Tax Generally, payments will be made once a year to the beneficiary over information” under “Individual retirement arrangements (IRAs),” the the beneficiary’s life expectancy, determined on a term certain basis beneficiary may choose the “5-year rule” option instead of annual and in the year payments start. These payments must begin no later payments over life expectancy. The 5-year rule is always available to than one year after the date of your death and are referred to as beneficiaries under Roth IRA contracts. If the beneficiary chooses this “scheduled payments.” The beneficiary may choose the “5-year rule” option, the beneficiary may take withdrawals as desired, but the entire instead of scheduled payments over life expectancy. If the beneficiary account value must be fully withdrawn by December 31st of the calen- chooses the 5-year rule, there will be no scheduled payments. Under dar year which contains the fifth anniversary of your death. the 5-year rule, the beneficiary may take withdrawals as desired, but Under the Beneficiary continuation option for IRA and Roth IRA contracts: the entire account value must be fully withdrawn by the fifth anniversary of your death. • The contract continues with your name on it for the benefit of your beneficiary. Under the Beneficiary continuation option for NQ contracts: • The beneficiary replaces the deceased owner as annuitant. • This feature is only available if the beneficiary is an individual. It is not available for any entity such as a trust, even if all of the • This feature is only available if the beneficiary is an individual. beneficiaries of the trust are individuals. Certain trusts with only individual beneficiaries will be treated as individuals for this purpose. • The beneficiary automatically replaces the existing annuitant. • If there is more than one beneficiary, each beneficiary’s share will be • The contract continues with your name on it for the benefit of separately accounted for. It will be distributed over the beneficiary’s your beneficiary. own life expectancy, if payments over life expectancy are chosen. • If there is more than one beneficiary, each beneficiary’s share will be • The minimum amount that is required in order to elect the bene- separately accounted for. It will be distributed over the respective ficiary continuation option is $5,000 for each beneficiary. beneficiary’s own life expectancy, if scheduled payments are chosen. • The beneficiary may make transfers among the investment • The minimum amount that is required in order to elect the Bene- options but no additional contributions will be permitted. ficiary continuation option is $5,000 for each beneficiary. • The beneficiary may choose at any time to withdraw all or a portion • The beneficiary may make transfers among the investment of the account value and no withdrawal charges, if any, will apply. options but no additional contributions will be permitted. • Any partial withdrawal must be at least $300. • If the beneficiary chooses the “5-year rule,” withdrawals may be made at any time. If the beneficiary instead chooses scheduled • Your beneficiary will have the right to name a beneficiary to payments, the beneficiary may take withdrawals, in addition to receive any remaining interest in the contract. scheduled payments, at any time. • Upon the death of your beneficiary, the beneficiary he or she has • Any partial withdrawals must be at least $300. named has the option to either continue taking required minimum distributions based on the remaining life expectancy of • Your beneficiary will have the right to name a beneficiary to receive the deceased beneficiary or to receive any remaining interest in any remaining interest in the contract on the beneficiary’s death. the contract in a lump sum. The option elected will be processed • Upon the death of your beneficiary, the beneficiary he or she has when we receive satisfactory proof of death, any required named has the option to either continue taking scheduled instructions for the method of payment and any required payments based on the remaining life expectancy of the information and forms necessary to effect payment. deceased beneficiary (if scheduled payments were chosen) or to Beneficiary continuation option for NQ contracts only. This receive any remaining interest in the contract in a lump sum. We feature, also known as Inherited annuity, may only be elected when the will pay any remaining interest in the contract in a lump sum if NQ contract owner has not elected Income Edge or Income Edge Early your beneficiary elects the 5-year rule. The option elected will be Retirement Option and dies before the annuity maturity date, whether processed when we receive satisfactory proof of death, any or not the owner and the annuitant are the same person. In addition, required instructions for the method of payment and any this feature may be available following election of Income Edge or required information and forms necessary to effect payment. Income Edge Early Retirement Option if the NQ contract owner dies • All payments are taxable to the extent there are gains remaining before the first Income Edge or Income Edge Early Retirement Option in the contract. scheduled payment is made. For purposes of this discussion, “beneficiary” refers to the successor owner. This feature must be If the deceased is the owner or the older joint owner: elected within 9 months following the date of your death and before • No withdrawal charges, if applicable, will apply to any with- any other inconsistent election is made. Beneficiaries who do not make drawals by the beneficiary. a timely election will not be eligible for this option.

60 Payment of death benefit If the deceased is the younger non-spousal joint owner: instead consider the Beneficiary continuation option for NQ contracts as discussed earlier in this section. • The contract’s withdrawal charge schedule, if applicable, will continue to be applied to any withdrawal or surrender other than • Income Edge BA must be elected within 9 months following the scheduled payments; the contract’s free withdrawal amount will date of your death and before any other inconsistent election is continue to apply to withdrawals but does not apply to surrenders. made. Beneficiaries who do not make a timely election will not be eligible for this option. • We do not impose a withdrawal charge on scheduled payments except if, when added to any withdrawals previously taken in the • There are no minimum age restrictions for a beneficiary’s elec- same contract year, including for this purpose a contract sur- tion of Income Edge BA. A surviving spouse must be age 85 or render, the total amount of withdrawals and scheduled payments younger under a single life contract, or 95 or younger under a exceed the 10% free withdrawal amount. See the “Withdrawal joint life contract, to elect Income Edge BA. charges” in “Charges and expenses” earlier in this Prospectus. • The account value from the Investment Edge NQ contract allo- A surviving spouse should speak to his or her tax professional about cated to your beneficiary must be (a) at least $50,000 and (b) whether Spousal continuation or the Beneficiary continuation option is greater than the corresponding cost basis allocated to your beneficiary. appropriate for him or her. Factors to consider include but are not limited to the surviving spouse’s age, and any need for immediate income. • If your Investment Edge NQ contract was issued in whole or in part from a Section 1035 exchange from another nonqualified Income Edge Beneficiary Advantage for NQ contracts deferred annuity contract (or life insurance policy), Income Edge only. The Income Edge Beneficiary Advantage payment option is a BA is not available to any of your beneficiaries unless we have form of Income Edge payment program available under NQ contracts received all Section 1035 exchange contributions and at least in the circumstances described below. We also offer a version of some related cost basis information from the issuing insurance Income Edge Beneficiary Advantage under the Inherited NQ contract, company or companies. If we have not received complete cost which is a contract we offer to individual beneficiaries under non- basis information at least three months prior to the Required qualified deferred annuity contracts issued by other insurance Payment Starting Date, an Income BA election will not take companies for the purpose of making post-death payments on the effect and the contract will continue with the “Beneficiary con- death of the holder. See “Inherited NQ beneficiary payout contract” tinuation option for NQ contracts” payment option. in “Contract features and benefits” earlier in this Prospectus. If there are multiple beneficiaries under an Investment Edge NQ con- Under the Income Edge Beneficiary Advantage death benefit option tract, the account value is split among the beneficiaries in accordance for the Investment Edge NQ contract (“Income Edge BA”), we take with your instructions, and we treat the separate shares of each into account the cost basis in calculating and reporting income beneficiary as a separate contract for the purpose of determining amounts for “scheduled payments” (as described below) we make to whether Income Edge BA is available. your beneficiary. A portion of each scheduled payment is a return of We do not need to receive Income Edge BA elections from all eligible the cost basis in the contract and thus excludable from taxes. beneficiaries before we commence payments. Each eligible beneficiary can submit his/her own election. If the conditions for Income Edge BA are The conditions for electing Income Edge BA are as follows: met, we will establish a supplementary payout contract for that benefi- • The deceased NQ contract owner cannot have previously elected ciary based on his/her own life expectancy. The supplementary payout Income Edge, Income Edge Early Retirement Option, or any contract will be issued in the beneficiary’s name with your name on it to other annuity payout option. However, Income Edge BA may be reflect the status of the supplementary contract as a beneficiary payout available following election of Income Edge or Income Edge contract. We will also allocate the cost basis of your Investment Edge Early Retirement Option if the NQ contract owner dies before the contract to the supplementary payout contracts in proportion to each first scheduled payment is made under Income Edge or Income beneficiary’s share of the account value of your Investment Edge contract. Edge Early Retirement Option. We may impose a charge approximating premium tax in certain states • Income Edge BA is available only to beneficiaries who are on the election of Income Edge BA. individuals. This option is available whether or not the owner If the conditions for electing Income Edge BA are met: and the annuitant are the same person. For example, if an Investment Edge NQ contract is owned by a trust and the annui- • Payment period. We will determine a payment period at the tant dies, Income Edge BA is available for a beneficiary who is time that scheduled payments begin. We will not use the life an individual, as the primary annuitant is treated as the owner expectancy of more than one individual to determine the pay- for purposes of triggering required payments. ment period. The payment period is based on your beneficiary’s age, using an IRS table for post-death payments and rounding • Income Edge BA is intended only for beneficiaries who plan to down to the nearest whole number. Before scheduled payments take payments at least annually over a period measured by their start, your beneficiary may choose a shorter payment period life expectancy. We call these “scheduled payments.” Scheduled than the one we determine, but a payment period must be at payments must begin no later than one year after the death of least 15 years (for beneficiaries of Investment Edge® contracts) your death (the “Required Payment Starting Date”). Beneficia- or 10 years (for beneficiaries of Investment Edge® Select and ries who do not want to take scheduled payments at least Investment Edge® ADV contracts). However, if your beneficiary’s annually and prefer to wait up to five years after your death to life expectancy period is shorter than the applicable 15- or 10- withdraw the entire amount of their death benefit should year minimum, we will use the shorter life expectancy period.

61 Payment of death benefit • Your beneficiary must receive scheduled payments at least • If the owner dies after the first scheduled payment under Income annually, but can elect to receive scheduled payments monthly Edge or Income Edge Early Retirement Option is made, scheduled or quarterly. payments will continue and will be made to the beneficiary on the same schedule as they would otherwise have been made. • We will make the first scheduled payment no later than the Required Payment Starting Date. Your beneficiary can choose a • The beneficiary (including a joint owner, successor owner, or date to start scheduled payments earlier than the Required joint annuitant, as applicable) may instead surrender the con- Payment Starting Date, as long as we have all information we tract and take a lump sum payment of the account value. need to start scheduled payments on the earlier date. • For contracts with named or designated multiple beneficiaries, • The amount of the first scheduled payment is determined by each beneficiary must choose, as to their share of the proceeds of dividing the account value as of the date payments start by the the contract, whether to (i) continue receiving scheduled pay- payment period as determined above. Each subsequent annual ments; or (ii) surrender the contract and take a lump sum pay- scheduled payment is determined by dividing the remaining ment. Each beneficiary will be able to claim their proportionate account value as of the contract anniversary date by the initial share of the Tax-Free Amount remaining at the time that all payment period reduced by 1 for each subsequent year. required paperwork for their election is received in good order. • Payment amounts are taken on a pro rata basis from your varia- Scheduled payments under Income Edge or Income Edge Early Retire- ble investment options. ment Option will continue to be made to the deceased owner until all required paperwork from the beneficiary is received in good order. In • Your beneficiary may make transfers among the variable invest- the case of multiple beneficiaries, scheduled payments to the ment options. deceased owner will continue and be adjusted accordingly until all • Once scheduled payments begin, they cannot be stopped until required paperwork has been received in good order from each the account value falls to zero. beneficiary. Until claimed by the appropriate beneficiary, contract proceeds will remain invested as they were at the time of the owner’s • No other form of payout or annuity benefit is available after death, and will thus be subject to market performance during that Income Edge BA is elected. time. • Partial withdrawals. Your beneficiary may choose at any time to withdraw all or a portion of the account value. Any partial withdrawal must be at least $300. Unlike Income Edge BA scheduled payments, no portion of such withdrawals will represent a return of cost basis in the contract, and thus will not affect the Tax-Free Amount applicable to subsequent Income Edge BA scheduled payments. Withdrawal charges will apply as described in “Charges and expenses” later in this Prospectus. • Change of ownership of the supplementary contract is not permitted after Income Edge BA is elected. • At the death of a beneficiary who has elected Income Edge BA, the spousal continuation and beneficiary continuation options are not available. We will continue scheduled payments to a successor beneficiary chosen by your beneficiary. The successor beneficiary has the same rights as your beneficiary to take partial withdrawals in addition to scheduled payments and to fully surrender (redeem) the contract. If there is more than one individual or entity chosen by your beneficiary to be a successor beneficiary, we will make payments in equal shares unless your beneficiary had instructed us in writing to pay one or more successor beneficiaries in a different manner.

Special Rules for NQ Contracts when Income Edge or Income Edge Early Retirement Option is in effect For NQ contracts where Income Edge or Income Edge Early Retirement Option has been elected prior to the owner’s death, the following rules apply upon the death of the owner: • Any successor owner or joint annuitant named in connection with the election of Income Edge will supersede any inconsistent designated beneficiary.

62 Payment of death benefit 7. Tax information

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

63 Tax information • if the owner is other than an individual (such as a corporation, annuity contract is required to mature, or as to the form of the pay- partnership, trust, or other non-natural person). This provision ments to be made upon maturity, we believe that this contract con- does not apply to a trust which is a mere agent or nominee for stitutes an annuity contract under current federal tax rules. an individual, such as a typical grantor trust. Partial annuitization Federal tax law requires that all nonqualified deferred annuity contracts The consequences described above for annuitization of the entire con- that AXA Equitable and its affiliates issue to you during the same calen- tract apply to the portion of the contract which is partially annuitized. A dar year be linked together and treated as one contract for calculating nonqualified deferred annuity contract is treated as being partially the taxable amount of any distribution from any of those contracts. annuitized if a portion of the contract is applied to an annuity payout Annuity payments option on a life-contigent basis or for a period certain of at least 10 years. In order to get annuity payment tax treatment for the portion of The following applies to an annuitization of the entire contract. In the contract applied to the annuity payout, payments must be made at certain cases, the contract can be partially annuitized. See “Partial least annually in substantially equal amounts, the payments must be annuitization” below. designed to amortize the amount applied over life or the period certain, Annuitization under an Investment Edge® series contract occurs when and the payments cannot be stopped, except by death or surrender (if your entire interest under the contract is or has been applied to one permitted under the terms of the contract). The investment in the con- or more payout options intended to amortize amounts over your life tract is split between the partially annuitized portion and the deferred or over a period certain generally limited by the period of your life amount remaining based on the relative values of the amount applied expectancy. Except as provided in “Income Edge” later in this section to the annuity payout and the deferred amount remaining at the time (including for this purpose “Income Edge Early Retirement Option” of the partial annuitization. Also, the partial annuitization has its own and “Income Edge Beneficiary Advantage”), we do not currently offer annuity starting date. We do not currently offer a period certain option a period certain option without life contingencies. Annuity payouts without life contingencies for partial annuitizations. can also be determined on a joint life basis. After annuitization, no Withdrawals made before annuity payments begin further contributions to the contract may be made, the annuity pay- If you make withdrawals before annuity payments begin under your out amount must be paid at least annually, and annuity payments contract, they are taxable to you as ordinary income if there are earn- cannot be stopped except by death or surrender (if permitted under ings in the contract. Generally, earnings are your account value less the terms of the contract). your investment in the contract. If you withdraw an amount which is Annuitization payments that are based on life or life expectancy are more than the earnings in the contract as of the date of the with- considered annuity payments for income tax purposes. drawal, the balance of the distribution is treated as a reduction of your investment in the contract and is not taxable. Once annuity payments begin, a portion of each payment is taxable as ordinary income. You get back the remaining portion without Collateral assignments are taxable to the extent of any earnings in the paying taxes on it. This is your unrecovered investment in the con- contract at the time any portion of the contract’s value is assigned as tract. Generally, your investment in the contract equals the con- collateral. Therefore, if you assign your contract as collateral for a loan tributions you made, less any amounts you previously withdrew that with a third party after the contract is issued, you may have taxable were not taxable. income even though you receive no payments under the contract. AXA Equitable will report any income attributable to a collateral assignment For fixed annuity payments, the tax-free portion of each payment is on Form 1099-R. Also, if AXA Equitable makes payments or dis- determined by (1) dividing your investment in the contract by the total tributions to the assignee pursuant to directions under the collateral amount you are expected to receive out of the contract, and assignment agreement, any gains in such payments may be taxable to (2) multiplying the result by the amount of the payment. For variable you and reportable on Form 1099-R even though you do not receive annuity payments, your tax-free portion of each payment is your them. investment in the contract divided by the number of expected pay- Income Edge payment program ments. If you have a loss on a variable annuity payout in a taxable year, you may be able to adjust the tax-free portion in subsequent years. The Income Edge payment program is a form of variable annuity payout discussed previously in “Income Edge Payment Program” in the Once you have received the amount of your investment in the con- “Accessing your money” section of the Prospectus. An Income Edge tract, all payments after that are fully taxable. If payments under a life payment program is intended to annuitize amounts over a specified annuity stop because the annuitant dies, there is an income tax period of time. Unlike traditional forms of annuitization, an Income Edge deduction for any unrecovered investment in the contract. payment program allows for a mode of annuitization that provides con- Your rights to apply amounts under this contract to an annuity payout tinuing access to the contract’s account balance. option are described elsewhere in this Prospectus. If you hold your Income Edge. Under the standard form of Income Edge payment pro- contract to the maximum maturity age under the contract we require gram, the payment period is generally determined at the time that that a choice be made between taking a lump sum settlement of any Income Edge is elected based on your (and a joint annuitant’s, if appli- remaining account value or applying any such account value to an cable) age. The account value is then divided by the Annual Payout annuity payout option we may offer at the time under the contract. If Periods remaining in the payment period to compute that Annual no affirmative choice is made, we will apply any remaining annuity Payout Period’s payout amount. All amounts in the contract are fully value to the default option under the contract at such age. While distributed under Income Edge by the end of the payment period, if not there is no specific federal tax guidance as to whether or when an sooner. You are permitted to select a shorter payment period.

64 Tax Information Federal tax law requires that once pay-outs have begun: Tax-Free Amount reported by us in following years will not change. IRS Publication 939 (General Rule for Pensions and Annuities) provides • the Tax-Free Amount will be a fixed dollar amount that will not an explanation and example of how to elect to re-compute your tax- change from year to year (it will be determined at the time of free annuity amounts. election) and will be reported on IRS form 1099-R each year; • no further contributions are permitted; We will notify you of any unrecovered cost basis in loss years (and every year thereafter) so you can take appropriate action in consultation with • once the pay-out starts, it cannot be stopped (except upon sur- an independent tax advisor on your tax return and amortize the render or redemption of the contract, if permitted); and unrecovered amounts over the remaining payment period. • Section 1035 exchanges are not available (inbound or outbound). Any “unrecovered Tax-Free Amount” must be used by the end of the We believe that the Income Edge variable annuity payout feature com- payment period by amortizing it over the payments from this contract. plies with current Federal tax law requirements. Although a ruling is not If you completely surrender the contract before the end of the payment required as a pre-condition for treating Income Edge as a variable period and you have a loss, you may be able to report it as an ordinary payout annuity, we have received a private letter ruling from the IRS loss on your tax return. You should discuss this with your tax advisor. confirming our belief. Partial Redemptions. While an Income Edge payment program is in Income Edge Early Retirement Option. The payment period for Income effect, there is flexibility to take additional amounts after Income Edge Edge Early Retirement Option (“Income Edge ERO”) is determined scheduled payments begin; however, such amounts are generally fully based on your age at the time that Income Edge ERO is elected, with includable in income as amounts not received as an annuity after the reference to an IRS table and rounding down to the nearest whole annuity starting date. This is regardless of whether there are any gains in number. Also, you are not permitted to select a shorter payment period the contract. The Tax-Free Amount for future Income Edge scheduled or use more than one individual’s life expectancy to determine the payments is not recalculated due to a partial redemption. Income Edge payment period. Even though the private letter ruling we received from scheduled payments will continue as planned; however, a partial the IRS in connection with the standard form of Income Edge does not redemption may cause future Income Edge scheduled payments to be specifically address Income Edge ERO, we believe, based on our review smaller and that, consequently, could cause Income Edge scheduled and interpretation of applicable federal tax law, that the Income Edge payments to be less than the Tax-Free Amount for a given year. ERO payout methodology constitutes a series of “substantially equal periodic payments” within the applicable requirements of Section 72(q) • The above description also applies to Income Edge Beneficiary of the Code and therefore complies with current federal tax law Advantage (whether elected by your beneficiary as a death requirements applicable to variable annuity payouts. benefit option under Investment Edge, as described in the “Payment of death benefit” section of the Prospectus, or you Income Edge Beneficiary Advantage. Whether your beneficiary elects elect Income Edge Beneficiary Advantage under an Inherited NQ Income Edge Beneficiary Advantage (“Income Edge BA”) as a death beneficiary payment contract, as described in the “Contract benefit option under Investment Edge, as described in the “Payment of features and benefits” section of the Prospectus). death benefit” section of the Prospectus, or you elect Income Edge BA under an Inherited NQ beneficiary payment contract, as described in the • The above description also applies to Partial withdrawals “Contract features and benefits” section of the Prospectus, the Income (redemptions) under Income Edge Early Retirement Option. Edge BA payment period is determined at the time that required However, if you take a partial withdrawal before (a) you reach payments after the death of the contract holder begin. The payment age 59 1⁄2 or (b) regardless of age, if you have not received five period is based on the recipient’s age at the time that Income Edge BA full years of scheduled payments, a penalty tax, including an payments begin, using an IRS table for post-death payments and interest charge for the prior penalty avoidance, may apply to all rounding down to the nearest whole number. The recipient may select prior payments and distributions. a shorter payment period, but is not permitted to use more than one 1035 exchanges individual’s life expectancy to determine payment period. Even though the private letter ruling we received from the IRS in connection with the You may purchase a nonqualified deferred annuity through an standard form of Income Edge does not specifically address Income exchange of another contract. Normally, exchanges of contracts are Edge BA, we believe, based on our review and interpretation of taxable events. The exchange will not be taxable under Section 1035 applicable federal tax law, that the Income Edge BA payout of the Internal Revenue Code if: methodology constitutes a series of “substantially equal periodic • the contract that is the source of the funds you are using to payments” over a “period not extending beyond the life expectancy” of purchase the nonqualified deferred annuity contract is another a beneficiary within the applicable requirements of 72(s) of the Code nonqualified deferred annuity contract or life insurance or and therefore complies with current federal tax law requirements endowment contract. applicable to post-death payouts from variable annuity contracts. • the owner and the annuitant are the same under the source Unrecovered Tax-Free Amount in a given year. We report Tax- contract and the contract issued in exchange. If you are using a Free Amount on IRS Form 1099-R each year. If the scheduled pay- life insurance or endowment contract the owner and the insured ment amount in any year is less than the Tax-Free Amount this results must be the same on both sides of the exchange transaction. in unrecovered Tax-Free Amount or a “loss in basis” for that year. The unrecovered Tax-Free Amount may be used later by making an In some cases you may make a tax-deferred 1035 exchange from a election on a personal income tax return; however, the nonqualified deferred annuity contract to a “qualified long-term care

65 Tax information contract” meeting all specified requirements under the Code or an Early distribution penalty tax annuity contract with a “qualified long-term care contract” feature If you take distributions before you are age 59 1⁄2, a penalty tax of (sometimes referred to as a “combination annuity” contract). 10% of the taxable portion of your distribution applies in addition to The tax basis, also referred to as your investment in the contract, of the income tax. Some of the available exceptions to the pre-age 59 1⁄2 the source contract carries over to the issued in exchange contract. penalty tax include distributions made: An owner may direct the proceeds of a partial withdrawal from one • on or after your death; or nonqualified deferred annuity contract to purchase or contribute to • because you are disabled (special federal income tax definition); or another nonqualified deferred annuity contract on a tax-deferred basis. If requirements are met, the owner may also directly transfer amounts from • in the form of substantially equal periodic payments at least a nonqualified deferred annuity contract to a “qualified long-term care annually over your life (or your life expectancy) or over the joint contract” or “combination annuity” in such a partial 1035 exchange lives of you and your beneficiary (or your joint life expectancies) transaction. Special forms, agreement between the carriers, and provision using an IRS-approved distribution method. of cost basis information may be required to process this type of an exchange. Please note that it is your responsibility to claim the penalty exception on your own income tax return and to document eligibility for the If you are purchasing your contract through a Section 1035 exchange, exception to the IRS. you should be aware that AXA Equitable cannot guarantee that the exchange from the source contract to the contract you are applying We believe that the substantially equal withdrawals option and for will be treated as a Section 1035 exchange; the insurance com- Income Edge Early Retirement Option should each qualify for the pany issuing the source contract controls the tax information report- substantially equal periodic payment exception. See “Substantially ing of the transaction as a Section 1035 exchange. Because equal withdrawals” and “Income Edge Early Retirement Option” in information reports are not provided and filed until the calendar year the “Accessing your money” section earlier in this Prospectus. The after the exchange transaction, the insurance company issuing the substantially equal periodic payment exception may not apply to: source contract shows its agreement that the transaction is a 1035 • The substantially equal withdrawals option if you stop or change exchange by providing to us the cost basis of the exchanged source the payment pattern before the later of (a) reaching age 59 1⁄2 or contract when it transfers the money to us on your behalf. (b) five years after the date of the first distribution. Even if the contract owner and the insurance companies agree that a • Income Edge Early Retirement Option if you take withdrawals full or partial 1035 exchange is intended, the IRS has the ultimate before the later of (a) reaching age 59 1⁄2 or (b) five years after authority to review the facts and determine that the transaction the date of the first scheduled payment. should be recharacterized as taxable in whole or in part. If the substantially equal periodic payment exception does Section 1035 exchanges are generally not available after the death of not apply in either of these cases, you may be liable for a the owner. The destination contract must meet specific post-death penalty tax, including an interest charge for the prior payout requirements to prevent avoidance of the death of owner rules. See “Payment of death benefit”. penalty avoidance. Investor control issues Surrenders If you surrender or cancel the contract, the distribution is taxable as Under certain circumstances, the IRS has stated that you could be treated ordinary income (not capital gain) to the extent it exceeds your as the owner (for tax purposes) of the assets of Separate Account No. 70. investment in the contract. If you were treated as the owner, you would be taxable on income and gains attributable to the shares of the underlying portfolios. Death benefit payments made to a beneficiary after your death The circumstances that would lead to this tax treatment would be that, in the opinion of the IRS, you could control the underlying investment of For the rules applicable to death benefits, see “Payment of death Separate Account No. 70. The IRS has said that the owners of variable benefit” earlier in this Prospectus. The tax treatment of a death bene- annuities will not be treated as owning the separate account assets fit taken as a single sum is generally the same as the tax treatment of provided the underlying portfolios are restricted to variable life and a withdrawal from or surrender of your contract. The tax treatment of annuity assets. The variable annuity owners must have the right only to a death benefit taken as annuity payments is generally the same as choose among the Portfolios, and must have no right to direct the par- the tax treatment of annuity payments under your contract. ticular investment decisions within the Portfolios. Under the Beneficiary continuation option, the tax treatment of a with- Although we believe that, under current IRS guidance, you would not drawal after the death of the owner taken as a single sum or taken as be treated as the owner of the assets of Separate Account No. 70, withdrawals under the 5-year rule is generally the same as the tax treatment of a withdrawal from or surrender of your contract. In addition, there are some issues that remain unclear. For example, the IRS has not Income Edge scheduled payments made to a beneficiary after death will issued any guidance as to whether having a larger number of Portfolios receive the same tax treatment as if they were paid to the owner. The available, or an unlimited right to transfer among them, could cause same rules apply to Income Edge Early Retirement Option and Income you to be treated as the owner. We do not know whether the IRS will Edge Beneficiary Advantage payments which continue after the death of ever provide such guidance or whether such guidance, if unfavorable, the owner or beneficiary/owner, as the case may be. would apply retroactively to your contract. Furthermore, the IRS could reverse its current guidance at any time. We reserve the right to modify

66 Tax information your contract as necessary to prevent you from being treated as the Roth IRAs. The disclosure generally assumes direct ownership of the owner of the assets of Separate Account No. 70. individual retirement annuity contract. For contracts owned in a custodial individual retirement account, the disclosure will apply only if you termi- Additional tax on net investment income nate your account or transfer ownership of the contract to yourself. Taxpayers who have modified adjusted gross income (“MAGI”) over a We describe the amount and types of charges that may apply to your specified amount and who also have specified net investment income in contributions under “Charges and expenses” earlier in this Prospectus. any year may have to pay an additional surtax of 3.8%. (This tax has We describe the method of calculating payments under “Accessing been informally referred to as the “Net Investment Income Tax” or your money” earlier in this Prospectus. We do not guarantee or project “NIIT”). For this purpose net investment income includes distributions growth in any variable income annuitization option payments (as from and payments under nonqualified annuity contracts. The threshold opposed to payments from a fixed income annuitization option). amount of MAGI varies by filing status: $200,000 for single filers; $250,000 for married taxpayers filing jointly, and $125,000 for married Except as applicable to SEP-IRA Contracts (see “Simplified Employee taxpayers filing separately. The tax applies to the lesser of a) the Pension Plans (SEP Plans)” later in this section), we have not applied amount of MAGI over the applicable threshold amount or b) the net for opinion letters approving the respective forms of the traditional investment income. You should discuss with your tax adviser the IRA and Roth IRA contracts (including Inherited IRA contracts) for use potential effect of this tax. as a traditional and Roth IRA, respectively. This IRS approval is a determination only as to the form of the annuity. It does not repre- Individual retirement arrangements (IRAs) sent a determination of the merits of the annuity as an investment.

General Your right to cancel within a certain number of days “IRA” stands for individual retirement arrangement. There are two basic types of such arrangements, individual retirement accounts and individual You can cancel any version of the Investment Edge® series IRA contract retirement annuities. In an individual retirement account, a trustee or (traditional IRA or Roth IRA) by following the directions in “Your right custodian holds the assets funding the account for the benefit of the IRA to cancel within a certain number of days” under “Contract features owner. The assets typically include mutual funds and/or individual stocks and benefits” earlier in this Prospectus. If you cancel a traditional IRA or and/or securities in a custodial account, and bank certificates of deposit Roth IRA contract, we may have to withhold tax, and we must report in a trusteed account. In an individual retirement annuity, an insurance the transaction to the IRS. A contract cancellation could have an company issues an annuity contract that serves as the IRA. unfavorable tax impact. There are two basic types of IRAs, as follows: Traditional individual retirement annuities • Traditional IRAs, typically funded on a pre-tax basis; and (traditional IRAs) • Roth IRAs, funded on an after-tax basis. Contributions to traditional IRAs. Individuals may make three Regardless of the type of IRA, your ownership interest in the IRA different types of contributions to purchase a traditional IRA or as cannot be forfeited. You or your beneficiaries who survive you are the subsequent contributions to an existing IRA: only ones who can receive the IRA’s benefits or payments. All types of • “regular” contributions out of earned income or compensation; or IRAs qualify for tax deferral regardless of the funding vehicle selected. • tax-free “rollover” contributions; or You can hold your IRA assets in as many different accounts and annuities as you would like, as long as you meet the rules for setting • direct custodian-to-custodian transfers from other traditional up and making contributions to IRAs. However, if you own multiple IRAs (“direct transfers”). IRAs, you may be required to combine IRA values or contributions for When you make a contribution to your IRA, we require you to tell us tax purposes. For further information about individual retirement whether it is a regular contribution, rollover contribution, or direct trans- arrangements, you can read Internal Revenue Service Publications fer contribution, and to supply supporting documentation in some cases. 590-A (“Contributions to Individual Retirement Arrangements (IRAs)”) and 590-B (“Distributions from Individual Retirement Because the minimum initial contribution AXA Equitable requires to Arrangements (IRAs)”). These publications are usually updated purchase this contract is larger than the maximum regular con- annually, and can be obtained by contacting the IRS or from the IRS tribution you can make to an IRA for a taxable year, this contract website (www.irs.gov). must be purchased through a rollover or direct transfer contribution. Subsequent contributions may also be “regular” contributions out of AXA Equitable designs its IRA contracts to qualify as individual retirement compensation. annuities under Section 408(b) of the Internal Revenue Code. You may purchase the contract as a traditional IRA or Roth IRA. We also offer See “Simplified Employee Pension Plans (SEP Plans)” later in this sec- Inherited IRA contracts for payment of post-death required minimum dis- tion for information about contributions to a SEP-IRA Contract. tributions from traditional IRAs and Roth IRAs. Inherited IRA contracts are available for all versions of Investment Edge® series contracts. Regular contributions to traditional IRAs This Prospectus contains the information that the IRS requires you to Limits on contributions. The “maximum regular contribution have before you purchase an IRA. The first section covers some of the amount” for any taxable year is the most that can be contributed to special tax rules that apply to traditional IRAs. The next section covers all of your IRAs (traditional and Roth) as regular contributions for the

67 Tax information particular taxable year. The maximum regular contribution amount $5,000 per person limit for the applicable taxable year ($5,500 for depends on age, earnings, and year, among other things. Generally, 2017 after adjustment). The dollar limit is $1,000 higher for people $5,500 is the maximum amount that you may contribute to all IRAs eligible to make age 50-70 1⁄2”catch-up” contributions ($6,500 for (traditional IRAs and Roth IRAs) for 2017, after adjustment for 2017). You must keep your own records of deductible and non- cost-of-living changes. When your earnings are below $5,500, your deductible contributions in order to prevent double taxation on the earned income or compensation for the year is the most you can distribution of previously taxed amounts. See “Withdrawals, pay- contribute. This limit does not apply to rollover contributions or direct ments and transfers of funds out of traditional IRAs” later in this custodian-to-custodian transfers into a traditional IRA. You cannot section for more information. make regular traditional IRA contributions for the tax year in which If you are making nondeductible contributions in any taxable year, or you reach age 70 1⁄2 or any tax year after that. you have made nondeductible contributions to a traditional IRA in If you are at least age 50 at any time during the taxable year for prior years and are receiving distributions from any traditional IRA, which you are making a regular contribution to your IRA, you may be you must file the required information with the IRS. Moreover, if you eligible to make additional “catch-up contributions” of up to $1,000 are making nondeductible traditional IRA contributions, you must to your traditional IRA. retain all income tax returns and records pertaining to such con- Special rules for spouses. If you are married and file a joint tributions until interests in all traditional IRAs are fully distributed. income tax return, you and your spouse may combine your When you can make regular contributions. If you file your tax compensation to determine the amount of regular contributions you returns on a calendar year basis like most taxpayers, you have until are permitted to make to traditional IRAs (and Roth IRAs discussed the April 15 return filing deadline (without extensions) of the follow- below). Even if one spouse has no compensation or compensation ing calendar year to make your regular traditional IRA contributions under $5,500, married individuals filing jointly can contribute up to for a taxable year. Make sure you designate the year for which you $11,000 per year to any combination of traditional IRAs and Roth are making the contribution. IRAs. Any contributions to Roth IRAs reduce the ability to contribute to traditional IRAs and vice versa. The maximum amount may be less Rollover and direct transfer contributions to if earned income is less and the other spouse has made IRA traditional IRAs contributions. No more than a combined total of $5,500 can be contributed annually to either spouse’s traditional and Roth IRAs. Rollover contributions may be made to a traditional IRA from these Each spouse owns his or her traditional IRAs and Roth IRAs even if “eligible retirement plans”: the other spouse funded the contributions. A working spouse age 70 1⁄2 or over can contribute up to the lesser of $5,500 or 100% of • qualified plans; “earned income” to a traditional IRA for a non-working spouse until • governmental employer 457(b) plans; the year in which the nonworking spouse reaches age 70 1⁄2. Catch-up contributions may be made as described above for spouses • 403(b) plans; and who are at least age 50 but under age 70 1⁄2 at any time during the taxable year for which the contribution is made. • other traditional IRAs. Deductibility of contributions. The amount of traditional IRA con- Direct transfer contributions may only be made directly from one tradi- tributions that you can deduct for a taxable year depends on whether you tional IRA to another. are covered by an employer-sponsored tax-favored retirement plan, as Any amount contributed to a traditional IRA after you reach age defined under special federal income tax rules. Your Form W-2 will 70 1⁄2 must be net of your required minimum distribution for the year indicate whether or not you are covered by such a retirement plan. in which the rollover or direct transfer contribution is made. The federal tax rules governing contributions to IRAs made from current compensation are complex and are subject to numerous techni- Rollovers from “eligible retirement plans” other than traditional IRAs cal requirements and limitations which vary based on an individual’s personal situation (including his/her spouse). IRS Publication 590-A, Your plan administrator will tell you whether or not your distribution is “Contributions to Individual Retirement Arrangements (IRAs)” which eligible to be rolled over. Spousal beneficiaries and spousal alternate is updated annually and is available at www.irs.gov, contains perti- payees under qualified domestic relations orders may roll over funds on nent explanations of the rules applicable to the current year. The the same basis as the plan participant. A non-spousal death beneficiary amount of permissible contributions to IRAs, the amount of IRA con- may also be able to make a direct rollover to an inherited IRA contract tributions which may be deductible, and the individual’s income limits with special rules and restrictions under certain circumstances. for determining contributions and deductions all may be adjusted annually for cost of living. There are two ways to do rollovers: Nondeductible regular contributions. If you are not eligible to • Do it yourself: You actually receive a distribution that can be deduct part or all of the traditional IRA contribution, you may still rolled over and you roll it over to a traditional IRA within 60 days make nondeductible contributions on which earnings will accumu- after the date you receive the funds. The distribution from your late on a tax-deferred basis. The combined deductible and non- eligible retirement plan will be net of 20% mandatory federal deductible contributions to your traditional IRA (or the non-working income tax withholding. If you want, you can replace the with- spouse’s traditional IRA) may not, however, exceed the maximum held funds yourself and roll over the full amount.

68 Tax information • Direct rollover: You tell the trustee or custodian of the eligible transfers are not rollover transactions. You can make these more retirement plan to send the distribution directly to your tradi- frequently than once in every 12-month period. tional 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 employer 457(b) plan are eligible rollover distributions, unless the traditional IRA to one or more other traditional IRAs. Also, in some distributions are: cases, traditional IRAs can be transferred on a tax-free basis between • “required minimum distributions” after age 70 1⁄2 or retirement spouses or former spouses as a result of a court-ordered divorce or from service with the employer; or separation decree.

• substantially equal periodic payments made at least annually for Excess contributions to traditional IRAs your life (or life expectancy) or the joint lives (or joint life expectancies) of you and your designated beneficiary; or Excess contributions to IRAs are subject to a 6% excise tax for the year in which made and for each year after until withdrawn. The fol- • substantially equal periodic payments made for a specified lowing are excess contributions to IRAs: period of 10 years or more; or • regular contributions of more than the maximum regular con- • hardship withdrawals; or tribution amount for the applicable taxable year; or • corrective distributions that fit specified technical tax rules; or • regular contributions to a traditional IRA made after you reach • loans that are treated as distributions; or age 70 1⁄2 ;or • death benefit payments to a beneficiary who is not your surviv- • rollover contributions of amounts which are not eligible to be ing spouse; or rolled over, for example, minimum distributions required to be made after age 70 1⁄2. • qualified domestic relations order distributions to a beneficiary who is not your current spouse or former spouse. You can avoid or limit the excise tax by withdrawing an excess contribution (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) plan are not subject to the additional 10% federal income tax penalty Amounts that have been contributed as traditional IRA funds may for premature distributions, but they may become subject to this penalty subsequently be treated as Roth IRA funds. Special federal income tax if you roll the funds to a different type of eligible retirement plan such rules allow you to change your mind again and have amounts that as a traditional IRA, and subsequently take a premature distribution. are subsequently treated as Roth IRA funds, once again treated as 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 your individual income tax return and keeping supporting records. Rollovers from traditional IRAs to traditional IRAs Except as discussed below, the total amount of any distribution from You may roll over amounts from one traditional IRA to one or more of a traditional IRA must be included in your gross income as ordinary your other traditional IRAs if you complete the transaction within 60 income. days after you receive the funds. You may make such a rollover only If you have ever made nondeductible (after-tax) IRA contributions to once in every 12-month period for the same funds. We call this the any traditional IRA (it does not have to be to this particular traditional “one-per-year limit.” It is the IRA owner’s responsibility to determine IRA contract), those contributions are recovered tax-free when you if this rule is met. Trustee-to-trustee or custodian-to-custodian direct

69 Tax information get distributions from any traditional IRA. It is your responsibility to When you have to take the first lifetime required minimum keep permanent tax records of all of your nondeductible contributions distribution. The first required minimum distribution is for the calendar to traditional IRAs so that you can correctly report the taxable amount year in which you turn age 70 1⁄2. You have the choice to take this first of any distribution on your own tax return. At the end of any year in required minimum distribution during the calendar year you actually reach which you have received a distribution from any traditional IRA, you age 70 1⁄2, or to delay taking it until the first three-month period in the calculate the ratio of your total nondeductible traditional IRA con- next calendar year (January 1st — April 1st). Distributions must start no tributions (less any amounts previously withdrawn tax-free) to the later than your “Required Beginning Date”, which is April 1st of the total account balances of all traditional IRAs you own at the end of calendar year after the calendar year in which you turn age 70 1⁄2.Ifyou the year plus all traditional IRA distributions made during the year. choose to delay taking the first annual minimum distribution, then you Multiply this by all distributions from the traditional IRA during the will have to take two minimum distributions in that year — the delayed year to determine the nontaxable portion of each distribution. one for the first year and the one actually for that year. Once minimum distributions begin, they must be made at some time each year. A distribution from a traditional IRA is not taxable if: How you can calculate required minimum dis- • the amount received is a withdrawal of certain excess contributions. There are two approaches to taking required minimum tributions, as described in IRS Publications 590-A and 590-B; or distributions — “account-based” or “annuity-based.” • the entire amount received is rolled over to another traditional IRA Account-based method. If you choose an account-based method, or other eligible retirement plan which agrees to accept the funds. you divide the value of your traditional IRA as of December 31st of the (See “Rollovers from eligible retirement plans other than tradi- past calendar year by a number corresponding to your age from an IRS tional IRAs” under “Rollover and direct transfer contributions to table. This gives you the required minimum distribution amount for that traditional IRAs” earlier in this section for more information.) particular IRA for that year. If your spouse is your sole beneficiary and The following are eligible to receive rollovers of distributions from a more than 10 years younger than you, the dividing number you use traditional IRA: a qualified plan, a 403(b) plan or a governmental may be from another IRS table and may produce a smaller lifetime employer 457(b) plan. After-tax contributions in a traditional IRA required minimum distribution amount. Regardless of the table used, cannot be rolled from your traditional IRA into, or back into, a quali- the required minimum distribution amount will vary each year as the fied plan, 403(b) plan or governmental employer 457(b) plan. Before account value, the actuarial present value of additional annuity contract you decide to roll over a distribution from a traditional IRA to another benefits, if applicable, and the divisor change. If you initially choose an eligible retirement plan, you should check with the administrator of account-based method, you may later apply your traditional IRA funds that plan about whether the plan accepts rollovers and, if so, the to a life annuity-based payout with any certain period not exceeding types it accepts. You should also check with the administrator of the remaining life expectancy, determined in accordance with IRS tables. receiving plan about any documents required to be completed before Annuity-based method. If you choose an annuity-based method, it will accept a rollover. you do not have to do annual calculations. You apply the account value Distributions from a traditional IRA are not eligible for favorable to an annuity payout for your life or the joint lives of you and a des- ten-year averaging and long-term capital gain treatment available ignated beneficiary or for a period certain not extending beyond appli- under limited circumstances for certain distributions from qualified cable life expectancies, determined in accordance with IRS tables. plans. If you might be eligible for such tax treatment from your qualified Do you have to pick the same method to calculate your plan, you may be able to preserve such tax treatment even though an required minimum distributions for all of your traditional eligible rollover from a qualified plan is temporarily rolled into a IRAs and other retirement plans? No. If you want, you can “conduit IRA” before being rolled back into a qualified plan. See your choose a different method for each of your traditional IRAs and other tax adviser. retirement plans. For example, you can choose an annuity payout IRA distributions directly transferred to charity. Specified dis- from one IRA, a different annuity payout from a qualified plan and an tributions from IRAs directly transferred to charitable organizations account-based annual withdrawal from another IRA. may be tax-free to IRA owners age 70 ½ or older. You can direct AXA Will we pay you the annual amount every year from your Equitable to make a distribution directly to a charitable organization traditional IRA based on the method you choose? We will only you request whether or not such distribution might be eligible for pay you automatically if you affirmatively select an annuity payout favorable tax treatment. Since an IRA owner is responsible for option or an account-based withdrawal option such as our “automatic determining the tax consequences of any distribution from an IRA, we required minimum distribution (RMD) service.” Even if you do not enroll report the distribution to you on Form 1099-R. After discussing with in our service, we will calculate the amount of the required minimum your own tax advisor, it is your responsibility to report any distribution distribution withdrawal for you, if you so request in writing. However, in qualifying as a tax-free charitable direct transfer from your IRA on that case you will be responsible for asking us to pay the required your own tax return. minimum distribution withdrawal to you. Required minimum distributions Also, if you are taking account-based withdrawals from all of your traditional IRAs, the IRS will let you calculate the required minimum Lifetime required minimum distributions. Distributions must be distribution for each traditional IRA that you maintain, using the made from traditional IRAs according to rules contained in the Code method that you picked for that particular IRA. You can add these and Treasury Regulations. You must start taking annual distributions required minimum distribution amount calculations together. As long from your traditional IRAs for the year in which you turn age 70 1⁄2.

70 Tax information as the total amount you take out every year satisfies your overall tradi- If you die before your Required Beginning Date, and the death benefi- tional IRA required minimum distribution amount, you may choose to ciary is your surviving spouse, the rules permit the spouse to delay take your annual required minimum distribution from any one or starting payments over his/her life expectancy until the year in which more traditional IRAs that you own. you would have attained age 70 1⁄2. What if you take more than you need to for any year? The Non-individual beneficiary. If you die after your Required Begin- required minimum distribution amount for your traditional IRAs is ning Date, and your death beneficiary is a non-individual, such as the calculated on a year-by-year basis. There are no carry-back or carry- estate, the rules permit the beneficiary to calculate post-death forward provisions. Also, you cannot apply required minimum dis- required minimum distribution amounts based on the owner’s life tribution amounts you take from your qualified plans to the expectancy in the year of death. However, note that we need an amounts you have to take from your traditional IRAs and vice versa. individual annuitant to keep an annuity contract in force. If the beneficiary is not an individual, we must distribute What if you take less than you need to for any year? Your amounts remaining in the annuity contract after the death IRA could be disqualified, and you could have to pay tax on the entire of the annuitant. value. Even if your IRA is not disqualified, you could have to pay a 50% penalty tax on the shortfall (required amount for traditional IRAs If you die before your Required Beginning Date for lifetime required less amount actually taken). It is your responsibility to meet the minimum distribution payments, and the death beneficiary is a required minimum distribution rules. We will remind you when our non-individual, such as the estate, the rules continue to apply the records show that you are within the age group which must take life- 5-year rule discussed earlier under “Individual beneficiary.” Please time required minimum distributions. If you do not select a method note that we need an individual annuitant to keep an with us, we will assume you are taking your required minimum dis- annuity contract in force. If the beneficiary is not an tribution from another traditional IRA that you own. individual, we must distribute amounts remaining in the annuity contract after the death of the annuitant. What are the required minimum distribution payments after you die? These could vary depending on whether you die before or Spousal continuation after your Required Beginning Date for lifetime required minimum If the contract is continued under Spousal continuation, the required distribution payments, and the status of your beneficiary. The follow- minimum distribution rules are applied as if your surviving spouse is ing assumes that you have not yet elected an annuity-based payout the contract owner. at the time of your death. If you elect an annuity-based payout, payments (if any) after your death must be made at least as rapidly as Payments to a beneficiary after your death when you were alive. IRA death benefits are taxed the same as IRA distributions. Individual beneficiary. Regardless of whether your death occurs Borrowing and loans are prohibited transactions before or after your Required Beginning Date, an individual death beneficiary calculates annual post-death required minimum dis- You cannot get loans from a traditional IRA. You cannot use a tradi- tribution payments based on the beneficiary’s life expectancy using tional IRA as collateral for a loan or other obligation. If you borrow the “term certain method.” That is, he or she determines his or her against your IRA or use it as collateral, its tax-favored status will be life expectancy using the IRS-provided life expectancy tables as of the lost as of the first day of the tax year in which this prohibited event calendar year after the owner’s death and reduces that number by occurs. If this happens, you must include the value of the traditional one each subsequent year. IRA in your federal gross income. Also, the early distribution penalty tax of 10% may apply if you have not reached age 59 1⁄2 before the If you die before your Required Beginning Date, the rules permit any first day of that tax year. individual beneficiary, including a spousal beneficiary, to elect instead to apply the “5-year rule.” Under this rule, instead of Early distribution penalty tax annual payments having to be made beginning with the first in the A penalty tax of 10% of the taxable portion of a distribution applies year following the owner’s death, the entire account must be dis- to distributions from a traditional IRA made before you reach age tributed by the end of the calendar year which contains the fifth 59 1⁄2. Some of the available exceptions to the pre-age 59 1⁄2 penalty anniversary of the owner’s death. No distribution is required before tax include distributions: that fifth year. • made on or after your death; or Spousal beneficiary. If you die after your Required Beginning Date, and your death beneficiary is your surviving spouse, your • made because you are disabled (special federal income tax spouse has a number of choices. Post-death distributions may be definition); or made over your spouse’s single life expectancy. Any amounts dis- • used to pay certain extraordinary medical expenses (special tributed after that surviving spouse’s death are made over the federal income tax definition); or spouse’s life expectancy calculated in the year of his/her death, reduced by one for each subsequent year. In some circumstances, • used to pay medical insurance premiums for unemployed your surviving spouse may elect to become the owner of the tradi- individuals (special federal income tax definition); or tional IRA and halt distributions until he or she reaches age 70 1⁄2, • used to pay certain first-time home buyer expenses (special or roll over amounts from your traditional IRA into his/her own federal income tax definition; $10,000 lifetime total limit for traditional IRA or other eligible retirement plan. these distributions from all your traditional and Roth IRAs); or

71 Tax information • used to pay certain higher education expenses (special federal and their tax advisors that the Investment Edge® series SEP-IRA con- income tax definition); or tract is not a model traditional IRA established on an IRS form. AXA Equitable has applied for an opinion letter that the Investment Edge® • in the form of substantially equal periodic payments made at series SEP-IRA contract may be used in connection with an employer’s least annually over your life (or your life expectancy) or over the SEP plan established using an IRS Form 5305-SEP. It is not clear joint lives of you and your beneficiary (or your joint life expect- whether, or when, the IRS would issue any such opinion letter. ancies) using an IRS-approved distribution method. AXA Equitable requires a minimum contribution to purchase an Please note that it is your responsibility to claim the penalty exception Investment Edge® Select or Investment Edge® ADV SEP-IRA contract on your own income tax return and to document eligibility for the which may be larger than the employer contribution with respect to exception to the IRS. compensation for an employee. In such a case the contract would To meet the substantially equal periodic payments exception, you have to be purchased through a direct transfer from another tradi- could elect the substantially equal withdrawals option. See tional IRA or through a rollover from another eligible retirement plan, “Substantially equal withdrawals” under “Accessing your money” or some combination of contributions permissible under the SEP plan, earlier in this Prospectus. We will calculate the substantially equal Code and SEP-IRA contract terms. annual payments using your choice of IRS-approved methods we Under federal income tax rules employees participating in an offer. Although substantially equal withdrawals are not subject to the employer’s SEP plan are not prohibited from making traditional IRA 10% penalty tax, they are taxable as discussed in “Withdrawals, contributions with respect to the employee’s compensation to the payments and transfers of funds out of traditional IRAs” earlier in this same traditional IRA which is being funded through employer section. Once substantially equal withdrawals begin, the distributions contributions under the SEP plan. Please note that the terms of the should not be stopped or changed until after the later of your reach- Investment Edge® series SEP-IRA contract do not permit the ing age 59 1⁄2 or five years after the date of the first distribution, or Investment Edge® series SEP-IRA contract owner to make traditional the penalty tax, including an interest charge for the prior penalty IRA contributions at the same time as the employer sponsoring the avoidance, may apply to all prior distributions under either option. SEP plan is making employer contributions to the Investment Edge® Also, it is possible that the IRS could view any additional withdrawal series SEP-IRA contract. However, if the Investment Edge® series SEP- or payment you take from, or any additional contributions or transfers IRA contract owner requests in writing supported by appropriate you make to, your contract as changing your pattern of substantially documentation that either (i) the sponsoring employer has terminated equal withdrawals for purposes of determining whether the penalty the SEP plan or (ii) the Investment Edge® series SEP-IRA contract applies. owner has separated from service with the sponsoring employer, we will remove the “SEP-IRA” designation from the contract on our Simplified Employee Pensions (SEPs) records and merely retain the “traditional IRA” designation. No fees An employer can establish a Simplified Employee Pension Plan (SEP or charges will be imposed on any such change of designation. plan) for its employees, and can make contributions to a contract for Thereafter, we will no longer accept employer contributions. If the each eligible employee. A self-employed individual may be an IRA contract owner is eligible to make contributions, we will accept employer for this purpose. A SEP-IRA contract is a form of traditional traditional IRA regular contributions described earlier in this section IRA contract, owned by the employee-annuitant who is a participant under “Traditional individual retirement annuities (traditional IRAs).” under the SEP plan and most of the rules which apply to traditional Please also note, if the sponsoring employer’s plan is a “Salary Reduc- IRAs apply. See the discussion above under “Traditional individual tion Simplified Employee Pension Plan” or “SARSEP” established retirement annuities (traditional IRAs).” before 1997 that the Investment Edge® series SEP-IRA contract does A major difference is the amount of permissible contributions. An not accept salary reduction or employer contributions. employer can annually contribute an amount for an employee up to the lesser of 25% of eligible compensation or $40,000 ($54,000 after Roth individual retirement annuities (Roth IRAs) cost-of-living adjustment for 2017). This amount may be further This section of the Prospectus covers some of the special tax rules adjusted for cost-of-living changes in future years. Rules similar to the that apply to Roth IRAs. If the rules are the same as those that apply federal tax rules governing qualified plans apply to which employees to the traditional IRA, we will refer you to the same topic under must be covered and calculation of employer contributions under a “traditional IRAs.” SEP plan. The Investment Edge® Roth IRA contract is designed to qualify as a Employers must rely on their own tax and legal advisors regarding the Roth individual retirement annuity under Sections 408A(b) and 408(b) establishment and operation of their SEP plans. An employer of the Internal Revenue Code. sponsoring a SEP plan should discuss with its tax advisor the requirements under the SEP plan to make contributions for its Contributions to Roth IRAs employees and should consider the availability of other funding Individuals may make four different types of contributions to a Roth vehicles for the SEP plan, given the limits on the amount and timing IRA: of contributions under the Investment Edge® SEP-IRA contract. • regular after-tax contributions out of earnings; or Participating employees who are considering the purchase of an Investment Edge® series SEP-IRA contract through a sponsoring • taxable rollover contributions from traditional IRAs or other eligi- employer’s SEP plan contributions should discuss with their employers ble retirement plans (“conversion rollover” contributions); or

72 Tax information • tax-free rollover contributions from other Roth individual retire- Rollovers and direct transfer contributions to ment arrangements or designated Roth accounts under defined Roth IRAs contribution plans; or What is the difference between rollover and direct transfer • tax-free direct custodian-to-custodian transfers from other Roth transactions? IRAs (“direct transfers”). The difference between a rollover transaction and a direct transfer Regular after-tax, direct transfer and rollover contributions may be transaction is the following: in a rollover transaction you actually take made to a Roth IRA contract. See “Rollovers and direct transfer con- possession of the funds rolled over or are considered to have received tributions to Roth IRAs” later in this section for more information. If them under tax law in the case of a change from one type of plan to you use the forms we require, we will also accept traditional IRA another. In a direct transfer transaction, you never take possession of funds which are subsequently recharacterized as Roth IRA funds fol- the funds, but direct the first Roth IRA custodian, trustee or issuer to lowing special federal income tax rules. transfer the first Roth IRA funds directly to the recipient Roth IRA custodian, trustee or issuer. You can make direct transfer transactions only Because the minimum initial contribution required to purchase this between identical plan types (for example, Roth IRA to Roth IRA). You contract is larger than the maximum regular contribution you can can also make rollover transactions between identical plan types. make to an IRA for a taxable year, this contract must be purchased However, you can only make rollovers between different plan types (for through a rollover or direct transfer contribution. Subsequent con- example, traditional IRA to Roth IRA). tributions may also be “regular” contributions out of compensation. You may make rollover contributions to a Roth IRA from these sour- Regular contributions to Roth IRAs ces only: • another Roth IRA; Limits on regular contributions. The “maximum regular contribution amount” for any taxable year is the most that can be • a traditional IRA, including a SEP-IRA or SIMPLE IRA (after a contributed to all of your IRAs (traditional and Roth) as regular con- two-year rollover limitation period for SIMPLE IRA funds), in a tributions for the particular taxable year. The maximum regular con- taxable conversion rollover (“conversion rollover”); tribution amount depends on age, earnings, and year, among other • a “designated Roth contribution account” under a 401(k) plan, things. Generally, $5,500 is the maximum amount that you may con- 403(b) plan, or governmental employer Section 457(b) plan tribute to all IRAs (traditional IRAs and Roth IRAs) for 2017, after (direct or 60-day); or adjustment for cost-of-living changes. This limit does not apply to rollover contributions or direct custodian-to-custodian transfers into a • from non-Roth accounts under another eligible retirement plan, Roth IRA. Any contributions to Roth IRAs reduce your ability to con- as described below under “Conversion rollover contributions to tribute to traditional IRAs and vice versa. When your earnings are Roth IRAs.” below $5,500, your earned income or compensation for the year is You may make direct transfer contributions to a Roth IRA only from the most you can contribute. If you are married and file a joint income another Roth IRA. tax return, you and your spouse may combine your compensation to determine the amount of regular contributions you are permitted to You may make both Roth IRA to Roth IRA rollover transactions and Roth make to Roth IRAs and traditional IRAs. See the discussion under IRA to Roth IRA direct transfer transactions. This can be accomplished on “Special rules for spouses” earlier in this section under traditional a completely tax-free basis. However, you may make Roth IRA to Roth IRAs. IRA rollover transactions only once in any 12-month period for the same funds. We call this the “one-per-year limit.” It is the Roth IRA owner’s If you or your spouse are at least age 50 at any time during the tax- responsibility to determine if this rule is met. Trustee-to-trustee or able year for which you are making a regular contribution, you may custodian-to-custodian direct transfers can be made more frequently than be eligible to make additional catch-up contributions of up to $1,000. once a year. Also, if you send us the rollover contribution to apply it to a With a Roth IRA, you can make regular contributions when you reach Roth IRA, you must do so within 60 days after you receive the proceeds 70 1⁄2, as long as you have sufficient earnings. The amount of permis- from the original IRA to get rollover treatment. sible contributions to Roth IRAs for any year depends on the The surviving spouse beneficiary of a deceased individual can roll over individual’s income limits and marital status. For example, if you are or directly transfer an inherited Roth IRA to one or more other Roth married and filing separately for any year your ability to make regular IRAs. In some cases, Roth IRAs can be transferred on a tax-free basis Roth IRA contributions is greatly limited. The amount of permissible between spouses or former spouses as a result of a court-ordered contributions and income limits may be adjusted annually for cost of divorce or separation decree. living. Please consult IRS Publication 590-A, “Contributions to Individual Retirement Arrangements (IRAs)” for the rules applicable Conversion rollover contributions to Roth IRAs to the current year. In a conversion rollover transaction, you withdraw (or are considered to When you can make contributions. Same as traditional IRAs. 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 you receive Deductibility of contributions. Roth IRA contributions are not tax (or are considered to have received) the traditional IRA proceeds. deductible. Amounts can also be rolled over from non-Roth accounts under another eligible retirement plan, including a Code Section 401(a) qualified plan, a 403(b) plan, and a governmental employer Section 457(b) plan.

73 Tax information Unlike a rollover from a traditional IRA to another traditional IRA, a For recharacterization purposes, a distribution from a traditional IRA conversion rollover transaction from a traditional IRA or other eligible that is received in one tax year and rolled over into a Roth IRA in the retirement plan to a Roth IRA is not tax-free. Instead, the distribution next year, but still within 60 days of the distribution from the tradi- from the traditional IRA or other eligible retirement plan is generally tional IRA, is treated as a contribution to the Roth IRA in the year of fully taxable. If you are converting all or part of a traditional IRA, and the distribution from the traditional IRA. you have ever made nondeductible regular contributions to any tradi- Roth IRA conversion contributions from a SEP-IRA or SIMPLE IRA can tional IRA — whether or not it is the traditional IRA you are convert- be recharacterized to a SEP-IRA or SIMPLE IRA (including the original ing — a pro rata portion of the distribution is tax-free. Even if you are SEP-IRA or SIMPLE IRA). You cannot recharacterize back to the origi- under age 59 1⁄2, the early distribution penalty tax does not apply to nal plan a contribution directly rolled over from an eligible retirement conversion rollover contributions to a Roth IRA. Conversion rollover plan which is not a traditional IRA. contributions to Roth IRAs are not subject to the “one-per-year limit” noted earlier in this section. The recharacterization of a contribution is not treated as a rollover for purposes of the 12 month limitation period described above. This rule You cannot make conversion contributions to a Roth IRA to the extent applies even if the contribution would have been treated as a rollover that the funds in your traditional IRA or other eligible retirement plan contribution by the second IRA if it had been made directly to the are subject to the lifetime annual required minimum distribution rules. second IRA rather than as a result of a recharacterization of a con- You cannot convert and reconvert an amount during the same tax- tribution to the first IRA. able year, or if later, during the 30-day period following a To recharacterize a contribution, you must use our forms. recharacterization. If you reconvert during either of these periods, it will be a failed Roth IRA conversion. Withdrawals, payments and transfers of funds The IRS and Treasury have issued Treasury Regulations addressing the outofRothIRAs valuation of annuity contracts funding traditional IRAs in the con- No federal income tax law restrictions on withdrawals. You version to Roth IRAs. Although these Regulations are not clear, they can withdraw any or all of your funds from a Roth IRA at any time; you could require an individual’s gross income on the conversion of a do not need to wait for a special event like retirement. traditional IRA to a Roth IRA to be measured using various actuarial methods and not as if the annuity contract funding the traditional IRA Distributions from Roth IRAs had been surrendered at the time of conversion. This could increase the amount of income reported in certain circumstances. Distributions include withdrawals from your contract, surrender of your contract and annuity payments from your contract. Death bene- Recharacterizations fits are also distributions. You may be able to treat a contribution made to one type of IRA as You must keep your own records of regular and conversion con- having been made to a different type of IRA. This is called tributions to all Roth IRAs to assure appropriate taxation. You may recharacterizing the contribution. have to file information on your contributions to and distributions from any Roth IRA on your tax return. You may have to retain all How to recharacterize. To recharacterize a contribution, you income tax returns and records pertaining to such contributions and generally must have the contribution transferred from the first IRA distributions until your interests in all Roth IRAs are distributed. (the one to which it was made) to the second IRA in a deemed trustee-to-trustee transfer. If the transfer is made by the due date Like traditional IRAs, taxable distributions from a Roth IRA are not entitled (including extensions) for your tax return for the year during which to special favorable ten-year averaging and long-term capital gain treat- the contribution was made, you can elect to treat the contribution as ment available in limited cases to certain distributions from qualified plans. having been originally made to the second IRA instead of to the first The following distributions from Roth IRAs are free of income tax: IRA. It will be treated as having been made to the second IRA on the same date that it was actually made to the first IRA. You must report • rollovers from a Roth IRA to another Roth IRA; the recharacterization and must treat the contribution as having been • direct transfers from a Roth IRA to another Roth IRA; made to the second IRA, instead of the first IRA, on your tax return for the year during which the contribution was made. • qualified distributions from a Roth IRA; and The contribution will not be treated as having been made to the • return of excess contributions or amounts recharacterized to a second IRA unless the transfer includes any net income allocable to traditional IRA. the contribution. You can take into account any loss on the con- Qualified distributions from Roth IRAs. Qualified distributions tribution while it was in the IRA when calculating the amount that from Roth IRAs made because of one of the following four qualifying must be transferred. If there was a loss, the net income you must events or reasons are not includible in income: transfer may be a negative amount. • you are age 59 1⁄2 or older; or No deduction is allowed for the contribution to the first IRA and any net income transferred with the recharacterized contribution is treated as • you die; or earned in the second IRA. The contribution will not be treated as having • you become disabled (special federal income tax definition); or been made to the second IRA to the extent any deduction was allowed with respect to the contribution to the first IRA.

74 Tax information • your distribution is a “qualified first-time homebuyer dis- Required minimum distributions at death tribution” (special federal income tax definition; $10,000 life- Same as traditional IRA under “What are the required minimum dis- time total limit for these distributions from all of your traditional tribution payments after you die?”, assuming death before the and Roth IRAs). Required Beginning Date. You also have to meet a five-year aging period. A qualified dis- Payments to a beneficiary after your death tribution is any distribution made after the five-taxable-year period beginning with the first taxable year for which you made any con- Distributions to a beneficiary generally receive the same tax treatment tribution to any Roth IRA (whether or not the one from which the as if the distribution had been made to you. distribution is being made). Borrowing and loans are prohibited transactions Nonqualified distributions from Roth IRAs. Nonqualified dis- Same as traditional IRA. tributions from Roth IRAs are distributions that do not meet both the qualifying event and five-year aging period tests described above. If you Excess contributions to Roth IRAs receive such a distribution, part of it may be taxable. For purposes of Generally the same as traditional IRA, except that regular con- determining the correct tax treatment of distributions (other than the tributions made after age 70 1⁄2 are not excess contributions. withdrawal of excess contributions and the earnings on them), there is a set order in which contributions (including conversion contributions) Excess rollover contributions to Roth IRAs are contributions not eligi- and earnings are considered to be distributed from your Roth IRA. The ble to be rolled over. order of distributions is as follows: You can withdraw or recharacterize any contribution to a Roth IRA (1) Regular contributions. before the due date (including extensions) for filing your federal income tax return for the tax year. If you do this, you must also with- (2) Conversion contributions, on a first-in-first-out basis (generally, draw or recharacterize any earnings attributable to the contribution. total conversions from the earliest year first). These conversion contributions are taken into account as follows: Early distribution penalty tax Same as traditional IRA. (a) Taxable portion (the amount required to be included in gross income because of conversion) first, and then the Federal and state income tax withholding and (b) Nontaxable portion. information reporting (3) Earnings on contributions. We must withhold federal income tax from distributions from annuity contracts and specified tax-favored savings or retirement plans or Rollover contributions from other Roth IRAs are disregarded for this arrangements. You may be able to elect out of this income tax with- purpose. holding in some cases. Generally, we do not have to withhold if your To determine the taxable amount distributed, distributions and con- distributions are not taxable. The rate of withholding will depend on tributions are aggregated or grouped, then added together as follows: the type of distribution and, in certain cases, the amount of your distribution. Any income tax withheld is a credit against your income tax (1) All distributions made during the year from all Roth IRAs you liability. If you do not have sufficient income tax withheld or do not maintain — with any custodian or issuer — are added together. make sufficient estimated income tax payments, you may incur penal- (2) All regular contributions made during and for the year ties under the estimated income tax rules. (contributions made after the close of the year, but before the due You must file your request not to withhold in writing before the date of your return) are added together. This total is added to the payment or distribution is made. Our processing office will provide total undistributed regular contributions made in prior years. forms for this purpose. You cannot elect out of withholding unless (3) All conversion contributions made during the year are added you provide us with your correct Taxpayer Identification Number and together. a United States residence address. You cannot elect out of withholding if we are sending the payment out of the United States. Any recharacterized contributions that end up in a Roth IRA are added to the appropriate contribution group for the year that the You should note the following special situations: original contribution would have been taken into account if it had • We might have to withhold and/or report on amounts we pay been made directly to the Roth IRA. under a free look or cancellation. Any recharacterized contribution that ends up in an IRA other than a • We are required to withhold on the gross amount of a dis- Roth IRA is disregarded for the purpose of grouping both contribution from a Roth IRA to the extent it is reasonable for us to tributions and distributions. Any amount withdrawn to correct an believe that a distribution is includible in your gross income. This excess contribution (including the earnings withdrawn) is also dis- may result in tax being withheld even though the Roth IRA disregarded for this purpose. tribution is ultimately not taxable. Required minimum distributions during life Special withholding rules apply to United States citizens residing out- Lifetime required minimum distributions do not apply. side of the United States, foreign recipients, and certain U. S. entity recipients which are treated as foreign because they fail to document

75 Tax information their U.S. status before payment is made. We do not discuss these Impact of taxes to AXA Equitable rules here in detail. However, we may require additional doc- The contracts provide that we may charge Separate Account No. 70 umentation in the case of payments made to United States persons for taxes. We do not now, but may in the future set up reserves for living abroad and non-United States persons (including U.S. entities such taxes. treated as foreign) prior to processing any requested transaction. We are entitled to certain tax benefits related to the investment of Certain states have indicated that state income tax withholding will company assets, including assets of the separate account. These tax also apply to payments from the contracts made to residents. Gen- benefits, which may include the foreign tax credit and the corporate erally, an election out of federal withholding will also be considered dividends received deduction, are not passed back to you, since we an election out of state withholding. In some states, you may elect are the owner of the assets from which tax benefits may be derived. out of state withholding, even if federal withholding applies. In some states, the income tax withholding is completely independent of federal income tax withholding. If you need more information concerning a particular state or any required forms, call our processing office at the toll-free number. Federal income tax withholding on periodic annuity payments Federal tax rules require payers to withhold differently on “periodic” and “non-periodic” payments. Payers are to withhold from periodic annuity payments as if the payments were wages. The annuity contract owner is to specify marital status and the number of withholding exemptions claimed on an IRS Form W-4P or similar substitute election form. If the owner does not claim a different number of withholding exemptions or marital status, the payer is to withhold assuming that the owner is married and claiming three withholding exemptions. If the owner does not provide the owner’s correct Taxpayer Identification Number a payer is to withhold from periodic annuity payments as if the owner were single with no exemptions. A contract owner’s withholding election remains effective unless and until the owner revokes it. The contract owner may revoke or change a withholding election at any time. Federal income tax withholding on non-periodic annuity payments (withdrawals) Non-periodic distributions include partial withdrawals, total surrenders and death benefits. Payers generally withhold federal income tax at a flat 10% rate from (i) the taxable amount in the case of nonqualified contracts, and (ii) the payment amount in the case of traditional IRAs and Roth IRAs, where it is reasonable to assume an amount is includible in gross income.

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 Appen- dix IV 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.

76 Tax information 8. More information

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

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

78 More information About your voting rights product business is highly dependent upon the effective operation of our computer systems and those of our business partners, our As the owner of the shares of the Trusts, we have the right to vote on business is vulnerable to disruptions from utility outages, and certain matters involving the Portfolios, such as: susceptible to operational and information security risks resulting • the election of trustees; or from information systems failure (e.g., hardware and software malfunctions), and cyber-attacks. These risks include, among other • the formal approval of independent public accounting firms things, the theft, misuse, corruption and destruction of data selected for each Trust; or maintained online or digitally, interference with or denial of service, • any other matters described in the prospectus for each Trust or attacks on websites and other operational disruption and requiring a shareholders’ vote under the Investment Company unauthorized release of confidential customer information. Such systems failures and cyber-attacks affecting us, any third party Act of 1940. administrator, the underlying funds, intermediaries and other We will give contract owners the opportunity to instruct us how to affiliated or third-party service providers may adversely affect us and vote the number of shares attributable to their contracts if a share- your account value. For instance, systems failures and cyber-attacks holder vote is taken. If we do not receive instructions in time from all may interfere with our processing of contract transactions, including contract owners, we will vote the shares of a Portfolio for which no the processing of orders from our website or with the underlying instructions have been received in the same proportion as we vote funds, impact our ability to calculate account unit values, cause the shares of that Portfolio for which we have received instructions. We release and possible destruction of confidential customer or business will also vote any shares that we are entitled to vote directly because information, impede order processing, subject us and/or our service of amounts we have in a Portfolio in the same proportions that con- providers and intermediaries to regulatory fines and financial losses tract owners vote. One effect of proportional voting is that a small and/or cause reputational damage. Cybersecurity risks may also number of contract owners may determine the outcome of a vote. impact the issuers of securities in which the underlying funds invest, which may cause the funds underlying your contract to lose value. The Trusts sell their shares to AXA Equitable separate accounts in While there can be no assurance that we or the underlying funds or connection with AXA Equitable’s variable annuity and/or variable life our service providers will avoid losses affecting your contract due to insurance products, and to separate accounts of insurance compa- cyber-attacks or information security breaches in the future, we take nies, both affiliated and unaffiliated with AXA Equitable. AXA Premier reasonable steps to mitigate these risks and secure our systems from VIP Trust and EQ Advisors Trust also sell their shares to the trustee of such failures and attacks. a qualified plan for AXA Equitable. We currently do not foresee any disadvantages to our contract owners arising out of these arrange- Statutory compliance ments. However, the Board of Trustees or Directors of each Trust We have the right to change your contract without the consent of any intends to monitor events to identify any material irreconcilable con- other person in order to comply with any laws and regulations that flicts that may arise and to determine what action, if any, should be apply, including but not limited to changes in the Internal Revenue taken in response. If we believe that a Board’s response insufficiently Code, in Treasury Regulations or in published rulings of the Internal protects our contract owners, we will see to it that appropriate action Revenue Service and in Department of Labor regulations. is taken to do so. Any change in your contract must be in writing and made by an Separate Account No. 70 voting rights authorized officer of AXA Equitable. We will provide notice of any contract change. If actions relating to the Separate Account require contract owner approval, contract owners will be entitled to one vote for each unit The benefits under your contract will not be less than the minimum they have in the variable investment options. Each contract owner benefits required by any state law that applies. who has elected a variable annuity payout option may cast the number of votes equal to the dollar amount of reserves we are hold- About legal proceedings ing for that annuity in a variable investment option divided by the AXA Equitable and its affiliates are parties to various legal proceed- annuity unit value for that option. We will cast votes attributable to ings. In our view, none of these proceedings would be considered any amounts we have in the variable investment options in the same material with respect to a contract owner’s interest in Separate proportion as votes cast by contract owners. Account No. 70, nor would any of these proceedings be likely to have Changes in applicable law a material adverse effect upon the Separate Account, our ability to meet our obligations under the contracts, or the distribution of the The voting rights we describe in this Prospectus are created under contracts. applicable federal securities laws. To the extent that those laws or the regulations published under those laws eliminate the necessity to Financial statements submit matters for approval by persons having voting rights in separate accounts of insurance companies, we reserve the right to pro- The financial statements of Separate Account No. 70, as well as the ceed in accordance with those laws or regulations. consolidated financial statements of AXA Equitable, are in the SAI. The financial statements of AXA Equitable have relevance to the con- Cybersecurity tracts only to the extent that they bear upon the ability of AXA Equi- table to meet its obligations under the contracts. The SAI is available We rely heavily on interconnected computer systems and digital data free of charge. You may request one by writing to our processing to conduct our variable product business. Because our variable office or calling 1-800-789-7771.

79 More information Transfers of ownership, collateral assignments, Following a collateral assignment, all withdrawals, distributions and loans and borrowing payments are subject to the assignee’s prior approval and payment directions. We will follow such directions until AXA Equitable receives You can transfer ownership of an NQ contract at any time before (i) written notification satisfactory to us that the assignment has been annuity payments begin; or (ii) Income Edge or Income Edge Early terminated. If the owner or beneficiary fails to provide timely notifica- Retirement Option scheduled payments begin. Transfer of an Inherited tion of the termination, it is possible that we could pay the assignee NQ contract is not permitted. Transfer of ownership will terminate any more than the amount of the assignment, or continue paying the Income Edge payment program election that was in effect prior to the assignee pursuant to existing directions after the collateral assign- transfer. We will continue to treat you as the owner until we receive ment has in fact been terminated. written notification of any change at our processing office. You may also add an owner to your contact if the new owner is younger than In some cases, an assignment or change of ownership may have adverse the original owner and (i) your contract had only one owner when tax consequences. See “Tax information” earlier in this Prospectus. issued; and (ii) it is done before annuity payments begin or you elect Income Edge. With respect to ownership transfers and/or assignments About Custodial IRAs in connection with a divorce, you should consider that it may be For certain custodial IRA accounts, after your contract has been issued, difficult to effect such transactions following election of an Income we may accept transfer instructions by telephone, mail, facsimile or Edge payment program. In addition, effectuating such a transfer after electronically from a broker-dealer, provided that we or your broker- election of an Income Edge payment program may have adverse tax dealer have your written authorization to do so on file. Accordingly, consequences. Please consult your tax advisor for more information. AXA Equitable will rely on the stated identity of the person placing We may refuse to process a change of ownership of an NQ contract instructions as authorized to do so on your behalf. AXA Equitable will to an entity without appropriate documentation of status on IRS not be liable for any claim, loss, liability or expenses that may arise out Form W-9 (or, if IRS Form W-9 cannot be provided because the entity of such instructions. AXA Equitable will continue to rely on this is not a U.S. entity, on the appropriate type of Form W-8). authorization until it receives your written notification at its processing office that you have withdrawn this authorization. AXA Equitable may Following a change of ownership, the existing beneficiary desig- change or terminate telephone or electronic or overnight mail transfer nations will remain in effect until the new owner provides new procedures at any time without prior written notice and restrict facsim- designations. ile, internet, telephone and other electronic transfer services because In general, you cannot assign or transfer ownership of an IRA or QP of disruptive transfer activity. contract except by surrender to us. If your individual retirement annuity contract is held in your custodial individual retirement Distribution of the contracts account, you may only assign or transfer ownership of such an IRA The contracts are distributed by both AXA Advisors, LLC (“AXA contract to yourself. Loans are not available and you cannot assign Advisors”) and AXA Distributors, LLC (“AXA Distributors”) (together, IRA or QP contracts as security for a loan or other obligation. the “Distributors”). The Distributors serve as principal underwriters of For limited transfers of ownership after the owner’s death see Separate Account No. 70. The offering of the contracts is intended to “Beneficiary continuation option” in “Payment of death benefit” ear- be continuous. lier in this Prospectus. You may direct the transfer of the values under AXA Advisors is an affiliate of AXA Equitable, and AXA Distributors is your IRA or QP contract to another similar arrangement under Federal an indirect wholly owned subsidiary of AXA Equitable. The Distrib- income tax rules. In the case of such a transfer, which involves a sur- utors are under the common control of AXA Financial, Inc. Their render of your contract, we will impose a withdrawal charge, if one principal business address is 1290 Avenue of the Americas, New applies. York, NY 10104. The Distributors are registered with the SEC as Loans are not available under Investment Edge® series contracts. broker-dealers and are members of the Financial Industry Regulatory Authority, Inc. (“FINRA”). Both broker-dealers also act as distributors In certain circumstances, you may collaterally assign all or a portion of for other AXA Equitable life and annuity products. the value of your NQ contract as security for a loan with a third party lender. The terms of the assignment are subject to our approval. The The contracts are sold by financial professionals of AXA Advisors and amount of the assignment may never exceed your account value on its affiliates. The contracts are also sold by financial professionals of the day prior to the date we receive all necessary paperwork to effect unaffiliated broker-dealers that have entered into selling agreements the assignment. Only one assignment per contract is permitted. You with the Distributors (“Selling broker-dealers”). must indicate that you have not purchased, and will not purchase, AXA Equitable pays compensation to both Distributors based on con- any other AXA Equitable (or affiliate’s) NQ deferred annuity contract tracts sold. AXA Equitable may also make additional payments to the in the same calendar year that you purchase the contract. Collateral Distributors, and the Distributors may, in turn, make additional pay- assignments are not available after any type of Income Edge or ments to certain Selling broker-dealers. All payments will be in com- another form of annuity payout is elected. Collateral assignments pliance with all applicable FINRA rules and other laws and regulations. must be removed before Income Edge or another form of annuity payout is elected. See “Income Edge Payment Program” in Although AXA Equitable takes into account all of its distribution and “Accessing Your Money” earlier in this Prospectus. other costs in establishing the level of fees and charges under its contracts, none of the compensation paid to the Distributors or the Selling broker-dealers discussed in this section of the Prospectus are

80 More information imposed as separate fees or charges under your contract. AXA Equi- professionals and managerial personnel a greater percentage of table, however, intends to recoup amounts it pays for distribution and contribution-based compensation and/or asset-based compensation other services through the fees and charges of the contract and for the sale of an AXA Equitable contract than it pays for the sale of a payments it receives for providing administrative, distribution and contract or other financial product issued by a company other than other services to the Portfolios. For information about the fees and AXA Equitable. AXA Advisors may pay higher compensation on charges under the contract, see “Fee table” and “Charges and certain products in a class than others based on a group or sponsored expenses” earlier in this Prospectus. arrangement, or between older and newer versions or series of the same contract. This practice is known as providing “differential AXA Advisors Compensation. compensation.” Differential compensation may involve other forms of For Investment Edge®, and Investment Edge® Select contracts: compensation to AXA Advisors personnel. Certain components of the compensation paid to managerial personnel are based on whether AXA Equitable pays compensation to AXA Advisors based on con- the sales involve AXA Equitable contracts. Managers earn higher tributions made on the contracts sold through AXA Advisors compensation (and credits toward awards and bonuses) if the (“contribution-based compensation”). The contribution-based financial professionals they manage sell a higher percentage of AXA compensation will generally not exceed 8.50% of total contributions. Equitable contracts than products issued by other companies. Other AXA Advisors, in turn, may pay a portion of the contribution-based forms of compensation provided to its financial professionals, which compensation received from AXA Equitable to the AXA Advisors finan- include health and retirement benefits, expense reimbursements, cial professional and/or the Selling broker-dealer making the sale. In marketing allowances and contribution-based payments known as some instances, a financial professional or a Selling broker-dealer may “overrides.” For tax reasons, AXA Advisors financial professionals elect to receive reduced contribution-based compensation on a contract qualify for health and retirement benefits based solely on their sales in combination with ongoing annual compensation of up to 1.20% of of AXA Equitable contracts and products sponsored by affiliates. the Total account value of the contract sold (“asset-based compensation”). Total compensation paid to a financial professional or The fact that AXA Advisors financial professionals receive differential a Selling broker-dealer electing to receive both contribution-based and compensation and additional payments may provide an incentive for asset-based compensation could over time exceed the total compensa- those financial professionals to recommend an AXA Equitable con- tion that would otherwise be paid on the basis of contributions alone. tract over a contract or other financial product issued by a company The compensation paid by AXA Advisors varies among financial pro- not affiliated with AXA Equitable. However, under applicable rules of fessionals and among Selling broker-dealers. FINRA, AXA Advisors financial professionals may only recommend to you products that they reasonably believe are suitable for you based For Investment Edge® ADV contracts: on the facts that you have disclosed as to your other security AXA Equitable pays compensation to AXA Advisors based on the holdings, financial situation and needs. In making any recom- advisory fee associated with the custodial account. For contracts sold mendation, financial professionals of AXA Advisors may nonetheless through AXA Advisors, AXA Advisors will retain 50% of the advisory face conflicts of interest because of the differences in compensation fee and the financial professional will get the other 50%. from one product category to another, and because of differences in compensation among products in the same category. For more For all contract versions, AXA Advisors also pays a portion of the information, contact your financial professional. compensation it receives to its managerial personnel. AXA Advisors also pays its financial professionals and managerial personnel other AXA Distributors Compensation. types of compensation including service fees, expense allowance For all contract versions except Investment Edge® ADV: payments and health and retirement benefits. AXA Advisors also pays AXA Equitable pays contribution-based and asset-based compensa- its financial professionals, managerial personnel and Selling broker- tion (together “compensation”) to AXA Distributors. Contribution- dealers sales bonuses (based on selling certain products during speci- based compensation is paid based on AXA Equitable contracts sold fied periods) and persistency bonuses. AXA Advisors may offer sales through AXA Distributors’ Selling broker-dealers. Asset-based com- incentive programs to financial professionals and Selling broker- pensation is paid based on the aggregate account value of contracts dealers who meet specified production levels for the sales of both sold through certain of AXA Distributors’ Selling broker-dealers. This AXA Equitable contracts and contracts offered by other companies. compensation will generally not exceed 7.50% of the total con- These incentives provide non-cash compensation such as stock tributions made under the contracts. AXA Distributors, in turn, pays options awards and/or stock appreciation rights, expense-paid trips, the contribution-based compensation it receives on the sale of a con- expense-paid education seminars and merchandise. tract to the Selling broker-dealer making the sale. In some instances, For Investment Edge®, and Investment Edge® Select contracts, when a the Selling broker-dealer may elect to receive reduced contribution- contract is sold by a Selling broker-dealer, the Selling broker-dealer, based compensation on the sale of the contract in combination with not AXA Advisors, determines the compensation paid to the Selling annual asset-based compensation of up to 1.25% of the contract’s broker-dealer’s financial professional for the sale of the contract. Total account value. If a Selling broker-dealer elects to receive Therefore, you should contract your financial professional for reduced contribution-based compensation on a contract, the information about the compensation he or she receives and any contribution-based compensation which AXA Equitable pays to AXA related incentives, as described immediately below. Distributors will be reduced by the same amount, and AXA Equitable will pay AXA Distributors asset-based compensation on the contract Differential compensation. In an effort to promote the sale of equal to the asset-based compensation which AXA Distributors pays AXA Equitable products, AXA Advisors may pay its financial to the Selling broker-dealer. Total Compensation paid to a Selling

81 More information broker-dealer electing to receive both contribution-based and asset- may provide an incentive for the Selling broker-dealers to promote the based compensation could over time exceed the total compensation sale of AXA Equitable contracts over contracts and other products that would otherwise be paid on the basis of contributions alone. The issued by other companies. The list below includes any such Selling contribution-based and asset-based compensation paid by AXA Dis- broker-dealer. For more information, ask your financial professional. tributors varies among Selling broker-dealers. 1st Global Capital Corporation The Selling broker-dealer, not AXA Distributors, determines the Allstate Financial Services, LLC compensation paid to the Selling broker-dealer’s financial pro- American Portfolios Financial Services fessional for the sale of the contract. Therefore, you should contact Ameriprise Financial Services your financial professional for information about the compensation he AXIO or she receives and any related incentives, such as differential BBVA Compass Investment Solutions, Inc. compensation paid for various products. Cambridge Investment Research Capital Investment Group For Investment Edge® ADV contracts: Centaurus Financial, Inc. For contracts sold through AXA Distributors, AXA Distributors will not Cetera Advisors, LLC receive any compensation. Cetera Advisors Networks, LLC Cetera Financial Specialists, LLC AXA Equitable also pays AXA Distributors compensation to cover its Cetera Investment Services, LLC operating expenses and marketing services under the terms of AXA CFD Investments, Inc. Equitable’s distribution agreements with AXA Distributors. Citigroup Global Markets, Inc. Additional payments by AXA Distributors to Selling broker- Commonwealth Financial Network dealers. (The following section applies to all contract versions except CUNA Brokerage Services Investment Edge® ADV) AXA Distributors may pay, out of its assets, Cuso Financial Services, L.P. certain Selling broker-dealers and other financial intermediaries Farmer’s Financial Solution additional compensation in recognition of services provided or First Allied Securities Inc. expenses incurred. AXA Distributors may also pay certain Selling First Tennessee Brokerage Inc. broker-dealers or other financial intermediaries additional Girard Securities, Inc. compensation for enhanced marketing opportunities and other services Gradient Securities, LLC (commonly referred to as “marketing allowances”). Services for which H.D. Vest Investment Securities, Inc. such payments are made may include, but are not limited to, the Harbour Investments preferred placement of AXA Equitable products on a company and/or Hilltop Securities product list; sales personnel training; product training; business Independent Financial Group, LLC reporting; technological support; due diligence and related costs; Investors Capital Corporation advertising, marketing and related services; conference; and/or other Janney Montgomery Scott LLC support services, including some that may benefit the contract owner. Kestra Investments, LLC Payments may be based on ongoing sales, on the aggregate account Key Investment Services LLC value attributable to contracts sold through a Selling broker-dealer or Ladenburg Thalmann Advisor Network, LLC such payments may be a fixed amount. For certain selling broker- Legend Equities dealers, AXA Distributors increases the marketing allowance as certain Lincoln Financial Advisors Corp. sales thresholds are met. AXA Distributors may also make fixed Lincoln Financial Services Corp payments to Selling broker-dealers, for example in connection with the Lincoln Investment Planning initiation of a new relationship or the introduction of a new product. LPL Financial Corporation Lucia Securities, LLC Additionally, as an incentive for the financial professionals of Selling Merrill Lynch Life Agency, Inc. broker-dealers to promote the sale of AXA Equitable products, AXA MetLife Securities, Inc. Distributors may increase the sales compensation paid to the Selling Morgan Stanley Smith Barney broker-dealer for a period of time (commonly referred to as Mutual of Omaha Investment Services, Inc. “compensation enhancements”). AXA Distributors also has entered National Planning Corporation into agreements with certain selling broker-dealers in which the selling Parkland Securities, LLC (part of Sigma) broker-dealer agrees to sell certain AXA Equitable contracts exclusively. PlanMember These additional payments may serve as an incentive for Selling broker- PNC Investments dealers to promote the sale of AXA Equitable contracts over contracts Primerica Financial Services and other products issued by other companies. Not all Selling broker- Questar Capital Corporation dealers receive additional payments, and the payments vary among Raymond James Insurance Group Selling broker-dealers. The list below includes the names of Selling RBC Capital Markets Corporation broker-dealers that we are aware (as of December 31, 2016) received RobertWBaird&Company additional payments. These additional payments ranged from Santander Securities Corporation $1,472.14 to $5,557,015.32. AXA Equitable and its affiliates may also SIGMA Financial Corporation have other business relationships with Selling broker-dealers, which Signator Investors, Inc.

82 More information Summit Brokerage Services, Inc. SunTrust Investments The Advisor Group U.S. Bancorp Investments, Inc. UBS Financial Services, Inc. Valmark Securities, Inc. Voya Financial Advisors VSR Financial Services Inc. Wells Fargo Wealth Brokerage Insurance Agency

83 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 0.30%. 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 1290 VT Socially Responsible Unit value $13.04 $11.89 Number of units outstanding (000’s) — — 7TwelveTM Balanced Portfolio Unit value $ 9.97 $ 9.15 Number of units outstanding (000’s) — 12 AB VPS Global Thematic Growth Unit value $ 9.84 $ 9.96 Number of units outstanding (000’s) — — AB VPS Growth and Income Unit value $11.51 $10.39 Number of units outstanding (000’s) — — AB VPS Real Estate Investment Unit value $11.58 $10.81 Number of units outstanding (000’s) — — AB VPS Small/Mid Cap Value Unit value $11.80 $ 9.49 Number of units outstanding (000’s) — 1 All Asset Aggressive-Alt 25 Unit value $10.79 $ 9.81 Number of units outstanding (000’s) — — All Asset Aggressive-Alt 50 Unit value $10.38 $ 9.36 Number of units outstanding (000’s) — — All Asset Aggressive-Alt 75 Unit value $ 9.95 $ 8.89 Number of units outstanding (000’s) — — ALPS | Red Rocks Listed Private Equity Portfolio Unit value $10.10 $ 9.38 Number of units outstanding (000’s) — — American Century VP Inflation Protection Fund Unit value $10.15 $ 9.75 Number of units outstanding (000’s) — —

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 American Century VP Mid Cap Value Fund Unit value $14.27 $11.67 Number of units outstanding (000’s) — — American Funds Insurance Series® Asset Allocation FundSM Unit value $11.84 $10.88 Number of units outstanding (000’s) — — American Funds Insurance Series® Global Growth FundSM Unit value $11.38 $11.37 Number of units outstanding (000’s) 1 — American Funds Insurance Series® Global Small Capitalization FundSM Unit value $10.61 $10.45 Number of units outstanding (000’s) 2 1 American Funds Insurance Series® Growth-Income FundSM Unit value $12.92 $11.65 Number of units outstanding (000’s) 1 1 American Funds Insurance Series® International Growth and Income FundSM Unit value $ 9.27 $ 9.19 Number of units outstanding (000’s) — — American Funds Insurance Series® New World Fund® Unit value $ 9.36 $ 8.93 Number of units outstanding (000’s) 2 1 AXA Aggressive Allocation Unit value $11.45 $10.55 Number of units outstanding (000’s) — — AXA Moderate Allocation Unit value $10.81 $10.29 Number of units outstanding (000’s) — — AXA Moderate-Plus Allocation Unit value $11.14 $10.41 Number of units outstanding (000’s) — — AXA Natural Resources Unit value $ 8.36 $ 6.47 Number of units outstanding (000’s) — — AXA Real Estate Unit value $11.23 $10.76 Number of units outstanding (000’s) — — AXA SmartBeta Equity Unit value $11.68 $11.06 Number of units outstanding (000’s) — —

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 AXA/AB Dynamic Moderate Growth Unit value $10.91 $10.55 Number of units outstanding (000’s) 4 — AXA/AB Short Duration Government Bond Unit value $ 9.81 $ 9.83 Number of units outstanding (000’s) — — AXA/AB Small Cap Growth Unit value $11.62 $10.36 Number of units outstanding (000’s) — 1 AXA/DoubleLine Opportunistic Core Plus Bond Unit value $10.29 $ 9.84 Number of units outstanding (000’s) — — AXA/Janus Enterprise Unit value $ 9.50 $ 9.96 Number of units outstanding (000’s) — — AXA/Loomis Sayles Growth Unit value $13.36 $12.54 Number of units outstanding (000’s) — — AXA/Templeton Global Equity Managed Volatility Unit value $10.57 $10.07 Number of units outstanding (000’s) — 1 BlackRock Global Allocation V.I. Fund Unit value $10.61 $10.25 Number of units outstanding (000’s) 1 1 BlackRock Global Opportunities V.I. Fund Unit value $10.29 $ 9.99 Number of units outstanding (000’s) 12 12 CharterSM Aggressive Growth Unit value $10.45 $ 9.66 Number of units outstanding (000’s) — — CharterSM Alternative 100 Moderate Unit value $ 9.80 $ 8.88 Number of units outstanding (000’s) — — CharterSM Conservative Unit value $10.42 $ 9.89 Number of units outstanding (000’s) — — CharterSM Growth Unit value $10.48 $ 9.78 Number of units outstanding (000’s) — —

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 CharterSM Income Strategies Unit value $10.69 $10.02 Number of units outstanding (000’s) — — CharterSM Interest Rate Strategies Unit value $10.45 $ 9.72 Number of units outstanding (000’s) — — CharterSM International Moderate Unit value $ 9.80 $ 9.33 Number of units outstanding (000’s) — — CharterSM Moderate Unit value $10.47 $ 9.89 Number of units outstanding (000’s) 16 18 CharterSM Moderate Growth Unit value $10.56 $ 9.91 Number of units outstanding (000’s) 2 — CharterSM Real Assets Unit value $ 9.62 $ 8.56 Number of units outstanding (000’s) — — CharterSM Small Cap Growth Unit value $10.49 $ 9.62 Number of units outstanding (000’s) 10 9 CharterSM Small Cap Value Unit value $10.72 $ 8.58 Number of units outstanding (000’s) — — ClearBridge Variable Aggressive Growth Portfolio Unit value $10.52 $10.45 Number of units outstanding (000’s) — — ClearBridge Variable Dividend Strategy Portfolio Unit value $11.61 $10.15 Number of units outstanding (000’s) — — Delaware VIP® Diversified Income Series Unit value $10.56 $10.25 Number of units outstanding (000’s) 8 18 Delaware VIP® Emerging Markets Series Unit value $ 8.65 $ 7.63 Number of units outstanding (000’s) — — Delaware VIP® Limited-Term Diversified Income Series Unit value $10.29 $10.16 Number of units outstanding (000’s) — —

I-4 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 Eaton Vance VT Floating-Rate Income Fund Unit value $10.84 $ 9.98 Number of units outstanding (000’s) 3 2 EQ/BlackRock Basic Value Equity Unit value $12.58 $10.70 Number of units outstanding (000’s) — — EQ/Boston Advisors Equity Income Unit value $12.56 $11.15 Number of units outstanding (000’s) — — EQ/Common Stock Index Unit value $12.94 $11.62 Number of units outstanding (000’s) — — EQ/Convertible Securities Unit value $11.51 $10.72 Number of units outstanding (000’s) — — EQ/Core Bond Index Unit value $10.25 $10.14 Number of units outstanding (000’s) — — EQ/Emerging Markets Equity PLUS Unit value $ 8.37 $ 7.65 Number of units outstanding (000’s) — — EQ/Energy ETF Unit value $ 7.83 $ 6.37 Number of units outstanding (000’s) — — EQ/Equity 500 Index Unit value $13.13 $11.84 Number of units outstanding (000’s) 14 8 EQ/GAMCO Mergers and Acquisitions Unit value $11.26 $10.49 Number of units outstanding (000’s) 3 2 EQ/GAMCO Small Company Value Unit value $12.50 $10.17 Number of units outstanding (000’s) — — EQ/High Yield Bond Unit value $11.03 $ 9.90 Number of units outstanding (000’s) — — EQ/Intermediate Government Bond Unit value $10.07 $10.06 Number of units outstanding (000’s) 5 3

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 EQ/International Equity Index Unit value $ 9.35 $ 9.18 Number of units outstanding (000’s) 10 7 EQ/Large Cap Growth Index Unit value $13.00 $12.26 Number of units outstanding (000’s) — — EQ/Large Cap Value Index Unit value $12.95 $11.15 Number of units outstanding (000’s) — — EQ/Low Volatility Global ETF Unit value $11.59 $10.71 Number of units outstanding (000’s) — — EQ/MFS International Growth Unit value $ 9.65 $ 9.49 Number of units outstanding (000’s) — — EQ/Mid Cap Index Unit value $13.01 $10.88 Number of units outstanding (000’s) 6 4 EQ/Money Market Unit value $ 9.91 $ 9.93 Number of units outstanding (000’s) — — EQ/Oppenheimer Global Unit value $10.78 $10.80 Number of units outstanding (000’s) 1 1 EQ/PIMCO Global Real Return Unit value $11.16 $10.15 Number of units outstanding (000’s) — — EQ/PIMCO Ultra Short Bond Unit value $10.06 $ 9.89 Number of units outstanding (000’s) — — EQ/Small Company Index Unit value $12.41 $10.32 Number of units outstanding (000’s) 8 6 EQ/T. Rowe Price Growth Stock Unit value $12.61 $12.48 Number of units outstanding (000’s) — — Federated High Income Bond Fund II Unit value $11.40 $ 9.98 Number of units outstanding (000’s) 4 8

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 Federated Kaufman Fund II Unit value $12.60 $12.22 Number of units outstanding (000’s) — — Fidelity® VIP Contrafund® Portfolio Unit value $12.54 $11.68 Number of units outstanding (000’s) 11 11 Fidelity® VIP Mid Cap Portfolio Unit value $12.18 $10.92 Number of units outstanding (000’s) 7 7 Fidelity® VIP Strategic Income Portfolio Unit value $10.80 $10.03 Number of units outstanding (000’s) — 3 First Trust Multi Income Allocation Portfolio Unit value $10.74 $ 9.86 Number of units outstanding (000’s) — — First Trust/Dow Jones Dividend & Income Allocation Portfolio Unit value $12.38 $11.11 Number of units outstanding (000’s) — — Franklin Founding Funds Allocation VIP Fund Unit value $11.08 $ 9.82 Number of units outstanding (000’s) — — Franklin Income VIP Fund Unit value $11.18 $ 9.84 Number of units outstanding (000’s) — — Franklin Mutual Shares VIP Fund Unit value $12.10 $10.46 Number of units outstanding (000’s) — — Franklin Rising Dividends VIP Fund Unit value $12.44 $10.75 Number of units outstanding (000’s) 28 19 Guggenheim VIF Global Managed Futures Strategy Fund Unit value $ 9.72 $11.44 Number of units outstanding (000’s) 4 — Hartford Capital Appreciation HLS Fund Unit value $10.70 $10.22 Number of units outstanding (000’s) 7 7 Hartford Growth Opportunities HLS Fund Unit value $11.88 $12.04 Number of units outstanding (000’s) — 1

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 Invesco V.I. Balanced-Risk Allocation Fund Unit value $10.98 $ 9.88 Number of units outstanding (000’s) — — Invesco V.I. Global Health Care Fund Unit value $11.42 $12.97 Number of units outstanding (000’s) — 1 Invesco V.I. Global Real Estate Fund Unit value $10.82 $10.65 Number of units outstanding (000’s) 4 4 Invesco V.I. High Yield Fund Unit value $10.91 $ 9.87 Number of units outstanding (000’s) 2 2 Invesco V.I. International Growth Fund Unit value $ 9.77 $ 9.87 Number of units outstanding (000’s) 4 4 Invesco V.I. Small Cap Equity Fund Unit value $11.23 $10.07 Number of units outstanding (000’s) — — Ivy VIP Asset Strategy Unit value $ 8.83 $ 9.09 Number of units outstanding (000’s) 1 1 Ivy VIP Energy Unit value $ 9.01 $ 6.72 Number of units outstanding (000’s) — — Ivy VIP Micro Cap Growth Unit value $10.86 $ 9.61 Number of units outstanding (000’s) 3 3 Ivy VIP Science and Technology Unit value $11.02 $10.89 Number of units outstanding (000’s) 2 2 Janus Aspen Balanced Portfolio Unit value $11.56 $11.12 Number of units outstanding (000’s) 1 1 Janus Aspen Flexible Bond Portfolio Unit value $10.56 $10.36 Number of units outstanding (000’s) 9 5 Janus Aspen INTECH U.S. Low Volatility Portfolio Unit value $13.54 $12.38 Number of units outstanding (000’s) — —

I-8 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 JPMorgan Insurance Trust Global Allocation Portfolio Unit value $10.23 $ 9.70 Number of units outstanding (000’s) — — JPMorgan Insurance Trust Income Builder Portfolio Unit value $10.44 $ 9.86 Number of units outstanding (000’s) — — Lazard Retirement Emerging Markets Equity Portfolio Unit value $ 8.75 $ 7.26 Number of units outstanding (000’s) 1 — Lord Abbett Series Fund — Bond Debenture Portfolio Unit value $11.54 $10.32 Number of units outstanding (000’s) 9 8 MFS® International Value Portfolio Unit value $11.28 $10.90 Number of units outstanding (000’s) 5 4 MFS® Investors Trust Series Unit value $12.46 $11.54 Number of units outstanding (000’s) — — MFS® Research Series Unit value $12.49 $11.55 Number of units outstanding (000’s) — — MFS® Utilities Series Unit value $10.51 $ 9.48 Number of units outstanding (000’s) — — MFS® Value Series Unit value $12.94 $11.41 Number of units outstanding (000’s) 1 3 Multimanager Technology Unit value $13.92 $12.82 Number of units outstanding (000’s) — — Neuberger Berman Absolute Return Multi-Manager Portfolio Unit value $ 9.28 $ 9.37 Number of units outstanding (000’s) — — Neuberger Berman International Equity Portfolio Unit value $ 9.31 $ 9.51 Number of units outstanding (000’s) — — PIMCO CommodityRealReturn® Strategy Portfolio Unit value $ 6.71 $ 5.86 Number of units outstanding (000’s) — —

I-9 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 PIMCO Emerging Markets Bond Portfolio Unit value $10.89 $ 9.64 Number of units outstanding (000’s) — — PIMCO Global Bond Portfolio (Unhedged) Unit value $ 9.71 $ 9.37 Number of units outstanding (000’s) — 3 PIMCO Global Multi-Asset Managed Allocation Portfolio Unit value $10.61 $10.24 Number of units outstanding (000’s) — — PIMCO Total Return Portfolio Unit value $10.52 $10.28 Number of units outstanding (000’s) — 8 Putnam VT Absolute Return 500 Fund Unit value $10.40 $10.36 Number of units outstanding (000’s) — — Putnam VT Diversified Income Fund Unit value $ 9.89 $ 9.41 Number of units outstanding (000’s) — — Putnam VT Global Asset Allocation Fund Unit value $10.45 $ 9.82 Number of units outstanding (000’s) — — Putnam VT Research Fund Unit value $10.66 $ 9.71 Number of units outstanding (000’s) — — QS Legg Mason Dynamic Multi-Strategy VIT Portfolio Unit value $ 9.45 $ 9.53 Number of units outstanding (000’s) — — SEI VP Balanced Strategy Fund Unit value $10.67 $10.01 Number of units outstanding (000’s) — — SEI VP Conservative Strategy Fund Unit value $10.56 $10.20 Number of units outstanding (000’s) — — SEI VP Market Growth Strategy Fund Unit value $10.74 $10.03 Number of units outstanding (000’s) 1 — SEI VP Market PLUS Strategy Fund Unit value $10.95 $10.16 Number of units outstanding (000’s) — —

I-10 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 SEI VP Moderate Strategy Fund Unit value $10.91 $10.33 Number of units outstanding (000’s) — — T. Rowe Price Equity Income Portfolio-II Unit value $12.08 $10.19 Number of units outstanding (000’s) — — T. Rowe Price Health Sciences Portfolio-II Unit value $13.75 $15.45 Number of units outstanding (000’s) — — Templeton Global Bond VIP Fund Unit value $ 9.97 $ 9.72 Number of units outstanding (000’s) 4 2 VanEck VIP Global Hard Assets Fund Unit value $ 7.43 $ 5.20 Number of units outstanding (000’s) 7 4 VanEck VIP Unconstrained Emerging Markets Bond Fund Unit value $ 9.15 $ 8.62 Number of units outstanding (000’s) — —

I-11 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 1.25%. 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 1290 VT Socially Responsible Unit value $12.65 $11.65 Number of units outstanding (000’s) 37 35 7TwelveTM Balanced Portfolio Unit value $ 9.67 $ 8.96 Number of units outstanding (000’s) 633 793 AB VPS Global Thematic Growth Unit value $ 9.63 $ 9.83 Number of units outstanding (000’s) 9 6 AB VPS Growth and Income Unit value $11.25 $10.26 Number of units outstanding (000’s) 73 21 AB VPS Real Estate Investment Unit value $11.32 $10.68 Number of units outstanding (000’s) 167 60 AB VPS Small/Mid Cap Value Unit value $11.54 $ 9.37 Number of units outstanding (000’s) 118 65 All Asset Aggressive-Alt 25 Unit value $10.46 $ 9.61 Number of units outstanding (000’s) 49 33 All Asset Aggressive-Alt 50 Unit value $10.07 $ 9.16 Number of units outstanding (000’s) 43 28 All Asset Aggressive-Alt 75 Unit value $ 9.66 $ 8.71 Number of units outstanding (000’s) 38 18 ALPS | Red Rocks Listed Private Equity Portfolio Unit value $ 9.96 $ 9.34 Number of units outstanding (000’s) 72 22 American Century VP Inflation Protection Fund Unit value $ 9.84 $ 9.55 Number of units outstanding (000’s) 207 189 American Century VP Mid Cap Value Fund Unit value $13.85 $11.43 Number of units outstanding (000’s) 571 313 American Funds Insurance Series® Asset Allocation FundSM Unit value $11.48 $10.65 Number of units outstanding (000’s) 942 737

I-12 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 American Funds Insurance Series® Global Growth FundSM Unit value $11.04 $11.13 Number of units outstanding (000’s) 118 107 American Funds Insurance Series® Global Small Capitalization FundSM Unit value $10.30 $10.24 Number of units outstanding (000’s) 84 91 American Funds Insurance Series® Growth-Income FundSM Unit value $12.54 $11.41 Number of units outstanding (000’s) 203 190 American Funds Insurance Series® International Growth and Income FundSM Unit value $ 8.99 $ 9.00 Number of units outstanding (000’s) 142 151 American Funds Insurance Series® New World Fund® Unit value $ 9.08 $ 8.75 Number of units outstanding (000’s) 267 249 AXA Aggressive Allocation Unit value $11.10 $10.34 Number of units outstanding (000’s) 97 64 AXA Moderate Allocation Unit value $10.49 $10.08 Number of units outstanding (000’s) 1,837 1,112 AXA Moderate-Plus Allocation Unit value $10.81 $10.20 Number of units outstanding (000’s) 751 501 AXA Natural Resources Unit value $ 8.11 $ 6.34 Number of units outstanding (000’s) 123 52 AXA Real Estate Unit value $10.89 $10.54 Number of units outstanding (000’s) 107 97 AXA SmartBeta Equity Unit value $11.33 $10.83 Number of units outstanding (000’s) 40 30 AXA/AB Dynamic Moderate Growth Unit value $10.58 $10.33 Number of units outstanding (000’s) 222 212 AXA/AB Short Duration Government Bond Unit value $ 9.52 $ 9.62 Number of units outstanding (000’s) 87 79

I-13 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 AXA/AB Small Cap Growth Unit value $11.28 $10.14 Number of units outstanding (000’s) 154 155 AXA/DoubleLine Opportunistic Core Plus Bond Unit value $10.15 $ 9.80 Number of units outstanding (000’s) 254 41 AXA/Janus Enterprise Unit value $ 9.22 $ 9.75 Number of units outstanding (000’s) 141 115 AXA/Loomis Sayles Growth Unit value $12.96 $12.29 Number of units outstanding (000’s) 196 73 AXA/Templeton Global Equity Managed Volatility Unit value $10.25 $ 9.86 Number of units outstanding (000’s) 79 77 BlackRock Global Allocation V.I. Fund Unit value $10.29 $10.04 Number of units outstanding (000’s) 1,257 1,103 BlackRock Global Opportunities V.I. Fund Unit value $ 9.99 $ 9.78 Number of units outstanding (000’s) 136 164 CharterSM Aggressive Growth Unit value $10.14 $ 9.46 Number of units outstanding (000’s) 161 130 CharterSM Alternative 100 Moderate Unit value $ 9.51 $ 8.70 Number of units outstanding (000’s) 318 435 CharterSM Conservative Unit value $10.11 $ 9.68 Number of units outstanding (000’s) 1,783 1,091 CharterSM Growth Unit value $10.16 $ 9.57 Number of units outstanding (000’s) 477 476 CharterSM Income Strategies Unit value $10.37 $ 9.82 Number of units outstanding (000’s) 127 137 CharterSM Interest Rate Strategies Unit value $10.14 $ 9.52 Number of units outstanding (000’s) 172 252

I-14 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 CharterSM International Moderate Unit value $ 9.51 $ 9.14 Number of units outstanding (000’s) 83 108 CharterSM Moderate Unit value $10.16 $ 9.68 Number of units outstanding (000’s) 1,123 1,094 CharterSM Moderate Growth Unit value $10.24 $ 9.71 Number of units outstanding (000’s) 896 732 CharterSM Real Assets Unit value $ 9.33 $ 8.39 Number of units outstanding (000’s) 36 23 CharterSM Small Cap Growth Unit value $10.18 $ 9.42 Number of units outstanding (000’s) 11 29 CharterSM Small Cap Value Unit value $10.40 $ 8.41 Number of units outstanding (000’s) 39 119 ClearBridge Variable Aggressive Growth Portfolio Unit value $10.26 $10.30 Number of units outstanding (000’s) 301 289 ClearBridge Variable Dividend Strategy Portfolio Unit value $11.33 $ 9.99 Number of units outstanding (000’s) 260 128 Delaware VIP® Diversified Income Series Unit value $10.24 $10.04 Number of units outstanding (000’s) 557 430 Delaware VIP® Emerging Markets Series Unit value $ 8.39 $ 7.47 Number of units outstanding (000’s) 59 51 Delaware VIP® Limited-Term Diversified Income Series Unit value $ 9.99 $ 9.95 Number of units outstanding (000’s) 598 500 Eaton Vance VT Floating-Rate Income Fund Unit value $10.51 $ 9.77 Number of units outstanding (000’s) 793 539 EQ/BlackRock Basic Value Equity Unit value $12.20 $10.48 Number of units outstanding (000’s) 456 482

I-15 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 EQ/Boston Advisors Equity Income Unit value $12.18 $10.92 Number of units outstanding (000’s) 83 71 EQ/Common Stock Index Unit value $12.56 $11.38 Number of units outstanding (000’s) 235 199 EQ/Convertible Securities Unit value $11.16 $10.50 Number of units outstanding (000’s) 29 212 EQ/Core Bond Index Unit value $ 9.94 $ 9.93 Number of units outstanding (000’s) 811 446 EQ/Emerging Markets Equity PLUS Unit value $ 8.12 $ 7.50 Number of units outstanding (000’s) 55 58 EQ/Energy ETF Unit value $ 7.59 $ 6.24 Number of units outstanding (000’s) 144 108 EQ/Equity 500 Index Unit value $12.73 $11.59 Number of units outstanding (000’s) 1,617 1,110 EQ/GAMCO Mergers and Acquisitions Unit value $10.92 $10.27 Number of units outstanding (000’s) 197 171 EQ/GAMCO Small Company Value Unit value $12.13 $ 9.96 Number of units outstanding (000’s) 975 686 EQ/High Yield Bond Unit value $10.70 $ 9.70 Number of units outstanding (000’s) 257 88 EQ/Intermediate Government Bond Unit value $ 9.77 $ 9.85 Number of units outstanding (000’s) 152 55 EQ/International Equity Index Unit value $ 9.07 $ 8.99 Number of units outstanding (000’s) 717 458 EQ/Large Cap Growth Index Unit value $12.61 $12.00 Number of units outstanding (000’s) 488 305

I-16 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 EQ/Large Cap Value Index Unit value $12.57 $10.92 Number of units outstanding (000’s) 273 149 EQ/Low Volatility Global ETF Unit value $11.25 $10.49 Number of units outstanding (000’s) 76 48 EQ/MFS International Growth Unit value $ 9.36 $ 9.29 Number of units outstanding (000’s) 189 133 EQ/Mid Cap Index Unit value $12.62 $10.66 Number of units outstanding (000’s) 508 535 EQ/Money Market Unit value $ 9.61 $ 9.73 Number of units outstanding (000’s) 2,908 2,775 EQ/Oppenheimer Global Unit value $10.45 $10.58 Number of units outstanding (000’s) 155 172 EQ/PIMCO Global Real Return Unit value $10.83 $ 9.94 Number of units outstanding (000’s) 205 108 EQ/PIMCO Ultra Short Bond Unit value $ 9.76 $ 9.69 Number of units outstanding (000’s) 256 197 EQ/Small Company Index Unit value $12.04 $10.11 Number of units outstanding (000’s) 509 273 EQ/T. Rowe Price Growth Stock Unit value $12.23 $12.22 Number of units outstanding (000’s) 673 471 Federated High Income Bond Fund II Unit value $11.06 $ 9.78 Number of units outstanding (000’s) 684 491 Federated Kaufman Fund II Unit value $12.22 $11.97 Number of units outstanding (000’s) 136 116 Fidelity® VIP Contrafund® Portfolio Unit value $12.17 $11.44 Number of units outstanding (000’s) 543 502

I-17 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 Fidelity® VIP Mid Cap Portfolio Unit value $11.82 $10.69 Number of units outstanding (000’s) 320 292 Fidelity® VIP Strategic Income Portfolio Unit value $10.48 $ 9.83 Number of units outstanding (000’s) 1,195 813 First Trust Multi Income Allocation Portfolio Unit value $10.48 $ 9.71 Number of units outstanding (000’s) 50 58 First Trust/Dow Jones Dividend & Income Allocation Portfolio Unit value $12.01 $10.88 Number of units outstanding (000’s) 456 170 Franklin Founding Funds Allocation VIP Fund Unit value $10.75 $ 9.62 Number of units outstanding (000’s) 217 258 Franklin Income VIP Fund Unit value $10.85 $ 9.64 Number of units outstanding (000’s) 1,264 1,071 Franklin Mutual Shares VIP Fund Unit value $11.74 $10.25 Number of units outstanding (000’s) 51 34 Franklin Rising Dividends VIP Fund Unit value $12.07 $10.53 Number of units outstanding (000’s) 662 539 Guggenheim VIF Global Managed Futures Strategy Fund Unit value $ 9.43 $11.21 Number of units outstanding (000’s) 72 51 Hartford Capital Appreciation HLS Fund Unit value $10.44 $10.07 Number of units outstanding (000’s) 128 76 Hartford Growth Opportunities HLS Fund Unit value $11.59 $11.86 Number of units outstanding (000’s) 353 266 Invesco V.I. Balanced-Risk Allocation Fund Unit value $10.65 $ 9.67 Number of units outstanding (000’s) 394 322 Invesco V.I. Global Health Care Fund Unit value $11.08 $12.71 Number of units outstanding (000’s) 131 136

I-18 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 Invesco V.I. Global Real Estate Fund Unit value $10.49 $10.43 Number of units outstanding (000’s) 302 300 Invesco V.I. High Yield Fund Unit value $10.58 $ 9.67 Number of units outstanding (000’s) 626 512 Invesco V.I. International Growth Fund Unit value $ 9.48 $ 9.67 Number of units outstanding (000’s) 214 194 Invesco V.I. Small Cap Equity Fund Unit value $10.89 $ 9.86 Number of units outstanding (000’s) 101 81 Ivy VIP Asset Strategy Unit value $ 8.57 $ 8.91 Number of units outstanding (000’s) 389 499 Ivy VIP Energy Unit value $ 8.74 $ 6.58 Number of units outstanding (000’s) 373 454 Ivy VIP Micro Cap Growth Unit value $10.53 $ 9.41 Number of units outstanding (000’s) 97 85 Ivy VIP Science and Technology Unit value $10.69 $10.66 Number of units outstanding (000’s) 309 291 Janus Aspen Balanced Portfolio Unit value $11.22 $10.89 Number of units outstanding (000’s) 1,904 1,059 Janus Aspen Flexible Bond Portfolio Unit value $10.24 $10.15 Number of units outstanding (000’s) 1,106 445 Janus Aspen INTECH U.S. Low Volatility Portfolio Unit value $13.14 $12.12 Number of units outstanding (000’s) 264 102 JPMorgan Insurance Trust Global Allocation Portfolio Unit value $10.09 $ 9.65 Number of units outstanding (000’s) 1,191 737 JPMorgan Insurance Trust Income Builder Portfolio Unit value $10.29 $ 9.81 Number of units outstanding (000’s) 938 503

I-19 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 Lazard Retirement Emerging Markets Equity Portfolio Unit value $ 8.49 $ 7.11 Number of units outstanding (000’s) 311 210 Lord Abbett Series Fund — Bond Debenture Portfolio Unit value $11.20 $10.11 Number of units outstanding (000’s) 1,083 761 MFS® International Value Portfolio Unit value $10.95 $10.68 Number of units outstanding (000’s) 1,083 795 MFS® Investors Trust Series Unit value $12.09 $11.30 Number of units outstanding (000’s) 64 55 MFS® Research Series Unit value $12.12 $11.31 Number of units outstanding (000’s) 80 65 MFS® Utilities Series Unit value $10.20 $ 9.28 Number of units outstanding (000’s) 266 459 MFS® Value Series Unit value $12.56 $11.18 Number of units outstanding (000’s) 477 286 Multimanager Technology Unit value $13.51 $12.55 Number of units outstanding (000’s) 346 112 Neuberger Berman Absolute Return Multi-Manager Portfolio Unit value $ 9.05 $ 9.23 Number of units outstanding (000’s) 26 53 Neuberger Berman International Equity Portfolio Unit value $ 9.08 $ 9.37 Number of units outstanding (000’s) 38 19 PIMCO CommodityRealReturn® Strategy Portfolio Unit value $ 6.51 $ 5.74 Number of units outstanding (000’s) 136 106 PIMCO Emerging Markets Bond Portfolio Unit value $10.56 $ 9.45 Number of units outstanding (000’s) 113 56 PIMCO Global Bond Portfolio (Unhedged) Unit value $ 9.42 $ 9.18 Number of units outstanding (000’s) 86 48

I-20 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 PIMCO Global Multi-Asset Managed Allocation Portfolio Unit value $10.29 $10.03 Number of units outstanding (000’s) 66 37 PIMCO Total Return Portfolio Unit value $10.20 $10.07 Number of units outstanding (000’s) 1,033 473 Putnam VT Absolute Return 500 Fund Unit value $10.09 $10.15 Number of units outstanding (000’s) 92 87 Putnam VT Diversified Income Fund Unit value $ 9.65 $ 9.27 Number of units outstanding (000’s) 374 113 Putnam VT Global Asset Allocation Fund Unit value $10.30 $ 9.78 Number of units outstanding (000’s) 56 28 Putnam VT Research Fund Unit value $10.51 $ 9.67 Number of units outstanding (000’s) 6 1 QS Legg Mason Dynamic Multi-Strategy VIT Portfolio Unit value $ 9.22 $ 9.38 Number of units outstanding (000’s) 26 32 SEI VP Balanced Strategy Fund Unit value $10.35 $ 9.81 Number of units outstanding (000’s) 404 285 SEI VP Conservative Strategy Fund Unit value $10.24 $ 9.99 Number of units outstanding (000’s) 937 744 SEI VP Market Growth Strategy Fund Unit value $10.42 $ 9.82 Number of units outstanding (000’s) 212 230 SEI VP Market PLUS Strategy Fund Unit value $10.62 $ 9.95 Number of units outstanding (000’s) 59 83 SEI VP Moderate Strategy Fund Unit value $10.59 $10.11 Number of units outstanding (000’s) 508 531 T. Rowe Price Equity Income Portfolio-II Unit value $11.72 $ 9.98 Number of units outstanding (000’s) 193 138

I-21 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 T. Rowe Price Health Sciences Portfolio-II Unit value $13.34 $15.13 Number of units outstanding (000’s) 729 459 Templeton Global Bond VIP Fund Unit value $ 9.68 $ 9.52 Number of units outstanding (000’s) 840 778 VanEck VIP Global Hard Assets Fund Unit value $ 7.21 $ 5.09 Number of units outstanding (000’s) 158 76 VanEck VIP Unconstrained Emerging Markets Bond Fund Unit value $ 8.87 $ 8.44 Number of units outstanding (000’s) 27 24

I-22 Appendix I: Condensed financial information Appendix II: Rules regarding contributions to your contract

The following tables describe the rules regarding contributions to your contract. The minimum initial contribution amount is $10,000 for all Investment Edge® contract types and $25,000 for all Investment Edge® Select and Investment Edge® ADV contract types. Contract Type NQ Issue Ages • 0-85 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 date on which the older of the original Owner(s) and Annuitant(s) reaches contributions age 86 or, if later, the first contract date anniversary. • No additional contributions after election of an Income Edge payment program. Contract Type Traditional IRA Issue Ages • 20-85 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 date on which the Owner reaches age 86 or, if later, the first contract date contributions anniversary. • 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. Contract Type Roth IRA Issue Ages • 20-85 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 date on which the Owner reaches age 86 or, if later, the first contract date contributions anniversary. • 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.

II-1 Appendix II: Rules regarding contributions to your contract Contract Type SEP IRA Issue Ages • 20-85 Minimum subsequent For all Series: contribution amount • $500 (if permitted) Source of • An employer can annually contribute an amount for an employee up to the lesser of 25% of eligible contributions compensation or $40,000 ($54,000 after cost-of-living adjustment for 2017). • Eligible rollover distributions from 403(b) plans, qualified plans and governmental employer 457(b) plans. • Rollovers from another traditional individual retirement arrangement. • Direct custodian-to-custodian transfers from another traditional individual retirement arrangement. • Regular traditional IRA contributions are not permitted unless and until the SEP-IRA designation is removed on our records and the contract is designated as a traditional IRA only. Limitations on • No additional contributions after the date on which the Owner reaches age 86 or, if later, the first contract date contributions anniversary.

• Contributions made after age 70 1⁄2 must be net of required minimum distributions. Contract Type QP Issue Ages • 20-85 Minimum subsequent contribution amount • $500 (if subsequent contributions are permitted) 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. Limitations on • No additional contributions after the date on which the Annuitant reaches age 75 or, if later, the first contract contributions date anniversary. • A separate QP contract must be established for each plan participant, even defined benefit plan participants. • We do not accept contributions directly from the employer. • Only one subsequent contribution can be made during a contract year. • Contributions made after the annuitant’s age 70 ½ must be net of any required minimum distributions. • No minimum contribution amount limitation for Investment Edge® ADV. • See Appendix IV later in this Prospectus for a discussion on purchase considerations for QP contracts. Contract Type Inherited IRA Beneficiary continuation contract (traditional IRA or Roth IRA) Issue Ages •0-70 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 date on which the Owner reaches age 86 or, if later, the first contract date contributions anniversary. • 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.

II-2 Appendix II: Rules regarding contributions to your contract Contract Type Inherited NQ Issue Ages •0-70 Minimum contribution • Account value must be at least $50,000 in order to elect Income Edge Beneficiary Advantage. amount Sources of • Paid to us in an exchange under Section 1035 of the Internal Revenue Code of your interests as a death contributions beneficiary of the deceased owner’s non-qualified deferred annuity contract. • All contributions must be received before payments start and within twelve months after the date of death of the deceased owner. See “Contract features and benefits” and “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.

II-3 Appendix II: Rules regarding contributions to your contract Appendix III: State contract availability and/or variations of certain features and benefits

The following information is a summary of the states where the Investment Edge® 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.

States where certain Investment Edge® series contracts’ features and/or benefits are not available or vary: State Features and benefits Availability or variation California See “We require that the following types of You are not required to use our forms when making a communications be on specific forms we provide for that transaction request, including a withdrawal request. If a purpose (and submitted in the manner that the forms written request contains all the information required to specify)” in “Who is AXA Equitable” and “Withdrawing process the request, we will honor it. your account value” in “Accessing your money” See “Your right to cancel within a certain number of days” If you reside in California and you are age 60 or older at in “Contract features and benefits” 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 as described below. If you allocate your entire initial contribution to the EQ/ Money Market option, 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 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 variable investment options other than the EQ/Money Market option, your refund will be equal to your 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 brokers-dealers Certain selling broker-dealers offer an allocation method 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.

III-1 Appendix III: State contract availability and/or variations of certain features and benefits State Features and benefits Availability or variation California Any transfers made prior to the expiration of the 30 day (continued) 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 reallocation, 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 “Dollar cost averaging” in “Contract features and If you enroll in a dollar cost averaging program and then benefits. exercise your right to cancel your contract during the free look period, you will be refunded your account value, which may be more or less than the total amount of your contributions to the contract. See “Disability, terminal illness, or confinement to nursing The withdrawal charge waiver under item (i) also applies if we home’’ under “Withdrawal charge” in “Charges and receive satisfactory proof that the owner (or older joint owner, expenses” if applicable) suffers from significant cognitive impairment (such as a result of Alzheimer’s disease). The withdrawal charge waiver under item (ii) applies if we receive satisfactory proof that the life expectancy of the owner (or older joint owner, if applicable) is 12 months or less. The withdrawal charge waiver under item (iii) applies if we receive satisfactory proof that the owner (or older joint owner, if applicable) is (a) 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 (b) confined in a skilled nursing facility, convalescent nursing home, or extended care facility, or is confined in a residential care facility or residential care facility for the elderly, as defined in the California Health and Safety Code. 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 “Disability, terminal illness, or confinement to a nursing For Investment Edge contracts only: home” under “Withdrawal charge” in “Charges and The withdrawal charge waiver under item (i) does not expenses” apply. See “Special service charges” in “Charges and Expenses” The maximum third party transfer or exchange charge is $49. The maximum charge for check preparation is $9. See “Transfers of ownership, collateral assignments, loans Your contract may not be directly or indirectly assigned nor and borrowing” in “More information” may the ownership be changed to an institutional investor or settlement company. See “Disruptive transfer activity” in “Transferring your Restrictions on transfers due to market timing may only be money among investment options” determined by the underlying fund managers. Florida 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 “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 “Special services charges” in “Charges and expenses” The maximum charge for check preparation is $25. The charge for third party transfers does not apply.

III-2 Appendix III: State contract availability and/or variations of certain features and benefits State Features and benefits Availability or variation Maine Inherited NQ Not available New York See “Investment Edge® Series at a glance – key features” In contracts issued in New York: • The terms “Non-Qualified Payment Program” or “Payment Program” (as applicable) are used in place of “Income Edge payment program”; and • The terms “Non-Qualified Payment Program Series”, “Non-Qualified Early Retirement Option Payment Program”, and “Non-Qualified Beneficiary Option Payment Program “ are used in place of Income Edge Series Payment Program”, “Income Edge Early Retirement Option”, and “Income Edge Beneficiary Advantage”, respectively. In contracts issued in New York, the Protected premium death benefit is referred to as the Return of premium death benefit. See “The amount applied to purchase an annuity payout If a non-life contingent annuity is elected (period certain option” under “Your annuity payout options” in only): The amount applied to an annuity benefit will be the “Accessing your money” greater of the cash value or 95% of what the cash value would be if there were no withdrawal charge applied; however, the income provided will never be less than that resulting from the account value applied to the table of guaranteed annuity purchase factors. See “Your annuity payout options” in “Accessing your We do not have the right to change the guaranteed annuity money” purchase rates after your fifth contract date anniversary. See “Charges and expenses” The charge for third-party transfers or exchange does not apply. The check preparation charge does not apply. We do not have the right to increase fees after the contract has been issued. See “Disability, terminal illness, or confinement to a nursing Item (i) is deleted and replaced with the following: An home’’ under “Withdrawal charge” in “Charges and owner (or older joint owner, if applicable) has qualified to expenses” 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 recertification 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. 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.

III-3 Appendix III: State contract availability and/or variations of certain features and benefits State Features and benefits Availability or variation 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 Not available QP (Defined Benefit) contracts Not available SEP Not available Investment Edge® ADV series contracts Not available See “Purchase considerations for a charitable remainder We do not offer contracts to charitable remainder trusts in trust” under “Owner and annuitant requirements” in Puerto Rico. “Contract features and benefits” See “How you can make contributions” in “Contract Specific requirements for purchasing QP contracts in Puerto features and benefits” Rico are outlined below in “Purchase considerations for QP (Defined Contribution) contracts in Puerto Rico”. See “Transfers of ownership, collateral assignments, loans Transfers of ownership of QP contracts are governed by and borrowing” in “More information” Puerto Rico law. Please consult your tax, legal or plan advisor if you intend to transfer ownership of your contract. “Purchase considerations for QP (Defined Contribution) Purchase considerations for QP (Defined contracts in Puerto Rico” — this section replaces Contribution) contracts in Puerto Rico: “Appendix IV: Purchase considerations for QP contracts” in this Prospectus. Trustees who are considering the purchase of an Investment Edge® 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, 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. Source of Income • Because this contract is issued by a United States insurance company, amounts paid from the contract produce U.S.-source income, not Puerto Rico-source income. A Puerto Rico qualified plan investing in assets producing Puerto Rico-source income is likely to generate a more favorable tax result for a participant under a Puerto Rico qualified plan. Limits on Contract Ownership: • QP contracts are not available to defined benefit plans. Defined benefit plans must use Non-Qualified contracts to invest in Investment Edge®. There is no qualified plan contract endorsement available for defined benefit plans with Investment Edge®. The plan and trust, if properly qualified, contain the requisite provisions of the Internal Revenue Code to maintain their tax exempt status. A non-qualified contract cannot be converted to an IRA. • 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.

III-4 Appendix III: State contract availability and/or variations of certain features and benefits State Features and benefits Availability or variation

Puerto Rico If the business that sponsors the plan adds another (continued) employee who becomes eligible for the plan, 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 withdrawal charges, if applicable. 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. Limits on Payments: • 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 for payment to the plan participant. 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. 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.

• 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.

III-5 Appendix III: State contract availability and/or variations of certain features and benefits State Features and benefits Availability or variation Puerto Rico Tax information — special rules for NQ contracts Income from NQ contracts we issue is U.S. source. A Puerto (continued) 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. South Dakota Inherited NQ Not available Texas See ”Your right to cancel within a certain number of days” If you reside in the state of Texas, you may cancel your in “Contract features and benefits” variable annuity contract and return it to us within 15 days from the date you received it. Your refund will equal your account value under the contract on the day we receive notification to cancel the contract. Wyoming Inherited NQ Not available

III-6 Appendix III: State contract availability and/or variations of certain features and benefits Appendix IV: Purchase considerations for QP contracts

Trustees who are considering the purchase of an Investment Edge® series 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 Investment Edge® series 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, 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 an Investment Edge® series QP contract or another annuity contract. Therefore, plan trusts should purchase an Investment Edge® 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. We will not accept ongoing payroll contributions or contributions directly from the employer sponsoring the plan. For 401(k) plans, no employee after-tax contributions are accepted. A “designated Roth contribution account” is not available in the QP contract. Checks written on accounts held in the name of the employer instead of the plan or the trust will not be accepted. Only one additional transfer contribution may be made per contract year. If amounts attributable to an excess or mistaken contribution must be withdrawn, withdrawal charges may apply. If in a defined benefit plan the plan’s actuary determines that an overfunding in the QP contract has occurred, then any transfers from the QP contract may also result in withdrawal charges. 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 total 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. 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.

IV-1 Appendix IV: Purchase considerations for QP contracts Appendix V: Hypothetical illustration

ILLUSTRATION OF ACCOUNT VALUES The following tables illustrate the changes in account values under certain hypothetical circumstances for the Investment Edge® series contracts (Investment Edge®, Investment Edge® Select and Investment Edge® ADV). The tables illustrate the operation of the contract based on a male, issue age 65, 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 values are 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 (2.66)%, 3.34% for the Investment Edge® variable investment options and (2.71)%, 3.29% for the Investment Edge® Select variable investment options; (1.76)%, 4.24% for the Investment Edge® ADV variable investment options; 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 Contract Maintenance Fee. If the net annual rates of return did reflect this charge, the net annual rates of return shown would be lower; however, the values shown in the following tables reflect any applicable administrative charge and withdrawal charge. 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 0.56%, (2) an assumed average asset charge for all other expenses of the underlying portfolios equivalent to an effective annual rate of 0.65% 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(1). These rates also do not reflect expense limitation arrangements in effect with respect to certain of the underlying portfolios as described in the prospectuses for the underlying portfolios. 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. Upon request, we will furnish you with a personalized illustration.

(1) The arithmetic average of the fees and expenses deducted from the assets of the underlying portfolios used in this illustration is the arithmetic average of such fees and expenses as of May 1, 2017.

V-1 Appendix V: Hypothetical illustration ILLUSTRATION OF ACCOUNT VALUES 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 for a contract 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 contract 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. Variable Defered Annuity Investment Edge® $100,000 Single contribution, $80,000 cost basis and no withdrawals Male, Non Qualified, Issue age 60 Income Edge - Payment Begins at Age 65 Federal Income Tax Rate 28%

With Income Edge (Applicable to Non-qualified Market) Contract Tax-Free After-Tax Age Year Account Value Cash Value Pre-Tax Payment Amount Income 0% 6% 0% 6% 0% 6% 0% 6% 0% 6% 60 0 $100,000 $100,000 $94,000 $ 94,000 0 00000 61 1 97,340 103,340 91,340 97,340 0 00000 62 2 94,701 106,742 88,701 100,742 0 00000 63 3 92,132 110,257 87,132 105,257 0 00000 64 4 89,631 113,889 85,631 109,889 0 00000 65 5 83,749 113,263 80,749 110,263 3,447 4,380 3,077 3,077 3,344 4,015 66 6 78,122 112,465 78,122 112,465 3,350 4,531 3,077 3,077 3,274 4,124 67 7 72,739 111,486 72,739 111,486 3,255 4,686 3,077 3,077 3,205 4,235 68 8 67,591 110,312 67,591 110,312 3,163 4,847 3,077 3,077 3,139 4,352 69 9 62,671 108,932 62,671 108,932 3,072 5,014 3,077 3,077 3,072 4,472 70 10 57,970 107,333 57,970 107,333 2,984 5,187 3,077 3,077 2,984 4,596 75 15 37,477 95,546 37,477 95,546 2,575 6,154 3,077 3,077 2,575 5,292 80 20 21,383 75,875 21,383 75,875 2,208 7,323 3,077 3,077 2,208 6,134 85 25 8,977 45,599 8,977 45,599 1,865 8,778 3,077 3,077 1,865 7,182 90 30 0 0 0 0 1,384 11,375 3,077 3,077 1,384 9,051 * Each withdrawal is a standalone snapshot and independent of all other values shown in this column

V-2 Appendix V: Hypothetical illustration Variable Defered Annuity Investment Edge® $100,000 Single contribution and no withdrawals Male, Issue age 60 Non Qualified without Income Edge or Qualified

Contract Age Year Account Value Cash Value 0% 6% 0% 6% 60 0 $100,000 $100,000 $94,000 $ 94,000 61 1 97,340 103,340 91,340 97,340 62 2 94,701 106,742 88,701 100,742 63 3 92,132 110,257 87,132 105,257 64 4 89,631 113,889 85,631 109,889 65 5 87,197 117,643 84,197 114,643 66 6 84,827 121,522 84,827 121,522 67 7 82,521 125,531 82,521 125,531 68 8 80,276 129,674 80,276 129,674 69 9 78,091 133,955 78,091 133,955 70 10 75,963 138,379 75,963 138,379 75 15 66,147 162,818 66,147 162,818 80 20 57,568 191,619 57,568 191,619 85 25 50,071 225,562 50,071 225,562 90 30 43,519 265,565 43,519 265,565

V-3 Appendix V: Hypothetical illustration Variable Defered Annuity Investment Edge® Select $100,000 Single contribution, $80,000 cost basis and no withdrawals Male, Non Qualified, Issue age 60 Income Edge - Payment Begins at Age 65 Federal Income Tax Rate 28%

With Income Edge ( Applicable to Non-qualified Market) Contract Age Year Account Value Cash Value Pre-Tax Payment Tax-Free Amount After-Tax Income 0% 6% 0% 6% 0% 6% 0% 6% 0% 6% 60 0 $100,000 $100,000 $100,000 $100,000 0 00000 61 1 97,290 103,290 97,290 103,290 0 00000 62 2 94,603 106,638 94,603 106,638 0 00000 63 3 91,990 110,097 91,990 110,097 0 00000 64 4 89,447 113,669 89,447 113,669 0 00000 65 5 83,532 112,987 83,532 112,987 3,440 4,372 3,077 3,077 3,339 4,009 66 6 77,877 112,134 77,877 112,134 3,341 4,519 3,077 3,077 3,267 4,116 67 7 72,472 111,101 72,472 111,101 3,245 4,672 3,077 3,077 3,198 4,226 68 8 67,307 109,876 67,307 109,876 3,151 4,830 3,077 3,077 3,130 4,339 69 9 62,374 108,447 62,374 108,447 3,059 4,994 3,077 3,077 3,059 4,457 70 10 57,663 106,800 57,663 106,800 2,970 5,164 3,077 3,077 2,970 4,580 75 15 37,176 94,827 37,176 94,827 2,556 6,111 3,077 3,077 2,556 5,261 80 20 21,150 75,105 21,150 75,105 2,185 7,253 3,077 3,077 2,185 6,084 85 25 8,851 45,009 8,851 45,009 1,840 8,670 3,077 3,077 1,840 7,104 90 30 0 0 0 0 1,358 11,188 3,077 3,077 1,358 8,917 * Each withdrawal is a standalone snapshot and independent of all other values shown in this column

V-4 Appendix V: Hypothetical illustration Variable Defered Annuity Investment Edge® Select $100,000 Single contribution and no withdrawals Male, Issue age 60 Non Qualified without Income Edge or Qualified

Contract Age Year Account Value Cash Value 0% 6% 0% 6% 60 0 $100,000 $100,000 $100,000 $100,000 61 1 97,290 103,290 97,290 103,290 62 2 94,603 106,638 94,603 106,638 63 3 91,990 110,097 91,990 110,097 64 4 89,447 113,669 89,447 113,669 65 5 86,973 117,359 86,973 117,359 66 6 84,566 121,170 84,566 121,170 67 7 82,224 125,106 82,224 125,106 68 8 79,946 129,172 79,946 129,172 69 9 77,729 133,372 77,729 133,372 70 10 75,573 137,710 75,573 137,710 75 15 65,636 161,636 65,636 161,636 80 20 56,975 189,767 56,975 189,767 85 25 49,425 222,839 49,425 222,839 90 30 42,844 261,722 42,844 261,722

V-5 Appendix V: Hypothetical illustration Variable Defered Annuity Investment Edge® ADV $100,000 Single contribution, $80,000 cost basis and no withdrawals Male, Non Qualified, Issue age 60 Income Edge - Payment Begins at Age 65 Federal Income Tax Rate 28%

With Income Edge (Applicable to Non-qualified Market) Contract Age Year Account Value Cash Value Pre-Tax Payment Tax-Free Amount After-Tax Income 0% 6% 0% 6% 0% 6% 0% 6% 0% 6% 60 0 $100,000 $100,000 $100,000 $100,000 0 0000 0 61 1 98,240 104,240 98,240 104,240 0 0000 0 62 2 96,461 108,610 96,461 108,610 0 0000 0 63 3 94,713 113,165 94,713 113,165 0 0000 0 64 4 92,996 117,913 92,996 117,913 0 0000 0 65 5 87,733 118,327 87,733 118,327 3,577 4,535 3,077 3,077 3,437 4,127 66 6 82,629 118,561 82,629 118,561 3,509 4,733 3,077 3,077 3,388 4,269 67 7 77,682 118,598 77,682 118,598 3,443 4,940 3,077 3,077 3,340 4,418 68 8 72,888 118,420 72,888 118,420 3,377 5,156 3,077 3,077 3,293 4,574 69 9 68,242 118,009 68,242 118,009 3,313 5,383 3,077 3,077 3,247 4,737 70 10 63,741 117,343 63,741 117,343 3,250 5,619 3,077 3,077 3,201 4,908 75 15 43,298 109,385 43,298 109,385 2,945 6,980 3,077 3,077 2,945 5,887 80 20 26,010 91,074 26,010 91,074 2,657 8,706 3,077 3,077 2,657 7,130 85 25 11,562 57,562 11,562 57,562 2,373 10,965 3,077 3,077 2,373 8,756 90 30 0 0 0 0 1,938 15,288 3,077 3,077 1,938 11,869 * Each withdrawal is a standalone snapshot and independent of all other values shown in this column

V-6 Appendix V: Hypothetical illustration Variable Defered Annuity Investment Edge® ADV $100,000 Single contribution and no withdrawals Male, Issue age 60 Non Qualified without Income Edge or Qualified

Contract Age Year Account Value Cash Value 0% 6% 0% 6% 60 0 $100,000 $100,000 $100,000 $100,000 61 1 98,240 104,240 98,240 104,240 62 2 96,461 108,610 96,461 108,610 63 3 94,713 113,165 94,713 113,165 64 4 92,996 117,913 92,996 117,913 65 5 91,310 122,863 91,310 122,863 66 6 89,653 128,022 89,653 128,022 67 7 88,025 133,400 88,025 133,400 68 8 86,425 139,006 86,425 139,006 69 9 84,854 144,850 84,854 144,850 70 10 83,311 150,942 83,311 150,942 75 15 75,992 185,500 75,992 185,500 80 20 69,294 228,034 69,294 228,034 85 25 63,166 280,382 63,166 280,382 90 30 57,558 344,809 57,558 344,809

V-7 Appendix V: Hypothetical illustration Appendix VI: Income Edge scheduled payment amount expressed as a Percentage of Account Value

(Not applicable to Income Edge Early Retirement Option or Income Edge Beneficiary Advantage.) Table B-1 below sets forth the maximum Payment Period available for select ages under either a Single or Joint Election at the time that Income Edge is elected. The Age column is used only for determining the length of the Payment Period available under Income Edge; these are not annuity factors. Table B-2 below is provided for your convenience and expresses a given Annual Payout Period’s Income Edge scheduled payment amounts as a (rounded) percentage of the contract’s account value at that time. The Income Edge Payment Amount percentages are derived from the same payment method discussed earlier in this Prospectus in “Income Edge” in the “Accessing your money” section. The percentage is determined by dividing 1 by the number of remaining Annual Payout Periods.

For example: Election of Income Edge. A contract owner is age 80 and chooses the Single Election method when the contract’s account value equals $180,000. Table B-1 below provides a maximum Payment Period of 15 years and the contract owner elects to receive Income Edge scheduled payments over that maximum period. First Income Edge Annual Payout Period. The payment amount for the first Annual Payout Period is equal to the account value at the time that you elect Income Edge ($180,000) divided by the number of remaining Annual Payout Periods (15), or $12,000. Referring to Table B-2 below, the Income Edge scheduled payment amount for the first Annual Payout Period can be expressed as a percentage of the account value. As discussed above, the percentages in Table B-2 were determined by dividing 1 by the remaining Annual Payout Periods. In this example, dividing 1 by the remaining Annual Payout Periods (15) yields 6.7%. Thus, the contract owner can expect to receive approximately 6.7% of the Contract’s account value as an Income Edge scheduled payment ($180,000 multiplied by 6.7%, or $12,000) for the first Annual Payout Period. Second Income Edge Annual Payout Period. Assume the investment performance following the first Annual Payout Period is positive and that the Contract’s account value on the day before the second Annual Payout Period begins is $172,000. The $180,000 account value on the day before the first Income Edge Anniversary Date minus the first Annual Payout Period payment amount of $12,000 reduces the account value to $168,000. During the following year assume the investments underlying the Contract gain $6,000 resulting in a value of $172,000 on the day before the second Annual Payout Period begins. The scheduled payment amount for the second Annual Payout Period will be equal to $172,000 divided by the remaining Annual Payout Periods (14), or $12,286. This amount can be expressed as a percentage of the account value by dividing 1 by 14, yielding 7.1%. We have the right, upon advance notice to you, to change at any time after the Contract Date and before election of Income Edge the Maximum Payment Period used in the table below for calculating Income Edge scheduled payment amounts. Table B-1 Table B-2 Maximum Payment Period Payment Percentage Age at Single Election Joint Election Number of Payment Amount time of To Age To Age (Remaining) as a Percentage Election 95 100 Annual Payout Periods of Account Value 60 35 40 40 2.5% 61 34 39 39 2.6% 62 33 38 38 2.6% 63 32 37 37 2.7% 64 31 36 36 2.8% 65 30 35 35 2.9% 66 29 34 34 2.9% 67 28 33 33 3.0% 68 27 32 32 3.1% 69 26 31 31 3.2%

VI-1 Appendix VI: Income Edge scheduled payment amount expressed as a Percentage of Account Value Table B-1 Table B-2 Maximum Payment Period Payment Percentage Age at Single Election Joint Election Number of Payment Amount time of To Age To Age (Remaining) as a Percentage Election 95 100 Annual Payout Periods of Account Value 70 25 30 30 3.3% 71 24 29 29 3.4% 72 23 28 28 3.6% 73 22 27 27 3.7% 74 21 26 26 3.8% 75 20 25 25 4.0% 76 19 24 24 4.2% 77 18 23 23 4.3% 78 17 22 22 4.5% 79 16 21 21 4.8% 80 15 20 20 5.0% 81 14 19 19 5.3% 82 13 18 18 5.6% 83 12 17 17 5.9% 84 11 16 16 6.3% 85 10 15 15 6.7% 86 9 14 14 7.1% 87 8 13 13 7.7% 88 7 12 12 8.3% 89 6 11 11 9.1% 90 5 10 10 10.0% 91 4 9 9 11.1% 92 3 8 8 12.5% 93 2 7 7 14.3% 94 1 6 6 16.7% 95 5 5 20.0% 96 4 4 25.0% 97 3 3 33.3% 98 2 2 50.0% 99 1 1 100.0%

VI-2 Appendix VI: Income Edge scheduled payment amount expressed as a Percentage of Account Value Appendix VII: Protected premium death benefit example

The Protected premium death benefit (PPDB) under the contract is equal to the greater of (a) your Protected premium death benefit base on the date of death and (b) your account value on the date of claim. The Protected premium death benefit base is not an account value or cash value. It is equal to: • your initial contribution and any subsequent contributions to your contract, less • a deduction that reflects any withdrawals you make (including any applicable withdrawal charges). The date of claim is the date on which we receive satisfactory proof of the owner’s (or older joint owner’s, if applicable) death, and any required instructions for the method of payment, forms necessary to effect payment and any other information we may require. For purposes of calculating your PPDB, any accrued but unpaid Breakpoint Credit amount will be added to your account value and any accrued but unpaid PPDB charge will be deducted from your account value. Please see “Protected premium death benefit” under “Contract features and benefits” earlier in this Prospectus for more detailed information. PPDB charge. We deduct the charge for the PPDB annually on each contract date anniversary for which the benefit is in effect. This charge is calculated daily as a percentage of your Net Amount at Risk (NAR) and varies according to your age as of your most recent contract date anniversary. On each day of your contract, your NAR is equal to (A) minus (B), where: (A) equals your Protected premium death benefit base; and (B) equals your account value on that day. If (A) is less than or equal to (B), then your NAR for that day equals zero. There will be no accrued charge for the PPDB for any day on which your NAR is less than or equal to zero. For more information about the PPDB charge, see “Protected premium death benefit charge” in the “Charges and expenses” section earlier in this Prospectus. Examples of how we calculate the PPDB charge amount. Assume Jane is 66, elects the PPDB, makes an initial contribution to her contract of $400,000, and makes no additional contributions or withdrawals through the first year of her contract. In her first contract year, the applicable PPDB charge for Jane is 1.2% of her NAR on an annual basis, or 0.00328767% daily. The specific PPDB charge amount will depend on her daily NAR, as illustrated in the following scenarios: Scenario 1: On every day of the year until her first contract date anniversary, Jane’s account value was greater than or equal to $400,000. Charge calculation: Because Jane’s account value was greater than or equal to her total contributions on every day of the year, her NAR for each of those days was also zero. Therefore, the amount of the PPDB charge for the year is $0. Scenario 2: On every day of the year until her first contract date anniversary, Jane’s account value was greater than or equal to $400,000, except for March 16 ($390,000), March 17 ($380,000), March 18 ($390,000), September 14 ($370,000) and September 15 ($390,000). Charge Calculation: For each of the 360 days on which Jane’s account value was greater than or equal to her total contributions, her NAR was zero. Therefore, the amount of the PPDB charge for each of those days is $0. For the five days on which her account value was less than her total contributions, her NAR and the associated PPDB charge are shown in the table below: Day Account Value NAR PPDB Charge March 16 $390,000 $10,000 $0.33 ($10,000 * 0.00328767%) March 17 $380,000 $20,000 $0.66 ($20,000 * 0.00328767%) March 18 $390,000 $10,000 $0.33 ($10,000 * 0.00328767%) September 14 $370,000 $30,000 $0.99 ($30,000 * 0.00328767%) September 15 $390,000 $10,000 $0.33 ($10,000 * 0.00328767%) TOTAL $2.64

The total annual PPDB charge of $2.64 will be deducted from Jane’s account on her contract date anniversary. If she decided to drop the PPDB on June 30, the cumulative charge of $1.32 would be deducted on the immediately following business day.

VII-1 Appendix VII: Protected premium death benefit example Appendix VIII: Exchange program

We offer an exchange program under which a Prior Contract may be exchanged for an Investment Edge® Select contract. This is called an “exchange” under securities law. For purposes of this Prospectus, the word “exchange” includes an exchange, rollover or transfer, as applicable, for federal income tax purposes. The chart contained in this Appendix provides a summary comparison of some of the important features of Prior Contracts and the Investment Edge® Select contract. You should not rely solely on the information contained in the charts in examining the differences between your existing contract and the Investment Edge® Select contract. There may be other differences important for you to consider prior to exchanging to an Invest- ment Edge® Select contract. You should read the Prospectus and other information related to your existing contract prior to exchanging to an Investment Edge® Select contract. Please note, this chart does not create or modify any existing rights or benefits, all of which are only established by your existing contract. You should carefully consider whether an exchange is appropriate for you by considering the benefits and guarantees provided by your Prior Con- tract to the benefits and guarantees provided by the Investment Edge® Select contract. Under this exchange program, among other conditions, the Prior Contract cannot have outstanding withdrawal charges. The account value attributable to your existing contract would not be subject to any withdrawal charge under an Investment Edge® Select contract, but would be subject to all other charges and fees under an Investment Edge® Select contract. You should also review the fees and charges of your Prior Contract and the fees and charges of the Investment Edge® Select contract, which may be higher than the fees and charges under the Prior Contract. Any such exchange program will be made available on terms and conditions determined by us and will comply with applicable law. If you are considering exchanging your Prior Contract for an Investment Edge® Select contract, please contact your financial professional, who will be able to explain the benefits and features of this contract and provide you with the proper forms and application necessary to complete the transaction.

VIII-1 Appendix VIII: Exchange program Structured Capital Strategies® Prior Contracts New Contract Structured Capital Strategies® Series B, C and ADV(10) Investment Edge Select Annual Contract Fee: None If your account value on a contract date anniversary is less than $50,0001. $50

If your account value on a contract date anniversary is $50,000 or more1.$0 Total Separate Account Annual Expenses: 0.65%-1.65%2 1.25% Fund Facilitation Fee8 Current: 0.00% None Maximum: 0.70% Death Benefit: The death benefit is equal to the The standard death benefit is equal to your account value as of the date we receive satisfactory proof of the own- return of your account value as of the er’s or older joint owner’s, if applicable, death, any required instructions for the method of payment, and all date we receive satisfactory proof of information and forms necessary to effect payment. death and all information and forms necessary to effect payment. At issue you can also elect the Protected premium death benefit, which is equal to the greater of your account value or total contributions to your contract, adjusted pro-rata for any withdrawals you have made. Protected premium Death Benefit Charge6: Calculated daily as a percentage of your Net Amount at Risk.6 Deducted annually on each contract date anniversary for which the benefit is in effect7.

Current Maximum Current Maximum Annual Annual Annual Annual Age(9) Charge Charge Age(9) Charge Charge ≤65 0.6% 1.2% 89 12.0% 24.0% Not Applicable 66-70 1.2% 2.4% 90 13.5% 27.0% 71-75 1.8% 3.6% 91 14.5% 29.0% 76-80 3.6% 7.2% 92 16.0% 32.0% 81-85 7.2% 14.4% 93 17.0% 34.0% 86 9.0% 18.0% 94 18.5% 37.0% 87 10.0% 20.0% 95 20.0% 40.0% 88 11.0% 22.0% Choice Cost3 up to 5% No

VIII-2

Appendix VIII: Exchange program Prior Contracts New Contract Structured Capital Strategies® Series B, C and ADV(10) Investment Edge Select Loan Features (if your No No employer’s plan permits): Variable Investment Options4: 3 124 Class IB Various Classes Structured Investment Options4,5: Up to 28 No Sources of Permitted Subsequent Contributions: • Full or partial exchange, rollover or direct • Full or partial exchange, rollover or direct transfer from a Structured Capital Strategies® contract. The transfer from another annuity contract or other source of the contribution must be for the entire account value invested in the variable investment eligible investment options at the time of the transaction. • Account value invested in a segment is not an eligible source of contribution.

1. 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 fee for that year. 2. On a non-guaranteed basis, we may waive any portion of the contract fee as it applies to the EQ/Money Market variable investment option (including any amounts in the dollar cap averaging accounts) to the extent that the fee exceeds the income distributed by the underlying EQ/Money Market Portfolio. This waiver is limited to the contract fee, and it is not a fee waiver or performance guarantee for the underlying EQ/Money Market Portfolio. For more information, please refer to your Structured Capital Strategies® Prospectus. 3. Choice cost is a charge, which is only applicable if a contract owner elects to invest in Choice Segments under a Structured Capital Strategies® contract. For more information on Choice costs, please refer to Structured Capi- tal Strategies® Prospectus. 4. The number of investment options available under a particular contract is subject to change. Please refer to your Prospectus for more information on investment options available under your contract. 5. Contract owners have the ability to invest in various types of structured investment options that permit you to invest in one or more segments referred to as “Standard Segments” or “Choice Segments”, each of which provides performance tied to the performance of a securities or commodities indexed for a set period of time. As discussed above in footnote 5, amounts invested in Choice Segments are subject to a “Choice cost” charge. For more information on structured investment options and Choice costs, please refer to your Structured Capital Strategies® Prospectus. 6. On each day of your contract, your Net Amount at Risk (NAR) is equal to (A) minus (B), where (A) equals your Protected premium death benefit base; and (B) equals your account value on that day. Your NAR can never be less than zero. 7. If on any date other than the contract date anniversary your contract is surrendered or annuitized, an Income Edge payment program is elected and becomes effective, a death benefit is paid, or the Protected Premium death benefit is otherwise terminated, we will deduct the cumulative accrued charge for that year from your account value. 8. This fee does not apply to any variable investment options that we currently offer. 9. Age at issue, and subsequently, as of your most recent contract date anniversary. For jointly owned contracts, the charge is based on the age of the older joint owner. The daily charge percentage increases automatically on each contract date anniversary following the date on which you reach the next age bracket shown in the table. 10. Your contract must be in force for at least four years for you to be eligible to exchange to an Investment Edge® Select contract.

VIII-3

Appendix VIII: Exchange program 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 Investment Edge® 15.0 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 Investment Edge® 15.0 SAI for Separate Account No. 70 dated May 1, 2017.

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Address

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Investment Edge® 15.0 #479014 [THIS PAGE INTENTIONALLY LEFT BLANK] AXA PREMIER VIP TRUST AXA Aggressive Allocation 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 long-term capital would be higher. Although your actual costs may be higher or lower, appreciation. based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years FEES AND EXPENSES OF THE PORTFOLIO Class A Shares $121 $378 $654 $1,443 The following table describes the fees and expenses that you may Class B Shares $121 $378 $654 $1,443 pay if you buy and hold shares of the Portfolio. The table below does not reflect any fees and expenses associated with variable life PORTFOLIO TURNOVER insurance contracts and variable annuity certificates and contracts (“Contracts”), which would increase overall fees and expenses. See The Portfolio will not incur transaction costs, such as commissions, when it the Contract prospectus for a description of those fees and buys and sells shares of the Underlying Portfolios (or “turns over” its expenses. 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 Shareholder Fees types of securities directly, a higher portfolio turnover rate could indicate (fees paid directly from your investment) higher transaction costs. Such costs, if incurred, would not be reflected in Not applicable. annual fund operating expenses or in the example, and would affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 5% 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) AXA Aggressive Allocation Portfolio Class A Shares Class B Shares Principal Investment Strategies of the Portfolio Management fee 0.10% 0.10% The Portfolio pursues its investment objective by investing in other Distribution and/or service (12b-1) fees 0.25% 0.25% mutual funds (“Underlying Portfolios”) managed by AXA Equitable Other expenses 0.17% 0.17% Funds Management Group, LLC (“FMG LLC” or “Adviser”) and sub- Acquired fund fees and expenses (underlying advised by one or more investment sub-advisers (“Sub-Adviser”). This portfolios) 0.67% 0.67% Portfolio invests approximately 90% of its assets in the equity asset class Total annual operating expenses 1.19% 1.19% and approximately 10% of its assets in the fixed income asset class through investments in Underlying Portfolios. Subject to this asset Example allocation target, the Portfolio generally invests its assets in a combination of Underlying Portfolios that would result in the Portfolio This example is intended to help you compare the cost of investing being invested in the following asset categories in the approximate in the Portfolio with the cost of investing in other portfolios. The target investment percentages shown in the chart below. example assumes that you invest $10,000 in the Portfolio for the time periods indicated, and then redeem all of your shares at the Foreign Equity Securities 25% end of those time periods. The example also assumes that your Large Cap Equity Securities 40% investment has a 5% return each year and that the Portfolio’s Small/Mid Cap Equity Securities 25% operating expenses (and expenses of the Underlying Portfolios) Investment Grade Bonds 9% remain the same. This example does not reflect any Contract-related fees and expenses, including redemption fees (if any) at the Contract High Yield (“Junk”) Bonds 1% level. If such fees and expenses were reflected, the total expenses

AAA 1 The target allocation to investment grade and high yield bond asset or the counterparty to a derivatives contract, repurchase categories may include securities of both U.S. and foreign issuers. Actual agreement, loan of portfolio securities or other transaction, is allocations between asset classes and among asset categories can unable or unwilling, or is perceived (whether by market deviate from the amounts shown above by up to 15% of the Portfolio’s participants, ratings agencies, pricing services or otherwise) as assets. This Portfolio is managed so that it can serve as a core part of unable or unwilling, to make timely principal and/or interest your larger portfolio. The Underlying Portfolios in which the Portfolio payments, or otherwise honor its obligations. Securities are may invest have been selected to represent a reasonable spectrum of subject to varying degrees of credit risk, which are often reflected investment options for the Portfolio. in their credit ratings. However, rating agencies may fail to make timely changes to credit ratings in response to subsequent events In addition, the Portfolio may invest in Underlying Portfolios that and a credit rating may become stale in that it fails to reflect tactically manage equity exposure. When market volatility is increasing changes in an issuer’s financial condition. The downgrade of the above specific thresholds, such Underlying Portfolios may reduce their credit rating of a security may decrease its value. Lower credit equity exposure. During such times, the Portfolio’s exposure to equity quality also may lead to greater volatility in the price of a security securities may be significantly less than if it invested in a traditional and may negatively affect a security’s liquidity. equity portfolio and the Portfolio may deviate significantly from its • Derivatives Risk — The Portfolio’s investments in derivatives may rise asset allocation targets. Although the Portfolio’s investment in or fall in value more rapidly than other investments. Changes in the Underlying Portfolios that tactically manage equity exposure is value of a derivative may not correlate perfectly or at all with the intended to reduce the Portfolio’s overall risk, it may result in periods underlying asset, rate or index, and the Portfolio could lose more than of underperformance, even during periods when the market is rising. the principal amount invested. Some derivatives can have the potential The Portfolio may invest in Underlying Portfolios that employ for unlimited losses. In addition, it may be difficult or impossible for the derivatives (including futures contracts) for a variety of purposes, Portfolio to purchase or sell certain derivatives in sufficient amounts to including to reduce risk, to seek enhanced returns from certain asset achieve the desired level of exposure, which may result in a loss or may classes, and to leverage exposure to certain asset classes. be costly to the Portfolio. Derivatives also may be subject to certain other risks such as leveraging risk, interest rate risk, credit risk, the risk The Adviser has based the asset allocation target and target that a counterparty may be unable or unwilling to honor its obligations, investment percentages for the Portfolio on the degree to which it and the risk of mispricing or improper valuation. Derivatives also may believes the Underlying Portfolios, in combination, are appropriate not behave as anticipated by the Portfolio, especially in abnormal for the Portfolio’s investment objective. The Adviser may change the market conditions. Changing regulation may make derivatives more asset allocation targets, target investment percentages and the costly, limit their availability, impact the Portfolio’s ability to maintain its particular Underlying Portfolios in which the Portfolio invests without investments in derivatives, disrupt markets, or otherwise adversely notice or shareholder approval. The Adviser may sell the Portfolio’s affect their value or performance. holdings for a variety of reasons, including to invest in an Underlying Portfolio believed to offer superior investment opportunities. • Equity Risk — In general, stocks and other equity security values fluctuate, and sometimes widely fluctuate, in response to changes The Principal Risks of Investing in the Portfolio in a company’s financial condition as well as general market, economic, and political conditions and other factors. An investment in the Portfolio is not a deposit of a bank and is not • Foreign Securities Risk — Investments in foreign securities, including insured or guaranteed by the Federal Deposit Insurance Corporation depositary receipts, involve risks not associated with investing in U.S. or any other government agency. You may lose money by investing securities. Foreign markets, particularly emerging markets, may be inthePortfolio.Performancemaybeaffectedbyoneormoreofthe less liquid, more volatile and subject to less government supervision following risks. The Portfolio is also subject to the risks associated than U.S. markets. Security values also may be negatively affected by with the Underlying Portfolios’ investments; please see the changes in the exchange rates between the U.S. dollar and foreign Prospectuses and Statements of Additional Information for the currencies. Differences between U.S. and foreign legal, political and Underlying Portfolios for additional information about these risks. In economic systems, regulatory regimes and market practices also may this section, the term “Portfolio” may include the Portfolio, an impact security values and it may take more time to clear and settle Underlying Portfolio, or both. trades involving foreign securities. • Affiliated Portfolio Risk — In managing a Portfolio that invests in • Futures Contract Risk — The primary risks associated with the Underlying Portfolios, the Adviser will have the authority to select and use of futures contracts are (a) the imperfect correlation between substitute the Underlying Portfolios. The Adviser may be subject to the change in market value of the instruments held by the potential conflicts of interest in allocating the Portfolio’s assets Portfolio and the price of the futures contract; (b) liquidity risks, among the various Underlying Portfolios because the fees payable to including the possible absence of a liquid secondary market for a it by some of the Underlying Portfolios are higher than the fees futures contract and the resulting inability to close a futures payable by other Underlying Portfolios and because the Adviser is contract when desired; (c) losses (potentially unlimited) caused by also responsible for managing, administering, and with respect to unanticipated market movements; (d) an investment manager’s certain Underlying Portfolios, its affiliates are responsible for inability to predict correctly the direction of securities prices, sub-advising, the Underlying Portfolios. interest rates, currency exchange rates and other economic • Credit Risk — The Portfolio is subject to the risk that the issuer factors; (e) the possibility that a counterparty, clearing member or or the guarantor (or other obligor, such as a party providing clearinghouse will default in the performance of its obligations; (f) insurance or other credit enhancement) of a fixed income security, if the Portfolio has insufficient cash, it may have to sell securities

AAA 2 from its portfolio to meet daily variation margin requirements, and • Non-Investment Grade Securities Risk — Bonds rated below the Portfolio may have to sell securities at a time when it may be investment grade (i.e., BB or lower by S&P or Fitch or Ba or lower disadvantageous to do so; and (g) transaction costs associated by Moody’s or, if unrated, determined by the investment manager with investments in futures contracts may be significant, which to be of comparable quality) are speculative in nature and are could cause or increase losses or reduce gains. Futures contracts subject to additional risk factors such as increased possibility of are also subject to the same risks as the underlying investments default, illiquidity of the security, and changes in value based on to which they provide exposure. In addition, futures contracts may changes in interest rates. Non-investment grade bonds, subject the Portfolio to leveraging risk. sometimes referred to as “junk bonds,” are usually issued by • Interest Rate Risk — The Portfolio is subject to the risk that fixed companies without long track records of sales and earnings, or by income securities will decline in value because of changes in interest those companies with questionable credit strength. The rates. When interest rates decline, the value of the Portfolio’s debt creditworthiness of issuers of non-investment grade debt securities generally rises. Conversely, when interest rates rise, the securities may be more complex to analyze than that of issuers of value of the Portfolio’s debt securities generally declines. A portfolio investment grade debt securities, and reliance on credit ratings with a longer average duration will be more sensitive to changes in may present additional risks. interest rates, usually making it more volatile than a portfolio with a • Portfolio Management Risk — The Portfolio is subject to the risk shorter average duration. As of the date of this Prospectus, interest that strategies used by an investment manager and its securities rates are near historic lows in the United States, and below zero in selections fail to produce the intended results. other parts of the world, including certain European countries and Japan. The Portfolio is subject to a greater risk of rising interest rates • Risks of Investing In Underlying Portfolios — The Portfolio will due to these market conditions. A significant or rapid rise in interest indirectly bear fees and expenses paid by the Underlying Portfolios in rates could result in losses to the Portfolio. which it invests, in addition to the Portfolio’s direct fees and expenses. The cost of investing in the Portfolio, therefore, may be • Investment Grade Securities Risk — Debt securities generally are higher than the cost of investing in a mutual fund that invests directly rated by national bond ratings agencies. The Portfolio considers in individual stocks and bonds. In addition, the Portfolio’s net asset securities to be investment grade if they are rated BBB or higher by value is subject to fluctuations in the net asset values of the Standard & Poor’s Global Ratings (“S&P”) or Fitch Ratings, Ltd. Underlying Portfolios in which it invests. The Portfolio is also subject (“Fitch”) or Baa or higher by Moody’s Investors Service, Inc. to the risks associated with the securities or other investments in (“Moody’s”), or, if unrated, determined by the investment manager which the Underlying Portfolios invest and the ability of the Portfolio to be of comparable quality. Securities rated in the lower to meet its investment objective will directly depend on the ability of investment grade rating categories (e.g., BBB or Baa) are the Underlying Portfolios to meet their objectives. The Portfolio and considered investment grade securities, but are somewhat riskier the Underlying Portfolios are subject to certain general investment than higher rated obligations because they are regarded as having risks, including market risk, asset class risk, issuer-specific risk, only an adequate capacity to pay principal and interest, are investment style risk and portfolio management risk. In addition, to considered to lack outstanding investment characteristics, and may the extent a Portfolio invests in Underlying Portfolios that invest in possess certain speculative characteristics. equity securities, fixed income securities and/or foreign securities, the • Large-Cap Company Risk — Larger more established companies Portfolio is subject to the risks associated with investing in such may be unable to respond quickly to new competitive challenges securities. The extent to which the investment performance and risks such as changes in technology and consumer tastes. Many larger associated with the Portfolio correlate to those of a particular companies also may not be able to attain the high growth rate of Underlying Portfolio will depend upon the extent to which the successful smaller companies, especially during extended periods Portfolio’s assets are allocated from time to time for investment in the of economic expansion. Underlying Portfolio, which will vary. • Market Risk — The Portfolio is subject to the risk that the • Volatility Management Risk — The Portfolio may invest from time to securities markets will move down, sometimes rapidly and time in Underlying Portfolios managed by the Adviser that employ unpredictably based on overall economic conditions and other various volatility management techniques, including the use of futures factors. Changes in the financial condition of a single issuer can and options to manage equity exposure. Volatility is a statistical impact the market as a whole. measure of the magnitude of changes in a Portfolio’s returns, without • Mid-Cap and Small-Cap Company Risk — The Portfolio’s regard to the direction of those changes. Higher volatility generally investments in mid- and small-cap companies may involve greater risks indicates higher risk and is often reflected by frequent and sometimes than investments in larger, more established issuers because they significant movements up and down in value. Although these actions generally are more vulnerable than larger companies to adverse are intended to reduce the overall risk of investing in the Portfolio, they business or economic developments. Such companies generally have may not work as intended and may result in losses by the Portfolio or narrower product lines, more limited financial and management periods of underperformance, particularly during periods when market resources and more limited markets for their stock as compared with values are increasing but market volatility is high. The success of any larger companies. As a result, the value of such securities may be more volatility management strategy will be subject to the Adviser’s ability to volatile than the securities of larger companies, and the Portfolio may correctly assess the degree of correlation between the performance of experience difficulty in purchasing or selling such securities at the the relevant market index and the metrics used by the Adviser to desired time and price or in the desired amount. In general, these risks measure market volatility. Since the characteristics of many securities are greater for small-cap companies than for mid-cap companies. change as markets change or time passes, the success of any volatility

AAA 3 management strategy also will be subject to the Adviser’s ability to The performance results do not reflect any Contract-related fees and continually recalculate, readjust, and execute volatility management expenses, which would reduce the performance results. techniques (such as options and futures transactions) in an efficient manner. In addition, because market conditions change, sometimes Calendar Year Annual Total Returns — Class B rapidly and unpredictably, the success of a volatility management strategy will be subject to the Adviser’s ability to execute the strategy 27.37% 26.48% in a timely manner. Moreover, volatility management strategies may increase portfolio transaction costs, which could cause or increase 12.92% 14.15% 6.16% 8.70% losses or reduce gains. For a variety of reasons, the Adviser may not 4.75% seek to establish a perfect correlation between the relevant market -1.76% index and the metrics that the Adviser uses to measure market -7.43% 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 Underlying Portfolio to hedge the value of the Underlying Portfolio’s -39.21% other investments and, as a result, these futures contracts and other 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 instruments may decline in value at the same time as the Underlying Portfolio’s investments. Any one or more of these factors may prevent Best quarter (% and time period) Worst quarter (% and time period) the Underlying Portfolio from achieving the intended volatility 17.57% (2009 2nd Quarter) –21.27% (2008 4th Quarter) management or could cause the Underlying Portfolio, and in turn, the Portfolio, to underperform or experience losses (some of which may be Average Annual Total Returns sudden) or volatility for any particular period that may be higher or Ten Years/ lower than intended. In addition, the use of volatility management Since techniques may not protect against market declines and may limit the One Year Five Years Inception Underlying Portfolio’s, and thus the Portfolio’s, participation in market AXA Aggressive gains, even during periods when the market is rising. Volatility Allocation Portfolio — Class A Shares 8.81% 10.06% 3.46% management techniques, when implemented effectively to reduce the overall risk of investing in an Underlying Portfolio, may result in AXA Aggressive Allocation Portfolio — Class B underperformance by an Underlying Portfolio. For example, if an Shares 8.70% 10.06% 3.33% Underlying Portfolio has reduced its overall exposure to equities to S&P 500® Index (reflects avoid losses in certain market environments, the Underlying Portfolio no deduction for fees, expenses, may forego some of the returns that can be associated with periods of or taxes) 11.96% 14.66% 6.95% rising equity values. The Underlying Portfolio’s performance, and Bloomberg Barclays U.S. therefore the Portfolio’s performance, may be lower than similar funds Intermediate where volatility management techniques are not used. In addition, Government Bond Index volatility management techniques may reduce potential losses and/or (reflects no deduction for fees, mitigate financial risks to insurance companies that provide certain expenses, or taxes) 1.05% 1.04% 3.42% benefits and guarantees available under the Contracts and offer the 8% Bloomberg Barclays U.S. Underlying Portfolios as an investment option in their products. Intermediate Government Bond Index / 25% MSCI EAFE® Index / 14% S&P MidCap 400® Index / Risk/Return Bar Chart and Table 39% S&P 500® Index / 12% Russell 2000® Index / The bar chart and table below provide some indication of the risks of 2% BofA Merrill Lynch 3-Month investing in the Portfolio by showing changes in the Portfolio’s U.S. Treasury Bill Index 10.42% 11.39% 5.55% 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 since inception) through December 31, 2016 compared to the returns of a broad-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 in which the Portfolio may invest. 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 inception of the share class with the longest history. Past performance is not an indication of future performance.

AAA 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 Managing retirement plans and to other eligible investors. The Portfolio and Name Title the Portfolio the Adviser and its affiliates may make payments to a sponsoring Kenneth T. Kozlowski, Executive Vice July 2003 insurance company (or its affiliates) or other financial intermediary CFP®, CLU, ChFC President and Chief for distribution and/or other services. These payments may create a Investment conflict of interest by influencing the insurance company or other Officer of FMG LLC financial intermediary and your financial adviser to recommend the Alwi Chan, CFA® Senior Vice President May 2011 Portfolio over another investment or by influencing an insurance and Deputy Chief company to include the Portfolio as an underlying investment option Investment Officer of FMG LLC in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. ® Xavier Poutas, CFA Assistant Portfolio May 2011 Ask your financial adviser or visit your financial intermediary’s Manager of FMG LLC website for more information.

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.

AAA 5 AXA PREMIER VIP TRUST AXA Moderate Allocation Portfolio – Class A and B Shares

Summary Prospectus dated May 1, 2017

Investment Objective: Seeks to achieve long-term capital would be higher. Although your actual costs may be higher or lower, appreciation and current income. based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years FEES AND EXPENSES OF THE PORTFOLIO Class A Shares $114 $356 $617 $1,363 The following table describes the fees and expenses that you may Class B Shares $114 $356 $617 $1,363 pay if you buy and hold shares of the Portfolio. The table below does not reflect any fees and expenses associated with variable life PORTFOLIO TURNOVER insurance contracts and variable annuity certificates and contracts (“Contracts”), which would increase overall fees and expenses. See The Portfolio will not incur transaction costs, such as commissions, the Contract prospectus for a description of those fees and when it buys and sells shares of the Underlying Portfolios (or “turns expenses. 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 Shareholder Fees buy and sell other types of securities directly, a higher portfolio (fees paid directly from your investment) turnover rate could indicate higher transaction costs. Such costs, if Not applicable. incurred, would not be reflected in annual fund operating expenses or in the example, and would affect the Portfolio’s performance. Annual Portfolio Operating Expenses During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 9% 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 Moderate Allocation Portfolio Class A Shares Class B Shares Management fee 0.10% 0.10% Principal Investment Strategies of the Portfolio Distribution and/or service (12b-1) fees 0.25% 0.25% The Portfolio pursues its investment objective by investing in other Other expenses 0.17% 0.17% mutual funds (“Underlying Portfolios”) managed by AXA Equitable Acquired fund fees and expenses (underlying Funds Management Group, LLC (“FMG LLC” or “Adviser”) and sub- portfolios) 0.60% 0.60% advised by one or more investment sub-advisers (“Sub-Adviser”). This Total annual operating expenses 1.12% 1.12% Portfolio invests approximately 50% of its assets in the equity asset class and approximately 50% of its assets in the fixed income asset class Example through investments in Underlying Portfolios. Subject to this asset allocation target, the Portfolio generally invests its assets in a This example is intended to help you compare the cost of investing combination of Underlying Portfolios that would result in the Portfolio in the Portfolio with the cost of investing in other portfolios. The being invested in the following asset categories in the approximate example assumes that you invest $10,000 in the Portfolio for the target investment percentages shown in the chart below. time periods indicated, and then redeem all of your shares at the end of those time periods. The example also assumes that your Foreign Equity Securities 15% investment has a 5% return each year and that the Portfolio’s Large Cap Equity Securities 20% operating expenses (and expenses of the Underlying Portfolios) Small/Mid Cap Equity Securities 15% remain the same. This example does not reflect any Contract-related fees and expenses, including redemption fees (if any) at the Contract Investment Grade Bonds 45% level. If such fees and expenses were reflected, the total expenses High Yield (“Junk”) Bonds 5%

AMA 1 The target allocation to investment grade and high yield bond asset insurance or other credit enhancement) of a fixed income security, categories may include securities of both U.S. and foreign issuers. or the counterparty to a derivatives contract, repurchase Actual allocations among asset classes and among asset categories agreement, loan of portfolio securities or other transaction, is can deviate from the amounts shown above by up to 15% of the unable or unwilling, or is perceived (whether by market Portfolio’s assets. This Portfolio is managed so that it can serve as a participants, ratings agencies, pricing services or otherwise) as core part of your larger portfolio. The Underlying Portfolios in which unable or unwilling, to make timely principal and/or interest the Portfolio may invest have been selected to represent a payments, or otherwise honor its obligations. Securities are reasonable spectrum of investment options for the Portfolio. subject to varying degrees of credit risk, which are often reflected in their credit ratings. However, rating agencies may fail to make In addition, the Portfolio may invest in Underlying Portfolios that timely changes to credit ratings in response to subsequent events tactically manage equity exposure. When market volatility is and a credit rating may become stale in that it fails to reflect increasing above specific thresholds, such Underlying Portfolios may changes in an issuer’s financial condition. The downgrade of the reduce their equity exposure. During such times, the Portfolio’s credit rating of a security may decrease its value. Lower credit exposure to equity securities may be significantly less than if it quality also may lead to greater volatility in the price of a security invested in a traditional equity portfolio and the Portfolio may and may negatively affect a security’s liquidity. deviate significantly from its asset allocation targets. Although the Portfolio’s investment in Underlying Portfolios that tactically manage • Derivatives Risk — The Portfolio’s investments in derivatives may rise equity exposure is intended to reduce the Portfolio’s overall risk, it or fall in value more rapidly than other investments. Changes in the may result in periods of underperformance, even during periods value of a derivative may not correlate perfectly or at all with the when the market is rising. The Portfolio may invest in Underlying underlying asset, rate or index, and the Portfolio could lose more than Portfolios that employ derivatives (including futures contracts) for a the principal amount invested. Some derivatives can have the potential variety of purposes, including to reduce risk, to seek enhanced for unlimited losses. In addition, it may be difficult or impossible for the returns from certain asset classes, and to leverage exposure to Portfolio to purchase or sell certain derivatives in sufficient amounts to certain asset classes. achieve the desired level of exposure, which may result in a loss or may be costly to the Portfolio. Derivatives also may be subject to certain The Adviser has based the asset allocation target and target other risks such as leveraging risk, interest rate risk, credit risk, the risk investment percentages for the Portfolio on the degree to which it that a counterparty may be unable or unwilling to honor its obligations, believes the Underlying Portfolios, in combination, are appropriate and the risk of mispricing or improper valuation. Derivatives also may for the Portfolio’s investment objective. The Adviser may change the not behave as anticipated by the Portfolio, especially in abnormal asset allocation targets, target investment percentages and the market conditions. Changing regulation may make derivatives more particular Underlying Portfolios in which the Portfolio invests without costly, limit their availability, impact the Portfolio’s ability to maintain its notice or shareholder approval. The Adviser may sell the Portfolio’s investments in derivatives, disrupt markets, or otherwise adversely holdings for a variety of reasons, including to invest in an Underlying affect their value or performance. Portfolio believed to offer superior investment opportunities. • Equity Risk — In general, stocks and other equity security values The Principal Risks of Investing in the Portfolio fluctuate, and sometimes widely fluctuate, in response to changes in a company’s financial condition as well as general market, An investment in the Portfolio is not a deposit of a bank and is not economic, and political conditions and other factors. insured or guaranteed by the Federal Deposit Insurance Corporation or • Foreign Securities Risk — Investments in foreign securities, including any other government agency. You may lose money by investing in the depositary receipts, involve risks not associated with investing in U.S. Portfolio. Performance may be affected by one or more of the following securities. Foreign markets, particularly emerging markets, may be less risks. The Portfolio is also subject to the risks associated with the liquid, more volatile and subject to less government supervision than Underlying Portfolios’ investments; please see the Prospectuses and U.S. markets. Security values also may be negatively affected by Statements of Additional Information for the Underlying Portfolios for changes in the exchange rates between the U.S. dollar and foreign additional information about these risks. In this section, the term currencies. Differences between U.S. and foreign legal, political and “Portfolio” may include the Portfolio, an Underlying Portfolio, or both. economic systems, regulatory regimes and market practices also may • Affiliated Portfolio Risk — In managing a Portfolio that invests in impact security values and it may take more time to clear and settle Underlying Portfolios, the Adviser will have the authority to select trades involving foreign securities. and substitute the Underlying Portfolios. The Adviser may be • Futures Contract Risk — The primary risks associated with the use of subject to potential conflicts of interest in allocating the Portfolio’s futures contracts are (a) the imperfect correlation between the change assets among the various Underlying Portfolios because the fees in market value of the instruments held by the Portfolio and the price of payable to it by some of the Underlying Portfolios are higher than the futures contract; (b) liquidity risks, including the possible absence of the fees payable by other Underlying Portfolios and because the a liquid secondary market for a futures contract and the resulting Adviser is also responsible for managing, administering, and with inability to close a futures contract when desired; (c) losses (potentially respect to certain Underlying Portfolios, its affiliates are responsible unlimited) caused by unanticipated market movements; (d) an for sub-advising, the Underlying Portfolios. investment manager’s inability to predict correctly the direction of • Credit Risk — The Portfolio is subject to the risk that the issuer securities prices, interest rates, currency exchange rates and other or the guarantor (or other obligor, such as a party providing economic factors; (e) the possibility that a counterparty, clearing

AMA 2 member or clearinghouse will default in the performance of its companies, and the Portfolio may experience difficulty in obligations; (f) if the Portfolio has insufficient cash, it may have to sell purchasing or selling such securities at the desired time and price securities from its portfolio to meet daily variation margin requirements, or in the desired amount. In general, these risks are greater for and the Portfolio may have to sell securities at a time when it may be small-cap companies than for mid-cap companies. disadvantageous to do so; and (g) transaction costs associated with • Non-Investment Grade Securities Risk — Bonds rated below investments in futures contracts may be significant, which could cause investment grade (i.e., BB or lower by S&P or Fitch or Ba or lower or increase losses or reduce gains. Futures contracts are also subject to by Moody’s or, if unrated, determined by the investment manager the same risks as the underlying investments to which they provide to be of comparable quality) are speculative in nature and are exposure. In addition, futures contracts may subject the Portfolio to subject to additional risk factors such as increased possibility of leveraging risk. default, illiquidity of the security, and changes in value based on • Interest Rate Risk — The Portfolio is subject to the risk that fixed changes in interest rates. Non-investment grade bonds, income securities will decline in value because of changes in interest sometimes referred to as “junk bonds,” are usually issued by rates. When interest rates decline, the value of the Portfolio’s debt companies without long track records of sales and earnings, or by securities generally rises. Conversely, when interest rates rise, the those companies with questionable credit strength. The value of the Portfolio’s debt securities generally declines. A portfolio creditworthiness of issuers of non-investment grade debt with a longer average duration will be more sensitive to changes in securities may be more complex to analyze than that of issuers of investment grade debt securities, and reliance on credit ratings interest rates, usually making it more volatile than a portfolio with a may present additional risks. shorter average duration. As of the date of this Prospectus, interest rates are near historic lows in the United States, and below zero in • Portfolio Management Risk — The Portfolio is subject to the risk other parts of the world, including certain European countries and that strategies used by an investment manager and its securities Japan. The Portfolio is subject to a greater risk of rising interest rates selections fail to produce the intended results. due to these market conditions. A significant or rapid rise in interest • Risks of Investing In Underlying Portfolios — The Portfolio will rates could result in losses to the Portfolio. indirectly bear fees and expenses paid by the Underlying • Investment Grade Securities Risk — Debt securities generally are Portfolios in which it invests, in addition to the Portfolio’s direct rated by national bond ratings agencies. The Portfolio considers fees and expenses. The cost of investing in the Portfolio, securities to be investment grade if they are rated BBB or higher by therefore, may be higher than the cost of investing in a mutual Standard & Poor’s Global Ratings (“S&P”) or Fitch Ratings, Ltd. fund that invests directly in individual stocks and bonds. In (“Fitch”) or Baa or higher by Moody’s Investors Service, Inc. addition, the Portfolio’s net asset value is subject to fluctuations (“Moody’s”), or, if unrated, determined by the investment manager in the net asset values of the Underlying Portfolios in which it to be of comparable quality. Securities rated in the lower invests. The Portfolio is also subject to the risks associated with investment grade rating categories (e.g., BBB or Baa) are the securities or other investments in which the Underlying considered investment grade securities, but are somewhat riskier Portfolios invest and the ability of the Portfolio to meet its than higher rated obligations because they are regarded as having investment objective will directly depend on the ability of the only an adequate capacity to pay principal and interest, are Underlying Portfolios to meet their objectives. The Portfolio and considered to lack outstanding investment characteristics, and may the Underlying Portfolios are subject to certain general investment possess certain speculative characteristics. risks, including market risk, asset class risk, issuer-specific risk, investment style risk and portfolio management risk. In addition, • Large-Cap Company Risk — Larger more established companies to the extent a Portfolio invests in Underlying Portfolios that may be unable to respond quickly to new competitive challenges invest in equity securities, fixed income securities and/or foreign such as changes in technology and consumer tastes. Many larger securities, the Portfolio is subject to the risks associated with companies also may not be able to attain the high growth rate of investing in such securities. The extent to which the investment successful smaller companies, especially during extended periods performance and risks associated with the Portfolio correlate to of economic expansion. those of a particular Underlying Portfolio will depend upon the • Market Risk — The Portfolio is subject to the risk that the extent to which the Portfolio’s assets are allocated from time to securities markets will move down, sometimes rapidly and time for investment in the Underlying Portfolio, which will vary. unpredictably based on overall economic conditions and other • Volatility Management Risk — The Portfolio may invest from time factors. Changes in the financial condition of a single issuer can to time in Underlying Portfolios managed by the Adviser that employ impact the market as a whole. various volatility management techniques, including the use of • Mid-Cap and Small-Cap Company Risk — The Portfolio’s futures and options to manage equity exposure. Volatility is a investments in mid- and small-cap companies may involve greater statistical measure of the magnitude of changes in a Portfolio’s risks than investments in larger, more established issuers because returns, without regard to the direction of those changes. Higher they generally are more vulnerable than larger companies to volatility generally indicates higher risk and is often reflected by adverse business or economic developments. Such companies frequent and sometimes significant movements up and down in generally have narrower product lines, more limited financial and value. Although these actions are intended to reduce the overall risk management resources and more limited markets for their stock of investing in the Portfolio, they may not work as intended and may as compared with larger companies. As a result, the value of such result in losses by the Portfolio or periods of underperformance, securities may be more volatile than the securities of larger particularly during periods when market values are increasing but

AMA 3 market volatility is high. The success of any volatility management additional comparative index) shown in the right hand column below strategy will be subject to the Adviser’s ability to correctly assess the is the return of the index for the last 10 years or, if shorter, since the degree of correlation between the performance of the relevant inception of the share class with the longest history. Past market index and the metrics used by the Adviser to measure market performance is not an indication of future performance. 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 B manner. In addition, because market conditions change, sometimes rapidly and unpredictably, the success of a volatility management 16.95% 13.15% strategy will be subject to the Adviser’s ability to execute the strategy 9.91% 8.82% in a timely manner. Moreover, volatility management strategies may 6.31% 5.38% increase portfolio transaction costs, which could cause or increase 3.06% losses or reduce gains. For a variety of reasons, the Adviser may not -0.92% seek to establish a perfect correlation between the relevant market -2.41% 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 Underlying Portfolio to hedge the value of the Underlying Portfolio’s -24.46% 2007 2008 2009 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 Portfolio’s investments. Any one or more of these factors may prevent Best quarter (% and time period) Worst quarter (% and time period) 10.30% (2009 3rd Quarter) –11.79% (2008 4th Quarter) the Underlying Portfolio from achieving the intended volatility management or could cause the Underlying Portfolio, and in turn, the Portfolio, to underperform or experience losses (some of which may Average Annual Total Returns be sudden) or volatility for any particular period that may be higher or Ten Years/ Since lower than intended. In addition, the use of volatility management One Year Five Years Inception techniques may not protect against market declines and may limit the AXA Moderate Allocation Underlying Portfolio’s, and thus the Portfolio’s, participation in Portfolio — Class A Shares 5.35% 5.79% 3.06% market gains, even during periods when the market is rising. Volatility AXA Moderate Allocation management techniques, when implemented effectively to reduce the Portfolio — Class B Shares 5.38% 5.79% 2.93% overall risk of investing in an Underlying Portfolio, may result in S&P 500® Index (reflects no underperformance by an Underlying Portfolio. For example, if an deduction for fees, expenses, or Underlying Portfolio has reduced its overall exposure to equities to taxes) 11.96% 14.66% 6.95% avoid losses in certain market environments, the Underlying Portfolio Bloomberg Barclays U.S. may forego some of the returns that can be associated with periods Intermediate Government Bond of rising equity values. The Underlying Portfolio’s performance, and Index (reflects no deduction for therefore the Portfolio’s performance, may be lower than similar fees, expenses, or taxes) 1.05% 1.04% 3.42% funds where volatility management techniques are not used. In 42% Bloomberg Barclays U.S. addition, volatility management techniques may reduce potential Intermediate Government Bond ® losses and/or mitigate financial risks to insurance companies that Index / 15% MSCI EAFE Index / 9% S&P MidCap 400® Index / provide certain benefits and guarantees available under the Contracts 20% S&P 500® Index / 6% and offer the Underlying Portfolios as an investment option in their Russell 2000® Index / 8% BofA products. Merrill Lynch 3-Month U.S. Treasury Bill Index 6.21% 6.68% 4.70% 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, five and ten years (or since inception) through December 31, 2016 compared to the returns of a broad-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 in which the Portfolio may invest. The return of the broad-based securities market index (and any

AMA 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 Managing retirement plans and to other eligible investors. The Portfolio and Name Title the Portfolio the Adviser and its affiliates may make payments to a sponsoring Kenneth T. Kozlowski, Executive Vice July 2003 insurance company (or its affiliates) or other financial intermediary CFP®, CLU, ChFC President and Chief for distribution and/or other services. These payments may create a Investment Officer conflict of interest by influencing the insurance company or other of FMG LLC financial intermediary and your financial adviser to recommend the Alwi Chan, CFA® Senior Vice President May 2011 Portfolio over another investment or by influencing an insurance and Deputy Chief company to include the Portfolio as an underlying investment option Investment Officer of FMG LLC in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. ® Xavier Poutas, CFA Assistant Portfolio May 2011 Ask your financial adviser or visit your financial intermediary’s Manager of FMG LLC website for more information.

AMA 5 AXA PREMIER VIP TRUST AXA Moderate-Plus Allocation Portfolio – Class A and B Shares

Summary Prospectus dated May 1, 2017

Investment Objective: Seeks to achieve long-term capital would be higher. Although your actual costs may be higher or lower, appreciation and current income, with a greater emphasis on based on these assumptions your costs would be: capital appreciation. 1 Year 3 Years 5 Years 10 Years Class A Shares $116 $362 $628 $1,386 FEES AND EXPENSES OF THE PORTFOLIO Class B Shares $116 $362 $628 $1,386 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 PORTFOLIO TURNOVER reflect any fees and expenses associated with variable life insurance contracts and variable annuity certificates and contracts (“Contracts”), The Portfolio will not incur transaction costs, such as commissions, which would increase overall fees and expenses. See the Contract when it buys and sells shares of the Underlying Portfolios (or “turns prospectus for a description of those fees and expenses. 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 Shareholder Fees buy and sell other types of securities directly, a higher portfolio (fees paid directly from your investment) turnover rate could indicate higher transaction costs. Such costs, if Not applicable. incurred, would not be reflected in annual fund operating expenses or in the example, and would affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover Annual Portfolio Operating Expenses rate was 8% 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 Moderate-Plus Allocation Portfolio Class A Shares Class B Shares Management fee 0.10% 0.10% Principal Investment Strategies of the Portfolio Distribution and/or service (12b-1) fees 0.25% 0.25% The Portfolio pursues its investment objective by investing in other Other expenses 0.16% 0.16% mutual funds (“Underlying Portfolios”) managed by AXA Equitable Acquired fund fees and expenses (underlying Funds Management Group, LLC (“FMG LLC” or “Adviser”) and sub- portfolios) 0.63% 0.63% advised by one or more investment sub-advisers (“Sub-Adviser”). This Total annual operating expenses 1.14% 1.14% Portfolio invests approximately 70% of its assets in the equity asset class and approximately 30% of its assets in the fixed income asset class Example through investments in Underlying Portfolios. Subject to this asset allocation target, the Portfolio generally invests its assets in a This example is intended to help you compare the cost of investing combination of Underlying Portfolios that would result in the Portfolio in the Portfolio with the cost of investing in other portfolios. The being invested in the following asset categories in the approximate example assumes that you invest $10,000 in the Portfolio for the target investment percentages shown in the chart below. time periods indicated, and then redeem all of your shares at the end of those time periods. The example also assumes that your Foreign Equity Securities 20% investment has a 5% return each year, and that the Portfolio’s Large Cap Equity Securities 30% operating expenses (and expenses of the Underlying Portfolios) Small/Mid Cap Equity Securities 20% remain the same. This example does not reflect any Contract-related Investment Grade Bonds 28% fees and expenses, including redemption fees (if any) at the Contract High Yield (“Junk”) Bonds 2% level. If such fees and expenses were reflected, the total expenses

AMPA 1 The target allocation to investment grade and high yield bond asset insurance or other credit enhancement) of a fixed income security, categories may include securities of both U.S. and foreign issuers. or the counterparty to a derivatives contract, repurchase Actual allocations among asset classes and among asset categories agreement, loan of portfolio securities or other transaction, is can deviate from the amounts shown above by up to 15% of the unable or unwilling, or is perceived (whether by market Portfolio’s assets. This Portfolio is managed so that it can serve as a participants, ratings agencies, pricing services or otherwise) as core part of your larger portfolio. The Underlying Portfolios in which unable or unwilling, to make timely principal and/or interest the Portfolio may invest have been selected to represent a payments, or otherwise honor its obligations. Securities are reasonable spectrum of investment options for the Portfolio. subject to varying degrees of credit risk, which are often reflected in their credit ratings. However, rating agencies may fail to make In addition, the Portfolio may invest in Underlying Portfolios that timely changes to credit ratings in response to subsequent events tactically manage equity exposure. When market volatility is and a credit rating may become stale in that it fails to reflect increasing above specific thresholds, such Underlying Portfolios may changes in an issuer’s financial condition. The downgrade of the reduce their equity exposure. During such times, the Portfolio’s credit rating of a security may decrease its value. Lower credit exposure to equity securities may be significantly less than if it quality also may lead to greater volatility in the price of a security invested in a traditional equity portfolio and the Portfolio may and may negatively affect a security’s liquidity. deviate significantly from its asset allocation targets. Although the Portfolio’s investment in Underlying Portfolios that tactically manage • Derivatives Risk — The Portfolio’s investments in derivatives may equity exposure is intended to reduce the Portfolio’s overall risk, it rise or fall in value more rapidly than other investments. Changes in may result in periods of underperformance, even during periods the value of a derivative may not correlate perfectly or at all with the when the market is rising. The Portfolio may invest in Underlying underlying asset, rate or index, and the Portfolio could lose more than Portfolios that employ derivatives (including futures contracts) for a the principal amount invested. Some derivatives can have the variety of purposes, including to reduce risk, to seek enhanced potential for unlimited losses. In addition, it may be difficult or returns from certain asset classes, and to leverage exposure to impossible for the Portfolio to purchase or sell certain derivatives in certain asset classes. sufficient amounts to achieve the desired level of exposure, which may result in a loss or may be costly to the Portfolio. Derivatives also The Adviser has based the asset allocation target and target may be subject to certain other risks such as leveraging risk, interest investment percentages for the Portfolio on the degree to which it rate risk, credit risk, the risk that a counterparty may be unable or believes the Underlying Portfolios, in combination, are appropriate unwilling to honor its obligations, and the risk of mispricing or for the Portfolio’s investment objective. The Adviser may change the improper valuation. Derivatives also may not behave as anticipated by asset allocation targets, target investment percentages and the the Portfolio, especially in abnormal market conditions. Changing particular Underlying Portfolios in which the Portfolio invests without regulation may make derivatives more costly, limit their availability, notice or shareholder approval. The Adviser may sell the Portfolio’s impact the Portfolio’s ability to maintain its investments in derivatives, holdings for a variety of reasons, including to invest in an Underlying disrupt markets, or otherwise adversely affect their value or Portfolio believed to offer superior investment opportunities. performance. The Principal Risks of Investing in the Portfolio • Equity Risk — In general, stocks and other equity security values fluctuate, and sometimes widely fluctuate, in response to changes An investment in the Portfolio is not a deposit of a bank and is not in a company’s financial condition as well as general market, insured or guaranteed by the Federal Deposit Insurance Corporation or economic, and political conditions and other factors. any other government agency. You may lose money by investing in the • Foreign Securities Risk — Investments in foreign securities, including Portfolio. Performance may be affected by one or more of the following depositary receipts, involve risks not associated with investing in U.S. risks. The Portfolio is also subject to the risks associated with the securities. Foreign markets, particularly emerging markets, may be Underlying Portfolios’ investments; please see the Prospectuses and less liquid, more volatile and subject to less government supervision Statements of Additional Information for the Underlying Portfolios for than U.S. markets. Security values also may be negatively affected by additional information about these risks. In this section, the term changes in the exchange rates between the U.S. dollar and foreign “Portfolio” may include the Portfolio, an Underlying Portfolio, or both. currencies. Differences between U.S. and foreign legal, political and • Affiliated Portfolio Risk — In managing a Portfolio that invests in economic systems, regulatory regimes and market practices also may Underlying Portfolios, the Adviser will have the authority to select and impact security values and it may take more time to clear and settle substitute the Underlying Portfolios. The Adviser may be subject to trades involving foreign securities. potential conflicts of interest in allocating the Portfolio’s assets • Futures Contract Risk — The primary risks associated with the among the various Underlying Portfolios because the fees payable to use of futures contracts are (a) the imperfect correlation between it by some of the Underlying Portfolios are higher than the fees the change in market value of the instruments held by the payable by other Underlying Portfolios and because the Adviser is Portfolio and the price of the futures contract; (b) liquidity risks, also responsible for managing, administering, and with respect to including the possible absence of a liquid secondary market for a certain Underlying Portfolios, its affiliates are responsible for futures contract and the resulting inability to close a futures sub-advising, the Underlying Portfolios. contract when desired; (c) losses (potentially unlimited) caused by • Credit Risk — The Portfolio is subject to the risk that the issuer unanticipated market movements; (d) an investment manager’s or the guarantor (or other obligor, such as a party providing inability to predict correctly the direction of securities prices,

AMPA 2 interest rates, currency exchange rates and other economic as compared with larger companies. As a result, the value of such factors; (e) the possibility that a counterparty, clearing member or securities may be more volatile than the securities of larger clearinghouse will default in the performance of its obligations; (f) companies, and the Portfolio may experience difficulty in if the Portfolio has insufficient cash, it may have to sell securities purchasing or selling such securities at the desired time and price from its portfolio to meet daily variation margin requirements, and or in the desired amount. In general, these risks are greater for the Portfolio may have to sell securities at a time when it may be small-cap companies than for mid-cap companies. disadvantageous to do so; and (g) transaction costs associated • Non-Investment Grade Securities Risk — Bonds rated below with investments in futures contracts may be significant, which investment grade (i.e., BB or lower by S&P or Fitch or Ba or lower could cause or increase losses or reduce gains. Futures contracts by Moody’s or, if unrated, determined by the investment manager are also subject to the same risks as the underlying investments to be of comparable quality) are speculative in nature and are to which they provide exposure. In addition, futures contracts may subject to additional risk factors such as increased possibility of subject the Portfolio to leveraging risk. default, illiquidity of the security, and changes in value based on • Interest Rate Risk — The Portfolio is subject to the risk that fixed changes in interest rates. Non-investment grade bonds, income securities will decline in value because of changes in interest sometimes referred to as “junk bonds,” are usually issued by rates. When interest rates decline, the value of the Portfolio’s debt companies without long track records of sales and earnings, or by securities generally rises. Conversely, when interest rates rise, the those companies with questionable credit strength. The value of the Portfolio’s debt securities generally declines. A portfolio creditworthiness of issuers of non-investment grade debt with a longer average duration will be more sensitive to changes in securities may be more complex to analyze than that of issuers of interest rates, usually making it more volatile than a portfolio with a investment grade debt securities, and reliance on credit ratings shorter average duration. As of the date of this Prospectus, interest may present additional risks. rates are near historic lows in the United States, and below zero in • Portfolio Management Risk — The Portfolio is subject to the risk other parts of the world, including certain European countries and that strategies used by an investment manager and its securities Japan. The Portfolio is subject to a greater risk of rising interest rates selections fail to produce the intended results. due to these market conditions. A significant or rapid rise in interest rates could result in losses to the Portfolio. • Risks of Investing In Underlying Portfolios — The Portfolio will indirectly bear fees and expenses paid by the Underlying • Investment Grade Securities Risk — Debt securities generally are Portfolios in which it invests, in addition to the Portfolio’s direct rated by national bond ratings agencies. The Portfolio considers fees and expenses. The cost of investing in the Portfolio, securities to be investment grade if they are rated BBB or higher by therefore, may be higher than the cost of investing in a mutual Standard & Poor’s Global Ratings (“S&P”) or Fitch Ratings, Ltd. fund that invests directly in individual stocks and bonds. In (“Fitch”) or Baa or higher by Moody’s Investors Service, Inc. addition, the Portfolio’s net asset value is subject to fluctuations (“Moody’s”), or, if unrated, determined by the investment manager in the net asset values of the Underlying Portfolios in which it to be of comparable quality. Securities rated in the lower invests. The Portfolio is also subject to the risks associated with investment grade rating categories (e.g., BBB or Baa) are the securities or other investments in which the Underlying considered investment grade securities, but are somewhat riskier Portfolios invest and the ability of the Portfolio to meet its than higher rated obligations because they are regarded as having investment objective will directly depend on the ability of the only an adequate capacity to pay principal and interest, are Underlying Portfolios to meet their objectives. The Portfolio and considered to lack outstanding investment characteristics, and may the Underlying Portfolios are subject to certain general investment possess certain speculative characteristics. risks, including market risk, asset class risk, issuer-specific risk, • Large-Cap Company Risk — Larger more established companies investment style risk and portfolio management risk. In addition, may be unable to respond quickly to new competitive challenges to the extent a Portfolio invests in Underlying Portfolios that such as changes in technology and consumer tastes. Many larger invest in equity securities, fixed income securities and/or foreign companies also may not be able to attain the high growth rate of securities, the Portfolio is subject to the risks associated with successful smaller companies, especially during extended periods investing in such securities. The extent to which the investment of economic expansion. performance and risks associated with the Portfolio correlate to • Market Risk — The Portfolio is subject to the risk that the those of a particular Underlying Portfolio will depend upon the securities markets will move down, sometimes rapidly and extent to which the Portfolio’s assets are allocated from time to unpredictably based on overall economic conditions and other time for investment in the Underlying Portfolio, which will vary. factors. Changes in the financial condition of a single issuer can • Volatility Management Risk — The Portfolio may invest from time to impact the market as a whole. time in Underlying Portfolios managed by the Adviser that employ • Mid-Cap and Small-Cap Company Risk — The Portfolio’s various volatility management techniques, including the use of futures investments in mid- and small-cap companies may involve greater and options to manage equity exposure. Volatility is a statistical risks than investments in larger, more established issuers because measure of the magnitude of changes in a Portfolio’s returns, without they generally are more vulnerable than larger companies to regard to the direction of those changes. Higher volatility generally adverse business or economic developments. Such companies indicates higher risk and is often reflected by frequent and sometimes generally have narrower product lines, more limited financial and significant movements up and down in value. Although these actions management resources and more limited markets for their stock are intended to reduce the overall risk of investing in the Portfolio, they

AMPA 3 may not work as intended and may result in losses by the Portfolio or returns of other asset classes in which the Portfolio may invest. The periods of underperformance, particularly during periods when market return of the broad-based securities market index (and any values are increasing but market volatility is high. The success of any additional comparative index) shown in the right hand column below volatility management strategy will be subject to the Adviser’s ability to is the return of the index for the last 10 years or, if shorter, since the correctly assess the degree of correlation between the performance of inception of the share class with the longest history. Past the relevant market index and the metrics used by the Adviser to performance is not an indication of future performance. measure market volatility. Since the characteristics of many securities The performance results do not reflect any Contract-related fees and change as markets change or time passes, the success of any volatility expenses, which would reduce the performance results. management strategy also will be subject to the Adviser’s ability to continually recalculate, readjust, and execute volatility management Calendar Year Annual Total Returns — Class B techniques (such as options and futures transactions) in an efficient manner. In addition, because market conditions change, sometimes 22.03% rapidly and unpredictably, the success of a volatility management 19.86% strategy will be subject to the Adviser’s ability to execute the strategy 11.52% 11.50% 6.41% 7.34% in a timely manner. Moreover, volatility management strategies may 3.72% increase portfolio transaction costs, which could cause or increase -1.29% losses or reduce gains. For a variety of reasons, the Adviser may not -4.98% 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 -31.81% with the volatility management strategy are not necessarily held by an 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Underlying Portfolio to hedge the value of the Underlying Portfolio’s other investments and, as a result, these futures contracts and other Best quarter (% and time period) Worst quarter (% and time period) instruments may decline in value at the same time as the Underlying 13.90% (2009 2nd Quarter) –16.25% (2008 4th Quarter) Portfolio’s investments. Any one or more of these factors may prevent the Underlying Portfolio from achieving the intended volatility management or could cause the Underlying Portfolio, and in turn, the Average Annual Total Returns Ten Years/ Portfolio, to underperform or experience losses (some of which may be Since sudden) or volatility for any particular period that may be higher or One Year Five Years Inception lower than intended. In addition, the use of volatility management AXA Moderate-Plus Allocation techniques may not protect against market declines and may limit the Portfolio — Class A Shares 7.24% 7.97% 3.38% Underlying Portfolio’s, and thus the Portfolio’s, participation in market AXA Moderate-Plus Allocation gains, even during periods when the market is rising. Volatility Portfolio — Class B Shares 7.34% 7.99% 3.26% management techniques, when implemented effectively to reduce the S&P 500® Index (reflects no overall risk of investing in an Underlying Portfolio, may result in deduction for fees, expenses, or underperformance by an Underlying Portfolio. For example, if an taxes) 11.96% 14.66% 6.95% Underlying Portfolio has reduced its overall exposure to equities to Bloomberg Barclays U.S. Intermediate Government Bond avoid losses in certain market environments, the Underlying Portfolio Index (reflects no deduction for may forego some of the returns that can be associated with periods of fees, expenses, or taxes) 1.05% 1.04% 3.42% rising equity values. The Underlying Portfolio’s performance, and 25% Bloomberg Barclays U.S. therefore the Portfolio’s performance, may be lower than similar funds Intermediate Government Bond where volatility management techniques are not used. In addition, Index / 20% MSCI EAFE® Index / volatility management techniques may reduce potential losses and/or 12% S&P MidCap 400® Index / ® mitigate financial risks to insurance companies that provide certain 28% S&P 500 Index / 10% Russell 2000® Index / 5% BofA benefits and guarantees available under the Contracts and offer the Merrill Lynch 3-Month U.S. Underlying Portfolios as an investment option in their products. Treasury Bill Index 8.46% 9.05% 5.21%

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, five and ten years (or since inception) through December 31, 2016 compared to the returns of a broad-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

AMPA 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 Managing retirement plans and to other eligible investors. The Portfolio and Name Title the Portfolio the Adviser and its affiliates may make payments to a sponsoring Kenneth T. Kozlowski, Executive Vice July 2003 insurance company (or its affiliates) or other financial intermediary CFP®, CLU, ChFC President and Chief for distribution and/or other services. These payments may create a Investment Officer of conflict of interest by influencing the insurance company or other FMG LLC financial intermediary and your financial adviser to recommend the Alwi Chan, CFA® Senior Vice President May 2011 Portfolio over another investment or by influencing an insurance and Deputy Chief company to include the Portfolio as an underlying investment option Investment Officer of FMG LLC in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. ® Xavier Poutas, CFA Assistant Portfolio May 2011 Ask your financial adviser or visit your financial intermediary’s Manager of FMG LLC website for more information.

AMPA 5 AXA PREMIER VIP TRUST CharterSM Aggressive Growth Portfolio – Class B Shares

Summary Prospectus dated May 1, 2017

Investment Objective: Seeks long-term capital appreciation and example also assumes that your investment has a 5% return each year, current income, with a greater emphasis on capital appreciation. that the Portfolio’s operating expenses remain the same, and that the Expense Limitation Arrangement is not renewed. This example does not FEES AND EXPENSES OF 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, the The following table describes the fees and expenses that you may pay if total expenses would be higher. Although your actual costs may be higher you buy and hold shares of the Portfolio. The table below does not or lower, based on these assumptions your costs would be: reflect 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 Class B Shares $148 $1,114 $2,087 $4,550 prospectus 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 it buys and sells shares of the Underlying Portfolios, but it will incur Not applicable. transaction costs when it buys and sells other types of securities (including exchange traded securities of Underlying ETFs) directly (or “turns over” its Annual Portfolio Operating Expenses portfolio). A higher portfolio turnover rate may indicate higher transaction (expenses that you pay each year as a percentage of the value of costs. These costs, which are not reflected in annual fund operating your investment) expenses or in the example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover rate was 46% of the CharterSM Aggressive Growth Portfolio Class B Shares average value of the Portfolio. Management fee 0.15% Distribution and/or service (12b-1) fees 0.25% INVESTMENTS, RISKS, AND PERFORMANCE Other expenses 3.44% Principal Investment Strategies of the Portfolio Acquired fund fees and expenses (underlying portfolios) 0.81% Total annual operating expenses 4.65% The Portfolio pursues its investment objective by investing in other mutual Less fee waiver and/or expense reimbursement† –3.20% funds managed by AXA Equitable Funds Management Group, LLC (“FMG LLC” or “Adviser”) and in investment companies managed by investment Total annual portfolio operating expenses after fee waiver and/or expense reimbursement 1.45% managers other than FMG LLC (affiliated and unaffiliated “Underlying Portfolios”) and in exchange traded securities of other investment † Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreed to companies or investment vehicles (“Underlying ETFs”) comprising various make payments or waive its management, administrative and other fees to limit the asset categories and strategies. The Adviser, under the oversight of the 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 Trust’s Board of Trustees, has established an asset allocation target for the Arrangement”) so that the annual operating expenses (including Acquired Fund Fees and Portfolio. This target is the approximate percentage of the Portfolio’s assets Expenses) of the Portfolio (exclusive of taxes, interest, brokerage commissions, dividend that will be invested in equity investments, fixed income investments or and interest expenses on securities sold short, capitalized expenses, and extraordinary non-traditional (alternative) investments (referred to herein as “asset expenses) do not exceed an annual rate of average daily net assets of 1.45% for Class B classes”) as represented by the primary holdings (as described in the shares of the Portfolio. The Expense Limitation Arrangement may be terminated by AXA prospectuses) of the Underlying Portfolios and Underlying ETFs in which the Equitable Funds Management Group, LLC at any time after April 30, 2018. Portfolio invests. The Portfolio’s current asset allocation target is to invest approximately 65% of its assets in equity investments, 10% of its assets in Example fixed income investments and 25% of its assets in non-traditional (alternative) investments through investments in Underlying Portfolios and This example is intended to help you compare the cost of investing in the Underlying ETFs. This asset allocation target may be changed by the Portfolio with the cost of investing in other portfolios. The example assumes Adviser and the Trust’s Board of Trustees without shareholder approval. that you invest $10,000 in the Portfolio for the time periods indicated, and Actual allocations can deviate by up to 15% for each asset class. then redeem all of your shares at the end of those time periods. The

CAGR 1 As used in this Prospectus, the term “asset category” refers to specific The Adviser has based the asset allocation target percentages for the types of securities or other instruments within each asset class. The Portfolio on the degree to which it believes the Underlying Portfolios traditional and non-traditional (alternative) asset categories and strategies and Underlying ETFs, in combination, are appropriate for the Portfolio’s of the Underlying Portfolios and Underlying ETFs in which the Portfolio investment objective. The Adviser may sell the Portfolio’s holdings for a invests are as follows (asset categories and strategies that the Adviser variety of reasons, including to invest in an Underlying Portfolio or considers to be non-traditional (alternative) are indicated with an asterisk*): Underlying ETF believed to offer superior investment opportunities. Absolute Return/Multi Precious and Base Metals* Bank Loans Strategies* Domestic Large Cap Equity Emerging Markets Debt The Principal Risks of Investing in the Portfolio Commodities* Domestic Mid Cap Equity Floating Rate Securities An investment in the Portfolio is not a deposit of a bank and is not Convertible Securities* Domestic Small Cap Equity Global Bond Covered Call Writing* insured or guaranteed by the Federal Deposit Insurance Corporation Domestic Micro Cap Equity High Yield Bond or any other government agency. You may lose money by investing Currency* Emerging Markets Equity Inflation Linked Securities Global Infrastructure* inthePortfolio.Performancemaybeaffectedbyoneormoreofthe Emerging Markets Small Cap International Bond following risks. The Portfolio is also subject to the risks associated Global Real Estate* Frontier Markets Money Market with the Underlying Portfolios’ and Underlying ETFs’ investments; Listed Private Equity* Global Equity US Government Bond please see the Prospectuses and Statements of Additional Long/Short Credit* International Developed US Investment Grade Bond Information for the Underlying Portfolios and Underlying ETFs for Managed Futures* Equity US Short Term Investment additional information about these risks. In this section, the term Merger Arbitrage* International/Global Small Grade Bond “Portfolio” may include the Portfolio, an Underlying Portfolio, an Cap Equity Natural Resources* Underlying ETF, or all of the above. • Affiliated Portfolio Risk — In managing a Portfolio that invests in Non-traditional (alternative) investments are alternatives to Underlying Portfolios and Underlying ETFs, the Adviser will have the traditional equity (stocks) or fixed income (bonds and cash) authority to select and substitute the Underlying Portfolios and investments. Non-traditional (alternative) investments have the Underlying ETFs. The Adviser may be subject to potential conflicts potential to enhance portfolio diversification and reduce overall of interest in allocating the Portfolio’s assets among Underlying portfolio volatility because these investments may not have a strong Portfolios and Underlying ETFs because it (and in certain cases its correlation (relationship) to one another or to traditional market affiliates) earn fees for managing and administering the affiliated indexes. Non-traditional (alternative) investments use a different Underlying Portfolios, but not the unaffiliated Underlying Portfolios approach to investing than do traditional investments. This approach or Underlying ETFs. In addition, the Adviser may be subject to may involve, for example, holding both long and short positions in potential conflicts of interest in allocating the Portfolio’s assets securities or using derivatives or hedging strategies. Many non- among the various affiliated Underlying Portfolios because the fees traditional (alternative) investment strategies are designed to help payable to it by some of the affiliated Underlying Portfolios are reduce the role of overall market direction in determining return. higher than the fees payable by other affiliated Underlying In addition, the Portfolio may invest in Underlying Portfolios and Portfolios and because the Adviser is also responsible for Underlying ETFs that employ derivatives (including futures contracts) managing, administering, and with respect to certain affiliated for a variety of purposes, including to reduce risk, to seek enhanced Underlying Portfolios, its affiliates are responsible for sub-advising, returns from certain asset classes, and to leverage exposure to the affiliated Underlying Portfolios. certain asset classes. • Alternative Investment Risk — To the extent the Portfolio invests The Adviser selects the Underlying Portfolios and Underlying ETFs in in Underlying Portfolios and Underlying ETFs that invest in which to invest the Portfolio’s assets. In selecting Underlying alternative investments, it will be subject to the risks associated Portfolios and Underlying ETFs, the Adviser will utilize a proprietary with such investments. Alternative investments may use a investment process that may take into consideration a number of different approach to investing than do traditional investments factors including, as appropriate and applicable, fund performance, (such as equity or fixed income investments) and the performance management team, investment style, correlations, asset class of alternative investments is not expected to correlate closely with exposure, industry classification, benchmark, risk adjusted return, more traditional investments; however, it is possible that volatility, expense ratio, asset size and portfolio turnover. For alternative investments will decline in value along with equity or purposes of asset class and asset category target allocations, where fixed income markets, or both, or that they may not otherwise an Underlying Portfolio or Underlying ETF could be assigned to more perform as expected. Alternative investments may have different than one asset class (e.g., equity and alternative asset classes) or characteristics and risks than do traditional investments, can be category (e.g., international bond and global bond asset categories), highly volatile, may be less liquid, particularly in periods of stress, the Adviser may, in its discretion, assign an Underlying Portfolio or and may be more complex and less transparent than traditional Underlying ETF to one or more asset classes or categories. The investments. Alternative investments also may have more Adviser may add new Underlying Portfolios and Underlying ETFs or complicated tax profiles than traditional investments. The use of replace or eliminate existing Underlying Portfolios and Underlying alternative investments may not achieve the desired effect. ETFs without shareholder approval. The Underlying Portfolios and Underlying ETFs have been selected to represent a reasonable • Convertible Securities Risk — The value of convertible securities spectrum of investment options for the Portfolio. fluctuates in relation to changes in interest rates and the credit quality of the issuer and, in addition, fluctuates in relation to the underlying common stock. A convertible security may be subject to

CAGR 2 redemption at the option of the issuer at a price established in the • Floating Rate Loan Risk — Floating rate loans generally are convertible security’s governing instrument, which may be different subject to restrictions on resale. The liquidity of floating rate than the current market price of the security. If a convertible loans, including the volume and frequency of secondary market security held by the Portfolio is called for redemption, the Portfolio trading in such loans, varies significantly over time and among will be required to permit the issuer to redeem the security, individual floating rate loans. For example, if the credit quality of convert it into underlying common stock or sell it to a third party. a floating rate loan unexpectedly declines significantly, secondary Investments by the Portfolio in convertible debt securities may not market trading in that floating rate loan can also decline. During be subject to any ratings restrictions, but the Portfolio’s investment periods of infrequent trading, valuing a floating rate loan can be manager will consider ratings, and any changes to ratings, in its more difficult, and buying and selling a floating rate loan at an determination of whether the Portfolio should invest in and/or acceptable price can be more difficult and delayed. Difficulty in continue to hold the securities. Convertible securities are subject to selling a floating rate loan can result in a loss. The value of the equity risk, interest rate risk and credit risk and are often lower- collateral securing a floating rate loan can decline, be insufficient quality securities, which means that they are subject to the same to meet the obligations of the borrower, or be difficult to risks as an investment in lower rated debt securities. Since it liquidate. As a result, a floating rate loan may not be fully derives a portion of its value from the common stock into which it collateralized, and can decline significantly in value. may be converted, a convertible security is also subject to the same types of market and issuer-specific risks that apply to the • Foreign Securities Risk — Investments in foreign securities, underlying common stock. including depositary receipts, involve risks not associated with • Credit Risk — The Portfolio is subject to the risk that the issuer investing in U.S. securities. Foreign markets, particularly emerging or the guarantor (or other obligor, such as a party providing markets, may be less liquid, more volatile and subject to less insurance or other credit enhancement) of a fixed income security, government supervision than U.S. markets. Security values also or the counterparty to a derivatives contract, repurchase may be negatively affected by changes in the exchange rates agreement, loan of portfolio securities or other transaction, is between the U.S. dollar and foreign currencies. Differences unable or unwilling, or is perceived (whether by market between U.S. and foreign legal, political and economic systems, participants, ratings agencies, pricing services or otherwise) as regulatory regimes and market practices also may impact security unable or unwilling, to make timely principal and/or interest values and it may take more time to clear and settle trades payments, or otherwise honor its obligations. Securities are involving foreign securities. subject to varying degrees of credit risk, which are often reflected Currency Risk — Investments in foreign currencies and in in their credit ratings. However, rating agencies may fail to make securities that trade in, or receive revenues in, or in derivatives timely changes to credit ratings in response to subsequent events that provide exposure to foreign currencies are subject to the and a credit rating may become stale in that it fails to reflect risk that those currencies will decline in value relative to the changes in an issuer’s financial condition. The downgrade of the U.S. dollar, or, in the case of hedging positions, that the U.S. credit rating of a security may decrease its value. Lower credit dollar will decline in value relative to the currency being quality also may lead to greater volatility in the price of a security hedged. Any such decline may erode or reverse any potential and may negatively affect a security’s liquidity. gains from an investment in securities denominated in foreign • Derivatives Risk — The Portfolio’s investments in derivatives may currency or may widen existing loss. Currency rates may rise or fall in value more rapidly than other investments. Changes fluctuate significantly over short periods of time for a number in the value of a derivative may not correlate perfectly or at all of reasons, including changes in interest rates, intervention (or with the underlying asset, rate or index, and the Portfolio could the failure to intervene) by governments, central banks or lose more than the principal amount invested. Some derivatives supranational entities, or by the imposition of currency controls can have the potential for unlimited losses. In addition, it may be or other political developments in the U.S. or abroad. difficult or impossible for the Portfolio to purchase or sell certain derivatives in sufficient amounts to achieve the desired level of Emerging Markets Risk — There are greater risks involved in exposure, which may result in a loss or may be costly to the investing in emerging market countries and/or their securities Portfolio. Derivatives also may be subject to certain other risks markets. Investments in these countries and/or markets may such as leveraging risk, interest rate risk, credit risk, the risk that present market, credit, currency, liquidity, legal, political, a counterparty may be unable or unwilling to honor its technical and other risks different from, or greater than, the obligations, and the risk of mispricing or improper valuation. risks of investing in developed countries. Investments in Derivatives also may not behave as anticipated by the Portfolio, emerging markets are more susceptible to loss than especially in abnormal market conditions. Changing regulation investments in developed markets. In addition, the risks may make derivatives more costly, limit their availability, impact associated with investing in a narrowly defined geographic the Portfolio’s ability to maintain its investments in derivatives, area are generally more pronounced with respect to disrupt markets, or otherwise adversely affect their value or investments in emerging market countries. performance. • Futures Contract Risk — The primary risks associated with the • Equity Risk — In general, stocks and other equity security values use of futures contracts are (a) the imperfect correlation between fluctuate, and sometimes widely fluctuate, in response to changes the change in market value of the instruments held by the in a company’s financial condition as well as general market, Portfolio and the price of the futures contract; (b) liquidity risks, economic, and political conditions and other factors. including the possible absence of a liquid secondary market for a

CAGR 3 futures contract and the resulting inability to close a futures • Large-Cap Company Risk — Larger more established companies contract when desired; (c) losses (potentially unlimited) caused by may be unable to respond quickly to new competitive challenges unanticipated market movements; (d) an investment manager’s such as changes in technology and consumer tastes. Many larger inability to predict correctly the direction of securities prices, companies also may not be able to attain the high growth rate of interest rates, currency exchange rates and other economic successful smaller companies, especially during extended periods factors; (e) the possibility that a counterparty, clearing member or of economic expansion. clearinghouse will default in the performance of its obligations; (f) • Liquidity Risk — The Portfolio is subject to the risk that certain if the Portfolio has insufficient cash, it may have to sell securities investments may be difficult or impossible for the Portfolio to from its portfolio to meet daily variation margin requirements, and purchase or sell at an advantageous time or price or in sufficient the Portfolio may have to sell securities at a time when it may be amounts to achieve the desired level of exposure. The Portfolio may disadvantageous to do so; and (g) transaction costs associated be required to dispose of other investments at unfavorable times or with investments in futures contracts may be significant, which prices to satisfy obligations, which may result in a loss or may be could cause or increase losses or reduce gains. Futures contracts costly to the Portfolio. Judgment plays a greater role in pricing illiquid are also subject to the same risks as the underlying investments investments than investments with more active markets. to which they provide exposure. In addition, futures contracts may subject the Portfolio to leveraging risk. • Loan Risk — Loan interests are subject to liquidity risk, prepayment risk (the risk that when interest rates fall, debt securities may be repaid • Inflation-Indexed Bonds Risk — Inflation-indexed bonds are more quickly than expected and the Portfolio may be required to fixed income securities whose principal value is periodically reinvest in securities with a lower yield), extension risk (the risk that adjusted according to infIation. Inflation-indexed bonds, including when interest rates rise, debt securities may be repaid more slowly than Treasury Inflation-indexed securities, decline in value when real expected and the value of the Portfolio’s holdings may decrease), the interest rates rise. In certain interest rate environments, such as risk of subordination to other creditors, restrictions on resale, and the when real interest rates are rising faster than nominal interest lack of a regular trading market and publicly available information. rates, inflation-indexed bonds may experience greater losses than Loan interests may be difficult to value and may have extended trade other fixed income securities with similar durations. Interest settlement periods. Accordingly, the proceeds from the sale of a loan payments on inflation-linked debt securities may be difficult to may not be available to make additional investments or to meet predict and may vary as the principal and/or interest is adjusted redemption obligations until potentially a substantial period after the for inflation. In periods of deflation, the Portfolio may have no sale of the loan. The extended trade settlement periods could force the income at all from such investments. Portfolio to liquidate other securities to meet redemptions and may • Interest Rate Risk — The Portfolio is subject to the risk that fixed present a risk that the Portfolio may incur losses in order to timely income securities will decline in value because of changes in honor redemptions. There is a risk that the value of any collateral interest rates. When interest rates decline, the value of the securing a loan in which the Portfolio has an interest may decline and Portfolio’s debt securities generally rises. Conversely, when that the collateral may not be sufficient to cover the amount owed on interest rates rise, the value of the Portfolio’s debt securities the loan. In the event the borrower defaults, the Portfolio’s access to generally declines. A portfolio with a longer average duration will the collateral may be limited or delayed by bankruptcy or other be more sensitive to changes in interest rates, usually making it insolvency laws. To the extent that the Portfolio invests in loan more volatile than a portfolio with a shorter average duration. As participations and assignments, it is subject to the risk that the financial of the date of this Prospectus, interest rates are near historic lows institution acting as agent for all interests in a loan might fail financially. in the United States, and below zero in other parts of the world, It is also possible that the Portfolio could be held liable, or may be including certain European countries and Japan. The Portfolio is called upon to fulfill other obligations, as a co-lender. subject to a greater risk of rising interest rates due to these • Market Risk — The Portfolio is subject to the risk that the securities market conditions. A significant or rapid rise in interest rates markets will move down, sometimes rapidly and unpredictably based could result in losses to the Portfolio. on overall economic conditions and other factors. Changes in the • Investment Grade Securities Risk — Debt securities generally are financial condition of a single issuer can impact the market as a whole. rated by national bond ratings agencies. The Portfolio considers • Mid-Cap, Small-Cap and Micro-Cap Company Risk — The Portfolio’s securities to be investment grade if they are rated BBB or higher by investments in mid-, small- and micro-cap companies may involve Standard & Poor’s Global Ratings (“S&P”) or Fitch Ratings, Ltd. greater risks than investments in larger, more established issuers (“Fitch”) or Baa or higher by Moody’s Investors Service, Inc. because they generally are more vulnerable than larger companies to (“Moody’s”), or, if unrated, determined by the investment manager adverse business or economic developments. Such companies generally to be of comparable quality. Securities rated in the lower have narrower product lines, more limited financial and management investment grade rating categories (e.g., BBB or Baa) are resources and more limited markets for their stock as compared with considered investment grade securities, but are somewhat riskier larger companies. As a result, the value of such securities may be more than higher rated obligations because they are regarded as having volatile than the securities of larger companies, and the portfolio may only an adequate capacity to pay principal and interest, are experience difficulty in purchasing or selling such securities at the considered to lack outstanding investment characteristics, and may desired time and price or in the desired amount. In general, these risks possess certain speculative characteristics. are greater for small- and micro-cap companies than for mid-cap companies.

CAGR 4 • Money Market Risk — Although a money market fund is designed • Sector Risk — From time to time, based on market or economic to be a relatively low risk investment, it is not free of risk. Despite conditions, the Portfolio may have significant positions in one or more the short maturities and high credit quality of a money market sectors of the market. To the extent the Portfolio invests more heavily fund’s investments, increases in interest rates and deteriorations in in particular sectors, its performance will be especially sensitive to the credit quality of the instruments the money market fund has developments that significantly affect those sectors. Individual sectors purchased may reduce the money market fund’s yield and can may be more volatile, and may perform differently, than the broader cause the price of a money market security to decrease. In addition, market. The industries that constitute a sector may all react in the a money market fund is subject to the risk that the value of an same way to economic, political or regulatory events. investment may be eroded over time by inflation. The Securities and • U.S. Government Securities Risk — The Portfolio invests in Exchange Commission adopted changes to the rules that govern securities issued or guaranteed by the U.S. government or its money market funds which became effective in October 2016. agencies and instrumentalities (such as securities issued by the These changes may affect a money market fund’s investment Government National Mortgage Association (Ginnie Mae), the strategies, operations and/or return potential. Federal National Mortgage Association (Fannie Mae), or the • Non-Investment Grade Securities Risk — Bonds rated below Federal Home Loan Mortgage Corporation (Freddie Mac). U.S. investment grade (i.e., BB or lower by S&P or Fitch or Ba or lower by government securities are subject to market risk, interest rate risk Moody’s or, if unrated, determined by the investment manager to be and credit risk. Securities, such as those issued or guaranteed by of comparable quality) are speculative in nature and are subject to Ginnie Mae or the U.S. Treasury, that are backed by the full faith additional risk factors such as increased possibility of default, and credit of the U.S. are guaranteed only as to the timely payment illiquidity of the security, and changes in value based on changes in of interest and principal when held to maturity, and the market interest rates. Non-investment grade bonds, sometimes referred to as prices for such securities will fluctuate due to changing interest “junk bonds,” are usually issued by companies without long track rates, among other factors. Notwithstanding that these securities records of sales and earnings, or by those companies with are backed by the full faith and credit of the U.S., circumstances questionable credit strength. The creditworthiness of issuers of non- could arise that would prevent the payment of interest or principal. investment grade debt securities may be more complex to analyze This would result in losses to the Portfolio. Securities issued or than that of issuers of investment grade debt securities, and reliance guaranteed by U.S. government related organizations, such as on credit ratings may present additional risks. Fannie Mae and Freddie Mac, are not backed by the full faith and • Portfolio Management Risk — The Portfolio is subject to the risk credit of the U.S. government and no assurance can be given that that strategies used by an investment manager and its securities the U.S. government will provide financial support. Therefore, U.S. selections fail to produce the intended results. government related organizations may not have the funds to meet their payment obligations in the future. • Risks of Investing in Underlying Portfolios and Underlying ETFs — The Portfolio’s shareholders will indirectly bear the fees and Risk/Return Bar Chart and Table expenses paid by the Underlying Portfolios and Underlying ETFs in which it invests, in addition to the Portfolio’s direct fees and The bar chart and table below provide some indication of the risks of expenses. The cost of investing in the Portfolio, therefore, may be investing in the Portfolio by showing changes in the Portfolio’s higher than the cost of investing in a mutual fund that invests performance from year to year and by showing how the Portfolio’s directly in individual stocks and bonds. The Portfolio’s net asset average annual total returns for the past one-year and since inception value is subject to fluctuations in the net asset values of the periods through December 31, 2016 compared to the returns of a broad- Underlying Portfolios and the market values of the Underlying ETFs based securities market index. The hypothetical composite index shows in which it invests. The Portfolio is also subject to the risks how the Portfolio’s performance compared with the returns of other asset associated with the securities or other investments in which the classes in which the Portfolio may invest. The return of the broad-based Underlying Portfolios and Underlying ETFs invest and the ability of securities market index (and any additional comparative index) shown in the Portfolio to meet its investment objective will directly depend on the right hand column below is the return of the index for the last 10 years the ability of the Underlying Portfolios and Underlying ETFs to meet or, if shorter, since the inception of the share class with the longest history. their investment objectives. There is also the risk that an Underlying Past performance is not an indication of future performance. ETF’s performance may not match that of the relevant index. It is The performance results do not reflect any Contract-related fees and also possible that an active trading market for an Underlying ETF expenses, which would reduce the performance results. may not develop or be maintained, in which case the liquidity and value of the Portfolio’s investment in the Underlying ETF could be substantially and adversely affected. The extent to which the investment performance and risks associated with the Portfolio correlate to those of a particular Underlying Portfolio or Underlying ETF will depend upon the extent to which the Portfolio’s assets are allocated from time to time for investment in the Underlying Portfolio or Underlying ETF, which will vary.

CAGR 5 Calendar Year Annual Total Return — Class B The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on 8.47% 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 1.08% prospectus for more information on purchasing and redeeming Portfolio shares.

TAX INFORMATION -5.58% The Portfolio’s shareholders are (or may include) insurance company 2014 2015 2016 separate accounts, qualified plans and other investors eligible under applicable federal income tax regulations. Accordingly, distributions Best quarter (% and time period) Worst quarter (% and time period) the Portfolio makes of its net investment income and net realized 4.78% (2016 3rd Quarter) –8.85% (2015 3rd Quarter) gains — most or all of which it intends to distribute annually — and redemptions or exchanges of Portfolio shares generally will not be Average Annual Total Returns taxable to its shareholders (or to the holders of underlying Contracts Since or plan participants or beneficiaries). See the prospectus for your One Year Inception Contract for further tax information. CharterSM Aggressive Growth Portfolio — Class B Shares (Inception Date: October 30, 2013) 8.47% 1.70% Dow Jones Moderately Aggressive Portfolio Index PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL (reflects no deduction for fees, expenses, or taxes) 9.31% 4.84% INTERMEDIARIES 65% MSCI AC World (Net) Index / 7% Bloomberg Barclays U.S. Intermediate Government/Credit Bond The Portfolio is not sold directly to the general public but instead is Index / 3% BofA Merrill Lynch Global Broad Market ex U.S. Index / 25% BofA Merrill Lynch 3-Month U.S. offered as an underlying investment option for Contracts and Treasury Bill Index (reflects no deduction for fees, retirement plans and to other eligible investors. The Portfolio and expenses, or taxes) 5.49% 2.65% the Adviser and its affiliates may make payments to a sponsoring insurance company (or its affiliates) or other financial intermediary WHO MANAGES THE PORTFOLIO for distribution and/or other services. These payments may create a Investment Adviser: FMG LLC conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the Portfolio Managers: Portfolio over another investment or by influencing an insurance Date Began company to include the Portfolio as an underlying investment option Managing Name Title the Portfolio in the Contract. The prospectus (or other offering document) for your Kenneth T. Kozlowski, Executive Vice President October 2013 Contract may contain additional information about these payments. CFP®, CLU, ChFC and Chief Investment Ask your financial adviser or visit your financial intermediary’s Officer of FMG LLC website for more information. Alwi Chan, CFA® Senior Vice President and October 2013 Deputy Chief Investment Officer of FMG LLC Xavier Poutas, CFA® Assistant Portfolio October 2013 Manager of FMG LLC Miao Hu, CFA® Assistant Portfolio May 2016 Manager of FMG LLC

CAGR 6 AXA PREMIER VIP TRUST CharterSM Conservative Portfolio – Class B Shares

Summary Prospectus dated May 1, 2017

Investment Objective: Seeks a high level of current 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 FEES AND EXPENSES OF THE PORTFOLIO Expense Limitation Arrangement is not renewed. This example does not reflect any Contract-related fees and expenses, including redemption fees The following table describes the fees and expenses that you may pay (if any) at the Contract level. If such fees and expenses were reflected, the if you buy and hold shares of the Portfolio. The table below does not total expenses would be higher. Although your actual costs may be higher reflect any fees and expenses associated with variable life insurance or lower, based on these assumptions your costs would be: contracts and variable annuity certificates and contracts (“Contracts”), which would increase overall fees and expenses. See the Contract 1 Year 3 Years 5 Years 10 Years prospectus for a description of those fees and expenses. Class B Shares $127 $593 $1,084 $2,440

Shareholder Fees PORTFOLIO TURNOVER (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, but it will incur transaction costs when it buys and sells other types of securities Annual Portfolio Operating Expenses (including exchange traded securities of Underlying ETFs) directly (or (expenses that you pay each year as a percentage of the value of “turns over” its portfolio). A higher portfolio turnover rate may indicate your investment) higher transaction costs. These costs, which are not reflected in annual CharterSM Conservative Portfolio Class B Shares fund operating expenses or in the example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover Management fee 0.15% rate was 11% of the average value of the Portfolio. Distribution and/or service (12b-1) fees 0.25% Other expenses 1.11% INVESTMENTS, RISKS, AND PERFORMANCE Acquired fund fees and expenses (underlying portfolios) 0.67% Principal Investment Strategies of the Portfolio Total annual operating expenses 2.18% Less fee waiver and/or expense reimbursement† –0.93% The Portfolio pursues its investment objective by investing in other mutual Total annual portfolio operating expenses after fee waiver and/or funds managed by AXA Equitable Funds Management Group, LLC (“FMG expense reimbursement 1.25% LLC” or “Adviser”) and in investment companies managed by investment managers other than FMG LLC (affiliated and unaffiliated “Underlying † 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 Portfolios”) and in exchange traded securities of other investment expenses of the Portfolio through April 30, 2018 (unless the Board of Trustees consents to companies or investment vehicles (“Underlying ETFs”) comprising various an earlier revision or termination of this arrangement) (“Expense Limitation asset categories and strategies. The Adviser, under the oversight of the Arrangement”) so that the annual operating expenses (including Acquired Fund Fees and Trust’s Board of Trustees, has established an asset allocation target for the Expenses) of the Portfolio (exclusive of taxes, interest, brokerage commissions, dividend Portfolio. This target is the approximate percentage of the Portfolio’s assets and interest expenses on securities sold short, capitalized expenses, and extraordinary that will be invested in equity investments, fixed income investments or expenses) do not exceed an annual rate of average daily net assets of 1.25% for Class B non-traditional (alternative) investments (referred to herein as “asset shares of the Portfolio. The Expense Limitation Arrangement may be terminated by AXA classes”) as represented by the primary holdings (as described in the Equitable Funds Management Group, LLC at any time after April 30, 2018. prospectuses) of the Underlying Portfolios and Underlying ETFs in which the Portfolio invests. The Portfolio’s current asset allocation target is to invest Example approximately 20% of its assets in equity investments, 75% of its assets in This example is intended to help you compare the cost of investing in the fixed income investments and 5% of its assets in non-traditional Portfolio with the cost of investing in other portfolios. The example assumes (alternative) investments through investments in Underlying Portfolios and that you invest $10,000 in the Portfolio for the time periods indicated, and Underlying ETFs. This asset allocation target may be changed by the then redeem all of your shares at the end of those time periods. The Adviser and the Trust’s Board of Trustees without shareholder approval. Actual allocations can deviate by up to 15% for each asset class.

CCON 1 As used in this Prospectus, the term “asset category” refers to specific Portfolios and Underlying ETFs have been selected to represent a types of securities or other instruments within each asset class. The reasonable spectrum of investment options for the Portfolio. traditional and non-traditional (alternative) asset categories and strategies of the Underlying Portfolios and Underlying ETFs in which the Portfolio The Adviser has based the asset allocation target percentages for invests are as follows (asset categories and strategies that the Adviser the Portfolio on the degree to which it believes the Underlying considers to be non-traditional (alternative) are indicated with an asterisk*): Portfolios and Underlying ETFs, in combination, are appropriate for the Portfolio’s investment objective. The Adviser may sell the Absolute Return/Multi Precious and Base Metals* Emerging Markets Debt Portfolio’s holdings for a variety of reasons, including to invest in an Strategies* Domestic Large Cap Equity Floating Rate Securities Underlying Portfolio or Underlying ETF believed to offer superior Commodities* investment opportunities. Domestic Mid Cap Equity Global Bond Convertible Securities* Domestic Small Cap Equity High Yield Bond The Principal Risks of Investing in the Portfolio Covered Call Writing* Domestic Micro Cap Equity Inflation Linked Currency* Securities An investment in the Portfolio is not a deposit of a bank and is not Emerging Markets Equity insured or guaranteed by the Federal Deposit Insurance Corporation Global Infrastucture* International Bond Emerging Markets Small Cap or any other government agency. You may lose money by investing Global Real Estate* Money Market Frontier Markets inthePortfolio.Performancemaybeaffectedbyoneormoreofthe Listed Private Equity* US Government Bond following risks. The Portfolio is also subject to the risks associated Global Equity Long/Short Credit* US Investment Grade with the Underlying Portfolios’ and Underlying ETFs’ investments; International Developed Equity Bond please see the Prospectuses and Statements of Additional Managed Futures* International/Global Small US Short Term Information for the Underlying Portfolios and Underlying ETFs for Merger Arbitrage* Cap Equity Investment Grade Bond additional information about these risks. In this section, the term Natural Resources* Bank Loans “Portfolio” may include the Portfolio, an Underlying Portfolio, an Underlying ETF, or all of the above. Non-traditional (alternative) investments are alternatives to • Affiliated Portfolio Risk — In managing a Portfolio that invests in traditional equity (stocks) or fixed income (bonds and cash) Underlying Portfolios and Underlying ETFs, the Adviser will have investments. Non-traditional (alternative) investments have the the authority to select and substitute the Underlying Portfolios and potential to enhance portfolio diversification and reduce overall Underlying ETFs. The Adviser may be subject to potential conflicts portfolio volatility because these investments may not have a strong of interest in allocating the Portfolio’s assets among Underlying correlation (relationship) to one another or to traditional market Portfolios and Underlying ETFs because it (and in certain cases its indexes. Non-traditional (alternative) investments use a different affiliates) earn fees for managing and administering the affiliated approach to investing than do traditional investments. This approach Underlying Portfolios, but not the unaffiliated Underlying Portfolios may involve, for example, holding both long and short positions in or Underlying ETFs. In addition, the Adviser may be subject to securities or using derivatives or hedging strategies. Many non- potential conflicts of interest in allocating the Portfolio’s assets traditional (alternative) investment strategies are designed to help among the various affiliated Underlying Portfolios because the fees reduce the role of overall market direction in determining return. payable to it by some of the affiliated Underlying Portfolios are In addition, the Portfolio may invest in Underlying Portfolios and higher than the fees payable by other affiliated Underlying Underlying ETFs that employ derivatives (including futures contracts) Portfolios and because the Adviser is also responsible for for a variety of purposes, including to reduce risk, to seek enhanced managing, administering, and with respect to certain affiliated returns from certain asset classes, and to leverage exposure to Underlying Portfolios, its affiliates are responsible for sub-advising, certain asset classes. the affiliated Underlying Portfolios. The Adviser selects the Underlying Portfolios and Underlying ETFs in • Alternative Investment Risk — To the extent the Portfolio invests in which to invest the Portfolio’s assets. In selecting Underlying Portfolios Underlying Portfolios and Underlying ETFs that invest in alternative and Underlying ETFs, the Adviser will utilize a proprietary investment investments, it will be subject to the risks associated with such process that may take into consideration a number of factors including, investments. Alternative investments may use a different approach as appropriate and applicable, fund performance, management team, to investing than do traditional investments (such as equity or fixed investment style, correlations, asset class exposure, industry income investments) and the performance of alternative investments classification, benchmark, risk adjusted return, volatility, expense ratio, is not expected to correlate closely with more traditional asset size and portfolio turnover. For purposes of asset class and asset investments; however, it is possible that alternative investments will category target allocations, where an Underlying Portfolio or Underlying decline in value along with equity or fixed income markets, or both, ETF could be assigned to more than one asset class (e.g., equity and or that they may not otherwise perform as expected. Alternative alternative asset classes) or category (e.g., international bond and global investments may have different characteristics and risks than do bond asset categories), the Adviser may, in its discretion, assign an traditional investments, can be highly volatile, may be less liquid, Underlying Portfolio or Underlying ETF to one or more asset classes or particularly in periods of stress, and may be more complex and less categories. The Adviser may add new Underlying Portfolios and transparent than traditional investments. Alternative investments Underlying ETFs or replace or eliminate existing Underlying Portfolios also may have more complicated tax profiles than traditional and Underlying ETFs without shareholder approval. The Underlying investments. The use of alternative investments may not achieve the desired effect.

CCON 2 • Convertible Securities Risk — The value of convertible securities • Equity Risk — In general, stocks and other equity security values fluctuates in relation to changes in interest rates and the credit quality fluctuate, and sometimes widely fluctuate, in response to changes of the issuer and, in addition, fluctuates in relation to the underlying in a company’s financial condition as well as general market, common stock. A convertible security may be subject to redemption economic, and political conditions and other factors. at the option of the issuer at a price established in the convertible • Floating Rate Loan Risk — Floating rate loans generally are security’s governing instrument, which may be different than the subject to restrictions on resale. The liquidity of floating rate current market price of the security. If a convertible security held by loans, including the volume and frequency of secondary market the Portfolio is called for redemption, the Portfolio will be required to trading in such loans, varies significantly over time and among permit the issuer to redeem the security, convert it into underlying individual floating rate loans. For example, if the credit quality of common stock or sell it to a third party. Investments by the Portfolio a floating rate loan unexpectedly declines significantly, secondary in convertible debt securities may not be subject to any ratings market trading in that floating rate loan can also decline. During restrictions, but the Portfolio’s investment manager will consider periods of infrequent trading, valuing a floating rate loan can be ratings, and any changes to ratings, in its determination of whether more difficult, and buying and selling a floating rate loan at an the Portfolio should invest in and/or continue to hold the securities. acceptable price can be more difficult and delayed. Difficulty in Convertible securities are subject to equity risk, interest rate risk and selling a floating rate loan can result in a loss. The value of the credit risk, and are often lower-quality securities, which means that collateral securing a floating rate loan can decline, be insufficient they are subject to the same risks as an investment in lower rated to meet the obligations of the borrower, or be difficult to debt securities. Since it derives a portion of its value from the liquidate. As a result, a floating rate loan may not be fully common stock into which it may be converted, a convertible security collateralized, and can decline significantly in value. is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. • Foreign Securities Risk — Investments in foreign securities, including depositary receipts, involve risks not associated with • Credit Risk — The Portfolio is subject to the risk that the issuer investing in U.S. securities. Foreign markets, particularly emerging or the guarantor (or other obligor, such as a party providing markets, may be less liquid, more volatile and subject to less insurance or other credit enhancement) of a fixed income security, government supervision than U.S. markets. Security values also or the counterparty to a derivatives contract, repurchase may be negatively affected by changes in the exchange rates agreement, loan of portfolio securities or other transaction, is between the U.S. dollar and foreign currencies. Differences unable or unwilling, or is perceived (whether by market between U.S. and foreign legal, political and economic systems, participants, ratings agencies, pricing services or otherwise) as regulatory regimes and market practices also may impact security unable or unwilling, to make timely principal and/or interest values and it may take more time to clear and settle trades payments, or otherwise honor its obligations. Securities are involving foreign securities. subject to varying degrees of credit risk, which are often reflected in their credit ratings. However, rating agencies may fail to make Currency Risk — Investments in foreign currencies and in timely changes to credit ratings in response to subsequent events securities that trade in, or receive revenues in, or in derivatives and a credit rating may become stale in that it fails to reflect that provide exposure to foreign currencies are subject to the changes in an issuer’s financial condition. The downgrade of the risk that those currencies will decline in value relative to the credit rating of a security may decrease its value. Lower credit U.S. dollar, or, in the case of hedging positions, that the U.S. quality also may lead to greater volatility in the price of a security dollar will decline in value relative to the currency being and may negatively affect a security’s liquidity. hedged. Any such decline may erode or reverse any potential gains from an investment in securities denominated in foreign • Derivatives Risk — The Portfolio’s investments in derivatives may currency or may widen existing loss. Currency rates may rise or fall in value more rapidly than other investments. Changes in fluctuate significantly over short periods of time for a number the value of a derivative may not correlate perfectly or at all with of reasons, including changes in interest rates, intervention (or the underlying asset, rate or index, and the Portfolio could lose the failure to intervene) by governments, central banks or more than the principal amount invested. Some derivatives can supranational entities, or by the imposition of currency controls have the potential for unlimited losses. In addition, it may be or other political developments in the U.S. or abroad. difficult or impossible for the Portfolio to purchase or sell certain derivatives in sufficient amounts to achieve the desired level of Emerging Markets Risk — There are greater risks involved in exposure, which may result in a loss or may be costly to the investing in emerging market countries and/or their securities Portfolio. Derivatives also may be subject to certain other risks such markets. Investments in these countries and/or markets may as leveraging risk, interest rate risk, credit risk, the risk that a present market, credit, currency, liquidity, legal, political, counterparty may be unable or unwilling to honor its obligations, technical and other risks different from, or greater than, the and the risk of mispricing or improper valuation. Derivatives also risks of investing in developed countries. Investments in may not behave as anticipated by the Portfolio, especially in emerging markets are more susceptible to loss than abnormal market conditions. Changing regulation may make investments in developed markets. In addition, the risks derivatives more costly, limit their availability, impact the Portfolio’s associated with investing in a narrowly defined geographic ability to maintain its investments in derivatives, disrupt markets, or area are generally more pronounced with respect to otherwise adversely affect their value or performance. investments in emerging market countries.

CCON 3 • Futures Contract Risk — The primary risks associated with the use of interest, are considered to lack outstanding investment characteristics, futures contracts are (a) the imperfect correlation between the and may possess certain speculative characteristics. change in market value of the instruments held by the Portfolio and • Large-Cap Company Risk — Larger more established companies the price of the futures contract; (b) liquidity risks, including the may be unable to respond quickly to new competitive challenges possible absence of a liquid secondary market for a futures contract such as changes in technology and consumer tastes. Many larger and the resulting inability to close a futures contract when desired; (c) companies also may not be able to attain the high growth rate of losses (potentially unlimited) caused by unanticipated market successful smaller companies, especially during extended periods movements; (d) an investment manager’s inability to predict correctly of economic expansion. the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that a • Liquidity Risk — The Portfolio is subject to the risk that certain counterparty, clearing member or clearinghouse will default in the investments may be difficult or impossible for the Portfolio to performance of its obligations; (f) if the Portfolio has insufficient cash, purchase or sell at an advantageous time or price or in sufficient it may have to sell securities from its portfolio to meet daily variation amounts to achieve the desired level of exposure. The Portfolio may margin requirements, and the Portfolio may have to sell securities at be required to dispose of other investments at unfavorable times or a time when it may be disadvantageous to do so; and (g) transaction prices to satisfy obligations, which may result in a loss or may be costs associated with investments in futures contracts may be costly to the Portfolio. Judgment plays a greater role in pricing significant, which could cause or increase losses or reduce gains. illiquid investments than investments with more active markets. Futures contracts are also subject to the same risks as the underlying • Loan Risk — Loan interests are subject to liquidity risk, prepayment investments to which they provide exposure. In addition, futures risk (the risk that when interest rates fall, debt securities may be repaid contracts may subject the Portfolio to leveraging risk. more quickly than expected and the Portfolio may be required to • Inflation-Indexed Bonds Risk — Inflation-indexed bonds are reinvest in securities with a lower yield), extension risk (the risk that fixed income securities whose principal value is periodically when interest rates rise, debt securities may be repaid more slowly than adjusted according to inflation. Inflation-indexed bonds, including expected and the value of the Portfolio’s holdings may decrease), the Treasury Inflation-indexed securities, decline in value when real risk of subordination to other creditors, restrictions on resale, and the interest rates rise. In certain interest rate environments, such as lack of a regular trading market and publicly available information. when real interest rates are rising faster than nominal interest Loan interests may be difficult to value and may have extended trade rates, inflation-indexed bonds may experience greater losses than settlement periods. Accordingly, the proceeds from the sale of a loan other fixed income securities with similar durations. Interest may not be available to make additional investments or to meet payments on inflation-linked debt securities may be difficult to redemption obligations until potentially a substantial period after the predict and may vary as the principal and/or interest is adjusted sale of the loan. The extended trade settlement periods could force the for inflation. In periods of deflation, the Portfolio may have no Portfolio to liquidate other securities to meet redemptions and may income at all from such investments. present a risk that the Portfolio may incur losses in order to timely honor redemptions. There is a risk that the value of any collateral • Interest Rate Risk — The Portfolio is subject to the risk that fixed securing a loan in which the Portfolio has an interest may decline and income securities will decline in value because of changes in interest that the collateral may not be sufficient to cover the amount owed on rates. When interest rates decline, the value of the Portfolio’s debt the loan. In the event the borrower defaults, the Portfolio’s access to securities generally rises. Conversely, when interest rates rise, the the collateral may be limited or delayed by bankruptcy or other value of the Portfolio’s debt securities generally declines. A portfolio insolvency laws. To the extent that the Portfolio invests in loan with a longer average duration will be more sensitive to changes in participations and assignments, it is subject to the risk that the financial interest rates, usually making it more volatile than a portfolio with a institution acting as agent for all interests in a loan might fail financially. shorter average duration. As of the date of this Prospectus, interest It is also possible that the Portfolio could be held liable, or may be rates are near historic lows in the United States, and below zero in called upon to fulfill other obligations, as a co-lender. other parts of the world, including certain European countries and Japan. The Portfolio is subject to a greater risk of rising interest rates • Market Risk — The Portfolio is subject to the risk that the due to these market conditions. A significant or rapid rise in interest securities markets will move down, sometimes rapidly and rates could result in losses to the Portfolio. unpredictably based on overall economic conditions and other factors. Changes in the financial condition of a single issuer can • Investment Grade Securities Risk — Debt securities generally are rated impact the market as a whole. by national bond ratings agencies. The Portfolio considers securities to be investment grade if they are rated BBB or higher by Standard & • Mid-Cap, Small-Cap and Micro-Cap Company Risk — The Poor’s Global Ratings (“S&P”) or Fitch Ratings, Ltd. (“Fitch”) or Baa or Portfolio’s investments in mid-, small- and micro-cap companies may higher by Moody’s Investors Service, Inc. (“Moody’s”), or, if unrated, involve greater risks than investments in larger, more established determined by the investment manager to be of comparable quality. issuers because they generally are more vulnerable than larger Securities rated in the lower investment grade rating categories (e.g., companies to adverse business or economic developments. Such BBB or Baa) are considered investment grade securities, but are companies generally have narrower product lines, more limited somewhat riskier than higher rated obligations because they are financial and management resources and more limited markets for regarded as having only an adequate capacity to pay principal and their stock as compared with larger companies. As a result, the value of such securities may be more volatile than the securities of

CCON 4 larger companies, and the portfolio may experience difficulty in allocated from time to time for investment in the Underlying purchasing or selling such securities at the desired time and price or Portfolio or Underlying ETF, which will vary. in the desired amount. In general, these risks are greater for small- • Sector Risk — From time to time, based on market or economic and micro-cap companies than for mid-cap companies. conditions, the Portfolio may have significant positions in one or more • Money Market Risk — Although a money market fund is designed to sectors of the market. To the extent the Portfolio invests more heavily be a relatively low risk investment, it is not free of risk. Despite the short in particular sectors, its performance will be especially sensitive to maturities and high credit quality of a money market fund’s developments that significantly affect those sectors. Individual sectors investments, increases in interest rates and deteriorations in the credit may be more volatile, and may perform differently, than the broader quality of the instruments the money market fund has purchased may market. The industries that constitute a sector may all react in the reduce the money market fund’s yield and can cause the price of a same way to economic, political or regulatory events. money market security to decrease. In addition, a money market fund is • U.S. Government Securities Risk — The Portfolio invests in subject to the risk that the value of an investment may be eroded over securities issued or guaranteed by the U.S. government or its time by inflation. The Securities and Exchange Commission adopted agencies and instrumentalities (such as securities issued by the changes to the rules that govern money market funds which became Government National Mortgage Association (Ginnie Mae), the effective in October 2016. These changes may affect a money market Federal National Mortgage Association (Fannie Mae), or the Federal fund’s investment strategies, operations and/or return potential. Home Loan Mortgage Corporation (Freddie Mac). U.S. government • Non-Investment Grade Securities Risk — Bonds rated below securities are subject to market risk, interest rate risk and credit investment grade (i.e., BB or lower by S&P or Fitch or Ba or lower by risk. Securities, such as those issued or guaranteed by Ginnie Mae Moody’s or, if unrated, determined by the investment manager to be or the U.S. Treasury, that are backed by the full faith and credit of of comparable quality) are speculative in nature and are subject to the U.S. are guaranteed only as to the timely payment of interest additional risk factors such as increased possibility of default, illiquidity and principal when held to maturity, and the market prices for such of the security and changes in value based on changes in interest securities will fluctuate due to changing interest rates, among other rates. Non-investment grade bonds, sometimes referred to as “junk factors. Notwithstanding that these securities are backed by the full bonds,” are usually issued by companies without long track records of faith and credit of the U.S., circumstances could arise that would sales and earnings, or by those companies with questionable credit prevent the payment of interest or principal. This would result in strength. The creditworthiness of issuers of non-investment grade debt losses to the Portfolio. Securities issued or guaranteed by U.S. securities may be more complex to analyze than that of issuers of government related organizations, such as Fannie Mae and Freddie investment grade debt securities, and reliance on credit ratings may Mac, are not backed by the full faith and credit of the U.S. present additional risks. government and no assurance can be given that the U.S. • Portfolio Management Risk — The Portfolio is subject to the risk government will provide financial support. Therefore, U.S. that strategies used by an investment manager and its securities government related organizations may not have the funds to meet selections fail to produce the intended results. their payment obligations in the future. • Risks of Investing in Underlying Portfolios and Underlying ETFs — Risk/Return Bar Chart And Table The Portfolio’s shareholders will indirectly bear the fees and expenses paid by the Underlying Portfolios and Underlying ETFs in The bar chart and table below provide some indication of the risks of which it invests, in addition to the Portfolio’s direct fees and investing in the Portfolio by showing changes in the Portfolio’s expenses. The cost of investing in the Portfolio, therefore, may be performance from year to year and by showing how the Portfolio’s higher than the cost of investing in a mutual fund that invests average annual total returns for the past one-year and since directly in individual stocks and bonds. The Portfolio’s net asset inception periods through December 31, 2016 compared to the value is subject to fluctuations in the net asset values of the returns of a broad-based securities market index. The hypothetical Underlying Portfolios and the market values of the Underlying ETFs composite index shows how the Portfolio’s performance compared in which it invests. The Portfolio is also subject to the risks with the returns of other asset classes in which the Portfolio may associated with the securities or other investments in which the invest. The return of the broad-based securities market index (and Underlying Portfolios and Underlying ETFs invest and the ability of any additional comparative index) shown in the right hand column the Portfolio to meet its investment objective will directly depend on below is the return of the index for the last 10 years or, if shorter, the ability of the Underlying Portfolios and Underlying ETFs to meet since the inception of the share class with the longest history. Past their investment objectives. There is also the risk that an Underlying performance is not an indication of future performance. ETF’s performance may not match that of the relevant index. It is The performance results do not reflect any Contract-related fees and also possible that an active trading market for an Underlying ETF expenses, which would reduce the performance results. may not develop or be maintained, in which case the liquidity and value of the Portfolio’s investment in the Underlying ETF could be substantially and adversely affected. The extent to which the investment performance and risks associated with the Portfolio correlate to those of a particular Underlying Portfolio or Underlying ETF will depend upon the extent to which the Portfolio’s assets are

CCON 5 Calendar Year Annual Total Return — Class B The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business 5.69% 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 2.02% 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 -2.67% separate accounts, qualified plans and other investors eligible under 2014 2015 2016 applicable federal income tax regulations. Accordingly, distributions the Portfolio makes of its net investment income and net realized Best quarter (% and time period) Worst quarter (% and time period) gains — most or all of which it intends to distribute annually — and 2.96% (2016 3rd Quarter) –3.13% (2015 3rd Quarter) redemptions or exchanges of Portfolio shares generally will not be taxable to its shareholders (or to the holders of underlying Contracts Average Annual Total Returns or plan participants or beneficiaries). See the prospectus for your Since Contract for further tax information. One Year Inception CharterSM Conservative Portfolio — Class B Shares PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL (Inception Date: October 30, 2013) 5.69% 1.61% INTERMEDIARIES Dow Jones Moderately Conservative Portfolio Index (reflects no deduction for fees, expenses, or taxes) 5.65% 3.00% The Portfolio is not sold directly to the general public but instead is 20% MSCI AC World (Net) Index / 50% Bloomberg Barclays U.S. Intermediate Government/Credit Bond offered as an underlying investment option for Contracts and Index / 25% BofA Merrill Lynch Global Broad Market ex retirement plans and to other eligible investors. The Portfolio and U.S. Index / 5% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index (reflects no deduction for fees, the Adviser and its affiliates may make payments to a sponsoring expenses, or taxes) 3.19% 0.97% insurance company (or its affiliates) or other financial intermediary for distribution and/or other services. These payments may create a WHO MANAGES THE PORTFOLIO conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the Investment Adviser: FMG LLC Portfolio over another investment or by influencing an insurance Portfolio Managers: company to include the Portfolio as an underlying investment option Date Began in the Contract. The prospectus (or other offering document) for your Managing Contract may contain additional information about these payments. Name Title the Portfolio Ask your financial adviser or visit your financial intermediary’s Kenneth T. Kozlowski, Executive Vice President October 2013 CFP®, CLU, ChFC and Chief Investment website for more information. Officer of FMG LLC Alwi Chan, CFA® Senior Vice President October 2013 and Deputy Chief Investment Officer of FMG LLC Xavier Poutas, CFA® Assistant Portfolio October 2013 Manager of FMG LLC Miao Hu, CFA® Assistant Portfolio May 2016 Manager of FMG LLC

CCON 6 AXA PREMIER VIP TRUST CharterSM Growth Portfolio – Class B Shares

Summary Prospectus dated May 1, 2017

Investment Objective: Seeks long-term capital appreciation example assumes that you invest $10,000 in the Portfolio for the time and current income. periods indicated, and then redeem all of your shares at the end of those time periods. The example also assumes that your investment FEES AND EXPENSES OF THE PORTFOLIO has a 5% return each year, that the Portfolio’s operating expenses remain the same, and that the Expense Limitation Arrangement is not The following table describes the fees and expenses that you may renewed. This example does not reflect any Contract-related fees and pay if you buy and hold shares of the Portfolio. The table below does expenses, including redemption fees (if any) at the Contract level. If not reflect any fees and expenses associated with variable life such fees and expenses were reflected, the total expenses would be insurance contracts and variable annuity certificates and contracts higher. Although your actual costs may be higher or lower, based on (“Contracts”), which would increase overall fees and expenses. See these assumptions your costs would be: the Contract prospectus for a description of those fees and expenses. 1 Year 3 Years 5 Years 10 Years Class B Shares $143 $787 $1,457 $3,249 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, but it will incur Annual Portfolio Operating Expenses transaction costs when it buys and sells other types of securities (including (expenses that you pay each year as a percentage of the value of exchange traded securities of Underlying ETFs) directly (or “turns over” its your investment) portfolio). A higher portfolio turnover rate may indicate higher transaction SM Charter Growth Portfolio Class B Shares costs. These costs, which are not reflected in annual fund operating Management fee 0.15% expenses or in the example, affect the Portfolio’s performance. During the Distribution and/or service (12b-1) fees 0.25% most recent fiscal year, the Portfolio’s turnover rate was 19% of the Other expenses 1.86% average value of the Portfolio. Acquired fund fees and expenses (underlying portfolios) 0.79% Total annual operating expenses 3.05% INVESTMENTS, RISKS, AND PERFORMANCE Less fee waiver and/or expense reimbursement† –1.65% Principal Investment Strategies of the Portfolio Total annual portfolio operating expenses after fee waiver and/or expense reimbursement 1.40% The Portfolio pursues its investment objective by investing in other mutual † Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreed to funds managed by AXA Equitable Funds Management Group, LLC (“FMG make payments or waive its management, administrative and other fees to limit the LLC” or “Adviser”) and in investment companies managed by investment expenses of the Portfolio through April 30, 2018 (unless the Board of Trustees consents to managers other than FMG LLC (affiliated and unaffiliated “Underlying an earlier revision or termination of this arrangement) (“Expense Limitation Arrangement”) so that the annual operating expenses (including Acquired Fund Fees and Portfolios”) and in exchange traded securities of other investment Expenses) of the Portfolio (exclusive of taxes, interest, brokerage commissions, dividend companies or investment vehicles (“Underlying ETFs”) comprising various and interest expenses on securities sold short, capitalized expenses, and extraordinary asset categories and strategies. The Adviser, under the oversight of the expenses) do not exceed an annual rate of average daily net assets of 1.40% for Class B Trust’s Board of Trustees, has established an asset allocation target for the 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. This target is the approximate percentage of the Portfolio’s assets that will be invested in equity investments, fixed income Example investments or non-traditional (alternative) investments (referred to herein as “asset classes”) as represented by the primary holdings (as described in This example is intended to help you compare the cost of investing the prospectuses) of the Underlying Portfolios and Underlying ETFs in in the Portfolio with the cost of investing in other portfolios. The which the Portfolio invests. The Portfolio’s current asset allocation target is

CGR 1 to invest approximately 55% of its assets in equity investments, 25% of its purposes of asset class and asset category target allocations, where assets in fixed income investments and 20% of its assets in non-traditional an Underlying Portfolio or Underlying ETF could be assigned to more (alternative) investments through investments in Underlying Portfolios and than one asset class (e.g., equity and alternative asset classes) or Underlying ETFs. This asset allocation target may be changed by the category (e.g., international bond and global bond asset categories), Adviser and the Trust’s Board of Trustees without shareholder approval. the Adviser may, in its discretion, assign an Underlying Portfolio or Actual allocations can deviate by up to 15% for each asset class. Underlying ETF to one or more asset classes or categories. The Adviser may add new Underlying Portfolios and Underlying ETFs or As used in this Prospectus, the term “asset category” refers to replace or eliminate existing Underlying Portfolios and Underlying specific types of securities or other instruments within each asset ETFs without shareholder approval. The Underlying Portfolios and class. The traditional and non-traditional (alternative) asset Underlying ETFs have been selected to represent a reasonable categories and strategies of the Underlying Portfolios and Underlying spectrum of investment options for the Portfolio. ETFs in which the Portfolio invests are as follows (asset categories and strategies that the Adviser considers to be non-traditional The Adviser has based the asset allocation target percentages for (alternative) are indicated with an asterisk*): the Portfolio on the degree to which it believes the Underlying Absolute Return/Multi Domestic Large Cap Equity Bank Loans Portfolios and Underlying ETFs, in combination, are appropriate for Strategies* the Portfolio’s investment objective. The Adviser may sell the Domestic Mid Cap Equity Emerging Markets Debt Commodities* Portfolio’s holdings for a variety of reasons, including to invest in an Domestic Small Cap Floating Rate Securities Underlying Portfolio or Underlying ETF believed to offer superior Convertible Securities* Equity Global Bond investment opportunities. Covered Call Writing* Domestic Micro Cap Equity High Yield Bond Currency* The Principal Risks of Investing in the Portfolio Emerging Markets Equity Inflation Linked Securities Global Infrastructure* Emerging Markets Small International Bond An investment in the Portfolio is not a deposit of a bank and is not Global Real Estate* Cap Money Market insured or guaranteed by the Federal Deposit Insurance Corporation Listed Private Equity* Frontier Markets or any other government agency. You may lose money by investing US Government Bond Long/Short Credit* Global Equity inthePortfolio.Performancemaybeaffectedbyoneormoreofthe US Investment Grade Bond following risks. The Portfolio is also subject to the risks associated Managed Futures* International Developed Equity US Short Term Investment with the Underlying Portfolios’ and Underlying ETFs’ investments; Merger Arbitrage* Grade Bond please see the Prospectuses and Statements of Additional International/Global Small Natural Resources* Cap Equity Information for the Underlying Portfolios and Underlying ETFs for Precious and Base additional information about these risks. In this section, the term Metals* “Portfolio” may include the Portfolio, an Underlying Portfolio, an Underlying ETF, or all of the above. Non-traditional (alternative) investments are alternatives to traditional equity (stocks) or fixed income (bonds and cash) • Affiliated Portfolio Risk — In managing a Portfolio that invests investments. Non-traditional (alternative) investments have the in Underlying Portfolios and Underlying ETFs, the Adviser will potential to enhance portfolio diversification and reduce overall have the authority to select and substitute the Underlying portfolio volatility because these investments may not have a strong Portfolios and Underlying ETFs. The Adviser may be subject to correlation (relationship) to one another or to traditional market potential conflicts of interest in allocating the Portfolio’s assets indexes. Non-traditional (alternative) investments use a different among Underlying Portfolios and Underlying ETFs because it (and approach to investing than do traditional investments. This approach in certain cases its affiliates) earn fees for managing and may involve, for example, holding both long and short positions in administering the affiliated Underlying Portfolios, but not the securities or using derivatives or hedging strategies. Many non- unaffiliated Underlying Portfolios or Underlying ETFs. In addition, traditional (alternative) investment strategies are designed to help the Adviser may be subject to potential conflicts of interest in reduce the role of overall market direction in determining return. allocating the Portfolio’s assets among the various affiliated Underlying Portfolios because the fees payable to it by some of In addition, the Portfolio may invest in Underlying Portfolios and the affiliated Underlying Portfolios are higher than the fees Underlying ETFs that employ derivatives (including futures contracts) payable by other affiliated Underlying Portfolios and because the for a variety of purposes, including to reduce risk, to seek enhanced Adviser is also responsible for managing, administering, and with returns from certain asset classes, and to leverage exposure to respect to certain affiliated Underlying Portfolios, its affiliates are certain asset classes. responsible for sub-advising, the affiliated Underlying Portfolios. The Adviser selects the Underlying Portfolios and Underlying ETFs in • Alternative Investment Risk — To the extent the Portfolio invests which to invest the Portfolio’s assets. In selecting Underlying in Underlying Portfolios and Underlying ETFs that invest in Portfolios and Underlying ETFs, the Manager will utilize a proprietary alternative investments, it will be subject to the risks associated investment process that may take into consideration a number of with such investments. Alternative investments may use a factors including, as appropriate and applicable, fund performance, different approach to investing than do traditional investments management team, investment style, correlations, asset class (such as equity or fixed income investments) and the performance exposure, industry classification, benchmark, risk adjusted return, of alternative investments is not expected to correlate closely with volatility, expense ratio, asset size and portfolio turnover. For more traditional investments; however, it is possible that

CGR 2 alternative investments will decline in value along with equity or exposure, which may result in a loss or may be costly to the fixed income markets, or both, or that they may not otherwise Portfolio. Derivatives also may be subject to certain other risks perform as expected. Alternative investments may have different such as leveraging risk, interest rate risk, credit risk, the risk that characteristics and risks than do traditional investments, can be a counterparty may be unable or unwilling to honor its highly volatile, may be less liquid, particularly in periods of stress, obligations, and the risk of mispricing or improper valuation. and may be more complex and less transparent than traditional Derivatives also may not behave as anticipated by the Portfolio, investments. Alternative investments also may have more especially in abnormal market conditions. Changing regulation complicated tax profiles than traditional investments. The use of may make derivatives more costly, limit their availability, impact alternative investments may not achieve the desired effect. the Portfolio’s ability to maintain its investments in derivatives, • Convertible Securities Risk — The value of convertible securities disrupt markets, or otherwise adversely affect their value or fluctuates in relation to changes in interest rates and the credit performance. quality of the issuer and, in addition, fluctuates in relation to the • Equity Risk — In general, stocks and other equity security values underlying common stock. A convertible security may be subject to fluctuate, and sometimes widely fluctuate, in response to changes redemption at the option of the issuer at a price established in the in a company’s financial condition as well as general market, convertible security’s governing instrument, which may be different economic, and political conditions and other factors. than the current market price of the security. If a convertible • Floating Rate Loan Risk — Floating rate loans generally are subject security held by the Portfolio is called for redemption, the Portfolio to restrictions on resale. The liquidity of floating rate loans, including will be required to permit the issuer to redeem the security, convert the volume and frequency of secondary market trading in such loans, it into underlying common stock or sell it to a third party. varies significantly over time and among individual floating rate loans. Investments by the Portfolio in convertible debt securities may not For example, if the credit quality of a floating rate loan unexpectedly be subject to any ratings restrictions, but the Portfolio’s investment declines significantly, secondary market trading in that floating rate manager will consider ratings, and any changes to ratings, in its loan can also decline. During periods of infrequent trading, valuing a determination of whether the Portfolio should invest in and/or floating rate loan can be more difficult, and buying and selling a continue to hold the securities. Convertible securities are subject to floating rate loan at an acceptable price can be more difficult and equity risk, interest rate risk and credit risk, and are often lower- delayed. Difficulty in selling a floating rate loan can result in a loss. The quality securities, which means that they are subject to the same value of the collateral securing a floating rate loan can decline, be risks as an investment in lower rated debt securities. Since it derives insufficient to meet the obligations of the borrower, or be difficult to a portion of its value from the common stock into which it may be liquidate. As a result, a floating rate loan may not be fully converted, a convertible security is also subject to the same types of collateralized, and can decline significantly in value. market and issuer-specific risks that apply to the underlying common stock. • 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 securities. Foreign markets, particularly emerging markets, may be or the guarantor (or other obligor, such as a party providing less liquid, more volatile and subject to less government supervision insurance or other credit enhancement) of a fixed income security, than U.S. markets. Security values also may be negatively affected by or the counterparty to a derivatives contract, repurchase changes in the exchange rates between the U.S. dollar and foreign agreement, loan of portfolio securities or other transaction, is currencies. Differences between U.S. and foreign legal, political and unable or unwilling, or is perceived (whether by market economic systems, regulatory regimes and market practices also may participants, ratings agencies, pricing services or otherwise) as impact security values and it may take more time to clear and settle unable or unwilling, to make timely principal and/or interest trades involving foreign securities. payments, or otherwise honor its obligations. Securities are subject to varying degrees of credit risk, which are often reflected Currency Risk — Investments in foreign currencies and in in their credit ratings. However, rating agencies may fail to make securities that trade in, or receive revenues in, or in derivatives timely changes to credit ratings in response to subsequent events that provide exposure to foreign currencies are subject to the and a credit rating may become stale in that it fails to reflect risk that those currencies will decline in value relative to the changes in an issuer’s financial condition. The downgrade of the U.S. dollar, or, in the case of hedging positions, that the U.S. credit rating of a security may decrease its value. Lower credit dollar will decline in value relative to the currency being quality also may lead to greater volatility in the price of a security hedged. Any such decline may erode or reverse any potential and may negatively affect a security’s liquidity. gains from an investment in securities denominated in foreign currency or may widen existing loss. Currency rates may • Derivatives Risk — The Portfolio’s investments in derivatives may fluctuate significantly over short periods of time for a number rise or fall in value more rapidly than other investments. Changes of reasons, including changes in interest rates, intervention (or in the value of a derivative may not correlate perfectly or at all the failure to intervene) by governments, central banks or with the underlying asset, rate or index, and the Portfolio could supranational entities, or by the imposition of currency controls lose more than the principal amount invested. Some derivatives or other political developments in the U.S. or abroad. can have the potential for unlimited losses. In addition, it may be Emerging Markets Risk — There are greater risks involved in difficult or impossible for the Portfolio to purchase or sell certain investing in emerging market countries and/or their securities derivatives in sufficient amounts to achieve the desired level of markets. Investments in these countries and/or markets may

CGR 3 present market, credit, currency, liquidity, legal, political, be investment grade if they are rated BBB or higher by Standard & technical and other risks different from, or greater than, the risks Poor’s Global Ratings (“S&P”) or Fitch Ratings, Ltd. (“Fitch”) or Baa or of investing in developed countries. Investments in emerging higher by Moody’s Investors Service, Inc. (“Moody’s”), or, if unrated, markets are more susceptible to loss than investments in determined by the investment manager to be of comparable quality. developed markets. In addition, the risks associated with Securities rated in the lower investment grade rating categories (e.g., investing in a narrowly defined geographic area are generally BBB or Baa) are considered investment grade securities, but are more pronounced with respect to investments in emerging somewhat riskier than higher rated obligations because they are market countries. regarded as having only an adequate capacity to pay principal and • Futures Contract Risk — The primary risks associated with the use of interest, are considered to lack outstanding investment characteristics, futures contracts are (a) the imperfect correlation between the and may possess certain speculative characteristics. change in market value of the instruments held by the Portfolio and • Large-Cap Company Risk — Larger more established companies the price of the futures contract; (b) liquidity risks, including the may be unable to respond quickly to new competitive challenges possible absence of a liquid secondary market for a futures contract such as changes in technology and consumer tastes. Many larger and the resulting inability to close a futures contract when desired; (c) companies also may not be able to attain the high growth rate of losses (potentially unlimited) caused by unanticipated market successful smaller companies, especially during extended periods movements; (d) an investment manager’s inability to predict correctly of economic expansion. the direction of securities prices, interest rates, currency exchange • Liquidity Risk — The Portfolio is subject to the risk that certain rates and other economic factors; (e) the possibility that a investments may be difficult or impossible for the Portfolio to counterparty, clearing member or clearinghouse will default in the purchase or sell at an advantageous time or price or in sufficient performance of its obligations; (f) if the Portfolio has insufficient cash, amounts to achieve the desired level of exposure. The Portfolio may it may have to sell securities from its portfolio to meet daily variation be required to dispose of other investments at unfavorable times or margin requirements, and the Portfolio may have to sell securities at prices to satisfy obligations, which may result in a loss or may be a time when it may be disadvantageous to do so; and (g) transaction costly to the Portfolio. Judgment plays a greater role in pricing illiquid costs associated with investments in futures contracts may be investments than investments with more active markets. significant, which could cause or increase losses or reduce gains. Futures contracts are also subject to the same risks as the underlying • Loan Risk — Loan interests are subject to liquidity risk, prepayment investments to which they provide exposure. In addition, futures risk (the risk that when interest rates fall, debt securities may be contracts may subject the Portfolio to leveraging risk. repaid more quickly than expected and the Portfolio may be required to reinvest in securities with a lower yield), extension risk (the risk • Inflation-Indexed Bonds Risk — Inflation-indexed bonds are that when interest rates rise, debt securities may be repaid more fixed income securities whose principal value is periodically slowly than expected and the value of the Portfolio’s holdings may adjusted according to inflation. Inflation-indexed bonds, including decrease), the risk of subordination to other creditors, restrictions on Treasury Inflation-indexed securities, decline in value when real resale, and the lack of a regular trading market and publicly available interest rates rise. In certain interest rate environments, such as information. Loan interests may be difficult to value and may have when real interest rates are rising faster than nominal interest extended trade settlement periods. Accordingly, the proceeds from rates, inflation-indexed bonds may experience greater losses than the sale of a loan may not be available to make additional other fixed income securities with similar durations. Interest investments or to meet redemption obligations until potentially a payments on inflation-linked debt securities may be difficult to substantial period after the sale of the loan. The extended trade predict and may vary as the principal and/or interest is adjusted settlement periods could force the Portfolio to liquidate other for inflation. In periods of deflation, the Portfolio may have no securities to meet redemptions and may present a risk that the income at all from such investments. Portfolio may incur losses in order to timely honor redemptions. There • Interest Rate Risk — The Portfolio is subject to the risk that fixed is a risk that the value of any collateral securing a loan in which the income securities will decline in value because of changes in Portfolio has an interest may decline and that the collateral may not interest rates. When interest rates decline, the value of the be sufficient to cover the amount owed on the loan. In the event the Portfolio’s debt securities generally rises. Conversely, when borrower defaults, the Portfolio’s access to the collateral may be interest rates rise, the value of the Portfolio’s debt securities limited or delayed by bankruptcy or other insolvency laws. To the generally declines. A portfolio with a longer average duration will extent that the Portfolio invests in loan participations and be more sensitive to changes in interest rates, usually making it assignments, it is subject to the risk that the financial institution more volatile than a portfolio with a shorter average duration. As acting as agent for all interests in a loan might fail financially. It is of the date of this Prospectus, interest rates are near historic lows also possible that the Portfolio could be held liable, or may be called in the United States, and below zero in other parts of the world, upon to fulfill other obligations, as a co-lender. including certain European countries and Japan. The Portfolio is • Market Risk — The Portfolio is subject to the risk that the subject to a greater risk of rising interest rates due to these securities markets will move down, sometimes rapidly and market conditions. A significant or rapid rise in interest rates unpredictably based on overall economic conditions and other could result in losses to the Portfolio. factors. Changes in the financial condition of a single issuer can • Investment Grade Securities Risk — Debt securities generally are rated impact the market as a whole. by national bond ratings agencies. The Portfolio considers securities to

CGR 4 • Mid-Cap, Small-Cap and Micro-Cap Company Risk —The their investment objectives. There is also the risk that an Underlying Portfolio’s investments in mid-, small- and micro-cap companies may ETF’s performance may not match that of the relevant index. It is involve greater risks than investments in larger, more established also possible that an active trading market for an Underlying ETF issuers because they generally are more vulnerable than larger may not develop or be maintained, in which case the liquidity and companies to adverse business or economic developments. Such value of the Portfolio’s investment in the Underlying ETF could be companies generally have narrower product lines, more limited substantially and adversely affected. The extent to which the financial and management resources and more limited markets for investment performance and risks associated with the Portfolio their stock as compared with larger companies. As a result, the value correlate to those of a particular Underlying Portfolio or Underlying of such securities may be more volatile than the securities of larger ETF will depend upon the extent to which the Portfolio’s assets are companies, and the portfolio may experience difficulty in purchasing allocated from time to time for investment in the Underlying or selling such securities at the desired time and price or in the Portfolio or Underlying ETF, which will vary. desired amount. In general, these risks are greater for small- and • Sector Risk — From time to time, based on market or economic micro-cap companies than for mid-cap companies. conditions, the Portfolio may have significant positions in one or more • Money Market Risk — Although a money market fund is designed to sectors of the market. To the extent the Portfolio invests more heavily be a relatively low risk investment, it is not free of risk. Despite the short in particular sectors, its performance will be especially sensitive to maturities and high credit quality of a money market fund’s developments that significantly affect those sectors. Individual sectors investments, increases in interest rates and deteriorations in the credit may be more volatile, and may perform differently, than the broader quality of the instruments the money market fund has purchased may market. The industries that constitute a sector may all react in the reduce the money market fund’s yield and can cause the price of a same way to economic, political or regulatory events. money market security to decrease. In addition, a money market fund is • U.S. Government Securities Risk — The Portfolio invests in subject to the risk that the value of an investment may be eroded over securities issued or guaranteed by the U.S. government or its time by inflation. The Securities and Exchange Commission adopted agencies and instrumentalities (such as securities issued by the changes to the rules that govern money market funds which became Government National Mortgage Association (Ginnie Mae), the effective in October 2016. These changes may affect a money market Federal National Mortgage Association (Fannie Mae), or the Federal fund’s investment strategies, operations and/or return potential. Home Loan Mortgage Corporation (Freddie Mac). U.S. government • Non-Investment Grade Securities Risk — Bonds rated below securities are subject to market risk, interest rate risk and credit risk. investment grade (i.e., BB or lower by S&P or Fitch or Ba or lower Securities, such as those issued or guaranteed by Ginnie Mae or the by Moody’s or, if unrated, determined by the investment manager U.S. Treasury, that are backed by the full faith and credit of the U.S. to be of comparable quality) are speculative in nature and are are guaranteed only as to the timely payment of interest and principal subject to additional risk factors such as increased possibility of when held to maturity, and the market prices for such securities will default, illiquidity of the security, and changes in value based on fluctuate due to changing interest rates, among other factors. changes in interest rates. Non-investment grade bonds, Notwithstanding that these securities are backed by the full faith and sometimes referred to as “junk bonds,” are usually issued by credit of the U.S., circumstances could arise that would prevent the companies without long track records of sales and earnings, or by payment of interest or principal. This would result in losses to the those companies with questionable credit strength. The Portfolio. Securities issued or guaranteed by U.S. government related creditworthiness of issuers of non-investment grade debt organizations, such as Fannie Mae and Freddie Mac, are not backed securities may be more complex to analyze than that of issuers of by the full faith and credit of the U.S. government and no assurance investment grade debt securities, and reliance on credit ratings can be given that the U.S. government will provide financial support. may present additional risks. Therefore, U.S. government related organizations may not have the • Portfolio Management Risk — The Portfolio is subject to the risk funds to meet their payment obligations in the future. that strategies used by an investment manager and its securities selections fail to produce the intended results. Risk/Return Bar Chart and Table • Risks of Investing in Underlying Portfolios and Underlying ETFs — The bar chart and table below provide some indication of the risks of The Portfolio’s shareholders will indirectly bear the fees and investing in the Portfolio by showing changes in the Portfolio’s expenses paid by the Underlying Portfolios and Underlying ETFs in performance from year to year and by showing how the Portfolio’s which it invests, in addition to the Portfolio’s direct fees and average annual total returns for the past one-year and since expenses. The cost of investing in the Portfolio, therefore, may be inception periods through December 31, 2016 compared to the higher than the cost of investing in a mutual fund that invests returns of a broad-based securities market index. The hypothetical directly in individual stocks and bonds. The Portfolio’s net asset composite index shows how the Portfolio’s performance compared value is subject to fluctuations in the net asset values of the with the returns of other asset classes in which the Portfolio may Underlying Portfolios and the market values of the Underlying ETFs invest. The return of the broad-based securities market index (and in which it invests. The Portfolio is also subject to the risks any additional comparative index) shown in the right hand column associated with the securities or other investments in which the below is the return of the index for the last 10 years or, if shorter, Underlying Portfolios and Underlying ETFs invest and the ability of since the inception of the share class with the longest history. Past the Portfolio to meet its investment objective will directly depend on performance is not an indication of future performance. the ability of the Underlying Portfolios and Underlying ETFs to meet

CGR 5 The performance results do not reflect any Contract-related fees and The Portfolio does not have minimum initial or subsequent expenses, which would reduce the performance results. investment requirements. Shares of the Portfolio are redeemable on any business day (normally any day on which the New York Stock Calendar Year Annual Total Return — Class B Exchange is open) upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be 7.44% made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares.

1.64% 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 -4.55% the Portfolio makes of its net investment income and net realized 2014 2015 2016 gains — most or all of which it intends to distribute annually — and redemptions or exchanges of Portfolio shares generally will not be Best quarter (% and time period) Worst quarter (% and time period) taxable to its shareholders (or to the holders of underlying Contracts 4.33% (2016 3rd Quarter) –7.41% (2015 3rd Quarter) or plan participants or beneficiaries). See the prospectus for your Contract for further tax information. Average Annual Total Returns Since PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL One Year Inception INTERMEDIARIES CharterSM Growth Portfolio — Class B Shares (Inception Date: October 30, 2013) 7.44% 1.79% The Portfolio is not sold directly to the general public but instead is Dow Jones Moderately Aggressive Portfolio Index (reflects offered as an underlying investment option for Contracts and no deduction for fees, expenses, or taxes) 9.31% 4.84% 55% MSCI AC World (Net) Index / 17% Bloomberg retirement plans and to other eligible investors. The Portfolio and Barclays U.S. Intermediate Government/Credit Bond the Adviser and its affiliates may make payments to a sponsoring Index / 8% BofA Merrill Lynch Global Broad Market ex U.S. Index / 20% BofA Merrill Lynch 3-Month U.S. insurance company (or its affiliates) or other financial intermediary Treasury Bill Index (reflects no deduction for fees, for distribution and/or other services. These payments may create a expenses, or taxes) 5.01% 2.30% conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the WHO MANAGES THE PORTFOLIO Portfolio over another investment or by influencing an insurance Investment Adviser: FMG LLC company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Portfolio Managers: Contract may contain additional information about these payments. Date Began Ask your financial adviser or visit your financial intermediary’s Managing website for more information. Name Title the Portfolio Kenneth T. Kozlowski, Executive Vice President October 2013 CFP®, CLU, ChFC and Chief Investment Officer of FMG LLC Alwi Chan, CFA® Senior Vice President October 2013 and Deputy Chief Investment Officer of FMG LLC Xavier Poutas, CFA® Assistant Portfolio October 2013 Manager of FMG LLC Miao Hu, CFA® Assistant Portfolio May 2016 Manager of FMG LLC

CGR 6 AXA PREMIER VIP TRUST CharterSM Moderate Portfolio – Class B Shares

Summary Prospectus dated May 1, 2017

Investment Objective: Seeks long-term capital appreciation example also assumes that your investment has a 5% return each year, and current income, with a greater emphasis on current income. that the Portfolio’s operating expenses remain the same, and that the Expense Limitation Arrangement is not renewed. This example does not FEES AND EXPENSES OF 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, the The following table describes the fees and expenses that you may pay if total expenses would be higher. Although your actual costs may be higher you buy and hold shares of the Portfolio. The table below does not or lower, based on these assumptions your costs would be: reflect 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 Class B Shares $127 $605 $1,110 $2,498 prospectus 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 it buys and sells shares of the Underlying Portfolios, but it will incur Not applicable. transaction costs when it buys and sells other types of securities (including exchange traded securities of Underlying ETFs) directly (or “turns over” its Annual Portfolio Operating Expenses portfolio). A higher portfolio turnover rate may indicate higher transaction (expenses that you pay each year as a percentage of the value of costs. These costs, which are not reflected in annual fund operating your investment) expenses or in the example, affect the Portfolio’s performance. During the CharterSM Moderate Portfolio Class B Shares most recent fiscal year, the Portfolio’s turnover rate was 13% of the Management fee 0.15% average value of the Portfolio. Distribution and/or service (12b-1) fees 0.25% Other expenses 1.12% INVESTMENTS, RISKS, AND PERFORMANCE Acquired fund fees and expenses (underlying portfolios) 0.72% Principal Investment Strategies of the Portfolio Total annual operating expenses 2.24% The Portfolio pursues its investment objective by investing in other mutual Less fee waiver and/or expense reimbursement† –0.99% funds managed by AXA Equitable Funds Management Group, LLC (“FMG Total annual portfolio operating expenses after fee waiver and/or LLC” or “Adviser”) and in investment companies managed by investment expense reimbursement 1.25% managers other than FMG LLC (affiliated and unaffiliated “Underlying † Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreed to Portfolios”) and in exchange traded securities of other investment make payments or waive its management, administrative and other fees to limit the companies or investment vehicles (“Underlying ETFs”) comprising various expenses of the Portfolio through April 30, 2018 (unless the Board of Trustees consents to asset categories and strategies. The Adviser, under the oversight of the an earlier revision or termination of this arrangement) (“Expense Limitation Trust’s Board of Trustees, has established an asset allocation target for the Arrangement”) so that the annual operating expenses (including Acquired Fund Fees and Portfolio. This target is the approximate percentage of the Portfolio’s Expenses) of the Portfolio (exclusive of taxes, interest, brokerage commissions, dividend and interest expenses on securities sold short, capitalized expenses, and extraordinary assets that will be invested in equity investments, fixed income expenses) do not exceed an annual rate of average daily net assets of 1.25% for Class B investments or non-traditional (alternative) investments (referred to herein shares of the Portfolio. The Expense Limitation Arrangement may be terminated by AXA as “asset classes”) as represented by the primary holdings (as described in Equitable Funds Management Group, LLC at any time after April 30, 2018. the prospectuses) of the Underlying Portfolios and Underlying ETFs in which the Portfolio invests. The Portfolio’s current asset allocation target is Example to invest approximately 35% of its assets in equity investments, 55% of its assets in fixed income investments and 10% of its assets in non-traditional This example is intended to help you compare the cost of investing in the (alternative) investments through investments in Underlying Portfolios and Portfolio with the cost of investing in other portfolios. The example assumes Underlying ETFs. This asset allocation target may be changed by the that you invest $10,000 in the Portfolio for the time periods indicated, and Adviser and the Trust’s Board of Trustees without shareholder approval. then redeem all of your shares at the end of those time periods. The Actual allocations can deviate by up to 15% for each asset class.

CMOD 1 As used in this Prospectus, the term “asset category” refers to specific Underlying ETFs have been selected to represent a reasonable types of securities or other instruments within each asset class. The spectrum of investment options for the Portfolio. traditional and non-traditional (alternative) asset categories and strategies of the Underlying Portfolios and Underlying ETFs in which the Portfolio The Adviser has based the asset allocation target percentages for invests are as follows (asset categories and strategies that the Adviser the Portfolio on the degree to which it believes the Underlying considers to be non-traditional (alternative) are indicated with an asterisk*): Portfolios and Underlying ETFs, in combination, are appropriate for Absolute Return/Multi Precious and Base Bank Loans the Portfolio’s investment objective. The Adviser may sell the Strategies* Metals* Portfolio’s holdings for a variety of reasons, including to invest in Emerging Markets Debt Commodities* Domestic Large Cap Equity an Underlying Portfolio or Underlying ETF believed to offer superior Floating Rate Securities investment opportunities. Convertible Securities* Domestic Mid Cap Equity Global Bond Covered Call Writing* Domestic Small Cap Equity High Yield Bond The Principal Risks of Investing in the Portfolio Currency* Domestic Micro Cap Equity Inflation Linked Securities An investment in the Portfolio is not a deposit of a bank and is not Global Infrastructure* Emerging Markets Equity International Bond insured or guaranteed by the Federal Deposit Insurance Corporation or Global Real Estate* Emerging Markets Small Cap Money Market any other government agency. You may lose money by investing in the Listed Private Equity* Frontier Markets US Government Bond Portfolio. Performance may be affected by one or more of the following Long/Short Credit* Global Equity risks. The Portfolio is also subject to the risks associated with the US Investment Grade Bond Managed Futures* International Developed Underlying Portfolios’ and Underlying ETFs’ investments; please see the Equity US Short Term Investment Prospectuses and Statements of Additional Information for the Merger Arbitrage* Grade Bond International/Global Small Underlying Portfolios and Underlying ETFs for additional information Natural Resources* Cap Equity about these risks. In this section, the term “Portfolio” may include the Portfolio, an Underlying Portfolio, an Underlying ETF, or all of the above. Non-traditional (alternative) investments are alternatives to traditional equity (stocks) or fixed income (bonds and cash) • Affiliated Portfolio Risk — In managing a Portfolio that invests investments. Non-traditional (alternative) investments have the in Underlying Portfolios and Underlying ETFs, the Adviser will potential to enhance portfolio diversification and reduce overall have the authority to select and substitute the Underlying portfolio volatility because these investments may not have a strong Portfolios and Underlying ETFs. The Adviser may be subject to correlation (relationship) to one another or to traditional market potential conflicts of interest in allocating the Portfolio’s assets indexes. Non-traditional (alternative) investments use a different among Underlying Portfolios and Underlying ETFs because it (and approach to investing than do traditional investments. This approach in certain cases its affiliates) earn fees for managing and may involve, for example, holding both long and short positions in administering the affiliated Underlying Portfolios, but not the securities or using derivatives or hedging strategies. Many non- unaffiliated Underlying Portfolios or Underlying ETFs. In addition, traditional (alternative) investment strategies are designed to help the Adviser may be subject to potential conflicts of interest in reduce the role of overall market direction in determining return. allocating the Portfolio’s assets among the various affiliated Underlying Portfolios because the fees payable to it by some of In addition, the Portfolio may invest in Underlying Portfolios and the affiliated Underlying Portfolios are higher than the fees Underlying ETFs that employ derivatives (including futures contracts) payable by other affiliated Underlying Portfolios and because the for a variety of purposes, including to reduce risk, to seek enhanced Adviser is also responsible for managing, administering, and with returns from certain asset classes, and to leverage exposure to respect to certain affiliated Underlying Portfolios, its affiliates are certain asset classes. responsible for sub-advising, the affiliated Underlying Portfolios. The Adviser selects the Underlying Portfolios and Underlying ETFs in • Alternative Investment Risk — To the extent the Portfolio which to invest the Portfolio’s assets. In selecting Underlying invests in Underlying Portfolios and Underlying ETFs that invest in Portfolios and Underlying ETFs, the Adviser will utilize a proprietary alternative investments, it will be subject to the risks associated investment process that may take into consideration a number of with such investments. Alternative investments may use a factors including, as appropriate and applicable, fund performance, different approach to investing than do traditional investments management team, investment style, correlations, asset class (such as equity or fixed income investments) and the performance exposure, industry classification, benchmark, risk adjusted return, of alternative investments is not expected to correlate closely with volatility, expense ratio, asset size and portfolio turnover. For more traditional investments; however, it is possible that purposes of asset class and asset category target allocations, where alternative investments will decline in value along with equity or an Underlying Portfolio or Underlying ETF could be assigned to more fixed income markets, or both, or that they may not otherwise than one asset class (e.g., equity and alternative asset classes) or perform as expected. Alternative investments may have different category (e.g., international bond and global bond asset categories), characteristics and risks than do traditional investments, can be the Adviser may, in its discretion, assign an Underlying Portfolio or highly volatile, may be less liquid, particularly in periods of stress, Underlying ETF to one or more asset classes or categories. The and may be more complex and less transparent than traditional Adviser may add new Underlying Portfolios and Underlying ETFs or investments. Alternative investments also may have more replace or eliminate existing Underlying Portfolios and Underlying complicated tax profiles than traditional investments. The use of ETFs without shareholder approval. The Underlying Portfolios and alternative investments may not achieve the desired effect.

CMOD 2 • Convertible Securities Risk — The value of convertible securities • Equity Risk — In general, stocks and other equity security values fluctuates in relation to changes in interest rates and the credit fluctuate, and sometimes widely fluctuate, in response to changes quality of the issuer and, in addition, fluctuates in relation to the in a company’s financial condition as well as general market, underlying common stock. A convertible security may be subject to economic, and political conditions and other factors. redemption at the option of the issuer at a price established in the • Floating Rate Loan Risk — Floating rate loans generally are convertible security’s governing instrument, which may be different subject to restrictions on resale. The liquidity of floating rate than the current market price of the security. If a convertible loans, including the volume and frequency of secondary market security held by the Portfolio is called for redemption, the Portfolio trading in such loans, varies significantly over time and among will be required to permit the issuer to redeem the security, individual floating rate loans. For example, if the credit quality of convert it into underlying common stock or sell it to a third party. a floating rate loan unexpectedly declines significantly, secondary Investments by the Portfolio in convertible debt securities may not market trading in that floating rate loan can also decline. During be subject to any ratings restrictions, but the Portfolio’s investment periods of infrequent trading, valuing a floating rate loan can be manager will consider ratings, and any changes to ratings, in its more difficult, and buying and selling a floating rate loan at an determination of whether the Portfolio should invest in and/or acceptable price can be more difficult and delayed. Difficulty in continue to hold the securities. Convertible securities are subject to selling a floating rate loan can result in a loss. The value of the equity risk, interest rate risk and credit risk, and are often lower- collateral securing a floating rate loan can decline, be insufficient quality securities, which means that they are subject to the same to meet the obligations of the borrower, or be difficult to risks as an investment in lower rated debt securities. Since it liquidate. As a result, a floating rate loan may not be fully derives a portion of its value from the common stock into which it collateralized, and can decline significantly in value. may be converted, a convertible security is also subject to the same types of market and issuer-specific risks that apply to the • Foreign Securities Risk — Investments in foreign securities, underlying common stock. including depositary receipts, involve risks not associated with investing in U.S. securities. Foreign markets, particularly emerging • Credit Risk — The Portfolio is subject to the risk that the issuer markets, may be less liquid, more volatile and subject to less or the guarantor (or other obligor, such as a party providing government supervision than U.S. markets. Security values also insurance or other credit enhancement) of a fixed income security, may be negatively affected by changes in the exchange rates or the counterparty to a derivatives contract, repurchase between the U.S. dollar and foreign currencies. Differences agreement, loan of portfolio securities or other transaction, is between U.S. and foreign legal, political and economic systems, unable or unwilling, or is perceived (whether by market regulatory regimes and market practices also may impact security participants, ratings agencies, pricing services or otherwise) as values and it may take more time to clear and settle trades unable or unwilling, to make timely principal and/or interest involving foreign securities. payments, or otherwise honor its obligations. Securities are subject to varying degrees of credit risk, which are often reflected Currency Risk — Investments in foreign currencies and in in their credit ratings. However, rating agencies may fail to make securities that trade in, or receive revenues in, or in derivatives timely changes to credit ratings in response to subsequent events that provide exposure to foreign currencies are subject to the and a credit rating may become stale in that it fails to reflect risk that those currencies will decline in value relative to the changes in an issuer’s financial condition. The downgrade of the U.S. dollar, or, in the case of hedging positions, that the U.S. credit rating of a security may decrease its value. Lower credit dollar will decline in value relative to the currency being quality also may lead to greater volatility in the price of a security hedged. Any such decline may erode or reverse any potential and may negatively affect a security’s liquidity. gains from an investment in securities denominated in foreign currency or may widen existing loss. Currency rates may • Derivatives Risk — The Portfolio’s investments in derivatives may fluctuate significantly over short periods of time for a number rise or fall in value more rapidly than other investments. Changes of reasons, including changes in interest rates, intervention (or in the value of a derivative may not correlate perfectly or at all the failure to intervene) by governments, central banks or with the underlying asset, rate or index, and the Portfolio could supranational entities, or by the imposition of currency controls lose more than the principal amount invested. Some derivatives or other political developments in the U.S. or abroad. can have the potential for unlimited losses. In addition, it may be difficult or impossible for the Portfolio to purchase or sell certain Emerging Markets Risk — There are greater risks involved in derivatives in sufficient amounts to achieve the desired level of investing in emerging market countries and/or their securities exposure, which may result in a loss or may be costly to the markets. Investments in these countries and/or markets may Portfolio. Derivatives also may be subject to certain other risks present market, credit, currency, liquidity, legal, political, such as leveraging risk, interest rate risk, credit risk, the risk that a technical and other risks different from, or greater than, the counterparty may be unable or unwilling to honor its obligations, risks of investing in developed countries. Investments in and the risk of mispricing or improper valuation. Derivatives also emerging markets are more susceptible to loss than may not behave as anticipated by the Portfolio, especially in investments in developed markets. In addition, the risks abnormal market conditions. Changing regulation may make associated with investing in a narrowly defined geographic derivatives more costly, limit their availability, impact the area are generally more pronounced with respect to Portfolio’s ability to maintain its investments in derivatives, disrupt investments in emerging market countries. markets, or otherwise adversely affect their value or performance.

CMOD 3 • Futures Contract Risk — The primary risks associated with the principal and interest, are considered to lack outstanding investment use of futures contracts are (a) the imperfect correlation between characteristics and may possess certain speculative characteristics. the change in market value of the instruments held by the • Large-Cap Company Risk — Larger more established companies Portfolio and the price of the futures contract; (b) liquidity risks, may be unable to respond quickly to new competitive challenges including the possible absence of a liquid secondary market for a such as changes in technology and consumer tastes. Many larger futures contract and the resulting inability to close a futures companies also may not be able to attain the high growth rate of contract when desired; (c) losses (potentially unlimited) caused by successful smaller companies, especially during extended periods unanticipated market movements; (d) an investment manager’s of economic expansion. inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic • Liquidity Risk — The Portfolio is subject to the risk that certain factors; (e) the possibility that a counterparty, clearing member or investments may be difficult or impossible for the Portfolio to clearinghouse will default in the performance of its obligations; (f) purchase or sell at an advantageous time or price or in sufficient if the Portfolio has insufficient cash, it may have to sell securities amounts to achieve the desired level of exposure. The Portfolio may from its portfolio to meet daily variation margin requirements, and be required to dispose of other investments at unfavorable times or the Portfolio may have to sell securities at a time when it may be prices to satisfy obligations, which may result in a loss or may be disadvantageous to do so; and (g) transaction costs associated costly to the Portfolio. Judgment plays a greater role in pricing illiquid with investments in futures contracts may be significant, which investments than investments with more active markets. could cause or increase losses or reduce gains. Futures contracts • Loan Risk — Loan interests are subject to liquidity risk, prepayment are also subject to the same risks as the underlying investments risk (the risk that when interest rates fall, debt securities may be to which they provide exposure. In addition, futures contracts may repaid more quickly than expected and the Portfolio may be required subject the Portfolio to leveraging risk. to reinvest in securities with a lower yield), extension risk (the risk • Inflation-Indexed Bonds Risk — Inflation-indexed bonds are that when interest rates rise, debt securities may be repaid more fixed income securities whose principal value is periodically slowly than expected and the value of the Portfolio’s holdings may adjusted according to inflation. Inflation-indexed bonds, including decrease), the risk of subordination to other creditors, restrictions on Treasury Inflation-indexed securities, decline in value when real resale, and the lack of a regular trading market and publicly available interest rates rise. In certain interest rate environments, such as information. Loan interests may be difficult to value and may have when real interest rates are rising faster than nominal interest extended trade settlement periods. Accordingly, the proceeds from rates, inflation-indexed bonds may experience greater losses than the sale of a loan may not be available to make additional other fixed income securities with similar durations. Interest investments or to meet redemption obligations until potentially a payments on inflation-linked debt securities may be difficult to substantial period after the sale of the loan. The extended trade predict and may vary as the principal and/or interest is adjusted settlement periods could force the Portfolio to liquidate other for inflation. In periods of deflation, the Portfolio may have no securities to meet redemptions and may present a risk that the income at all from such investments. Portfolio may incur losses in order to timely honor redemptions. There is a risk that the value of any collateral securing a loan in which the • Interest Rate Risk — The Portfolio is subject to the risk that fixed Portfolio has an interest may decline and that the collateral may not income securities will decline in value because of changes in interest be sufficient to cover the amount owed on the loan. In the event the rates. When interest rates decline, the value of the Portfolio’s debt borrower defaults, the Portfolio’s access to the collateral may be securities generally rises. Conversely, when interest rates rise, the limited or delayed by bankruptcy or other insolvency laws. To the value of the Portfolio’s debt securities generally declines. A portfolio extent that the Portfolio invests in loan participations and with a longer average duration will be more sensitive to changes in assignments, it is subject to the risk that the financial institution interest rates, usually making it more volatile than a portfolio with a acting as agent for all interests in a loan might fail financially. It is shorter average duration. As of the date of this Prospectus, interest also possible that the Portfolio could be held liable, or may be called rates are near historic lows in the United States, and below zero in upon to fulfill other obligations, as a co-lender. other parts of the world, including certain European countries and Japan. The Portfolio is subject to a greater risk of rising interest rates • Market Risk — The Portfolio is subject to the risk that the due to these market conditions. A significant or rapid rise in interest securities markets will move down, sometimes rapidly and rates could result in losses to the Portfolio. unpredictably based on overall economic conditions and other factors. Changes in the financial condition of a single issuer can • Investment Grade Securities Risk — Debt securities generally are impact the market as a whole. rated by national bond ratings agencies. The Portfolio considers securities to be investment grade if they are rated BBB or higher by • Mid-Cap, Small-Cap and Micro-Cap Company Risk —The Standard & Poor’s Global Ratings (“S&P”) or Fitch Ratings, Ltd. Portfolio’s investments in mid-, small- and micro-cap companies (“Fitch”) or Baa or higher by Moody’s Investors Service, Inc. may involve greater risks than investments in larger, more (“Moody’s”), or, if unrated, determined by the investment manager to established issuers because they generally are more vulnerable be of comparable quality. Securities rated in the lower investment grade than larger companies to adverse business or economic rating categories (e.g., BBB or Baa) are considered investment grade developments. Such companies generally have narrower product securities, but are somewhat riskier than higher rated obligations lines, more limited financial and management resources and more because they are regarded as having only an adequate capacity to pay limited markets for their stock as compared with larger

CMOD 4 companies. As a result, the value of such securities may be more Underlying ETF could be substantially and adversely affected. The volatile than the securities of larger companies, and the Portfolio extent to which the investment performance and risks associated may experience difficulty in purchasing or selling such securities at with the Portfolio correlate to those of a particular Underlying the desired time and price or in the desired amount. In general, Portfolio or Underlying ETF will depend upon the extent to which these risks are greater for small- and micro-cap companies than the Portfolio’s assets are allocated from time to time for for mid-cap companies. investment in the Underlying Portfolio or Underlying ETF, which • Money Market Risk — Although a money market fund is will vary. designed to be a relatively low risk investment, it is not free of • Sector Concentration Risk — To the extent the Portfolio invests risk. Despite the short maturities and high credit quality of a more heavily in particular sectors, its performance will be money market fund’s investments, increases in interest rates and especially sensitive to developments that significantly affect those deteriorations in the credit quality of the instruments the money sectors. Individual sectors may be more volatile, and may perform market fund has purchased may reduce the money market fund’s differently, than the broader market. The industries that constitute yield and can cause the price of a money market security to a sector may all react in the same way to economic, political or decrease. In addition, a money market fund is subject to the risk regulatory events. that the value of an investment may be eroded over time by • U.S. Government Securities Risk — The Portfolio invests in inflation. The Securities and Exchange Commission adopted securities issued or guaranteed by the U.S. government or its changes to the rules that govern money market funds which agencies and instrumentalities (such as securities issued by the became effective in October 2016. These changes may affect a Government National Mortgage Association (Ginnie Mae), the money market fund’s investment strategies, operations and/or Federal National Mortgage Association (Fannie Mae), or the return potential. Federal Home Loan Mortgage Corporation (Freddie Mac). U.S. • Non-Investment Grade Securities Risk — Bonds rated below government securities are subject to market risk, interest rate risk investment grade (i.e., BB or lower by S&P or Fitch or Ba or lower and credit risk. Securities, such as those issued or guaranteed by by Moody’s or, if unrated, determined by the investment manager Ginnie Mae or the U.S. Treasury, that are backed by the full faith to be of comparable quality) are speculative in nature and are and credit of the U.S. are guaranteed only as to the timely subject to additional risk factors such as increased possibility of payment of interest and principal when held to maturity, and the default, illiquidity of the security, and changes in value based on market prices for such securities will fluctuate due to changing changes in interest rates. Non-investment grade bonds, interest rates, among other factors. Notwithstanding that these sometimes referred to as “junk bonds,” are usually issued by securities are backed by the full faith and credit of the U.S., companies without long track records of sales and earnings, or by circumstances could arise that would prevent the payment of those companies with questionable credit strength. The interest or principal. This would result in losses to the Portfolio. creditworthiness of issuers of non-investment grade debt Securities issued or guaranteed by U.S. government related securities may be more complex to analyze than that of issuers of organizations, such as Fannie Mae and Freddie Mac, are not investment grade debt securities, and reliance on credit ratings backed by the full faith and credit of the U.S. government and no may present additional risks. assurance can be given that the U.S. government will provide • Portfolio Management Risk — The Portfolio is subject to the risk financial support. Therefore, U.S. government related that strategies used by an investment manager and its securities organizations may not have the funds to meet their payment selections fail to produce the intended results. obligations in the future. • Risks of Investing in Underlying Portfolios and Underlying ETFs — Risk/Return Bar Chart and Table The Portfolio’s shareholders will indirectly bear the fees and expenses paid by the Underlying Portfolios and Underlying ETFs in The bar chart and table below provide some indication of the risks of which it invests, in addition to the Portfolio’s direct fees and investing in the Portfolio by showing changes in the Portfolio’s expenses. The cost of investing in the Portfolio, therefore, may be performance from year to year and by showing how the Portfolio’s higher than the cost of investing in a mutual fund that invests average annual total returns for the past one-year and since directly in individual stocks and bonds. The Portfolio’s net asset inception periods through December 31, 2016 compared to the value is subject to fluctuations in the net asset values of the returns of a broad-based securities market index. The hypothetical Underlying Portfolios and the market values of the Underlying composite index shows how the Portfolio’s performance compared ETFs in which it invests. The Portfolio is also subject to the risks with the returns of other asset classes in which the Portfolio may associated with the securities or other investments in which the invest. The return of the broad-based securities market index (and Underlying Portfolios and Underlying ETFs invest and the ability of any additional comparative index) shown in the right hand column the Portfolio to meet its investment objective will directly depend below is the return of the index for the last 10 years or, if shorter, on the ability of the Underlying Portfolios and Underlying ETFs to since the inception of the share class with the longest history. Past meet their investment objectives. There is also the risk that an performance is not an indication of future performance. Underlying ETF’s performance may not match that of the relevant index. It is also possible that an active trading market for an Underlying ETF may not develop or be maintained, in which case the liquidity and value of the Portfolio’s investment in the

CMOD 5 The performance results do not reflect any Contract-related fees and The Portfolio does not have minimum initial or subsequent investment expenses, which would reduce the performance results. requirements. Shares of the Portfolio are redeemable on any business day (normally any day on which the New York Stock Exchange is open) upon Calendar Year Annual Total Return — Class B receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days 6.22% after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares.

TAX INFORMATION 1.78% 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 -3.04% or exchanges of Portfolio shares generally will not be taxable to its 2014 2015 2016 shareholders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax Best quarter (% and time period) Worst quarter (% and time period) information. 3.48% (2016 3rd Quarter) –4.70% (2015 3rd Quarter) PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL Average Annual Total Returns INTERMEDIARIES Since The Portfolio is not sold directly to the general public but instead is One Year Inception CharterSM Moderate Portfolio — Class B Shares (Inception offered as an underlying investment option for Contracts and Date: October 30, 2013) 6.22% 1.76% retirement plans and to other eligible investors. The Portfolio and Dow Jones Moderately Conservative Portfolio Index the Adviser and its affiliates may make payments to a sponsoring (reflects no deduction for fees, expenses, or taxes) 5.65% 3.00% insurance company (or its affiliates) or other financial intermediary 35% MSCI AC World (Net) Index / 37% Bloomberg Barclays U.S. Intermediate Government/Credit Bond for distribution and/or other services. These payments may create a Index / 18% BofA Merrill Lynch Global Broad Market ex conflict of interest by influencing the insurance company or other U.S. Index / 10% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index (reflects no deduction for fees, financial intermediary and your financial adviser to recommend the expenses, or taxes) 4.02% 1.57% Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option WHO MANAGES THE PORTFOLIO in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. Investment Adviser: FMG LLC Ask your financial adviser or visit your financial intermediary’s Portfolio Managers: website for more information. Date Began Managing Name Title the Portfolio Kenneth T. Kozlowski, Executive Vice President October 2013 CFP®, CLU, ChFC and Chief Investment Officer of FMG LLC Alwi Chan, CFA® Senior Vice President and October 2013 Deputy Chief Investment Officer of FMG LLC Xavier Poutas, CFA® Assistant Portfolio October 2013 Manager of FMG LLC Miao Hu, CFA® Assistant Portfolio May 2016 Manager of FMG LLC

CMOD 6 AXA PREMIER VIP TRUST CharterSM Moderate Growth Portfolio – Class B Shares

Summary Prospectus dated May 1, 2017

Investment Objective: Seeks long-term capital appreciation indicated, and then redeem all of your shares at the end of those time and current income, with a greater emphasis on current income. periods. The example also assumes that your investment has a 5% return each year, that the Portfolio’s operating expenses remain the FEES AND EXPENSES OF THE PORTFOLIO same, and that the Expense Limitation Arrangement is not renewed. The following table describes the fees and expenses that you may pay if This example does not reflect any Contract-related fees and expenses, you buy and hold shares of the Portfolio. The table below does not including redemption fees (if any) at the Contract level. If such fees and reflect any fees and expenses associated with variable life insurance expenses were reflected, the total expenses would be higher. Although contracts and variable annuity certificates and contracts (“Contracts”), your actual costs may be higher or lower, based on these assumptions which would increase overall fees and expenses. See the Contract your costs would be: prospectus for a description of those fees and expenses. 1 Year 3 Years 5 Years 10 Years Class B Shares $137 $644 $1,177 $2,637 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, but it will incur Annual Portfolio Operating Expenses transaction costs when it buys and sells other types of securities (including (expenses that you pay each year as a percentage of the value of exchange traded securities of Underlying ETFs) directly (or “turns over” its your investment) portfolio). A higher portfolio turnover rate may indicate higher transaction CharterSM Moderate Growth Portfolio Class B Shares costs. These costs, which are not reflected in annual fund operating Management fee 0.15% expenses or in the example, affect the Portfolio’s performance. During the Distribution and/or service (12b-1) fees 0.25% most recent fiscal year, the Portfolio’s turnover rate was 17% of the Other expenses 1.22% average value of the Portfolio. Acquired fund fees and expenses (underlying portfolios) 0.76% Total annual operating expenses 2.38% INVESTMENTS, RISKS, AND PERFORMANCE Less fee waiver and/or expense reimbursement† –1.03% Principal Investment Strategies of the Portfolio Total annual portfolio operating expenses after fee waiver and/or expense reimbursement 1.35% The Portfolio pursues its investment objective by investing in other mutual funds managed by AXA Equitable Funds Management Group, LLC (“FMG † 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 LLC” or “Adviser”) and in investment companies managed by investment expenses of the Portfolio through April 30, 2018 (unless the Board of Trustees consents to managers other than FMG LLC (affiliated and unaffiliated “Underlying an earlier revision or termination of this arrangement) (“Expense Limitation Portfolios”) and in exchange traded securities of other investment Arrangement”) so that the annual operating expenses (including Acquired Fund Fees and companies or investment vehicles (“Underlying ETFs”) comprising various Expenses) of the Portfolio (exclusive of taxes, interest, brokerage commissions, dividend and interest expenses on securities sold short, capitalized expenses, and extraordinary asset categories and strategies. The Adviser, under the oversight of the expenses) do not exceed an annual rate of average daily net assets of 1.35% for Class B Trust’s Board of Trustees, has established an asset allocation target for the shares of the Portfolio. The Expense Limitation Arrangement may be terminated by AXA Portfolio. This target is the approximate percentage of the Portfolio’s Equitable Funds Management Group, LLC at any time after April 30, 2018. assets that will be invested in equity investments, fixed income investments or non-traditional (alternative) investments (referred to herein Example as “asset classes”) as represented by the primary holdings (as described in This example is intended to help you compare the cost of investing in the prospectuses) of the Underlying Portfolios and Underlying ETFs in the Portfolio with the cost of investing in other portfolios. The example which the Portfolio invests. The Portfolio’s current asset allocation target is assumes that you invest $10,000 in the Portfolio for the time periods to invest approximately 45% of its assets in equity investments, 40% of its

CMGR 1 assets in fixed income investments and 15% of its assets in non-traditional than one asset class (e.g., equity and alternative asset classes) or (alternative) investments through investments in Underlying Portfolios and category (e.g., international bond and global bond asset categories), Underlying ETFs. This asset allocation target may be changed by the the Adviser may, in its discretion, assign an Underlying Portfolio or Adviser and the Trust’s Board of Trustees without shareholder approval. Underlying ETF to one or more asset classes or categories. The Actual allocations can deviate by up to 15% for each asset class. Adviser may add new Underlying Portfolios and Underlying ETFs or replace or eliminate existing Underlying Portfolios and Underlying As used in this Prospectus, the term “asset category” refers to ETFs without shareholder approval. The Underlying Portfolios and specific types of securities or other instruments within each asset Underlying ETFs have been selected to represent a reasonable class. The traditional and non-traditional (alternative) asset spectrum of investment options for the Portfolio. categories and strategies of the Underlying Portfolios and Underlying ETFs in which the Portfolio invests are as follows (asset categories The Adviser has based the asset allocation target percentages for the and strategies that the Adviser considers to be non-traditional Portfolio on the degree to which it believes the Underlying Portfolios and (alternative) are indicated with an asterisk*): Underlying ETFs, in combination, are appropriate for the Portfolio’s investment objective. The Adviser may sell the Portfolio’s holdings for a Absolute Return/Multi Domestic Large Cap Bank Loans Strategies* Equity variety of reasons, including to invest in an Underlying Portfolio or Emerging Markets Debt Commodities* Domestic Mid Cap Equity Underlying ETF believed to offer superior investment. Floating Rate Securities Convertible Securities* Domestic Small Cap Equity Global Bond The Principal Risks of Investing in the Portfolio Covered Call Writing* Domestic Micro Cap High Yield Bond Currency* Equity An investment in the Portfolio is not a deposit of a bank and is not Inflation Linked Securities insured or guaranteed by the Federal Deposit Insurance Corporation or Global Infrastructure* Emerging Markets Equity International Bond any other government agency. You may lose money by investing in the Global Real Estate* Emerging Markets Small Cap Money Market Portfolio. Performance may be affected by one or more of the Listed Private Equity* Frontier Markets US Government Bond following risks. The Portfolio is also subject to the risks associated Long/Short Credit* with the Underlying Portfolios’ and Underlying ETFs’ investments; Global Equity US Investment Grade Bond Managed Futures* please see the Prospectuses and Statements of Additional Information International Developed US Short Term Investment Merger Arbitrage* Equity Grade Bond for the Underlying Portfolios and Underlying ETFs for additional information about these risks. In this section, the term “Portfolio” may Natural Resources* International/Global Small Precious and Base Cap Equity include the Portfolio, an Underlying Portfolio, an Underlying ETF, or all Metals* of the above. Non-traditional (alternative) investments are alternatives to • Affiliated Portfolio Risk — In managing a Portfolio that invests in traditional equity (stocks) or fixed income (bonds and cash) Underlying Portfolios and Underlying ETFs, the Adviser will have the investments. Non-traditional (alternative) investments have the authority to select and substitute the Underlying Portfolios and potential to enhance portfolio diversification and reduce overall Underlying ETFs. The Adviser may be subject to potential conflicts of portfolio volatility because these investments may not have a strong interest in allocating the Portfolio’s assets among Underlying correlation (relationship) to one another or to traditional market Portfolios and Underlying ETFs because it (and in certain cases its indexes. Non-traditional (alternative) investments use a different affiliates) earn fees for managing and administering the affiliated approach to investing than do traditional investments. This approach Underlying Portfolios, but not the unaffiliated Underlying Portfolios or may involve, for example, holding both long and short positions in Underlying ETFs. In addition, the Adviser may be subject to potential securities or using derivatives or hedging strategies. Many non- conflicts of interest in allocating the Portfolio’s assets among the traditional (alternative) investment strategies are designed to help various affiliated Underlying Portfolios because the fees payable to it reduce the role of overall market direction in determining return. by some of the affiliated Underlying Portfolios are higher than the fees payable by other affiliated Underlying Portfolios and because the In addition, the Portfolio may invest in Underlying Portfolios and Adviser is also responsible for managing, administering, and with Underlying ETFs that employ derivatives (including futures contracts) respect to certain affiliated Underlying Portfolios, its affiliates are for a variety of purposes, including to reduce risk, to seek enhanced responsible for sub-advising, the affiliated Underlying Portfolios. returns from certain asset classes, and to leverage exposure to • Alternative Investment Risk — To the extent the Portfolio invests certain asset classes. in Underlying Portfolios and Underlying ETFs that invest in The Adviser selects the Underlying Portfolios and Underlying ETFs in alternative investments, it will be subject to the risks associated which to invest the Portfolio’s assets. In selecting Underlying with such investments. Alternative investments may use a Portfolios and Underlying ETFs, the Adviser will utilize a proprietary different approach to investing than do traditional investments investment process that may take into consideration a number of (such as equity or fixed income investments) and the performance factors including, as appropriate and applicable, fund performance, of alternative investments is not expected to correlate closely with management team, investment style, correlations, asset class more traditional investments; however, it is possible that exposure, industry classification, benchmark, risk adjusted return, alternative investments will decline in value along with equity or volatility, expense ratio, asset size and portfolio turnover. For fixed income markets, or both, or that they may not otherwise purposes of asset class and asset category target allocations, where perform as expected. Alternative investments may have different an Underlying Portfolio or Underlying ETF could be assigned to more characteristics and risks than do traditional investments, can be

CMGR 2 highly volatile, may be less liquid, particularly in periods of stress, derivatives more costly, limit their availability, impact the Portfolio’s and may be more complex and less transparent than traditional ability to maintain its investments in derivatives, disrupt markets, or investments. Alternative investments also may have more otherwise adversely affect their value or performance. complicated tax profiles than traditional investments. The use of • Equity Risk — In general, stocks and other equity security values alternative investments may not achieve the desired effect. fluctuate, and sometimes widely fluctuate, in response to changes • Convertible Securities Risk — The value of convertible securities in a company’s financial condition as well as general market, fluctuates in relation to changes in interest rates and the credit quality economic, and political conditions and other factors. of the issuer and, in addition, fluctuates in relation to the underlying • Floating Rate Loan Risk — Floating rate loans generally are common stock. A convertible security may be subject to redemption at subject to restrictions on resale. The liquidity of floating rate the option of the issuer at a price established in the convertible loans, including the volume and frequency of secondary market security’s governing instrument, which may be different than the trading in such loans, varies significantly over time and among current market price of the security. If a convertible security held by the individual floating rate loans. For example, if the credit quality of Portfolio is called for redemption, the Portfolio will be required to a floating rate loan unexpectedly declines significantly, secondary permit the issuer to redeem the security, convert it into underlying market trading in that floating rate loan can also decline. During common stock or sell it to a third party. Investments by the Portfolio in periods of infrequent trading, valuing a floating rate loan can be convertible debt securities may not be subject to any ratings more difficult, and buying and selling a floating rate loan at an restrictions, but the Portfolio’s investment manager will consider acceptable price can be more difficult and delayed. Difficulty in ratings, and any changes to ratings, in its determination of whether selling a floating rate loan can result in a loss. The value of the the Portfolio should invest in and/or continue to hold the securities. collateral securing a floating rate loan can decline, be insufficient Convertible securities are subject to equity risk, interest rate risk and to meet the obligations of the borrower, or be difficult to credit risk, and are often lower-quality securities, which means that liquidate. As a result, a floating rate loan may not be fully they are subject to the same risks as an investment in lower rated debt collateralized, and can decline significantly in value. securities. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security is also • Foreign Securities Risk — Investments in foreign securities, subject to the same types of market and issuer-specific risks that apply including depositary receipts, involve risks not associated with to the underlying common stock. investing in U.S. securities. Foreign markets, particularly emerging markets, may be less liquid, more volatile and subject to less • Credit Risk — The Portfolio is subject to the risk that the issuer or government supervision than U.S. markets. Security values also the guarantor (or other obligor, such as a party providing insurance or may be negatively affected by changes in the exchange rates other credit enhancement) of a fixed income security, or the between the U.S. dollar and foreign currencies. Differences counterparty to a derivatives contract, repurchase agreement, loan of between U.S. and foreign legal, political and economic systems, portfolio securities or other transaction, is unable or unwilling, or is perceived (whether by market participants, ratings agencies, pricing regulatory regimes and market practices also may impact security services or otherwise) as unable or unwilling, to make timely principal values and it may take more time to clear and settle trades and/or interest payments, or otherwise honor its obligations. involving foreign securities. Securities are subject to varying degrees of credit risk, which are often Currency Risk — Investments in foreign currencies and in reflected in their credit ratings. However, rating agencies may fail to securities that trade in, or receive revenues in, or in derivatives make timely changes to credit ratings in response to subsequent that provide exposure to foreign currencies are subject to the events and a credit rating may become stale in that it fails to reflect risk that those currencies will decline in value relative to the changes in an issuer’s financial condition. The downgrade of the U.S. dollar, or, in the case of hedging positions, that the credit rating of a security may decrease its value. Lower credit quality U.S. dollar will decline in value relative to the currency being also may lead to greater volatility in the price of a security and may hedged. Any such decline may erode or reverse any potential negatively affect a security’s liquidity. gains from an investment in securities denominated in foreign • Derivatives Risk — The Portfolio’s investments in derivatives may currency or may widen existing loss. Currency rates may rise or fall in value more rapidly than other investments. Changes in fluctuate significantly over short periods of time for a number the value of a derivative may not correlate perfectly or at all with of reasons, including changes in interest rates, intervention (or the underlying asset, rate or index, and the Portfolio could lose the failure to intervene) by governments, central banks or more than the principal amount invested. Some derivatives can supranational entities, or by the imposition of currency controls have the potential for unlimited losses. In addition, it may be or other political developments in the U.S. or abroad. difficult or impossible for the Portfolio to purchase or sell certain Emerging Markets Risk — There are greater risks involved in derivatives in sufficient amounts to achieve the desired level of investing in emerging market countries and/or their securities exposure, which may result in a loss or may be costly to the markets. Investments in these countries and/or markets may Portfolio. Derivatives also may be subject to certain other risks such present market, credit, currency, liquidity, legal, political, as leveraging risk, interest rate risk, credit risk, the risk that a technical and other risks different from, or greater than, the counterparty may be unable or unwilling to honor its obligations, risks of investing in developed countries. Investments in and the risk of mispricing or improper valuation. Derivatives also emerging markets are more susceptible to loss than may not behave as anticipated by the Portfolio, especially in investments in developed markets. In addition, the risks abnormal market conditions. Changing regulation may make associated with investing in a narrowly defined geographic

CMGR 3 area are generally more pronounced with respect to in the lower investment grade rating categories (e.g., BBB or Baa) investments in emerging market countries. are considered investment grade securities, but are somewhat • Futures Contract Risk — The primary risks associated with the riskier than higher rated obligations because they are regarded as use of futures contracts are (a) the imperfect correlation between having only an adequate capacity to pay principal and interest, the change in market value of the instruments held by the are considered to lack outstanding investment characteristics, and Portfolio and the price of the futures contract; (b) liquidity risks, may possess certain speculative characteristics. including the possible absence of a liquid secondary market for a • Large-Cap Company Risk — Larger more established companies futures contract and the resulting inability to close a futures may be unable to respond quickly to new competitive challenges contract when desired; (c) losses (potentially unlimited) caused by such as changes in technology and consumer tastes. Many larger unanticipated market movements; (d) an investment manager’s companies also may not be able to attain the high growth rate of inability to predict correctly the direction of securities prices, successful smaller companies, especially during extended periods interest rates, currency exchange rates and other economic of economic expansion. factors; (e) the possibility that a counterparty, clearing member or • Liquidity Risk — The Portfolio is subject to the risk that certain clearinghouse will default in the performance of its obligations; (f) investments may be difficult or impossible for the Portfolio to if the Portfolio has insufficient cash, it may have to sell securities purchase or sell at an advantageous time or price or in sufficient from its portfolio to meet daily variation margin requirements, and amounts to achieve the desired level of exposure. The Portfolio may the Portfolio may have to sell securities at a time when it may be be required to dispose of other investments at unfavorable times or disadvantageous to do so; and (g) transaction costs associated prices to satisfy obligations, which may result in a loss or may be with investments in futures contracts may be significant, which costly to the Portfolio. Judgment plays a greater role in pricing illiquid could cause or increase losses or reduce gains. Futures contracts investments than investments with more active markets. are also subject to the same risks as the underlying investments to which they provide exposure. In addition, futures contracts may • Loan Risk — Loan interests are subject to liquidity risk, prepayment subject the Portfolio to leveraging risk. risk (the risk that when interest rates fall, debt securities may be repaid more quickly than expected and the Portfolio may be required to • Inflation-Indexed Bonds Risk — Inflation-indexed bonds are reinvest in securities with a lower yield), extension risk (the risk that fixed income securities whose principal value is periodically when interest rates rise, debt securities may be repaid more slowly than adjusted according to inflation. Inflation-indexed bonds, including expected and the value of the Portfolio’s holdings may decrease), the Treasury Inflation-indexed securities, decline in value when real risk of subordination to other creditors, restrictions on resale, and the interest rates rise. In certain interest rate environments, such as lack of a regular trading market and publicly available information. when real interest rates are rising faster than nominal interest Loan interests may be difficult to value and may have extended trade rates, inflation-indexed bonds may experience greater losses than settlement periods. Accordingly, the proceeds from the sale of a loan other fixed income securities with similar durations. Interest may not be available to make additional investments or to meet payments on inflation-linked debt securities may be difficult to redemption obligations until potentially a substantial period after the predict and may vary as the principal and/or interest is adjusted sale of the loan. The extended trade settlement periods could force the for inflation. In periods of deflation, the Portfolio may have no Portfolio to liquidate other securities to meet redemptions and may income at all from such investments. present a risk that the Portfolio may incur losses in order to timely • Interest Rate Risk — The Portfolio is subject to the risk that fixed honor redemptions. There is a risk that the value of any collateral income securities will decline in value because of changes in securing a loan in which the Portfolio has an interest may decline and interest rates. When interest rates decline, the value of the that the collateral may not be sufficient to cover the amount owed on Portfolio’s debt securities generally rises. Conversely, when the loan. In the event the borrower defaults, the Portfolio’s access to interest rates rise, the value of the Portfolio’s debt securities the collateral may be limited or delayed by bankruptcy or other generally declines. A portfolio with a longer average duration will insolvency laws. To the extent that the Portfolio invests in loan be more sensitive to changes in interest rates, usually making it participations and assignments, it is subject to the risk that the financial more volatile than a portfolio with a shorter average duration. As institution acting as agent for all interests in a loan might fail financially. of the date of this Prospectus, interest rates are near historic lows It is also possible that the Portfolio could be held liable, or may be in the United States, and below zero in other parts of the world, called upon to fulfill other obligations, as a co-lender. including certain European countries and Japan. The Portfolio is • Market Risk — The Portfolio is subject to the risk that the securities subject to a greater risk of rising interest rates due to these markets will move down, sometimes rapidly and unpredictably based market conditions. A significant or rapid rise in interest rates could result in losses to the Portfolio. on overall economic conditions and other factors. Changes in the financial condition of a single issuer can impact the market as a whole. • Investment Grade Securities Risk — Debt securities generally are rated by national bond ratings agencies. The Portfolio • Mid-Cap, Small-Cap and Micro-Cap Company Risk —The considers securities to be investment grade if they are rated BBB Portfolio’s investments in mid-, small- and micro-cap companies may or higher by Standard & Poor’s Global Ratings (“S&P”) or Fitch involve greater risks than investments in larger, more established Ratings, Ltd. (“Fitch”) or Baa or higher by Moody’s Investors issuers because they generally are more vulnerable than larger Service, Inc. (“Moody’s”), or, if unrated, determined by the companies to adverse business or economic developments. Such investment manager to be of comparable quality. Securities rated companies generally have narrower product lines, more limited

CMGR 4 financial and management resources and more limited markets for Underlying ETF could be substantially and adversely affected. The their stock as compared with larger companies. As a result, the value extent to which the investment performance and risks associated of such securities may be more volatile than the securities of larger with the Portfolio correlate to those of a particular Underlying companies, and the portfolio may experience difficulty in purchasing Portfolio or Underlying ETF will depend upon the extent to which or selling such securities at the desired time and price or in the the Portfolio’s assets are allocated from time to time for desired amount. In general, these risks are greater for small- and investment in the Underlying Portfolio or Underlying ETF, which micro-cap companies than for mid-cap companies. will vary. • Money Market Risk — Although a money market fund is designed • Sector Risk — From time to time, based on market or economic to be a relatively low risk investment, it is not free of risk. Despite conditions, the Portfolio may have significant positions in one or more the short maturities and high credit quality of a money market sectors of the market. To the extent the Portfolio invests more heavily fund’s investments, increases in interest rates and deteriorations in in particular sectors, its performance will be especially sensitive to the credit quality of the instruments the money market fund has developments that significantly affect those sectors. Individual sectors purchased may reduce the money market fund’s yield and can may be more volatile, and may perform differently, than the broader cause the price of a money market security to decrease. In addition, market. The industries that constitute a sector may all react in the a money market fund is subject to the risk that the value of an same way to economic, political or regulatory events. investment may be eroded over time by inflation. The Securities and • U.S. Government Securities Risk — The Portfolio invests in Exchange Commission adopted changes to the rules that govern securities issued or guaranteed by the U.S. government or its money market funds which became effective in October 2016. agencies and instrumentalities (such as securities issued by the These changes may affect a money market fund’s investment Government National Mortgage Association (Ginnie Mae), the strategies, operations and/or return potential. Federal National Mortgage Association (Fannie Mae), or the • Non-Investment Grade Securities Risk — Bonds rated below Federal Home Loan Mortgage Corporation (Freddie Mac). U.S. investment grade (i.e., BB or lower by S&P or Fitch or Ba or lower by government securities are subject to market risk, interest rate risk Moody’s or, if unrated, determined by the investment manager to be and credit risk. Securities, such as those issued or guaranteed by of comparable quality) are speculative in nature and are subject to Ginnie Mae or the U.S. Treasury, that are backed by the full faith additional risk factors such as increased possibility of default, and credit of the U.S. are guaranteed only as to the timely illiquidity of the security, and changes in value based on changes in payment of interest and principal when held to maturity, and the interest rates. Non-investment grade bonds, sometimes referred to as market prices for such securities will fluctuate due to changing “junk bonds” are usually issued by companies without long track interest rates, among other factors. Notwithstanding that these records of sales and earnings, or by those companies with securities are backed by the full faith and credit of the U.S., questionable credit strength. The creditworthiness of issuers of non- circumstances could arise that would prevent the payment of investment grade debt securities may be more complex to analyze interest or principal. This would result in losses to the Portfolio. than that of issuers of investment grade debt securities, and reliance Securities issued or guaranteed by U.S. government related on credit ratings may present additional risks. organizations, such as Fannie Mae and Freddie Mac, are not • Portfolio Management Risk — The Portfolio is subject to the risk backed by the full faith and credit of the U.S. government and no that strategies used by an investment manager and its securities assurance can be given that the U.S. government will provide selections fail to produce the intended results. financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment • Risks of Investing in Underlying Portfolios and Underlying ETFs — obligations in the future. The Portfolio’s shareholders will indirectly bear the fees and expenses paid by the Underlying Portfolios and Underlying ETFs in Risk/Return Bar Chart and Table which it invests, in addition to the Portfolio’s direct fees and expenses. The cost of investing in the Portfolio, therefore, may be The bar chart and table below provide some indication of the risks of higher than the cost of investing in a mutual fund that invests investing in the Portfolio by showing changes in the Portfolio’s directly in individual stocks and bonds. The Portfolio’s net asset performance from year to year and by showing how the Portfolio’s value is subject to fluctuations in the net asset values of the average annual total returns for the past one-year and since Underlying Portfolios and the market values of the Underlying inception periods through December 31, 2016 compared to the ETFs in which it invests. The Portfolio is also subject to the risks returns of a broad-based securities market index. The hypothetical associated with the securities or other investments in which the composite index shows how the Portfolio’s performance compared Underlying Portfolios and Underlying ETFs invest and the ability of with the returns of other asset classes in which the Portfolio may the Portfolio to meet its investment objective will directly depend invest. The return of the securities broad-based market index (and on the ability of the Underlying Portfolios and Underlying ETFs to any additional comparative index) shown in the right hand column meet their investment objectives. There is also the risk that an below is the return of the index for the last 10 years or, if shorter, Underlying ETF’s performance may not match that of the relevant since the inception of the share class with the longest history. Past index. It is also possible that an active trading market for an performance is not an indication of future performance. Underlying ETF may not develop or be maintained, in which case the liquidity and value of the Portfolio’s investment in the

CMGR 5 The performance results do not reflect any Contract-related fees and PURCHASE AND SALE OF PORTFOLIO SHARES 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 issued by Calendar Year Annual Total Return — Class B AXA Equitable Life Insurance Company (“AXA Equitable”), or other 6.88% 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. 1.88% 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 -3.34% 2014 2015 2016 after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares. Best quarter (% and time period) Worst quarter (% and time period) 3.99% (2016 3rd Quarter) –5.81% (2015 3rd Quarter) TAX INFORMATION The Portfolio’s shareholders are (or may include) insurance company Average Annual Total Returns separate accounts, qualified plans and other investors eligible under Since applicable federal income tax regulations. Accordingly, distributions the One Year Inception Portfolio makes of its net investment income and net realized gains — CharterSM Moderate Growth Portfolio — Class B Shares most or all of which it intends to distribute annually — and redemptions (Inception Date: October 30, 2013) 6.88% 2.04% or exchanges of Portfolio shares generally will not be taxable to its Dow Jones Moderate Portfolio Index (reflects no deduction for fees, expenses, or taxes) 7.67% 4.09% shareholders (or to the holders of underlying Contracts or plan 45% MSCI AC World (Net) Index / 27% Bloomberg participants or beneficiaries). See the prospectus for your Contract for Barclays U.S. Intermediate Government/Credit Bond Index / 13% BofA Merrill Lynch Global Broad Market ex further tax information. U.S. Index / 15% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index (reflects no deduction for fees, expenses, or taxes) 4.52% 1.94% PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES WHO MANAGES THE PORTFOLIO The Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and Investment Adviser: FMG LLC retirement plans and to other eligible investors. The Portfolio and Portfolio Managers: the Adviser and its affiliates may make payments to a sponsoring Date Began insurance company (or its affiliates) or other financial intermediary Managing for distribution and/or other services. These payments may create a Name Title the Portfolio conflict of interest by influencing the insurance company or other Kenneth T. Kozlowski, Executive Vice President October 2013 CFP®, CLU, ChFC and Chief Investment financial intermediary and your financial adviser to recommend the Officer of FMG LLC Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option Alwi Chan, CFA® Senior Vice President October 2013 and Deputy Chief in the Contract. The prospectus (or other offering document) for your Investment Contract may contain additional information about these payments. Officer of FMG LLC Ask your financial adviser or visit your financial intermediary’s Xavier Poutas, CFA® Assistant Portfolio October 2013 website for more information. Manager of FMG LLC Miao Hu, CFA® Assistant Portfolio May 2016 Manager of FMG LLC

CMGR 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.

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 [THIS PAGE INTENTIONALLY LEFT BLANK] EQ Advisors TrustSM

1290 VT Convertible Securities Portfolio – Class IB Shares (formerly EQ/Convertible Securities 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 high level of total return. Portfolio’s operating expenses remain the same, and that the Expense Limi- tation Arrangement is not renewed. The Example does not reflect any FEES AND EXPENSES OF THE PORTFOLIO Contract-related fees and expenses including redemption fees (if any) at the Contract level. If such fees and expenses were reflected, the total ex- The following table describes the fees and expenses that you may pay if penses would be higher. Although your actual costs may be higher or you buy and hold shares of the Portfolio. The table below does not re- 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 IB Shares $132 $524 $941 $2,104 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 33% of the average value of the Portfolio. Class IB 1290 VT Convertible Securities Portfolio Shares Management Fee 0.70% INVESTMENTS, RISKS, AND PERFORMANCE Distribution and/or Service Fees (12b-1 fees) 0.25% Principal Investment Strategy: Under normal market conditions, Other Expenses 0.75% the Portfolio invests at least 80% of its net assets, plus borrowings for Acquired Fund Fees and Expenses 0.13% investment purposes, in a diversified portfolio of convertible securities. Total Annual Portfolio Operating Expenses 1.83% A convertible security is generally a bond, preferred stock or other secu- Fee Waiver and/or Expense Reimbursement† –0.53% rity that may be converted within a specified period of time and at a Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement 1.30% pre-stated price or formula into common stock of the same or a different issuer. By investing in convertible securities, the Portfolio seeks the † 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 opportunity to participate in the capital appreciation of the underlying expenses of the Portfolio through April 30, 2018 (unless the Board of Trustees con- common stocks, while at the same time relying on the fixed income sents to an earlier revision or termination of this arrangement) (“Expense Limitation Arrangement”) so that the annual operating expenses (including Acquired Fund Fees aspect of the convertible securities to provide current income and re- and Expenses) of the Portfolio (exclusive of taxes, interest, brokerage commissions, duced price volatility. The Portfolio’s convertible securities may include capitalized expenses, dividend and interest expenses on securities sold short, and investment grade securities (i.e., those securities that are rated at least extraordinary expenses) do not exceed an annual rate of average daily net assets of 1.30% for Class IB shares of the Portfolio. The Expense Limitation Arrangement may BBB or higher by Standard & Poor’s Global Ratings (“S&P”) or Fitch be terminated by AXA Equitable Funds Management Group, LLC at any time after Ratings, Ltd. (“Fitch”) or Baa or higher by Moody’s Investors Service, April 30, 2018. Inc. (“Moody’s”)), below investment grade securities (commonly know as “junk bonds”) (i.e., those securities that are rated BB or lower by Example S&P or Fitch or Ba or lower by Moody’s) or securities that are not rated This Example is intended to help you compare the cost of investing in the by a securities rating organization. Many convertible securities are rated Portfolio with the cost of investing in other portfolios. The Example as- below investment grade and the Portfolio may invest up to 80% of its sumes that you invest $10,000 in the Portfolio for the periods indicated assets in securities that are rated below investment grade or those that and then redeem all of your shares at the end of these periods. The Exam- are not rated but deemed to be of comparable quality by the Adviser or ple also assumes that your investment has a 5% return each year, that the Sub-Adviser. The Portfolio may retain the common stock issued upon

VTCS 1 conversion to permit its orderly sale or for other purposes. The Portfolio Corporation or any other government agency. You may lose money by may invest in privately placed and restricted securities. The Portfolio investing in the Portfolio. Performance may be affected by one or more may invest up to 15% of its net assets in illiquid securities and up to of the following risks. 10% of its net assets in securities of foreign issuers. Convertible Securities Risk: The value of convertible securities The Portfolio’s assets normally are allocated among two portions, each fluctuates in relation to changes in interest rates and the credit quality of which is managed using a different but complementary investment of the issuer and, in addition, fluctuates in relation to the underlying strategy. One portion of the Portfolio is actively managed (“Active Allo- common stock. A convertible security may be subject to redemption at cated Portion”) and the other portion of the Portfolio invests in ETFs the option of the issuer at a price established in the convertible secur- that are passively managed and that meet the investment objective of ity’s governing instrument, which may be different than the current the Portfolio (“ETF Allocated Portion”). Under normal circumstances, market price of the security. If a convertible security held by the Portfo- the Active Allocated Portion consists of approximately 70% of the Port- lio is called for redemption, the Portfolio will be required to permit the folio’s net assets and the ETF Allocated Portion consists of approx- issuer to redeem the security, convert it into underlying common stock imately 30% of the Portfolio’s net assets. These percentages can or sell it to a third party. Investments by the Portfolio in convertible debt deviate from the amounts shown above by up to 15% of the Portfolio’s securities may not be subject to any ratings restrictions, but the Portfo- assets. The ETFs in which the ETF Allocated Portion may invest may be lio’s investment manager will consider ratings, and any changes to rat- changed from time to time without notice or shareholder approval. ings, in its determination of whether the Portfolio should invest in and/ or continue to hold the securities. Convertible securities are subject to The Active Allocated Portion of the Portfolio invests primarily in con- equity risk, interest rate risk and credit risk and are often lower-quality vertible securities of U.S. companies of any size; however, the Sub-Adviser securities, which means that they are subject to the same risks as an may, from time to time, focus investments in small- and mid-capitalization investment in lower rated debt securities. Since it derives a portion of its companies. In choosing investments for the Portfolio, the Sub-Adviser to value from the common stock into which it may be converted, a con- the Active Allocated Portion utilizes a quantitative screening process to vertible security is also subject to the same types of market and issuer- identify convertible securities for potential investment. Once a security is specific risks that apply to the underlying common stock. In addition, identified, the Sub-Adviser evaluates the security’s characteristics such as because companies that issue convertible securities are often small- or structure, terms and liquidity, as well as quantitative factors such as fair mid-cap companies, to the extent the Portfolio invests in convertible value, expected equity participation, total return profile and implied credit securities, it will be subject to the risks of investing in these companies. spreads. The Sub-Adviser then engages in an in-depth analysis of those The stocks of small- and mid-cap companies are often more volatile and securities that satisfy prior screens including analysis of such factors as the less liquid than the stocks of larger companies. Convertible securities issuer’s management, financial condition and competitive position to se- are normally “junior” securities, which means an issuer usually must lect investments. The Sub-Adviser may sell a security for a variety of rea- pay interest on its non-convertible debt before it can make payments on sons, including unexpected results (e.g., decrease in price) or changes in its convertible securities. If an issuer stops making interest or principal the credit assessment of the company (e.g., credit ratings) or to invest in payments, these securities may become worthless and the Portfolio other securities believed to offer superior investment opportunities. The could lose its entire investment. In the event of a liquidation of the issu- Portfolio may engage in active and frequent trading to achieve its investing company, holders of convertible securities may be paid before the ment objective. company’s common stock holders but after holders of any senior debt The ETF Allocated Portion invests in exchange-traded funds (“ETFs”) that, obligations of the company. in turn, invest in convertible securities. The ETF Allocated Portion currently Credit Risk: The Portfolio is subject to the risk that the issuer or the ® ® invests in the SPDR Barclays Convertible Securities ETF. The SPDR Bar- guarantor (or other obligor, such as a party providing insurance or other clays Convertible Securities ETF seeks to provide investment results that, credit enhancement) of a fixed income security, or the counterparty to a before fees and expenses, correspond generally to the price and yield per- derivatives contract, repurchase agreement, loan of portfolio securities formance of an index that tracks U.S. convertible securities markets with or other transaction, is unable or unwilling, or is perceived (whether by outstanding issue sizes greater than $500 million. The Portfolio may invest market participants, ratings agencies, pricing services or otherwise) as in other ETFs that track convertible securities markets. An investor in the unable or unwilling, to make timely principal and/or interest payments, Portfolio will bear both the expenses of the Portfolio as well as the indirect or otherwise honor its obligations. Securities are subject to varying de- expenses associated with the ETFs held by the ETF Allocated Portion. grees of credit risk, which are often reflected in their credit ratings. Under normal circumstances, up to 20% of the Portfolio’s net assets However, rating agencies may fail to make timely changes to credit rat- may be invested in other securities including: (1) common stock, non- ings in response to subsequent events and a credit rating may become convertible preferred stock and other equity instruments; (2) non- stale in that it fails to reflect changes in an issuer’s financial condition. convertible debt securities; and (3) short-term money market The downgrade of the credit rating of a security may decrease its value. instruments, including certificates of deposit, commercial paper, U.S. Lower credit quality also may lead to greater volatility in the price of a Government securities and other income-producing cash equivalents. security and may negatively affect a security’s liquidity. The Portfolio also may lend its portfolio securities to earn additional Equity Risk: In general, stocks and other equity security values fluc- income. tuate, and sometimes widely fluctuate, in response to changes in a company’s financial condition as well as general market, economic and Principal Risks: An investment in the Portfolio is not a deposit of a political conditions and other factors. bank and is not insured or guaranteed by the Federal Deposit Insurance

VTCS 2 ETFs Risk: The Portfolio will indirectly bear fees and expenses paid by to be investment grade if they are rated BBB or higher by S&P or Fitch or the ETFs in which it invests, in addition to the Portfolio’s direct fees and Baa or higher by Moody’s or, if unrated, determined by the investment expenses. The cost of investing in the Portfolio, therefore, may be higher manager to be of comparable quality. Securities rated in the lower invest- than the cost of investing in a mutual fund that exclusively invests directly ment grade rating categories (e.g., BBB or Baa) are considered investment in individual stocks and bonds. In addition, the Portfolio’s net asset value grade securities, but are somewhat riskier than higher rated obligations will be subject to fluctuations in the market values of the ETFs in which it because they are regarded as having only an adequate capacity to pay invests. The Portfolio is also subject to the risks associated with the secu- principal and interest, are considered to lack outstanding investment rities or other investments in which the ETFs invest and the ability of the characteristics, and may possess certain speculative characteristics. Portfolio to meet its investment objective will directly depend on the abil- Large-Cap Company Risk: Larger, more established companies ity of the ETFs to meet their investment objectives. There is also the risk may be unable to respond quickly to new competitive challenges such as that an ETF’s performance may not match that of the relevant index. It is changes in technology and consumer tastes. Many larger companies also also possible that an active trading market for an ETF may not develop or may not be able to attain the high growth rate of successful smaller com- be maintained, in which case the liquidity and value of the Portfolio’s in- panies, especially during extended periods of economic expansion. vestment in the ETF could be substantially and adversely affected. The extent to which the investment performance and risks associated with the Liquidity Risk: The Portfolio is subject to the risk that certain Portfolio correlate to those of a particular ETF will depend upon the extent investments may be difficult or impossible for the Portfolio to purchase to which the Portfolio’s assets are allocated from time to time for invest- or sell at an advantageous time or price or in sufficient amounts to ment in the ETF, which will vary. achieve the desired level of exposure. The Portfolio may be required to dispose of other investments at unfavorable times or prices to satisfy Foreign Securities Risk: Investments in foreign securities, includ- obligations, which may result in a loss or may be costly to the Portfolio. ing depositary receipts, involve risks not associated with investing in Judgment plays a greater role in pricing illiquid investments than U.S. securities. Foreign markets, particularly emerging markets, may be investments with more active markets. less liquid, more volatile and subject to less government supervision than U.S. markets. Security values also may be negatively affected by Mid-Cap and Small-Cap Company Risk: The Portfolio’s invest- changes in the exchange rates between the U.S. dollar and foreign cur- ments in mid- and small-cap companies may involve greater risks than in- rencies. Differences between U.S. and foreign legal, political and eco- vestments in larger, more established issuers because they generally are nomic systems, regulatory regimes and market practices also may more vulnerable than larger companies to adverse business or economic impact security values and it may take more time to clear and settle developments. Such companies generally have narrower product lines, trades involving foreign securities. more limited financial and management resources and more limited markets for their stock as compared with larger companies. As a result, the Currency Risk: Investments in foreign currencies and in securities value of such securities may be more volatile than the securities of larger that trade in, or receive revenues in, or in derivatives that provide companies, and the Portfolio may experience difficulty in purchasing or exposure to foreign currencies are subject to the risk that those selling such securities at the desired time and price or in the desired currencies will decline in value relative to the U.S. dollar, or, in the amount. In general, these risks are greater for small-cap companies than case of hedging positions, that the U.S. dollar will decline in value for mid-cap companies. relative to the currency being hedged. Any such decline may erode or reverse any potential gains from an investment in securities Non-Investment Grade Securities Risk: Bonds rated below in- denominated in foreign currency or may widen existing loss. Cur- vestment grade (i.e., BB or lower by S&P or Fitch or Ba or lower by rency rates may fluctuate significantly over short periods of time Moody’s or, if unrated, determined by the investment manager to be of for a number of reasons, including changes in interest rates, inter- comparable quality) are speculative in nature and are subject to additional vention (or the failure to intervene) by governments, central banks risk factors such as increased possibility of default, illiquidity of the secu- or supranational entities, or by the imposition of currency controls rity, and changes in value based on changes in interest rates. Non- or other political developments in the U.S. or abroad. investment grade bonds, sometimes referred to as “junk bonds,” are usually issued by companies without long track records of sales and earn- Interest Rate Risk: The Portfolio is subject to the risk that fixed in- ings, or by those companies with questionable credit strength. The cred- come securities will decline in value because of changes in interest rates. itworthiness of issuers of non-investment grade debt securities may be When interest rates decline, the value of the Portfolio’s debt securities more complex to analyze than that of issuers of investment grade debt generally rises. Conversely, when interest rates rise, the value of the Port- securities, and reliance on credit ratings may present additional risks. folio’s debt securities generally declines. A portfolio with a longer average duration will be more sensitive to changes in interest rates, usually mak- Portfolio Turnover Risk: High portfolio turnover (generally, turn- ing it more volatile than a portfolio with a shorter average duration. As of over in excess of 100% in any given fiscal year) may result in increased the date of this Prospectus, interest rates are near historic lows in the transaction costs to the Portfolio, which may result in higher fund ex- United States, and below zero in other parts of the world, including cer- penses and lower total return. tain European countries and Japan. The Portfolio is subject to a greater Privately Placed and Restricted Securities Risk: Privately risk of rising interest rates due to these market conditions. A significant or placed securities are subject to resale restrictions and may be illiquid. rapid rise in interest rates could result in losses to the Portfolio. The Portfolio may be unable to sell or transfer these securities due to Investment Grade Securities Risk: Debt securities generally are restrictions on transfers or may be unable to find buyers interested in rated by national bond ratings agencies. The Portfolio considers securities purchasing the securities. The illiquidity of the market, as well as the

VTCS 3 lack of publicly available information regarding these securities, also WHO MANAGES THE PORTFOLIO may adversely affect the ability to arrive at a fair value for certain secu- Investment Adviser: FMG LLC rities at certain times and could make it difficult for the Portfolio to sell certain securities. Portfolio Managers: The members of the team that are jointly and primarily responsible for (i) the selection, monitoring and oversight of Sector Risk: From time to time, based on market or economic con- the Portfolio’s Sub-Adviser, (ii) allocating assets among the Portfolio’s ditions, the Portfolio may have significant positions in one or more sectors of the market. To the extent the Portfolio invests more heavily in Allocated Portions, and (iii) the selection of investments in ETFs for the particular sectors, its performance will be especially sensitive to Portfolio are: developments that significantly affect those sectors. Individual sectors Date Began may be more volatile, and may perform differently, than the broader Managing market. The industries that constitute a sector may all react in the same Name Title the Portfolio way to economic, political or regulatory events. Kenneth T. Kozlowski, Executive October 2013 ® Securities Lending Risk: The Portfolio may lend its portfolio secu- CFP , CLU, ChFC Vice President and Chief Investment Officer rities to seek income. There is a risk that a borrower may default on its of FMG LLC obligations to return loaned securities, however, the Portfolio’s securities lending agent may indemnify the Portfolio against that risk. The Alwi Chan, CFA® Senior Vice President October 2013 Portfolio will be responsible for the risks associated with the investment and Deputy Chief Investment Officer of cash collateral, including any collateral invested in an affiliated of FMG LLC 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 Xavier Poutas, CFA Assistant Portfolio October 2013 Manager of FMG LLC 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. Sub-Adviser: Palisade Capital Management, L.L.C. (“Palisade” or the “Sub-Adviser”) Risk/Return Bar Chart and Table Portfolio Managers: The individual primarily responsible for the secu- The bar chart and table below provide some indication of the risks of rities selection, research and trading for the Active Allocated Portion of investing in the Portfolio by showing changes in the Portfolio’s perform- the Portfolio is: ance from year to year and by showing how the Portfolio’s average annual total returns for the past one-year and since inception periods Date Began through December 31, 2016 compared to the returns of a broad-based Managing securities market index. Past performance is not an indication of future Name Title the Portfolio performance. William W. Lee Managing Director and October 2013 Senior Portfolio Manager, The performance results do not reflect any Contract-related fees and Convertible Securities of Palisade expenses, which would reduce the performance results.

AXA Equitable Funds Management Group, LLC (“FMG LLC” or the Calendar Year Annual Total Returns — Class IB “Adviser”) has been granted relief by the Securities and Exchange 8.71% 7.62% 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 -3.29% L.P., unless the sub-advisory agreement is approved by the Portfolio’s 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) Board of Trustees. 6.42% (2016 3rd Quarter) –7.45% (2015 3rd Quarter) PURCHASE AND REDEMPTION OF PORTFOLIO SHARES Average Annual Total Returns The Portfolio’s shares are currently sold only to insurance company sepa- Since rate accounts in connection with Contracts issued by AXA Equitable Life One Year Inception Insurance Company (“AXA Equitable”), AXA Life and Annuity Company, 1290 VT Convertible Securities Portfolio – Class IB Shares (Inception Date: October 28, 2013) 7.62% 4.83% or other affiliated or unaffiliated insurance companies and The AXA Equi- BofA Merrill Lynch All U.S. Convertibles Index (reflects no table 401(k) Plan. Shares also may be sold to other tax-qualified retire- deduction for fees, expenses, or taxes) 10.43% 6.35% ment 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.

VTCS 4 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.

VTCS 5 EQ Advisors TrustSM

1290 VT DoubleLine Opportunistic Bond Portfolio – Class IB Shares (formerly AXA/DoubleLine Opportunistic Core Plus Bond 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 maximize current income and total Portfolio’s operating expenses remain the same, and that the Expense Limi- return. tation Arrangement is not renewed. This Example does not reflect any Contract-related fees and expenses including redemption fees (if any) at FEES AND EXPENSES OF THE PORTFOLIO the Contract level. If such fees and expenses were reflected, the total expenses 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 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 IB Shares $107 $345 $601 $1,336 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 Not applicable. turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, Annual Portfolio Operating Expenses affect the Portfolio’s performance. During the most recent fiscal year, the (expenses that you pay each year as a percentage of the value of your investment) Portfolio’s portfolio turnover rate was 76% of the average value of the Class IB Portfolio. 1290 VT DoubleLine Opportunistic Bond Portfolio Shares Management Fee 0.60% INVESTMENTS, RISKS, AND PERFORMANCE Distribution and/or Service Fees (12b-1 fees) 0.25% Other Expenses 0.24% Principal Investment Strategy: Under normal circumstances, the Acquired Fund Fees and Expenses 0.01% Portfolio invests at least 80% of its net assets, plus any borrowings for Total Annual Portfolio Operating Expenses 1.10% investment purposes, in fixed income securities. For purposes of this Fee Waiver and/or Expense Reimbursement† –0.05% investment policy, fixed income securities include direct and indirect Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement 1.05% investments in fixed income securities and investments in other investment companies and financial instruments that drive their value from † 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 such securities. The Portfolio’s investments in fixed income securities expenses of the Portfolio through April 30, 2018 (unless the Board of Trustees con- include, but are not limited to, securities issued or guaranteed by the sents to an earlier revision or termination of this arrangement) (“Expense Limitation U.S. government or its agencies, instrumentalities or sponsored corpo- Arrangement”) so that the annual operating expenses of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses, acquired fund fees and rations; mortgage-backed securities; asset-backed securities; foreign expenses, dividend and interest expenses on securities sold short, and extraordinary and domestic corporate bonds; floating or variable rate obligations expenses) do not exceed an annual rate of average daily net assets of 1.05% for (including inverse floater collateralized mortgage obligations); bank 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, loans; fixed income securities issued by corporations and governments 2018. in foreign countries including emerging markets issuers and U.S. dollar- denominated securities or non-U.S. issuers; securities issued by munici- Example palities; collateralized loan obligations and other securities bearing fixed This Example is intended to help you compare the cost of investing in the interest rates of any maturity. Portfolio with the cost of investing in other portfolios. The Example as- The Portfolio may invest up to 40% of its assets in below investment grade sumes that you invest $10,000 in the Portfolio for the periods indicated securities (commonly known as “junk bonds”). Such investments may in- and then redeem all of your shares at the end of these periods. The Exam- clude debt obligations of distressed companies, including companies that ple also assumes that your investment has a 5% return each year, that the are close to or in default. The Sub-Adviser allocates investments in below

VTDO 1 investment grade securities broadly by industry and issuer in an attempt to Principal Risks: An investment in the Portfolio is not a deposit of a reduce the impact on the Portfolio of negative events affecting an industry bank and is not insured or guaranteed by the Federal Deposit Insurance or issuer. Securities below investment grade include those securities rated Corporation or any other government agency. You may lose money by Ba1 or lower by Moody’s Investors Service, Inc. (“Moody’s”) or BB+ or investing in the Portfolio. Performance may be affected by one or more lower by Fitch Ratings Ltd. (“Fitch”) or by Standard & Poor’s Global Ratings of the following risks. (“S&P”) or, if unrated, deemed to be of comparable quality by the Adviser Collateralized Debt Obligations Risk: The risks of an invest- or Sub-Adviser. The Portfolio may invest in mortgage-backed or other asset- ment in a collateralized debt obligation (“CDO”) depend largely on the backed securities of any credit rating or credit quality without regard to the quality and type of the collateral and the tranche of the CDO in which 40% limitation described above. the Portfolio invests. Normally, collateralized bond obligations, collater- The Portfolio may also invest in inverse floaters, interest-only and alized loan obligations, and other CDOs are privately offered and sold, principal-only securities. In addition, the Portfolio may invest in senior and thus are not registered under the securities laws. As a result, bank loans and assignments, including through investments in other investments in CDOs may be characterized by the Portfolio as illiquid investment companies advised by the Sub-Adviser. securities; however, an active dealer market, or other relevant measures of liquidity, may exist for CDOs allowing a CDO potentially to be The Sub-Adviser actively manages the Portfolio’s asset class exposure deemed liquid under the Portfolio’s liquidity policies approved by the using a top-down approach, which involves using fundamental research Board of Trustees. In addition to the risks associated with debt instru- regarding the investment characteristics of each sector (such as risk, ments (e.g., interest rate risk and credit risk), CDOs carry risks including, volatility, relative valve, and the potential for growth and income), as but not limited to: (a) the possibility that distributions from collateral well as the Sub-Adviser’s outlook for the economy and financial markets securities will not be adequate to make interest or other payments; (b) as a whole. Primary sectors include government/municipals, high yield, the risk that the quality of the collateral may decline in value or default; global developed credit, international sovereign debt, emerging mar- (c) the possibility that the Portfolio may invest in CDOs that are sub- kets, and mortgage- and asset-backed. The Sub-Adviser will gradually ordinate to other classes; and (d) the risk that the complex structure of rotate portfolio assets among sectors in various markets using a long- the security may not be fully understood at the time of investment and term approach to attempt to maximize return. Individual securities may produce disputes with the issuer or unexpected investment results. within asset classes are selected using a bottom up approach, which Credit Risk: The Portfolio is subject to the risk that the issuer or the involves an analysis of each individual issuer’s creditworthiness. guarantor (or other obligor, such as a party providing insurance or other The Sub-Adviser uses a controlled risk approach in managing the Portfo- credit enhancement) of a fixed income security, or the counterparty to a lio, which includes consideration of: derivatives contract, repurchase agreement, loan of portfolio securities or other transaction, is unable or unwilling, or is perceived (whether by • Security selection within a given asset class market participants, ratings agencies, pricing services or otherwise) as • Relative performance of the various market sectors and asset classes unable or unwilling, to make timely principal and/or interest payments, • The rates offered by bonds at different maturities or otherwise honor its obligations. Securities are subject to varying degrees of credit risk, which are often reflected in their credit ratings. • Fluctuations in the overall level of interest rates However, rating agencies may fail to make timely changes to credit rat- The Sub-Adviser also monitors the duration of the securities held by the ings in response to subsequent events and a credit rating may become Portfolio to seek to mitigate exposure to interest rate risk. Duration is a stale in that it fails to reflect changes in an issuer’s financial condition. measure used to determine the sensitivity of a security’s price to interest The downgrade of the credit rating of a security may decrease its value. rates. Typically, a bond portfolio with a low (short) duration means that Lower credit quality also may lead to greater volatility in the price of a its value is less sensitive to interest rate changes, while a bond portfolio security and may negatively affect a security’s liquidity. with a high (long) duration is more sensitive. Under normal circum- Distressed Companies Risk: Debt obligations of distressed com- stances, the Sub-Adviser seeks to maintain an investment portfolio with panies typically are unrated, lower-rated, or close to default. Securities a weighted average effective duration of no less than two years and no of distressed companies may be less liquid and are generally more likely more than eight years. The duration of the Portfolio’s investments may to become worthless than the securities of more financially stable com- vary materially from its target, from time to time, and there is no assur- panies. If the issuer of a security held by the Portfolio defaults, the Port- ance that the duration of the Portfolio’s investments will meet its target. folio may experience significant losses on the security, which may lower Portfolio securities may be sold at any time. Sales may occur when the the Portfolio’s net asset value. Securities tend to lose much of their Sub-Adviser perceives deterioration in the credit fundamentals of the value before the issuer defaults. issuer, believes there are negative macro political considerations that Foreign Securities Risk: Investments in foreign securities, including may affect the issuer, determines to take advantage of a better invest- depositary receipts, involve risks not associated with investing in U.S. secu- ment opportunity, or the individual security has reached the Sub- rities. Foreign markets, particularly emerging markets, may be less liquid, Adviser’s sell target. The Portfolio may engage in active and frequent more volatile and subject to less government supervision than U.S. mar- trading of portfolio securities to achieve its investment objective. kets. Security values also may be negatively affected by changes in the The Portfolio also may lend its portfolio securities to earn additional exchange rates between the U.S. dollar and foreign currencies. Differences income. between U.S. and foreign legal, political and economic systems, regulatory

VTDO 2 regimes and market practices also may impact security values and it may or, if it has contracted to sell the security to another party, the Portfo- take more time to clear and settle trades involving foreign securities. lio could be liable for any losses incurred. Emerging Markets Risk: There are greater risks involved in Transaction Costs Risk: The costs of buying and selling for- investing in emerging market countries and/or their securities mar- eign securities, including taxes, brokerage and custody costs, gen- kets. Investments in these countries and/or markets may present erally are higher than those involving domestic transactions. market, credit, currency, liquidity, legal, political, technical and other Interest Rate Risk: The Portfolio is subject to the risk that fixed in- risks different from, or greater than, the risks of investing in devel- come securities will decline in value because of changes in interest rates. oped countries. Investments in emerging markets are more suscep- When interest rates decline, the value of the Portfolio’s debt securities tible to loss than investments in developed markets. In addition, the generally rises. Conversely, when interest rates rise, the value of the Port- risks associated with investing in a narrowly defined geographic folio’s debt securities generally declines. A portfolio with a longer average area are generally more pronounced with respect to investments in duration will be more sensitive to changes in interest rates, usually mak- emerging market countries. ing it more volatile than a portfolio with a shorter average duration. As of Geographic Concentration Risk: To the extent the Portfolio the date of this Prospectus, interest rates are near historic lows in the invests a significant portion of its assets in securities of companies United States and below zero in other parts of the world, including certain domiciled, or exercising the predominant part of their economic European countries and Japan. The Portfolio is subject to a greater risk of activity, in one country or geographic region, it assumes the risk rising interest rates due to these market conditions. A significant or rapid that economic, political, social and environmental conditions in rise in interest rates could result in losses to the Portfolio. that particular country or region will have a significant impact on Inverse Floaters Risk: Inverse floaters are fixed income securities with the Portfolio’s investment performance and that the Portfolio’s a floating or variable rate of interest. Inverse floaters have interest rates performance will be more volatile than the performance of more that tend to move in the opposite direction as the specified market rates or geographically diversified funds. The economies and financial indices, and may exhibit substantially greater price volatility than fixed rate markets of certain regions can be highly interdependent and may obligations having similar credit quality, redemption provisions and ma- decline all at the same time. In addition, certain areas are prone to turity. Inverse floater collateralized mortgage obligations (“CMOs”) exhibit natural disasters such as earthquakes, volcanoes, droughts or tsu- greater price volatility than the majority of mortgage-related securities. In namis and are economically sensitive to environmental events. addition, some inverse floater CMOs exhibit extreme sensitivity to changes Political/Economic Risk: Changes in economic and tax poli- in prepayments. As a result, the yield to maturity of an inverse floater CMO cies, government instability, war or other political or economic ac- is sensitive not only to changes in interest rates but also to changes in pre- tions or factors may have an adverse effect on the Portfolio’s payment rates on the related underlying mortgage assets. foreign investments. Investment Grade Securities Risk: Debt securities generally are Regulatory Risk: Less information may be available about rated by national bond ratings agencies. The Portfolio considers secu- foreign companies. In general, foreign companies are not subject rities to be investment grade if they are rated BBB or higher by S&P or to uniform accounting, auditing and financial reporting standards or Fitch or Baa or higher by Moody’s or, if unrated, determined by the in- to other regulatory practices and requirements as are U.S. vestment manager to be of comparable quality. Securities rated in the companies. Many foreign governments do not supervise and lower investment grade rating categories (e.g., BBB or Baa) are consid- regulate stock exchanges, brokers and the sale of securities to the ered investment grade securities, but are somewhat riskier than higher same extent as does the United States and may not have laws to rated obligations because they are regarded as having only an adequate protect investors that are comparable to U.S. securities laws. In capacity to pay principal and interest, are considered to lack out- addition, some countries may have legal systems that may make it standing investment characteristics, and may possess certain speculative difficult for the Portfolio to vote proxies, exercise shareholder rights, characteristics. and pursue legal remedies with respect to its foreign investments. Liquidity Risk: The Portfolio is subject to the risk that certain Settlement Risk: Settlement and clearance procedures in certain investments may be difficult or impossible for the Portfolio to purchase foreign markets differ significantly from those in the United States. or sell at an advantageous time or price or in sufficient amounts to Foreign settlement and clearance procedures and trade regulations achieve the desired level of exposure. The Portfolio may be required to also may involve certain risks (such as delays in payment for or deliv- dispose of other investments at unfavorable times or prices to satisfy ery of securities) not typically associated with the settlement of U.S. obligations, which may result in a loss or may be costly to the Portfolio. investments. At times, settlements in certain foreign countries have Judgment plays a greater role in pricing illiquid investments than not kept pace with the number of securities transactions. These prob- investments with more active markets. lems may make it difficult for the Portfolio to carry out transactions. If the Portfolio cannot settle or is delayed in settling a purchase of secu- Loan Risk: Loan interests are subject to liquidity risk, prepayment risk rities, it may miss attractive investment opportunities and certain of its (the risk that when interest rates fall, debt securities may be repaid more assets may be uninvested with no return earned thereon for some quickly than expected and the Portfolio may be required to reinvest in period. If the Portfolio cannot settle or is delayed in settling a sale of securities with a lower yield), extension risk (the risk that when interest securities, it may lose money if the value of the security then declines rates rise, debt securities may be repaid more slowly than expected and

VTDO 3 the value of the Portfolio’s holdings may decrease), the risk of more complex to analyze than that of issuers of investment grade debt subordination to other creditors, restrictions on resale, and the lack of a securities, and reliance on credit ratings may present additional risks. regular trading market and publicly available information. Loan interests New Portfolio Risk: The Portfolio is newly or recently established may be difficult to value and may have extended trade settlement periods. and has limited operating history. The Portfolio may not be successful in Accordingly, the proceeds from the sale of a loan may not be available to implementing its investment strategy, and there can be no assurance that make additional investments or to meet redemption obligations until the Portfolio will grow to or maintain an economically viable size, which potentially a substantial period after the sale of the loan. The extended could result in the Portfolio being liquidated at any time without share- trade settlement periods could force the Portfolio to liquidate other holder approval and at a time that may not be favorable for all share- securities to meet redemptions and may present a risk that the Portfolio holders. Until the Portfolio is fully capitalized, it may be unable to pursue may incur losses in order to timely honor redemptions. There is a risk that its investment objective or execute its principal investment strategies. the value of any collateral securing a loan in which the Portfolio has an interest may decline and that the collateral may not be sufficient to cover Portfolio Turnover Risk: High portfolio turnover (generally, turn- the amount owed on the loan. In the event the borrower defaults, the over in excess of 100% in any given fiscal year) may result in increased Portfolio’s access to the collateral may be limited or delayed by transaction costs to the Portfolio, which may result in higher fund ex- bankruptcy or other insolvency laws. To the extent that the Portfolio penses and lower total return. invests in loan participations and assignments, it is subject to the risk that Redemption Risk: The Portfolio may experience periods of heavy the financial institution acting as agent for all interests in a loan might fail redemptions that could cause the Portfolio to sell assets at inopportune financially. It is also possible that the Portfolio could be held liable, or may times or at a loss or depressed value. Redemption risk is heightened be called upon to fulfill other obligations, as a co-lender. during periods of declining or illiquid markets. Heavy redemptions could Mortgage-Backed and Asset-Backed Securities Risk: The hurt the Portfolio’s performance. Portfolio is subject to the risk that the principal on mortgage- and asset- Market developments and other factors, including a general rise in inter- backed securities held by the Portfolio will be prepaid, which generally will est rates, have the potential to cause investors to move out of fixed in- reduce the yield and market value of these securities. If interest rates fall, come securities on a large scale, which may increase redemptions from the rate of prepayments tends to increase as borrowers are motivated to mutual funds that hold large amounts of fixed income securities. Such a pay off debt and refinance at new lower rates. Rising interest rates may move, coupled with a reduction in the ability or willingness of dealers increase the risk of default by borrowers and tend to extend the duration of and other institutional investors to buy or hold fixed income securities, these securities, making them more sensitive to changes in interest rates. may result in decreased liquidity and increased volatility in the fixed in- As a result, in a period of rising interest rates, to the extent the Portfolio come markets. holds these types of securities, it may experience additional volatility and losses. This is known as extension risk. Moreover, declines in the credit Risks of Investing in Other Investment Companies: A quality of the issuers of mortgage- and asset-backed securities or instability Portfolio that invests in other investment companies will indirectly bear in the markets for such securities may affect the value and liquidity of such fees and expenses paid by those investment companies, in addition to securities, which could result in losses to the Portfolio. In addition, certain the Portfolio’s direct fees and expenses. The cost of investing in the mortgage- and asset-backed securities may include securities backed by Portfolio, therefore, may be higher than the cost of investing in a mu- pools of loans made to “subprime” borrowers or borrowers with blem- tual fund that invests directly in individual stocks and bonds. In addi- ished credit histories; the risk of defaults is generally higher in the case of tion, the Portfolio’s net asset value is subject to fluctuations in the net mortgage pools that include such subprime mortgages. Mortgage-backed asset values of the other investment companies in which it invests. The securities issued in the form of collateralized mortgage obligations Portfolio is also subject to the risks associated with the securities or (“CMOs”) are collateralized by mortgage loans or mortgage pass-through other investments in which the other investment companies invest and securities. In periods of supply and demand imbalances in the market for the ability of the Portfolio to meet its investment objective will depend, CMOs or in periods of sharp interest rate movements, the prices of CMOs to a significant degree, on the ability of the other investment companies may fluctuate to a greater extent than would be expected from interest to meet their objectives. The extent to which the investment perform- rate movements alone. CMOs and other mortgage-backed securities may ance and risks associated with the Portfolio correlate to those of a par- be structured similarly to CDOs and may be subject to similar risks. ticular investment company will depend upon the extent to which the Portfolio’s assets are allocated from time to time for investment in the Non-Investment Grade Securities Risk: Bonds rated below in- investment company, which will vary. 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 Securities Lending Risk: The Portfolio may lend its portfolio secu- comparable quality) are speculative in nature and are subject to additional rities to seek income. There is a risk that a borrower may default on its risk factors such as increased possibility of default, illiquidity of the secu- obligations to return loaned securities, however, the Portfolio’s security, and changes in value based on changes in interest rates. Non- rities lending agent may indemnify the Portfolio against that risk. The investment grade bonds, sometimes referred to as “junk bonds,” are Portfolio will be responsible for the risks associated with the investment usually issued by companies without long track records of sales and earn- of cash collateral, including any collateral invested in an affiliated ings, or by those companies with questionable credit strength. The cred- money market fund. The Portfolio may lose money on its investment of itworthiness of issuers of non-investment grade debt securities may be cash collateral or may fail to earn sufficient income on its investment to

VTDO 4 meet obligations to the borrower. In addition, delays may occur in the WHO MANAGES THE PORTFOLIO recovery of securities from borrowers, which could interfere with the Investment Adviser: FMG LLC Portfolio’s ability to vote proxies or to settle transactions. Portfolio Managers: The members of the team that are jointly and U.S. Government Securities Risk: U.S. government securities are primarily responsible for the selection, monitoring and oversight of the subject to market risk, interest rate risk and credit risk. Securities, such as Portfolio’s Sub-Adviser are: those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the U.S. are guaranteed only as to Date Began the timely payment of interest and principal when held to maturity, and Managing the market prices for such securities will fluctuate due to changing interest Name Title the Portfolio rates, among other factors. Notwithstanding that these securities are Kenneth T. Executive Vice President and May 2015 Kozlowski, Chief Investment Officer of backed by the full faith and credit of the U.S., circumstances could arise CFP®, CLU, FMG LLC that would prevent the payment of interest or principal. This would result ChFC in losses to the Portfolio. Securities issued or guaranteed by U.S. govern- Alwi Chan, CFA® Senior Vice President and May 2015 ment related organizations, such as Fannie Mae and Freddie Mac, are not Deputy Chief Investment backed by the full faith and credit of the U.S. government and no assur- Officer of FMG LLC ance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds Sub-Adviser: DoubleLine Capital LP to meet their payment obligations in the future. (“DoubleLine” or the “Sub-Adviser”) Portfolio Manager: The individual primarily responsible for the secu- Risk/Return Bar Chart and Table rities selection, research and trading for the Portfolio is: The bar chart below shows the Portfolio’s first calendar year of performance. The table below provides some indication of the risks of investing in Date Began Managing the Portfolio by showing how the Portfolio’s average annual total returns Name Title the Portfolio for the past one-year and since inception periods through December 31, Jeffrey E. Gundlach Chief Executive Officer and May 2015 2016 compared to the returns of a broad-based securities market index. Chief Investment Officer of Past performance is not an indication of future performance. DoubleLine

The performance results do not reflect any Contract-related fees and AXA Equitable Funds Management Group, LLC (“FMG LLC” or the expenses, which would reduce the performance results. “Adviser”) has been granted relief by the Securities and Exchange Com- mission to hire, terminate and replace Sub-Advisers and amend sub- Calendar Year Annual Total Return — Class IB advisory agreements subject to the approval of the Board of Trustees and 4.83% 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 2016 The Portfolio’s shares are currently sold only to insurance company separate accounts in connection with Contracts issued by AXA Best quarter (% and time period) Worst quarter (% and time period) Equitable Life Insurance Company (“AXA Equitable”), AXA Life and 2.64% (2016 2nd Quarter) –2.00% (2016 4th Quarter) Annuity Company, or other affiliated or unaffiliated insurance companies and to The AXA Equitable 401(k) Plan. Shares also may be Average Annual Total Returns sold to other tax-qualified retirement plans, to other portfolios managed Since by FMG LLC that currently sell their shares to such accounts and plans One Year Inception and to other investors eligible under applicable federal income tax 1290 VT DoubleLine Opportunistic Bond Portfolio – Class IB Shares (Inception Date: May 1, 2015) 4.83% 1.50% regulations. Bloomberg Barclays World Government Inflation- Linked Bond Index (reflects no deduction for fees, expenses, or taxes) 2.65% 1.16%

VTDO 5 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.

VTDO 6 EQ Advisors TrustSM

1290 VT Energy Portfolio – Class IB Shares (formerly EQ/Energy ETF 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 long-term 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 IB Shares $92 $686 $1,306 $2,981 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 38% of the average value of (expenses that you pay each year as a percentage of the value of the Portfolio. your investment) Class IB 1290 VT Energy Portfolio Shares INVESTMENTS, RISKS, AND PERFORMANCE Management Fee 0.50% Principal Investment Strategy: Under normal market conditions, Distribution and/or Service Fees (12b-1 fees) 0.25% the Portfolio invests at least 80% of its net assets, plus borrowings for Other Expenses 1.65% investment purposes, in securities of companies in the energy sector Acquired Fund Fees and Expenses 0.39% Total Annual Portfolio Operating Expenses 2.79% through investments in exchange-traded securities of other investment Fee Waiver and/or Expense Reimbursement† –1.89% companies and investment vehicles (“exchange-traded funds” or Total Annual Portfolio Operating Expenses After Fee Waiver and/or “ETFs”). The energy sector includes companies engaged in such activ- Expense Reimbursement 0.90% ities as exploring, developing, mining, refining, producing, distributing, † Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreed to transporting, and dealing in conventional and alternative sources 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 con- energy; making and servicing component products for such activities; sents to an earlier revision or termination of this arrangement) (“Expense Limitation and energy research and development. The Portfolio may invest in ETFs Arrangement”) so that the annual operating expenses (including Acquired Fund Fees and Expenses) of the Portfolio (exclusive of taxes, interest, brokerage commissions, that invest in equity securities of companies of any size in developed dividend and interest expenses on securities sold short, capitalized expenses, and extraordinary expenses) do not exceed an annual rate of average daily net assets of and emerging markets throughout the world. The Portfolio invests its 0.90% for Class IB shares of the Portfolio. The Expense Limitation Arrangement may assets in ETFs in accordance with weightings determined by AXA Equi- be terminated by AXA Equitable Funds Management Group, LLC at any time after April 30, 2018. table Funds Management Group, LLC (“FMG LLC” or the “Adviser”), the Portfolio’s investment manager. Example ETFs are investment companies or other investment vehicles whose shares This Example is intended to help you compare the cost of investing in the are listed and traded on U.S. stock exchanges or otherwise traded in the Portfolio with the cost of investing in other portfolios. The Example as- over-the-counter market and may be purchased and sold throughout the sumes that you invest $10,000 in the Portfolio for the periods indicated trading day based on their market price. Generally, each ETF seeks to track and then redeem all of your shares at the end of these periods. The a securities index or a basket of securities that an “index provider” (such Example also assumes that your investment has a 5% return each year, as Standard & Poor’s, Dow Jones, Russell or Morgan Stanley Capital Inter- that the Portfolio’s operating expenses remain the same, and that the national (“MSCI”)) selects as representative of a market, market segment, Expense Limitation Arrangement is not renewed. This Example does not industry sector, country or geographic region. An ETF generally holds the

VTE 1 same stocks or bonds as the index it tracks (or it may hold a representative Prices of various commodities may also be affected by factors such as sample of such securities). Accordingly, each ETF is designed so that its drought, floods and weather, livestock disease and embargoes, tariffs performance, before fees and expenses, will correspond closely with that of and other regulatory developments. The prices of commodities can also the index it tracks. The ETFs in which the Portfolio may invest are referred fluctuate widely due to supply and demand disruptions in major produc- to herein as the “Underlying ETFs.” ing or consuming regions. Certain commodities may be produced in a limited number of countries and may be controlled by a small number of The Adviser uses a two-stage allocation process to create an investment producers. As a result, political, economic and supply related events in portfolio of ETFs for the Portfolio. The first stage involves a strategic such countries could have a disproportionate impact on the prices of allocation that is intended to achieve a desired risk/return profile for the such commodities. Securities of companies that are dependent on a Portfolio, while providing broad exposure to the energy sector. In this single commodity, or are concentrated in a single commodity sector, stage, the Adviser decides what portion of the Portfolio’s assets should may exhibit even higher volatility attributable to commodity prices. be invested in various industries within the energy sector and in which geographic regions based on an evaluation of the potential return Concentration Risk: To the extent that the Portfolio concentrates characteristics and risks of the particular energy industries and in the securities of a particular issuer or issuers in a particular country, geographic regions. Currently, the Portfolio intends to invest (through group of countries, region, market, industry, group of industries, sector ETFs) approximately 90% of its assets in traditional energy industries or asset class, the Portfolio may be adversely affected by the perform- (e.g., oil and gas) and 10% of its assets in alternative energy industries ance of those securities, may be subject to increased price volatility and (e.g., solar and wind). The Portfolio also intends to invest (through ETFs) may be more susceptible to adverse economic, market, political or regu- approximately 90% of its assets in U.S. securities and 10% of its assets latory occurrences affecting that issuer or issuers, country, group of in foreign securities, including securities of companies in emerging countries, region, market, industry, group of industries, sector or asset market countries. These percentages can deviate by up to 15% of the class. Portfolio’s assets. The Adviser may adjust these strategic allocations from Energy Sector Risk: The energy sector is cyclical and highly time to time. dependent on commodities prices. The market values of companies in The second stage of this process involves the selection of Underlying the energy sector could be adversely affected by, among other factors, ETFs to provide exposure to the energy industries and geographic re- the levels and volatility of global energy prices, commodity price vola- gions identified as a result of the first stage of the investment process. tility, energy supply and demand, changes in exchange rates and inter- The Adviser seeks to select a combination of Underlying ETFs that to- est rates, imposition of import controls, increased competition, capital gether provide the targeted energy industry and geographic exposure expenditures on and the success of exploration and production, deple- for the Portfolio. In selecting the Underlying ETFs, the Adviser also seeks tion of resources, development of alternative energy sources and energy to construct a diversified portfolio of ETFs that use a variety of indexing conservation efforts, technological developments, tax treatment and methodologies within the energy sector. Individual ETF weights are labor relations. Companies in this sector are subject to substantial gov- based on a variety of factors, including the Underlying ETF’s exposure to ernment regulation and contractual fixed pricing, which may increase the desired energy industry or geographic region, investment the cost of business and limit these companies’ earnings, and a sig- objective(s), total return, portfolio holdings, volatility, expenses and liq- nificant portion of their revenues depends on a relatively small number uidity. The Adviser may sell an Underlying ETF for a variety of reasons, of customers, including governmental entities and utilities. Energy com- such as to invest in another security believed to offer superior invest- panies may also operate in or engage in transactions involving countries ment opportunities. with less developed regulatory regimes or a history of expropriation, nationalization or other adverse policies. Energy companies also face a The Portfolio also may lend its portfolio securities to earn additional significant risk of civil liability from accidents resulting in injury or loss of income. life or property, pollution or other environmental mishaps, equipment Principal Risks: An investment in the Portfolio is not a deposit of a malfunctions or mishandling of materials and a risk of loss from terror- bank and is not insured or guaranteed by the Federal Deposit Insurance ism, political strife and natural disasters. Corporation or any other government agency. You may lose money by Equity Risk: In general, stocks and other equity security values fluc- investing in the Portfolio. Performance may be affected by one or more tuate, and sometimes widely fluctuate, in response to changes in a of the following risks. In this section, the term “Portfolio” may include company’s financial condition as well as general market, economic and the Portfolio, an Underlying ETF, or both. political conditions and other factors. Commodity Risk: Investments in certain issuers, especially resource ETFs Risk: The Portfolio will indirectly bear fees and expenses paid by extraction and production companies, are sensitive to fluctuations in the ETFs in which it invests, in addition to the Portfolio’s direct fees and certain commodity markets, and changes in those markets may cause expenses. The cost of investing in the Portfolio, therefore, may be the Portfolio’s holdings to lose value. The commodities markets may higher than the cost of investing in a mutual fund that exclusively in- fluctuate widely based on a variety of factors including changes in over- vests directly in individual stocks and bonds. In addition, the Portfolio’s all market movements, domestic and foreign political and economic net asset value will be subject to fluctuations in the market values of events and policies, war, acts of terrorism, changes in exchange rates, the ETFs in which it invests. The Portfolio is also subject to the risks domestic or foreign interest rates or inflation rates and/or investor ex- associated with the securities or other investments in which the ETFs pectations concerning such rates, and trading activities in commodities. invest and the ability of the Portfolio to meet its investment objective

VTE 2 will directly depend on the ability of the ETFs to meet their investment Large-Cap Company Risk: Larger, more established companies objectives. There is also the risk that an ETF’s performance may not may be unable to respond quickly to new competitive challenges such as match that of the relevant index. It is also possible that an active trad- changes in technology and consumer tastes. Many larger companies also ing market for an ETF may not develop or be maintained, in which case may not be able to attain the high growth rate of successful smaller com- the liquidity and value of the Portfolio’s investment in the ETF could be panies, especially during extended periods of economic expansion. substantially and adversely affected. The extent to which the investment Mid-Cap, Small-Cap and Micro-Cap Company Risk: The performance and risks associated with the Portfolio correlate to those of Portfolio’s investments in mid-, small-cap and micro-cap companies may a particular ETF will depend upon the extent to which the Portfolio’s involve greater risks than investments in larger, more established issuers assets are allocated from time to time for investment in the ETF, which because they generally are more vulnerable than larger companies to will vary. adverse business or economic developments. Such companies generally Foreign Securities Risk: Investments in foreign securities, includ- have narrower product lines, more limited financial and management ing depositary receipts, involve risks not associated with investing in resources and more limited markets for their stock as compared with U.S. securities. Foreign markets, particularly emerging markets, may be larger companies. As a result, the value of such securities may be more less liquid, more volatile and subject to less government supervision volatile than the securities of larger companies, and the portfolio may than U.S. markets. Security values also may be negatively affected by experience difficulty in purchasing or selling such securities at the de- changes in the exchange rates between the U.S. dollar and foreign cur- sired time and price or in the desired amount. In general, these risks are rencies. Differences between U.S. and foreign legal, political and eco- greater for small-and micro-cap companies than for mid-cap companies. nomic systems, regulatory regimes and market practices also may Natural Resources Sector Risk: The profitability of companies in impact security values and it may take more time to clear and settle the natural resources sector can be adversely affected by worldwide trades involving foreign securities. energy prices and other world events, limits on and the success of ex- Currency Risk. Investments in foreign currencies and in secu- ploration projects, and production spending. Companies in the natural rities that trade in, or receive revenues in, or in derivatives that resources sector also could be adversely affected by commodity price provide exposure to foreign currencies are subject to the risk that volatility, changes in exchange rates, interest rates or inflation rates those currencies will decline in value relative to the U.S. dollar, or, and/or investor expectations concerning such rates, changes in the sup- in the case of hedging positions, that the U.S. dollar will decline in ply of, or the demand for, natural resources, imposition of import con- value relative to the currency being hedged. Any such decline may trols, government regulation and intervention, civil conflict, economic erode or reverse any potential gains from an investment in secu- conditions, increased competition, technological developments, and rities denominated in foreign currency or may widen existing loss. labor relations. In addition, companies in the natural resources sector Currency rates may fluctuate significantly over short periods of may be subject to the risks generally associated with extraction of natu- time for a number of reasons, including changes in interest rates, ral resources, such as the risks of mining and oil drilling, and the risks of intervention (or the failure to intervene) by governments, central the hazards associated with natural resources, such as natural or man- banks or supranational entities, or by the imposition of currency made disasters, fire, drought, liability for environmental damage claims, controls or other political developments in the U.S. or abroad. and increased regulatory and environmental costs. Prices of precious metals and of precious metal related securities have historically been Depositary Receipts Risk. Investments in depositary receipts very volatile due to various economic, financial, social and political fac- (including American Depositary Receipts, European Depositary tors and may adversely affect the financial condition of companies in- Receipts and Global Depositary Receipts) are generally subject to volved with precious metals. the same risks of investing in the foreign securities that they evidence or into which they may be converted. In addition, issuers Oil and Gas Sector Risk: The profitability of companies in the oil and underlying unsponsored depositary receipts may not provide as gas sector is related to worldwide energy prices, exploration costs and much information as U.S. issuers and issuers underlying sponsored production spending. Companies in the oil and gas sector may be at risk depositary receipts. Unsponsored depositary receipts also may not for environmental damage claims and other types of litigation. Companies carry the same voting privileges as sponsored depositary receipts. in the oil and gas sector may be adversely affected by natural disasters or other catastrophes, changes in exchange rates, interest rates, changes in Emerging Markets Risk. There are greater risks involved in prices for competitive energy services, economic conditions, tax treatment, investing in emerging market countries and/or their securities government regulation and intervention, negative perception and un- markets. Investments in these countries and/or markets may pres- favorable events in the regions where companies operate (e.g., expropria- ent market, credit, currency, liquidity, legal, political, technical and tion, nationalization, confiscation of assets and property or imposition of other risks different from, or greater than, the risks of investing in restrictions on foreign investments and repatriation of capital, military developed countries. Investments in emerging markets are more coups, social unrest, violence or labor unrest). As a result, the value of susceptible to loss than investments in developed markets. In these companies may fluctuate widely. Companies in the oil and gas sector addition, the risks associated with investing in a narrowly defined may have significant capital investments in, or engage in transactions in- geographic area are generally more pronounced with respect to volving, emerging market countries, which may heighten these risks. investments in emerging market countries.

VTE 3 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 of investments in Underlying ETFs of cash collateral, including any collateral invested in an affiliated for the Portfolio are: money market fund. The Portfolio may lose money on its investment of Date Began cash collateral or may fail to earn sufficient income on its investment to 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 Vice President October 2013 ® Portfolio’s ability to vote proxies or to settle transactions. CFP , CLU, ChFC and Chief Investment Officer of FMG LLC Risk/Return Bar Chart and Table Alwi Chan, CFA® Senior Vice President October 2013 and Deputy Chief The bar chart and table below provide some indication of the risks of Investment Officer of investing in the Portfolio by showing changes in the Portfolio’s FMG LLC performance from year to year and by showing how the Portfolio’s Xavier Poutas, CFA® Assistant Portfolio October 2013 average annual total returns for the past one-year and since inception Manager of FMG LLC periods through December 31, 2016 compared to the returns of a Miao Hu, CFA® Assistant Portfolio May 2017 broad-based securities market index. The additional broad-based secu- Manager of FMG LLC rities market index shows how the Portfolio’s performance compared with the returns of another index that has characteristics relevant to the PURCHASE AND REDEMPTION OF PORTFOLIO Portfolio’s investment strategies. Past performance is not an indication SHARES of future performance. The Portfolio’s shares are currently sold only to insurance company sepa- The performance results do not reflect any Contract-related fees and rate accounts in connection with Contracts issued by AXA Equitable Life expenses, which would reduce the performance results. Insurance Company (“AXA Equitable”), AXA Life and Annuity Com- pany, or other affiliated or unaffiliated insurance companies and to the Calendar Year Annual Total Returns — Class IB AXA Equitable 401(k) Plan. Shares also may be sold to tax-qualified re- 23.17% tirement 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 -15.18% days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares. -24.77% 20142015 2016 TAX INFORMATION The Portfolio’s shareholders are (or may include) insurance company Best quarter (% and time period) Worst quarter (% and time period) 11.13% (2014 2nd Quarter) –20.85% (2015 3rd Quarter) 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 — Average Annual Total Returns most or all of which it intends to distribute annually — and re- One Since Year Inception demptions or exchanges of Portfolio shares generally will not be taxable 1290 VT Energy Portfolio — Class IB Shares to its shareholders (or to the holders of underlying Contracts or plan (Inception Date: October 28, 2013) 23.17% –6.88% participants or beneficiaries). See the prospectus for your Contract for Energy Select Sector Index (reflects no deduction for fees, expenses, or taxes) 28.24% –1.79% further tax information. S&P 500 Index (reflects no deduction for fees, expenses, or taxes) 11.96% 10.15%

VTE 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.

VTE 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 GAMCO Mergers & Acquisitions Portfolio – Class IA and IB Shares (formerly EQ/GAMCO Mergers and Acquisitions 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 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 198% 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 primarily in arbitrage opportunities by investing in equity securities of companies that are involved in publicly announced mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liqui- Annual Portfolio Operating Expenses dations and other corporate re-organizations and in equity securities of (expenses that you pay each year as a percentage of the value of your investment) companies that the Sub-Adviser believes are likely acquisition targets Class IA Class IB within 12 to 18 months. When a company agrees to be acquired by 1290 VT GAMCO Mergers & Acquisitions Portfolio Shares Shares another company, its stock price often quickly rises to just below the Management Fee 0.90% 0.90% stated acquisition price. If the Sub-Adviser determines that the acquis- Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% ition is likely to be consummated on schedule at the stated acquisition Other Expenses 0.18% 0.18% Acquired Fund Fees and Expenses 0.01% 0.01% price, then the Portfolio may purchase (if it does not already hold) or Total Annual Portfolio Operating Expenses 1.34% 1.34% increase its investment in the selling company’s securities, offering the Portfolio the possibility of generous returns in excess of the return on cash equivalents with a limited risk of excessive loss of capital. At times, Example the stock of the acquiring company may also be purchased or shorted. This Example is intended to help you compare the cost of investing in the The Portfolio may hold a significant portion of its assets in cash or cash Portfolio with the cost of investing in other portfolios. The Example assumes equivalents in anticipation of arbitrage opportunities. that you invest $10,000 in the Portfolio for the periods indicated and then The Portfolio may invest in companies of any size and from time to time redeem all of your shares at the end of these periods. The Example also may invest in companies with small, mid, and large market capital- assumes that your investment has a 5% return each year and that the Port- izations. The Portfolio generally invests in securities of U.S. companies, folio’s operating expenses remain the same. This Example does not reflect but also may invest up to 20% of its assets in foreign securities, includ- any Contract-related fees and expenses including redemption fees (if any) at ing those in emerging markets. the Contract level. If such fees and expenses were reflected, the total expenses would be higher. Although your actual costs may be higher or The Portfolio intends to invest primarily in common stocks, but it may also lower, based on these assumptions your costs would be: invest in other securities that the Sub-Adviser believes provide opportunities for capital appreciation, such as preferred stocks and warrants. It 1 Year 3 Years 5 Years 10 Years is expected that the Portfolio will engage in active or frequent trading of Class IA Shares $136 $425 $734 $1,613 portfolio securities to achieve its investment objective. In this connection, Class IB Shares $136 $425 $734 $1,613 it is expected that the Portfolio may have a portfolio turnover rate of 150% or more.

VTGM 1 In choosing investments, the Sub-Adviser searches for the best values derivatives contract, repurchase agreement, loan of portfolio securities on securities that it believes have the potential to achieve the Portfolio’s or other transaction, is unable or unwilling, or is perceived (whether by investment objective of capital appreciation. In seeking to identify com- market participants, ratings agencies, pricing services or otherwise) as panies that are likely to be acquisition targets, the Sub-Adviser consid- unable or unwilling, to make timely principal and/or interest payments, ers, among other things, consolidation trends within particular or otherwise honor its obligations. Securities are subject to varying de- industries, whether a particular industry or company is undergoing a grees of credit risk, which are often reflected in their credit ratings. fundamental change or restructuring, the Sub-Adviser’s assessment of However, rating agencies may fail to make timely changes to credit rat- the “private market value” of individual companies and the potential ings in response to subsequent events and a credit rating may become for an event or catalyst to occur that enhances a company’s underlying stale in that it fails to reflect changes in an issuer’s financial condition. value. The “private market value” of a company is the value that the The downgrade of the credit rating of a security may decrease its value. Sub-Adviser believes informed investors would be willing to pay to ac- Lower credit quality also may lead to greater volatility in the price of a quire the entire company. The Sub-Adviser seeks to limit excessive risk security and may negatively affect a security’s liquidity. of capital loss by utilizing various investment strategies, including inves- Equity Risk: In general, stocks and other equity security values fluc- ting in value oriented equity securities that should trade at a significant tuate, and sometimes widely fluctuate, in response to changes in a discount to the Sub-Adviser’s assessment of their private market value. company’s financial condition as well as general market, economic and In evaluating arbitrage opportunities with respect to companies involved political conditions and other factors. in publicly announced mergers or other corporate restructurings, the Sub- Focused Portfolio Risk: The Portfolio employs a strategy of inves- Adviser seeks to acquire target companies at a rate of return that ting in the securities of a limited number of companies, some of which provides compensation for assuming deal completion risk. Since such may be in the same industry, sector or geographic region. As a result, investments are ordinarily short-term in nature, they will tend to increase the Portfolio may incur more risk because changes in the value of a sin- the turnover rate of the Portfolio, thereby increasing its brokerage and gle security may have a more significant effect, either positive or neg- other transaction expenses. The Sub-Adviser may sell a security for a ative, on the Portfolio’s net asset value. Further, the Portfolio may be variety of reasons, such as when the security is selling in the public more sensitive to events affecting a single industry, sector or geographic market at or near the Sub-Adviser’s estimate of its private market value region. The use of such a focused investment strategy may increase the or if the catalyst expected to happen fails to materialize. volatility of the Portfolio’s investment performance, as the Portfolio may The Portfolio may invest its uninvested cash in high-quality, short-term be more susceptible to risks associated with a single economic, political debt securities, including repurchase agreements and high-quality or regulatory event than a portfolio that is more broadly invested. money market instruments, and also may invest uninvested cash in Foreign Securities Risk: Investments in foreign securities, including money market funds, including money market funds managed by the depositary receipts, involve risks not associated with investing in U.S. Adviser. Generally, these securities offer less potential for gains than securities. Foreign markets, particularly emerging markets, may be less other types of securities. liquid, more volatile and subject to less government supervision than U.S. The Portfolio also may lend its portfolio securities to earn additional markets. Security values also may be negatively affected by changes in the income. exchange rates between the U.S. dollar and foreign currencies. Differ- ences between U.S. and foreign legal, political and economic systems, Principal Risks: An investment in the Portfolio is not a deposit of a regulatory regimes and market practices also may impact security values bank and is not insured or guaranteed by the Federal Deposit Insurance and it may take more time to clear and settle trades involving foreign Corporation or any other government agency. You may lose money by securities. investing in the Portfolio. Performance may be affected by one or more of the following risks. Currency Risk: Investments in foreign currencies and in securities that trade in, or receive revenues in, or in derivatives that Cash Management Risk: The Portfolio may maintain cash and cash provide exposure to foreign currencies are subject to the risk that equivalent positions as part of the Portfolio’s strategy in order to take those currencies will decline in value relative to the U.S. dollar, or, advantage of investment opportunities as they arise, to manage the in the case of hedging positions, that the U.S. dollar will decline in Portfolio’s market exposure, and for other portfolio management pur- value relative to the currency being hedged. Any such decline may poses. As such, the Portfolio may maintain cash balances, which may be erode or reverse any potential gains from an investment in secu- significant, with counterparties such as the Trust’s custodian or its rities denominated in foreign currency or may widen existing loss. affiliates. Maintaining larger cash and cash equivalent positions could Currency rates may fluctuate significantly over short periods of negatively affect the Portfolio’s performance due to missed investment time for a number of reasons, including changes in interest rates, opportunities and may also subject the Portfolio to additional risks, such intervention (or the failure to intervene) by governments, central as increased counterparty and credit risk with respect to the custodian banks or supranational entities, or by the imposition of currency bank holding the assets. controls or other political developments in the U.S. or abroad. Credit Risk: The Portfolio is subject to the risk that the issuer or the Emerging Markets Risk: There are greater risks involved in guarantor (or other obligor, such as a party providing insurance or other investing in emerging market countries and/or their securities credit enhancement) of a fixed income security, or the counterparty to a

VTGM 2 markets. Investments in these countries and/or markets may pres- of the market. To the extent the Portfolio invests more heavily in particular ent market, credit, currency, liquidity, legal, political, technical and sectors, its performance will be especially sensitive to developments that other risks different from, or greater than, the risks of investing in significantly affect those sectors. Individual sectors may be more volatile, developed countries. Investments in emerging markets are more and may perform differently, than the broader market. The industries that susceptible to loss than investments in developed markets. In constitute a sector may all react in the same way to economic, political or regulatory events. addition, the risks associated with investing in a narrowly defined geographic area are generally more pronounced with respect to Securities Lending Risk: The Portfolio may lend its portfolio secu- investments in emerging market countries. rities to seek income. There is a risk that a borrower may default on its obligations to return loaned securities, however, the Portfolio’s securities Large-Cap Company Risk: Larger, more established companies lending agent may indemnify the Portfolio against that risk. The Portfolio may be unable to respond quickly to new competitive challenges such will be responsible for the risks associated with the investment of cash as changes in technology and consumer tastes. Many larger companies collateral, including any collateral invested in an affiliated money market also may not be able to attain the high growth rate of successful fund. The Portfolio may lose money on its investment of cash collateral smaller companies, especially during extended periods of economic or may fail to earn sufficient income on its investment to meet obliga- expansion. tions to the borrower. In addition, delays may occur in the recovery of securities from borrowers, which could interfere with the Portfolio’s abil- Mid-Cap and Small-Cap Company Risk: The Portfolio’s ity to vote proxies or to settle transactions. investments in mid- and small-cap companies may involve greater risks than investments in larger, more established issuers because they gen- Special Situations Risk: The Portfolio may seek to benefit from “special situations,” such as mergers, consolidations, bankruptcies, erally are more vulnerable than larger companies to adverse business or liquidations, reorganizations, restructurings, tender or exchange offers economic developments. Such companies generally have narrower or other unusual events expected to affect a particular issuer. In product lines, more limited financial and management resources and general, securities of companies which are the subject of a tender or more limited markets for their stock as compared with larger compa- exchange offer or a merger, consolidation, liquidation, restructuring, nies. As a result, the value of such securities may be more volatile than bankruptcy or reorganization proposal sell at a premium to their historic the securities of larger companies, and the Portfolio may experience market price immediately prior to the announcement of the transaction. difficulty in purchasing or selling such securities at the desired time and However, it is possible that the value of securities of a company price or in the desired amount. In general, these risks are greater for involved in such a transaction will not rise and in fact may fall, in which small-cap companies than for mid-cap companies. case the Portfolio would lose money. It is also possible that the transaction may not be completed as anticipated or may take an Money Market Risk: Although a money market fund is designed excessive amount of time to be completed, in which case the Portfolio to be a relatively low risk investment, it is not free of risk. Despite the may not realize any premium on its investment and could lose money if short maturities and high credit quality of a money market fund’s the value of the securities declines during the Portfolio’s holding period. investments, increases in interest rates and deteriorations in the credit In some circumstances, the securities purchased may be illiquid making quality of the instruments the money market fund has purchased may it difficult for the Portfolio to dispose of them at an advantageous price. 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 Risk/Return Bar Chart and Table subject to the risk that the value of an investment may be eroded over time by inflation. The Securities and Exchange Commission adopted The bar chart and table below provide some indication of the risks of changes to the rules that govern money market funds which became investing in the Portfolio by showing changes in the Portfolio’s effective in October 2016. These changes may affect a money market performance from year to year and by showing how the Portfolio’s fund’s investment strategies, operations and/or return potential. average annual total returns for the past one, five and ten years (or since inception) through December 31, 2016 compared to the returns of Portfolio Turnover Risk: High portfolio turnover (generally, turn- a broad-based securities market index. The additional broad-based over, in excess of 100% in any given fiscal year) may result in increased securities market index shows how the Portfolio’s perfomance compares transaction costs to the Portfolio, which may result in higher fund ex- with the returns of another index that has characteristics relevant to the penses and lower total return. Portfolio’s investment strategies. The return of the broad-based secu- Preferred Stock Risk: Preferred stock is subject to many of the risks rities market index (and any additional comparative index) shown in the associated with debt securities, including interest rate risk. Unlike interest right hand column below is the return of the index for the last 10 years payments on debt securities, dividends on preferred stock are generally or, if shorter, since the inception of the share class with the longest his- payable at the discretion of the issuer’s board of directors. Preferred tory. Past performance is not an indication of future performance. shareholders may have certain rights if dividends are not paid but gen- For periods prior to the inception date for Class IA Shares (June 8, 2007), erally have no legal recourse against the issuer. Shareholders may suffer a Class IA Share performance information shown below is the performance loss of value if dividends are not paid. In certain situations an issuer may of Class IB Shares which reflects the effect of 12b-1 fees paid by Class IB call or redeem its preferred stock or convert it to common stock. The mar- Shares. Class IA Shares did not pay 12b-1 fees prior to January 1, 2012. ket prices of preferred stocks are generally more sensitive to changes in the issuer’s creditworthiness than are the prices of debt securities. The performance results do not reflect any Contract-related fees and expenses, which would reduce the performance results. Sector Risk: From time to time, based on market or economic conditions, the Portfolio may have significant positions in one or more sectors

VTGM 3 Calendar Year Annual Total Returns — Class IB Sub-Adviser: GAMCO Asset Management, Inc. (“GAMCO”) 16.63% Portfolio Manager: The individual primarily responsible for the secu-

10.89% rities selection, research and trading for the Portfolio is: 9.59% 7.65% 5.29% Date Began 3.42% Managing 1.88% 2.43% 1.41% Name Title the Portfolio Mario J. Gabelli Chief Executive Officer and May 2003 Chief Investment Officer of Value Portfolios of GAMCO

AXA Equitable Funds Management Group, LLC (“FMG LLC” or the -13.83% “Adviser”) has been granted relief by the Securities and Exchange 2007 20082009 2010 2011 2012 2013 20142015 2016 Commission to hire, terminate and replace Sub-Advisers and amend sub-advisory agreements subject to the approval of the Board of Trust- Best quarter (% and time period) Worst quarter (% and time period) ees and without obtaining shareholder approval. However, the Adviser 9.57% (2009 2nd Quarter) –9.40% (2008 4th Quarter) may not enter into a sub-advisory agreement on behalf of the Portfolio with an “affiliated person” of the Adviser, such as AllianceBernstein Average Annual Total Returns L.P., unless the sub-advisory agreement is approved by the Portfolio’s Ten shareholders. The Adviser is responsible for overseeing Sub-Advisers One Five Years/Since Year Years Inception and recommending their hiring, termination and replacement to the 1290 VT GAMCO Mergers & Acquisitions Board of Trustees. Portfolio – Class IA Shares 7.69% 5.58% 4.37% 1290 VT GAMCO Mergers & Acquisitions PURCHASE AND REDEMPTION OF PORTFOLIO Portfolio – Class IB Shares 7.65% 5.58% 4.24% S&P 500® Index (reflects no deduction SHARES for fees, expenses, or taxes) 11.96% 14.66% 6.95% S&P Long-Only Merger Arbitrage Index The Portfolio’s shares are currently sold only to insurance company sepa- (reflects no deduction for fees, rate accounts in connection with Contracts issued by AXA Equitable Life expenses, or taxes) 4.00% 3.98% 3.85% Insurance Company (“AXA Equitable”), AXA Life and Annuity Com- pany, or other affiliated or unaffiliated insurance companies and to The WHO MANAGES THE PORTFOLIO AXA Equitable 401(k) Plan. Shares also may be sold to other tax-qualified retirement plans, to other portfolios managed by FMG LLC Investment Adviser: FMG LLC that currently sell their shares to such accounts and plans and to other Portfolio Managers: The members of the team that are jointly and investors eligible under applicable federal income tax regulations. primarily responsible for the selection, monitoring and oversight of the The Portfolio does not have minimum initial or subsequent investment Portfolio’s Sub-Adviser are: requirements. Shares of the Portfolio are redeemable on any business Date Began day (which typically is any day the New York Stock Exchange is open) Managing upon receipt of a request. All redemption requests will be processed Name Title the Portfolio and payment with respect thereto will normally be made within seven Kenneth T. Kozlowski, Executive May 2011 days after tender. Please refer to your Contract prospectus for more in- CFP®, CLU, ChFC Vice President and formation on purchasing and redeeming Portfolio shares. Chief Investment Officer of FMG LLC TAX INFORMATION Alwi Chan, CFA® Senior Vice President May 2009 and Deputy The Portfolio’s shareholders are (or may include) insurance company sepa- Chief Investment Officer rate accounts, qualified plans and other investors eligible under applicable of FMG LLC 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.

VTGM 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.

VTGM 5 EQ Advisors TrustSM

1290 VT GAMCO Small Company Value Portfolio – Class IA and IB Shares (formerly EQ/GAMCO Small Company Value 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 maximize 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 5% 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 circumstances, the Shareholder Fees (fees paid directly from your investment) Portfolio intends to invest at least 80% of its net assets, plus borrowings Not applicable. for investment purposes, in stocks of small capitalization companies. For this Portfolio, small capitalization companies are companies with market capitalizations of $2.0 billion or less at the time of investment. Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of The Portfolio intends to invest primarily in common stocks, but it may your investment) also invest in other securities that the Sub-Adviser believes provide Class IA Class IB 1290 VT GAMCO Small Company Value Portfolio Shares Shares opportunities for capital growth, such as preferred stocks and warrants. Management Fee 0.71% 0.71% This Portfolio also may invest in foreign securities. Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% The Sub-Adviser utilizes a value-oriented investment style that emphasizes Other Expenses 0.12% 0.12% Total Annual Portfolio Operating Expenses 1.08% 1.08% companies deemed to be currently underpriced according to certain financial measurements, which may include price-to-earnings and price- to-book ratios. In choosing investments, the Sub-Adviser utilizes a process Example of fundamental analysis that involves researching and evaluating in- This Example is intended to help you compare the cost of investing in the dividual companies for potential investment by the Portfolio. The Sub- Portfolio with the cost of investing in other portfolios. The Example as- Adviser uses a proprietary research technique to determine which stocks sumes that you invest $10,000 in the Portfolio for the periods indicated have a market price that is less than the “private market value” or what and then redeem all of your shares at the end of these periods. The Exam- an investor would pay for the company. This approach will often lead the ple also assumes that your investment has a 5% return each year and that Portfolio to focus on “strong companies” in out-of-favor sectors or out-of- the Portfolio’s operating expenses remain the same. This Example does not favor companies exhibiting a catalyst for change. The Sub-Adviser may sell reflect any Contract-related fees and expenses including redemption fees (if a security for a variety of reasons, such as because it becomes overvalued any) at the Contract level. If such fees and expenses were reflected, the or shows deteriorating fundamentals. total expenses would be higher. Although your actual costs may be higher The Portfolio also may lend its portfolio securities to earn additional or lower, based on these assumptions your costs would be: income. 1 Year 3 Years 5 Years 10 Years Principal Risks: An investment in the Portfolio is not a deposit of a Class IA Shares $110 $343 $595 $1,317 bank and is not insured or guaranteed by the Federal Deposit Insurance Class IB Shares $110 $343 $595 $1,317 Corporation or any other government agency. You may lose money by investing in the Portfolio. Performance may be affected by one or more of the following risks.

VTGSC 1 Equity Risk: In general, stocks and other equity security values fluc- more established issuers because they generally are more vulnerable tuate, and sometimes widely fluctuate, in response to changes in a than larger companies to adverse business or economic developments. company’s financial condition as well as general market, economic and Such companies generally have narrower product lines, more limited financial and management resources and more limited markets for their political conditions and other factors. stock as compared with larger companies. They may depend on a more Foreign Securities Risk: Investments in foreign securities, including limited management group than larger capitalized companies. In depositary receipts, involve risks not associated with investing in U.S. secu- addition, it is more difficult to get information on smaller companies, rities. Foreign markets, particularly emerging markets, may be less liquid, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by more volatile and subject to less government supervision than U.S. mar- relatively few securities analysts. As a result, the value of such securities kets. Security values also may be negatively affected by changes in the may be more volatile than the securities of larger companies, and exchange rates between the U.S. dollar and foreign currencies. Differences because the securities generally trade in lower volumes than larger cap between U.S. and foreign legal, political and economic systems, regulatory securities, the Portfolio may experience difficulty in purchasing or selling regimes and market practices also may impact security values and it may such securities at the desired time and price or in the desired amount. take more time to clear and settle trades involving foreign securities. Risk/Return Bar Chart and Table Currency Risk: Investments in foreign currencies and in securities that trade in, or receive revenues in, or in derivatives that The bar chart and table below provide some indication of the risks of inves- provide exposure to foreign currencies are subject to the risk that ting in the Portfolio by showing changes in the Portfolio’s performance those currencies will decline in value relative to the U.S. dollar, or, 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 inception) through in the case of hedging positions, that the U.S. dollar will decline in December 31, 2016 compared to the returns of a broad-based securities value relative to the currency being hedged. Any such decline may market index. The return of the broad-based securities market index (and erode or reverse any potential gains from an investment in secu- any additional comparative index) shown in the right hand column below rities denominated in foreign currency or may widen existing loss. is the return of the index for the last 10 years or, if shorter, since the Currency rates may fluctuate significantly over short periods of inception of the share class with the longest history. Past performance is time for a number of reasons, including changes in interest rates, not an indication of future performance. intervention (or the failure to intervene) by governments, central For periods prior to the inception date for Class IA shares (July 13, banks or supranational entities, or by the imposition of currency 2007), Class IA share performance information shown in the table be- controls or other political developments in the U.S. or abroad. low is the performance of Class IB shares, which reflects the effect of Investment Style Risk: The Portfolio may use a particular style or 12b-1 fees paid by Class IB shares. Class IA shares did not pay 12b-1 set of styles — in this case “value” styles — to select investments. fees prior to January 1, 2012. Those styles may be out of favor or may not produce the best results The performance results do not reflect any Contract-related fees and over short or longer time periods. Value stocks are subject to the risks expenses, which would reduce the performance results. 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 Calendar Year Annual Total Returns — Class IB addition, there is the risk that a stock judged to be undervalued may actually be appropriately priced. 41.40% 39.11% 32.64% Sector Risk: From time to time, based on market or economic con- 23.28% ditions, the Portfolio may have significant positions in one or more sec- 17.86% tors of the market. To the extent the Portfolio invests more heavily in 9.32% particular sectors, its performance will be especially sensitive to 3.06% developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader -3.48% -5.70% market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Securities Lending Risk: The Portfolio may lend its portfolio secu- -30.68% rities to seek income. There is a risk that a borrower may default on its 2007 2008 2009 20102011 2012 2013 20142015 2016 obligations to return loaned securities, however, the Portfolio’s securities lending agent may indemnify the Portfolio against that risk. The Best quarter (% and time period) Worst quarter (% and time period) Portfolio will be responsible for the risks associated with the investment 24.68% (2009 2nd Quarter) –21.47% (2008 4th Quarter) 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. Small-Cap Company Risk: The Portfolio’s investments in small- cap companies may involve greater risks than investments in larger,

VTGSC 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- 1290 VT GAMCO Small Company Value rate accounts in connection with Contracts issued by AXA Equitable Life Portfolio – Class IA Shares 23.27% 14.46% 10.55% 1290 VT GAMCO Small Company Value Insurance Company (“AXA Equitable”), AXA Life and Annuity Com- Portfolio – Class IB Shares 23.28% 14.46% 10.43% pany, or other affiliated or unaffiliated insurance companies and to The Russell 2000® Value Index (reflects no AXA Equitable 401(k) Plan. Shares also may be sold to other deduction for fees, expenses, or taxes) 31.74% 15.07% 6.26% 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 May 2011 TAX INFORMATION CFP®, CLU, ChFC Vice President and Chief Investment Officer The Portfolio’s shareholders are (or may include) to insurance company of FMG LLC separate accounts, qualified plans and other investors eligible under Alwi Chan, CFA® Senior Vice President May 2009 applicable federal income tax regulations. Accordingly, distributions the and Deputy Portfolio makes of its net investment income and net realized gains — 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 Sub-Adviser: GAMCO Asset Management, Inc. (“GAMCO”) 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: PAYMENTS TO BROKER-DEALERS AND OTHER Date Began FINANCIAL INTERMEDIARIES Managing Name Title the Portfolio This Portfolio is not sold directly to the general public but instead is Mario J. Gabelli Chief Executive Officer and June 1996 offered as an underlying investment option for Contracts and retirement Chief Investment Officer of plans and to other eligible investors. The Portfolio and the Adviser and the Value Portfolios of its affiliates may make payments to a sponsoring insurance company (or GAMCO its affiliates) or other financial intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing AXA Equitable Funds Management Group, LLC (“FMG LLC” or the the insurance company or other financial intermediary and your “Adviser”) has been granted relief by the Securities and Exchange financial adviser to recommend the Portfolio over another investment or Commission to hire, terminate and replace Sub-Advisers and amend by influencing an insurance company to include the Portfolio as an sub-advisory agreements subject to the approval of the Board of Trust- underlying investment option in the Contract. The prospectus (or other ees and without obtaining shareholder approval. However, the Adviser offering document) for your Contract may contain additional may not enter into a sub-advisory agreement on behalf of the Portfolio information about these payments. Ask your financial adviser or visit with an “affiliated person” of the Adviser, such as AllianceBernstein your financial intermediary’s website for more information. 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.

VTGSC 3 EQ Advisors TrustSM

1290 VT High Yield Bond Portfolio – Class IB Shares (formerly EQ/High Yield Bond 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 maximize 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 IB Shares $112 $358 $624 $1,383 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 72% of the average value of the Portfolio. Class IB 1290 VT High Yield Bond Portfolio Shares Management Fee 0.60% INVESTMENTS, RISKS, AND PERFORMANCE Distribution and/or Service Fees (12b-1 fees) 0.25% Principal Investment Strategy: Under normal circumstances, the Other Expenses 0.24% Portfolio invests at least 80% of its net assets, plus borrowings for in- Acquired Fund Fees and Expenses 0.05% Total Annual Portfolio Operating Expenses 1.14% vestment purposes, in a broad range of high-yield, below investment- grade bonds. For purposes of this investment policy, a debt security is Fee Waiver and/or Expense Reimbursement† –0.04% considered a “bond.” Debt securities represent an issuer’s obligation to Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement 1.10% repay a loan of money that generally pays interest to the holder. Bank loans, bonds, loan participations, notes and debentures are examples of † 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 debt securities. It is expected that the Portfolio will invest primarily in expenses of the Portfolio through April 30, 2018 (unless the Board of Trustees con- high-yield corporate bonds. Securities below investment grade include sents to an earlier revision or termination of this arrangement) (“Expense Limitation those securities rated Ba1 or lower by Moody’s Investors Service, Inc. Arrangement”) so that the annual operating expenses of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses, acquired fund fees and (“Moody’s”) or BB+ or lower by Fitch Ratings Ltd. (“Fitch”) or by Stan- expenses, dividend and interest expenses on securities sold short, and extraordinary dard & Poor’s Global Ratings (“S&P”) or, if unrated, deemed by the expenses) do not exceed an annual rate of average daily net assets of 1.05% for Class IB shares of the Portfolio. The Expense Limitation Arrangement may be termi- Adviser or Sub-Adviser to be of comparable quality. Split rated secu- nated by AXA Equitable Funds Management Group, LLC at any time after April 30, rities, which are securities that receive different ratings from two or 2018. more rating agencies, will be considered to have the lower credit rating. The Portfolio may invest in debt securities issued by small-, mid- and Example large- capitalization companies. The Portfolio may invest up to 25% of This Example is intended to help you compare the cost of investing in its net assets in debt securities of issuers located outside the United the Portfolio with the cost of investing in other portfolios. The Example States, including emerging markets issuers and U.S. dollar-denominated assumes that you invest $10,000 in the Portfolio for the periods in- securities of non-U.S. issuers. Certain debt instruments in which the dicated and then redeem all of your shares at the end of these periods. Portfolio may invest may be structured as pay-in-kind securities. The The Example also assumes that your investment has a 5% return each Portfolio may invest in privately placed and restricted securities.

VTHY 1 The Portfolio’s assets normally are allocated among two portions, each securities, which means that they are subject to the same risks as an of which is managed using a different but complementary investment investment in lower rated debt securities. Since it derives a portion of its strategy. One portion of the Portfolio is actively managed (“Active Allo- value from the common stock into which it may be converted, a con- cated Portion”) and the other portion of the Portfolio invests in ETFs vertible security is also subject to the same types of market and issuer- that are passively managed and that meet the investment objective of specific risks that apply to the underlying common stock. the Portfolio (“ETF Allocated Portion”). Under normal circumstances, Credit Risk. The Portfolio is subject to the risk that the issuer or the the Active Allocated Portion consists of approximately 90% of the guarantor (or other obligor, such as a party providing insurance or other Portfolio’s net assets and the ETF Allocated Portion consists of approx- credit enhancement) of a fixed income security, or the counterparty to a de- imately 10% of the Portfolio’s net assets. These percentages can derivatives contract, repurchase agreement, loan of portfolio securities or other viate from the amounts shown above by up to 15% of the Portfolio’s transaction, is unable or unwilling, or is perceived (whether by market partic- assets. The ETFs in which the ETF Allocated Portion may invest may be ipants, ratings agencies, pricing services or otherwise) as unable or unwilling, changed from time to time without notice or shareholder approval. to make timely principal and/or interest payments, or otherwise honor its The Active Allocated Portion will invest in high yield corporate debt secu- obligations. Securities are subject to varying degrees of credit risk, which are rities as well as floating rate loans, and participations in and assign- often reflected in their credit ratings. However, rating agencies may fail to ments of loans. The Active Allocated Portion may invest in securities of make timely changes to credit ratings in response to subsequent events and a any maturity because the Sub-Advisers to the Active Allocated Portion credit rating may become stale in that it fails to reflect changes in an issuer’s place greater emphasis on credit risk in selecting securities than either financial condition. The downgrade of the credit rating of a security may de- maturity or duration. Maturity measures the average final payable dates crease its value. Lower credit quality also may lead to greater volatility in the of debt instruments. Duration measures the sensitivity of the value of a price of a security and may negatively affect a security’s liquidity. bond or bond portfolio to changes in interest rates. Typically, a bond ETFs Risk: The Portfolio will indirectly bear fees and expenses paid by portfolio with a low (short) duration means that its value is less sensi- the ETFs in which it invests, in addition to the Portfolio’s direct fees and tive to interest rate changes, while a bond portfolio with a high (long) expenses. The cost of investing in the Portfolio, therefore, may be duration is more sensitive. higher than the cost of investing in a mutual fund that exclusively in- The ETF Allocated Portion will generally invest in the following ETFs: the vests directly in individual stocks and bonds. In addition, the Portfolio’s iShares iBoxx $ High Yield Corporate Bond Fund and the SPDR® net asset value will be subject to fluctuations in the market values of Bloomberg Barclays High Yield Bond ETF. These ETFs seek investment the ETFs in which it invests. The Portfolio is also subject to the risks results that correspond generally to the price and yield performance, associated with the securities or other investments in which the ETFs before fees and expenses, of a fixed-income securities benchmark index. invest and the ability of the Portfolio to meet its investment objective An investor in the Portfolio will bear both the expenses of the Portfolio will directly depend on the ability of the ETFs to meet their investment as well as the indirect expenses associated with the ETFs held by the objectives. There is also the risk that an ETF’s performance may not ETF Allocated Portion. match that of the relevant index. It is also possible that an active trad- The Portfolio also may lend its portfolio securities to earn additional ing market for an ETF may not develop or be maintained, in which case income. the liquidity and value of the Portfolio’s investment in the ETF could be substantially and adversely affected. The extent to which the investment Principal Risks: An investment in the Portfolio is not a deposit of a performance and risks associated with the Portfolio correlate to those of bank and is not insured or guaranteed by the Federal Deposit Insurance a particular ETF will depend upon the extent to which the Portfolio’s Corporation or any other government agency. You may lose money by assets are allocated from time to time for investment in the ETF, which investing in the Portfolio. Performance may be affected by one or more will vary. of the following risks. Foreign Securities Risk: Investments in foreign securities, includ- Convertible Securities Risk. The value of convertible securities ing depositary receipts, involve risks not associated with investing in fluctuates in relation to changes in interest rates and the credit quality U.S. securities. Foreign markets, particularly emerging markets, may be of the issuer and, in addition, fluctuates in relation to the underlying less liquid, more volatile and subject to less government supervision common stock. A convertible security may be subject to redemption at than U.S. markets. Security values also may be negatively affected by the option of the issuer at a price established in the convertible secur- changes in the exchange rates between the U.S. dollar and foreign cur- ity’s governing instrument, which may be different than the current rencies. Differences between U.S. and foreign legal, political and eco- market price of the security. If a convertible security held by the Portfo- nomic systems, regulatory regimes and market practices also may lio is called for redemption, the Portfolio will be required to permit the impact security values and it may take more time to clear and settle issuer to redeem the security, convert it into underlying common stock trades involving foreign securities. or sell it to a third party. Investments by the Portfolio in convertible debt securities may not be subject to any ratings restrictions, but the Portfo- Currency Risk: Investments in foreign currencies and in secu- lio’s investment manager will consider ratings, and any changes to rat- rities that trade in, or receive revenues in, or in derivatives that ings, in its determination of whether the Portfolio should invest in and/ provide exposure to foreign currencies are subject to the risk that or continue to hold the securities. Convertible securities are subject to those currencies will decline in value relative to the U.S. dollar, or, equity risk, interest rate risk and credit risk and are often lower-quality in the case of hedging positions, that the U.S. dollar will decline in

VTHY 2 value relative to the currency being hedged. Any such decline may near historic lows in the United States, and below zero in other parts of erode or reverse any potential gains from an investment in secu- the world, including certain European countries and Japan. The Portfolio rities denominated in foreign currency or may widen existing loss. is subject to a greater risk of rising interest rates due to these market Currency rates may fluctuate significantly over short periods of conditions. A significant or rapid rise in interest rates could result in time for a number of reasons, including changes in interest rates, losses to the Portfolio. 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 S&P or Fitch or Emerging Markets Risk: There are greater risks involved in Baa or higher by Moody’s or, if unrated, determined by the investment investing in emerging market countries and/or their securities manager to be of comparable quality. Securities rated in the lower invest- markets. Investments in these countries and/or markets may pres- ment 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 char- susceptible to loss than investments in developed markets. In acteristics, and may possess certain speculative characteristics. addition, the risks associated with investing in a narrowly defined Large-Cap Company Risk: Larger more established companies may geographic area are generally more pronounced with respect to be unable to respond quickly to new competitive challenges such as investments in emerging market countries. changes in technology and consumer tastes. Many larger companies also European Economic Risk: The European Union’s (the “EU”) may not be able to attain the high growth rate of successful smaller com- Economic and Monetary Union (the “EMU”) requires member panies, especially during extended periods of economic expansion. countries to comply with restrictions on interest rates, deficits, Leveraging Risk: When the Portfolio leverages its holdings, the debt levels, and inflation rates, and other factors, each of which value of an investment in the Portfolio will be more volatile and all may significantly impact every European country. The economies other risks will tend to be compounded. For example, the Portfolio may of EU member countries and their trading partners may be ad- take on leveraging risk when it engages in derivatives transactions versely affected by changes in the euro’s exchange rate, changes (such as futures and options investments), invests collateral from in EU or governmental regulations on trade, and the threat of de- securities loans or borrows money. The Portfolio may experience fault or an actual default by an EU member country on its sover- leveraging risk in connection with investments in derivatives because its eign debt, which could negatively impact the Portfolio’s investments in derivatives may be small relative to the investment investments and cause it to lose money. In recent years, the Euro- exposure assumed, leaving more assets to be invested in other pean financial markets have been negatively impacted by concerns investments. Such investments may have the effect of leveraging the relating to rising government debt levels and national unemploy- Portfolio because the Portfolio may experience gains or losses not only ment; possible default on or restructuring of sovereign debt in on its investments in derivatives, but also on the investments purchased several European countries; and economic downturns. A European with the remainder of the assets. If the value of the Portfolio’s country’s default or debt restructuring would adversely affect the investments in derivatives is increasing, this could be offset by declining holders of the country’s debt and sellers of credit default swaps values of the Portfolio’s other investments. Conversely, it is possible linked to the country’s creditworthiness and could negatively im- that the rise in the value of the Portfolio’s non-derivative investments pact global markets more generally. Recent events in Europe may could be offset by a decline in the value of the Portfolio’s investments in adversely affect the euro’s exchange rate and value and may con- derivatives. In either scenario, the Portfolio may experience losses. In a tinue to impact the economies of every European country. In June market where the value of the Portfolio’s investments in derivatives is 2016, the United Kingdom (the “UK”) voted to withdraw from the declining and the value of its other investments is declining, the EU, commonly referred to as “Brexit.” The impact of Brexit is so Portfolio may experience substantial losses. far uncertain. Additional EU members could decide to abandon the euro and also withdraw from the EU. The decision by an EU Liquidity Risk: The Portfolio is subject to the risk that certain member to leave the EU may cause increased volatility and have a investments may be difficult or impossible for the Portfolio to purchase significant adverse impact on world financial markets, which could or sell at an advantageous time or price or in sufficient amounts to adversely affect the value of the Portfolio’s investments. achieve the desired level of exposure. The Portfolio may be required to dispose of other investments at unfavorable times or prices to satisfy Interest Rate Risk: The Portfolio is subject to the risk that fixed obligations, which may result in a loss or may be costly to the Portfolio. income securities will decline in value because of changes in interest Judgment plays a greater role in pricing illiquid investments than rates. When interest rates decline, the value of the Portfolio’s debt investments with more active markets. securities generally rises. Conversely, when interest rates rise, the value of the Portfolio’s debt securities generally declines. A portfolio with a Loan Risk: Loan interests are subject to liquidity risk, prepayment risk longer average duration will be more sensitive to changes in interest (the risk that when interest rates fall, debt securities may be repaid more rates, usually making it more volatile than a portfolio with a shorter quickly than expected and the Portfolio may be required to reinvest in average duration. As of the date of this Prospectus, interest rates are securities with a lower yield), extension risk (the risk that when interest

VTHY 3 rates rise, debt securities may be repaid more slowly than expected and the extent, the Portfolio’s performance will depend on the success of the Ad- value of the Portfolio’s holdings may decrease), the risk of subordination to viser in allocating the Portfolio’s assets to Sub-Advisers and its selection other creditors, restrictions on resale, and the lack of a regular trading and oversight of the Sub-Advisers. Because each Sub-Adviser manages its market and publicly available information. Loan interests may be difficult to allocated portion of the Portfolio independently from another Sub-Adviser, value and may have extended trade settlement periods. Accordingly, the the same security may be held in different portions of the Portfolio, or may proceeds from the sale of a loan may not be available to make additional be acquired for one portion of the Portfolio at a time when a Sub-Adviser investments or to meet redemption obligations until potentially a sub- to another portion deems it appropriate to dispose of the security from stantial period after the sale of the loan. The extended trade settlement that other portion resulting in higher expenses without accomplishing any periods could force the Portfolio to liquidate other securities to meet re- net result in the Portfolio’s holdings. Similarly, under some market con- demptions and may present a risk that the Portfolio may incur losses in ditions, one Sub-Adviser may believe that temporary, defensive invest- order to timely honor redemptions. There is a risk that the value of any col- ments in short-term instruments or cash are appropriate when another lateral securing a loan in which the Portfolio has an interest may decline Sub-Adviser believes continued exposure to the equity or debt markets is and that the collateral may not be sufficient to cover the amount owed on appropriate for its allocated portion of the Portfolio. Because each Sub- the loan. In the event the borrower defaults, the Portfolio’s access to the Adviser directs the trading for its own portion of the Portfolio, and does collateral may be limited or delayed by bankruptcy or other insolvency not aggregate its transactions with those of the other Sub-Adviser, the laws. To the extent that the Portfolio invests in loan participations and as- Portfolio may incur higher brokerage costs than would be the case if a signments, it is subject to the risk that the financial institution acting as single Sub-Adviser were managing the entire Portfolio. In addition, while agent for all interests in a loan might fail financially. It is also possible that the Adviser seeks to allocate the Portfolio’s assets among the Portfolio’s the Portfolio could be held liable, or may be called upon to fulfill other Sub-Advisers in a manner that it believes is consistent with achieving the obligations, as a co-lender. Portfolio’s investment objective(s), the Adviser may be subject to potential conflicts of interest in allocating the Portfolio’s assets among Sub- Mid-Cap and Small-Cap Company Risk: The Portfolio’s Advisers, including affiliated Sub-Advisers, because the Adviser pays investments in mid- and small-cap companies may involve greater risks different fees to the Sub-Advisers and due to other factors that could im- than investments in larger, more established issuers because they pact the Adviser’s revenues and profits. generally are more vulnerable than larger companies to adverse business or economic developments. Such companies generally have Non-Investment Grade Securities Risk: Bonds rated below narrower product lines, more limited financial and management investment grade (i.e., BBorlowerbyS&PorFitchorBaorlowerby resources and more limited markets for their stock as compared with Moody’s or, if unrated, determined by the investment manager to be of larger companies. As a result, the value of such securities may be more comparable quality) are speculative in nature and are subject to addi- volatile than the securities of larger companies, and the Portfolio may tional risk factors such as increased possibility of default, illiquidity of the experience difficulty in purchasing or selling such securities at the security, and changes in value based on changes in interest rates. Non- desired time and price or in the desired amount. In general, these risks investment grade bonds, sometimes referred to as “junk bonds,” are are greater for small-cap companies than for mid-cap companies. usually issued by companies without long track records of sales and earnings, or by those companies with questionable credit strength. The cred- Mortgage-Backed and Asset-Backed Securities Risk: The itworthiness of issuers of non-investment grade debt securities may be Portfolio is subject to the risk that the principal on mortgage- and asset- more complex to analyze than that of issuers of investment grade debt backed securities held by the Portfolio will be prepaid, which generally securities, and reliance on credit ratings may present additional risks. will reduce the yield and market value of these securities. If interest rates fall, the rate of prepayments tends to increase as borrowers are Portfolio Turnover Risk: High portfolio turnover (generally, turn- motivated to pay off debt and refinance at new lower rates. Rising over in excess of 100% in any given fiscal year) may result in increased interest rates may increase the risk of default by borrowers and tend to transaction costs to the Portfolio, which may result in higher fund ex- extend the duration of these securities, making them more sensitive to penses and lower total return. changes in interest rates. As a result, in a period of rising interest rates, Privately Placed and Restricted Securities Risk: Privately to the extent the Portfolio holds these types of securities, it may experi- placed securities are subject to resale restrictions and may be illiquid. The ence additional volatility and losses. This is known as extension risk. Portfolio may be unable to sell or transfer these securities due to restrictions Moreover, declines in the credit quality of the issuers of mortgage- and on transfers or may be unable to find buyers interested in purchasing the asset-backed securities or instability in the markets for such securities securities. The illiquidity of the market, as well as the lack of publicly avail- may affect the value and liquidity of such securities, which could result able information regarding these securities, also may adversely affect the in losses to the Portfolio. In addition, certain mortgage- and asset- ability to arrive at a fair value for certain securities at certain times and could backed securities may include securities backed by pools of loans made make it difficult for the Portfolio to sell certain securities. to “subprime” borrowers or borrowers with blemished credit histories; the risk of defaults is generally higher in the case of mortgage pools Redemption Risk: The Portfolio may experience periods of heavy that include such subprime mortgages. redemptions that could cause the Portfolio to sell assets at inopportune times or at a loss or depressed value. Redemption risk is heightened Multiple Sub-Adviser Risk: The Adviser allocates the Portfolio’s during periods of declining or illiquid markets. Heavy redemptions could assets among multiple Sub-Advisers, each of which is responsible for hurt the Portfolio’s performance. investing its allocated portion of the Portfolio’s assets. To a significant

VTHY 4 Market developments and other factors, including a general rise in interest Average Annual Total Returns rates, have the potential to cause investors to move out of fixed income Since securities on a large scale, which may increase redemptions from mutual One Year Inception 1290 VT High Yield Bond Portfolio – Class IB Shares funds that hold large amounts of fixed income securities. Such a move, (Inception Date: February 8, 2013) 11.67% 4.19% coupled with a reduction in the ability or willingness of dealers and other BofA Merrill Lynch U.S. High Yield Master II Index institutional investors to buy or hold fixed income securities, may result in (reflects no deduction for fees, expenses, or taxes) 17.49% 5.26% decreased liquidity and increased volatility in the fixed income markets. WHO MANAGES THE PORTFOLIO Securities Lending Risk: The Portfolio may lend its portfolio securities to seek income. There is a risk that a borrower may default on Investment Adviser: FMG LLC its obligations to return loaned securities, however, the Portfolio’s Portfolio Managers: The members of the team that are jointly and securities lending agent may indemnify the Portfolio against that risk. The primarily responsible for (i) the selection, monitoring and oversight of Portfolio will be responsible for the risks associated with the investment of the Portfolio’s Sub-Advisers, (ii) allocating assets among the Portfolio’s cash collateral, including any collateral invested in an affiliated money Allocated Portions and (iii) the selection of investments in ETFs for the market fund. The Portfolio may lose money on its investment of cash Portfolio are: 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 Date Began of securities from borrowers, which could interfere with the Portfolio’s Managing ability to vote proxies or to settle transactions. Name Title the Portfolio Kenneth T. Executive Vice President and February 2013 Zero Coupon and Pay-in-Kind Securities Risk: Azerocou- Kozlowski, Chief Investment Officer of pon or pay-in-kind security pays no interest in cash to its holder during CFP®, CLU, FMG LLC its life. Accordingly, zero coupon securities usually trade at a deep dis- ChFC count from their face or par value and, together with pay-in-kind secu- Alwi Chan, Senior Vice President and February 2013 rities, will be subject to greater fluctuations in market value in response CFA® Deputy Chief Investment to changing interest rates than debt obligations of comparable matur- Officer of FMG LLC ities that make current distribution of interest in cash. Xavier Poutas, Assistant Portfolio Manager February 2013 CFA® of FMG LLC Risk/Return Bar Chart and Table Miao Hu, CFA® Assistant Portfolio Manager May 2016 of FMG LLC 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 Sub-Adviser: AXA Investment Managers, Inc. (“AXA IM”) returns for the past one-year and since inception periods through De- Portfolio Managers: The individual primarily responsible for the secu- cember 31, 2016 compared to the returns of a broad-based securities rities selection, research and trading for a portion of the Active Allocated market index. Past performance is not an indication of future performance. Portion of the Portfolio is: 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 Return — Class IB Carl Whitbeck, Head of U.S. High Yield, February 2013 11.67% CFA® Portfolio Manager/Analyst of AXA IM

1.86%

-3.02% 2014 2015 2016

Best quarter (% and time period) Worst quarter (% and time period) 4.00% (2016 3rd Quarter) –4.09% (2015 3rd Quarter)

VTHY 5 Sub-Adviser: Post Advisory Group, LLC. (“Post”) 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 for separate accounts, qualified plans and other investors eligible under a portion of the Active Allocated Portion of 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 Managing redemptions or exchanges of Portfolio shares generally will not be Name Title the Portfolio Henry Chyung Chief Investment Officer of May 2014 taxable to its shareholders (or to the holders of underlying Contracts or Post, Post Board Member plan participants or beneficiaries). See the prospectus for your Contract for further tax information. Schuyler Hewes Managing Director – May 2014 Portfolio Manager of Post PAYMENTS TO BROKER-DEALERS AND OTHER David Kim Managing Director – May 2014 FINANCIAL INTERMEDIARIES Portfolio Manager of Post Jeffrey Stroll Managing Director – May 2014 This Portfolio is not sold directly to the general public but instead is Portfolio Manager of Post offered as an underlying investment option for Contracts and retirement Dan Ross Managing Director – October 2014 plans and to other eligible investors. The Portfolio and the Adviser and Portfolio Manager of Post its affiliates may make payments to a sponsoring insurance company (or its affiliates) or other financial intermediary for distribution and/or other AXA Equitable Funds Management Group, LLC (“FMG LLC” or the services. These payments may create a conflict of interest by influencing “Adviser”) has been granted relief by the Securities and Exchange the insurance company or other financial intermediary and your Commission to hire, terminate and replace Sub-Advisers and amend financial adviser to recommend the Portfolio over another investment or sub-advisory agreements subject to the approval of the Board of Trust- by influencing an insurance company to include the Portfolio as an ees and without obtaining shareholder approval. However, the Adviser underlying investment option in the Contract. The prospectus (or other may not enter into a sub-advisory agreement on behalf of the Portfolio offering document) for your Contract may contain additional with an “affiliated person” of the Adviser, such as AllianceBernstein information about these payments. Ask your financial adviser or visit L.P. or AXA Investment Managers, Inc., unless the sub-advisory agree- your financial intermediary’s website for more information. ment 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.

VTHY 6 EQ Advisors TrustSM

1290 VT Low Volatility Global Equity Portfolio – Class IB Shares (formerly EQ/Low Volatility Global ETF 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 long-term capital appreciation that the Portfolio’s operating expenses remain the same, and that the with lower absolute volatility than the broad equity markets. 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 The following table describes the fees and expenses that you may pay if total expenses would be higher. Although your actual costs may be higher you buy and hold shares of the Portfolio. The table below does not re- or lower, based on these assumptions your costs would be: flect 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 IB Shares $92 $636 $1,207 $2,761 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 15% of the average value of the Portfolio. your investment) Class IB 1290 VT Low Volatility Global Equity Portfolio Shares INVESTMENTS, RISKS, AND PERFORMANCE Management Fee 0.50% Principal Investment Strategy: Under normal market conditions, Distribution and/or Service Fees (12b-1 fees) 0.25% Other Expenses 1.56% the Portfolio invests at least 80% of its net assets, plus borrowings for Acquired Fund Fees and Expenses 0.24% investment purposes, in equity securities. The Portfolio will invest in Total Annual Portfolio Operating Expenses 2.55% equity securities through investments in exchange-traded securities of Fee Waiver and/or Expense Reimbursement† –1.65% other investment companies and investment vehicles (“exchange-traded Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.90% funds” or “ETFs”). The Portfolio invests primarily in ETFs that, in turn, invest substantially all of their assets in equity securities that are be- † Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreed to lieved to have lower absolute volatility than the markets in which the 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 ETF invests. Volatility is one way to measure risk and, in this context, an earlier revision or termination of this arrangement) (“Expense Limitation refers to the tendency of investments and markets to fluctuate over Arrangement”) so that the annual operating expenses (including Acquired Fund Fees and Expenses) of the Portfolio (exclusive of taxes, interest, brokerage commissions, dividend time. Stocks that exhibit lower absolute volatility may, over a market and interest expenses on securities sold short, capitalized expenses, and extraordinary cycle, be able to earn investment returns comparable to market returns expenses) do not exceed an annual rate of average daily net assets of 0.90% for Class IB but with less volatility than the markets. The Portfolio may invest in 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. ETFs that invest in securities of companies of any size in developed and emerging markets throughout the world. Under normal market con- Example ditions, the Portfolio expects to invest in ETFs such that at least 40% of This Example is intended to help you compare the cost of investing in the the Portfolio’s net assets will be invested in securities of issuers located Portfolio with the cost of investing in other portfolios. The Example as- in at least three countries (one of which may be the United States). The sumes that you invest $10,000 in the Portfolio for the periods indicated Portfolio invests its assets in ETFs in accordance with weightings de- and then redeem all of your shares at the end of these periods. The termined by AXA Equitable Funds Management Group, LLC (“FMG Example also assumes that your investment has a 5% return each year, LLC” or the “Adviser”), the Portfolio’s investment manager.

VTLG 1 ETFs are investment companies or other investment vehicles whose Equity Risk: In general, stocks and other equity security values fluc- shares are listed and traded on U.S. stock exchanges or otherwise tuate, and sometimes widely fluctuate, in response to changes in a traded in the over-the-counter market and may be purchased and sold company’s financial condition as well as general market, economic and throughout the trading day based on their market price. Generally, each political conditions and other factors. ETF seeks to track a securities index or a basket of securities that an ETFs Risk: The Portfolio will indirectly bear fees and expenses paid by “index provider” (such as Standard & Poor’s, Dow Jones, Russell or the ETFs in which it invests, in addition to the Portfolio’s direct fees and Morgan Stanley Capital International (“MSCI”)) selects as representa- expenses. The cost of investing in the Portfolio, therefore, may be tive of a market, market segment, industry sector, country or geo- higher than the cost of investing in a mutual fund that exclusively in- graphic region. An ETF portfolio generally holds the same stocks or vests directly in individual stocks and bonds. In addition, the Portfolio’s bonds as the index it tracks (or it may hold a representative sample of net asset value will be subject to fluctuations in the market values of such securities). Accordingly, each ETF is designed so that its perform- the ETFs in which it invests. The Portfolio is also subject to the risks ance, before fees and expenses, will correspond closely with that of the associated with the securities or other investments in which the ETFs index it tracks. The ETFs in which the Portfolio may invest are referred invest and the ability of the Portfolio to meet its investment objective to herein as the “Underlying ETFs”. will directly depend on the ability of the ETFs to meet their investment The Adviser uses a two-stage asset allocation process to create an objectives. There is also the risk that an ETF’s performance may not investment portfolio of ETFs for the Portfolio. The first stage involves a match that of the relevant index. It is also possible that an active trad- strategic asset allocation that is intended to achieve a desired risk/return ing market for an ETF may not develop or be maintained, in which case profile for the Portfolio, while providing broad exposure to U.S. and the liquidity and value of the Portfolio’s investment in the ETF could be foreign securities. In this stage, the Adviser decides what portion of the substantially and adversely affected. The extent to which the investment Portfolio’s assets should be invested in various geographic regions and performance and risks associated with the Portfolio correlate to those of market capitalization segments based on an evaluation of the potential a particular ETF will depend upon the extent to which the Portfolio’s return characteristics and risks of the particular asset classes in which the assets are allocated from time to time for investment in the ETF, which Portfolio may invest. Currently, the Portfolio intends to invest (through will vary. ETFs) approximately 50% of its assets in U.S. securities. Among U.S. Foreign Securities Risk: Investments in foreign securities, includ- securities, the Portfolio intends to maintain approximately 30% exposure ing depositary receipts, involve risks not associated with investing in to large cap issuers and 20% to mid and small cap issuers. The Portfolio U.S. securities. Foreign markets, particularly emerging markets, may be intends to invest (through ETFs) the remaining 50% of its assets in foreign less liquid, more volatile and subject to less government supervision securities, including maintaining approximately 15% exposure to than U.S. markets. Security values also may be negatively affected by securities of companies in emerging market countries. These percentages changes in the exchange rates between the U.S. dollar and foreign cur- can deviate by up to 15% of the Portfolio’s assets. The Adviser may adjust rencies. Differences between U.S. and foreign legal, political and eco- these strategic asset allocations from time to time. nomic systems, regulatory regimes and market practices also may The second stage of this process involves the selection of Underlying impact security values and it may take more time to clear and settle ETFs within each of the geographic regions and market capitalization trades involving foreign securities. segments identified as a result of the first stage of the investment proc- Currency Risk: Investments in foreign currencies and in secu- ess. The Adviser seeks to select a combination of Underlying ETFs that rities that trade in, or receive revenues in, or in derivatives that together provide the targeted geographic and market capitalization provide exposure to foreign currencies are subject to the risk that exposure for the Portfolio. In selecting the Underlying ETFs, the Adviser those currencies will decline in value relative to the U.S. dollar, or, also seeks to construct a diversified portfolio of ETFs that provides ex- in the case of hedging positions, that the U.S. dollar will decline in posure to various methodologies used to reduce volatility. Individual ETF value relative to the currency being hedged. Any such decline may weights are based on a variety of factors, including the Underlying ETF’s erode or reverse any potential gains from an investment in secu- exposure to the desired geographic region or market cap segment, in- rities denominated in foreign currency or may widen existing loss. vestment objective(s), total return, portfolio holdings, volatility, ex- Currency rates may fluctuate significantly over short periods of penses and liquidity. The Adviser may sell an Underlying ETF for a time for a number of reasons, including changes in interest rates, variety of reasons, such as to invest in another security believed to offer intervention (or the failure to intervene) by governments, central superior investment opportunities. banks or supranational entities, or by the imposition of currency The Portfolio also may lend its portfolio securities to earn additional controls or other political developments in the U.S. or abroad. income. Depositary Receipts Risk: Investments in depositary receipts Principal Risks: An investment in the Portfolio is not a deposit of a (including American Depositary Receipts, European Depositary bank and is not insured or guaranteed by the Federal Deposit Insurance Receipts and Global Depositary Receipts) are generally subject to Corporation or any other government agency. You may lose money by the same risks of investing in the foreign securities that they evi- investing in the Portfolio. Performance may be affected by one or more dence or into which they may be converted. In addition, issuers of the following risks. In this section, the term “Portfolio” may include underlying unsponsored depositary receipts may not provide as the Portfolio, an Underlying ETF, or both. much information as U.S. issuers and issuers underlying sponsored

VTLG 2 depositary receipts. Unsponsored depositary receipts also may not Risk/Return Bar Chart and Table carry the same voting privileges as sponsored depositary receipts. The bar chart and table below provide some indication of the risks of Emerging Markets Risk: There are greater risks involved in investing in the Portfolio by showing changes in the Portfolio’s perform- investing in emerging market countries and/or their securities mar- ance from year to year and by showing how the Portfolio’s average kets. Investments in these countries and/or markets may present annual total returns for the past one-year and since inception periods market, credit, currency, liquidity, legal, political, technical and through December 31, 2016 compared to the returns of a broad-based other risks different from, or greater than, the risks of investing in securities market index. The additional broad-based securities market developed countries. Investments in emerging markets are more index shows how the Portfolio’s performance compared with the returns susceptible to loss than investments in developed markets. In addi- of another index that has characteristics relevant to the Portfolio’s tion, the risks associated with investing in a narrowly defined geo- investment strategies. Past performance is not an indication of future graphic area are generally more pronounced with respect to performance. investments in emerging market countries. The performance results do not reflect any Contract-related fees and Large-Cap Company Risk: Larger more established companies expenses, which would reduce the performance results. may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies Calendar Year Annual Total Returns — Class IB 8.60% also may not be able to attain the high growth rate of successful 8.16% smaller companies, especially during extended periods of economic expansion. Mid-Cap, Small-Cap and Micro-Cap Company Risk: The Portfolio’s investments in mid-, small-cap and micro-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 product lines, more limited financial and management -0.35% resources and more limited markets for their stock as compared with 20142015 2016 larger companies. As a result, the value of such securities may be more volatile than the securities of larger companies, and the portfolio may Best quarter (% and time period) Worst quarter (% and time period) experience difficulty in purchasing or selling such securities at the desired 5.65% (2016 1st Quarter) –5.22% (2015 3rd Quarter) time and price or in the desired amount. In general, these risks are greater for small- and micro-cap companies than for mid-cap companies. Average Annual Total Returns Securities Lending Risk: The Portfolio may lend its portfolio secu- One Since Year Inception rities to seek income. There is a risk that a borrower may default on its 1290 VT Low Volatility Global Equity Portfolio — obligations to return loaned securities, however, the Portfolio’s secu- Class IB Shares (Inception Date: October 28, 2013) 8.60% 5.14% rities lending agent may indemnify the Portfolio against that risk. The MSCI ACWI Minimum Volatility (USD) (Net) Index (reflects no deduction for fees, expenses, or taxes) 7.43% 6.61% Portfolio will be responsible for the risks associated with the investment MSCI AC World (Net) Index (reflects no deduction for fees, of cash collateral, including any collateral invested in an affiliated expenses, or taxes) 7.86% 3.84% 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 WHO MANAGES THE PORTFOLIO meet obligations to the borrower. In addition, delays may occur in the recovery of securities from borrowers, which could interfere with the Investment Adviser: FMG LLC Portfolio’s ability to vote proxies or to settle transactions. Portfolio Managers: The members of the team that are jointly and Volatility Risk: The Underlying ETFs selected by the Adviser may be primarily responsible for the selection of investments in Underlying ETFs unsuccessful in maintaining portfolios of investments that minimize for the Portfolio are: volatility, and there is a risk that the Portfolio may experience more than minimum volatility. Securities held by the Underlying ETFs may be sub- Date Began Managing ject to price volatility and the prices may not be any less volatile than Name Title the Portfolio the market as a whole and could be more volatile. In addition, the use Kenneth T. Kozlowski Executive Vice President October 2013 of volatility management techniques may limit the Portfolio’s partic- CFP®, CLU, ChFC and Chief Investment ipation in market gains, particularly during periods when market values Officer of FMG LLC are increasing, but market volatility is high. Alwi Chan, CFA® Senior Vice President October 2013 and Deputy Chief Investment Officer of FMG LLC

VTLG 3 Date Began Managing Name Title the Portfolio Xavier Poutas, CFA® Assistant Portfolio October Manager of FMG LLC 2013 Miao Hu, CFA® Assistant Portfolio May 2017 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 Company, or other affiliated or unaffiliated insurance companies and to The AXA Equitable 401(k) Plan. Shares also may be sold to 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’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.

VTLG 4 EQ Advisors TrustSM

1290 VT Natural Resources Portfolio – Class IB Shares (formerly AXA Natural Resources 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 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 IB Shares $92 $439 $809 $1,851 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 IB 1290 VT Natural Resources Portfolio Shares INVESTMENTS, RISKS, AND PERFORMANCE Management Fee 0.50% Principal Investment Strategy: Under normal circumstances, the Distribution and/or Service Fees (12b-1 fees) 0.25% Portfolio invests at least 80% of its net assets, plus borrowings for Other Expenses 0.86% Total Annual Portfolio Operating Expenses 1.61% investment purposes, in equity securities of domestic and foreign compa- Fee Waiver and/or Expense Reimbursement† –0.71% nies within the natural resources sector or in other securities or instru- Total Annual Portfolio Operating Expenses After Fee Waiver and/or ments the value of which is related to the market value of some natural Expense Reimbursement 0.90% resources asset. Such equity securities may include common stocks, pre- † Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreed to ferred stocks, depositary receipts, rights and warrants. The Portfolio nor- make payments or waive its management, administrative and other fees to limit the mally invests in companies that are involved directly or indirectly in the 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 exploration, development, production or distribution of natural resources. Arrangement”) so that the annual operating expenses of the Portfolio (exclusive of This includes companies that provide services to use, or may benefit from, taxes, interest, brokerage commissions, dividend and interest expenses on securities developments in the natural resources sector or companies that develop, sold short, capitalized expenses, acquired fund fees and expenses and extraordinary expenses) do not exceed an annual rate of average daily net assets of 0.90% for design or provide products and services significant to a country’s or re- Class IB shares of the Portfolio. The Expense Limitation Arrangement may be termi- gion’s infrastructure and its future evolution. For these purposes “natural nated by AXA Equitable Funds Management Group, LLC at any time after April 30, 2018. resources” generally include: energy (such as utilities, producers/ developers, refiners, service/drilling), alternative energy (such as hydrogen, Example wind, solar), industrial products (such as building materials, cement, packaging, chemicals, supporting transport and machinery), forest prod- This Example is intended to help you compare the cost of investing in the ucts (such as lumber, pulp, paper), base metals (such as aluminum, cop- Portfolio with the cost of investing in other portfolios. The Example as- per, nickel, zinc, iron ore and steel), precious metals and minerals (such as sumes that you invest $10,000 in the Portfolio for the periods indicated gold, silver, diamonds), and agricultural products (grains and other foods, and then redeem all of your shares at the end of these periods. The seeds, fertilizers, water). The Portfolio is non-diversified, which means that Example also assumes that your investment has a 5% return each year, it may invest in a limited number of issuers. that the Portfolio’s operating expenses remain the same, and that the

VTNR 1 The Portfolio seeks to track the performance (before fees and expenses) Portfolio correlate to those of a particular ETF will depend upon the extent of the MSCI World Commodity Producers Index with minimal tracking to which the Portfolio’s assets are allocated from time to time for invest- error. This strategy is commonly referred to as an indexing strategy. ment in the ETF, which will vary. Generally, the Portfolio uses a full replication technique, although in Focused Portfolio Risk: The Portfolio employs a strategy of inves- certain instances a sampling approach may be utilized for a portion of ting in the securities of a limited number of companies, some of which the Portfolio. The Portfolio also may invest in other instruments, such as may be in the same industry, sector or geographic region. As a result, exchange-traded funds (“ETFs”) or futures and options contracts, that the Portfolio, which is classified as “non-diversified,” may incur more provide comparable exposure as the index without buying the under- risk because changes in the value of a single security may have a more lying securities comprising the index. significant effect, either positive or negative, on the Portfolio’s net asset The Portfolio also may lend its portfolio securities to earn additional value. Further, the Portfolio may be more sensitive to events affecting a income. single industry, sector or geographic region. The use of such a focused investment strategy may increase the volatility of the Portfolio’s invest- Principal Risks: An investment in the Portfolio is not a deposit of a ment performance, as the Portfolio may be more susceptible to risks bank and is not insured or guaranteed by the Federal Deposit Insurance associated with a single economic, political or regulatory event than a Corporation or any other government agency. You may lose money by portfolio that is more broadly invested. investing in the Portfolio. Performance may be affected by one or more of the following risks. Foreign Securities Risk: Investments in foreign securities, including depositary receipts, involve risks not associated with investing in Derivatives Risk: The Portfolio’s investments in derivatives may rise U.S. securities. Foreign markets, particularly emerging markets, may be or fall in value more rapidly than other investments. Changes in the less liquid, more volatile and subject to less government supervision value of a derivative may not correlate perfectly or at all with the under- than U.S. markets. Security values also may be negatively affected by lying asset, rate or index, and the Portfolio could lose more than the changes in the exchange rates between the U.S. dollar and foreign cur- principal amount invested. Some derivatives can have the potential for rencies. Differences between U.S. and foreign legal, political and eco- unlimited losses. In addition, it may be difficult or impossible for the nomic systems, regulatory regimes and market practices also may Portfolio to purchase or sell certain derivatives in sufficient amounts to impact security values and it may take more time to clear and settle achieve the desired level of exposure, which may result in a loss or may trades involving foreign securities. be costly to the Portfolio. Derivatives also may be subject to certain other risks such as leveraging risk, interest rate risk, credit risk, the risk Currency Risk: Investments in foreign currencies and in secu- that a counterparty may be unable or unwilling to honor its obligations, rities that trade in, or receive revenues in, or in derivatives that and the risk of mispricing or improper valuation. Derivatives also may provide exposure to foreign currencies are subject to the risk that not behave as anticipated by the Portfolio, especially in abnormal mar- those currencies will decline in value relative to the U.S. dollar, or, ket conditions. Changing regulation may make derivatives more costly, in the case of hedging positions, that the U.S. dollar will decline in limit their availability, impact the Portfolio’s ability to maintain its value relative to the currency being hedged. Any such decline may investments in derivatives, disrupt markets, or otherwise adversely af- erode or reverse any potential gains from an investment in secu- fect their value or performance. rities denominated in foreign currency or may widen existing loss. Currency rates may fluctuate significantly over short periods of Equity Risk: In general, stocks and other equity security values fluc- time for a number of reasons, including changes in interest rates, tuate, and sometimes widely fluctuate, in response to changes in a intervention (or the failure to intervene) by governments, central company’s financial condition as well as general market, economic and banks or supranational entities, or by the imposition of currency political conditions and other factors. controls or other political developments in the U.S. or abroad. ETFs Risk: The Portfolio will indirectly bear fees and expenses paid by Depositary Receipts Risk: Investments in depositary receipts the ETFs in which it invests, in addition to the Portfolio’s direct fees and (including American Depositary Receipts, European Depositary expenses. The cost of investing in the Portfolio, therefore, may be higher Receipts and Global Depositary Receipts) are generally subject to than the cost of investing in a mutual fund that exclusively invests directly the same risks of investing in the foreign securities that they evi- in individual stocks and bonds. In addition, the Portfolio’s net asset value dence or into which they may be converted. In addition, issuers will be subject to fluctuations in the market values of the ETFs in which it underlying unsponsored depositary receipts may not provide as invests. The Portfolio is also subject to the risks associated with the secu- much information as U.S. issuers and issuers underlying sponsored rities or other investments in which the ETFs invest and the ability of the depositary receipts. Unsponsored depositary receipts also may not Portfolio to meet its investment objective will directly depend on the abil- carry the same voting privileges as sponsored depositary receipts. 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 Emerging Markets Risk: There are greater risks involved in also possible that an active trading market for an ETF may not develop or investing in emerging market countries and/or their securities be maintained, in which case the liquidity and value of the Portfolio’s in- markets. Investments in these countries and/or markets may pres- vestment in the ETF could be substantially and adversely affected. The ent market, credit, currency, liquidity, legal, political, technical and extent to which the investment performance and risks associated with the other risks different from, or greater than, the risks of investing in

VTNR 2 developed countries. Investments in emerging markets are more Securities Lending Risk: The Portfolio may lend its portfolio secu- susceptible to loss than investments in developed markets. In rities to seek income. There is a risk that a borrower may default on its addition, the risks associated with investing in a narrowly defined obligations to return loaned securities, however, the Portfolio’s secu- geographic area are generally more pronounced with respect to rities lending agent may indemnify the Portfolio against that risk. The investments in emerging market countries. Portfolio will be responsible for the risks associated with the investment of cash collateral, including any collateral invested in an affiliated Index Strategy Risk: The Portfolio employs an index strategy, that is, money market fund. The Portfolio may lose money on its investment of it generally invests in the securities included in its index or a representa- cash collateral or may fail to earn sufficient income on its investment to tive sample of such securities regardless of market trends. The Portfolio meet obligations to the borrower. In addition, delays may occur in the generally will not modify its index strategy to respond to changes in the recovery of securities from borrowers, which could interfere with the economy, which means that it may be particularly susceptible to a general Portfolio’s ability to vote proxies or to settle transactions. decline in the market segment relating to the relevant index. In addition, although the index strategy attempts to closely track its benchmark index, Risk/Return Bar Chart and Table the Portfolio may not invest in all of the securities in the index. Also, the Portfolio’s fees and expenses will reduce the Portfolio’s returns, unlike The bar chart and table below provide some indication of the risks of those of the benchmark index. Cash flow into and out of the Portfolio, investing in the Portfolio by showing changes in the Portfolio’s portfolio transaction costs, changes in the securities that comprise the performance from year to year and by showing how the Portfolio’s index, and the Portfolio’s valuation procedures also may affect the Portfo- average annual total returns for the past one-year and since inception lio’s performance. Therefore, there can be no assurance that the periods through December 31, 2016 compared to the returns of a performance of the index strategy will match that of the benchmark index. broad-based securities market index. Past performance is not an indication of future performance. Liquidity Risk: The Portfolio is subject to the risk that certain investments may be difficult or impossible for the Portfolio to purchase The performance results do not reflect any Contract-related fees and or sell at an advantageous time or price or in sufficient amounts to expenses, which would reduce the performance results. achieve the desired level of exposure. The Portfolio may be required to dispose of other investments at unfavorable times or prices to satisfy Calendar Year Annual Total Returns — Class IB obligations, which may result in a loss or may be costly to the Portfolio. 29.48% Judgment plays a greater role in pricing illiquid investments than investments with more active markets. Natural Resources Sector Risk: The profitability of companies in the natural resources sector can be adversely affected by worldwide energy prices and other world events, limits on and the success of exploration projects, and production spending. Companies in the natural resources sector also could be adversely affected by commodity price volatility, changes in exchange rates, interest rates or inflation -12.81% rates and/or investor expectations concerning such rates, changes in the supply of, or the demand for, natural resources, imposition of import -25.76% controls, government regulation and intervention, civil conflict, 20142015 2016 economic conditions, increased competition, technological developments, and labor relations. In addition, companies in the natural Best quarter (% and time period) Worst quarter (% and time period) resources sector may be subject to the risks generally associated with 11.79% (2016 2nd Quarter) –20.33% (2015 3rd Quarter) extraction of natural resources, such as the risks of mining and oil drilling, and the risks of the hazards associated with natural resources, Average Annual Total Returns such as natural or man-made disasters, fire, drought, liability for Since environmental damage claims, and increased regulatory and One Year Inception environmental costs. Prices of precious metals and of precious metal 1290 VT Natural Resources Portfolio – Class IB Shares (Inception Date: February 8, 2013 ) 29.48% –3.38% related securities have historically been very volatile due to various Morgan Stanley Capital International (MSCI) World economic, financial, social and political factors and may adversely affect Commodity Producers (Net) Index the financial condition of companies involved with precious metals. (reflects no deduction for fees, expenses, or taxes) 30.53% –3.04% Sector Risk: To the extent the Portfolio invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors 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.

VTNR 3 WHO MANAGES THE PORTFOLIO PURCHASE AND REDEMPTION OF PORTFOLIO SHARES Investment Adviser: FMG LLC The Portfolio’s shares are currently sold only to insurance company sepa- Portfolio Managers: The members of the team that are jointly and rate accounts in connection with Contracts issued by AXA Equitable Life primarily responsible for the selection, monitoring and oversight of the Insurance Company (“AXA Equitable”), AXA Life and Annuity Company, Portfolio’s Sub-Advisers are: 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 Kenneth T. Kozlowski, Executive Vice President February 2013 under applicable federal income tax regulations. CFP®, CLU, ChFC and Chief Investment Officer of FMG LLC The Portfolio does not have minimum initial or subsequent investment Alwi Chan, CFA® Senior Vice President February 2013 requirements. Shares of the Portfolio are redeemable on any business and Deputy Chief day (which typically is any day the New York Stock Exchange is open) Investment Officer of upon receipt of a request. All redemption requests will be processed FMG LLC and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more in- Sub-Adviser: AllianceBernstein L.P. (“AllianceBernstein”) formation on purchasing and redeeming Portfolio shares. Portfolio Managers: The members of the team that are jointly and primarily responsible for the securities selection, research and trading TAX INFORMATION for the Index Allocated Portion of the Portfolio are: The Portfolio’s shareholders are (or may include) insurance company separate accounts, qualified plans and other tax-advantaged investors Date Began Managing eligible under applicable federal income tax regulations. Accordingly, Name Title the Portfolio distributions the Portfolio makes of its net investment income and net Judith DeVivo Senior Vice President and February 2013 realized gains — most or all of which it intends to distribute annually Portfolio Manager of — and redemptions or exchanges of Portfolio shares generally will not AllianceBernstein be taxable to its shareholders (or to the holders of underlying Con- Joshua Lisser Senior Vice President/Chief February 2013 tracts or plan participants or beneficiaries). See the prospectus for your Investment Officer, Index Contract for further tax information. Strategies of AllianceBernstein PAYMENTS TO BROKER-DEALERS AND OTHER Ben Sklar Portfolio Manager, Index February 2013 FINANCIAL INTERMEDIARIES Strategies of AllianceBernstein This Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and retirement AXA Equitable Funds Management Group, LLC (“FMG LLC” or the plans to and other eligible investors. The Portfolio and the Adviser and “Adviser”) has been granted relief by the Securities and Exchange its affiliates may make payments to a sponsoring insurance company (or Commission to hire, terminate and replace Sub-Advisers and amend its affiliates) or other financial intermediary for distribution and/or other sub-advisory agreements subject to the approval of the Board of Trust- services. These payments may create a conflict of interest by influencing ees and without obtaining shareholder approval. However, the Adviser the insurance company or other financial intermediary and your finan- may not enter into a sub-advisory agreement on behalf of the Portfolio cial adviser to recommend the Portfolio over another investment or by with an “affiliated person” of the Adviser, such as AllianceBernstein influencing an insurance company to include the Portfolio as an under- L.P., unless the sub-advisory agreement is approved by the Portfolio’s lying investment option in the Contract. The prospectus (or other offer- shareholders. The Adviser is responsible for overseeing Sub-Advisers ing document) for your Contract may contain additional information and recommending their hiring, termination and replacement to the about these payments. Ask your financial adviser or visit your financial Board of Trustees. intermediary’s website for more information.

VTNR 4 EQ Advisors TrustSM

1290 VT Real Estate Portfolio – Class IB Shares (formerly AXA Real Estate 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 provide long-term capital apprecia- that the Portfolio’s operating expenses remain the same, and that the tion and current income. 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 IB Shares $93 $399 $728 $1,658 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 Not applicable. turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, Annual Portfolio Operating Expenses affect the Portfolio’s performance. During the most recent fiscal year, (expenses that you pay each year as a percentage of the value of the Portfolio’s portfolio turnover rate was 57% of the average value of your investment) the Portfolio. Class IB 1290 VT Real Estate Portfolio Shares INVESTMENTS, RISKS AND PERFORMANCE Management Fee 0.50% Distribution and/or Service Fees (12b-1 Fees) 0.25% Principal Investment Strategy: Under normal circumstances, the Other Expenses 0.66% Portfolio invests at least 80% of its net assets, plus borrowings for in- Acquired Fund Fees and Expenses 0.01% vestment purposes, in equity securities of companies in the real estate Total Annual Portfolio Operating Expenses 1.42% industry, including real estate investment trusts (“REITs”) and derivative Fee Waiver and/or Expense Reimbursement† –0.51% Total Annual Portfolio Operating Expenses After Fee Waiver and/or instruments that provide exposure to the real estate industry. For pur- Expense Reimbursement 0.91% poses of this Portfolio, “equity securities” may include common stocks,

† Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreed to preferred stocks, depositary receipts, and rights and warrants. REITs are make payments or waive its management, administrative and other fees to limit the companies that own interests in real estate or in real estate-related expenses of the Portfolio through April 30, 2018 (unless the Board of Trustees con- loans or other interests and their revenue primarily consists of rent de- sents to an earlier revision or termination of this arrangement) (“Expense Limitation Arrangement”) so that the annual operating expenses of the Portfolio (exclusive of rived from owned, income producing real estate properties and capital taxes, interest, brokerage commissions, dividend and interest expenses on securities gains from the sale of such properties. The Portfolio also may invest in sold short, capitalized expenses, acquired fund fees and expenses and extraordinary preferred stocks as well as convertible securities of issuers in real estate- expenses) do not exceed an annual rate of average daily net assets of 0.90% for Class IB shares of the Portfolio. The Expense Limitation Arrangement may be termi- related industries, which have the potential to generate capital nated by AXA Equitable Funds Management Group, LLC at any time after April 30, appreciation and/or income. The Portfolio retains the ability to invest in 2018. real estate companies of any market capitalization.

Example The Portfolio seeks to track the performance (before fees and expenses) of the FTSE EPRA/NAREIT Developed Index with minimal tracking error. This Example is intended to help you compare the cost of investing in the This strategy is commonly referred to as an indexing strategy. Generally, Portfolio with the cost of investing in other portfolios. The Example as- the Portfolio uses a full replication technique, although in certain in- sumes that you invest $10,000 in the Portfolio for the periods indicated stances a sampling approach may be utilized for a portion of the Portfo- and then redeem all of your shares at the end of these periods. The lio. The Portfolio also may invest in other instruments, such as Example also assumes that your investment has a 5% return each year, exchange-traded funds (“ETFs”), or futures and options contracts, that

VTRE 1 provide comparable exposure to the index without buying the under- Equity Risk: In general, stocks and other equity security values fluc- lying securities comprising the index. tuate, and sometimes widely fluctuate, in response to changes in a company’s financial condition as well as general market, economic and The index tracks the performance of listed real estate companies or RE- political conditions and other factors. ITs in North America, Europe and Asia, including some countries that may be considered emerging markets. The index is rebalanced and re- ETFs Risk: The Portfolio will indirectly bear fees and expenses paid by constituted quarterly. The Portfolio will make changes to its portfolio the ETFs in which it invests, in addition to the Portfolio’s direct fees and holdings when changes are made by the index provider in the composi- expenses. The cost of investing in the Portfolio, therefore, may be tion of the index. higher than the cost of investing in a mutual fund that exclusively The Portfolio may also invest without limitation in foreign currency trans- invests directly in individual stocks and bonds. In addition, the actions, including currency forward transactions, which are a type of Portfolio’s net asset value will be subject to fluctuations in the market derivative. The Portfolio also may lend its portfolio securities to earn values of the ETFs in which it invests. The Portfolio is also subject to the additional income. risks associated with the securities or other investments in which the ETFs invest and the ability of the Portfolio to meet its investment Principal Risks: An investment in the Portfolio is not a deposit of a objective will directly depend on the ability of the ETFs to meet their bank and is not insured or guaranteed by the Federal Deposit Insurance investment objectives. There is also the risk that an ETF’s performance Corporation or any other government agency. You may lose money by may not match that of the relevant index. It is also possible that an investing in the Portfolio. Performance may be affected by one or more active trading market for an ETF may not develop or be maintained, in of the following risks. which case the liquidity and value of the Portfolio’s investment in the Convertible Securities Risk: The value of convertible securities ETF could be substantially and adversely affected. The extent to which fluctuates in relation to changes in interest rates and the credit quality the investment performance and risks associated with the Portfolio of the issuer and, in addition, fluctuates in relation to the underlying correlate to those of a particular ETF will depend upon the extent to common stock. A convertible security may be subject to redemption at which the Portfolio’s assets are allocated from time to time for the option of the issuer at a price established in the convertible secur- investment in the ETF, which will vary. ity’s governing instrument, which may be different than the current Focused Portfolio Risk: The Portfolio employs a strategy of inves- market price of the security. If a convertible security held by the Portfo- ting in the securities of a limited number of companies, some of which lio is called for redemption, the Portfolio will be required to permit the may be in the same industry, sector or geographic region. As a result, the issuer to redeem the security, convert it into underlying common stock Portfolio may incur more risk because changes in the value of a single or sell it to a third party. Investments by the Portfolio in convertible debt security may have a more significant effect, either positive or negative, on securities may not be subject to any ratings restrictions, but the Portfo- the Portfolio’s net asset value. Further, the Portfolio may be more sensi- lio’s investment manager will consider ratings, and any changes to rat- tive to events affecting a single industry, sector or geographic region. The ings, in its determination of whether the Portfolio should invest in and/ use of such a focused investment strategy may increase the volatility of or continue to hold the securities. Convertible securities are subject to the Portfolio’s investment performance, as the Portfolio may be more sus- equity risk, interest rate risk and credit risk and are often lower-quality ceptible to risks associated with a single economic, political or regulatory securities, which means that they are subject to the same risks as an event than a portfolio that is more broadly invested. investment in lower rated debt securities. Since it derives a portion of its value from the common stock into which it may be converted, a con- Foreign Securities Risk: Investments in foreign securities, includ- vertible security is also subject to the same types of market and issuer- ing depositary receipts, involve risks not associated with investing in specific risks that apply to the underlying common stock. U.S. securities. Foreign markets, particularly emerging markets, may be less liquid, more volatile and subject to less government supervision Derivatives Risk: The Portfolio’s investments in derivatives may rise or than U.S. markets. Security values also may be negatively affected by fall in value more rapidly than other investments. Changes in the value of a changes in the exchange rates between the U.S. dollar and foreign cur- derivative may not correlate perfectly or at all with the underlying asset, rencies. Differences between U.S. and foreign legal, political and eco- rate or index, and the Portfolio could lose more than the principal amount nomic systems, regulatory regimes and market practices also may invested. Some derivatives can have the potential for unlimited losses. In impact security values and it may take more time to clear and settle addition, it may be difficult or impossible for the Portfolio to purchase or sell trades involving foreign securities. certain derivatives in sufficient amounts to achieve the desired level of exposure, which may result in a loss or may be costly to the Portfolio. De- Currency Risk: Investments in foreign currencies and in secu- rivatives also may be subject to certain other risks such as leveraging risk, rities that trade in, or receive revenues in, or in derivatives that interest rate risk, credit risk, the risk that a counterparty may be unable or provide exposure to foreign currencies are subject to the risk that unwilling to honor its obligations, and the risk of mispricing or improper those currencies will decline in value relative to the U.S. dollar, or, valuation. Derivatives also may not behave as anticipated by the Portfolio, in the case of hedging positions, that the U.S. dollar will decline in especially in abnormal market conditions. Changing regulation may make value relative to the currency being hedged. Any such decline may derivatives more costly, limit their availability, impact the Portfolio’s ability erode or reverse any potential gains from an investment in secu- to maintain its investments in derivatives, disrupt markets, or otherwise rities denominated in foreign currency or may widen existing loss. adversely affect their value or performance. Currency rates may fluctuate significantly over short periods of

VTRE 2 time for a number of reasons, including changes in interest rates, leveraging the Portfolio because the Portfolio may experience gains or intervention (or the failure to intervene) by governments, central losses not only on its investments in derivatives, but also on the invest- banks or supranational entities, or by the imposition of currency ments purchased with the remainder of the assets. If the value of the Port- controls or other political developments in the U.S. or abroad. folio’s investments in derivatives is increasing, this could be offset by declining values of the Portfolio’s other investments. Conversely, it is Depositary Receipts Risk: Investments in depositary receipts possible that the rise in the value of the Portfolio’s non-derivative invest- (including American Depositary Receipts, European Depositary ments could be offset by a decline in the value of the Portfolio’s invest- Receipts and Global Depositary Receipts) are generally subject to ments in derivatives. In either scenario, the Portfolio may experience losses. the same risks of investing in the foreign securities that they evi- In a market where the value of the Portfolio’s investments in derivatives is dence or into which they may be converted. In addition, issuers declining and the value of its other investments is declining, the Portfolio underlying unsponsored depositary receipts may not provide as may experience substantial losses. much information as U.S. issuers and issuers underlying sponsored depositary receipts. Unsponsored depositary receipts also may not Mid-Cap and Small-Cap Company Risk: The Portfolio’s carry the same voting privileges as sponsored depositary receipts. investments in mid- and small-cap companies may involve greater risks than investments in larger, more established issuers because they gen- Emerging Markets Risk: There are greater risks involved in erally are more vulnerable than larger companies to adverse business or investing in emerging market countries and/or their securities economic developments. Such companies generally have narrower markets. Investments in these countries and/or markets may product lines, more limited financial and management resources and present market, credit, currency, liquidity, legal, political, techni- more limited markets for their stock as compared with larger compa- cal and other risks different from, or greater than, the risks of nies. As a result, the value of such securities may be more volatile than investing in developed countries. Investments in emerging mar- the securities of larger companies, and the Portfolio may experience kets are more susceptible to loss than investments in developed difficulty in purchasing or selling such securities at the desired time and markets. In addition, the risks associated with investing in a nar- price or in the desired amount. In general, these risks are greater for rowly defined geographic area are generally more pronounced small-cap companies than for mid-cap companies. with respect to investments in emerging market countries. Preferred Stock Risk: Preferred stock is subject to many of the risks Index Strategy Risk: The Portfolio employs an index strategy, that associated with debt securities, including interest rate risk. Unlike interest is, it generally invests in the securities included in its index or a repre- payments on debt securities, dividends on preferred stock are generally sentative sample of such securities regardless of market trends. The payable at the discretion of the issuer’s board of directors. Preferred Portfolio generally will not modify its index strategy to respond to shareholders may have certain rights if dividends are not paid but gen- changes in the economy, which means that it may be particularly erally have no legal recourse against the issuer. Shareholders may suffer a susceptible to a general decline in the market segment relating to the loss of value if dividends are not paid. In certain situations an issuer may relevant index. In addition, although the index strategy attempts to call or redeem its preferred stock or convert it to common stock. The mar- closely track its benchmark index, the Portfolio may not invest in all of ket prices of preferred stocks are generally more sensitive to changes in the securities in the index. Also, the Portfolio’s fees and expenses will the issuer’s creditworthiness than are the prices of debt securities. reduce the Portfolio’s returns, unlike those of the benchmark index. Cash flow into and out of the Portfolio, portfolio transaction costs, Real Estate Investing Risk: Real estate-related investments may changes in the securities that comprise the index, and the Portfolio’s decline in value as a result of factors affecting the overall real estate valuation procedures also may affect the Portfolio’s performance. There- industry. Real estate is a cyclical business, highly sensitive to supply and fore, there can be no assurance that the performance of the index demand, general and local economic developments and characterized strategy will match that of the benchmark index. by intense competition and periodic overbuilding. Real estate income and values also may be greatly affected by demographic trends, such as Large-Cap Company Risk: Larger more established companies may population shifts or changing tastes and values. Losses may occur from be unable to respond quickly to new competitive challenges such as casualty or condemnation and government actions, such as tax law changes in technology and consumer tastes. Many larger companies also changes, zoning law changes, regulatory limitations on rents, or may not be able to attain the high growth rate of successful smaller com- environmental regulations, also may have a major impact on real estate. panies, especially during extended periods of economic expansion. The availability of mortgages and changes in interest rates may also af- Leveraging Risk: When the Portfolio leverages its holdings, the value fect real estate values. Changing interest rates and credit quality of an investment in the Portfolio will be more volatile and all other risks will requirements also will affect the cash flow of real estate companies and tend to be compounded. For example, the Portfolio may take on leveraging their ability to meet capital needs. Real Estate Investment Trusts risk when it engages in derivatives transactions (such as futures and op- (“REITs”) generally invest directly in real estate (equity REITs), in mort- tions investments), invests collateral from securities loans or borrows gages secured by interests in real estate (mortgage REITs) or in some money. The Portfolio may experience leveraging risk in connection with combination of the two (hybrid REITs). Investing in REITs exposes investments in derivatives because its investments in derivatives may be investors to the risks of owning real estate directly, as well as to risks small relative to the investment exposure assumed, leaving more assets to that relate specifically to the way in which REITs are organized and be invested in other investments. Such investments may have the effect of operated. Equity REITs may be affected by changes in the value of the

VTRE 3 underlying property owned by the REIT, while mortgage REITs may be The performance results do not reflect any Contract-related fees and affected by the quality of any credit extended. Equity and mortgage expenses, which would reduce the performance results. REITs are also subject to heavy cash flow dependency, defaults by bor- Calendar Year Annual Total Returns — Class IB rowers, and self-liquidations. The risk of defaults is generally higher in the case of mortgage pools that include subprime mortgages involving 16.60% borrowers with blemished credit histories. Individual REITs may own a 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 requirements may have adverse consequences on the Portfolio. In addi- 4.67% 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, shares of REITs may trade less frequently and, therefore, are subject to more erratic price movements than securities of larger issuers. -2.02% Sector Risk: To the extent the Portfolio invests more heavily in 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) may be more volatile, and may perform differently, than the broader 8.35% (2014 2nd Quarter) –7.69% (2015 2nd Quarter) market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Average Annual Total Returns Securities Lending Risk: The Portfolio may lend its portfolio secu- One Since Year Inception rities to seek income. There is a risk that a borrower may default on its 1290 VT Real Estate Portfolio – Class IB Shares (Inception obligations to return loaned securities, however, the Portfolio’s secu- Date: February 8, 2013) 4.67% 4.21% rities lending agent may indemnify the Portfolio against that risk. The FTSE EPRA/NAREIT Developed Index (reflects no deduction Portfolio will be responsible for the risks associated with the investment for fees, expenses, or taxes) 4.99% 5.59% of cash collateral, including any collateral invested in an affiliated money market fund. The Portfolio may lose money on its investment of WHO MANAGES THE PORTFOLIO cash collateral or may fail to earn sufficient income on its investment to Investment Adviser: FMG LLC meet obligations to the borrower. In addition, delays may occur in the recovery of securities from borrowers, which could interfere with the Portfolio Managers: The members of the team that are jointly and Portfolio’s ability to vote proxies or to settle transactions. primarily responsible for the selection, monitoring and oversight of the Portfolio’s Sub-Adviser 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 performance from year to year and by showing how the Portfolio’s Kenneth T. Kozlowski, Executive February 2013 CFP®, CLU, ChFC Vice President and average annual total returns for the past one-year and since inception Chief Investment periods through December 31, 2016 compared to the returns of a Officer of FMG LLC broad-based securities market index. Past performance is not an in- Alwi Chan, CFA® Senior Vice President February 2013 dication of future performance. Prior to February 22, 2016, a portion of and Deputy Chief the Portfolio was operated using an active management strategy. Investment Officer of FMG LLC

VTRE 4 Sub-Adviser: AllianceBernstein L.P. (“AllianceBernstein”) 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 redemptions Managing or exchanges of Portfolio shares generally will not be taxable to its Name Title the Portfolio shareholders (or to the holders of underlying Contracts or plan Judith DeVivo Senior Vice President and February 2013 Portfolio Manager of participants or beneficiaries). See the prospectus for your Contract for AllianceBernstein further tax information. Joshua Lisser Senior Vice President/Chief February 2013 Investment Officer, Index PAYMENTS TO BROKER-DEALERS AND OTHER Strategies of FINANCIAL INTERMEDIARIES AllianceBernstein This Portfolio is not sold directly to the general public but instead is of- Ben Sklar Portfolio Manager, Index February 2013 fered as an underlying investment option for Contracts and retirement Strategies of AllianceBernstein plans and to other eligible investors. The Portfolio and the Adviser and its affiliates may make payments to a sponsoring insurance company (or AXA Equitable Funds Management Group, LLC (“FMG LLC” or the its affiliates) or other financial intermediary for distribution and/or other “Adviser”) has been granted relief by the Securities and Exchange services. These payments may create a conflict of interest by influencing Commission to hire, terminate and replace Sub-Advisers and amend the insurance company or other financial intermediary and your finan- sub-advisory agreements subject to the approval of the Board of Trust- cial adviser to recommend the Portfolio over another investment or by ees and without obtaining shareholder approval. However, the Adviser influencing an insurance company to include the Portfolio as an under- may not enter into a sub-advisory agreement on behalf of the Portfolio lying investment option in the Contract. The prospectus (or other offer- with an “affiliated person” of the Adviser, such as AllianceBernstein ing document) for your Contract may contain additional information L.P., unless the sub-advisory agreement is approved by the Portfolio’s about these payments. Ask your financial adviser or visit your financial shareholders. The Adviser is responsible for overseeing Sub-Advisers intermediary’s website for more information. and recommending their hiring, termination and replacement to the Board of Trustees.

VTRE 5 EQ Advisors TrustSM

1290 VT SmartBeta Equity Portfolio – Class IB Shares (formerly AXA SmartBeta Equity 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. 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 IB Shares $117 $501 $910 $2,053 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 Not applicable. turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, Annual Portfolio Operating Expenses affect the Portfolio’s performance. During the most recent fiscal year, (expenses that you pay each year as a percentage of the value of the Portfolio’s portfolio turnover rate was 27% of the average value of your investment) the Portfolio. Class IB 1290 VT SmartBeta Equity Portfolio Shares Management Fee 0.70% INVESTMENTS, RISKS, AND PERFORMANCE Distribution and/or Service Fees (12b-1 fees) 0.25% Principal Investment Strategy: Under normal market conditions, Other Expenses 0.84% the Portfolio invests at least 80% of its net assets, plus borrowings for Total Annual Portfolio Operating Expenses 1.79% Fee Waiver and/or Expense Reimbursement† –0.64% investment purposes, in equity securities. The Portfolio invests primarily Total Annual Portfolio Operating Expenses After Fee Waiver and/or in equity securities of U.S. companies and foreign companies in devel- Expense Reimbursement 1.15% oped markets. The Portfolio may invest in large, mid and small capital- † Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreed to ization companies and will be broadly diversified across companies and make payments or waive its management, administrative and other fees to limit the industries. Equity securities in which the Portfolio may invest include 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 common stocks, preferred stocks, warrants, American Depositary Re- Arrangement”) so that the annual operating expenses of the Portfolio (exclusive of ceipts and similar instruments. taxes, interest, brokerage commissions, capitalized expenses, acquired fund fees and expenses, dividend and interest expenses on securities sold short, and extraordinary The Sub-Adviser believes that investing in equity markets using a tradi- expenses) do not exceed an annual rate of average daily net assets of 1.15% for tional indexing approach exposes the investor to general market risk, in- 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, cluding concentration in the largest capitalization securities in the 2018. applicable index, volatility and unpredictable earnings that, over a market cycle, do not necessarily provide optimal returns. In the Sub-Adviser’s Example view, market return, or “beta,” can be achieved with less exposure to This Example is intended to help you compare the cost of investing in the general market risk. The Sub-Adviser’s SmartBeta Equity strategy seeks Portfolio with the cost of investing in other portfolios. The Example as- to achieve, over a full market cycle, above-market returns with less vola- sumes that you invest $10,000 in the Portfolio for the periods indicated tility compared to the equity markets as a whole. Generally, a full market and then redeem all of your shares at the end of these periods. The cycle consists of a period of increasing stock prices and strong perform- Example also assumes that your investment has a 5% return each year, ance (a bull market) followed by a period of weak performance and fall- that the Portfolio’s operating expenses remain the same, and that the ing prices (a bear market), and a return to a bull market.

VTSB 1 The Sub-Adviser’s strategy differs from a traditional indexing approach Depositary Receipts Risk: Investments in depositary receipts under which a portfolio generally invests in all or a representative sam- (including American Depositary Receipts, European Depositary ple of the securities in the applicable index and weights those securities Receipts and Global Depositary Receipts) are generally subject to according to their market capitalization weightings. In constructing the the same risks of investing in the foreign securities that they evi- portfolio, the Sub-Adviser begins with a universe of global developed dence or into which they may be converted. In addition, issuers market equity securities. The Sub-Adviser then uses computer-aided underlying unsponsored depositary receipts may not provide as quantitative analysis to identify securities for investment. This is accom- much information as U.S. issuers and issuers underlying sponsored plished through the application of proprietary filters which interact to depositary receipts. Unsponsored depositary receipts also may not analyze individual issuer data for such risk factors as lower earnings carry the same voting privileges as sponsored depositary receipts. quality, higher price volatility, speculation and distress. Those securities that pass the filters are assigned a preliminary weighting in the portfo- Investment Strategy Risk: The market may reward certain invest- lio. The Sub-Adviser next applies a proprietary diversification method- ment characteristics for a period of time and not others. The returns for a ology which is designed to produce a weighting scheme that reduces specific investment characteristic may vary significantly relative to other concentration risk by applying a greater level of diversification to the characteristics and may increase or decrease significantly during different largest securities (by market capitalization) that progressively lessens phases of a market cycle. A Portfolio comprised of stocks intended to re- with smaller capitalization companies. The Sub-Adviser may apply this duce exposure to uncompensated risk may not necessarily be less sensitive investment selection process to invest in emerging market equity secu- to a change in the broad market price level and may not accurately esti- rities. The Sub-Adviser may sell a security for a variety of reasons, such mate the risk/return outcome of stocks. Portfolio investments may exhibit as if its fundamentals no longer meet the Sub-Adviser’s criteria, to se- higher volatility than expected or underperform the markets. The Portfolio’s cure gains, limit losses, or redeploy assets into securities believed to strategy may result in the Portfolio underperforming the general securities offer superior investment opportunities. markets, particularly during periods of strong positive market performance. The Portfolio also may lend its portfolio securities to earn additional income. Large-Cap Company Risk: Larger more established companies may Principal Risks: An investment in the Portfolio is not a deposit of a be unable to respond quickly to new competitive challenges such as bank and is not insured or guaranteed by the Federal Deposit Insurance changes in technology and consumer tastes. Many larger companies also Corporation or any other government agency. You may lose money by may not be able to attain the high growth rate of successful smaller com- investing in the Portfolio. Performance may be affected by one or more panies, especially during extended periods of economic expansion. of the following risks. Mid-Cap and Small-Cap Company Risk: The Portfolio’s Equity Risk: In general, stocks and other equity security values fluc- investments in mid- and small-cap companies may involve greater risks tuate, and sometimes widely fluctuate, in response to changes in a than investments in larger, more established issuers because they gen- company’s financial condition as well as general market, economic and erally are more vulnerable than larger companies to adverse business or political conditions and other factors. economic developments. Such companies generally have narrower product lines, more limited financial and management resources and Foreign Securities Risk: Investments in foreign securities, including more limited markets for their stock as compared with larger compa- depositary receipts, involve risks not associated with investing in U.S. securities. Foreign markets, particularly emerging markets, may be less liquid, nies. As a result, the value of such securities may be more volatile than more volatile and subject to less government supervision than U.S. mar- the securities of larger companies, and the Portfolio may experience kets. Security values also may be negatively affected by changes in the difficulty in purchasing or selling such securities at the desired time and exchange rates between the U.S. dollar and foreign currencies. Differences price or in the desired amount. In general, these risks are greater for between U.S. and foreign legal, political and economic systems, regulatory small-cap companies than for mid-cap companies. regimes and market practices also may impact security values and it may Quantitative Investing Risk: The success of the Portfolio’s in- take more time to clear and settle trades involving foreign securities. vestment strategy depends largely on the effectiveness of the Portfo- Currency Risk: Investments in foreign currencies and in secu- lio’s quantitative model for screening securities for investment by the rities that trade in, or receive revenues in, or in derivatives that Portfolio. The portfolio of securities selected using quantitative analysis provide exposure to foreign currencies are subject to the risk that may underperform the market as a whole or a portfolio of securities those currencies will decline in value relative to the U.S. dollar, or, selected using a different investment approach, such as fundamental in the case of hedging positions, that the U.S. dollar will decline in analysis. The factors used in quantitative analysis and the weight value relative to the currency being hedged. Any such decline may placed on those factors may not be predictive of a security’s value. In erode or reverse any potential gains from an investment in secu- addition, factors that affect a security’s value can change over time rities denominated in foreign currency or may widen existing loss. and these changes may not be reflected in the quantitative model. Currency rates may fluctuate significantly over short periods of Data for some companies may be less available and/or less current time for a number of reasons, including changes in interest rates, than data for other companies. There may also be errors in the com- intervention (or the failure to intervene) by governments, central puter code for the quantitative model or issues relating to computer banks or supranational entities, or by the imposition of currency systems. The Portfolio’s securities selection can be adversely affected if controls or other political developments in the U.S. or abroad. it relies on erroneous or outdated data or flawed models or computer systems. As a result, the Portfolio may have a lower return than if it

VTSB 2 were managed using a fundamental analysis or an index-based strat- Average Annual Total Returns egy that did not incorporate quantitative analysis. Since One Year Inception Sector Risk: From time to time, based on market or economic con- 1290 VT SmartBeta Equity Portfolio – Class IB Shares ditions, the Portfolio may have significant positions in one or more sec- (Inception Date: October 28, 2013) 5.93% 5.38% MSCI AC World (Net) Index (reflects no deduction for tors of the market. To the extent the Portfolio invests more heavily in fees, expenses, or taxes) 7.51% 4.70% particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader WHO MANAGES THE PORTFOLIO market. The industries that constitute a sector may all react in the same Investment Adviser: FMG LLC way to economic, political or regulatory events. Portfolio Managers: The members of the team that are jointly and Securities Lending Risk: The Portfolio may lend its portfolio secu- primarily responsible for the selection, monitoring and oversight of the rities to seek income. There is a risk that a borrower may default on its Portfolio’s Sub-Adviser are: obligations to return loaned securities, however, the Portfolio’s securities lending agent may indemnify the Portfolio against that risk. The Date Began Portfolio will be responsible for the risks associated with the investment Managing of cash collateral, including any collateral invested in an affiliated Name Title the Portfolio money market fund. The Portfolio may lose money on its investment of Kenneth T. Kozlowski, Executive October 2013 CFP®, CLU, ChFC Vice President and cash collateral or may fail to earn sufficient income on its investment to Chief Investment Officer meet obligations to the borrower. In addition, delays may occur in the of FMG LLC recovery of securities from borrowers, which could interfere with the Alwi Chan, CFA® Senior Vice President October 2013 Portfolio’s ability to vote proxies or to settle transactions. and Deputy 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 Sub-Adviser: AXA Rosenberg Investment Management LLC investing in the Portfolio by showing changes in the Portfolio’s (“Rosenberg Equities” or the “Sub-Adviser”) performance from year to year and by showing how the Portfolio’s average annual total returns for the past one-year and since inception Portfolio Managers: The members of the team that are jointly and periods through December 31, 2016 compared to the returns of a broad- primarily responsible for the securities selection, research and trading based securities market index. Past performance is not an indication of for the Portfolio are: future performance. Date Began The performance results do not reflect any Contract-related fees and Managing expenses, which would reduce the performance results. Name Title the Portfolio Kevin Chen, CFA® Pan Asia Chief Investment October 2013 Calendar Year Annual Total Returns — Class IB Officer of Rosenberg Equities 7.26% Gideon Smith, CFA® Europe Chief Investment October 2013 5.93% Officer of Rosenberg Equities Will Jump, CFA® Americas Chief Investment October 2013 Officer of Rosenberg Equities Cameron Gray Deputy Chief Investment May 2015 Officer for the Europe 1.10% Legion of Rosenberg Equities Harry Prabandham Deputy Chief Investment May 2015 2014 2015 2016 Officer for the Americas Legion of Rosenberg Best quarter (% and time period) Worst quarter (% and time period) Equities 5.11% (2015 4th Quarter) –4.88% (2015 3rd Quarter)

VTSB 3 AXA Equitable Funds Management Group, LLC (“FMG LLC” or the PAYMENTS TO BROKER-DEALERS AND OTHER “Adviser”) has been granted relief by the Securities and Exchange FINANCIAL INTERMEDIARIES Commission to hire, terminate and replace Sub-Advisers and amend sub- This Portfolio is not sold directly to the general public but instead is of- advisory agreements subject to the approval of the Board of Trustees fered as an underlying investment option for Contracts and retirement and without obtaining shareholder approval. However, the Adviser may plans and to other eligible investors. The Portfolio and the Adviser and not enter into a sub-advisory agreement on behalf of the Portfolio with its affiliates may make payments to a sponsoring insurance company (or an “affiliated person” of the Adviser, such as AllianceBernstein L.P. and its affiliates) or other financial intermediary for distribution and/or other AXA Rosenberg Investment Management LLC, unless the sub-advisory services. These payments may create a conflict of interest by influencing agreement is approved by the Portfolio’s shareholders. The Adviser is the insurance company or other financial intermediary and your finan- responsible for overseeing Sub-Advisers and recommending their hiring, cial adviser to recommend the Portfolio over another investment or by termination and replacement to the Board of Trustees. influencing an insurance company to include the Portfolio as an under- PURCHASE AND REDEMPTION OF PORTFOLIO lying investment option in the Contract. The prospectus (or other offer- SHARES ing document) for your Contract may contain additional information about these payments. Ask your financial adviser or visit your financial The Portfolio’s shares are currently sold only to insurance company sepa- intermediary’s website for more information. rate 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.

VTSB 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 com- ple 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.

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

All Asset Growth – Alt 20 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, but it FEES AND EXPENSES OF THE PORTFOLIO will incur transaction costs when it buys and sells other types of secu- The following table describes the fees and expenses that you may pay if rities (including exchange-traded securities of Underlying ETFs) directly you buy and hold shares of the Portfolio. The table below does not re- (or “turns over” its portfolio). A higher portfolio turnover rate may in- flect any fees and expenses associated with variable life insurance con- dicate higher transaction costs. These costs, which are not reflected in tracts and variable annuity certificates and contracts (“Contracts”), annual fund operating expenses or in the Example, 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 11% 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 exchange-traded securities of other investment your investment) companies or investment vehicles (“Underlying ETFs”). The Adviser, Class IA Class IB under the oversight of the Trust’s Board of Trustees, has established an All Asset Growth-Alt 20 Portfolio Shares Shares asset allocation target for the Portfolio. This target is the approximate Management Fee 0.10% 0.10% percentage of the Portfolio’s assets that will be invested in equity Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% Other Expenses 0.24% 0.24% investments, fixed income investments or alternative investments Acquired Fund Fees and Expenses 0.74% 0.74% (referred to herein as “asset classes”) as represented by the holdings of Total Annual Portfolio Operating Expenses 1.33% 1.33% the Underlying Portfolios and Underlying ETFs in which the Portfolio invests. The Portfolio’s current asset allocation target is to invest approximately 55% of its assets in equity investments, 25% of its as- Example sets in fixed income investments and 20% of its assets in alternative This Example is intended to help you compare the cost of investing in the investments through investments in Underlying Portfolios and Under- Portfolio with the cost of investing in other portfolios. The Example assumes lying ETFs. This asset allocation target may be changed by the Adviser that you invest $10,000 in the Portfolio for the time periods indicated and and the Trust’s Board of Trustees without shareholder approval. then redeem all of your shares at the end of these periods. The Example Alternative investments are different than traditional equity or fixed in- also assumes that your investment has a 5% return each year, and that the come investments. Alternative investments have the potential to en- Portfolio’s operating expenses remain the same. This Example does not re- hance portfolio diversification and reduce overall portfolio volatility flect any Contract-related fees and expenses including redemption fees (if because these investments may not have a strong correlation any) at the Contract level. If such fees and expenses were reflected, the to- (relationship) to one another or to traditional market indexes. Alter- tal expenses would be higher. Although your actual costs may be higher or native investments may include, for example, convertible securities, in- lower, based on these assumptions your costs would be: vestments in certain industries or sectors (e.g., infrastructure), 1 Year 3 Years 5 Years 10 Years Underlying ETFs that invest in commodities and other instruments that Class IA Shares $135 $421 $729 $1,601 derive their value from natural resources, the 1290 VT Natural Re- Class IB Shares $135 $421 $729 $1,601 sources Portfolio, the 1290 VT Real Estate Portfolio and other instruments that derive their value from real estate, and the 1290 VT GAMCO Mergers & Acquisitions Portfolio.

EQAA 1 In addition, the Portfolio may invest in Underlying Portfolios and Under- Principal Risks: An investment in the Portfolio is not a deposit of a lying ETFs that employ derivatives for a variety of purposes, including to bank and is not insured or guaranteed by the Federal Deposit Insurance reduce risk, to seek enhanced returns from certain asset classes, and to Corporation or any other government agency. You may lose money by leverage exposure to certain asset classes. The Portfolio also may invest investing in the Portfolio. Performance may be affected by one or more of in Underlying Portfolios and Underlying ETFs that invest in inflation- the following risks. The Portfolio is also subject to the risks associated indexed bonds, which are fixed income securities that are structured to with the Underlying Portfolios’ and Underlying ETFs’ investments; please provide protection against inflation. see the Prospectuses and Statements of Additional Information for the Underlying Portfolios and Underlying ETFs for additional information Subject to the asset allocation target set forth above, the Adviser also about these risks. In this section, the term “Portfolio” may include the has established target investment percentages for each asset category Portfolio, an Underlying Portfolio, an Underlying ETF, or all of the above. in which the Portfolio invests. As used in this Prospectus, the term “asset category” refers to specific types of securities or other instru- • Affiliated Portfolio Risk: In managing a Portfolio that invests in ments within each asset class (e.g., large cap equity securities, micro/ Underlying Portfolios, the Adviser will have the authority to select small/mid cap equity securities, foreign/emerging markets securities, and substitute the Underlying Portfolios. The Adviser may be subject real estate investment trusts (“REITs”), investment grade bonds and to potential conflicts of interest in allocating the Portfolio’s assets high yield bonds (also known as “junk bonds”)). Each target investment among the various Underlying Portfolios because the fees payable to percentage is an approximate percentage of the Portfolio’s assets that it by some of the Underlying Portfolios are higher than the fees pay- is invested in a particular asset category through investments in Under- able by other Underlying Portfolios and because the Adviser is also lying Portfolios or Underlying ETFs whose individual holdings fall within responsible for managing, administering, and with respect to certain such asset category. Under the Portfolio’s current target investment Underlying Portfolios, its affiliates are responsible for sub-advising, percentages, it generally invests its assets in a combination of Under- the Underlying Portfolios. lying Portfolios or Underlying ETFs that results in the Portfolio being • Alternative Investment Risk: To the extent the Portfolio invests in invested in the following asset categories in the approximate percen- Underlying Portfolios and Underlying ETFs that invest in alternative in- tages shown in the table below. The Adviser may change these targets vestments, it will be subject to the risks associated with such invest- from time to time. Actual allocations can deviate from the amounts ments. Alternative investments may use a different approach to shown below by up to 15% for each asset class and asset category. investing than do traditional investments (such as equity or fixed in- The REITs, other alternative investments, investment grade and high come investments) and the performance of alternative investments is yield bond categories may include both U.S. and foreign issuers. not expected to correlate closely with more traditional investments; however, it is possible that alternative investments will decline in value Asset Class along with equity or fixed income markets, or both, or that they may Range of Equity 55% Large Cap Equity Securities 20% not otherwise perform as expected. Alternative investments may have Micro/Small/Mid Cap Equity Securities 15% different characteristics and risks than do traditional investments, can Foreign/Emerging Markets Securities 20% be highly volatile, may be less liquid, particularly in periods of stress, Range of Alternative Investments 20% and may be more complex and less transparent than traditional REITs 5% investments. Alternative investments also may have more complicated Other Alternatives 15% tax profiles than traditional investments. The use of alternative invest- Range of Fixed Income 25% ments may not achieve the desired effect. Investment Grade Bonds 23% High Yield Bonds 2% • Commodity Price Volatility Risk: Because the value of the shares of an Underlying ETF that is based on a particular commodity de- The Adviser selects the Underlying Portfolios and Underlying ETFs in pends on the price of that commodity, the value of those shares is which to invest the Portfolio’s assets. The Adviser may add new Under- subject to fluctuations similar to those affecting the commodity. lying Portfolios and Underlying ETFs or replace or eliminate existing • Convertible Securities Risk: The value of convertible securities fluc- Underlying Portfolios and Underlying ETFs without shareholder appro- tuates in relation to changes in interest rates and the credit quality of val. The Underlying Portfolios and Underlying ETFs have been selected the issuer and, in addition, fluctuates in relation to the underlying to represent a reasonable spectrum of investment options for the common stock. A convertible security may be subject to redemption at Portfolio. The Adviser has based the asset allocation target and target the option of the issuer at a price established in the convertible secur- investment percentages for the Portfolio on the degree to which it be- ity’s governing instrument, which may be different than the current lieves the Underlying Portfolios and Underlying ETFs, in combination, market price of the security. If a convertible security held by the Portfolio are appropriate for the Portfolio’s investment objective. The Adviser is called for redemption, the Portfolio will be required to permit the is- may sell the Portfolio’s holdings for a variety of reasons, including to suer to redeem the security, convert it into underlying common stock or invest in an Underlying Portfolio or Underlying ETF believed to offer sell it to a third party. Investments by the Portfolio in convertible debt superior investment opportunities. securities may not be subject to any ratings restrictions, but the Portfo- The Portfolio also may lend its portfolio securities to earn additional lio’s investment manager will consider ratings, and any changes to rat- income. ings, in its determination of whether the Portfolio should invest in and/ or continue to hold the securities. Convertible securities are subject to

EQAA 2 equity risk, interest rate risk and credit risk and are often lower-quality in or engage in transactions involving countries with less developed securities, which means that they are subject to the same risks as an regulatory regimes or a history of expropriation, nationalization or investment in lower rated debt securities. Since it derives a portion of its other adverse policies. Energy companies also face a significant risk value from the common stock into which it may be converted, a con- of civil liability from accidents resulting in injury or loss of life or vertible security is also subject to the same types of market and issuer- property, pollution or other environmental mishaps, equipment mal- specific risks that apply to the underlying common stock. functions or mishandling of materials and a risk of loss from terror- • Credit Risk: The Portfolio is subject to the risk that the issuer or the ism, political strife and natural disasters. guarantor (or other obligor, such as a party providing insurance or • Equity Risk: In general, stocks and other equity security values fluc- other credit enhancement) of a fixed income security, or the counter- tuate, and sometimes widely fluctuate, in response to changes in a party to a derivatives contract, repurchase agreement, loan of portfolio company’s financial condition as well as general market, economic securities or other transaction, is unable or unwilling, or is perceived and political conditions and other factors. (whether by market participants, ratings agencies, pricing services or • Foreign Securities Risk: Investments in foreign securities, including otherwise) as unable or unwilling, to make timely principal and/or depositary receipts, involve risks not associated with investing in U.S. interest payments, or otherwise honor its obligations. Securities are securities. Foreign markets, particularly emerging markets, may be less subject to varying degrees of credit risk, which are often reflected in liquid, more volatile and subject to less government supervision than their credit ratings. However, rating agencies may fail to make timely U.S. markets. Security values also may be negatively affected by changes to credit ratings in response to subsequent events and a credit changes in the exchange rates between the U.S. dollar and foreign rating may become stale in that it fails to reflect changes in an issuer’s currencies. Differences between U.S. and foreign legal, political and financial condition. The downgrade of the credit rating of a security economic systems, regulatory regimes and market practices also may may decrease its value. Lower credit quality also may lead to greater impact security values and it may take more time to clear and settle volatility in the price of a security and may negatively affect a security’s trades involving foreign securities. liquidity. Currency Risk: Investments in foreign currencies and in securities • Derivatives Risk: The Portfolio’s investments in derivatives may rise that trade in, or receive revenues in, or in derivatives that provide or fall in value more rapidly than other investments. Changes in the exposure to foreign currencies are subject to the risk that those value of a derivative may not correlate perfectly or at all with the currencies will decline in value relative to the U.S. dollar, or, in the underlying asset, rate or index, and the Portfolio could lose more than case of hedging positions, that the U.S. dollar will decline in value the principal amount invested. Some derivatives can have the potential relative to the currency being hedged. Any such decline may erode for unlimited losses. In addition, it may be difficult or impossible for the or reverse any potential gains from an investment in securities Portfolio to purchase or sell certain derivatives in sufficient amounts to denominated in foreign currency or may widen existing loss. achieve the desired level of exposure, which may result in a loss or may Currency rates may fluctuate significantly over short periods of be costly to the Portfolio. Derivatives also may be subject to certain time for a number of reasons, including changes in interest rates, other risks such as leveraging risk, interest rate risk, credit risk, the risk intervention (or the failure to intervene) by governments, central that a counterparty may be unable or unwilling to honor its obligations, banks or supranational entities, or by the imposition of currency and the risk of mispricing or improper valuation. Derivatives also may controls or other political developments in the U.S. or abroad. not behave as anticipated by the Portfolio, especially in abnormal market conditions. Changing regulation may make derivatives more costly, Depositary Receipts Risk: Investments in depositary receipts limit their availability, impact the Portfolio’s ability to maintain its (including American Depositary Receipts, European Depositary investments in derivatives, disrupt markets, or otherwise adversely af- Receipts and Global Depositary Receipts) are generally subject to fect their value or performance. the same risks of investing in the foreign securities that they evidence or into which they may be converted. In addition, issuers • Energy Sector Risk: The energy sector is cyclical and highly underlying unsponsored depositary receipts may not provide as dependent on commodities prices. The market values of companies much information as U.S. issuers and issuers underlying sponsored in the energy sector could be adversely affected by, among other fac- depositary receipts. Unsponsored depositary receipts also may not tors, the levels and volatility of global energy prices, commodity price carry the same voting privileges as sponsored depositary receipts. volatility, energy supply and demand, changes in exchange rates and interest rates, imposition of import controls, increased competition, Emerging Markets Risk: There are greater risks involved in investing in capital expenditures on and the success of exploration and pro- emerging market countries and/or their securities markets. Investments duction, depletion of resources, development of alternative energy in these countries and/or markets may present market, credit, currency, sources and energy conservation efforts, technological developments, liquidity, legal, political, technical and other risks different from, or tax treatment and labor relations. Companies in this sector are sub- greater than, the risks of investing in developed countries. Investments ject to substantial government regulation and contractual fixed pric- in emerging markets are more susceptible to loss than investments in ing, which may increase the cost of business and limit these developed markets. In addition, the risks associated with investing in a companies’ earnings, and a significant portion of their revenues de- narrowly defined geographic area are generally more pronounced with pends on a relatively small number of customers, including gov- respect to investments in emerging market countries. ernmental entities and utilities. Energy companies may also operate

EQAA 3 • Inflation-Indexed Bonds Risk: Inflation-indexed bonds are fixed other risks will tend to be compounded. For example, the Portfolio income securities whose principal value is periodically adjusted ac- may take on leveraging risk when it engages in derivatives trans- cording to inflation. Inflation-indexed bonds, including Treasury actions (such as futures and options investments), invests collateral inflation-indexed securities, decline in value when real interest rates from securities loans or borrows money. The Portfolio may experience rise. In certain interest rate environments, such as when real interest leveraging risk in connection with investments in derivatives because rates are rising faster than nominal interest rates, inflation-indexed its investments in derivatives may be small relative to the investment bonds may experience greater losses than other fixed income secu- exposure assumed, leaving more assets to be invested in other rities with similar durations. Interest payments on inflation-linked investments. Such investments may have the effect of leveraging the debt securities may be difficult to predict and may vary as the princi- Portfolio because the Portfolio may experience gains or losses not only pal and/or interest is adjusted for inflation. In periods of deflation, on its investments in derivatives, but also on the investments pur- the Portfolio may have no income at all from such investments. chased with the remainder of the assets. If the value of the Portfolio’s • Infrastructure Sector Risk: Companies in the infrastructure sector investments in derivatives is increasing, this could be offset by declin- may be subject to a variety of factors that could adversely affect their ing values of the Portfolio’s other investments. Conversely, it is possi- business or operations, including high interest costs in connection ble that the rise in the value of the Portfolio’s non-derivative with capital construction programs, high degrees of leverage, costs investments could be offset by a decline in the value of the Portfolio’s associated with governmental, environmental and other regulations, investments in derivatives. In either scenario, the Portfolio may experi- the effects of economic slowdowns, increased competition from ence losses. In a market where the value of the Portfolio’s investments other providers of services, uncertainties concerning costs, the level in derivatives is declining and the value of its other investments is de- of government spending on infrastructure projects, and other factors. clining, the Portfolio may experience substantial losses. Infrastructure companies may be adversely affected by commodity • Mid-Cap, Small-Cap and Micro-Cap Company Risk: The Portfo- price volatility, changes in exchange rates, import controls, depletion lio’s investments in mid-, small- and micro-cap companies may involve of resources, technological developments, and labor relations. greater risks than investments in larger, more established issuers be- • Interest Rate Risk: The Portfolio is subject to the risk that fixed cause they generally are more vulnerable than larger companies to ad- income securities will decline in value because of changes in interest verse business or economic developments. Such companies generally rates. When interest rates decline, the value of the Portfolio’s debt have narrower product lines, more limited financial and management securities generally rises. Conversely, when interest rates rise, the resources and more limited markets for their stock as compared with value of the Portfolio’s debt securities generally declines. A portfolio larger companies. As a result, the value of such securities may be more with a longer average duration will be more sensitive to changes in volatile than the securities of larger companies, and the Portfolio may interest rates, usually making it more volatile than a portfolio with a experience difficulty in purchasing or selling such securities at the desired shorter average duration. As of the date of this Prospectus, interest time and price or in the desired amount. In general, these risks are rates are near historic lows in the United States, and below zero in greater for small- and micro-cap companies than for mid-cap companies. other parts of the world, including certain European countries and • Market Risk: The Portfolio is subject to the risk that the securities Japan. The Portfolio is subject to a greater risk of rising interest rates markets will move down, sometimes rapidly and unpredictably based due to these market conditions. A significant or rapid rise in interest on overall economic conditions and other factors. Changes in the rates could result in losses to the Portfolio. financial condition of a single issuer can impact the market as a whole. • Investment Grade Securities Risk: Debt securities generally are • Natural Resources Sector Risk: The profitability of companies in rated by national bond ratings agencies. The Portfolio considers the natural resources sector can be adversely affected by worldwide en- securities to be investment grade if they are rated BBB or higher by ergy prices and other world events, limits on and the success of explora- Standard & Poor’s Global Ratings (“S&P”) or Fitch Ratings, Ltd. (“Fitch”) tion projects, and production spending. Companies in the natural or Baa or higher by Moody’s Investors Service, Inc. (“Moody’s”), or, if resources sector also could be adversely affected by commodity price unrated, determined by the investment manager to be of comparable volatility, changes in exchange rates, interest rates or inflation rates and/ quality. Securities rated in the lower investment grade rating categories or investor expectations concerning such rates, changes in the supply of, (e.g., BBB or Baa) are considered investment grade securities, but are or the demand for, natural resources, imposition of import controls, gov- somewhat riskier than higher rated obligations because they are ernment regulation and intervention, civil conflict, economic conditions, regarded as having only an adequate capacity to pay principal and increased competition, technological developments, and labor relations. interest, are considered to lack outstanding investment characteristics, In addition, companies in the natural resources sector may be subject to and may possess certain speculative characteristics. the risks generally associated with extraction of natural resources, such as • Large-Cap Company Risk: Larger more established companies may the risks of mining and oil drilling, and the risks of the hazards associated be unable to respond quickly to new competitive challenges such as with natural resources, such as natural or man-made disasters, fire, changes in technology and consumer tastes. Many larger companies also drought, liability for environmental damage claims, and increased regu- may not be able to attain the high growth rate of successful smaller latory and environmental costs. Prices of precious metals and of precious companies, especially during extended periods of economic expansion. metal related securities have historically been very volatile due to various • Leveraging Risk: When the Portfolio leverages its holdings, the economic, financial, social and political factors and may adversely affect value of an investment in the Portfolio will be more volatile and all the financial condition of companies involved with precious metals.

EQAA 4 • Non-Investment Grade Securities Risk: Bonds rated below ETFs in which it invests, in addition to the Portfolio’s direct fees and investment grade (i.e., BB or lower by S&P or Fitch or Ba or lower by expenses. The cost of investing in the Portfolio, therefore, may be Moody’s or, if unrated, determined by the investment manager to be higher than the cost of investing in a mutual fund that invests directly of comparable quality) are speculative in nature and are subject to in individual stocks and bonds. The Portfolio’s net asset value is subject additional risk factors such as increased possibility of default, to fluctuations in the net asset values of the Underlying Portfolios and illiquidity of the security, and changes in value based on changes in the market values of the Underlying ETFs in which it invests. The interest rates. Non-investment grade bonds, sometimes referred to as Portfolio is also subject to the risks associated with the securities or “junk bonds,” are usually issued by companies without long track other investments in which the Underlying Portfolios and Underlying records of sales and earnings, or by those companies with ETFs invest and the ability of the Portfolio to meet its investment ob- questionable credit strength. The creditworthiness of issuers of non- jective will directly depend on the ability of the Underlying Portfolios investment grade debt securities may be more complex to analyze and Underlying ETFs to meet their investment objectives. There is also than that of issuers of investment grade debt securities, and reliance the risk that an Underlying ETF’s performance may not match that of on credit ratings may present additional risks. the relevant index. It is also possible that an active trading market for • Portfolio Management Risk: The Portfolio is subject to the risk an Underlying ETF may not develop or be maintained, in which case that strategies used by the investment manager(s) and their secu- the liquidity and value of the Portfolio’s investment in the Underlying rities selections fail to produce the intended results. ETF could be substantially and adversely affected. The extent to which the investment performance and risks associated with the Portfolio • Real Estate Investing Risk: Real estate-related investments may correlate to those of a particular Underlying Portfolio or Underlying ETF decline in value as a result of factors affecting the overall real estate will depend upon the extent to which the Portfolio’s assets are allo- industry. Real estate is a cyclical business, highly sensitive to supply cated from time to time for investment in the Underlying Portfolio or and demand, general and local economic developments and charac- Underlying ETF, which will vary. terized by intense competition and periodic overbuilding. Real estate income and values also may be greatly affected by demographic trends, • Securities Lending Risk: The Portfolio may lend its portfolio secu- such as population shifts or changing tastes and values. Losses may rities to seek income. There is a risk that a borrower may default on its occur from casualty or condemnation and government actions, such as obligations to return loaned securities, however, the Portfolio’s secu- tax law changes, zoning law changes, regulatory limitations on rents, rities lending agent may indemnify the Portfolio against that risk. The or environmental regulations, also may have a major impact on real Portfolio will be responsible for the risks associated with the invest- estate. The availability of mortgages and changes in interest rates may ment of cash collateral, including any collateral invested in an affiliated also affect real estate values. Changing interest rates and credit quality money market fund. The Portfolio may lose money on its investment of requirements also will affect the cash flow of real estate companies cash collateral or may fail to earn sufficient income on its investment to and their ability to meet capital needs. REITs generally invest directly in meet obligations to the borrower. In addition, delays may occur in the real estate (equity REITs), in mortgages secured by interests in real es- recovery of securities from borrowers, which could interfere with the tate (mortgage REITs) or in some combination of the two (hybrid Portfolio’s ability to vote proxies or to settle transactions. REITs). Investing in REITs exposes investors to the risks of owning real • Special Situations Risk: The Portfolio may seek to benefit from estate directly, as well as to risks that relate specifically to the way in “special situations,” such as mergers, consolidations, bankruptcies, which REITs are organized and operated. Equity REITs may be affected liquidations, reorganizations, restructurings, tender or exchange of- by changes in the value of the underlying property owned by the REIT, fers or other unusual events expected to affect a particular issuer. In while mortgage REITs may be affected by the quality of any credit ex- general, securities of companies which are the subject of a tender or tended. Equity and mortgage REITs are also subject to heavy cash flow exchange offer or a merger, consolidation, liquidation, restructuring, dependency, defaults by borrowers, and self-liquidations. The risk of bankruptcy or reorganization proposal sell at a premium to their his- defaults is generally higher in the case of mortgage pools that include toric market price immediately prior to the announcement of the subprime mortgages involving borrowers with blemished credit histor- transaction. However, it is possible that the value of securities of a ies. Individual REITs may own a limited number of properties and may company involved in such a transaction will not rise and in fact may concentrate in a particular region or property type. Domestic REITs also fall, in which case the Portfolio would lose money. It is also possible must satisfy specific Internal Revenue Code requirements to qualify for that the transaction may not be completed as anticipated or may the tax-free pass-through of net investment income and net realized take an excessive amount of time to be completed, in which case the gains. Failure to meet these requirements may have adverse con- Portfolio may not realize any premium on its investment and could sequences on the Portfolio. In addition, even the larger REITs in the lose money if the value of the securities declines during the Portfo- industry tend to be small- to medium-sized companies in relation to the lio’s holding period. In some circumstances, the securities purchased equity markets as a whole. Moreover, shares of REITs may trade less may be illiquid making it difficult for the Portfolio to dispose of them frequently and, therefore, are subject to more erratic price movements at an advantageous price. than securities of larger issuers. • Risks Related to Investments in Underlying Portfolios and Underlying ETFs: The Portfolio’s shareholders will indirectly bear the fees and expenses paid by the Underlying Portfolios and Underlying

EQAA 5 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: performance from year to year and by showing how the Portfolio’s average annual total returns for the past one-, five- and ten-year (or since Date Began Managing inception) periods through December 31, 2016 compared to the returns Name Title the Portfolio of a broad-based securities market index. The additional broad-based Kenneth T. Kozlowski, Executive Vice September 2005 securities market index and the hypothetical composite index show how CFP®, CLU, ChFC President and Chief the Portfolio’s performance compared with the returns of other asset Investment Officer of classes in which the Portfolio may invest. The return of the broad-based FMG LLC securities market index (and any additional comparative index) shown in Alwi Chan, CFA® Senior Vice President May 2011 the right hand column below is the return of the index for the last 10 and Deputy Chief 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. Xavier Poutas, CFA® Assistant Portfolio May 2011 For periods prior to the inception date for Class IA shares (October 29, Manager of FMG LLC 2009), Class IA share performance information shown in the table be- Miao Hu, CFA® Assistant Portfolio May 2016 low is the performance of Class IB shares, which reflects the effect of Manager of FMG LLC 12b-1 fees paid by Class IB shares. Class IA shares did not pay 12b-1 fees prior to January 1, 2012. PURCHASE AND REDEMPTION OF PORTFOLIO The performance results do not reflect any Contract-related fees and SHARES 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 by AXA Equitable Life Calendar Year Annual Total Returns — Class IB Insurance Company (“AXA Equitable”), AXA Life and Annuity Com- 26.12% pany, or other affiliated or unaffiliated insurance companies and to The AXA Equitable 401(k) Plan. Shares also may be sold to other 14.95% 14.15% tax-qualified retirement plans and other investors eligible under appli- 11.95% 9.59% cable federal tax regulations. 4.52% 2.36% The Portfolio does not have minimum initial or subsequent investment -3.46% -3.93% 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 -30.37% seven days after tender. Please refer to your Contract prospectus for 200720082009 2010 2011 2012 2013 2014 2015 2016 more information on purchasing and redeeming Portfolio shares.

Best quarter (% and time period) Worst quarter (% and time period) TAX INFORMATION 15.31% (2009 2nd Quarter) –16.47% (2008 4th Quarter) The Portfolio currently sells its shares only to insurance company separate accounts, qualified plans and other investors eligible under appli- Average Annual Total Returns cable federal income tax regulations. Accordingly, distributions One Five Ten Years/Since the Portfolio makes of its net investment income and net realized Year Years Inception All Asset Growth-Alt 20 Portfolio — gains — most or all of which it intends to distribute annually — and Class IA Shares 9.55% 6.61% 3.50% redemptions or exchanges of Portfolio shares generally will not be tax- All Asset Growth-Alt 20 Portfolio — able to its shareholders (or to the holders of underlying Contracts or Class IB Shares 9.59% 6.61% 3.44% S&P 500 Index (reflects no deduction for fees, plan participants or beneficiaries). See the prospectus for your Contract expenses, or taxes) 11.96% 14.66% 6.95% for further tax information. Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index (reflects no deduction for fees, expenses, or taxes) 2.08% 1.85% 3.84% All Asset Growth-Alt 20 Index (reflects no deduction for fees, expenses, or taxes) 7.08% 7.69% 4.65%

EQAA 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.

EQAA 7 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 Short Duration 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 balance of current income PORTFOLIO TURNOVER and capital appreciation, consistent with a prudent level of risk. 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 63% 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 invests at least 80% of its net assets, plus borrowings for investment purposes, in debt securities Shareholder Fees (fees paid directly from your investment) issued by the U.S. Government and its agencies and instrumentalities and financial instruments that derive their value from such securities. Debt Not applicable. securities represent an issuer’s obligation to repay a loan of money that generally pays interest to the holder. Bonds, notes and debentures are Annual Portfolio Operating Expenses examples of debt securities. Futures (including a short position in a futures (expenses that you pay each year as a percentage of the value of contract) and options contracts on debt securities and shares of other in- your investment) vestment companies that invest substantially all of their assets in debt AXA/AB Short Duration Government Bond Class IA Class IB securities are examples of financial instruments that derive their value Portfolio Shares* Shares from debt securities. Management Fee 0.45% 0.45% Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% The Portfolio may also purchase corporate bonds, notes, asset-backed Other Expenses 0.12% 0.12% securities, commercial mortgage-backed securities and other mortgage- Total Annual Portfolio Operating Expenses 0.82% 0.82% related securities, inflation-protected securities, loan participations, zero-coupon bonds, pay-in-kind securities, and preferred stock. The * Based on estimated amounts for the current fiscal year. Portfolio also may invest up to 10% of its total assets in foreign fixed- income securities in developed or emerging market countries. Example The Portfolio seeks to maintain an effective duration of up to two years This Example is intended to help you compare the cost of investing in under normal market conditions. Duration is a measure that relates the the Portfolio with the cost of investing in other portfolios. The Example expected price volatility of a security to changes in interest rates. The assumes that you invest $10,000 in the Portfolio for the time periods duration of a debt security is the weighted average time to maturity, indicated, and then redeem all of your shares at the end of those time expressed in years, of the present value of all future cash flows, includ- periods. The Example also assumes that your investment has a 5% re- ing coupon payments and principal repayments. turn each year and that the Portfolio’s operating expense remain the same. The Example does not reflect any Contract-related fees and ex- In managing the Portfolio, the Sub-Adviser may use interest rate forecast- penses including redemption fees (if any) at the Contract level. If such ing to guide the level of interest rate risk to accept at a given time. The fees and expenses were reflected, the total expenses would be higher. Portfolio may moderately shorten its average duration when the Sub- Although your actual costs may be higher or lower, based on these as- Adviser expects interest rates to rise and modestly lengthen its average sumptions your costs would be: duration when the Sub-Adviser anticipates that interest rates will fall.

1 Year 3 Years 5 Years 10 Years The Sub-Adviser selects securities for purchase or sale based on its Class IA Shares $84 $262 $455 $1,014 assessment of the securities’ risk and return characteristics as well as the Class IB Shares $84 $262 $455 $1,014 securities’ impact on the overall risk and return characteristics of the Port- folio. In making this assessment, the Sub-Adviser takes into account various factors, including the credit quality and sensitivity to interest rates of the securities under consideration and of the Portfolio’s other holdings.

AABSDGB 1 The Portfolio also may lend its portfolio securities to earn additional time for a number of reasons, including changes in interest rates, income. intervention (or the failure to intervene) by governments, central banks or supranational entities, or by the imposition of currency Principal Risks: An investment in the Portfolio is not a deposit of a controls or other political developments in the U.S. or abroad. bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You may lose money by Emerging Markets Risk: There are greater risks involved in investing in the Portfolio. Performance may be affected by one or more investing in emerging market countries and/or their securities mar- of the following risks. kets. Investments in these countries and/or markets may present market, credit, currency, liquidity, legal, political, technical and other Credit Risk: The Portfolio is subject to the risk that the issuer or the risks different from, or greater than, the risks of investing in devel- guarantor (or other obligor, such as a party providing insurance or other oped countries. Investments in emerging markets are more suscep- credit enhancement) of a fixed income security, or the counterparty to a tible to loss than investments in developed markets. In addition, the derivatives contract, repurchase agreement, loan of portfolio securities risks associated with investing in a narrowly defined geographic or other transaction, is unable or unwilling, or is perceived (whether by area are generally more pronounced with respect to investments in market participants, ratings agencies, pricing services or otherwise) as emerging market countries. unable or unwilling, to make timely principal and/or interest payments, or otherwise honor its obligations. Securities are subject to varying de- Futures Contract Risk: The primary risks associated with the use grees of credit risk, which are often reflected in their credit ratings. of futures contracts are (a) the imperfect correlation between the However, rating agencies may fail to make timely changes to credit rat- change in market value of the instruments held by the Portfolio and the ings in response to subsequent events and a credit rating may become price of the futures contract; (b) liquidity risks, including the possible stale in that it fails to reflect changes in an issuer’s financial condition. absence of a liquid secondary market for a futures contract and the The downgrade of the credit rating of a security may decrease its value. resulting inability to close a futures contract when desired; (c) losses Lower credit quality also may lead to greater volatility in the price of a (potentially unlimited) caused by unanticipated market movements; (d) security and may negatively affect a security’s liquidity. an investment manager’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other eco- Derivatives Risk: The Portfolio’s investments in derivatives may rise nomic factors; (e) the possibility that a counterparty, clearing member or or fall in value more rapidly than other investments. Changes in the clearinghouse will default in the performance of its obligations; (f) if the value of a derivative may not correlate perfectly or at all with the under- Portfolio has insufficient cash, it may have to sell securities from its lying asset, rate or index, and the Portfolio could lose more than the portfolio to meet daily variation margin requirements, and the Portfolio principal amount invested. Some derivatives can have the potential for may have to sell securities at a time when it may be disadvantageous to unlimited losses. In addition, it may be difficult or impossible for the do so; and (g) transaction costs associated with investments in futures Portfolio to purchase or sell certain derivatives in sufficient amounts to contracts may be significant, which could cause or increase losses or achieve the desired level of exposure, which may result in a loss or may reduce gains. Futures contracts are also subject to the same risks as the be costly to the Portfolio. Derivatives also may be subject to certain underlying investments to which they provide exposure. In addition, other risks such as leveraging risk, interest rate risk, credit risk, the risk futures contracts may subject the Portfolio to leveraging risk. that a counterparty may be unable or unwilling to honor its obligations, and the risk of mispricing or improper valuation. Derivatives also may Interest Rate Risk: The Portfolio is subject to the risk that fixed in- not behave as anticipated by the Portfolio, especially in abnormal mar- come securities will decline in value because of changes in interest rates. ket conditions. Changing regulation may make derivatives more costly, When interest rates decline, the value of the Portfolio’s debt securities limit their availability, impact the Portfolio’s ability to maintain its generally rises. Conversely, when interest rates rise, the value of the Port- investments in derivatives, disrupt markets, or otherwise adversely af- folio’s debt securities generally declines. A portfolio with a longer average fect their value or performance. duration will be more sensitive to changes in interest rates, usually making it more volatile than a portfolio with a shorter average duration. As of Foreign Securities Risk: Investments in foreign securities, including the date of this Prospectus, interest rates are near historic lows in the depositary receipts, involve risks not associated with investing in U.S. United States, and below zero in other parts of the world, including cer- securities. Foreign markets, particularly emerging markets, may be less tain European countries and Japan. The Portfolio is subject to a greater liquid, more volatile and subject to less government supervision than risk of rising interest rates due to these market conditions. A significant or U.S. markets. Security values also may be negatively affected by changes rapid rise in interest rates could result in losses to the Portfolio. in the exchange rates between the U.S. dollar and foreign currencies. Differences between U.S. and foreign legal, political and economic sys- Investment Grade Securities Risk: Debt securities generally are tems, regulatory regimes and market practices also may impact security rated by national bond ratings agencies. The Portfolio considers securities values and it may take more time to clear and settle trades involving for- to be investment grade if they are rated BBB or higher by Standard & eign securities. Poor’s Global Ratings or Fitch Ratings, Ltd. or Baa or higher by Moody’s Investors Service, Inc., or, if unrated, determined by the investment Currency Risk: Investments in foreign currencies and in secu- manager to be of comparable quality. Securities rated in the lower invest- rities that trade in, or receive revenues in, or in derivatives that ment grade rating categories (e.g., BBB or Baa) are considered investment provide exposure to foreign currencies are subject to the risk that grade securities, but are somewhat riskier than higher rated obligations those currencies will decline in value relative to the U.S. dollar, or, because they are regarded as having only an adequate capacity to pay in the case of hedging positions, that the U.S. dollar will decline in principal and interest, are considered to lack outstanding investment char- value relative to the currency being hedged. Any such decline may acteristics, and may possess certain speculative characteristics. erode or reverse any potential gains from an investment in securities denominated in foreign currency or may widen existing loss. Leveraging Risk: When the Portfolio leverages its holdings, the value Currency rates may fluctuate significantly over short periods of of an investment in the Portfolio will be more volatile and all other risks

AABSDGB 2 will tend to be compounded. For example, the Portfolio may take on Securities Lending Risk: The Portfolio may lend its portfolio secu- leveraging risk when it engages in derivatives transactions (such as rities to seek income. There is a risk that a borrower may default on its futures and options investments), invests collateral from securities obligations to return loaned securities, however, the Portfolio’s secu- loans or borrows money. The Portfolio may experience leveraging risk rities lending agent may indemnify the Portfolio against that risk. The in connection with investments in derivatives because its investments Portfolio will be responsible for the risks associated with the investment in derivatives may be small relative to the investment exposure as- of cash collateral, including any collateral invested in an affiliated sumed, leaving more assets to be invested in other investments. Such money market fund. The Portfolio may lose money on its investment of investments may have the effect of leveraging the Portfolio because cash collateral or may fail to earn sufficient income on its investment to the Portfolio may experience gains or losses not only on its investments meet obligations to the borrower. In addition, delays may occur in the in derivatives, but also on the investments purchased with the re- recovery of securities from borrowers, which could interfere with the mainder of the assets. If the value of the Portfolio’s investments in de- Portfolio’s ability to vote proxies or to settle transactions. rivatives is increasing, this could be offset by declining values of the Short Position Risk: The Portfolio may engage in short sales and Portfolio’s other investments. Conversely, it is possible that the rise in may enter into derivative contracts that have a similar economic effect the value of the Portfolio’s non-derivative investments could be offset (e.g., taking a short position in a futures contract). The Portfolio will by a decline in the value of the Portfolio’s investments in derivatives. In incur a loss as a result of a short position if the price of the asset sold either scenario, the Portfolio may experience losses. In a market where short increases in value between the date of the short position sale and the value of the Portfolio’s investments in derivatives is declining and the date on which an offsetting position is purchased. Short positions the value of its other investments is declining, the Portfolio may may be considered speculative transactions and involve special risks experience substantial losses. that could cause or increase losses or reduce gains, including greater Liquidity Risk: The Portfolio is subject to the risk that certain reliance on the investment adviser’s ability to accurately anticipate the investments may be difficult or impossible for the Portfolio to purchase future value of a security or instrument, potentially higher transaction or sell at an advantageous time or price or in sufficient amounts to costs, and imperfect correlation between the actual and desired level of achieve the desired level of exposure. The Portfolio may be required to exposure. Because the Portfolio’s potential loss on a short position dispose of other investments at unfavorable times or prices to satisfy arises from increases in the value of the asset sold short, the extent of obligations, which may result in a loss or may be costly to the Portfolio. such loss, like the price of the asset sold short, is theoretically unlimited. Judgment plays a greater role in pricing illiquid investments than U.S. Government Securities Risk: U.S. government securities are investments with more active markets. subject to market risk, interest rate risk and credit risk. Securities, such as Mortgage-Backed and Asset-Backed Securities Risk: The those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are Portfolio is subject to the risk that the principal on mortgage- and asset- backed by the full faith and credit of the U.S. are guaranteed only as to backed securities held by the Portfolio will be prepaid, which generally the timely payment of interest and principal when held to maturity, and will reduce the yield and market value of these securities. If interest the market prices for such securities will fluctuate due to changing interest rates fall, the rate of prepayments tends to increase as borrowers are rates, among other factors. Notwithstanding that these securities are motivated to pay off debt and refinance at new lower rates. Rising backed by the full faith and credit of the U.S., circumstances could arise interest rates may increase the risk of default by borrowers and tend to that would prevent the payment of interest or principal. This would result extend the duration of these securities, making them more sensitive to in losses to the Portfolio. Securities issued or guaranteed by U.S. govern- changes in interest rates. As a result, in a period of rising interest rates, ment related organizations, such as Fannie Mae and Freddie Mac, are not to the extent the Portfolio holds these types of securities it may experi- backed by the full faith and credit of the U.S. government and no assur- ence additional volatility and losses. This is known as extension risk. ance can be given that the U.S. government will provide financial support. Moreover, declines in the credit quality of the issuers of mortgage- and Therefore, U.S. government related organizations may not have the funds asset-backed securities or instability in the markets for such securities to meet their payment obligations in the future. may affect the value and liquidity of such securities, which could result Zero Coupon and Pay-in-Kind Securities Risk: Azerocou- in losses to the Portfolio. In addition, certain mortgage- and asset- pon or pay-in-kind security pays no interest in cash to its holder during backed securities may include securities backed by pools of loans made its life. Accordingly, zero coupon securities usually trade at a deep dis- to “subprime” borrowers or borrowers with blemished credit histories; count from their face or par value and, together with pay-in-kind secu- the risk of defaults is generally higher in the case of mortgage pools rities, will be subject to greater fluctuations in market value in response that include such subprime mortgages. to changing interest rates than debt obligations of comparable matur- Redemption Risk: The Portfolio may experience periods of heavy ities that make current distribution of interest in cash. redemptions that could cause the Portfolio to sell assets at inopportune times or at a loss or depressed value. Redemption risk is heightened Risk/Return Bar Chart and Table during periods of declining or illiquid markets. Heavy redemptions could hurt the Portfolio’s performance. The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s perform- Market developments and other factors, including a general rise in inter- ance from year to year and by showing how the Portfolio’s average est rates, have the potential to cause investors to move out of fixed in- annual total returns for the past one-year and since inception periods come securities on a large scale, which may increase redemptions from through December 31, 2016 compared to the returns of a broad-based mutual funds that hold large amounts of fixed income securities. Such a securities market index. Past performance is not an indication of future move, coupled with a reduction in the ability or willingness of dealers performance. and other institutional investors to buy or hold fixed income securities, may result in decreased liquidity and increased volatility in the fixed Class IA Shares have not commenced operations as of the date of this income markets. Prospectus.

AABSDGB 3 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 Manager: The individuals that are jointly and primarily re- Calendar Year Annual Total Returns — Class IB sponsible for the securities selection, research and trading for the Portfolio are: 0.20%

Date Began Managing Name Title the Portfolio Shawn E. Vice President of September 2012 Keegan AllianceBernstein Michael S. Senior Vice President of February 2016 Canter AllianceBernstein Douglas J. Senior Vice President of September 2012 Peebles AllianceBernstein -0.50% -0.51% Greg Wilensky, Senior Vice President of September 2012 CFA® AllianceBernstein 2014 2015 2016 AXA Equitable Funds Management Group, LLC (“FMG LLC” or the Best quarter (% and time period) Worst quarter (% and time period) 0.20% (2016 1st Quarter) –0.30% (2015 4th Quarter) “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 Average Annual Total Returns without obtaining shareholder approval. However, the Adviser may not Since enter into a sub-advisory agreement on behalf of the Portfolio with an One Year Inception AXA/AB Short Duration Government Bond Portfolio – “affiliated person” of the Adviser, such as AllianceBernstein L.P., unless Class IB Shares (Inception Date: May 20, 2013 0.20% –0.39% the sub-advisory agreement is approved by the Portfolio’s shareholders. BofA Merrill Lynch 1-year U.S. Treasury Note Index (reflects The Adviser is responsible for overseeing Sub-Advisers and recommending no deduction for fees, expenses, or taxes) 0.76% 0.34% their hiring, termination and replacement to the Board of Trustees.

WHO MANAGES THE PORTFOLIO PURCHASE AND REDEMPTION OF PORTFOLIO Investment Adviser: FMG LLC 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 selection, monitoring and oversight of the rate accounts in connection with Contracts issued by AXA Equitable Life Portfolio’s Sub-Adviser are: Insurance Company (“AXA Equitable”), AXA Life and Annuity Com- pany, or other affiliated or unaffiliated insurance companies and The Date Began AXA Equitable 401(k) Plan. Shares also may be sold to other Managing tax-qualified retirement plans, to other portfolios managed by FMG LLC Name Title the Portfolio that currently sell their shares to such accounts and plans, and to other Kenneth T. Executive Vice President and May 2011 Kozlowski, CFP®, Chief Investment Officer of investors eligible under applicable federal income tax regulations. CLU, ChFC FMG LLC The Portfolio does not have minimum initial or subsequent investment Alwi Chan, CFA® Senior Vice President May 2009 requirements. Shares of the Portfolio are redeemable on any business and Deputy Chief Investment day (which typically is any day the New York Stock Exchange is open) Officer of FMG LLC upon receipt of a request. All redemptions 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.

AABSDGB 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 of all of which it intends to distribute annually — and redemptions or exchange 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 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.

AABSDGB 5 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/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/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/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

EQ/BlackRock Basic Value 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 capital appreciation and PORTFOLIO TURNOVER secondarily, income. 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 34% 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 in- Not applicable. vestment purposes, in equity securities. The Portfolio invests primarily in equity securities that the Sub-Adviser believes are undervalued and therefore represent basic investment value. The Sub-Adviser places par- Annual Portfolio Operating Expenses ticular emphasis on companies with below-average price/cashflow ra- (expenses that you pay each year as a percentage of the value of your investment) tios. The Sub-Adviser may also determine a company is undervalued if Class IA Class IB its stock price is down because of temporary factors from which the EQ/BlackRock Basic Value Equity Portfolio Shares Shares Sub-Adviser believes the company will recover. The Portfolio focuses its Management Fee 0.58% 0.58% investments on companies with market capitalizations over $5 billion. Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% Other Expenses 0.12% 0.12% The Sub-Adviser believes that favorable changes in market prices are Total Annual Portfolio Operating Expenses 0.95% 0.95% more likely to occur when: • stocks are out of favor; Example • company earnings are depressed; This Example is intended to help you compare the cost of investing in the • price/earnings and price/cashflow ratios are relatively low; Portfolio with the cost of investing in other portfolios. The Example assumes • investment expectations are limited; and/or 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 • there is no general interest in a security or industry. assumes that your investment has a 5% return each year and that the Port- On the other hand, the Sub-Adviser believes that negative develop- folio’s operating expenses remain the same. This Example does not reflect ments are more likely to occur when: any Contract-related fees and expenses including redemption fees (if any) at • investment expectations are generally high; the Contract level. If such fees and expenses were reflected, the total expenses would be higher. Although your actual costs may be higher or • stock prices are advancing or have advanced rapidly; lower, based on these assumptions your costs would be: • price/earnings and price/cashflow ratios have been inflated; and/or

1 Year 3 Years 5 Years 10 Years • an industry or security continues to become popular among investors. Class IA Shares $97 $303 $525 $1,166 The Sub-Adviser believes that stocks with relatively high price/earnings Class IB Shares $97 $303 $525 $1,166 or price/cashflow ratios are more vulnerable to price declines from unexpected adverse developments. At the same time, stocks with relatively low price/earnings or price/cashflow ratios are more likely to

EQBBV 1 benefit from favorable but generally unanticipated events. Thus, the addition, there is the risk that a stock judged to be undervalued may Portfolio may invest a large part of its net assets in stocks that have actually be appropriately priced. weak research ratings. Large-Cap Company Risk: Larger more established companies may The Portfolio may sell a security if, for example, the stock price increases be unable to respond quickly to new competitive challenges such as to the high end of the range of its historical valuation ratio ranges or if changes in technology and consumer tastes. Many larger companies also the Portfolio determines that the issuer no longer meets the criteria the may not be able to attain the high growth rate of successful smaller com- Sub-Adviser has established for the purchase of such securities or if the panies, especially during extended periods of economic expansion. Sub-Adviser thinks there is a more attractive investment opportunity in Mid-Cap Company Risk: The Portfolio’s investments in mid-cap the same category. The Portfolio also may invest up to 25% of its total companies may involve greater risks than investments in larger, more assets in securities issued by foreign companies. established issuers because mid-cap companies generally are more vulner- The Portfolio has no minimum holding period for investments, and will able than larger companies to adverse business or economic developments. buy or sell securities whenever the Portfolio’s management sees an Such companies generally have narrower product lines, more limited finan- appropriate opportunity. cial and management resources and more limited markets for their stock as compared with larger companies. As a result, the value of such securities The Portfolio also may lend its portfolio securities to earn additional income. may be more volatile than the securities of larger companies, and the Principal Risks: An investment in the Portfolio is not a deposit of a Portfolio may experience difficulty in purchasing or selling such securities at bank and is not insured or guaranteed by the Federal Deposit Insurance the desired time and price or in the desired amount. Corporation or any other government agency. You may lose money by Sector Risk: From time to time, based on market or economic con- investing in the Portfolio. Performance may be affected by one or more ditions, the Portfolio may have significant positions in one or more sec- of the following risks. tors of the market. To the extent the Portfolio invests more heavily in Equity Risk: In general, stocks and other equity security values fluc- particular sectors, its performance will be especially sensitive to tuate, and sometimes widely fluctuate, in response to changes in a developments that significantly affect those sectors. Individual sectors company’s financial condition as well as general market, economic and may be more volatile, and may perform differently, than the broader political conditions and other factors. market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Foreign Securities Risk: Investments in foreign securities, including depositary receipts, involve risks not associated with investing in U.S. secu- Securities Lending Risk: The Portfolio may lend its portfolio securities. Foreign markets, particularly emerging markets, may be less liquid, rities to seek income. There is a risk that a borrower may default on its more volatile and subject to less government supervision than U.S. markets. obligations to return loaned securities, however, the Portfolio’s secu- Security values also may be negatively affected by changes in the exchange rities lending agent may indemnify the Portfolio against that risk. The rates between the U.S. dollar and foreign currencies. Differences between Portfolio will be responsible for the risks associated with the investment U.S. and foreign legal, political and economic systems, regulatory regimes of cash collateral, including any collateral invested in an affiliated and market practices also may impact security values and it may take more money market fund. The Portfolio may lose money on its investment of time to clear and settle trades involving foreign securities. 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 Currency Risk: Investments in foreign currencies and in secu- recovery of securities from borrowers, which could interfere with the rities that trade in, or receive revenues in, or in derivatives that Portfolio’s ability to vote proxies or to settle transactions. provide exposure to foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, Risk/Return Bar Chart and Table 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 The bar chart and table below provide some indication of the risks of erode or reverse any potential gains from an investment in secu- investing in the Portfolio by showing changes in the Portfolio’s perform- rities denominated in foreign currency or may widen existing loss. ance from year to year and by showing how the Portfolio’s average Currency rates may fluctuate significantly over short periods of annual total returns for the past one, five and ten years (or since in- time for a number of reasons, including changes in interest rates, ception) through December 31, 2016 compared to the returns of a broad-based securities market index. The return of the broad-based intervention (or the failure to intervene) by governments, central securities market index (and any additional comparative index) shown in banks or supranational entities, or by the imposition of currency the right hand column below is the return of the index for the last 10 controls or other political developments in the U.S. or abroad. years or, if shorter, since the inception of the share class with the longest Investment Style Risk: The Portfolio may use a particular style or history. Past performance is not an indication of future performance. 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 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

EQBBV 2 The performance results do not reflect any Contract-related fees and Sub-Adviser: BlackRock Investment Management, LLC. expenses, which would reduce the performance results. (“BlackRock”)

Calendar Year Annual Total Returns — Class IB Portfolio Managers: The members of the team that are jointly and primarily responsible for the securities selection, research and trading for 37.74% the Portfolio are: 30.33%

18.00% Date Began 13.67% 12.28% 9.71% Managing Name Title the Portfolio 1.17% Carrie King Managing Director of May 2009 -3.17% BlackRock -6.17% Joseph Wolfe, CFA® Director of BlackRock, Inc. March 2017

AXA Equitable Funds Management Group, LLC (“FMG LLC” or the -36.55% “Adviser”) has been granted relief by the Securities and Exchange Com- 20072008 2009 2010 2011 20122013 20142015 2016 mission 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 17.44% (2009 2nd Quarter) –20.37% (2008 4th 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 Average Annual Total Returns the sub-advisory agreement is approved by the Portfolio’s shareholders. Ten The Adviser is responsible for overseeing Sub-Advisers and recommend- One Five Years/Since Year Years Inception ing their hiring, termination and replacement to the Board of Trustees. EQ/BlackRock Basic Value Equity Portfolio – Class IA Shares 17.99% 13.71% 5.77% PURCHASE AND REDEMPTION OF PORTFOLIO SHARES EQ/BlackRock Basic Value Equity Portfolio – Class IB Shares 18.00% 13.72% 5.63% The Portfolio’s shares are currently sold only to insurance company sepa- Russell 1000® Value Index (reflects no rate accounts in connection with Contracts issued by AXA Equitable Life deduction for fees, expenses, or taxes) 17.34% 14.80% 5.72% 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 WHO MANAGES THE PORTFOLIO tax-qualified retirement plans, to other portfolios managed by FMG LLC Investment Adviser: FMG LLC that currently sell their shares to such accounts and plans and to other investors eligible under applicable federal income tax regulations. Portfolio Managers: The members of the team that are jointly and primarily responsible for the selection, monitoring and oversight of the The Portfolio does not have minimum initial or subsequent investment Portfolio’s Sub-Adviser are: requirements. Shares of the Portfolio are redeemable on any business day (which typically is any day the New York Stock Exchange is open) Date Began upon receipt of a request. All redemption requests will be processed Managing Name Title the Portfolio and payment with respect thereto will normally be made within seven Kenneth T. Executive Vice President and May 2011 days after tender. Please refer to your Contract prospectus for more in- Kozlowski, Chief Investment Officer of formation on purchasing and redeeming Portfolio shares. CFP®, CLU, FMG LLC ChFC TAX INFORMATION Alwi Chan, CFA® Senior Vice President May 2009 and Deputy Chief Investment The Portfolio’s shareholders are (or may include) insurance company sepa- Officer of FMG LLC 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 — 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.

EQBBV 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.

EQBBV 4 EQ Advisors TrustSM

EQ/Common Stock 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.

Annual Portfolio Operating Expenses The Portfolio’s investments are selected by a stratified sampling con- (expenses that you pay each year as a percentage of the value of struction process in which the Sub-Adviser selects a subset of the 3,000 your investment) companies in the Russell 3000 based on the Sub-Adviser’s analysis of Class IA Class IB EQ/Common Stock Index Portfolio Shares Shares key risk factors and other characteristics. Such factors include industry Management Fee 0.34% 0.34% weightings, market capitalizations, return variability, and yield. This Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% strategy is commonly referred to as an indexing strategy. Other Expenses 0.12% 0.12% Total Annual Portfolio Operating Expenses 0.71% 0.71% The Portfolio also may lend its portfolio securities to earn additional income.

Example 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 This Example is intended to help you compare the cost of investing in the Corporation or any other government agency. You may lose money by Portfolio with the cost of investing in other portfolios. The Example as- investing in the Portfolio. Performance may be affected by one or more sumes that you invest $10,000 in the Portfolio for the periods indicated of the following risks. and then redeem all of your shares at the end of these periods. The Exam- ple also assumes that your investment has a 5% return each year and that Equity Risk: In general, stocks and other equity security values fluc- the Portfolio’s operating expenses remain the same. This Example does not tuate, and sometimes widely fluctuate, in response to changes in a reflect any Contract-related fees and expenses including redemption fees (if company’s financial condition as well as general market, economic and any) at the Contract level. If such fees and expenses were reflected, the political conditions and other factors. total expenses would be higher. Although your actual costs may be higher Index Strategy Risk: The Portfolio employs an index strategy, that or lower, based on these assumptions your costs would be: is, it generally invests in the securities included in its index or a representative sample of such securities regardless of market trends. The 1 Year 3 Years 5 Years 10 Years Class IA Shares $73 $227 $395 $883 Portfolio generally will not modify its index strategy to respond to Class IB Shares $73 $227 $395 $883 changes in the economy, which means that it may be particularly susceptible to a general decline in the market segment relating to the

EQCTI 1 relevant index. In addition, although the index strategy attempts to The performance results do not reflect any Contract-related fees and closely track its benchmark index, the Portfolio may not invest in all of expenses, which would reduce the performance results. the securities in the index. Also, the Portfolio’s fees and expenses will reduce the Portfolio’s returns, unlike those of the benchmark index. Calendar Year Annual Total Returns — Class IB Cash flow into and out of the Portfolio, portfolio transaction costs, 32.48% changes in the securities that comprise the index, and the Portfolio’s 28.31% valuation procedures also may affect the Portfolio’s performance. There- 15.93% 15.62% 12.03% 11.69% fore, there can be no assurance that the performance of the index 3.48% 0.50% strategy will match that of the benchmark index. -0.07% 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. -43.81% 2007 20082009 2010 2011 2012 2013 2014 2015 2016 Mid-Cap and Small-Cap Company Risk: The Portfolio’s investments in mid- and small-cap companies may involve greater risks Best quarter (% and time period) Worst quarter (% and time period) than investments in larger, more established issuers because they gen- 16.68% (2009 2nd Quarter) –25.39% (2008 4th Quarter) erally are more vulnerable than larger companies to adverse business or economic developments. Such companies generally have narrower Average Annual Total Returns product lines, more limited financial and management resources and One Five Ten more limited markets for their stock as compared with larger compa- Year Years Years nies. As a result, the value of such securities may be more volatile than EQ/Common Stock Index Portfolio – Class IA the securities of larger companies, and the Portfolio may experience Shares 11.66% 13.87% 5.36% EQ/Common Stock Index Portfolio – Class IB difficulty in purchasing or selling such securities at the desired time and Shares 11.69% 13.88% 5.23% price or in the desired amount. In general, these risks are greater for Russell 3000® Index (reflects no deduction for fees, expenses, or taxes) 12.74% 14.67% 7.07% small-cap companies than for mid-cap companies. Sector Risk: From time to time, based on market or economic conditions, the Portfolio may have significant positions in one or more sec- WHO MANAGES THE PORTFOLIO tors of the market. To the extent the Portfolio invests more heavily in Investment Adviser: FMG LLC particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors Portfolio Managers: The members of the team that are jointly and may be more volatile, and may perform differently, than the broader primarily responsible for the selection, monitoring and oversight of the market. The industries that constitute a sector may all react in the same Portfolio’s Sub-Adviser are: way to economic, political or regulatory events. Date Began Securities Lending Risk: The Portfolio may lend its portfolio secu- Managing rities to seek income. There is a risk that a borrower may default on its Name Title the Portfolio obligations to return loaned securities, however, the Portfolio’s secu- Kenneth T. Kozlowski, Executive Vice President May 2011 ® rities lending agent may indemnify the Portfolio against that risk. The CFP , CLU, ChFC and Chief Investment Officer of FMG LLC Portfolio will be responsible for the risks associated with the investment ® of cash collateral, including any collateral invested in an affiliated Alwi Chan, CFA Senior Vice President May 2009 and Deputy Chief money market fund. The Portfolio may lose money on its investment of Investment Officer of cash collateral or may fail to earn sufficient income on its investment to FMG LLC meet obligations to the borrower. In addition, delays may occur in the recovery of securities from borrowers, which could interfere with the Sub-Adviser: AllianceBernstein L.P. (“AllianceBernstein”) Portfolio’s ability to vote proxies or to settle transactions. Portfolio Manager: The individual primarily responsible for the secu- Risk/Return Bar Chart and Table rities selection, research and trading for the Portfolio is: The bar chart and table below provide some indication of the risks of in- Date Began vesting in the Portfolio by showing changes in the Portfolio’s performance Managing from year to year and by showing how the Portfolio’s average annual to- Name Title the Portfolio tal returns for the past one, five and ten years through December 31, Judith DeVivo Senior Vice President and December 2008 2016 compared to the returns of a broad-based securities market index. Portfolio Manager of AllianceBernstein Past performance is not an indication of future performance.

EQCTI 2 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 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.

EQCTI 3 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/Emerging Markets Equity PLUS 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: Seeks to achieve long-term growth of capital. 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 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 IB Shares $139 $491 $866 $1,921 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 16% of the average value of the Portfolio. your investment) Class IB EQ/Emerging Markets Equity PLUS Portfolio Shares INVESTMENTS, RISKS, AND PERFORMANCE Management Fee 0.70% Principal Investment Strategy: Under normal circumstances, the Distribution and/or Service Fees (12b-1 fees) 0.25% Portfolio intends to invest at least 80% of its net assets, plus borrowings Other Expenses 0.52% for investment purposes, in equity securities of companies located in Acquired Fund Fees and Expenses 0.17% Total Annual Portfolio Operating Expenses 1.64% emerging market countries or other investments that are tied econom- Fee Waiver and/or Expense Reimbursement† –0.27% ically to emerging market countries. Such equity securities may include Total Annual Portfolio Operating Expenses After Fee Waiver and/or common stocks, preferred stocks, depositary receipts, rights and warrants. Expense Reimbursement 1.37% For this Portfolio, an emerging market country is any country that the † Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreed to International Bank for Reconstruction and Development (commonly make payments or waive its management, administrative and other fees to limit the known as “The World Bank”) or similar major financial institution has 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 determined to have a low or middle economy, or countries included in the Arrangement”) so that the annual operating expenses of the Portfolio (exclusive of MSCI Emerging Markets Index (“MSCI EM”). In addition, for this Portfo- taxes, interest, brokerage commissions, dividend and interest expenses on securities sold short, capitalized expenses, acquired fund fees and expenses and extraordinary lio, an emerging market country security is defined as a security of an is- expenses) do not exceed an annual rate of average daily net assets of 1.20% for suer having one or more of the following characteristics: (i) its principal Class IB shares of the Portfolio. The Expense Limitation Arrangement may be termi- securities trading market is an emerging market country; (ii) alone, or on a nated by AXA Equitable Funds Management Group, LLC at any time after April 30, 2018. consolidated basis, at least 50% of its revenues are derived from goods produced, sales made or services performed in an emerging market coun- Example try; or (iii) it is organized under the laws of, or has a principal office in, an emerging market country. The Portfolio generally invests only in emerging This Example is intended to help you compare the cost of investing in market countries whose currencies are freely convertible into U.S. dollars. 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’s assets normally are allocated among two investment manag- dicated and then redeem all of your shares at the end of these periods. ers, each of which manages its portion of the Portfolio using a different but The Example also assumes that your investment has a 5% return each complementary investment strategy. One portion of the Portfolio is actively year, that the Portfolio’s operating expenses remain the same, and that managed (“Active Allocated Portion”) and one portion of the Portfolio

EQEMEP 1 seeks to track the performance of a particular index (“Index Allocated Principal Risks: An investment in the Portfolio is not a deposit of a Portion”). Under normal circumstances, the Active Allocated Portion con- bank and is not insured or guaranteed by the Federal Deposit Insurance sists of approximately 25-35% of the Portfolio’s net assets and the Index Corporation or any other government agency. You may lose money by Allocated Portion consists of approximately 65-75% of the Portfolio’s net investing in the Portfolio. Performance may be affected by one or more assets. These percentages are targets established by the Adviser; actual of the following risks. allocations may deviate from these targets. The assets of the Portfolio’s Derivatives Risk: The Portfolio’s investments in derivatives may rise Index Allocated Portion may be invested in exchange-traded funds or fall in value more rapidly than other investments. Changes in the (“Underlying ETFs”) that meet the investment criteria of the Portfolio (“ETF value of a derivative may not correlate perfectly or at all with the under- Allocated Portion”). The Underlying ETFs in which the Portfolio may invest lying asset, rate or index, and the Portfolio could lose more than the may be changed from time to time without notice or shareholder approval. principal amount invested. Some derivatives can have the potential for In choosing investments for the Active Allocated Portion, the Sub-Adviser unlimited losses. In addition, it may be difficult or impossible for the utilizes a proprietary screening process called Return Pattern Recognition® Portfolio to purchase or sell certain derivatives in sufficient amounts to to identify securities that it believes are likely to outperform based on achieve the desired level of exposure, which may result in a loss or may specific financial and market characteristics. Such characteristics include, be costly to the Portfolio. Derivatives also may be subject to certain other but are not limited to, valuation measures, market trends, operating trends, risks such as leveraging risk, interest rate risk, credit risk, the risk that a growth measures and profitability measures. Once a company is identified counterparty may be unable or unwilling to honor its obligations, and during the screening process, the Sub-Adviser employs a fundamental the risk of mispricing or improper valuation. Derivatives also may not analysis of factors such as the issuer’s management, financial condition and behave as anticipated by the Portfolio, especially in abnormal market industry position to select investments. The Sub-Adviser seeks to allocate conditions. Changing regulation may make derivatives more costly, limit investments across different emerging market countries, sectors and in- their availability, impact the Portfolio’s ability to maintain its investments dustries. The Active Allocated Portion may invest in companies of any size. in derivatives, disrupt markets, or otherwise adversely affect their value The Sub-Adviser may sell a security for a variety of reasons, such as the or performance. issuer’s prospects deteriorate, marginal contributions to risk of an individual Developing and Emerging Markets — Special Risks: There security causes the overall risk profile of the Active Allocated Portion to ex- are greater risks involved in investing in emerging market countries and/or ceed its minimal acceptable threshold or to make other investments be- their securities markets. Developing and emerging markets tend to lieved to offer superior investment opportunities. develop unevenly and may never fully develop. Investments in these The Index Allocated Portion of the Portfolio employs a stratified sam- countries or markets may present market, credit, currency, liquidity, legal, pling approach to build a portfolio whose broad characteristics match political, technical and other risks different from, or greater than, the risks those of the MSCI EM Index. This strategy is commonly referred to as an of investing in developed countries. In addition, the risks associated with indexing strategy. Individual securities holdings may differ from those of investing in a narrowly defined geographic area are generally more pro- the MSCI EM Index, and the Portfolio may not track the performance of nounced with respect to investments in emerging market countries. MSCI EM Index perfectly due to expenses and transaction costs, the size Economies of developing or emerging market countries may be more and frequency of cash flow into and out of the Portfolio, and differences dependent on relatively few industries and may be more responsive to between how and when the Portfolio and the MSCI EM Index are val- local and global changes. Governments of developing and emerging mar- ued. The Index Allocated Portion also may invest in other instruments, ket countries may be more unstable as compared to more developed such as exchange-traded funds, futures and options contracts, that pro- countries. Certain emerging markets may also face other significant in- vide comparable exposure as the index without buying the underlying ternal or external risks, including the risk of war, and ethnic, religious and securities comprising the index. racial conflicts. Developing and emerging market countries may have less developed securities markets or exchanges, and legal and accounting sys- The Portfolio may also use derivatives, such as foreign currency forward tems. It may be more difficult to sell securities at acceptable prices and contracts, futures contracts, exchange-traded futures, options contracts on security prices may be more volatile than in countries with more mature securities indices, and forwards to manage equity exposure, for hedging markets. In addition, investments in developing and emerging markets are purposes to protect against losses or reduce volatility resulting from more susceptible to loss than investments in developed markets. Currency changes in interest rates, market indices or foreign exchange rates and to values may fluctuate more in developing or emerging markets. Developing reduce the Portfolio’s exposure to changes in the value of foreign curren- or emerging market countries may be more likely to impose government cies relative to the U.S. dollar. The Portfolio’s investments in derivatives restrictions, including confiscatory taxation, expropriation or nationaliza- may be deemed to involve the use of leverage because the Portfolio is not tion of a company’s assets, restrictions on foreign ownership of local required to invest the full market value of the contract upon entering into companies and restrictions on withdrawing assets from the country. the contract but participates in gains and losses on the full contract price. Investments in companies in developing or emerging market countries The use of derivatives also may be deemed to involve the use of leverage may be considered speculative. because the heightened price sensitivity of some derivatives to market changes may magnify the Portfolio’s gain or loss. Equity Risk: In general, stocks and other equity security values fluctuate, and sometimes widely fluctuate, in response to changes in a The Portfolio also may lend its portfolio securities to earn additional company’s financial condition as well as general market, economic and income. political conditions and other factors.

EQEMEP 2 ETFs Risk: The Portfolio will indirectly bear fees and expenses paid by Regulatory Risk: Less information may be available about the ETFs in which it invests, in addition to the Portfolio’s direct fees and foreign companies. In general, foreign companies are not subject expenses. The cost of investing in the Portfolio, therefore, may be higher to uniform accounting, auditing and financial reporting standards than the cost of investing in a mutual fund that exclusively invests directly or to other regulatory practices and requirements as are U.S. com- in individual stocks and bonds. In addition, the Portfolio’s net asset value panies. Many foreign governments do not supervise and regulate will be subject to fluctuations in the market values of the ETFs in which it stock exchanges, brokers and the sale of securities to the same invests. The Portfolio is also subject to the risks associated with the secu- extent as does the United States and may not have laws to protect rities or other investments in which the ETFs invest and the ability of the investors that are comparable to U.S. securities laws. In addition, Portfolio to meet its investment objective will directly depend on the abil- some countries may have legal systems that may make it difficult ity of the ETFs to meet their investment objectives. There is also the risk for the Portfolio to vote proxies, exercise shareholder rights, and that an ETF’s performance may not match that of the relevant index. It is pursue legal remedies with respect to its foreign investments. also possible that an active trading market for an ETF may not develop or Index Strategy Risk: The Portfolio employs an index strategy, be maintained, in which case the liquidity and value of the Portfolio’s in- that is, it generally invests in the securities included in its index or a vestment in the ETF could be substantially and adversely affected. The representative sample of such securities regardless of market extent to which the investment performance and risks associated with the trends. The Portfolio generally will not modify its index strategy to Portfolio correlate to those of a particular ETF will depend upon the extent respond to changes in the economy, which means that it may be to which the Portfolio’s assets are allocated from time to time for invest- particularly susceptible to a general decline in the market segment ment in the ETF, which will vary. relating to the relevant index. In addition, although the index Foreign Securities Risk: Investments in foreign securities, including strategy attempts to closely track its benchmark index, the Portfolio depositary receipts, involve risks not associated with investing in U.S. secu- may not invest in all of the securities in the index. Also, the rities. Foreign markets, particularly emerging markets, may be less liquid, Portfolio’s fees and expenses will reduce the Portfolio’s returns, more volatile and subject to less government supervision than U.S. mar- unlike those of the benchmark index. Cash flow into and out of the kets. Security values also may be negatively affected by changes in the Portfolio, portfolio transaction costs, changes in the securities that exchange rates between the U.S. dollar and foreign currencies. Differences comprise the index, and the Portfolio’s valuation procedures also between U.S. and foreign legal, political and economic systems, regulatory may affect the Portfolio’s performance. Therefore, there can be no regimes and market practices also may impact security values and it may assurance that the performance of the index strategy will match take more time to clear and settle trades involving foreign securities. that of the benchmark index. Currency Risk: Investments in foreign currencies and in secu- Large-Cap Company Risk. Larger more established companies rities that trade in, or receive revenues in, or in derivatives that may be unable to respond quickly to new competitive challenges such provide exposure to foreign currencies are subject to the risk that as changes in technology and consumer tastes. Many larger companies those currencies will decline in value relative to the U.S. dollar, or, also may not be able to attain the high growth rate of successful in the case of hedging positions, that the U.S. dollar will decline in smaller companies, especially during extended periods of economic value relative to the currency being hedged. Any such decline may expansion. erode or reverse any potential gains from an investment in secu- Leveraging Risk: When the Portfolio leverages its holdings, the value rities denominated in foreign currency or may widen existing loss. of an investment in the Portfolio will be more volatile and all other risks Currency rates may fluctuate significantly over short periods of will tend to be compounded. For example, the Portfolio may take on time for a number of reasons, including changes in interest rates, leveraging risk when it engages in derivatives transactions (such as fu- intervention (or the failure to intervene) by governments, central tures and options investments), invests collateral from securities loans or banks or supranational entities, or by the imposition of currency borrows money. The Portfolio may experience leveraging risk in con- controls or other political developments in the U.S. or abroad. nection with investments in derivatives because its investments in de- Depositary Receipts Risk: Investments in depositary receipts rivatives may be small relative to the investment exposure assumed, (including American Depositary Receipts, European Depositary leaving more assets to be invested in other investments. Such investments Receipts and Global Depositary Receipts) are generally subject to may have the effect of leveraging the Portfolio because the Portfolio may the same risks of investing in the foreign securities that they evi- experience gains or losses not only on its investments in derivatives, but dence or into which they may be converted. In addition, issuers also on the investments purchased with the remainder of the assets. If the underlying unsponsored depositary receipts may not provide as value of the Portfolio’s investments in derivatives is increasing, this could much information as U.S. issuers and issuers underlying sponsored be offset by declining values of the Portfolio’s other investments. Con- depositary receipts. Unsponsored depositary receipts also may not versely, it is possible that the rise in the value of the Portfolio’s non- carry the same voting privileges as sponsored depositary receipts. derivative investments could be offset by a decline in the value of the Portfolio’s investments in derivatives. In either scenario, the Portfolio may Political/Economic Risk: Changes in economic and tax poli- experience losses. In a market where the value of the Portfolio’s invest- cies, government instability, war or other political or economic ac- ments in derivatives is declining and the value of its other investments is tions or factors may have an adverse effect on the Portfolio’s declining, the Portfolio may experience substantial losses. foreign investments.

EQEMEP 3 Liquidity Risk: The Portfolio is subject to the risk that certain money market fund. The Portfolio may lose money on its investment of investments may be difficult or impossible for the Portfolio to purchase cash collateral or may fail to earn sufficient income on its investment to or sell at an advantageous time or price or in sufficient amounts to meet obligations to the borrower. In addition, delays may occur in the achieve the desired level of exposure. The Portfolio may be required to recovery of securities from borrowers, which could interfere with the dispose of other investments at unfavorable times or prices to satisfy Portfolio’s ability to vote proxies or to settle transactions. obligations, which may result in a loss or may be costly to the Portfolio. Judgment plays a greater role in pricing illiquid investments than Risk/Return Bar Chart and Table investments with more active markets. The bar chart and table below provide some indication of the risks of inves- Mid-Cap and Small-Cap Company Risk: The Portfolio’s ting in the Portfolio by showing changes in the Portfolio’s performance from investments in mid- and small-cap companies may involve greater risks year to year and by showing how the Portfolio’s average annual total returns than investments in larger, more established issuers because they gen- for the past one-year and since inception periods through December 31, erally are more vulnerable than larger companies to adverse business or 2016 compared to the returns of a broad-based securities market index. Past economic developments. Such companies generally have narrower performance is not an indication of future performance. product lines, more limited financial and management resources and The performance results do not reflect any Contract-related fees and more limited markets for their stock as compared with larger compa- expenses, which would reduce the performance results. nies. As a result, the value of such securities may be more volatile than the securities of larger companies, and the Portfolio may experience Calendar Year Annual Total Returns — Class IB difficulty in purchasing or selling such securities at the desired time and 9.70% price or in the desired amount. In general, these risks are greater for small-cap companies than for mid-cap companies. Multiple Sub-Adviser Risk: The Adviser allocates the Portfolio’s assets among multiple Sub-Advisers, each of which is responsible for -3.20% investing its allocated portion of the Portfolio’s assets. To a significant extent, the 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 the Sub-Advisers. Because each Sub-Adviser -18.09% manages its allocated portion of the Portfolio independently from 20142015 2016 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 Best quarter (% and time period) Worst quarter (% and time period) time when a Sub-Adviser to another portion deems it appropriate to 8.16% (2016 3rd Quarter) –18.19% (2015 3rd Quarter) dispose of the security from that other portion, resulting in higher expenses without accomplishing any net result in the Portfolio’s holdings. Average Annual Total Returns Similarly, under some market conditions, one Sub-Adviser may believe Since that temporary, defensive investments in short-term instruments or cash One Year Inception are appropriate when another Sub-Adviser believes continued exposure EQ/Emerging Markets Equity PLUS Portfolio – Class IB to the equity or debt markets is appropriate for its allocated portion of Shares (Inception Date: February 8, 2013) 9.70% –4.83% MSCI Emerging Markets (Gross Dividends) IndexSM the Portfolio. Because each Sub-Adviser directs the trading for its own (reflects no deduction for fees, expenses, or taxes) 11.60% –2.43% portion of the Portfolio, and does not aggregate its transactions with those of the other Sub-Adviser, the Portfolio may incur higher brokerage WHO MANAGES THE PORTFOLIO 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 Investment Adviser: FMG LLC Portfolio’s assets among the Portfolio’s Sub-Advisers in a manner that it Portfolio Managers: The members of the team that are jointly and believes is consistent with achieving the Portfolio’s investment objective(s), the Adviser may be subject to potential conflicts of interest primarily responsible for (i) the selection, monitoring and oversight of in allocating the Portfolio’s assets among Sub-Advisers, including affili- the Portfolio’s Sub-Advisers, and (ii) allocating assets among the Portfo- ated Sub-Advisers, because the Adviser pays different fees to the Sub- lio’s Allocated Portions are: Advisers and due to other factors that could impact the Adviser’s Date Began revenues and profits. Managing Name Title the Portfolio Securities Lending Risk: The Portfolio may lend its portfolio secu- Kenneth T. Kozlowski, Executive Vice President and February 2013 rities to seek income. There is a risk that a borrower may default on its CFP®, CLU, ChFC Chief Investment Officer of FMG obligations to return loaned securities, however, the Portfolio’s secu- LLC rities lending agent may indemnify the Portfolio against that risk. The Alwi Chan, CFA® Senior Vice President and February 2013 Portfolio will be responsible for the risks associated with the investment Deputy Chief Investment Officer of cash collateral, including any collateral invested in an affiliated of FMG LLC

EQEMEP 4 Sub-Adviser: EARNEST Partners, LLC (“EARNEST”) TAX INFORMATION Portfolio Manager: The individual primarily responsible for the secu- The Portfolio’s shareholders are (or may include) insurance company rities selection, research and trading for the Active Allocated Portion of separate accounts, qualified plans and other investors eligible under 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 Paul Viera Chief Executive Officer and February 2013 to its shareholders (or to the holders of underlying Contracts or plan Partner of EARNEST participants or beneficiaries). See the prospectus for your Contract for further tax information. Sub-Adviser: AllianceBernstein L.P. (“AllianceBernstein”) PAYMENTS TO BROKER-DEALERS AND OTHER Portfolio Managers: The members of the team that are jointly and FINANCIAL INTERMEDIARIES primarily responsible for the securities selection, research and trading for the Index Allocated Portion of the Portfolio are: This Portfolio is not sold directly to the general public but instead is 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 Judith DeVivo Senior Vice President and February 2013 its affiliates) or other financial intermediary for distribution and/or other Portfolio Manager of services. These payments may create a conflict of interest by influencing AllianceBernstein the insurance company or other financial intermediary and your finan- Joshua Lisser Senior Vice President/Chief February 2013 cial adviser to recommend the Portfolio over another investment or by Investment Officer, Index influencing an insurance company to include the Portfolio as an under- Strategies of lying investment option in the Contract. The prospectus (or other offer- AllianceBernstein ing document) for your Contract may contain additional information Ben Sklar Portfolio Manager, Index February 2013 about these payments. Ask your financial adviser or visit your financial Strategies of AllianceBernstein 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.

EQEMEP 5 EQ Advisors TrustSM

EQ/Equity 500 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 ex- PORTFOLIO TURNOVER penses that approximates the total return performance of the Standard The Portfolio pays transaction costs, such as commissions, when it buys & Poor’s 500® Composite Stock Index (“S&P 500 Index”), including and sells securities (or “turns over” its portfolio). A higher portfolio turn- reinvestment of dividends, at a risk level consistent with that of the S&P over rate may indicate higher transaction costs. These costs, which are not 500 Index. reflected in annual fund operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s FEES AND EXPENSES OF THE PORTFOLIO portfolio turnover rate was 5% of the average value of the Portfolio. 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- INVESTMENTS, RISKS, AND PERFORMANCE flect any fees and expenses associated with variable life insurance con- Principal Investment Strategy: Under normal circumstances, the tracts and variable annuity certificates and contracts (“Contracts”), Portfolio invests at least 80% of its net assets, plus borrowings for in- which would increase overall fees and expenses. See the Contract pro- vestment purposes, in equity securities in the S&P 500 Index. For pur- spectus for a description of those fees and expenses. poses of the Portfolio, equity securities in the S&P 500 Index may include financial instruments that derive their value from such securities. Shareholder Fees (fees paid directly from your investment) The Sub-Adviser does not utilize customary economic, financial or mar- Not applicable. ket analyses or other traditional investment techniques to manage the Portfolio. The Portfolio has been constructed and is maintained by utiliz- Annual Portfolio Operating Expenses ing a replication construction technique. That is, the Portfolio will seek (expenses that you pay each year as a percentage of the value of to hold all 500 securities in the S&P 500 Index in the exact weight each your investment) represents in that Index. This strategy is commonly referred to as an Class IA Class IB EQ/Equity 500 Index Portfolio Shares Shares indexing strategy. The Portfolio will remain substantially fully invested in Management Fee 0.24% 0.24% securities comprising the index even when prices are generally falling. Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% Similarly, adverse performance of a stock will ordinarily not result in its Other Expenses 0.12% 0.12% elimination from the Portfolio. Total Annual Portfolio Operating Expenses 0.61% 0.61% The Portfolio also may lend its portfolio securities to earn additional income. Example Principal Risks: An investment in the Portfolio is not a deposit of a This Example is intended to help you compare the cost of investing in the bank and is not insured or guaranteed by the Federal Deposit Insurance Portfolio with the cost of investing in other portfolios. The Example assumes Corporation or any other government agency. You may lose money by that you invest $10,000 in the Portfolio for the periods indicated and then investing in the Portfolio. Performance may be affected by one or more redeem all of your shares at the end of these periods. The Example also of the following risks. assumes that your investment has a 5% return each year and that the Port- folio’s operating expenses remain the same. This Example does not reflect Derivatives Risk: The Portfolio’s investments in derivatives may rise any Contract-related fees and expenses including redemption fees (if any) at or fall in value more rapidly than other investments. Changes in the the Contract level. If such fees and expenses were reflected, the total ex- value of a derivative may not correlate perfectly or at all with the under- penses would be higher. Although your actual costs may be higher or lying asset, rate or index, and the Portfolio could lose more than the lower, based on these assumptions your costs would be: principal amount invested. Some derivatives can have the potential for unlimited losses. In addition, it may be difficult or impossible for the 1 Year 3 Years 5 Years 10 Years Portfolio to purchase or sell certain derivatives in sufficient amounts to Class IA Shares $62 $195 $340 $762 achieve the desired level of exposure, which may result in a loss or may Class IB Shares $62 $195 $340 $762 be costly to the Portfolio. Derivatives also may be subject to certain

EQ500I 1 other risks such as leveraging risk, interest rate risk, credit risk, the risk Risk/Return Bar Chart and Table that a counterparty may be unable or unwilling to honor its obligations, The bar chart and table below provide some indication of the risks of and the risk of mispricing or improper valuation. Derivatives also may investing in the Portfolio by showing changes in the Portfolio’s not behave as anticipated by the Portfolio, especially in abnormal mar- performance from year to year and by showing how the Portfolio’s ket conditions. Changing regulation may make derivatives more costly, average annual total returns for the past one, five and ten years (or limit their availability, impact the Portfolio’s ability to maintain its since inception) through December 31, 2016 compared to the returns of investments in derivatives, disrupt markets, or otherwise adversely af- a broad-based securities market index. The return of the broad-based fect their value or performance. securities market index (and any additional comparative index) shown in Equity Risk: In general, stocks and other equity security values fluc- the right hand column below is the return of the index for the last 10 tuate, and sometimes widely fluctuate, in response to changes in a years or, if shorter, since the inception of the share class with the lon- company’s financial condition as well as general market, economic and gest history. Past performance is not an indication of future political conditions and other factors. performance. Index Strategy Risk: The Portfolio employs an index strategy, that The performance results do not reflect any Contract-related fees and is, it generally invests in the securities included in its index or a repre- expenses, which would reduce the performance results. sentative sample of such securities regardless of market trends. The Portfolio generally will not modify its index strategy to respond to Calendar Year Annual Total Returns — Class IB changes in the economy, which means that it may be particularly 31.49% susceptible to a general decline in the market segment relating to the 25.85% relevant index. In addition, although the index strategy attempts to 15.26% 14.39% 12.98% closely track its benchmark index, the Portfolio may not invest in all of 11.22% 4.97% the securities in the index. Also, the Portfolio’s fees and expenses will 1.50% 0.81% reduce the Portfolio’s returns, unlike those of the benchmark index. Cash flow into and out of the Portfolio, portfolio transaction costs, changes in the securities that comprise the index, and the Portfolio’s valuation procedures also may affect the Portfolio’s performance. There- fore, there can be no assurance that the performance of the index strategy will match that of the benchmark index. -37.32% 20072008 2009 2010 20112012 2013 20142015 2016 Large-Cap Company Risk: Larger more established companies may be unable to respond quickly to new competitive challenges such Best quarter (% and time period) Worst quarter (% and time period) as changes in technology and consumer tastes. Many larger companies 15.77% (2009 2nd Quarter) –22.04% (2008 4th Quarter) also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic Average Annual Total Returns expansion. 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- EQ/Equity 500 Index Portfolio – Class IA tors of the market. To the extent the Portfolio invests more heavily in Shares 11.24% 13.93% 6.45% EQ/Equity 500 Index Portfolio – Class IB particular sectors, its performance will be especially sensitive to Shares 11.22% 13.94% 6.32% developments that significantly affect those sectors. Individual sectors S&P 500 Index (reflects no deduction for may be more volatile, and may perform differently, than the broader fees, expenses, or taxes) 11.96% 14.66% 6.95% market. The industries that constitute a sector may all react in the same 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 obligations to return loaned securities, however, the Portfolio’s securities 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 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.

EQ500I 2 WHO MANAGES THE PORTFOLIO TAX INFORMATION Investment Adviser: FMG LLC The Portfolio’s shareholders are (or may include) insurance company separate accounts, qualified plans and other investors eligible under Portfolio Managers: The members of the team that are jointly and applicable federal income tax regulations. Accordingly, distributions the primarily responsible for the selection, monitoring and oversight of the Portfolio makes of its net investment income and net realized gains — Portfolio’s Sub-Adviser are: 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 participants or beneficiaries). See the prospectus for your Contract for Kenneth T. Kozlowski, Executive Vice President and May 2011 further tax information. CFP®, CLU, ChFC Chief Investment Officer of FMG LLC PAYMENTS TO BROKER-DEALERS AND OTHER Alwi Chan, CFA® Senior Vice President May 2009 FINANCIAL INTERMEDIARIES and Deputy Chief Investment Officer of FMG LLC This Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and retirement Sub-Adviser: AllianceBernstein, L.P. (“AllianceBernstein”) plans and to other eligible investors. The Portfolio and the Adviser and its affiliates may make payments to a sponsoring insurance company (or Portfolio Manager: The individual primarily responsible for the secu- its affiliates) or other financial intermediary for distribution and/or other rities selection, research and trading for the Portfolio is: services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your finan- Date Began Managing cial adviser to recommend the Portfolio over another investment or by Name Title the Portfolio influencing an insurance company to include the Portfolio as an under- Judith DeVivo Senior Vice President and March 1994 lying investment option in the Contract. The prospectus (or other offer- Portfolio Manager of ing document) for your Contract may contain additional information AllianceBernstein about these payments. Ask your financial adviser or visit 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 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.

EQ500I 3 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/International Equity 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 ex- PORTFOLIO TURNOVER penses) that approximates the total return performance of a composite The Portfolio pays transaction costs, such as commissions, when it buys and index comprised of 40% DJ EuroSTOXX 50 Index, 25% FTSE 100 Index, sells securities (or “turns over” its portfolio). A higher portfolio turnover rate 25% TOPIX Index, and 10% S&P/ASX 200 Index, including reinvestment may indicate higher transaction costs. These costs, which are not reflected of dividends, at a risk level consistent with that of the composite index. in annual fund operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio FEES AND EXPENSES OF THE PORTFOLIO turnover rate was 8% of the average value of the Portfolio. 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- INVESTMENTS, RISKS, AND PERFORMANCE flect any fees and expenses associated with variable life insurance con- Principal Investment Strategy: Under normal circumstances the tracts and variable annuity certificates and contracts (“Contracts”), Portfolio invests at least 80% of its net assets, plus borrowings for in- which would increase overall fees and expenses. See the Contract pro- vestment purposes, in equity securities of companies represented in the spectus for a description of those fees and expenses. FTSE 100 Index (“FTSE 100”), TOPIX Index (“TOPIX”), DJ EuroSTOXX 50 Index (“EuroSTOXX 50”), and S&P/ASX 200 Index (“S&P/ASX Shareholder Fees (fees paid directly from your investment) 200”). The Portfolio will allocate its assets approximately 25% to secu- Not applicable. rities in the FTSE 100, 25% to securities in the TOPIX, 40% to securities in the EuroSTOXX 50, and 10% to securities in the S&P/ASX 200. Ac- tual allocations may vary by up to 3%. The FTSE 100 Index is a market Annual Portfolio Operating Expenses capitalization-weighted index representing the performance of the 100 (expenses that you pay each year as a percentage of the value of largest UK-domiciled blue chip companies. The TOPIX Index is a market your investment) capitalization-weighted index of all companies listed on the First Section Class IA Class IB EQ/International Equity Index Portfolio Shares Shares of the Tokyo Stock Exchange. The DJ EuroSTOXX 50 Index index covers Management Fee 0.40% 0.40% 60% of the free float market capitalization of the EURO STOXX Total Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% Market Index, which in turn covers approximately 95% of the free-float Other Expenses 0.14% 0.14% market capitalization of the investable universe in the eurozone. The Total Annual Portfolio Operating Expenses 0.79% 0.79% S&P/ASX 200 Index represents the 200 largest and most liquid publicly listed companies in Australia. Example The Portfolio’s investments will be selected by a stratified sampling con- This Example is intended to help you compare the cost of investing in the struction process in which the Sub-Adviser selects a subset of the com- Portfolio with the cost of investing in other portfolios. The Example as- panies represented in each index based on the Sub-Adviser’s analysis of sumes that you invest $10,000 in the Portfolio for the periods indicated key risk factors and other characteristics. Such factors include industry and then redeem all of your shares at the end of these periods. The Exam- weightings, market capitalizations, return variability, and yields. This ple also assumes that your investment has a 5% return each year and that strategy is commonly referred to as an indexing strategy. the Portfolio’s operating expenses remain the same. This Example does not The Portfolio also may lend its portfolio securities to earn additional 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 Principal Risks: An investment in the Portfolio is not a deposit of a total expenses would be higher. Although your actual costs may be higher bank and is not insured or guaranteed by the Federal Deposit Insurance or lower, based on these assumptions your costs would be: Corporation or any other government agency. You may lose money by investing in the Portfolio. Performance may be affected by one or more 1 Year 3 Years 5 Years 10 Years of the following risks. Class IA Shares $81 $252 $439 $978 Class IB Shares $81 $252 $439 $978 Equity Risk: In general, stocks and other equity security values fluctuate, and sometimes widely fluctuate, in response to changes in a

EQIEI 1 company’s financial condition as well as general market, economic and Index Strategy Risk: The Portfolio employs an index strategy, that political conditions and other factors. 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 rities that trade in, or receive revenues in, or in derivatives that strategy will match that of the benchmark index. provide exposure to foreign currencies are subject to the risk that Large-Cap Company Risk: Larger more established companies those currencies will decline in value relative to the U.S. dollar, or, may be unable to respond quickly to new competitive challenges such in the case of hedging positions, that the U.S. dollar will decline in as changes in technology and consumer tastes. Many larger companies value relative to the currency being hedged. Any such decline may also may not be able to attain the high growth rate of successful erode or reverse any potential gains from an investment in secu- smaller companies, especially during extended periods of economic rities denominated in foreign currency or may widen existing loss. expansion. Currency rates may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, Sector Risk: From time to time, based on market or economic con- intervention (or the failure to intervene) by governments, central ditions, the Portfolio may have significant positions in one or more sec- banks or supranational entities, or by the imposition of currency tors of the market. To the extent the Portfolio invests more heavily in controls or other political developments in the U.S. or abroad. particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors European Economic Risk: The European Union’s (the “EU”) may be more volatile, and may perform differently, than the broader Economic and Monetary Union (the “EMU”) requires member coun- market. The industries that constitute a sector may all react in the same tries to comply with restrictions on interest rates, deficits, debt lev- way to economic, political or regulatory events. els, and inflation rates, and other factors, each of which may significantly impact every European country. The economies of EU Securities Lending Risk: The Portfolio may lend its portfolio secu- member countries and their trading partners may be adversely af- rities to seek income. There is a risk that a borrower may default on its fected by changes in the euro’s exchange rate, changes in EU or obligations to return loaned securities, however, the Portfolio’s secu- governmental regulations on trade, and the threat of default or an rities lending agent may indemnify the Portfolio against that risk. The actual default by an EU member country on its sovereign debt, Portfolio will be responsible for the risks associated with the investment which could negatively impact the Portfolio’s investments and cause of cash collateral, including any collateral invested in an affiliated it to lose money. In recent years, the European financial markets money market fund. The Portfolio may lose money on its investment of have been negatively impacted by concerns relating to rising cash collateral or may fail to earn sufficient income on its investment to government debt levels and national unemployment; possible de- meet obligations to the borrower. In addition, delays may occur in the fault on or restructuring of sovereign debt in several European recovery of securities from borrowers, which could interfere with the countries; and economic downturns. A European country’s default Portfolio’s ability to vote proxies or to settle transactions. or debt restructuring would adversely affect the holders of the country’s debt and sellers of credit default swaps linked to the country’s Risk/Return Bar Chart and Table creditworthiness and could negatively impact global markets more The bar chart and table below provide some indication of the risks of generally. Recent events in Europe may adversely affect the euro’s investing in the Portfolio by showing changes in the Portfolio’s exchange rate and value and may continue to impact the economies performance from year to year and by showing how the Portfolio’s of every European country. In June 2016, the United Kingdom (the average annual total returns for the past one, five and ten years (or “UK”) voted to withdraw from the EU, commonly referred to as since inception) through December 31, 2016 compared to the returns of “Brexit.” The impact of Brexit is so far uncertain. Additional EU a broad-based securities market index. The additional index shows how members could decide to abandon the euro and also withdraw from the Portfolio’s performance compared with the returns of another index the EU. The decision by an EU member to leave the EU may cause that has characteristics relevant to the Portfolio’s investment strategies increased volatility and have a significant adverse impact on world and more closely reflects the securities in which the Portfolio invests. financial markets, which could adversely affect the value of the Port- The return of the broad-based market index (and any additional com- folio’s investments. parative index) shown in the right hand column below is the return of

EQIEI 2 the index for the last 10 years or, if shorter, since the inception of the Sub-Adviser: AllianceBernstein L.P. (“AllianceBernstein”) share class with the longest history. Past performance is not an in- Portfolio Manager: The individual primarily responsible for the secu- dication of future performance. rities selection, research and trading for the Portfolio is: 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 Judith DeVivo Senior Vice President and December 2010 27.45% Portfolio Manager of 21.48% 16.14% AllianceBernstein 11.69% 5.24% 2.15% AXA Equitable Funds Management Group, LLC (“FMG LLC” or the -2.12% “Adviser”) has been granted relief by the Securities and Exchange Com- -12.20% -6.85% 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 -50.83% “affiliated person” of the Adviser, such as AllianceBernstein L.P., unless 2007 20082009 2010 2011 2012 2013 20142015 2016 the sub-advisory agreement is approved by the Portfolio’s shareholders. The Adviser is responsible for overseeing Sub-Advisers and recommend- Best quarter (% and time period) Worst quarter (% and time period) ing their hiring, termination and replacement to the Board of Trustees. 25.05% (2009 2nd Quarter) –26.12% (2008 4th Quarter) PURCHASE AND REDEMPTION OF PORTFOLIO Average Annual Total Returns SHARES Ten The Portfolio’s shares are currently sold only to insurance company sepa- One Five Years/Since Year Years Inception rate accounts in connection with Contracts issued by AXA Equitable Life EQ/International Equity Index Portfolio – Insurance Company (“AXA Equitable”), AXA Life and Annuity Com- Class IA Shares 2.16% 5.63% –1.49% pany, or other affiliated or unaffiliated insurance companies and to The EQ/International Equity Index Portfolio – Class IB Shares 2.15% 5.62% –1.61% AXA Equitable 401(k) Plan. Shares also may be sold to other MSCI EAFE Index (reflects no deduction for tax-qualified retirement plans, to other portfolios managed by FMG LLC fees or expenses) 1.00% 6.53% 0.75% that currently sell their shares to such accounts and plans and to other International Proxy Index (reflects no deduction for fees, expenses, or taxes) 2.13% 6.36% 0.61% investors eligible under applicable federal income tax regulations. The Portfolio does not have minimum initial or subsequent investment WHO MANAGES THE PORTFOLIO requirements. Shares of the Portfolio are redeemable on any business day (which typically is any day the New York Stock Exchange is open) Investment Adviser: FMG LLC 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 selection, monitoring and oversight of the days after tender. Please refer to your Contract prospectus for more in- Portfolio’s Sub-Adviser are: formation on purchasing and redeeming Portfolio shares.

Date Began TAX INFORMATION Managing Name Title the Portfolio The Portfolio’s shareholders are (or may include) insurance company Kenneth T. Kozlowski, Executive May 2011 separate accounts, qualified plans and other investors eligible under CFP®, CLU, ChFC Vice President and applicable federal income tax regulations. Accordingly, distributions the Chief Investment Officer 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- ® Alwi Chan, CFA Senior Vice President May 2009 demptions or exchanges of Portfolio shares generally will not be taxable and Deputy Chief Investment Officer to its shareholders (or to the holders of underlying Contracts or plan of FMG LLC participants or beneficiaries). See the prospectus for your Contract for further tax information.

EQIEI 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.

EQIEI 4 EQ Advisors TrustSM

EQ/Large Cap Growth 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 ex- PORTFOLIO TURNOVER penses that approximates the total return performance of the Russell The Portfolio pays transaction costs, such as commissions, when it buys 1000® Growth Index, including reinvestment of dividends at a risk level and sells securities (or “turns over” its portfolio). A higher portfolio turn- consistent with the Russell 1000 Growth Index. over rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the FEES AND EXPENSES OF THE PORTFOLIO Portfolio’s performance. During the most recent fiscal year, the Portfolio’s The following table describes the fees and expenses that you may pay if portfolio turnover rate was 13% of the average value of 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”), Principal Investment Strategy: Under normal circumstances, the which would increase overall fees and expenses. See the Contract pro- Portfolio invests at least 80% of its net assets, plus borrowings for in- spectus for a description of those fees and expenses. vestment purposes, in equity securities in the Russell 1000® Growth Index (“Russell 1000 Growth”). This Portfolio’s investments in equity Shareholder Fees (fees paid directly from your investment) securities in the Russell 1000 Growth may include financial instruments Not applicable. that derive their value from such securities. The Russell 1000 Growth measures the performance of the large-cap growth segment of the U.S. equity universe. As of December 31, 2016, the market capitalization of Annual Portfolio Operating Expenses companies in the Russell 1000 Growth ranged from $0.2 billion to (expenses that you pay each year as a percentage of the value of your investment) $617.6 billion. Class IA Class IB EQ/Large Cap Growth Index Portfolio Shares Shares The Sub-Adviser does not anticipate utilizing customary economic, finan- Management Fee 0.35% 0.35% cial or market analyses or other traditional investment techniques to Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% manage the Portfolio. The Portfolio is constructed and maintained by Other Expenses 0.13% 0.13% utilizing a replication construction technique. That is, the Portfolio seeks Total Annual Portfolio Operating Expenses 0.73% 0.73% to hold all securities in the Russell 1000 Growth in the exact weight each security represents in the Index. This strategy is commonly referred Example to as an indexing strategy. The Portfolio will remain substantially fully invested in securities comprising the index even when prices are gen- This Example is intended to help you compare the cost of investing in the erally falling. Similarly, adverse performance of a stock will ordinarily Portfolio with the cost of investing in other portfolios. The Example as- not result in its elimination from the Portfolio. 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 also may lend its portfolio securities to earn additional ple also assumes that your investment has a 5% return each year and that income. the Portfolio’s operating expenses remain the same. This Example does not Principal Risks: An investment in the Portfolio is not a deposit of a reflect any Contract-related fees and expenses including redemption fees (if bank and is not insured or guaranteed by the Federal Deposit Insurance any) at the Contract level. If such fees and expenses were reflected, the Corporation or any other government agency. You may lose money by total expenses would be higher. Although your actual costs may be higher investing in the Portfolio. Performance may be affected by one or more or lower, based on these assumptions your costs would be: of the following risks.

1 Year 3 Years 5 Years 10 Years Equity Risk: In general, stocks and other equity security values fluc- Class IA Shares $75 $233 $406 $906 tuate, and sometimes widely fluctuate, in response to changes in a Class IB Shares $75 $233 $406 $906 company’s financial condition as well as general market, economic and political conditions and other factors.

EQLCGI 1 Index Strategy Risk: The Portfolio employs an index strategy, that Risk/Return Bar Chart and Table is, it generally invests in the securities included in its index or a repre- The bar chart and table below provide some indication of the risks of in- sentative sample of such securities regardless of market trends. The vesting in the Portfolio by showing changes in the Portfolio’s performance Portfolio generally will not modify its index strategy to respond to from year to year and by showing how the Portfolio’s average annual to- changes in the economy, which means that it may be particularly tal returns for the past one, five and ten years (or since inception) through susceptible to a general decline in the market segment relating to the December 31, 2016 compared to the returns of a broad-based securities relevant index. In addition, although the index strategy attempts to market index. The return of the broad-based securities market index (and closely track its benchmark index, the Portfolio may not invest in all of any additional comparative index) shown in the right hand column below the securities in the index. Also, the Portfolio’s fees and expenses will is the return of the index for the last 10 years or, if shorter, since the in- reduce the Portfolio’s returns, unlike those of the benchmark index. ception of the share class with the longest history. Past performance is not Cash flow into and out of the Portfolio, portfolio transaction costs, an indication of future performance. changes in the securities that comprise the index, and the Portfolio’s valuation procedures also may affect the Portfolio’s performance. There- The performance results do not reflect any Contract-related fees and fore, there can be no assurance that the performance of the index expenses, which would reduce the performance results. strategy will match that of the benchmark index. Calendar Year Annual Total Returns — Class IB Investment Style Risk: The Portfolio may use a particular style or 36.27% set of styles — in this case “growth” styles — to select investments. 32.53% 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 14.06% 16.36% 14.65% to changes in current or expected earnings than the prices of other 12.24% 4.85% 6.29% stocks. Growth investing also is subject to the risk that the stock price 2.00% of one or more companies will fall or will fail to appreciate as anticipated, regardless of movements in the securities market. Growth stocks 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 stocks also may increase the volatility of the Portfolio’s share price. -36.29% Large-Cap Company Risk: Larger more established companies may be unable to respond quickly to new competitive challenges such 20072008 20092010 2011 2012 2013 2014 2015 2016 as changes in technology and consumer tastes. Many larger companies Best quarter (% and time period) Worst quarter (% and time period) also may not be able to attain the high growth rate of successful 15.98% (2009 2nd Quarter) –15.44% (2008 4th Quarter) 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- Ten ditions, the Portfolio may have significant positions in one or more sec- One Five Years/Since Year Years Inception tors of the market. To the extent the Portfolio invests more heavily in EQ/Large Cap Growth Index Portfolio – particular sectors, its performance will be especially sensitive to Class IA Shares 6.32% 13.71% 8.51% developments that significantly affect those sectors. Individual sectors EQ/Large Cap Growth Index Portfolio – may be more volatile, and may perform differently, than the broader Class IB Shares 6.29% 13.71% 8.37% Russell 1000® Growth Index (reflects no market. The industries that constitute a sector may all react in the same deduction for fees, expenses, or taxes) 7.08% 14.50% 8.33% 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 obligations to return loaned securities, however, the Portfolio’s securities 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 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.

EQLCGI 2 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 TAX INFORMATION Name Title the Portfolio Kenneth T. Kozlowski, Executive May 2011 The Portfolio’s shareholders are (or may include) insurance company sepa- ® CFP , CLU, ChFC Vice President and rate accounts, qualified plans and other investors eligible under applicable Chief Investment Officer of FMG LLC federal income tax regulations. Accordingly, distributions the Portfolio makes of its net investment income and net realized gains — most or all Alwi Chan, CFA® Senior Vice President May 2009 and Deputy of which it intends to distribute annually — and redemptions or ex- Chief Investment Officer changes of Portfolio shares generally will not be taxable to its share- of FMG LLC holders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax Sub-Adviser: AllianceBernstein L.P. (“AllianceBernstein”) information.

Portfolio Manager: The individual primarily responsible for the secu- PAYMENTS TO BROKER-DEALERS AND OTHER rities selection, research and trading for the Portfolio is: FINANCIAL INTERMEDIARIES

Date Began This Portfolio is not sold directly to the general public but instead is of- Managing fered as an underlying investment option for Contracts and retirement Name Title the Portfolio plans and to other eligible investors. The Portfolio and the Adviser and its Judith DeVivo Senior Vice President December 2008 affiliates may make payments to a sponsoring insurance company (or its and Portfolio Manager affiliates) or other financial intermediary for distribution and/or other serv- of AllianceBernstein ices. These payments may create a conflict of interest by influencing the AXA Equitable Funds Management Group, LLC (“FMG LLC” or the insurance company or other financial intermediary and your financial ad- “Adviser”) has been granted relief by the Securities and Exchange Com- viser to recommend the Portfolio over another investment or by influenc- mission to hire, terminate and replace Sub-Advisers and amend sub- ing an insurance company to include the Portfolio as an underlying advisory agreements subject to the approval of the Board of Trustees and investment option in the Contract. The prospectus (or other offering without obtaining shareholder approval. However, the Adviser may not document) for your Contract may contain additional information about enter into a sub-advisory agreement on behalf of the Portfolio with an these payments. Ask your financial adviser or visit your financial inter- “affiliated person” of the Adviser, such as AllianceBernstein L.P., unless mediary’s website for more information. 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.

EQLCGI 3 EQ Advisors TrustSM

EQ/Large Cap Value 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 ex- PORTFOLIO TURNOVER penses that approximates the total return performance of the Russell The Portfolio pays transaction costs, such as commissions, when it buys 1000 Value Index, including reinvestment of dividends, at a risk level and sells securities (or “turns over” its portfolio). A higher portfolio consistent with that of the Russell 1000® Value Index. 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 following table describes the fees and expenses that you may pay if the Portfolio’s portfolio turnover rate was 18% of the average value of you buy and hold shares of the Portfolio. The table below does not re- 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 normally invests at spectus for a description of those fees and expenses. least 80% of its net assets, plus borrowings for investment purposes, in equity securities in the Russell 1000® Value Index (“Russell 1000 Shareholder Fees (fees paid directly from your investment) Value”). The Portfolio’s investments in equity securities in the Russell Not applicable. 1000 Value may include financial instruments that derive their value from such securities. The Russell 1000 Value measures the performance of the large-cap value segment of the U.S. equity universe. As of Annual Portfolio Operating Expenses December 31, 2016, the market capitalization of companies in the Rus- (expenses that you pay each year as a percentage of the value of your investment) sell 1000 Value ranged from $0.2 billion to $617.6 billion. Class IA Class IB EQ/Large Cap Value Index Portfolio Shares Shares The Sub-Adviser does not anticipate utilizing customary economic, finan- Management Fee 0.35% 0.35% cial or market analyses or other traditional investment techniques to Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% manage the Portfolio. The Portfolio is constructed and maintained by Other Expenses 0.13% 0.13% utilizing a replication construction technique. That is, the Portfolio seeks Total Annual Portfolio Operating Expenses 0.73% 0.73% to hold all securities in the Russell 1000 Value in the exact weight each represents in the Index, although in certain instances a sampling ap- Example proach may be utilized. This strategy is commonly referred to as an indexing strategy. Individual securities holdings may differ from those of This Example is intended to help you compare the cost of investing in the the Russell 1000 Value, and the Portfolio may not track the perform- Portfolio with the cost of investing in other portfolios. The Example assumes ance of the Russell 1000 Value perfectly due to expenses and trans- that you invest $10,000 in the Portfolio for the periods indicated and then action costs, the size and frequency of cash flow into and out of the redeem all of your shares at the end of these periods. The Example also Portfolio, and differences between how and when the Portfolio and the assumes that your investment has a 5% return each year and that the Port- Russell 1000 Value are valued. folio’s operating expenses remain the same. This Example does not reflect any Contract-related fees and expenses including redemption fees (if any) at The Portfolio will remain substantially fully invested in securities compris- the Contract level. If such fees and expenses were reflected, the total ex- ing the index even when prices are generally falling. Similarly, adverse penses would be higher. Although your actual costs may be higher or performance of a stock will ordinarily not result in its elimination from lower, based on these assumptions your costs would be: the Portfolio.

1 Year 3 Years 5 Years 10 Years The Portfolio also may lend its portfolio securities to earn additional Class IA Shares $75 $233 $406 $906 income. Class IB Shares $75 $233 $406 $906 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

EQLCVI 1 Corporation or any other government agency. You may lose money by meet obligations to the borrower. In addition, delays may occur in the investing in the Portfolio. Performance may be affected by one or more recovery of securities from borrowers, which could interfere with the of the following risks. Portfolio’s ability to vote proxies or to settle transactions. Equity Risk: In general, stocks and other equity security values fluc- Risk/Return Bar Chart and Table tuate, and sometimes widely fluctuate, in response to changes in a company’s financial condition as well as general market, economic and The bar chart and table below provide some indication of the risks of political conditions and other factors. investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and by showing how the Portfolio’s Index Strategy Risk: The Portfolio employs an index strategy, that average annual total returns for the past one, five and ten years (or is, it generally invests in the securities included in its index or a repre- since inception) through December 31, 2016 compared to the returns of sentative sample of such securities regardless of market trends. The a broad-based securities market index. The return of the broad-based Portfolio generally will not modify its index strategy to respond to securities market index (and any additional comparative index) shown in changes in the economy, which means that it may be particularly the right hand column below is the return of the index for the last 10 susceptible to a general decline in the market segment relating to the years or, if shorter, since the inception of the share class with the lon- relevant index. In addition, although the index strategy attempts to gest history. Class IB shares were not operational for the period from closely track its benchmark index, the Portfolio may not invest in all of April 14, 2015 through April 30, 2015. The returns of Class IB were the securities in the index. Also, the Portfolio’s fees and expenses will calculated assuming the shares were in operation for the entire period. reduce the Portfolio’s returns, unlike those of the benchmark index. Past performance is not an indication of future performance. Cash flow into and out of the Portfolio, portfolio transaction costs, changes in the securities that comprise the index, and the Portfolio’s The performance results do not reflect any Contract-related fees and valuation procedures also may affect the Portfolio’s performance. There- expenses, which would reduce the performance results. fore, there can be no assurance that the performance of the index strategy will match that of the benchmark index. Calendar Year Annual Total Returns — Class IB 31.73% Investment Style Risk: The Portfolio may use a particular style or 19.34% 16.61% 16.47% set of styles — in this case “value” styles — to select investments. 14.52% 12.62% Those styles may be out of favor or may not produce the best results -0.41% over short or longer time periods. Value stocks are subject to the risks -5.88% -4.47% 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 -56.75% actually be appropriately priced. 20072008 2009 2010 2011 2012 20132014 2015 2016 Large-Cap Company Risk: Larger more established companies may be unable to respond quickly to new competitive challenges such Best quarter (% and time period) Worst quarter (% and time period) 18.00% (2009 3rd Quarter) –32.33% (2008 4th Quarter) 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 Average Annual Total Returns expansion. Ten One Five Years/Since Sector Risk: From time to time, based on market or economic con- Year Years Inception EQ/Large Cap Value Index Portfolio – Class IA ditions, the Portfolio may have significant positions in one or more sec- Shares 16.57% 13.98% 0.77% tors of the market. To the extent the Portfolio invests more heavily in EQ/Large Cap Value Index Portfolio – Class IB particular sectors, its performance will be especially sensitive to Shares 16.47% 14.00% 0.65% Russell 1000® Value Index (reflects no developments that significantly affect those sectors. Individual sectors deduction for fees, expenses, or taxes) 17.34% 14.80% 5.72% 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. 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 securities 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 fund. The Portfolio may lose money on its investment of cash collateral or may fail to earn sufficient income on its investment to

EQLCVI 2 WHO MANAGES THE PORTFOLIO PURCHASE AND REDEMPTION OF PORTFOLIO SHARES Investment Adviser: FMG LLC The Portfolio’s shares are currently sold only to insurance company separate accounts in connection with Contracts issued by AXA Equitable Life Portfolio Managers: The members of the team that are jointly and Insurance Company (“AXA Equitable”), AXA Life and Annuity Com- primarily responsible for the selection, monitoring and oversight of the pany, or other affiliated or unaffiliated insurance companies and to The Portfolio’s Sub-Adviser are: AXA Equitable 401(k) Plan. Shares also may be sold to other Date Began tax-qualified retirement plans, to other portfolios managed by FMG LLC Managing that currently sell their shares to such accounts and plans and to other Name Title the Portfolio investors eligible under applicable federal income tax regulations. Kenneth T. Kozlowski, Executive Vice President and May 2011 CFP®, CLU, ChFC Chief Investment Officer of The Portfolio does not have minimum initial or subsequent investment FMG LLC requirements. Shares of the Portfolio are redeemable on any business Alwi Chan, CFA® Senior Vice President and May 2009 day (which typically is any day the New York Stock Exchange is open) Deputy Chief Investment Officer upon receipt of a request. All redemption requests will be processed of FMG LLC and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more in- Sub-Adviser: SSGA Funds Management, Inc. (“SSGA FM”) formation on purchasing and redeeming Portfolio shares.

Portfolio Managers: The members of the team that are jointly and TAX INFORMATION primarily responsible for the securities selection, research and trading for the Portfolio 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 Michael Feehily, CFA® Senior Managing Director May 2015 most or all of which it intends to distribute annually — and re- and Head of Global Equity demptions or exchanges of Portfolio shares generally will not be taxable Beta Solutions — Americas, of SSGA FM to its shareholders (or to the holders of underlying Contracts or plan Karl Schneider, CAIA® Managing Director and January 2017 participants or beneficiaries). See the prospectus for your Contract for Deputy Head of Global further tax information. Equity Beta Solutions — Americas, of SSGA FM PAYMENTS TO BROKER-DEALERS AND OTHER David Chin Vice President and Senior January 2017 Portfolio Manager, Global FINANCIAL INTERMEDIARIES Equity Beta Solutions, of SSGA FM This Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and retirement AXA Equitable Funds Management Group, LLC (“FMG LLC” or the plans and to other eligible investors. The Portfolio and the Adviser and “Adviser”) has been granted relief by the Securities and Exchange its affiliates may make payments to a sponsoring insurance company (or Commission to hire, terminate and replace Sub-Advisers and amend its affiliates) or other financial intermediary for distribution and/or other sub-advisory agreements subject to the approval of the Board of Trust- services. These payments may create a conflict of interest by influencing ees and without obtaining shareholder approval. However, the Adviser the insurance company or other financial intermediary and your finan- may not enter into a sub-advisory agreement on behalf of the Portfolio cial adviser to recommend the Portfolio over another investment or by with an “affiliated person” of the Adviser, such as AllianceBernstein influencing an insurance company to include the Portfolio as an under- L.P., unless the sub-advisory agreement is approved by the Portfolio’s lying investment option in the Contract. The prospectus (or other offer- shareholders. The Adviser is responsible for overseeing Sub-Advisers ing document) for your Contract may contain additional information and recommending their hiring, termination and replacement to the about these payments. Ask your financial adviser or visit your financial Board of Trustees. intermediary’s website for more information.

EQLCVI 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.

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/Mid Cap 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 ex- PORTFOLIO TURNOVER penses that approximates the total return performance of the Standard The Portfolio pays transaction costs, such as commissions, when it buys & Poor’s MidCap 400® Index (“S&P MidCap 400 Index”), including re- and sells securities (or “turns over” its portfolio). A higher portfolio turn- investment of dividends, at a risk level consistent with that of the S&P over rate may indicate higher transaction costs. These costs, which are not MidCap 400 Index. reflected in annual fund operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s FEES AND EXPENSES OF THE PORTFOLIO portfolio turnover rate was 20% of the average value of the Portfolio. 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 reflect INVESTMENTS, RISKS, AND PERFORMANCE any fees and expenses associated with variable life insurance contracts Principal Investment Strategy: The Portfolio normally invests at and variable annuity certificates and contracts (“Contracts”), which least 80% of its net assets, plus borrowings for investment purposes, would increase overall fees and expenses. See the Contract prospectus in equity securities in the S&P MidCap 400 Index. For purposes of this for a description of those fees and expenses. Portfolio, equity securities in the S&P MidCap 400 Index may include financial instruments that derive their value from such securities. The Shareholder Fees (fees paid directly from your investment) Portfolio’s investments may include real estate investment trusts Not applicable. (“REITs”). The Sub-Adviser does anticipate utilizing customary economic, financial Annual Portfolio Operating Expenses or market analyses or other traditional investment techniques to man- (expenses that you pay each year as a percentage of the value of age the Portfolio. The Portfolio is constructed and maintained by utiliz- your investment) ing a replication construction technique. That is, the Portfolio seeks to Class IA Class IB EQ/Mid Cap Index Portfolio Shares Shares hold all securities in the S&P MidCap 400 Index in the exact weight Management Fee 0.35% 0.35% each represents in the Index, although in certain instances a sampling Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% approach may be utilized. This strategy is commonly referred to as an Other Expenses 0.12% 0.12% indexing strategy. Individual securities holdings may differ from those of Total Annual Portfolio Operating Expenses 0.72% 0.72% the S&P MidCap 400 Index, and the Portfolio may not track the performance of the S&P MidCap 400 Index perfectly due to expenses Example and transaction costs, the size and frequency of cash flow into and out of the Portfolio, and differences between how and when the Portfolio This Example is intended to help you compare the cost of investing in the andtheS&PMidCap400Indexarevalued. Portfolio with the cost of investing in other portfolios. The Example assumes that you invest $10,000 in the Portfolio for the periods indicated The Portfolio will remain substantially fully invested in securities compris- and then redeem all of your shares at the end of these periods. The Exam- ing the index even when prices are generally falling. Similarly, adverse ple also assumes that your investment has a 5% return each year and that performance of a stock will ordinarily not result in its elimination from the Portfolio’s operating expenses remain the same. This Example does not the Portfolio. reflect any Contract-related fees and expenses including redemption fees (if The Portfolio also may lend its portfolio securities to earn additional income. 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 Principal Risks: An investment in the Portfolio is not a deposit of a or lower, based on these assumptions your costs would be: bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You may lose money by 1 Year 3 Years 5 Years 10 Years investing in the Portfolio. Performance may be affected by one or more Class IA Shares $74 $230 $401 $894 of the following risks. Class IB Shares $74 $230 $401 $894

EQMCI 1 Equity Risk: In general, stocks and other equity security values fluc- REITs), in mortgages secured by interests in real estate (mortgage RE- tuate, and sometimes widely fluctuate, in response to changes in a ITs) or in some combination of the two (hybrid REITs). Investing in RE- company’s financial condition as well as general market, economic and ITs exposes investors to the risks of owning real estate directly, as well political conditions and other factors. as to risks that relate specifically to the way in which REITs are organized and operated. Equity REITs may be affected by changes in the Index Strategy Risk: The Portfolio employs an index strategy, that value of the underlying property owned by the REIT, while mortgage is, it generally invests in the securities included in its index or a repre- REITs may be affected by the quality of any credit extended. Equity and sentative sample of such securities regardless of market trends. The mortgage REITs are also subject to heavy cash flow dependency, de- Portfolio generally will not modify its index strategy to respond to faults by borrowers, and self-liquidations. The risk of defaults is gen- changes in the economy, which means that it may be particularly sus- erally higher in the case of mortgage pools that include subprime ceptible to a general decline in the market segment relating to the mortgages involving borrowers with blemished credit histories. In- relevant index. In addition, although the index strategy attempts to dividual REITs may own a limited number of properties and may con- closely track its benchmark index, the Portfolio may not invest in all of centrate in a particular region or property type. Domestic REITs also the securities in the index. Also, the Portfolio’s fees and expenses will must satisfy specific Internal Revenue Code requirements to qualify for reduce the Portfolio’s returns, unlike those of the benchmark index. the tax-free pass-through of net investment income and net realized Cash flow into and out of the Portfolio, portfolio transaction costs, gains. Failure to meet these requirements may have adverse con- changes in the securities that comprise the index, and the Portfolio’s sequences on the Portfolio. In addition, even the larger REITs in the valuation procedures also may affect the Portfolio’s performance. industry tend to be small- to medium-sized companies in relation to Therefore, there can be no assurance that the performance of the in- the equity markets as a whole. Moreover, shares of REITs may trade dex strategy will match that of the benchmark index. less frequently and, therefore, are subject to more erratic price move- Mid-Cap Company Risk: The Portfolio’s investments in mid-cap ments than securities of larger issuers. companies may involve greater risks than investments in larger, more Securities Lending Risk: The Portfolio may lend its portfolio established issuers because mid cap companies generally are more vul- securities to seek income. There is a risk that a borrower may default nerable than larger companies to adverse business or economic on its obligations to return loaned securities, however, the Portfolio’s developments. Such companies generally have narrower product lines, securities lending agent may indemnify the Portfolio against that risk. more limited financial and management resources and more limited The Portfolio will be responsible for the risks associated with the markets for their stock as compared with larger companies. As a result, investment of cash collateral, including any collateral invested in an the value of such securities may be more volatile than the securities of affiliated money market fund. The Portfolio may lose money on its larger companies, and the Portfolio may experience difficulty in purchas- investment of cash collateral or may fail to earn sufficient income on its ing or selling such securities at the desired time and price or in the de- investment to meet obligations to the borrower. In addition, delays sired amount. may occur in the recovery of securities from borrowers, which could Sector Risk: From time to time, based on market or economic con- interfere with the Portfolio’s ability to vote proxies or to settle ditions, the Portfolio may have significant positions in one or more sec- transactions. tors of the market. To the extent the Portfolio invests more heavily in particular sectors, its performance will be especially sensitive to Risk/Return Bar Chart and Table developments that significantly affect those sectors. Individual sectors The bar chart and table below provide some indication of the risks of may be more volatile, and may perform differently, than the broader investing in the Portfolio by showing changes in the Portfolio’s perform- market. The industries that constitute a sector may all react in the same ance from year to year and by showing how the Portfolio’s average way to economic, political or regulatory events. annual total returns for the past one, five and ten years (or since in- Real Estate Investing Risk: Real estate-related investments may ception) through December 31, 2016 compared to the returns of a decline in value as a result of factors affecting the overall real estate broad-based securities market index. The return of the broad-based industry. Real estate is a cyclical business, highly sensitive to supply securities market index (and any additional comparative index) shown in and demand, general and local economic developments and charac- the right hand column below is the return of the index for the last 10 terized by intense competition and periodic overbuilding. Real estate years or, if shorter, since the inception of the share class with the longest income and values also may be greatly affected by demographic history. Past performance is not an indication of future performance. trends, such as population shifts or changing tastes and values. Losses may occur from casualty or condemnation and government actions, such as tax law changes, zoning law changes, regulatory limitations on rents, or environmental regulations, also may have a major impact on real estate. The availability of mortgages and changes in interest rates may also affect real estate values. Changing interest rates and credit quality requirements also will affect the cash flow of real estate companies and their ability to meet capital needs. Real Estate Invest- ment Trusts (“REITs”) generally invest directly in real estate (equity

EQMCI 2 The performance results do not reflect any Contract-related fees and Sub-Adviser: SSGA Funds Management, Inc. (“SSGA FM”) 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 Calendar Year Annual Total Returns — Class IB for the Portfolio are: 36.18% 32.54% 25.81% Date Began 19.92% 17.14% Managing 8.05% 8.99% Name Title the Portfolio Michael Feehily, Senior Managing Director May 2015 ® -2.45% -2.86% CFA and Head of Global Equity Beta Solutions — Americas, of SSGA FM Karl Schneider, Managing Director and January 2017 CAIA® Deputy Head of Global -49.28% Equity Beta Solutions — Americas, of SSGA FM 20072008 2009 20102011 2012 2013 2014 2015 2016 Raymond Donofrio Principal and Portfolio January 2017 Best quarter (% and time period) Worst quarter (% and time period) Manager, Global Equity 19.74% (2009 3rd Quarter) –27.21% (2008 4th Quarter) Beta Solutions, of SSGA FM

AXA Equitable Funds Management Group, LLC (“FMG LLC” or the Average Annual Total Returns “Adviser”) has been granted relief by the Securities and Exchange Com- Ten One Five Years/Since mission to hire, terminate and replace Sub-Advisers and amend sub- Year Years Inception advisory agreements subject to the approval of the Board of Trustees and EQ/Mid Cap Index Portfolio – Class IA without obtaining shareholder approval. However, the Adviser may not Shares 19.89% 14.54% 6.22% EQ/Mid Cap Index Portfolio – Class IB enter into a sub-advisory agreement on behalf of the Portfolio with an Shares 19.92% 14.54% 6.09% “affiliated person” of the Adviser, such as AllianceBernstein L.P., unless S&P MidCap 400 Index (reflects no deduction for fees, expenses, or taxes) 20.74% 15.33% 9.16% 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. WHO MANAGES THE PORTFOLIO Investment Adviser: FMG LLC PURCHASE AND REDEMPTION OF PORTFOLIO SHARES Portfolio Managers: The members of the team that are jointly and primarily responsible for the selection, monitoring and oversight of the The Portfolio’s shares are currently sold only to insurance company sepa- Portfolio’s Sub-Adviser are: rate accounts in connection with Contracts issued by AXA Equitable Life Insurance Company (“AXA Equitable”), AXA Life and Annuity Com- Date Began pany, or other affiliated or unaffiliated insurance companies and to The Managing AXA Equitable 401(k) Plan. Shares also may be sold to other Name Title the Portfolio tax-qualified retirement plans, to other portfolios managed by FMG LLC Kenneth T. Kozlowski, Executive Vice President May 2011 CFP®, CLU, ChFC and Chief Investment that currently sell their shares to such accounts and plans and to other Officer of FMG LLC investors eligible 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 Investment Officer of requirements. Shares of the Portfolio are redeemable on any business FMG LLC 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.

EQMCI 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.

EQMCI 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 Global Real Return 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: Seeks to achieve maximum real return, con- year, that the Portfolio’s operating expenses remain the same, and sistent with preservation of capital and prudent investment management. that the Expense Limitation Arrangement is not renewed. This Example does not reflect any Contract-related fees and expenses including re- FEES AND EXPENSES OF THE PORTFOLIO demption fees (if any) at the Contract level. If such fees and expenses were reflected, the total expenses would be higher. Although your ac- The following table describes the fees and expenses that you may pay if tual costs may be higher or lower, based on these assumptions your you buy and hold shares of the Portfolio. The table below does not re- 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 IB Shares $133 $453 $796 $1,764 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 108% of the average value of the Portfolio. Class IB EQ/PIMCO Global Real Return Portfolio Shares INVESTMENTS, RISKS, AND PERFORMANCE Management Fee 0.60% Distribution and/or Service Fees (12b-1 fees) 0.25% Principal Investment Strategy: Under normal circumstances, the Other Expenses* 0.64% Portfolio invests at least 80% of its net assets, plus borrowings for Total Annual Portfolio Operating Expenses 1.49% investment purposes, in inflation-indexed bonds of varying maturities is- Fee Waiver and/or Expense Reimbursement† –0.18% sued by the U.S. (e.g., Treasury Inflation Protected Securities (“TIPS”)) and Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement 1.31% non-U.S. governments, their agencies or instrumentalities, and corporations, which may be represented by forwards or derivatives such as op- * Includes Interest Expense of 0.31% for Class IB shares. tions, futures contracts or swap agreements. Inflation-indexed bonds are † 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 fixed income securities that are structured to provide protection against expenses of the Portfolio through April 30, 2018 (unless the Board of Trustees con- inflation. Assets not invested in inflation-indexed bonds may be invested sents to an earlier revision or termination of this arrangement) (“Expense Limitation in other types of fixed income instruments, including bonds, debt secu- Arrangement”) so that the annual operating expenses of the Portfolio (exclusive of taxes, interest, brokerage commissions, dividend and interest expenses on securities rities and other similar instruments issued by various U.S. and non-U.S. sold short, capitalized expenses, acquired fund fees and expenses and extraordinary public- or private-sector entities. The value of the bond’s principal or the expenses) do not exceed an annual rate of average daily net assets of 1.00% for Class IB shares of the Portfolio. The Expense Limitation Arrangement may be termi- interest income paid on the bond is adjusted to track changes in an offi- nated by AXA Equitable Funds Management Group, LLC at any time after April 30, cial inflation measure. The Portfolio invests primarily in investment grade 2018. securities, but may invest up to 10% of its total assets in high yield securities, also known as “junk bonds” rated B or higher by Moody’s Investors Example Service, Inc. (“Moody’s”), or equivalently rated by Standard & Poor’s This Example is intended to help you compare the cost of investing in Global Rating (“S&P”) or Fitch, Inc. (“Fitch”), or, if unrated, determined the Portfolio with the cost of investing in other portfolios. The Example by the Adviser or Sub-Adviser to be of comparable quality. assumes that you invest $10,000 in the Portfolio for the periods in- The Portfolio normally invests a significant portion of its net assets in indicated and then redeem all of your shares at the end of these periods. struments that are economically tied to foreign (non-U.S.) countries. The The Example also assumes that your investment has a 5% return each Portfolio may invest, without limitation, in securities that are economically

EQPGRR 1 tied to emerging market countries. The Portfolio may also invest without unable or unwilling, to make timely principal and/or interest payments, limitation in foreign currency transactions, including currency forward or otherwise honor its obligations. Securities are subject to varying de- transactions. The Portfolio is non-diversified, which means that it may in- grees of credit risk, which are often reflected in their credit ratings. vest its assets in a smaller number of issuers than a diversified portfolio. However, rating agencies may fail to make timely changes to credit rat- Subject to applicable law and any other restrictions described in the ings in response to subsequent events and a credit rating may become Portfolio’s Prospectus or Statement of Additional Information, the stale in that it fails to reflect changes in an issuer’s financial condition. Portfolio may invest all of its assets in derivative instruments, such as The downgrade of the credit rating of a security may decrease its value. options, futures contracts or swap agreements, or in mortgage or asset- Lower credit quality also may lead to greater volatility in the price of a backed securities. The Portfolio’s investments in derivatives may be security and may negatively affect a security’s liquidity. deemed to involve the use of leverage because the Portfolio is not re- Derivatives Risk: The Portfolio’s investments in derivatives may rise quired to invest the full market value of the contract upon entering into or fall in value more rapidly than other investments. Changes in the the contract but participates in gains and losses on the full contract value of a derivative may not correlate perfectly or at all with the under- price. The use of derivatives also may be deemed to involve the use of lying asset, rate or index, and the Portfolio could lose more than the leverage because the heightened price sensitivity of some derivatives to principal amount invested. Some derivatives can have the potential for market changes may magnify the Portfolio’s gain or loss. unlimited losses. In addition, it may be difficult or impossible for the The Portfolio may, without limitation, seek to obtain market exposure to Portfolio to purchase or sell certain derivatives in sufficient amounts to the securities in which it primarily invests by entering into a series of achieve the desired level of exposure, which may result in a loss or may purchase and sale contracts (such as contracts for derivative instru- be costly to the Portfolio. Derivatives also may be subject to certain ments) or by using other investment techniques (such as buy backs or other risks such as leveraging risk, interest rate risk, credit risk, the risk dollar rolls). The Portfolio may purchase or sell securities on a when- that a counterparty may be unable or unwilling to honor its obligations, issued, delayed delivery or forward commitment basis. The Portfolio and the risk of mispricing or improper valuation. Derivatives also may may also invest up to 10% of its total assets in preferred stocks. The not behave as anticipated by the Portfolio, especially in abnormal mar- Portfolio may also invest, to a limited extent, in loan participations. The ket conditions. Changing regulation may make derivatives more costly, Portfolio may engage in active and frequent trading of portfolio secu- limit their availability, impact the Portfolio’s ability to maintain its rities to achieve its investment objective. investments in derivatives, disrupt markets, or otherwise adversely af- The Sub-Adviser manages the Portfolio’s duration based on the Sub- fect their value or performance. Adviser’s view of the market and interest rates. The Portfolio may invest in Equity Risk: In general, stocks and other equity security values fluc- securities of any maturity. Duration also measures the sensitivity of the tuate, and sometimes widely fluctuate, in response to changes in a value of a bond or bond portfolio to changes in interest rates. Typically, a company’s financial condition as well as general market, economic and bond portfolio with a low (short) duration means that its value is less political conditions and other factors. sensitive to interest rate changes, while a bond portfolio with a high (long) duration is more sensitive. Effective duration takes into account that for Focused Portfolio Risk: The Portfolio employs a strategy of inves- certain bonds expected cash flows will fluctuate as interest rates change ting in the securities of a limited number of companies, some of which and is defined in nominal yield terms, which is market convention for most may be in the same industry, sector or geographic region. As a result, bond investors and managers. The Sub-Adviser may sell a security for a the Portfolio; which is classified as “non-diversified,” may incur more variety of reasons, such as to make other investments believed to offer risk because changes in the value of a single security may have a more superior investment opportunities. The effective duration of this Portfolio significant effect, either positive or negative, on the Portfolio’s net asset normally varies within three years (plus or minus) of the effective portfolio value. Further, the Portfolio may be more sensitive to events affecting a duration of the securities comprising the Bloomberg Barclays World single industry, sector or geographic region. The use of such a focused Government Inflation-Linked Index (hedged), as calculated by the Sub- investment strategy may increase the volatility of the Portfolio’s invest- Adviser, which as of December 31, 2016, as converted, was 12.68 years. ment performance, as the Portfolio may be more susceptible to risks associated with a single economic, political or regulatory event than a The Portfolio also may lend its portfolio securities to earn additional portfolio that is more broadly invested. income. Foreign Securities Risk: Investments in foreign securities, including Principal Risks: An investment in the Portfolio is not a deposit of a depositary receipts, involve risks not associated with investing in U.S. secu- bank and is not insured or guaranteed by the Federal Deposit Insurance rities. Foreign markets, particularly emerging markets, may be less liquid, Corporation or any other government agency. You may lose money by more volatile and subject to less government supervision than U.S. markets. investing in the Portfolio. Performance may be affected by one or more Security values also may be negatively affected by changes in the exchange of the following risks. rates between the U.S. dollar and foreign currencies. Differences between Credit Risk: The Portfolio is subject to the risk that the issuer or the U.S. and foreign legal, political and economic systems, regulatory regimes guarantor (or other obligor, such as a party providing insurance or other and market practices also may impact security values and it may take more credit enhancement) of a fixed income security, or the counterparty to a time to clear and settle trades involving foreign securities. derivatives contract, repurchase agreement, loan of portfolio securities Currency Risk. Investments in foreign currencies and in secu- or other transaction, is unable or unwilling, or is perceived (whether by rities that trade in, or receive revenues in, or in derivatives that market participants, ratings agencies, pricing services or otherwise) as provide exposure to foreign currencies are subject to the risk that

EQPGRR 2 those currencies will decline in value relative to the U.S. dollar, or, risk when it engages in derivatives transactions (such as futures and in the case of hedging positions, that the U.S. dollar will decline in options investments), invests collateral from securities loans or borrows value relative to the currency being hedged. Any such decline may money. The Portfolio may experience leveraging risk in connection with erode or reverse any potential gains from an investment in secu- investments in derivatives because its investments in derivatives may be rities denominated in foreign currency or may widen existing loss. small relative to the investment exposure assumed, leaving more assets Currency rates may fluctuate significantly over short periods of to be invested in other investments. Such investments may have the ef- time for a number of reasons, including changes in interest rates, fect of leveraging the Portfolio because the Portfolio may experience intervention (or the failure to intervene) by governments, central gains or losses not only on its investments in derivatives, but also on banks or supranational entities, or by the imposition of currency the investments purchased with the remainder of the assets. If the value controls or other political developments in the U.S. or abroad. of the Portfolio’s investments in derivatives is increasing, this could be offset by declining values of the Portfolio’s other investments. Con- Emerging Markets Risk. There are greater risks involved in versely, it is possible that the rise in the value of the Portfolio’s non- investing in emerging market countries and/or their securities derivative investments could be offset by a decline in the value of the markets. Investments in these countries and/or markets may pres- Portfolio’s investments in derivatives. In either scenario, the Portfolio ent market, credit, currency, liquidity, legal, political, technical and may experience losses. In a market where the value of the Portfolio’s other risks different from, or greater than, the risks of investing in investments in derivatives is declining and the value of its other invest- developed countries. Investments in emerging markets are more ments is declining, the Portfolio may experience substantial losses. susceptible to loss than investments in developed markets. In addition, the risks associated with investing in a narrowly defined Liquidity Risk: The Portfolio is subject to the risk that certain geographic area are generally more pronounced with respect to in- investments may be difficult or impossible for the Portfolio to purchase vestments in emerging market countries. 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 Inflation-Indexed Bonds Risk: Inflation-indexed bonds are fixed dispose of other investments at unfavorable times or prices to satisfy income securities whose principal value is periodically adjusted according to obligations, which may result in a loss or may be costly to the Portfolio. inflation. Inflation-indexed bonds, including Treasury inflation-indexed secu- Judgment plays a greater role in pricing illiquid investments than rities, decline in value when real interest rates rise. In certain interest rate investments with more active markets. environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed bonds may experience greater losses than Mortgage-Backed and Asset-Backed Securities Risk: The other fixed income securities with similar durations. Interest payments on Portfolio is subject to the risk that the principal on mortgage- and asset- inflation-linked debt securities may be difficult to predict and may vary as backed securities held by the Portfolio will be prepaid, which generally the principal and/or interest is adjusted for inflation. In periods of deflation, will reduce the yield and market value of these securities. If interest the Portfolio may have no income at all from such investments. rates fall, the rate of prepayments tends to increase as borrowers are motivated to pay off debt and refinance at new lower rates. Rising Interest Rate Risk: The Portfolio is subject to the risk that fixed in- interest rates may increase the risk of default by borrowers and tend to come securities will decline in value because of changes in interest rates. extend the duration of these securities, making them more sensitive to When interest rates decline, the value of the Portfolio’s debt securities generally rises. Conversely, when interest rates rise, the value of the Port- changes in interest rates. As a result, in a period of rising interest rates folio’s debt securities generally declines. A portfolio with a longer average to the extent the Portfolio holds these types of securities, it may experi- duration will be more sensitive to changes in interest rates, usually mak- ence additional volatility and losses. This is known as extension risk. ing it more volatile than a portfolio with a shorter average duration. As of Moreover, declines in the credit quality of the issuers of mortgage- and the date of this Prospectus, interest rates are near historic lows in the asset-backed securities or instability in the markets for such securities United States, and below zero in other parts of the world, including cer- may affect the value and liquidity of such securities, which could result tain European countries and Japan. The Portfolio is subject to a greater in losses to the Portfolio. In addition, certain mortgage- and asset- risk of rising interest rates due to these market conditions. A significant or backed securities may include securities backed by pools of loans made rapid rise in interest rates could result in losses to the Portfolio. to “subprime” borrowers or borrowers with blemished credit histories; the risk of defaults is generally higher in the case of mortgage pools Investment Grade Securities Risk. Debt securities generally are that include such subprime mortgages. rated by national bond ratings agencies. The Portfolio considers securities to be investment grade if they are rated BBB or higher by S&P or Fitch or Non-Investment Grade Securities Risk. Bonds rated below in- Baa or higher by Moody’s, or, if unrated, determined by the investment vestment grade (i.e., BB or lower by S&P or Fitch or Ba or lower by manager to be of comparable quality. Securities rated in the lower invest- Moody’s or, if unrated, determined by the investment manager to be of ment grade rating categories (e.g., BBB or Baa) are considered investment comparable quality) are speculative in nature and are subject to additional grade securities, but are somewhat riskier than higher rated obligations risk factors such as increased possibility of default, illiquidity of the secu- because they are regarded as having only an adequate capacity to pay rity, and changes in value based on changes in interest rates. Non- principal and interest, are considered to lack outstanding investment char- investment grade bonds, sometimes referred to as “junk bonds,” are acteristics, and may possess certain speculative characteristics. usually issued by companies without long track records of sales and earnings, or by those companies with questionable credit strength. The cred- Leveraging Risk: When the Portfolio leverages its holdings, the value itworthiness of issuers of non-investment grade debt securities may be of an investment in the Portfolio will be more volatile and all other risks will more complex to analyze than that of issuers of investment grade debt tend to be compounded. For example, the Portfolio may take on leveraging securities, and reliance on credit ratings may present additional risks.

EQPGRR 3 Portfolio Turnover Risk: High portfolio turnover (generally, turn- The performance results do not reflect any Contract-related fees and over in excess of 100% in any given fiscal year) may result in increased expenses, which would reduce the performance results. transaction costs to the Portfolio, which may result in higher fund expenses and lower total return. Calendar Year Annual Total Returns — Class IB Redemption Risk: The Portfolio may experience periods of heavy 10.35% redemptions that could cause the Portfolio to sell assets at inopportune 7.86% times or at a loss or depressed value. Redemption risk is heightened during periods of declining or illiquid markets. Heavy redemptions could hurt the Portfolio’s performance. Market developments and other factors, including a general rise in interest rates, have the potential to cause investors to move out of fixed income securities on a large scale, which may increase redemptions from mutual funds that hold large amounts of fixed income securities. Such a move, coupled with a reduction in the ability or willingness of dealers -2.36% and other institutional investors to buy or hold fixed income securities, may result in decreased liquidity and increased volatility in the fixed income markets. 2014 2015 2016

Securities Lending Risk: The Portfolio may lend its portfolio secu- Best quarter (% and time period) Worst quarter (% and time period) rities to seek income. There is a risk that a borrower may default on its 4.15% (2016 3rd Quarter) –2.73% (2015 2nd Quarter) obligations to return loaned securities, however, the Portfolio’s securities lending agent may indemnify the Portfolio against that risk. The Portfolio will be responsible for the risks associated with the investment Average Annual Total Returns of cash collateral, including any collateral invested in an affiliated Since One Year Inception money market fund. The Portfolio may lose money on its investment of EQ/PIMCO Global Real Return Portfolio – Class IB cash collateral or may fail to earn sufficient income on its investment to Shares (Inception Date: February 8, 2013) 10.35% 2.32% meet obligations to the borrower. In addition, delays may occur in the Bloomberg Barclays World Government Inflation- Linked Bond Index (reflects no deduction for fees, recovery of securities from borrowers, which could interfere with the expenses, or taxes) 10.22% 2.97% Portfolio’s ability to vote proxies or to settle transactions.

U.S. Government Securities Risk: U.S. government securities WHO MANAGES THE PORTFOLIO are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, Investment Adviser: FMG LLC that are backed by the full faith and credit of the U.S. are guaranteed Portfolio Managers: The members of the team that are jointly and only as to the timely payment of interest and principal when held to maturity, and the market prices for such securities will fluctuate due to primarily responsible for the selection, monitoring and oversight of the changing interest rates, among other factors. Notwithstanding that Portfolio’s Sub-Adviser are: these securities are backed by the full faith and credit of the U.S., circumstances could arise that would prevent the payment of interest or Date Began Managing principal. This would result in losses to the Portfolio. Securities issued or Name Title the Portfolio guaranteed by U.S. government related organizations, such as Fannie Kenneth T. Kozlowski, Executive May 2011 Mae and Freddie Mac, are not backed by the full faith and credit of the CFP®, CLU, ChFC Vice President and U.S. government and no assurance can be given that the U.S. govern- Chief Investment Officer ment will provide financial support. Therefore, U.S. government related of FMG LLC organizations may not have the funds to meet their payment obliga- Alwi Chan, CFA® Senior Vice President May 2009 tions in the future. and Deputy 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 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-year and since inception periods through December 31, 2016 compared to the returns of a broad-based securities market index. Past performance is not an indication of future performance.

EQPGRR 4 Sub-Adviser: Pacific Investment Management Company LLC PAYMENTS TO BROKER-DEALERS AND OTHER (“PIMCO”) FINANCIAL INTERMEDIARIES Portfolio Manager: The individuals that are jointly and primarily re- This Portfolio is not sold directly to the general public but instead is sponsible for the securities selection, research and trading for the offered as an underlying investment option for Contracts and Portfolio are: retirement plans and to other eligible investors. The Portfolio and the Adviser and its affiliates may make payments to a sponsoring Date Began insurance company (or its affiliates) or other financial intermediary for Managing distribution and/or other services. These payments may create a Name Title the Portfolio conflict of interest by influencing the insurance company or other Mihir P. Worah Managing Director and February 2013 Portfolio Manager of PIMCO financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance Jeremie Banet Executive Vice President and May 2015 company to include the Portfolio as an underlying investment option in Portfolio Manager of PIMCO the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. AXA Equitable Funds Management Group, LLC (“FMG LLC” or the Ask your financial adviser or visit your financial intermediary’s website “Adviser”) has been granted relief by the Securities and Exchange Com- for more information. 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 (“AXA Equitable 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.

EQPGRR 5 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/Small Company 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 replicate as closely as possible PORTFOLIO TURNOVER ® (before expenses) the total return of the Russell 2000 Index (“Russell The Portfolio pays transaction costs, such as commissions, when it buys 2000”). 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 15% 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 equity securities of small-cap companies in- Shareholder Fees cluded in the Russell 2000® Index (“Russell 2000”). The Portfolio’s (fees paid directly from your investment) investments in equity securities of small-cap companies included in the Not applicable. Russell 2000 may include financial instruments that derive their value from such securities. As of December 31, 2016, the market capital- Annual Portfolio Operating Expenses ization range of the Russell 2000 was $21.1 million to $10.5 billion. (expenses that you pay each year as a percentage of the value of The Sub-Adviser seeks to match the returns (before expenses) of the your investment) Russell 2000. This strategy is commonly referred to as an indexing Class IA Class IB EQ/Small Company Index Portfolio Shares Shares strategy. The Portfolio invests in a statistically selected sample of the Management Fee 0.25% 0.25% securities found in the Russell 2000, using a process known as Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% “optimization.” This process selects stocks for the Portfolio so that Other Expenses 0.13% 0.13% industry weightings, market capitalizations and fundamental character- Total Annual Portfolio Operating Expenses 0.63% 0.63% istics (price to book ratios, price to earnings ratios, debt to asset ratios and dividend yields) closely match those of the securities included in Example the Russell 2000. This approach helps to increase the Portfolio’s liquidity and reduce costs. The securities held by the Portfolio are weighted This Example is intended to help you compare the cost of investing in the to make the Portfolio’s total investment characteristics similar to those Portfolio with the cost of investing in other portfolios. The Example as- of the Russell 2000 as a whole. 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 Over time, the correlation between the performance of the Portfolio and Example also assumes that your investment has a 5% return each year the Russell 2000 is expected to be 95% or higher before the deduction and that the Portfolio’s operating expenses remain the same. This of Portfolio expenses. The Portfolio seeks to track the Russell 2000, Example does not reflect any Contract-related fees and expenses includ- therefore, the Sub-Adviser generally will not attempt to judge the merits ing redemption fees (if any) at the Contract level. If such fees and ex- of any particular security as an investment. penses were reflected, the total expenses would be higher. Although The Portfolio also may lend its portfolio securities to earn additional your actual costs may be higher or lower, based on these assumptions income. your costs would be: Principal Risks: An investment in the Portfolio is not a deposit of a 1 Year 3 Years 5 Years 10 Years bank and is not insured or guaranteed by the Federal Deposit Insurance Class IA Shares $64 $202 $351 $786 Corporation or any other government agency. You may lose money by Class IB Shares $64 $202 $351 $786 investing in the Portfolio. Performance may be affected by one or more of the following risks.

EQSCI 1 Equity Risk: In general, stocks and other equity security values fluc- Risk/Return Bar Chart and Table tuate, and sometimes widely fluctuate, in response to changes in a The bar chart and table below provide some indication of the risks of company’s financial condition as well as general market, economic and investing in the Portfolio by showing changes in the Portfolio’s political conditions and other factors. performance from year to year and by showing how the Portfolio’s Index Strategy Risk: The Portfolio employs an index strategy, that average annual total returns for the past one, five and ten years (or is, it generally invests in the securities included in its index or a repre- since inception) through December 31, 2016 compared to the returns sentative sample of such securities regardless of market trends. The of a broad-based securities market index. The return of the broad- Portfolio generally will not modify its index strategy to respond to based securities market index (and any additional comparative index) changes in the economy, which means that it may be particularly shown in the right hand column below is the return of the index for susceptible to a general decline in the market segment relating to the the last 10 years or, if shorter, since the inception of the share class relevant index. In addition, although the index strategy attempts to with the longest history. Past performance is not an indication of fu- closely track its benchmark index, the Portfolio may not invest in all of ture performance. the securities in the index. Also, the Portfolio’s fees and expenses will The performance results do not reflect any Contract-related fees and reduce the Portfolio’s returns, unlike those of the benchmark index. expenses, which would reduce the performance results. Cash flow into and out of the Portfolio, portfolio transaction costs, changes in the securities that comprise the index, and the Portfolio’s Calendar Year Annual Total Returns — Class IB valuation procedures also may affect the Portfolio’s performance. There- 37.42% fore, there can be no assurance that the performance of the index 26.04% 25.87% strategy will match that of the benchmark index. 20.51% 15.66% Sector Risk: From time to time, based on market or economic con- 4.78% ditions, the Portfolio may have significant positions in one or more sectors of the market. To the extent the Portfolio invests more heavily in -1.82% -4.04% -4.54% particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader -34.12% market. The industries that constitute a sector may all react in the same 20072008 2009 2010 2011 2012 2013 2014 2015 2016 way to economic, political or regulatory events. Securities Lending Risk: The Portfolio may lend its portfolio secu- Best quarter (% and time period) Worst quarter (% and time period) rities to seek income. There is a risk that a borrower may default on its 21.44% (2009 2nd Quarter) –26.45% (2008 4th Quarter) obligations to return loaned securities, however, the Portfolio’s securities lending agent may indemnify the Portfolio against that risk. The Average Annual Total Returns Portfolio will be responsible for the risks associated with the investment Ten One Five Years/Since of cash collateral, including any collateral invested in an affiliated Year Years Inception money market fund. The Portfolio may lose money on its investment of EQ/Small Company Index Portfolio – cash collateral or may fail to earn sufficient income on its investment to Class IA Shares 20.63% 13.89% 6.69% meet obligations to the borrower. In addition, delays may occur in the EQ/Small Company Index Portfolio – Class IB Shares 20.51% 13.88% 6.55% recovery of securities from borrowers, which could interfere with the Russell 2000® Index (reflects no Portfolio’s ability to vote proxies or to settle transactions. deduction for fees, expenses, or taxes) 21.31% 14.46% 7.07% Small-Cap Company Risk: The Portfolio’s investments in 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 product lines, more limited financial and management resources and more limited markets for their stock as compared with larger companies. They may depend on a more limited management group than larger capitalized companies. In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts. As a result, the value of such securities may be more volatile than the securities of larger companies, and because 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 desired amount.

EQSCI 2 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 upon receipt of a request. All redemption requests will be processed and primarily responsible for the selection, monitoring and and payment with respect thereto will normally be made within seven oversight of the 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 sepa- CFP®, CLU, ChFC Vice President and Chief Investment Officer rate accounts, qualified plans and other investors eligible under applicable of FMG LLC federal income tax regulations. Accordingly, distributions the Portfolio makes of its net investment income and net realized gains — most or all Alwi Chan, CFA® Senior Vice President May 2009 and Deputy of which it intends to distribute annually — and redemptions or ex- Chief Investment Officer changes of Portfolio shares generally will not be taxable to its share- of FMG LLC holders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax Sub-Adviser: AllianceBernstein L.P. (“AllianceBernstein”) information. Portfolio Manager: The individual primarily responsible for the securities selection, research and trading for the Portfolio is: PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES Date Began This Portfolio is not sold directly to the general public but instead is Managing Name Title the Portfolio offered as an underlying investment option for Contracts and retire- Judith DeVivo Senior Vice President and May 2006 ment plans and to other eligible investors. The Portfolio and the Ad- Portfolio Manager of viser and its affiliates may make payments to a sponsoring insurance AllianceBernstein company (or its affiliates) or other financial intermediary for distribution and/or other services. These payments may create a conflict of interest AXA Equitable Funds Management Group, LLC (“FMG LLC” or the by influencing the insurance company or other financial intermediary “Adviser”) has been granted relief by the Securities and Exchange Com- and your financial adviser to recommend the Portfolio over another mission to hire, terminate and replace Sub-Advisers and amend sub- investment or by influencing an insurance company to include the Port- advisory agreements subject to the approval of the Board of Trustees and folio as an underlying investment option in the Contract. The pro- without obtaining shareholder approval. However, the Adviser may not spectus (or other offering document) for your Contract may contain enter into a sub-advisory agreement on behalf of the Portfolio with an additional information about these payments. Ask your financial ad- “affiliated person” of the Adviser, such as AllianceBernstein L.P., unless viser or visit your financial intermediary’s website for more information. 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.

EQSCI 3 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.

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.

EQTGS 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.

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.

MMT 5

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.

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IE 15 (5/17) Cat. #154114 (5/17) DFS# 243041