Members Retirement Program Retirement Program Prospectus dated May 1, 2018 Please read and keep this...

Members Retirement Program

prospectus May 1, 2018

This booklet contains a prospectus relating to the Members RetirementProgram contract, which is issued by AXA Equitable Life InsuranceCompany, and prospectuses for AXA Premier VIP Trust and EQ Advisors Trust.

Table of Contents

Variable Product ProspectusPage

Members Retirement Program 1

Summary ProspectusesPage Label

AXA Premier VIP TrustAXA Aggressive Allocation AAA 1-5AXA Conservative Allocation ACA 1-5AXA Conservative-Plus Allocation ACPA 1-5AXA Moderate Allocation AMA 1-5AXA Moderate-Plus Allocation AMPA 1-5CharterSM Multi-Sector Bond CMSB 1-6Target 2015 Allocation 2015A 1-5Target 2025 Allocation 2025A 1-5Target 2035 Allocation 2035A 1-5Target 2045 Allocation 2045A 1-5Target 2055 Allocation 2055A 1-5

EQ Advisors Trust1290 VT DoubleLine Dynamic Allocation VTDD 1-91290 VT Equity Income VTEI 1-41290 VT GAMCO Mergers & Acquisitions VTGM 1-51290 VT GAMCO Small Company Value VTGSC 1-31290 VT Socially Responsible VTSR 1-5All Asset Growth-Alt 20 EQAA 1-7AXA/AB Small Cap Growth AASCG 1-4AXA/ClearBridge Large Cap Growth ACBLC 1-4AXA Global Equity Managed Volatility AGEMV 1-7AXA International Core Managed Volatility AICMV 1-7AXA/Janus Enterprise AJE 1-4AXA Large Cap Growth Managed Volatility EQLCGMV 1-7AXA Large Cap Value Managed Volatility ALCVMV 1-7AXA Mid Cap Value Managed Volatility AMCVMV 1-7EQ/Capital Guardian Research EQCGR 1-4EQ/Equity 500 Index EQ500I 1-3EQ/Intermediate Government Bond EQIGB 1-4EQ/International Equity Index EQIEI 1-4EQ/Large Cap Growth Index EQLCGI 1-3EQ/MFS International Growth EQMG 1-4EQ/Mid Cap Index EQMCI 1-4EQ/Money Market EQMM 1-4EQ/PIMCO Global Real Return EQPGRR 1-6EQ/PIMCO Ultra Short Bond EQPUS 1-5EQ/Small Company Index EQSCI 1-3EQ/T. Rowe Price Growth Stock EQTGS 1-4Multimanager Core Bond MMCB 1-7Multimanager Technology MMT 1-5

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Members Retirement ProgramProspectus dated May 1, 2018

Please read and keep this prospectus for future reference. It containsimportant information that you should know before participating in theProgram or allocating amounts under the contract. This prospectussupersedes all prior prospectuses and supplements. You should read theprospectuses for each Trust which contain important information aboutthe portfolios.

About the Members Retirement Program

The Program provides members of certain groups and other eligiblepersons several plans for the accumulation of retirement savings on atax-deferred basis. Through trusts (“Plan Trusts”) maintained underthese plans, you can allocate contributions among the investmentoptions offered under the Program. The investment options under theProgram include: (1) the 3-year Guaranteed Rate Account, the 5-yearGuaranteed Rate Account, the Guaranteed Interest Option, and theMoney Market Guarantee Account (the “guaranteed options”), and(2) the investment funds (the “Funds”) listed in the table below.

As previously advised, on July 10, 2015, the 3-year and 5-year Guar-anteed Rate Accounts were closed to contributions, transfers andloan repayments. The Money Market Guarantee Account has beenclosed to new amounts since January 1, 2009.

What is the Members Retirement Programcontract?

The Members Retirement Program contract is a group annuity contractissued by AXA Equitable Life Insurance Company (the “AXAEquitable”). Contributions to the Plan Trusts maintained under theplans will be allocated among our investment funds and guaranteedoptions in accordance with participant instructions.

Investment optionsAsset Allocation

• 1290 VT DoubleLine Dynamic Allocation• All Asset Growth-Alt 20(1)

• AllianceBernstein Balanced• AXA Aggressive Allocation(2)

• AXA Conservative Allocation(2)

• AXA Conservative-Plus Allocation(2)

• AXA Moderate Allocation(2)

• AXA Moderate Plus Allocation(2)

• Target 2015 Allocation(4)





• 1290 Retirement 2020(5)









Cash Equivalents

• EQ/Money Market• Guaranteed Interest Option

• Guaranteed Rate Accounts• Money Market Guarantee Account(3)

International/Global Stocks

• AXA Global Equity Managed Volatility• AXA International Core Managed

Volatility

• EQ/International Equity Index• EQ/MFS International Growth

International/Global Bonds

• EQ/PIMCO Global Real Return(5)

Bonds

• CharterSM Multi-Sector Bond• EQ/Intermediate Government Bond• EQ/PIMCO Ultra Short Bond

• Multimanager Core Bond• Vanguard VIF Total Bond Market Index(5)

Large Cap Stocks

• 1290 VT Equity Income• 1290 VT Socially Responsible• AllianceBernstein Growth Equity• AXA Large Cap Growth Managed

Volatility• AXA Large Cap Value Managed Volatility

• AXA/ClearBridge Large Cap Growth• EQ/Capital Guardian Research• EQ/Equity 500 Index• EQ/Large Cap Growth Index• EQ/T. Rowe Price Growth Stock• Vanguard VIF Total Stock Market Index(5)

Mid Cap Stocks

• AllianceBernstein Mid Cap Growth• AXA Mid Cap Value Managed Volatility

• AXA/Janus Enterprise• EQ/Mid Cap Index

Small Cap Stocks

• 1290 VT GAMCO Small Company Value• AXA/AB Small Cap Growth

• EQ/Small Company Index

Specialty

• 1290 VT GAMCO Mergers & Acquisitions

Sector

• Multimanager Technology

(1) The “All Asset” Portfolios.

(2) The “AXA Allocation” Portfolios.

(3) The Money Market Guarantee Account is closed to new or additional contributions,transfers and loan repayments. See “Money Market Guarantee Account is closed tonew money” under “Investment options” later in this prospectus.

(4) This variable investment option will be closed to contributions on or aboutJuly 12, 2018.

(5) This variable investment option will be available on or about May 15, 2018,subject to regulatory approval.

The AllianceBernstein Growth Equity, AllianceBernstein Mid CapGrowth and AllianceBernstein Balanced Funds are managed by AXAEquitable. Each of the other Funds invests in shares of a correspond-ing portfolio (“Portfolio”) of AXA Premier VIP Trust, EQ AdvisorsTrust, Vanguard Variable Insurance Fund and 1290 Funds® (the“Investment Trusts”). You should also read the prospectuses for theTrusts and keep them for future reference. As described in more detailin the “Portfolios of the Investment Trusts” section of the prospectus,the Target 2015 Allocation Portfolio, Target 2025 Allocation Portfo-lio, Target 2035 Allocation Portfolio, Target 2045 Allocation Portfolioand Target 2055 Allocation Portfolio will be closed to contributionson or about July 12, 2018.

Guaranteed options. The guaranteed option we offer is the Guar-anteed Interest Option. The Guaranteed Interest Option is part of ourgeneral account. If you are an existing contract owner, you may stillhave allocated values to the Money Market Guarantee Account or the3-Year or 5-Year Guaranteed Rate Account. The 3-year and 5-yearGuaranteed Rate Accounts and Money Market Guarantee Accountare closed to contributions, transfers and loan repayments. The3-Year and 5-Year Guaranteed Accounts since July 10, 2015 and theMoney Market Guarantee Account since January 1, 2009. The Money

The Securities and Exchange Commission has not approved ordisapproved these securities or passed upon the adequacy oraccuracy of this prospectus. Any representation to the contraryis a criminal offense. The securities are not insured by the FDICor any other agency. They are not deposits or other obligationsof any bank and are not bank guaranteed. They are subject toinvestment risks and possible loss of principal.

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Market Guarantee Account has been closed to new contributions sinceJanuary 1, 2009. See “Investment Options” later in this prospectus.

This prospectus is a disclosure document and describes all of the con-tract’s material features, benefits, rights and obligations, as well asother information. The description of the contract’s material provisionsin this prospectus is current as of the date of this prospectus. If certainmaterial provisions under the contract are changed after the date of thisprospectus in accordance with the contract, those changes will bedescribed in a supplement to this prospectus. You should carefully readthis prospectus in conjunction with any applicable supplements.

We have filed registration statements relating to this offering with theSecurities and Exchange Commission. A Statement of AdditionalInformation (“SAI”), dated May 1, 2018, which is part of one of theregistration statements, is available free of charge upon request bywriting to us or calling us toll-free. The SAI has been incorporated byreference into this prospectus. The table of contents for the SAI and arequest form to obtain the SAI appear at the end of this prospectus.You may also obtain a copy of this prospectus and the SAI throughthe SEC website at www.sec.gov. The SAI is available free of charge.You may request one by writing to our Processing Office at TheMembers Retirement Program, c/o AXA Equitable, Box 4875 Syr-acuse, NY 13221, or calling 1-800-526-2701.

Contents of this Prospectus

Index of key words and phrases 5Who is AXA Equitable? 6How to reach us 7The Program at a glance — key features 9Employer choice of retirement plans 9Plan features 9The Contract at a glance — key features 10

Fee table 12

Examples 13Condensed financial information 13Financial statements of investment funds 13

1. Investment options 14

The Funds 14The Investment Trusts 17Portfolios of the Investment Trusts 18Risks of investing in the Funds 24Additional information about the Funds 25The guaranteed options 25

2. How we value your account balance in theFunds 27

For amounts in the Funds 27How we determine the unit value 27How we value the assets of the Funds 27

When we use the words “we,”“us” and “our,” we mean AXA Equitable. Please seethe index of key words and phrases used in this prospectus. The index will refer youto the page where particular terms are defined or explained.

When we address the reader of this prospectus with words such as “you” and“your,” we generally mean the individual plan participant in one or more of the plansavailable in the Program. For example, “you” and “your” may refer to the individualplan participant when the contract owner has instructed us to take participantin-plan instructions as the contract’s owner’s instructions under the contract. Forexample, in “Transfers and access to your account.”

As explained in certain sections, “you” and “your” may sometimes refer to theemployer. For example, “The Program” section of this prospectus is primarily directedat the employer.

No person is authorized by AXA Equitable Life Insurance Company to give anyinformation or make any representations other than those contained in this pro-spectus and the SAI, or in other printed or written materials issued by AXA Equitable.You should not rely on any other information or representation.

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3. Transfers and access to your account 29

Transfers among investment options 29Disruptive transfer activity 29Our Automated Voice Response System and our Internet

website 30Participant loans 30Choosing benefit payment options 30Proof of correct information 32Benefits payable after the death of a participant 32

4. The Program 33

Summary of plan choices 33Getting started 33How to make Program contributions 33Allocating Program contributions 33Distributions from the investment options 34Rules applicable to participant distributions 34

5. Charges and expenses 36

Charges for state premium and other applicable taxes 37Fees paid to associations 37General information on fees and charges 37Charges that the Trusts deduct 37

6. Tax information 38

Buying a contract to fund a retirement arrangement 38Income taxation of distributions to qualified

plan participants 38In-Plan Roth rollover 39Tax withholding and information reporting 39Impact of taxes to AXA Equitable 39

7. More information 41

About Program changes or terminations 41IRS disqualification 41About the separate accounts 41About the general account 41Cybersecurity 41About legal proceedings 42Financial statements 42About the trustee 42Distribution of the contracts 42Reports we provide and available information 42Acceptance 42

Appendix

I — Condensed financial information I-1

Statement of additional informationTable of contents

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Index of key words and phrases

Below is an index of key words and phrases used in this prospectus. The index will refer you to the page where particular terms are defined orexplained. This index should help you locate more information on the terms used in this prospectus.

Page

Automated Voice Response System 7AXA Equitable 6beneficiary 31benefit payment options 30business day 27contract 1corresponding portfolio 1disruptive transfer activity 29eligible rollover distributions 38fair valuation 28GIO 25GRAs 25guaranteed options 10,25individually designed plan 33IRA 38IRS Pre-Approved Plan 33

Page

investment funds 1investment options 14Investment Trusts 17market timing 29Money Market Guarantee Account 14Pooled Trust 33Program 33Roth 401(k) 9separate accounts 41Separate Trust 9unit value 27unit 273-year GRA 265-year GRA 26

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Index of key words and phrases

Who is AXA Equitable?

We are AXA Equitable Life Insurance Company (“AXA Equitable”) aNew York stock life insurance corporation. We have been doing busi-ness since 1859. AXA Equitable Life Insurance Company is an indirectwholly owned subsidiary of AXA Equitable Holdings, Inc., which is anindirect majority owned subsidiary of AXA S.A. (“AXA”), a Frenchholding company for an international group of insurance and relatedfinancial services companies. As the majority shareholder of AXAEquitable, AXA exercises significant influence over the operations andcapital structure of AXA Equitable. No company other than AXAEquitable, however, has any legal responsibility to pay amounts thatAXA Equitable owes under the contracts. AXA Equitable is solelyresponsible for paying all amounts owed to you under your contract.

AXA Equitable Holdings, Inc. and its consolidated subsidiaries man-aged approximately $669.9 billion in assets as of December 31,2017. For more than 150 years AXA Equitable has been among thelargest insurance companies in the United States. We are licensed tosell life insurance and annuities in all fifty states, the District ofColumbia, Puerto Rico, and the U.S. Virgin Islands. Our home office islocated at 1290 Avenue of the Americas, New York, NY 10104.

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How to reach us

You may communicate with us at the mailing addresses listed belowfor the purposes described. Certain methods of contacting us, such asby telephone or electronically may be unavailable or delayed. Forexample, our facsimile service may not be available at all times and/orwe may be unavailable due to emergency closing. In addition, the leveland type of service available may be restricted based on criteria estab-lished by us. In order to avoid delays in processing, please send yourcorrespondence and check to the appropriate location listed below.

You can reach us as indicated below to obtain:

• Copies of any plans, trusts, adoption agreements, or enrollmentor other forms used in the Program.

• Unit values and other account information under your plan.

• Any other information or materials that we provide in connectionwith the Program.

Information on joining the ProgramBy Phone:

1-800-523-1125 (Retirement Program Specialists available week-days 9 a.m. to 5 p.m., Eastern Time)

By regular mail:

The Members Retirement Programc/o AXA EquitableBox 4875Syracuse, NY 13221

By registered, certified, or overnight delivery:

The Members Retirement Programc/o AXA Equitable100 Madison St., MD-34-42Syracuse, NY 13202

By Internet:

The Members Retirement Program website www.axa.com/mrp, pro-vides information about the Program, as well as several interactivetools and resources that can help answer some of your retirementplanning questions. The website also provides an e-mail feature thatcan be accessed by clicking on “Contact us.”

No person is authorized by AXA Equitable Life InsuranceCompany to give any information or make any representationsother than those contained in this prospectus and the SAI, or inother printed or written material issued by AXA Equitable. Youshould not rely on any other information or representation.

Information once you join the ProgramBy phone:

1-800-526-2701 (U.S.) or 1-800-526-2701-0 from France, Israel,Italy, Republic of Korea, Switzerland, and the United Kingdom(Retirement Plan Account Managers available weekdays 9 a.m. to5 p.m., Eastern Time).

Toll-free Automated Voice Response System:

By calling 1-800-526-2701 or 1-800-526-2701-0, you may, withyour assigned personal security code, use our Automated VoiceResponse System to:

• Transfer between investment options and obtain account bal-ance information.

• Change the allocation of future contributions.

• Hear personalized performance information and fund unitvalues.

Our Automated Voice Response System operates 24 hours a day. Youmay speak with our Retirement Plan Account Managers during regularbusiness hours about any matters covered by our Automated VoiceResponse System.By Internet for amounts in the Plan Trust

By logging on to www.axa.com/mrp, both participants and employerscan access certain retirement account information and perform cer-tain financial transactions. Participants can access the information byclicking on Participant Log-In and entering their credentials. Partic-ipants can use the Internet to access certain retirement accountinformation and perform certain transactions such as:

• Investment performance, current investment fund unit values,and current guaranteed option interest rates.

• Transfer assets between investment options and obtain accountbalance information.

• Change the allocation of future contributions.

Employers can access information by clicking on Employer Log-In andentering their User ID and Password. Employers can use the Internetto access certain plan level retirement account information and per-form certain transactions such as:

• Standard and Customizable Reports

• Online remittal of Contributions

• Online remittal of annual Plan and Participant Census Information

• Online Form 5500 preparation and filing (IRS Pre-ApprovedPlans only)

For correspondence without contribution checks sentby regular mail:

The Members Retirement ProgramP.O. Box 4875Syracuse, NY 13221

For correspondence with contribution checks sent byregular mail:

The Association Members Retirement ProgramP.O. Box 13678Newark, NJ 07188-3678

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For all correspondence (with or without contributionchecks) sent by registered, certified, or overnightdelivery:

AXA EquitableAssociation Service MD-34-42100 Madison StreetSyracuse, NY 13202

Your correspondence will be picked up at the mailing address notedabove and delivered to our Processing Office. Your correspondence,however, is not considered received by us until it is received at ourProcessing Office. Our Processing Office is located at 100 MadisonStreet, Syracuse, NY 13202.By E-Mail

We welcome your comments and questions regarding the MembersRetirement Program or website. If you have a comment or suggestionemail us from the Program website. Go to www.axa.com/mrp, Partic-ipant Log-In and click on “Contact Us”.

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The Program at a glance — key features

Employer choice of retirement plans

Our IRS Pre-Approved Plan (“Plan”) is a defined contribution proto-type or volume submitter plan that can be adopted as a profit-sharingplan (401(k), SIMPLE 401(k), safe harbor 401(k) and Roth 401(k)features are available) and a defined contribution pension plan, orboth. A “designated Roth contribution” (“Roth 401(k)”) may beadded to any of the 401(k) features. It allows eligible employees todesignate all or part of their elective deferrals as Roth contributions.See “Tax Information” below.

The Plan is designed to comply with the requirements of Section404(c) of the Employee Retirement Income Security Act of 1974(“ERISA”). The Program’s investment options are the only investmentchoices under the IRS Pre-Approved Plan.

If you maintain your own individually-designed plan, which investsthrough our Investment Only arrangement, you may use the invest-ment options in the Program through our Pooled Trust.

Plan features

IRS Pre-Approved Plan:

• The Program investment options are the only investmentchoices.

• Plan-level and participant-level recordkeeping, benefit payments,tax withholding and reporting provided.

• Use of our Separate Trust.

• No minimum amount must be invested.

• Online Form 5500 reporting.

• Automatic updates for law changes (may require employer adop-tion) and reporting.

Investment only:

• Our Pooled Trust is used for investment only.

• Recordkeeping services provided for plan assets in Pooled Trust.

Plan charges and expenses:

• Plan and transaction charges vary by type of plan adopted, or byspecific transaction.

Additional features for amounts held in the trust:

• Toll-free number available for transfers and account information.

• Internet website access to account information and transactions.

• Participant loans (if elected by your employer; some restrictionsapply).

• Regular statements of account.

• Retirement Program Specialist and Retirement Plan AccountManager support.

• Daily valuation of accounts.

IRS Pre-Approved Plan

Pooled Trust forIndividuallyDesigned Plans

Who selectsinvestments?

Participant Participant or Trustee,as specified underyour “Plan”

Are loansavailable?

Yes, if permittedunder your “Plan”

Yes, if permittedunder your Plan

When are youeligible fordistributions?

Upon retirement,death, disability ortermination ofemployment

Benefits depend uponthe terms of your“Plan”

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The Program at a glance — key features

The Contract at a glance — key features

Contributions:

• Can be allocated to any one option or divided among them.

• Must be made by check or money order payable to AXAEquitable or remitted online.

• Must be sent along with the form acceptable to AXA.

• Are credited on the day of receipt if accompanied by properlycompleted forms. There are two main exceptions: if the itemarrives (1) on a day that is not a business day or (2) after theclose of a business day, then, in each case, we are deemed tohave received that item on the next business day.

Transfers among investment options:

• Generally, amounts may be transferred among the investmentoptions at any time.

• Transfers may be made through our Automated Voice ResponseSystem or Program website.

• There is no charge for transfers and no tax liability.

• Transfers from the Guaranteed Rate Accounts may not be madeprior to maturity.

Charges and expenses:

• Program expense charge assessed against combined value ofProgram assets in the Trust.

• Investment management and accounting fees and otherexpenses charged on an investment fund-by-fund basis, asapplicable.

• Record maintenance and report fee.

• Enrollment fee.

• Indirectly, charges of underlying Portfolios for investmentmanagement, 12b-1 fees and other expenses.

Professional investment management:

Through the investment funds under our contract we make availablethese professional investment advisers who advise or sponsor thedifferent Funds:

• AllianceBernstein L.P.

• Allianz Global Investors U.S. LLC

• AXA Equitable Funds Management Group, LLC

• AXA Equitable Funds Management Group, LLC d/b/a 1290 AssetManagers®

• BlackRock Investment Management, LLC

• Capital Guardian Trust Company

• Diamond Hill Capital Management, Inc.

• DoubleLine Capital, LP

• EARNEST Partners, LLC

• Federated Global Investment Management Corp.

• GAMCO Asset Management, Inc.

• Loomis, Sayles & Company, L.P.

• Massachusetts Financial Services Company d/b/a MFS InvestmentManagement

• Morgan Stanley Investment Management, Inc.

• Oppenheimer Funds, Inc.

• Pacific Investment Management Company LLC

• SSgA Funds Management, Inc.

• The Dreyfus Corporation

• T. Rowe Price Associates, Inc.

• The Vanguard Fixed Income Group

• The Vanguard Equity Index Group

• Wellington Management Company, LLP

• Wells Capital Management, Inc.

Benefit payment options:

• Lump sum.

• Installments on a time certain or dollar certain basis includingautomated minimum distributions if elected.

• Fixed annuity benefit payout options as available under youremployer’s plan.

• Variable annuity benefit payout options as available under youremployer’s plan (described in a separate prospectus for that option).

For more detailed information, we urge you to read the contents ofthis prospectus. This prospectus is not the group annuity contract.Please feel free to call us if you have any questions.

Guaranteed options:

The four guaranteed options include two Guaranteed Rate Accounts, aGuaranteed Interest Option, and a Money Market Guarantee Account.The Money Market Guarantee Account and the two Guaranteed RateAccounts are closed to new or additional contributions, transfers andloan repayments. See “Money Market Guarantee Account is closed tonew money” under “Investment Options” later in this prospectus.

For more detailed information, we urge you to read the contents ofthis prospectus, as well as your contract. Please feel free to speakwith your financial professional, or call us, if you have any questions.If for any reason you are not satisfied with your contract, you mayreturn it to us for a refund within a certain number of days.

Tax advantages:

• On earningsNo tax on investment earnings until withdrawn.

• On transfersNo tax on internal transfers.

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Tax note:

• Because you are purchasing or contributing to an annuitycontract to fund a retirement plan qualified under section 401 ofthe Internal Revenue Code (the “Code”) you should be awarethat the contract meets Code qualification requirements but doesnot provide tax deferral benefits beyond those already providedby the Code. You should consider whether the contract’s featuresand benefits beyond tax deferral meet your needs and goals. Youmay also want to consider the features, benefits and costs of thecontract relative to other types of arrangements. (For moreinformation, see “Tax information” later in the prospectus.)

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Fee table

The following tables describe the fees and expenses that you will pay periodically during the time that you own the contract, not including the underlyingtrust portfolio fees and expenses. Each of the charges and expenses is more fully described in “Charges and expenses” later in this prospectus.

Charges we deduct from the value in your investment options at the end of each month expressed as an annual percentage

Program expense charge(1) 0.85% (Maximum)

Charges we deduct from your account value at the end of each calendar quarter

Record maintenance and report fee $3.75

Charges we may deduct from your account value

Enrollment fee(2) $25 per participant

A proportionate share of all fees and expenses paid by a Portfolio that corresponds to any investment fund of the Investment Trusts to which moniesare allocated also applies. The table below shows the lowest and highest total operating expenses as of December 31, 2017 charged by any of thePortfolios that apply periodically during the time that you own the contract. These fees and expenses are reflected in the investment funds’ net assetvalue each day. Therefore, they reduce the investment return of the fund and the related investment option. Actual fees and expenses are likely to fluc-tuate from year to year. More detail concerning each Portfolio’s fees and expenses is contained in the prospectuses for the Trusts.

Portfolio operating expenses expressed as an annual percentage of daily net assets

Total Annual Portfolio Operating Expenses (expenses that are deductedfrom Portfolio assets including management fees, 12b-1 fees, service fees,and/or other expenses)(*)

Lowest0.15%

Highest5.24%

(*) “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, LLChas agreed to make payments or waive its management, administrative and other fees to limit the expenses of certain affiliated Portfolios through April 30, 2019 (“ExpenseLimitation Arrangement”) (unless the Investment Trust’s Board of Trustees consents to an earlier revision or termination of this agreement). The Expense Limitation Arrangement maybe terminated by AXA Equitable Funds Management Group, LLC at any time after April 30, 2019. The range of expenses in the table above does not include the effect of any ExpenseLimitation Arrangement. The Expense Limitation Arrangement does not apply to unaffiliated Portfolios. The range of expense in the table below includes the effect of the ExpenseLimitation Arrangements.

Portfolio operating expenses expressed as an annual percentage of daily net assets

Total Annual Portfolio Operating Expenses after the effect of Expense Limitation Arrangements(**) Lowest0.15%

Highest1.35%

(**) “Total Annual Portfolio Operating Expenses” may be based, in part, on estimated amounts of such expenses.

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

Pooled trust expenses expressed as an annual percentageInvestment

Management andAccounting Fee(3)

Direct Operating andOther Expenses(4) Total

AllianceBernstein Growth Equity 0.30% 0.09% 0.39%AllianceBernstein Mid Cap Growth 0.65% 0.02% 0.67%AllianceBernstein Balanced 0.50% 0.13% 0.63%Charges we deduct from the Funds expressed as an annual percentage

Other expenses(4)(5) 0.01%

(1) This is the maximum fee; the program expense charge you actually pay may be lower, as discussed later in this prospectus, under “Charges and expenses”.

(2) This fee is charged to your employer. If your employer fails to pay this charge, we may deduct the amount from subsequent contributions or from your account value.

(3) These fees will fluctuate from year to year and from fund to fund based on the assets in each fund. The percentage set forth in the table represents the highest fees incurred bya fund during the fiscal year ended December 31, 2017. These expenses may be higher or lower based on the expenses incurred by a fund during the fiscal year endedDecember 31, 2018. We receive a portion of this fee for accounting and administrative services.

(4) These expenses vary by investment Fund, and will fluctuate from year to year based on actual expenses. The percentage set forth in the table represents the highest other expensesincurred by a Fund during the fiscal year ended December 31, 2017. These expenses may be higher based on the expenses incurred by the Funds during the fiscal year endedDecember 31, 2018.

(5) Effective January 1, 2014, AXA Equitable voluntarily capped “Other Expenses” for the pooled trust Funds at 0.01%. The cap is currently in effect through April 30, 2019, atwhich time AXA Equitable will opt to continue or remove it. If the cap was not in effect, “Other Expenses” as of December 31, 2017 would have been 0.09%.

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Fee table

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 con-tracts. These costs include contract owner transaction expenses, contract fees, separate account annual expenses, and underlying trust fees andexpenses.

The examples below show the expenses that a hypothetical contract owner would pay in the situations illustrated and assume the maximum chargesapplicable under the contract, including the record maintenance and report fee and the enrollment fee. Since there are no surrender charges in con-nection with amounts invested in the Funds, the expenses are the same whether or not the participant withdraws amounts held in any of the Funds.

The charges used in the examples are the maximum expenses. The Guaranteed Rate Accounts, Guaranteed Interest Option, and the MoneyMarket Guarantee Account are not covered by the fee table and examples. However, ongoing expenses do apply to the Guaranteed RateAccounts, Guaranteed Interest Option, and the Money Market Guarantee Account. These examples should not be considered a representation ofpast or future expenses for each option. Actual expenses may be greater or less than those shown. Similarly, the annual rate of return assumed inthe examples is not an estimate or guarantee of future investment performance.

Separate Account No. 66 examples: These examples assume that you invest $10,000 in the contract for the time periods indicated and thatyour investment has a 5% return each year. The example also assumes maximum contract charges and total annual expenses of the Portfolios(before expense limitations) set forth in the previous charts. Although your actual costs may be higher or lower, based on these assumptions, yourcost would be:

If you surrender or do notsurrender your contract at the end of

the applicable time periodIf you annuitize at the end of the

applicable time period

1 Year 3 Years 5 Years 10 Years 1 Year 3 Years 5 Years 10 Years

INVESTMENT TRUSTS:

(a) assuming maximum fees and expenses of any of the Portfolios $647 $1,866 $3,053 $5,881 $647 $1,866 $3,053 $5,881

(b) assuming minimum fees and expenses of any of the Portfolios $143 $ 391 $ 655 $1,399 $143 $ 391 $ 655 $1,399

Pooled separate account examples: These examples assume that you invest $10,000 in the indicated options under the contract for the timeperiods indicated. All other information and assumptions stated above apply. Although your actual costs may be higher or lower based on theseassumptions, your costs would be:

If you surrender or do notsurrender your contract at the end of

the applicable time periodIf you annuitize at the end of the

applicable time period

1 Year 3 Years 5 Years 10 Years 1 Year 3 Years 5 Years 10 Years

AllianceBernstein Growth Equity $181 $509 $ 857 $1,827 $181 $509 $ 857 $1,827

AllianceBernstein Mid Cap Growth $207 $586 $ 987 $2,098 $207 $586 $ 987 $2,098

AllianceBernstein Balanced $212 $601 $1,013 $2,152 $212 $601 $1,013 $2,152

Condensed financial information

Please see Appendix I at the end of this prospectus for condensed financial information concerning the Funds available as of December 31, 2017.

Financial statements of investment funds

Each of the investment funds is, or is part of, one of our separate accounts as described in “About the separate accounts” under “Moreinformation” later in this prospectus. The financial statements of the Pooled Separate Accounts, (AllianceBernstein Growth Equity (SeparateAccount No. 4), AllianceBernstein Mid Cap Growth (Separate Account No. 3) and AllianceBernstein Balanced (Separate Account No. 10)) andSeparate Account No. 66 as well as the financial statements of AXA Equitable are included in the SAI. The financial statements for each Trust arein the SAI for that Trust.

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Fee table

1. Investment options

We offer various investment options under the contract whichinclude: investment funds that we call the “Funds”, two GuaranteedRate Accounts and the Guaranteed Interest Option. The two Guaran-teed Rate Accounts and the Money Market Guarantee Account areno longer being sold. See “Money Market Guarantee Account isclosed to new money” under “Investment options” later in this pro-spectus for further information. We reserve the right to discontinuethe offering of any Funds and either or both of the currently availableGuaranteed Rate Accounts at any time with notice to you. Not allFunds, Guaranteed Rate Accounts and the Guaranteed InterestOption, may be available with all Plans.

The Funds

Each Fund has a different investment objective. The Funds try to meettheir investment objectives by investing either in a portfolio of secu-rities or by holding mutual fund shares. We cannot assure you thatany of the Funds will meet their investment objectives.

The AllianceBernstein Growth Equity Fund

Objective

The investment objective of the AllianceBernstein Growth Equity Fundis to achieve long-term growth of capital. The Fund seeks to achieveits objective by investing its assets in securities represented in theRussell 1000 Growth Index (“Index”); it is intended that the Fundseeks to approximate the risk profile and investment return of theIndex on an annualized basis.

Investment strategies

The Manager will use a replication construction technique to initiateand maintain the portfolio. The Fund seeks to approximate the Rus-sell 1000 Growth Index by owning all securities in the portfolio in theapproximate weight each represents in the Index. The Russell 1000Growth Index measures the performance of the large-cap growthsegment of the U.S. equity universe. It includes those Russell 1000companies with higher price-to-book ratios and higher forecastedgrowth values. (Source: Russell Investment Group).

The majority of trading in the Fund each year will take place in June,after the annual reconstitution of the Russell indexes by RussellInvestments. The list of constituents is ranked based on total marketcapitalization as of May 31st of each year, with the actual recon-stitution effective in June. Changes to the membership lists arepre-announced and subject to change if any corporate activity occursor if any new information is received prior to release.

Typically, passively managed portfolios are rebalanced when cash isaccumulated due to dividend and interest receipts, monies arereceived from corporate reorganizations (i.e. tenders, mergers andbuybacks) and external cash flows.

AllianceBernstein may utilize index futures and Exchange TradedFunds to equitize short-term cash balances or effect basis trades tominimize transaction costs. These instruments are used if, in the advi-sor’s opinion, they provide a more cost-effective alternative thantransacting in the cash market.

The Fund is valued daily.

Risks of investment strategies

See “Risks of investing in the funds,” later in this prospectus, forinformation on the risks associated with an investment in the Fundsgenerally, and in the AllianceBernstein Growth Equity Fund specifically.

The AllianceBernstein Mid Cap Growth Fund

Objectives

The AllianceBernstein Mid Cap Growth Fund seeks to achieve long-term capital growth, through a diversified portfolio of equity secu-rities. The account attempts to achieve this objective by investingprimarily in the common stock of medium-sized companies whichhave the potential to grow faster than the general economy and togrow into much larger companies.


The AllianceBernstein Mid Cap Growth Fund is actively managed toobtain excess return versus the Russell Mid Cap Growth Index. TheFund invests at least 80% of its total assets in the common stock ofcompanies with medium capitalizations at the time of the Fund’sinvestment, similar to the market capitalizations of companies in theRussell Mid Cap Growth Index. Companies whose capitalizations nolonger meet this definition after purchase continue to be consideredto have a medium market capitalization for purposes of the 80%policy. If deemed appropriate, in order to meet the investmentobjectives, the Fund may invest in companies in cyclical industries, aswell as in securities that the adviser believes are temporarily under-valued. The Fund may also invest in foreign companies without sub-stantial business in the United States. In aggregate, IPO (Initial PublicOfferings) investments cannot exceed 5% of the Fund at time ofpurchase, and no more than 10% due to appreciation. An IPO is anissuer’s first offering of a security or class of a security to the public.

The Fund may also invest in other types of securities including con-vertible preferred stocks, convertible debt securities and short-termsecurities such as corporate notes, and temporarily invest in moneymarket instruments. Additionally, the Fund may invest up to 10% ofits total assets in restricted securities.

The Fund attempts to generate excess return by taking active risk insecurity selection by looking for companies with unique growthpotential. The Fund may often be concentrated in industries whereresearch resources indicate there is high growth potential. The Fund isvalued daily.

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Investment options


See “Risks of investing in the funds” later in this prospectus, forinformation on the risks associated with an investment in the Fundsgenerally, and in the AllianceBernstein Mid Cap Growth Fund specifically.Note, however, that due to the AllianceBernstein Mid Cap Growth Fund’sinvestment policies, this Fund provides greater growth potential andgreater risk than the AllianceBernstein Growth Equity and AllianceBern-stein Balanced Funds. As a result, you should consider limiting theamount allocated to this Fund, particularly as you near retirement.

The AllianceBernstein Balanced Fund

Objectives

The Balanced Account (the “Portfolio”) seeks to achieve both appreci-ation of capital and current income through investment in a diversi-fied Portfolio of publicly traded common stocks, equity-type securities,debt securities and short-term money-market instruments. The Bal-anced Portfolio will include allocations to three sub-portfolios: GlobalStructured Equity, US Core Fixed Income and Cash.


The Global Structured Equity sub-portfolio’s objective is to deliverconsistent excess returns driven by intensive company research com-bined with a disciplined portfolio construction process focused on riskcontrol. The sub-portfolio targets long-term growth of capital and tooutperform the Morgan Stanley Capital International (MSCI) WorldIndex over any three year period.

The Global Structured Equity sub-portfolio invests primarily in equityand equity type securities (such as convertible bonds, convertible pre-ferred and warrants) by using a disciplined investment approach toidentify attractive investment candidates based on internally generatedresearch. The Adviser’s global industry research analysts are respon-sible for a primary research universe of companies that are primarilystocks in the MSCI World Index or stocks with similar characteristicsthat meet the Advisor’s investment criteria. The analysts conductin-depth research on these companies to uncover the most attractiveinvestment opportunities. The sub-portfolio is constructed to maximizeexposure to stocks selected by the Advisor’s analysts and PortfolioManagers. Individual security weights are a function of the analystview, ownership within other portfolios, volatility, correlation andindex weight. It may also hold securities to control risk and to limit thetraditional sources of risk such as style/theme exposures. The result isa combination of stocks in the sub-portfolio with fundamental charac-teristics, as well as country and sector weightings that approximatethose of the benchmark. The sub-portfolio primarily invests its assetsin countries included in the MSCI World Index, however the sub-portfolio may not invest in Emerging Market securities that fall into theMSCI Emerging Markets country definition. The sub-portfolio may alsoutilize currency hedging through the use of currency forwards. For thecurrency hedging process, the Advisor uses forward contracts thatrequire the purchase or delivery of a foreign currency at some futuredate. The price paid for the contract is the current price of the foreigncurrency in U.S. dollars plus or minus an adjustment based on theinterest rate differential between the U.S. dollar and the foreign cur-rency. This process utilizes the Advisor’s currency multi-factor expectedreturn model based upon: interest rate differentials, current accountimbalances, convergence to purchasing-power parity and marketmomentum. The strategy is implemented using optimization tools that

explicitly recognize the link between return potential and risk. The useof currency forwards may only be used for currency hedging purposes.The use of cross hedging may only be utilized with prior approval ofAXA Equitable.

The US Core Fixed Income’s sub-portfolio seeks to consistently addvalue relative to the broad bond market and core fixed incomemanagers through a research driven, disciplined search for relativevalue opportunities across the full range of fixed income market sec-tors. It is actively managed, seeking to primarily add value through acombination of sector and security-specific selections.

The Fixed Income process capitalizes on the Advisor’s independentfundamental and quantitative research in an effort to add value. Theprocess begins with proprietary expected return forecasts of ourquantitative research team, which narrow the investment universeand identify those sectors, securities, countries and currencies thatappear most/least attractive. These quantitative forecasts enable us toprioritize the further in-depth analysis of our fundamental credit andeconomic research teams. These fundamental research teams arefocused on forecasting credit and economic fundamentals which con-firm or refute our quantitative model findings.

Once the quantitative and fundamental forecasts have been made,the Advisor’s most senior research and portfolio management pro-fessionals meet in “research review” sessions where the forecasts arevetted with the goal of reconciling any differences between quantita-tive and fundamental projections and determining conviction level ineach forecast, and identifying major themes to be implemented in theportfolios. The US Core team then translates the final researchrecommendations — the output of the research review sessions —into an appropriate portfolio risk target (tracking error). The US CoreTeam budgets this risk across the primary decisions (sector allocation,security selection and yield curve structure) with the use of proprietaryportfolio construction tools.

The U.S. Core Fixed Income sub-portfolio may invest in a wide varietyof publicly traded debt instruments. The sub-portfolio will only pur-chase US-dollar denominated securities. The sub-portfolio’snon-money market securities will consist primarily of the followingpublicly traded securities:

1) debt securities issued or guaranteed by the United States Govern-ment (such as U.S. Treasury securities), its agencies (such as theGovernment National Mortgage Association), or instrumentalities-(such as the Federal National Mortgage Association), 2) debt secu-rities issued by governmental entities and corporations fromdeveloped and developing nations, 3) asset-backed securities,mortgage-related securities (including agency and non-agency fixed,ARM and hybrid pass-throughs, commercial mortgage-backed secu-rities (“CMBS”), mortgage dollar rolls, and up to 5% agency andnon-agency collateralized mortgage obligations (“CMOs”), zerocoupon bonds, preferred stocks and trust preferred securities andinflation protected securities. At the time in which the account entersinto a transaction involving the future delivery of securities whichcould result in potential economic leverage, the Advisor will maintaincash equivalents or other liquid securities in the portfolio having anamount equal to or greater than the market value of the position/commitment in question. In addition, the Advisor will monitor theaccount on a periodic basis to ensure that adequate coverage ismaintained. The sub-portfolio may purchase 144A securities. The

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Investment options

sub-portfolio may also buy debt securities with equity features, suchas conversion or exchange rights or warrants for the acquisition ofstock or participations based on revenues, sales or profits. All suchsecurities will be investment grade, at the time of acquisition, i.e.,rated BBB or higher by Standard & Poor’s Corporation (S&P), Baa orhigher by Moody’s Investor Services, Inc. (Moody’s), BBB or higher byFitch or if unrated, will be of comparable investment quality. Thesub-portfolio may directly invest in investment grade money marketinstruments. Cash equivalent investments are defined as any securitythat has a maturity less than one year, including repurchase agree-ments in accordance with AXA Equitable guidelines.

Swap transactions are prohibited.

The overall sub-portfolio duration is maintained approximately within10% of the Barclays Capital Aggregate Bond Index.

The Cash sub-portfolio may invest directly in investment-grade moneymarket instruments.

The portfolio may invest in cash equivalents in a commingledinvestment fund managed by the Advisor.

Asset allocation policies

The Portfolio includes an asset allocation with a 60% weighting forequity securities and a 40% weighting for debt securities (see chartbelow). This asset allocation, which has been adapted to AXA Equi-table specifications, is summarized below. The Advisor will allow therelative weightings of the Portfolio’s debt and equity components tovary in response to markets, but ordinarily only by +/- 3% of theportfolio. Beyond those ranges, the Advisor may generally rebalancethe Portfolio toward the targeted asset allocation, in line with AXAEquitable specifications. The Fund is valued daily.AllocationPortfolio Type

Sub-PortfolioPortfolio

AXA Equitable’sSpecified Target

Global Equity Global Structured Equity 60%

Total fixed and moneymarket instruments:

40%

• Fixed • 35%-USCore FixedIncome

• Money marketinstruments

• 5%-Cash


See “Risks of investing in the Funds”, below, for information on therisks associated with an investment in the funds generally, and in theAllianceBernstein Balanced Fund specifically.

Investment adviser

The Board of Directors has delegated responsibility to a committee toauthorize or approve investments in the AllianceBernstein Balanced,AllianceBernstein Growth Equity and AllianceBernstein Mid CapGrowth funds (collectively, the “Funds”). That committee may exerciseits investment authority directly or it may delegate it, in whole or inpart, to a third part investment advisor. The committee has delegatedresponsibility to AllianceBernstein L.P. (“AllianceBernstein”) to man-age the Funds. Subject to that committee’s broad supervisory author-ity, AllianceBernstein’s investment officers and managers have

complete discretion over the assets of the Funds and have been givendiscretion as to sales and, within specified limits, purchases of stocks,other equity securities and certain debt securities. When an investmentopportunity arises that is consistent with the objectives of more thanone account, investment opportunities are allocated among accountsin an impartial manner based on certain factors such as investmentobjective and current investment and cash positions.

AllianceBernstein is registered as an investment advisor under theInvestment Advisers Act of 1940, as amended. We are the majority-owners of AllianceBernstein, a limited partnership. AllianceBernsteinacts as investment adviser to various separate accounts and generalaccounts of AXA Equitable and other affiliated insurance companies.AllianceBernstein also provides investment management and advisoryservices to mutual funds, endowment funds, insurance companies,foreign entities, qualified and non-tax qualified corporate funds, pub-lic and private pension and profit-sharing plans, foundations and tax-exempt organizations. The following portfolio managers are primarilyresponsible for the day-to-day management of the portfolios:

FundPortfolioManager

Business experiencefor past 5 years

AllianceBernsteinGrowth Equity Fund

Judith A. De Vivo Portfolio Managerat AllianceBernsteinsince 1984

AllianceBernstein MidCap Growth Fund

John H. Fogarty Portfolio Managerat AllianceBernsteinsince 1997

AllianceBernsteinBalanced Fund

Greg Wilensky Portfolio Managerat AllianceBernsteinsince 1996

Joshua Lisser Portfolio Managerat AllianceBernsteinsince 1992

Judith A. De Vivo Portfolio Managerat AllianceBernsteinsince 1984

Ben Sklar Portfolio Managerat AllianceBernsteinsince 2009

John H. Fogarty Portfolio Managerat AllianceBernsteinsince 1997

The SAI provides additional information about the portfolio managersincluding compensation, other accounts managed and ownership ofsecurities in the fund.

As of December 31, 2017, AllianceBernstein had total assets undermanagement of $554 billion. AllianceBernstein’s main office is locatedat 1345 Avenue of the Americas, New York, New York 10105.

Portfolio holdings policy for the Pooled Separate Accounts

A description of the policies and procedures with respect to disclosureof the portfolio securities of the AllianceBernstein Balanced Fund, theAllianceBernstein Growth Equity Fund and the AllianceBernstein MidCap Growth Fund is available in the SAI. Generally, portfolioinformation is available 30 days after the month end free of charge bycalling 1 (866) 642-3127.

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Investment options

The Investment Trusts

The Investment Trusts are registered under the Investment Company Actof 1940. They are classified as “open-end management investmentcompanies,” more commonly called mutual funds. Each InvestmentTrust issues different shares relating to each portfolio.

The Trusts do not impose sales charges or ‘‘loads’’ for buying and sellingtheir shares. All dividends and other distributions on Trust shares arereinvested in full. The Board of Trustees of each Investment Trust servesfor the benefit of each Investment Trust’s shareholders. The Board ofTrustees may take many actions regarding the portfolios (for example, theBoard of Trustees can establish additional portfolios or eliminate existingportfolios; change portfolio investment objectives; and change portfolioinvestment policies and strategies). In accordance with applicable law,certain of these changes may be implemented without a shareholder voteand, in certain instances, without advanced notice. More detailedinformation about certain actions subject to notice and shareholder votefor each Investment Trust, and other information about the portfolios,including portfolio investment objectives, policies, restrictions, risks,expenses, its Rule 12b-1 plan and other aspects of its operations,appears in the prospectuses for each Investment Trust, which generallyaccompany this prospectus, or in their respective SAIs, which are avail-able upon request.

All funds other than the AllianceBernstein Growth Equity Fund, theAllianceBernstein Mid Cap Growth Fund and the AllianceBernsteinBalanced Fund invest in corresponding portfolios of the InvestmentTrusts. The investment results you will experience in any one of thoseinvestment funds will depend on the investment performance of thecorresponding portfolios.

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Investment options

Portfolios of the Investment Trusts

We offer both affiliated and unaffiliated Investment 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 adviser of the Portfolios of AXA Premier VIP Trust, EQ AdvisorsTrust and 1290 Funds®. For some Portfolios, AXA FMG has entered into sub-advisory agreements with one or more other investment advisers (the“sub-advisers”) to carry out the investment decisions for the Portfolios. As such, among other responsibilities, AXA FMG oversees the activities of thesub-advisers with respect to the Investment Trusts and is responsible for retaining or discontinuing the services of those sub-advisers. The chart belowindicates 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 may receive 12b-1 feesfrom the Portfolios for providing certain distribution and/or shareholder support services. These fees will not exceed 0.25% of the Portfolios’ averagedaily net assets. The Portfolios’ sub-advisers and/or their affiliates may also contribute to the cost of expenses for sales meetings or seminarsponsorships that may relate to the contracts and/or the sub-advisers’ respective Portfolios. In addition, AXA FMG receives management fees andadministrative fees in connection with the services it provides to the affiliated Portfolios. As such, it is generally more profitable for us to offer affili-ated Portfolios than to offer unaffiliated Portfolios.

As a participant, you may bear the costs of some or all of these fees and payments through your indirect investment in the Portfolios. (See the Port-folios’ prospectuses for more information.) These fees and payments, as well as the Portfolios’ investment management fees and administrativeexpenses, will reduce the underlying Portfolios’ investment returns. AXA Equitable may profit from these fees and payments. AXA Equitableconsiders the availability of these fees and payment arrangements during the selection process for the underlying Portfolios. These fees and pay-ment 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 partic-ipants a convenient opportunity to invest in other Portfolios that are managed and have been selected for inclusion in the AXA Fund of Fund Port-folios by AXA FMG. AXA Advisors, LLC, an affiliated broker-dealer of AXA Equitable, may promote the benefits of such Portfolios to participantsand/or suggest that participants consider whether allocating some or all of their account value to such Portfolios is consistent with their desiredinvestment objectives. In doing so, AXA Equitable, and/or its affiliates, may be subject to conflicts of interest insofar as AXA Equitable may derivegreater revenues from the AXA Fund of Fund Portfolios than certain other Portfolios available to you under your contract. Please see “Allocatingyour 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 strat-egy developed by AXA FMG (the “AXA volatility management strategy”), and, in addition, certain AXA Fund of Fund Portfolios may invest in affiliatedPortfolios that utilize this strategy. The AXA volatility management strategy uses futures and options, such as exchange-traded futures and optionscontracts on securities indices, to reduce the Portfolio’s equity exposure during periods when certain market indicators indicate that market volatility isabove specific thresholds set for the Portfolio. When market volatility is increasing above the specific thresholds set for a Portfolio utilizing the AXAvolatility management strategy, the adviser of the Portfolio may reduce equity exposure. Although this strategy is intended to reduce the overall risk ofinvesting in the Portfolio, it may not effectively protect the Portfolio from market declines and may increase its losses. Further, during such times, thePortfolio’s exposure to equity securities may be less than that of a traditional equity portfolio. This may limit the Portfolio’s participation in market gainsand result in periods of underperformance, including those periods when the specified benchmark index is appreciating, but market volatility is high.

The AXA Managed Volatility Portfolios that include the AXA volatility management strategy as part of their investment objective and/or principal invest-ment strategy, and the AXA Fund of Fund Portfolios that invest in other Portfolios that use the AXA volatility management strategy, are identified below inthe 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 that use theAXA 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. Duringrising markets, the AXA volatility management strategy, however, could result in your account value rising less than would have been the case had you beeninvested in a Portfolio that does not utilize the AXA volatility management strategy or, in the case of the AXA Fund of Fund Portfolios, that invest exclusivelyin other Portfolios that do not use the AXA volatility management strategy. 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 becauseduring these periods of high volatility, the risk of losses from investing in equity securities may increase. In these instances, your account value may declineless 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 managementstrategy. Please further note that certain other affiliated Portfolios, as well as unaffiliated Portfolios, may utilize volatility management techniques thatdiffer from the AXA volatility management strategy. Affiliated Portfolios that utilize these volatility management techniques are identified below in thechart by a “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 in the same manner described above. Please see the Portfolio prospectuses formore information about the Portfolios’ objective and strategies.

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Investment options

Asset Transfer Program. Portfolio allocations in certain AXA variable annuity contracts with guaranteed benefits are subject to our AssetTransfer Program (ATP) feature. The ATP helps us manage our financial exposure in connection with providing certain guaranteed benefits, byusing predetermined mathematical formulas to move account value between the AXA Ultra Conservative Strategy Portfolio (an investment optionutilized solely by the ATP) and the other Portfolios offered under those contracts. You should be aware that operation of the predeterminedmathematical formulas underpinning the ATP has the potential to adversely impact the Portfolios, including their performance, risk profile andexpenses. This means that Portfolio investments in contracts with no ATP feature, such as yours, could still be adversely impacted. Particularlyduring times of high market volatility, if the ATP triggers substantial asset flows into and out of a Portfolio, it could have the following effects onall 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 performanceand 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 Portfoliocould 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 generateunique 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 AXAUltra Conservative Strategy Portfolio investment option and others may not. If the ATP causes significant transfers of account value out of oneor more Portfolios, any resulting negative effect on the performance of those Portfolios will be experienced to a greater extent by a contractowner (with or without the ATP) invested in those Portfolios whose account value was not subject to the transfers.

Special note about Portfolio closures: On or about July 12, 2018, the following Portfolios (the “Target Allocation Portfolios”) will be closed tocontributions and loan repayments:

• Target 2015 Allocation Portfolio





Any amounts you have in a Target Allocation Portfolio can remain in that Portfolio, but you will no longer be able to transfer or contribute anyadditional amounts to that Portfolio. You can always transfer amounts out of a Target Allocation Portfolio to another investment option, or takedistributions, subject to plan provisions from a Target Allocation Portfolio, but you will no longer be able to transfer any such amounts back intothat Portfolio.

Insurance company dedicated Portfolios

These Portfolios are exclusively for purchase by insurance company separate accounts on behalf of contract holders. These Portfolios are not avail-able directly to the general public.

AXA Premier VIP TrustPortfolio Name Share Class Objective

Investment Adviser (or Sub-Adviser(s),as applicable)

VolatilityManagement

AXA AGGRESSIVE ALLOCATION(†) B Seeks to achieve long-term capitalappreciation.

• AXA Equitable FundsManagement Group, LLC

✓

AXA CONSERVATIVEALLOCATION(†)

B Seeks to achieve a high level of currentincome.


✓

AXA CONSERVATIVE-PLUSALLOCATION(†)

B Seeks to achieve current income andgrowth of capital, with a greater emphasison current income.

• AXA Equitable FundsManagement Group, LLC ✓

AXA MODERATE ALLOCATION(†) B Seeks to achieve long-term capitalappreciation and current income.


✓

AXA MODERATE-PLUSALLOCATION(†)

B Seeks to achieve long-term capitalappreciation and current income, with agreater emphasis on capital appreciation.

• AXA Equitable FundsManagement Group, LLC ✓

CHARTERSM MULTI-SECTOR BOND B Seeks to achieve high total return througha combination of current income andcapital appreciation.


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Investment options

AXA Premier VIP TrustPortfolio Name Share Class Objective



TARGET 2015 ALLOCATION(*) B Seeks the highest total return over timeconsistent with its asset mix. Total returnincludes capital growth and income.










EQ Advisors TrustPortfolio Name Share Class Objective



1290 VT DOUBLELINE DYNAMICALLOCATION

IB Seeks to achieve total return fromlong-term capital appreciation and income.

• DoubleLine Capital LP

1290 VT EQUITY INCOME IB Seeks a combination of growth andincome to achieve an above-average andconsistent total return.

• Barrow, Hanley,Mewhinney & Strauss LLC

1290 VT GAMCO MERGERS &ACQUISITIONS

IB Seeks to achieve capital appreciation. • GAMCO AssetManagement, Inc.

1290 VT GAMCO SMALLCOMPANY VALUE

IB Seeks to maximize capital appreciation. • GAMCO AssetManagement, Inc.

1290 VT SOCIALLY RESPONSIBLE IB Seeks to track the investment results of theMSCI KLD 400 Social Index.

• BlackRock InvestmentManagement, LLC

ALL ASSET GROWTH – ALT 20(††) IB Seeks long-term capital appreciation andcurrent income.


AXA GLOBAL EQUITY MANAGEDVOLATILITY

IB Seeks to achieve long-term capitalappreciation with an emphasis on risk-adjusted returns and managing volatility inthe Portfolio.



• Morgan StanleyInvestment ManagementInc.

• OppenheimerFunds, Inc.

✓

AXA INTERNATIONAL COREMANAGED VOLATILITY

IB Seeks to achieve long-term growth ofcapital with an emphasis on risk-adjustedreturns and managing volatility in thePortfolio.



• EARNEST Partners, LLC• Federated Global

Investment ManagementCorp.

• Massachusetts FinancialServices Company d/b/aMFS InvestmentManagement

✓

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Investment options




AXA LARGE CAP GROWTHMANAGED VOLATILITY

IB Seeks to provide long-term capital growthwith an emphasis on risk-adjusted returnsand managing volatility in the Portfolio.



• HS Management Partners,LLC

• Loomis, Sayles &Company, L.P.

• Polen CapitalManagement, LLC

• T. Rowe Price Associates,Inc.

✓

AXA LARGE CAP VALUEMANAGED VOLATILITY

IB Seeks to achieve long-term growth ofcapital with an emphasis on risk-adjustedreturns and managing volatility in thePortfolio.

• AllianceBernstein L.P.• AXA Equitable Funds

Management Group, LLC• BlackRock Investment

Management, LLC• Massachusetts Financial

Services Company d/b/aMFS InvestmentManagement

✓

AXA MID CAP VALUE MANAGEDVOLATILITY

IB Seeks to achieve long-term capitalappreciation with an emphasis on risk-adjusted returns and managing volatility inthe Portfolio.



• Diamond Hill CapitalManagement, Inc.

• Wellington ManagementCompany, LLP

✓

AXA/AB SMALL CAP GROWTH IB Seeks to achieve long-term growth ofcapital.

• AllianceBernstein L.P.• AXA Equitable Funds

Management Group, LLC

AXA/CLEARBRIDGE LARGE CAPGROWTH

IB Seeks to achieve long-term capital growth. • ClearBridge Investments,LLC

AXA/JANUS ENTERPRISE IB Seeks to achieve capital growth. • Janus CapitalManagement LLC

EQ/CAPITAL GUARDIANRESEARCH

IB Seeks to achieve long-term growth ofcapital.

• Capital Guardian TrustCompany

EQ/EQUITY 500 INDEX IB Seeks to achieve a total return beforeexpenses that approximates the total returnperformance of the Standard & Poor’s 500Composite Stock Price Index, includingreinvestment of dividends, at a risk levelconsistent with that of the Standard &Poor’s 500 Composite Stock Price Index.


EQ/INTERMEDIATE GOVERNMENTBOND

IB Seeks to achieve a total return beforeexpenses that approximates the total returnperformance of the Bloomberg Barclays U.S.Intermediate Government Bond Index,including reinvestment of dividends, at a risklevel consistent with that of the BloombergBarclays U.S. Intermediate GovernmentBond Index.

• SSgA Funds Management,Inc.

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Investment options




EQ/INTERNATIONAL EQUITYINDEX

IA Seeks to achieve a total return (beforeexpenses) that approximates the total returnperformance of a composite indexcomprised of 40% DJ Euro STOXX 50 Index,25% FTSE 100 Index, 25% TOPIX Index,and 10% S&P/ASX 200 Index, includingreinvestment of dividends, at a risk levelconsistent with that of the composite index.


EQ/LARGE CAP GROWTH INDEX IB Seeks to achieve a total return beforeexpenses that approximates the totalreturn performance of the Russell 1000®

Growth Index, including reinvestment ofdividends at a risk level consistent withthat of the Russell 1000® Growth Index.


EQ/MFS INTERNATIONALGROWTH

IB Seeks to achieve capital appreciation. • Massachusetts FinancialServices Company d/b/aMFS InvestmentManagement

EQ/MID CAP INDEX IB Seeks to achieve a total return beforeexpenses that approximates the totalreturn performance of the Standard &Poor’s Mid Cap 400 Index, includingreinvestment of dividends, at a risk levelconsistent with that of the Standard &Poor’s Mid Cap 400 Index.


EQ/MONEY MARKET(†††) IA Seeks to obtain a high level of currentincome, preserve its assets and maintainliquidity.

• The Dreyfus Corporation

EQ/PIMCO GLOBAL REALRETURN(**)

Seeks to achieve maximum real return,consistent with preservation of capital andprudent investment management.

• Pacific InvestmentManagement Company LLC

EQ/PIMCO ULTRA SHORT BOND IB Seeks to generate a return in excess oftraditional money market products whilemaintaining an emphasis on preservationof capital and liquidity.

• Pacific InvestmentManagement Company LLC

EQ/SMALL COMPANY INDEX IB Seeks to replicate as closely as possible(before expenses) the total return of theRussell 2000® Index.


EQ/T. ROWE PRICE GROWTHSTOCK

IB Seeks to achieve long-term capitalappreciation and secondarily, income.

• T. Rowe Price Associates,Inc.

MULTIMANAGER CORE BOND IB Seeks to achieve a balance of high currentincome and capital appreciation, consistentwith a prudent level of risk.


• BlackRock FinancialManagement, Inc.

• DoubleLine Capital LP• Pacific Investment

Management Company LLC• SSgA Funds Management,

Inc.

MULTIMANAGER TECHNOLOGY IB Seeks to achieve long-term growth ofcapital.


• Allianz Global InvestorsU.S. LLC


• Wellington ManagementCompany, LLP

22

Investment options

Vanguard VariableInsurance FundPortfolio Name Objective

Investment Adviser(or Sub-Adviser(s),as applicable)


VANGUARD® VIF TOTAL BONDMARKET INDEX PORTFOLIO(**)

Seeks to track the performance of a broad,market-weighted bond index.

• The Vanguard FixedIncome Group

VANGUARD® VIF TOTAL STOCKMARKET INDEX PORTFOLIO(**)

Seeks to track the performance of abenchmark index that measures theinvestment return of the overall stock market.

• The Vanguard Equity IndexGroup

(†) The “AXA Allocation” Portfolios.

(††) The “All Asset” Portfolios.

(†††) The Portfolio operates 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 repurchaseagreements that are fully collateralized by U.S. government securities or cash.

* This Portfolio will be closed to contributions on or about July 12, 2018. For more information, please see “Special note about Portfolio closures” earlier in this section.

(**) This variable investment option will be available on or about May 15, 2018, subject to regulatory approval.

Retail portfolios

These Portfolios are retail mutual funds that are also directly available to the general public and do not require investing through a SeparateAccount. If you were to purchase these Portfolios directly from a broker or mutual fund company, you would not receive the death benefit or incurthe expenses of the Separate Account.1290 Funds® —Class I SharesPortfolio Name Objective

Investment Adviser(or Sub-Adviser(s),as applicable)


1290 RETIREMENT 2020(*) Seeks the highest total return over time consistent with itsasset mix while managing portfolio volatility. Total returnincludes capital growth and income.

• AXA Equitable FundsManagement Group, LLC d/b/a 1290 Asset Managers®

Δ



Δ



Δ


• AXA Equitable FundsManagement Group, LLCd/b/a 1290 AssetManagers®

Δ



Δ



Δ



Δ



Δ



Δ

(*) This variable investment option will be available on or about May 15, 2018, subject to regulatory approval.

You should consider the investment objectives, risks, and charges and expenses of the Portfolios carefully before investing.The prospectuses for the Portfolios contain this and other important information about the Portfolios. The prospectusesshould be read carefully before investing. In order to obtain copies of Investment Trust prospectuses that do not accompanythis prospectus, you may call one of our customer service representatives at 1-800-526-2701.

23

Investment options

Risks of investing in the Funds

All of the Funds invest in securities of one type or another. You shouldbe aware that any investment in securities carries with it a risk of loss,and you could lose money investing in the Funds. The different invest-ment objectives and policies of each Fund may affect the return of eachFund and the risks associated with an investment in that Fund.

Additionally, market and financial risks are inherent in any securitiesinvestment. By market risks, we mean factors which do not necessa-rily relate to a particular issuer, but affect the way markets, and secu-rities within those markets, perform. Market risks can be described interms of volatility, that is, the range and frequency of market valuechanges. Market risks include such things as changes in interest rates,general economic conditions and investor perceptions regarding thevalue of debt and equity securities. By financial risks we mean factorsassociated with a particular issuer which may affect the price of itssecurities, such as its competitive posture, its earnings and its abilityto meet its debt obligations.

The risk factors associated with an investment in the AllianceBern-stein Growth Equity, AllianceBernstein Mid Cap Growth andAllianceBernstein Balanced Funds are described below. See the SAIfor additional information regarding certain investment techniquesused by these Funds. See the applicable Trust prospectus for risks andfactors and investment techniques associated with an investment inall funds other than the AllianceBernstein Growth Equity Fund, theAllianceBernstein Mid Cap Growth Fund and the AllianceBernsteinBalanced Fund.

Important factors associated with an investment in the AllianceBern-stein Growth Equity, AllianceBernstein Mid Cap Growth andAllianceBernstein Balanced Funds are discussed below.

Common Stock. Investing in common stocks and related securitiesinvolves the risk that the value of the stocks or related securities pur-chased will fluctuate. These fluctuations could occur for a single com-pany, an industry, a sector of the economy, or the stock market as awhole. These fluctuations could cause the value of the Fund’s invest-ments — and, therefore, the value of the Fund’s units — to fluctuate.

Securities of medium and smaller sized companies. The Alli-anceBernstein Mid Cap Growth Fund invests primarily in the securitiesof medium sized companies. The AllianceBernstein Balanced Fundmay also make these investments, as well as investments in smallersized companies. The securities of small and medium sized, lessmature, lesser known companies involve greater risks than thosenormally associated with larger, more mature, well-known compa-nies. Therefore, consistent earnings may not be as likely in smallcompanies as in large companies.

The Funds also run a risk of increased and more rapid fluctuations inthe value of their investments in securities of small or medium sizedcompanies. This is due to the greater business risks of small size andlimited product lines, markets, distribution channels, and financialand managerial resources. Historically, the price of small (less than $1billion) and medium (between $1 and $20 billion) capitalizationstocks and stocks of recently organized companies have fluctuatedmore than the larger capitalization stocks and the overall stock mar-ket. One reason is that small- and medium-sized companies have alower degree of liquidity in the markets for their stocks.

Non-equity securities. Investing in non-equity securities, such asbonds and debentures, involves the risk that the value of these secu-rities held by the AllianceBernstein Balanced Fund — and, therefore,the value of the Fund’s units — will fluctuate with changes in interestrates (interest rate risk) and the perceived ability of the issuer to makeinterest or principal payments on time (credit risk). Moreover, con-vertible securities which may be in the AllianceBernstein Mid CapGrowth, and AllianceBernstein Balanced Funds, such as convertiblepreferred stocks or convertible debt instruments, contain both debtand equity features, and may lose significant value in periods ofextreme market volatility.

Foreign investing. Investing in securities of foreign companies thatmay not do substantial business in the U.S. involves additional risks,including risk of loss from changes in the political or economic climateof the countries in which these companies do business. Foreign cur-rency fluctuations, exchange controls or financial instability couldcause the value of the AllianceBernstein Mid Cap Growth and Alli-anceBernstein Balanced Funds’ foreign investments to fluctuate.Additionally, foreign accounting, auditing and disclosure standardsmay differ from domestic standards, and there may be less regulationin foreign countries of stock exchanges, brokers, banks, and listedcompanies than in the United States. As a result, the Funds’ foreigninvestments may be less liquid and their prices may be subject togreater fluctuations than comparable investments in securities of U.S.issuers.

Restricted securities. Investing in restricted securities involvesadditional risks because these securities generally (1) are less liquidthan non-restricted securities and (2) lack readily available marketquotations. Accordingly, the AllianceBernstein Mid Cap Growth andAllianceBernstein Balanced Funds may be unable to quickly sell theirrestricted security holdings at fair market value.

The following discussion describes investment risks unique to eitherthe AllianceBernstein Growth Equity Fund, AllianceBernstein Mid CapGrowth Fund or the AllianceBernstein Balanced Fund.

Investment policies. Due to the AllianceBernstein Mid Cap GrowthFund’s investment policies, this Fund provides greater growth poten-tial and may have greater risk than other equity offerings. As a result,you should consider limiting the amount allocated to this Fund,particularly as you near retirement.

Debt securities subject to prepayment risks. Mortgage-relatedsecurities and certain collateralized mortgage obligations, asset-backed securities and other debt instruments in which the Alliance-Bernstein Balanced Fund may invest are subject to prepayments priorto their stated maturity. The Fund, however, is unable to accuratelypredict the rate at which prepayments will be made, as that rate maybe affected, among other things, by changes in generally prevailingmarket interest rates. If prepayments occur, the Fund suffers the riskthat it will not be able to reinvest the proceeds at as high a rate ofinterest as it had previously been receiving. Also, the Fund will incur aloss to the extent that prepayments are made for an amount that isless than the value at which the security was then being carried bythe fund. Moreover, securities that may be prepaid tend to increase invalue less during times of declining interest rates, and to decrease invalue more during times of increasing interest rates, than do secu-rities that are not subject to prepayment.

24

Investment options

When-issued and delayed delivery securities. TheAllianceBernstein Balanced and AllianceBernstein Mid Cap GrowthFunds may purchase and sell securities on a when-issued or delayeddelivery basis. In these transactions, securities are purchased or soldby a Fund with payment and delivery taking place in the future inorder to secure what is considered to be an advantageous price oryield to the Fund at the time of entering into the transaction. TheFund will sell on a forward settlement basis only securities it owns orhas the right to acquire.

Hedging transactions. The AllianceBernstein Balanced Fund mayengage in transactions which are designed to protect against poten-tial adverse price movements in securities owned or intended to bepurchased by the Fund.

Risks associated with the AllianceBernstein Balanced Fund.

Bonds rated below A by S&P, Moody’s or Fitch are more susceptibleto adverse conditions or changing circumstances than those rated Aor higher; but we regard these lower rated bonds as having adequatecapacity to pay principal and interest.

Risks associated with the AllianceBernstein Growth EquityFund

While the objective of the Fund is to approximate the return of theRussell 1000 Growth Index, the actual performance of the accountmay deviate from the Index as a result of transaction costs, equitiza-tion of cash, security price deviations, investment management fees,operating expense charges such as custody and audit fees, anypotential future exchange trading limits, and internal stockrestrictions, all of which affects the Fund but not the Index. Thisdeviation is commonly referred to as “tracking error”. The accountattempts to minimize these deviations through a management proc-ess which strives to minimize transactions costs, keep the accountfully invested and maintain a portfolio with characteristics that aresystematically the same as those of the Russell 1000 Growth Index.

Additional information about the Funds

Change of investment objectives

We can change the investment objectives of the AllianceBernsteinGrowth Equity, AllianceBernstein Mid Cap Growth and AllianceBern-stein Balanced Funds if the New York Department of Financial Serv-ices approves the change.

The investment objectives of the Portfolios of the Investment Trusts maybe changed by the Board of Trustees of the applicable Investment Trustwithout the approval of shareholders. (See “Voting rights” below.)

Voting rights

No voting rights apply to any of the separate accounts or to theGuaranteed Options.

However, as the owner of shares of the Investment Trusts, we havethe right to vote on certain matters involving the Portfolios, such as:

• the election of trustees;

• the formal approval of independent public accounting firmsselected for each Investment Trust; or

• any other matters described in each prospectus for the Invest-ment Trusts or requiring a shareholders’ vote under the Invest-ment Company Act of 1940.

We will give contract owners/participants the opportunity to instructus how to vote the number of shares attributable to their contracts ifa shareholder vote is taken. If we do not receive instructions in timefrom all contract owners/participants, we will vote the shares of aportfolio for which no instructions have been received in the sameproportion as we vote shares of that portfolio for which we havereceived instructions. We will also vote any shares that we are enti-tled to vote directly because of amounts we have in a portfolio in thesame proportions that contract owners/participants vote. One effectof proportional voting is that a small number of contract owners maydetermine the outcome of a vote.

The Investment Trusts sell their shares to AXA Equitable separateaccounts in connection with AXA Equitable’s annuity and/or variablelife insurance products, and to separate accounts of insurancecompanies, both affiliated and unaffiliated with AXA Equitable. AXAPremier VIP Trust, Vanguard Variable Insurance Fund and EQ Advi-sors Trust also sell their shares to the trustee of a qualified plan forAXA Equitable. 1290 Funds® also sells its shares directly to the public.We currently do not foresee any disadvantages to our contract own-ers arising out of these arrangements. However, the Board of Trusteesor Directors of each Investment Trust intends to monitor events toidentify any material irreconcilable conflicts that may arise and todetermine what action, if any, should be taken in response. If webelieve that a Board’s response insufficiently protects our contractowners, we will see to it that appropriate action is taken to do so.

The voting rights we describe in this prospectus are created underapplicable federal securities laws. To the extent that those laws or theregulations published under those laws eliminate the necessity tosubmit matters for approval by persons having voting rights in sepa-rate accounts of insurance companies, we reserve the right to pro-ceed in accordance with those laws or regulations.

The guaranteed options

We offer one guaranteed option:

• the Guaranteed Interest Option (“GIO”);

We also have three other guaranteed options for existing contractowners who have allocated values to them:

• two Guaranteed Rate Accounts (GRAs); and

• our Money Market Guarantee Account.

The two GRAs and the Money Market Guarantee Account are nolonger being sold.

We guarantee the amount of your contributions to the guaranteedoptions and the interest credited. Contributions to the guaranteedoptions become part of our general account, which supports all of ourinsurance and annuity guarantees as well as our general obligations.The general account, as part of our insurance and annuity operations, issubject to regulation and supervision by the New York Department ofFinancial Services and to insurance laws and regulations of all juris-dictions in which we are authorized to do business.

Your investment in a guaranteed option is not regulated by the Secu-rities and Exchange Commission, and the following discussion aboutthe guaranteed options has not been reviewed by the staff of theSEC. The discussion, however, is subject to certain generally appli-cable provisions of the federal securities laws relating to the accuracyand completeness of the statements made.

25

Investment options

Guaranteed Rate Accounts

On July 10, 2015, the 3-year GRA and 5-year GRA were closed tocontributions, transfers and loan repayments. You can maintain anyamounts had invested in the Guaranteed Rate Accounts, as of thatdate. Any amounts that remain in the Guaranteed Rate Accounts willcontinue to earn interest at the quoted interest rate until maturity orwithdrawn. At maturity amounts in the Guaranteed Rate Accountswill be invested as per your GRA maturity allocation election on file.

Restrictions on withdrawals and transfers

• You may not transfer from one GRA to another or from a GRA toanother investment option except at maturity.

• Withdrawals may be made from a GRA before maturity if: youare disabled; you attain age 701⁄2; you die; or your employmentis terminated.

• You may not remove GRA funds to take a loan.

• Certain other withdrawals prior to maturity are permitted. See“Procedures for withdrawals, distributions and transfers from aGRA” in the SAI.

Guaranteed Interest Option

The Guaranteed Interest Option (“GIO”) is part of our generalaccount, pays interest at guaranteed rates, and provides an invest-ment option in which the value of the principal will not fluctuate. Wediscuss our general account under “More information” later in thisProspectus.

We credit interest daily to amounts in the GIO. We set interest ratesmonthly. All interest rates are effective annual rates net of programexpense and other expenses. Your lifetime minimum rate is 1.00%.The current interest rate will never be less than the lifetime minimumrate.

Transfers from the GIO to other investment options are permitted.Withdrawals are permitted from the GIO, subject to a market valueadjustment if plan-initiated.

Money Market Guarantee Account is closed to new money

On January 1, 2009, the Money Market Guarantee Account wasclosed to new contributions and loan repayments. Any amounts youhave in the Money Market Guarantee Account can remain in youraccount, but you can no longer transfer or contribute any additionalamounts to your account. Any amounts that remained in your MoneyMarket Guarantee Account will continue to accrue interest asdescribed below.

You can always transfer amounts out of the Money Market GuaranteeAccount to another investment option, or take distributions from theMoney Market Guarantee Account, but you can no longer transfer anysuch amounts back into the Money Market Guarantee Account.

Money Market Guarantee Account

All contributions you made prior to January 1, 2009, to the MoneyMarket Guarantee Account will continue to earn the same rate ofinterest. The rate changes monthly and is expressed as an effectiveannual rate, reflecting daily compounding and the deduction ofapplicable asset-based fees and charges. While the rate changesmonthly, it will never be less than 1%. The rate will approximate

current market rates for money market mutual funds minus applicablefees and charges. You may call our Automated Voice ResponseSystem or access our website to obtain the current monthly rate.

Your balance in the Money Market Guarantee Account at the end ofthe month automatically begins receiving interest at the new rateuntil transferred or withdrawn.

Distributions, withdrawals, and transfers. You may effect dis-tributions, withdrawals and transfers out of your Money MarketGuarantee Account, without penalty, at any time permitted underyour plan. We do not impose penalties on distributions, withdrawalsor transfers out of your Money Market Guarantee Account only.

26

Investment options

2. How we value your account balance in the Funds

For amounts in the Funds

When you invest in a Fund, your contribution or transfer is used topurchase “units” of that Fund. The unit value on any day reflects thevalue of the Fund’s investments for the day and the charges andexpenses we deduct from the Fund. We calculate the number of unitsyou purchase by dividing the amount you invest by the unit value ofthe Fund as of the close of business on the day we receive your con-tribution or transfer request. A contribution or a transfer request willbe effective on the business day we receive the contribution or thetransfer request. Contributions and transfer requests received afterthe end of a business day will be credited the next business day. Wewill confirm all transfers in writing.

Our “business day” is generally any day the New York Stock Exchangeis open for regular trading and generally ends at 4:00 p.m. EasternTime (or as of an earlier close of regular trading). A business daydoes not include a day on which we are not open due to emergencyconditions determined by the Securities and Exchange Commission.We may also close early due to such emergency conditions. For moreinformation about our business day and our pricing of transactions,please see “Dates and prices at which contract events occur.”

On any given day, your account value in any Fund equals the numberof the Fund’s units credited to your account, multiplied by that day’svalue for one Fund unit. In order to take deductions from any Fund,we cancel units having a value equal to the amount we need todeduct. Otherwise, the number of your Fund units of any Fund doesnot change unless you make additional contributions, make a with-drawal, effect a transfer, or request some other transaction thatinvolves moving assets into or out of that Fund option.

How we determine the unit value

We determine the Unit Value at the end of each business day. TheUnit Value for each Fund is determined by first calculating a grossunit value reflecting only investment performance and then adjustingit for Fund expenses to obtain the Fund Unit Value. We calculate thegross unit value by multiplying the gross unit value for the precedingbusiness day by the net investment factor for that subsequent busi-ness day and, for the AllianceBernstein Growth Equity, AllianceBern-stein Mid Cap Growth and AllianceBernstein Balanced Funds, thendeducting audit and custodial fees. We calculate the net investmentfactor as follows:

• First, we take the value of the Fund’s assets at the close of busi-ness on the preceding business day.

• Next, we add the investment income and capital gains, realizedand unrealized, that are credited to the assets of the Fund dur-ing the business day for which we are calculating the netinvestment factor.

• Then we subtract the capital losses, realized and unrealized,charged to the Fund during that business day.

• Finally, we divide this amount by the value of the Fund’s assetsat the close of the preceding business day.

The Fund Unit Value is calculated on every business day by multi-plying the Fund Unit Value for the last business day of the previousmonth by the net change factor for that business day. The net changefactor for each business day is equal to (a) minus (b) where:

(a) is the gross unit value for that business day divided by the grossunit value for the last business day of the previous month; and

(b) is the charge to the Fund for that month for the daily accrual offees and expenses times the number of days since the end of thepreceding month.

The value of the investments that Separate Account No. 66 has in the1290 VT DoubleLine Dynamic Allocation, 1290 VT Equity Income, 1290VT GAMCO Mergers & Acquisitions, 1290 VT GAMCO Small CompanyValue, 1290 VT Socially Responsible, AXA Global Equity Managed Vola-tility, AXA International Core Managed Volatility, AXA Large CapGrowth Managed Volatility, AXA Large Cap Value Managed Volatility,AXA/ClearBridge Large Cap Growth, AXA/Janus Enterprise, AXA MidCap Value Managed Volatility, All Asset Growth-Alt 20, AXA AggressiveAllocation, AXA Conservative Allocation, AXA Conservative-Plus Alloca-tion, AXA Moderate Allocation, AXA Moderate-Plus Allocation, Multi-manager Core Bond, CharterSM Multi-Sector Bond, MultimanagerTechnology, Target 2015 Allocation, Target 2025 Allocation, Target2035 Allocation, Target 2045 Allocation, Target 2055 Allocation, EQ/ABSmall Cap Growth, EQ/Capital Guardian Research, EQ/Equity 500 Index,EQ/International Equity Index, EQ/Intermediate Government Bond, EQ/Large Cap Growth Index, EQ/Mid Cap Index, EQ/MFS InternationalGrowth, EQ/Money Market, EQ/PIMCO Ultra Short Bond, EQ/SmallCompany Index, and EQ/T. Rowe Price Growth Stock portfolios is calcu-lated by multiplying the number of shares held by Separate AccountNo. 66 in each portfolio by the net asset value per share of that portfoliodetermined as of the close of business on the same day as the respectiveUnit Values of each of the foregoing Funds are determined.

How we value the assets of the Funds

The assets of the AllianceBernstein Growth Equity, AllianceBernstein MidCap Growth and AllianceBernstein Balanced Funds are valued as follows:

• Common stocks listed on national securities exchanges are valuedat the last sale price. If on a particular day there is no sale, thestocks are valued at the latest available bid price reported on acomposite tape. Other unlisted securities reported on the NASDAQStock Exchange are valued at inside (highest) quoted bid prices.

• Foreign securities not traded directly, or in ADR form, in theUnited States, are valued at the last sale price in the local cur-rency on an exchange in the country of origin. Foreign currencyis converted into dollars at current exchange rates.

• United States Treasury securities and other obligations issued orguaranteed by the United States Government, its agencies orinstrumentalities are valued at representative quoted prices.

• Long-term publicly traded corporate bonds (i.e., maturing inmore than one year) are valued at prices obtained from a bond

27

How we value your account balance in the Funds

pricing service of a major dealer in bonds when such prices areavailable; however, in circumstances where it is deemed appro-priate to do so, an over-the-counter or exchange quotation maybe used.

• Convertible preferred stocks listed on national securitiesexchanges are valued at their last sale price or, if there is nosale, at the latest available bid price.

• Convertible bonds and unlisted convertible preferred stocks arevalued at bid prices obtained from one or more major dealers insuch securities; where there is a discrepancy between dealers,values may be adjusted based on recent premium spreads to theunderlying common stock.

• Short-term debt securities that mature in more than 60 days arevalued at representative quoted prices. Short-term debt secu-rities that mature in 60 days or less are valued at amortized cost,which approximates market value.

• Option contracts listed on organized exchanges are valued atlast sale prices or closing asked prices, in the case of calls, andat quoted bid prices, in the case of puts. The market value of aput or call will usually reflect, among other factors, the marketprice of the underlying security. When a Fund writes a calloption, an amount equal to the premium received by the Fund isincluded in the Fund’s financial statements as an asset and anequivalent liability. The amount of the liability is subsequentlymarked-to-market to reflect the current market value of theoption written. The current market value of a traded option isthe last sale price or, in the absence of a sale, the last offeringprice. When an option expires on its stipulated expiration date ora Fund enters into a closing purchase or sales transaction, theFund realizes a gain or loss without regard to any unrealizedgain or loss on the underlying security, and the liability related tosuch option is extinguished. When an option is exercised, theFund realizes a gain or loss from the sale of the underlying secu-rity, and the proceeds of the sale are increased by the premiumoriginally received, or reduced by the price paid for the option.

Fair valuation

For the Pooled Separate Accounts, securities and other assets forwhich market quotations are not readily available (or for which mar-ket quotations may not be reliable) are valued at their fair valueunder the direction of our investment officers in accordance withaccepted accounting practices and applicable laws and regulations.Market quotations may not be readily available or reliable if, forexample, trading has been halted in the particular security; the secu-rity does not trade for an extended period of time; or a trading limithas been imposed.

For the Funds offered under Separate Account No. 66, securitiesand other assets for which market quotations are not readily avail-able (or for which market quotations may not be reliable) are val-ued at their fair value under policies and procedures established bythe Trusts. For more information, please see the prospectus for theapplicable Trust.

The effect of fair value pricing is that securities may not be priced onthe basis of quotations from the primary market in which they aretraded, but rather may be priced by another method deemed to re-

flect fair value. Such a policy is intended to assure that the net assetvalue of a separate account or fund fairly reflects security values as ofthe time of pricing.

Other Funds. For those Funds that invest in corresponding Portfo-lios of AXA Premier VIP Trust, EQ Advisors Trust, Vanguard VariableInsurance Fund and 1290 Funds® (the "Investment Trusts"), the assetvalue of each Portfolio is computed on a daily basis. See the pro-spectus for the Investment Trust for information on valuationmethodology used by the corresponding portfolios.

28

How we value your account balance in the Funds

3. Transfers and access to your account

Transfers among investment options

You may transfer some or all of your amounts among the investmentoptions if you participate in the IRS Pre-Approved Plan. Participants inother plans may make transfers as allowed by the plan.

No transfers from the GRAs to other investment options are permittedprior to maturity. Transfers to the GRAs are no longer permitted as ofJuly 10, 2015. Transfers to or from the AllianceBernstein GrowthEquity, AllianceBernstein Mid Cap Growth and AllianceBernsteinBalanced Funds, are permitted at any time. Transfers from remainingFunds are permitted at any time except if there is any delay inredemptions from the corresponding portfolio of the Trusts.

No transfers to the Money Market Guarantee Account are permitted.See "Money Market Guarantee Account is closed to new money"under "Investment options" earlier in this prospectus for moreinformation.

Please see "Allocating Program contributions" in "The Program" formore information about your role in managing your allocations.

Disruptive transfer activity

You should note that the contract is not designed for professional"market timing”organizations, or other organizations or individualsengaging in a market timing strategy. The contract is not designed toaccommodate programmed transfers, frequent transfers or transfersthat are large in relation to the total assets of the Fund or the under-lying portfolio.

Frequent transfers, including market timing and other program trad-ing or short-term trading strategies, may be disruptive to the Funds orthe underlying portfolios in which the Funds invest. Disruptive transferactivity may adversely affect performance and the interests of long-term investors by requiring a Fund or portfolio to maintain largeramounts of cash or to liquidate portfolio holdings at a disadvanta-geous time or price. For example, when market timing occurs, a Fundor portfolio may have to sell its holdings to have the cash necessaryto redeem the market timer’s investment. This can happen when it isnot advantageous to sell any securities, so investment performancemay be hurt. When large dollar amounts are involved, market timingcan also make it difficult to use long-term investment strategiesbecause a Fund or portfolio cannot predict how much cash it willhave to invest. In addition, disruptive transfers or purchases andredemptions of portfolio investments may impede efficient portfoliomanagement and impose increased transaction costs, such asbrokerage costs, by requiring the portfolio manager to effect morefrequent purchases and sales of portfolio securities. Similarly, a Fundor portfolio may bear increased administrative costs as a result of theasset level and investment volatility that accompanies patterns ofexcessive or short-term trading. Funds or portfolios that invest a sig-nificant portion of their assets in foreign securities or the securities ofsmall and mid-capitalization companies tend to be subject to the risksassociated with market timing and short-term trading strategies to a

greater extent than Funds or portfolios that do not. Securities tradingin overseas markets present time zone arbitrage opportunities whenevents affecting portfolio securities values occur after the close of theoverseas market but prior to the close of the U.S. markets. Securitiesof small and mid-capitalization companies present arbitrage oppor-tunities because the market for such securities may be less liquid thanthe market for securities of larger companies, which could result inpricing inefficiencies. Please see the prospectuses for the variableinvestment options for more information on how portfolio shares arepriced.

We currently use the procedures described below to discourage dis-ruptive transfer activity. You should understand, however, that theseprocedures are subject to the following limitations: (1) they primarilyrely on the policies and procedures implemented by the underlyingportfolios; (2) they do not eliminate the possibility that disruptivetransfer activity, including market timing, will occur or that perform-ance will be affected by such activity; and (3) the design of markettiming procedures involves inherently subjective judgments, which weseek to make in a fair and reasonable manner consistent with theinterests of all contract owners/participants.

We offer investment options with underlying portfolios that are partof AXA Premier VIP Trust, EQ Advisors Trust and 1290 Funds®

(together, the "affiliated Investment Trusts") as well as investmentoptions with underlying Portfolios of outside trusts with which AXAEquitable has entered participation agreements (the “unaffiliatedInvestment Trusts”. The affiliated Investment Trusts have adoptedpolicies and procedures regarding disruptive transfer activity. Theydiscourage frequent purchases and redemptions of portfolio sharesand will not make special arrangements to accommodate such trans-actions. They aggregate inflows and outflows for each portfolio on adaily basis. On any day when a portfolio’s net inflows or outflowsexceed an established monitoring threshold, the affiliated InvestmentTrust obtains from us owner trading activity. The affiliated InvestmentTrusts currently consider transfers into and out of (or vice versa) thesame Fund within a five business day period as potentially disruptivetransfer activity.

When a contract owner/participant is identified as having engaged ina potentially disruptive transfer activity for the first time, a letter issent to the contract owner/participant explaining that there is a policyagainst disruptive transfer activity and that if such activity continuescertain transfer privileges may be eliminated. If and when the contractowner/participant is identified a second time as engaged in poten-tially disruptive transfer activity under the contract, we currently pro-hibit the use of voice, fax and automated transaction services. Wecurrently apply such action for the remaining life of each affectedcontract. We or a trust may change the definition of potentially dis-ruptive transfer activity, the monitoring procedures and thresholds,any notification procedures, and the procedures to restrict this activ-ity. Any new or revised policies and procedures will apply to all con-tract owners/participants uniformly. We do not permit exceptions toour policies restricting disruptive transfer activity.

29

Transfers and access to your account

Each unaffiliated Investment Trust may have its own policies andprocedures regarding disruptive transfer activity. If an unaffiliatedtrust advises us that there may be disruptive activity from one of ourcontract owners/participants, we will work with the unaffiliated trustto review contract owner/participant trading activity. Each InvestmentTrust reserves the right to reject a transfer that it believes, in its solediscretion, is disruptive (or potentially disruptive) to the managementof one of its Portfolios. Please see the prospectuses for the InvestmentTrusts for more information.

For the Pooled Separate Accounts, the portfolio managers reviewaggregate cash flows on a daily basis. If the portfolio managers considertransfer activity with respect to an account to be disruptive, AXA Equi-table reviews contract owner/participant trading activity to identify anypotentially disruptive transfer activity. AXA Equitable follows the samepolicies and procedures identified in the previous paragraph.

We may change those policies and procedures, and any new orrevised policies or procedures will apply to all contract owners/participants uniformly. We do not permit exceptions to our policiesrestricting disruptive transfer activity.

It is possible that the trusts may impose a redemption fee designed todiscourage frequent or disruptive trading by contract owners/participants.As of the date of this prospectus, the trusts had not implemented such afee. If a redemption fee is implemented by the trusts, that fee, like anyother trust fee, will be borne by the contract owner/participant.

Contract owners/participants should note that it is not always possi-ble for us and the trusts to identify and prevent disruptive transferactivity. Our ability to monitor potentially disruptive transfer activity islimited in particular with respect to certain group contracts. Groupannuity contracts may be owned by retirement plans that providetransfer instructions on an omnibus (aggregate) basis, which maymask the disruptive transfer activity of individual plan participants,and/or interfere with our ability to restrict communication services. Inaddition, because we do not monitor for all frequent trading in thetrust portfolios at the separate account level, contract owners/participants may engage in frequent trading which may not bedetected, for example due to low net inflows or outflows on the par-ticular day(s). Therefore, no assurance can be given that we or theaffiliated trusts will successfully impose restrictions on all potentiallydisruptive transfers. Because there is no guarantee that disruptivetrading will be stopped, some contract owners/participants may betreated differently than others, resulting in the risk that some contractowners/participants may be able to engage in frequent transfer activ-ity while others will bear the effect of that frequent transfer activity.The potential effects of frequent transfer activity are discussed above.

Our Automated Voice Response System and ourinternet website

Participants may use our Automated Voice Response System, or ourinternet website to transfer between investment options, obtainaccount information, change the allocation of future contributions andhear investment performance information. To use our Automated VoiceResponse System, you must have a touch-tone telephone. Our internetwebsite can be accessed at www.axa.com/mrp.

Employers may also access our Plan Services website to have planlevel access to transaction activity, reports, census features, makeonline contributions and prepare and file annual 5500 reports. ThePlan Services website can be accessed at www.axa.com/mrp.

We have established procedures to reasonably confirm the genuine-ness of instructions communicated to us by telephone when using theAutomated Voice Response System and by the Program website. Theprocedures require personal identification information, includingentering credentials, prior to acting on telephone instructions oraccessing information on the internet website, and providing writtenconfirmation of the transfers. We assign credentials to you after wereceive your completed enrollment form. Thus, we will not be liablefor following telephone instructions, or internet instructions, we rea-sonably believe to be genuine.

We reserve the right to limit access to this service if we determinethat you are engaged in a market timing strategy (see "Disruptivetransfer activity" above).

A transfer request will be effective on the business day we receive therequest. We will confirm all transfers in writing.

Participant loans

Participant loans are available if the employer plan permits them.Participants must apply for a plan loan through the employer. Thenumber of plan loans outstanding are subject to the terms of theemployer’s plan.

Loans are subject to restrictions under federal tax laws and ERISA,and are also subject to the limits of the plan. Loan packages contain-ing all necessary forms, along with an explanation of how interestrates are set, are available from our Retirement Plan AccountManagers. A loan may not be taken from the Guaranteed RateAccounts. If a participant is married, written spousal consent may berequired for a loan.

Generally, the loan amount will be transferred from the investmentoptions into a loan account. The participant must repay the amountborrowed with interest as required by federal income tax rules. If youfail to repay the loan when due, the amount of the unpaid balancemay be taxable and subject to additional penalty taxes. No partic-ipant who has defaulted on a loan under the employer plan shall begranted any additional loans under this plan. Interest paid on aretirement plan loan is not deductible.

Choosing benefit payment options

Benefit payments are subject to plan provisions.

The Program offers a variety of benefit payment options. If you are aparticipant in an individually-designed plan, ask your employer fordetails. Once you are eligible, your plan may allow you a choice ofone or more of the following forms of distribution:

• Periodic installments

• Qualified Joint and Survivor Annuity

• Joint and Survivor Annuity Options, some with optional PeriodCertain

• Life Annuity

• Life Annuity — Period Certain

• Cash Refund Annuity

• Lump Sum Payment

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Types of benefits

Under the IRS Pre-Approved Plan, you may select one or more of thefollowing forms of distribution once you are eligible to receive bene-fits. If your employer has adopted an individually designed plan thatdoes not offer annuity benefits, not all of these distribution forms maybe available to you. We suggest you ask your employer what types ofbenefits are available under your plan. The distribution will be in theform of a life annuity or another form that you choose and is offeredby us at the time. We reserve the right to remove or change theseannuity payout options, other than the life annuity, or to add anotherpayout option at any time.

Qualified Joint and Survivor Annuity. An annuity providingequal monthly payments for your life and, after your death, for yoursurviving spouse’s life. No payments will be made after you and yourspouse die, even if you have received only one payment prior to thelast death. In some plans, the law requires that if the value ofyour vested benefits exceeds $5,000, you must receive aQualified Joint and Survivor Annuity unless your spouseconsents in writing to a contrary election. Please see "Spousalconsent requirements" below.

Lump sum payment. A single payment of all or part of your vestedbenefits. If you take a partial payment of your balance, it must be atleast $1,000. If you have more than one GRA, amounts held in yourmost recent GRA will first be used to make payment. If you termi-nated employment and your vested account balance is less than$1,000, you will receive a lump sum payment of the entire vestedamount unless alternate instructions are provided in a reasonableperiod after receiving your Election of Benefits Package.

Periodic installments. Monthly, quarterly, semi-annual or annualpayments over a period of at least three years, where the initialpayment on a monthly basis is at least $300. You can choose either atime-certain payout, which provides variable payments over a speci-fied period of time, or a dollar-certain payout, which provides levelpayments over a variable period of time. During the installmentperiod, your remaining account balance will be invested in whateverinvestment options you designate; each payment will be drawn pro-rata from all the investment options you have selected. If you havemore than one GRA, amounts held in your most recently purchasedthree-year or five-year GRA will first be used to make installmentpayments. If you die before receiving all the installments, we willmake the remaining payments to your beneficiary, subject to IRSminimum distribution rules and beneficiary election. We do not offerinstallments for benefits under individually designed plans.

Life Annuity. An annuity providing monthly payments for your life.No payments will be made after your death, even if you have receivedonly one payment prior to your death.

Life Annuity — Period Certain. An annuity providing monthlypayments for your life or, if longer, a specified period of time. If youdie before the end of that specified period, payments will continue toyour beneficiary until the end of the period. Subject to legal limi-tations, you may specify a minimum payment period of 5, 10, 15 or20 years. The longer the specified period, the smaller the monthlypayments will be.

Joint and Survivor Annuity. An annuity providing monthly pay-ments for your life and that of your beneficiary. You may specify the

percentage of the original annuity payment to be made to your benefi-ciary. Subject to legal limitations, that percentage may be 100%,75%, 50%, or any other percentage you specify.

Joint and Survivor Annuity — Period Certain. An annuity pro-viding monthly payments for your life and that of your beneficiaryor, if longer, a specified period of time. If you and your beneficiaryboth die before the end of the specified period, payments will con-tinue to your contingent beneficiary until the end of the period.Subject to legal limitations, you may specify a minimum paymentperiod of 5, 10, 15 or 20 years and the percentage of the annuitypayment to be made to your beneficiary (as noted above underJoint and Survivor Annuity). The longer the specified period, thesmaller your monthly payments will be.

Cash Refund Annuity. An annuity providing equal monthly pay-ments for your life with a guarantee that the sum of those paymentswill be at least equal to the portion of your vested benefits used topurchase the annuity. If upon your death the sum of the monthlypayments to you is less than that amount, your beneficiary will receivea lump sum payment of the remaining guaranteed amount.

Fixed and variable annuity choices

The cost of the fixed annuity is determined from tables in the groupannuity contract which show the amounts necessary to purchase each$1 of monthly payment (after deduction of any applicable taxes andthe annuity administrative charge described below). Paymentsdepend on the annuity selected, your age, and the age of yourbeneficiary if you select a joint and survivor annuity. We may changethe tables in the contract no more than once every five years.

The minimum amount that can be used to purchase any type ofannuity is $5,000. If we give any group pension client with a qualifiedprofit sharing plan a better annuity purchase rate than those currentlyavailable for the Program, we will also make those rates available toProgram participants.

Under a Qualified Joint and Survivor Annuity or a Cash RefundAnnuity, the amount of the monthly payments is fixed at retirementand remains level throughout the distribution period. Under the LifeAnnuity, Life Annuity — Period Certain, Joint and Survivor Annuityand Joint and Survivor Annuity — Period Certain, you may selecteither fixed or variable payments. The variable payments reflect theinvestment performance of the Growth Equity Fund. If you are inter-ested in a variable annuity, when you are ready to select your benefitplease ask our Retirement Plan Account Managers for our variableannuity prospectus supplement.

Spousal consent requirements

Under the IRS Pre-Approved Plan, you may designate a non-spousebeneficiary any time after the earlier of: (1) the first day of the planyear in which you attain age 35, or (2) the date on which you sepa-rate from service with your employer. If you designate a beneficiaryother than your spouse prior to you reaching age 35, your spousemust consent to the designation and, upon you reaching age 35,must again give his or her consent or the designation will lapse. Inorder for you to make a withdrawal, elect a form of benefit otherthan a Qualified Joint and Survivor Annuity or designate a non-spousebeneficiary, your spouse must consent to your election in writingwithin the 90 day period before your annuity starting date. To con-sent, your spouse must sign on the appropriate line on your election

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of benefits or beneficiary designation form. Your spouse’s signaturemust be witnessed by a notary public or plan representative.

If you change your mind, you may revoke your election and elect aQualified Joint and Survivor Annuity or designate your spouse asbeneficiary, simply by filing the appropriate form. Your spouse’s con-sent is not required for this revocation.

It is also possible for your spouse to sign a blanket consent form. Bysigning this form, your spouse consents not just to a specific benefi-ciary or, with respect to the waiver of the Qualified Joint and SurvivorAnnuity, the form of distribution, but gives you the right to name anybeneficiary, or if applicable, form of distribution you want. Once youfile such a form, you may change your election whenever you want,even without spousal consent.

All of these annuity options can be either fixed or variable except forthe Cash Refund Annuity and the Qualified Joint and Survivor Annuitywhich are fixed options only.

The amount of each payment in a fixed option remains the same.Variable option payments change to reflect the investment perform-ance of the AllianceBernstein Growth Equity Fund.

See "Procedures for withdrawals, distributions and transfers" in the SAI.

We provide the fixed and variable annuity options. Payments undervariable annuity options reflect investment performance of the Alli-anceBernstein Growth Equity Fund.

The minimum amount that can be used to purchase any type ofannuity is $5,000. If we give any group pension client with a qualifiedplan a better annuity purchase rate than those currently guaranteedunder the Program, we will also make those rates available to Pro-gram participants.

Spousal consent

If a participant is married and has an account balance greater than$5,000, (except for amounts contributed to the Rollover Account)federal law generally requires payment (subject to plan rules) of aQualified Joint and Survivor Annuity payable to the participant for lifeand then to the surviving spouse for life, unless you and your spousehave properly waived that form of payment in advance. Please see"Spousal consent requirements" above. Certain individually designedPlans are not subject to these requirements.

Proof of correct information

If any information on which an annuity benefit payable under thecontract was based has been misstated, the benefit will not beinvalidated, but based on the correct information. AXA Equitable willadjust the amount of the annuity payments with respect to a fixedannuity benefit, the number of variable annuity units with respect to avariable annuity benefit and the amount used to provide the annuitybenefit. Overpayments will be charged against any annuity paymentsand underpayments will be added to any annuity payments madeunder the annuity benefit after this adjustment. AXA Equitable willprovide you with a written explanation, based solely on theinformation in its possession, of the reason for the adjustment. AXAEquitable’s liability to you is limited to the amount of annuity benefitthat can be provided on the basis of correct information with theactual amount available under the contract.

Benefits payable after the death of a participant

Regardless of whether a participant’s death occurs before or afteryour Required Beginning Date, an individual death beneficiary calcu-lates annual post-death required minimum distribution paymentsbased on the beneficiary’s life expectancy using the "term certainmethod." That is, he or she determines his or her life expectancyusing the IRS-provided life expectancy tables as of the calendar yearafter the participant’s death and reduces that number by one eachsubsequent year.

If a participant dies before the entire benefit has been paid, theremaining benefits will be paid to the participant’s beneficiary. If aparticipant dies before he or she is required to begin receiving bene-fits, the law generally requires the entire benefit to be distributed nomore than five years after death. There are exceptions: (1) a benefi-ciary who is not the participant’s spouse may elect payments over hisor her life or a fixed period which does not exceed the beneficiary’slife expectancy, provided payments begin by December 31 of the yearfollowing the year of death, (2) if the benefit is payable to the spouse,the spouse may elect to receive benefits over his or her life or a fixedperiod which does not exceed his/her life expectancy beginning anytime up to December 31 of the year the participant would haveattained age 701⁄2 or, if later, December 31 of the year after the par-ticipant’s death, or (3) the spouse or the beneficiary who is not theparticipant’s spouse may be able to roll over all or part of the deathbenefit to an individual retirement arrangement, or, for a spouse only,an annuity under Section 403(b) of the Code or a governmentalemployer plan under Section 457 of the Code. If, at death, a partic-ipant was already receiving benefits, the beneficiary must continue toreceive benefits, subject to the federal income tax minimum dis-tribution rules. To designate a beneficiary or to change an earlierdesignation, a participant must have the employer send us a benefi-ciary designation form. In some cases, the spouse must consent inwriting to a designation of any non-spouse beneficiary, as explainedin "Spousal consent requirements" above.

Under the IRS Pre-Approved Plan, on the day we receive proof ofdeath, we automatically transfer the participant’s account balance inthe Equity Funds to the investment option designated in the contractunless the beneficiary gives us other written instructions. The balancein the Guaranteed Rate Accounts will remain in the Guaranteed RateAccounts and the balance in the Guaranteed Interest Option, willremain in the Guaranteed Interest Option.

A non-spousal beneficiary may be able to directly roll over a deathbenefit into a new individual retirement arrangement dedicated tomaking post-death payments.

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4. The Program

This section explains the Program in further detail. It is intended foremployers who wish to enroll in the Program, but containsinformation of interest to participants as well. You should, of course,understand the provisions of your plan and the Adoption Agreementthat define the scope of the Program in more specific terms. Refer-ences to "you" and "your" in this section are to you in your capacityas an employer. The Program is described in the prospectus solely toprovide a more complete understanding of how the Funds and GRAsoperate within the Program. The Program itself is not registeredunder the Securities Act of 1933.

The Members Retirement Program consists of either a defined con-tribution IRS Pre-Approved Plan and Separate Trust (“IRS Pre-ApprovedPlan and Trust”) that is sponsored by AXA Equitable or, for Employerswho prefer to use their own individually-designed or an IRS Pre-Approved defined contribution Plan document, in conjunction with thePlan’s Trust, or the Pooled Trust. The Program offers, according to theterms of either the IRS Pre-Approved Plan and Trust or Pooled Trust, agroup variable annuity Contract as a funding vehicle for employers whosponsor qualified retirement Plans. The Program is sponsored by AXA-Equitable, and the Trustee under the Separate Trust is Reliance TrustCompany. The Program has 3,608 participants and approximately$261 million in assets at December 31, 2017.

Our Retirement Program Specialists are available to answer yourquestions about joining the Program. Please contact us by usingthe telephone number or addresses listed under “How to reach us— Information on joining the Program” earlier in the prospectus.

Summary of plan choices

You have a choice of two retirement plan arrangements under theProgram. You can:

• Choose the IRS Pre-Approved Plan — which automaticallygives you a full range of services from AXA Equitable. Theseinclude your choice of the Program investment options, plan-level and participant-level recordkeeping, benefit payments andtax withholding and reporting. Under the IRS Pre-ApprovedPlan, employers adopt our Master Trust and your only invest-ment choices are from the Investment Options.

The Members Retirement Plan is a defined contribution masterplan that can be adopted as a profit sharing plan (includingoptional 401(k), SIMPLE 401(k) and safe harbor 401(k)features), a defined contribution pension plan, or both. A Roth401(k) option is available for all 401(k) plan types.

• Maintain our Pooled Trust for Individually Designed Plans— and use our Pooled Trust for investment options in the Pro-gram in addition to your own individual investments. The PooledTrust is for investment only and can be used for both definedbenefit and defined contribution plans. We provide participant-level or plan-level recordkeeping services for plan assets in thePooled Trust.

The Pooled Trust is an investment vehicle used with individuallydesigned qualified retirement plans. It can be used for bothdefined contribution and defined benefit plans. We providerecordkeeping services for plan assets held in the Pooled Trust.

Choosing the right plan depends on your own set of circumstances.We recommend that you review all plan, trust, participation andrelated agreements with your legal and tax counsel.

Getting started

If you choose the IRS Pre-Approved Plan, you as the employer ortrustee must complete an Adoption Agreement. As an employer, youare responsible for the administration of the plan you choose. Pleasesee "Your responsibilities as employer" in the SAI.

How to make Program contributions

Contributions can be made using the online contribution feature atwww.axa.com/mrp by clicking Employer Log-In or by mail to theAssociation Members Retirement Program, PO Box 13678, Newark,NJ 07188-3678. If using the online contribution feature employerswill need their User ID and Password. If the contribution is remittedby mail it must be in the form of a check drawn on a bank in the U.S.,clearing through the Federal Reserve System, in U.S. dollars, andmade payable to AXA Equitable. Third party checks are not accept-able, except for rollover contributions, tax-free exchanges or trusteechecks that involve no refund. All checks are subject to collection. Wereserve the right to reject a contribution if it is received in anunacceptable form. All contributions sent in by mail must be accom-panied by a form acceptable to AXA which designates the amount tobe allocated to each participant by contribution type. The Statementof Additional Information provides additional details on how to makecontributions to the Program.

Contributions are normally credited on the business day that wereceive them, provided the Contribution Remittance form is properlycompleted and matches the check/contribution amount. Con-tributions are only accepted from the employer for properly enrolledparticipants. Employees may not send contributions directly to theProgram. There is no minimum amount which must be contributed forinvestment if you adopt either Plan or if you have your ownindividually designed plan that uses the Pooled Trust.

Allocating Program contributions

The group annuity contract that covers the qualified plan in which youparticipate is not an investment advisory account, and AXA Equitable isnot providing any investment advice or managing the allocations underthis contract. In the absence of a specific written arrangement to thecontrary, you, as the participant under this contract, have the soleauthority to make investment allocations and other decisions under thecontract. Your Retirement Plan Account Manager is acting as a broker-dealer registered representative, and may not be authorized to act as aninvestment advisor or to manage the allocations under your contract.

33

The Program

Investment decisions for individually designed plans are made either bythe participant or by the plan trustees depending on the terms of the plan.

Participants may allocate contributions among any number of Programinvestment options. Allocation instructions can be changed at any time.You may allocate employer contributions in different percentages thanyour employee contributions. The allocation percentages you elect foremployer contributions will automatically apply to 401(k) qualifiednon-elective contributions, qualified matching contributions and match-ing contributions. The allocation percentages you elect for employeecontributions will automatically apply to both your post-tax employeecontributions and your 401(k) salary deferral contributions.

The Employee Retirement Income Security Act of 1974 pro-vides relief to a plan fiduciary of a qualified plan with partic-ipant directed accounts, if the fiduciary allocates to aQualified Default Investment Alternative (QDIA) contributionswhich the participant has failed to direct to an investmentoption under the plan after notice by the plan. The QDIAunder the MRP is the AXA Moderate Allocation Portfoliounless the plan’s fiduciary has chosen an alternate QDIA. Ifyou have not selected an investment option(s) under the MRPto allocate your contributions, the plan fiduciary will allocateyour contributions to the plan’s QDIA, after the fiduciary hasgiven you notice in accordance with the regulations. Afterfunds have been allocated to the plan’s QDIA, you mayreallocate those funds to any other investment option underthe MRP.

When transaction requests are effective

Contributions, as well as transfer requests and allocation changes(not including GRA maturity allocation changes discussed in the SAI),are effective on the business day they are received. Distributionrequests are also effective on the business day they are receivedunless, as in the Plans, there are plan provisions to the contrary.Transaction requests received after the end of a business day will becredited the next business day. Processing of any transaction may bedelayed if a properly completed form is not received.

Trustee-to-trustee transfers of plan assets are effective the businessday after we receive all items we require, including check and mailinginstructions, and a plan opinion/IRS determination letter from thenew or amended plan, or adequate proof of qualified plan status.

Distributions from the investment options

Keep in mind two sets of rules when considering distributions or with-drawals from the Program. The first are rules and procedures that applyto the investment options, exclusive of the provisions of your plan. Wediscuss those in this section. The second are rules specific to your plan.We discuss those "Rules applicable to participant distributions" below.Certain plan distributions may be subject to federal income tax, andpenalty taxes. See "Tax information" later in this prospectus.

Amounts in the Funds and Money Market GuaranteeAccount

These are generally available for distribution at any time, subject tothe provisions of your plan. Distributions from the Money MarketGuarantee Account and the AllianceBernstein Growth Equity,AllianceBernstein Mid Cap Growth and AllianceBernstein BalancedFunds are permitted at any time. Distributions from remaining Fundsare permitted at any time except if there is any delay in redemptionsfrom the corresponding portfolio of the Trusts, as applicable.

Amounts in the Guaranteed Rate Accounts and GuaranteedInterest Option

Withdrawals generally may not be taken from GRAs. See"Guaranteed Rate Accounts" earlier in this prospectus. Withdrawalsand transfers from the GIO, to other investment options are permit-ted, subject to certain conditions. See “Guaranteed Interest Option”earlier in this Prospectus.

Payments or withdrawals and application of proceeds to an annuityordinarily will be made promptly upon request in accordance withplan provisions. However, we can defer payments, applications andwithdrawals for any period during which the New York StockExchange is closed for trading, sales of securities are restricted ordetermination of the fair market value of assets is not reasonablypracticable because of an emergency.

If your plan is an employer or trustee-directed plan, you asthe employer are responsible for ensuring that there issufficient cash available to pay benefits.

Rules applicable to participant distributions

In addition to our own procedures, distribution and benefit paymentoptions under a tax qualified retirement plan are subject to compli-cated legal requirements. A general explanation of the federal incometax treatment of distributions and benefit payment options is providedin "Tax information" later in this prospectus and in the SAI. Youshould discuss your options with a qualified financial advisor. OurRetirement Plan Account Managers also can be of assistance.

In general, under the Plans, participants are eligible for benefits uponretirement, death or disability, or upon termination of employmentwith a vested benefit. Participants in an individually designed plan areeligible for retirement benefits depending on the terms of their plan.See "Benefit payment options" under "Transfers and access to yourmoney" earlier in this prospectus and "Tax information" later in thisprospectus for more details. For participants who own more than 5%of the business, benefits must begin no later than April 1 of the yearafter the participant reaches age 701⁄2. For all other participants, dis-tribution must begin by April 1 of the later of the year after attainingage 701⁄2 or retirement from the employer sponsoring the plan.

Distributions must be made according to the terms of the plan andrules in the Code and Treasury Regulations. Certain provisions of theTreasury Regulations on required minimum distributions concerningthe actuarial present value of additional contract benefits couldincrease the amount required to be distributed from annuity con-tracts funding qualified plans and other tax qualified retirementarrangements such as IRAs. These provisions could apply to partic-ipants who satisfy required minimum distributions through annualwithdrawals instead of receiving annuity payments. For this purposeadditional annuity contract benefits may include enhanced deathbenefits and guaranteed minimum income benefits. Currently webelieve that these provisions would not apply to Members RetirementProgram contracts because of the type of benefits provided under thecontract. However, you should consider the potential implication ofthese Regulations before you purchase or contribute to this annuitycontract.

• A participant may withdraw all or part of his/her accountbalance under either Plan attributable to post-tax employee

34

The Program

contributions at any time, provided that he/she withdraw atleast $300 at a time (or, if less, his/her entire post-tax accountbalance).

• If a participant is married, his/her spouse must generally consentin writing before he/she can make any type of withdrawal exceptto purchase a Qualified Joint and Survivor Annuity. Self-employed persons may generally not receive a distribution priorto age 591⁄2.

• Employees may generally not receive a distribution prior to sev-erance from employment.

• Hardship withdrawals before age 591⁄2 may be permitted under401(k) and certain other profit sharing plans.

Under an individually designed plan, the availability of pre-retirementwithdrawals depends on the terms of the plan. We suggest that par-ticipants ask their employer what types of withdrawals are availableunder their plan. See "Procedures for withdrawals, distributions andtransfers" in the SAI for a more detailed discussion of these generalrules.

Generally participants may not make withdrawals from the Guaran-teed Rate Accounts prior to maturity. See "The Guaranteed RateAccounts" earlier in this prospectus.

35

The Program

5. Charges and expenses

You will incur two general types of charges under the Program:

(1) Charges imposed on amounts invested in the Plan Trust —these apply to all amounts invested in the Plan Trust (includinginstallment payout option payments), and do not vary by plan.These are, in general, reflected as reductions in the unit valuesof the Funds or as reductions from the rates credited to theguaranteed options.

(2) Plan and transaction charges — these vary by plan or arecharged for specific transactions, and are typically stated in adollar amount. Unless otherwise noted, these are deducted infixed dollar amounts by reducing the number of units in theappropriate Funds and the dollars in the Guaranteed Options.

We deduct amounts for the 3-year or 5-year GRA from your mostrecent GRA.

We make no deduction from your contributions or withdrawals forsales expenses.

Program expense charge(Based on amounts invested in the Program)

We assess the Program expense charge on the last day of each monthor upon the withdrawal of all assets under your plan. The maximumProgram expense charge is 0.85% per year, assessed as a monthlycharge. The Program expense charge you actually pay may be lower,as illustrated by the chart below. The purpose of this charge is tocover the expenses that we incur in connection with the Program.

Average account value

$75,000 or less More than $75,000Total plan assets Schedule A Schedule B

First $250,000 0.85% 0.85%Next $250,000 0.65% 0.55%Over $500,000 0.50% 0.40%

We determine the Program expense charge for your plan on the lastday of each month, based on two factors: (1) the Average accountvalue of the accounts in your plan, and (2) the value of the Total planassets invested in the Members Retirement Program by your plan, onthat date. We assess the Program expense charge on all assets inyour plan. All participants in a plan pay the Program expense chargeat the same percentage rate, regardless of individual account value.

Each participant in a plan has an account value, which is the total valueof that participant’s investment in the Members Retirement Program.The Average account value in a plan is the average of the account val-ues of all of the participants in the plan, who have an account valuegreater than zero. If the Average account value under the Plan is$75,000 or less, then the Program expense charge will be determinedusing Schedule A on the chart above. If the Average account valueunder the Plan is more than $75,000, then the Program expensecharge will be determined using Schedule B on the chart above.

Total plan assets are all of the assets invested in the MembersRetirement Program under a plan. The first $250,000 in assetsunder the plan is subject to a Program expense charge of 0.85%per year. If the Total plan assets exceed $250,000, any amountsgreater than that will be subject to a lower charge. The next$250,000 (up to Total plan assets of $500,000) will be subject toa Program expense charge of either 0.65% or 0.55%, underSchedule A or Schedule B, respectively. Any assets in the plan inexcess of $500,000 will be subject to a Program expense chargeof either 0.50% or 0.40%, under Schedule A or Schedule B,respectively. The sum of the amounts calculated under this for-mula equals the total Program expense charge for the plan. Thepercentage of Total plan assets that this sum represents is theannual Program expense charge that each participant in the planpays on his or her account value.

We will deduct the Program expense charge from your accountvalue, except for amounts held in the 3-year and 5-year Guaran-teed Rate Accounts, on a pro-rata basis, as of the last businessday of each month. Such amount will be deducted from the partic-ipant’s account balances in accordance with the ordering ruleestablished by AXA Equitable from time to time and communi-cated in writing to the Employer. The amounts we deduct fromthe Guaranteed Interest Option and Money Market GuaranteeAccount will never cause the rates we pay on those accounts tofall below 1%.

We apply the Program expense charge toward the cost of main-tenance of the investment options, the promotion of the Program,investment funds, Guaranteed Rate Accounts, the Guaranteed Inter-est Option, when available, and Money Market Guarantee Account,administrative costs, such as enrollment and answering participantinquiries, and overhead expenses such as salaries, rent, postage,telephone, travel, legal, actuarial and accounting costs, office equip-ment and stationery. During 2017, we received $1,647,729 compen-sation under the Program expense charge.

Members Retirement Plan and Investment only fees(Plan and transaction expenses)

Record maintenance and report fee. At the end of each calen-dar quarter, we deduct a record maintenance and report fee of $3.75from your account balance. We reserve the right to charge varyingfees based on the requested special mailings, reports and servicesgiven to your retirement plan.

Enrollment fee. We charge an employer a non-refundable enroll-ment fee of $25 for each participant enrolled under its plan. If we donot maintain individual participant records under an individually-designed plan, we instead charge the employer $25 for each plan ortrust. If the employer fails to pay these charges, we may deduct theamount from subsequent contributions or from participants’ accountbalances.

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Charges and expenses

Annual portfolio operating expenses(Deducted by the trusts)

All Funds other than the AllianceBernstein Growth Equity Fund, theAllianceBernstein Mid Cap Growth Fund and the AllianceBernsteinBalanced Fund are indirectly subject to investment management fees,12b-1 (if applicable) fees and other expenses charged against assetsof the corresponding Portfolios of the Investment Trusts. Theseexpenses are described in the Trusts’ prospectuses.

Investment management and accounting fees(Based on amounts invested in the Program)

The computation of unit values for the AllianceBernstein GrowthEquity, AllianceBernstein Mid Cap Growth and AllianceBernsteinBalanced Funds reflects fees charged for investment managementand accounting. The investment management and accounting feecovers AllianceBernstein’s investment management and our financialaccounting services provided to these Funds, as well as portion of ourrelated administrative costs. The portion of the fee attributable toinvestment management services is retained by AllianceBernstein. Wereceive fees for financial accounting and administrative services weprovide for these Funds. The fees shown in the Fee Table are esti-mated based on the experience of the Funds during the fiscal yearended December 31, 2017. The fees may be higher or lower based onthe experience of the Funds during the fiscal year endedDecember 31, 2018.

Direct Operating and Other Expenses(Based on amounts invested in the Program)

In addition to the charges and fees mentioned above, the Alliance-Bernstein Growth Equity, AllianceBernstein Mid Cap Growth andAllianceBernstein Balanced Funds are charged for certain costs andexpenses directly related to their operations. These may include trans-fer taxes, SEC filing fees and other costs related to the operation ofthe Funds. The fees shown in the Fee Table are estimated based onthe experience of the Funds during the fiscal year endedDecember 31, 2017. The fees may be higher or lower based on theexperience of the Funds during the fiscal year ended December 31,2018.

Other expenses(Based on amounts invested in the Program)

We may impose certain additional costs and expenses on the Funds.These may include the cost of printing of SEC filings, prospectusesand reports, proxy mailings, other mailing costs, as well as legal andaudit expenses.

Charges for state premium and other applicabletaxes

We deduct a charge designed to approximate certain taxes that maybe imposed on us, such as premium taxes in your state. Currently, wededuct the charge from the amount applied to provide an annuitypay-out option. The current tax charge that might be imposed on usvaries by state and ranges from 0% to 1%.

We reserve the right to deduct any applicable charges such as pre-mium taxes from each contribution or from distributions or upontermination of your contract. If we have deducted any applicable taxcharges from contributions, we will not deduct a charge for the same

taxes later. If, however, an additional tax is later imposed on us whenyou make a partial or full withdrawal, or your contract is terminated,or you begin receiving annuity payments, we reserve the right todeduct a charge at that time.

Fees paid to associations

We may pay associations a fee for services provided in connectionwith the Program being made available to their memberships. The feemay be based on the number of employers whom we solicit, thenumber who participate in the Program, and/or the value of Programassets. We make these payments without any additional deduction orcharge under the Program.

General information on fees and charges

We will give you written notice of any change in the fees andcharges. We may also establish a separate fee schedule for requestednon-routine administrative services. During 2017 we received totalfees and charges under the Program of $1,850,818.

Charges that the Trusts deduct

The Trusts deduct charges for the following types of fees andexpenses:

• Management fees.

• 12b-1 Fees.

• Operating expenses, such as trustees’ fees, independent publicaccounting firms’ fees, legal counsel fees, administrative servicefees, 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 variableinvestment options and are reflected in their unit values. Certain Port-folios available under the contract in turn invest in shares of otherPortfolios of the Trusts and/or shares of unaffiliated Portfolios(collectively, the “underlying Portfolios”). The underlying Portfolioseach have their own fees and expenses, including management fees,operating expenses, and investment related expenses such asbrokerage commissions. For more information about these charges,please refer to the prospectuses for the Trusts.

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Charges and expenses

6. Tax information

In this section, we briefly outline current federal income tax rules relatingto the adoption of the Program, contributions to the Program and dis-tributions to participants under qualified retirement plans. Certain otherinformation about qualified retirement plans appears here and in the SAI.

Federal income tax rules include the United States laws in the InternalRevenue Code, and Treasury Department Regulations and InternalRevenue Service ("IRS") interpretations of the Internal Revenue Code.These tax rules may change without notice. We cannot predictwhether, when, or how these rules could change. Any change couldaffect annuity contracts purchased before the change. In addition tolegislation enacted in December 2017, Congress may also considerfurther proposals to comprehensively reform or overhaul the UnitedStates tax and retirement systems, which if enacted, could affect thetax aspects of an annuity contract. We cannot predict, what, if any,legislation will actually be proposed or enacted that may affectannuity contracts.

We cannot provide detailed information on all tax aspects of theProgram, plans and contracts. Moreover, the tax aspects that apply toa particular person’s situation may vary depending on the facts appli-cable to that person. We do not discuss state income and other statetaxes, federal income tax and withholding rules for non-U.S. tax-payers, or federal gift and estate taxes. Rights or values under plansor contracts, or payments under plans or contracts, for example,amounts due to beneficiaries, may be subject to federal or state gift,estate, or inheritance taxes. You should not rely only on this docu-ment, but should consult your tax advisor before your purchase.

Buying a contract to fund a retirementarrangement

Annuity contracts can be purchased in connection with employerplans qualified under Code Section 401. You should be aware thatthe funding vehicle for a qualified arrangement does not provide anytax deferral benefit beyond that already provided by the Code for allpermissible funding vehicles. Before choosing an annuity contract,therefore, you should consider the annuity’s features and benefits,such as the contract’s selection of investment funds, availability ofguaranteed options, and choices of pay-out options, as well as thefeatures and benefits of other permissible funding vehicles and therelative costs of annuities and other arrangements. You should beaware that cost may vary depending on the features and benefitsmade available and the charges and expenses of the investmentoptions or funds that you elect.

Income taxation of distributions to qualifiedplan participants

In this section, the word "you" refers to the plan participant.

Amounts distributed to a participant from a qualified plan are gen-erally subject to federal income tax as ordinary income when benefitsare distributed to you or your beneficiary. Generally, only yourpost-tax contributions, if any, are not taxed when distributed.

If an employer’s 401(k) plan permits, an employee may designate someor all of elective deferral contributions as "designated Rothcontributions," which are made on a post-tax basis to the 401(k)arrangement. Designated Roth contributions must be separatelyaccounted for. If certain timing and distribution event requirements aresatisfied, distributions from a designated Roth contribution accountunder a 401(k) plan will be tax-free. If both aging and event tests arenot met, earnings attributable to a designated Roth account may beincludible in income. Distributions from designated Roth contributionaccounts may be rolled over to other designated Roth contributionaccounts under an eligible retirement plan (401(k) plan, 403(b) plan orgovernmental employer Section 457 plan) or to Roth IRAs.

Eligible rollover distributions. Many types of distributions fromqualified plans are “eligible rollover distributions” that can be rolledover to another “eligible retirement plan” which will accept the roll-over. Eligible retirement plans include qualified plans, individualretirement arrangements (“IRAs”), Section 403(b) plans, and gov-ernmental employer Section 457(b) plans. Eligible rollover dis-tributions may also be rolled over to another eligible retirement planwithin 60 days of the receipt of the distribution, but the distributionwill be subject to mandatory 20% federal income tax withholding ifthe distribution is not directly rolled over. If the eligible rollover dis-tribution is directly rolled over, there is no mandatory 20% federalincome tax withholding. Eligible rollover distributions to employeesunder age 59 1/2 may be subject to an additional 10% federalincome tax penalty if the distribution is not rolled over. After 2015,eligible rollover distributions from qualified plans may also be rolledover to a SIMPLE IRA. We anticipate that regulatory guidance will benecessary before we implement rollovers into SIMPLE IRAs. Anemployee’s surviving spouse beneficiary may also roll over an eligiblerollover distribution to another eligible retirement plan under certaincircumstances. A non-spousal death beneficiary may be able todirectly roll over death benefits to a new traditional inherited IRAunder certain circumstances. Distributions from a qualified plan canalso be rolled over to a Roth IRA. Any taxable portion of the amountrolled over will be taxed at the time of the rollover. See “Eligible roll-over distributions and federal income tax withholding” in the SAI fora more detailed discussion.

The IRS has issued ordering rules and related guidance on allocationbetween pre-tax and post-tax amounts on distributions from the planbefore annuity payments start, including distributions to be made tomultiple destinations, and the effect of direct rollovers. This guidanceindicates that all disbursements from the plan that are “scheduled tobe made at the same time” are treated as a single distribution even ifthe recipient has directed that the disbursement be divided amongmultiple destinations. Multiple destinations include payment to therecipient and direct rollovers to one or more eligible retirement plans.

The guidance generally requires that the pre-tax amount for theaggregated distribution is first assigned to the amount directly rolledover to one or more eligible retirement plans (so that the pre-taxamount would not be currently taxable). If the recipient wants to

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divide the direct rollover amount among two or more eligible retire-ment plans, before the distribution is made, the recipient can choosehow the pre-tax amount is to be allocated among the plans. (Weexpect to have forms for this choice.)

If the pre-tax amount for the aggregated distribution is more than theamount directly rolled over, the guidance indicates that any remainingpre-tax amount is next assigned to any 60-day rollovers up to theamount of the 60-day rollovers. (Please note that the recipient isresponsible for the tax treatment of 60-day rollovers and that ourinformation report on Form 1099-R will reflect distribution to therecipient and any required 20% withholding.) The guidance furtherindicates that any remaining pre-tax amount after assignment of thepre-tax amount to direct rollovers and 60-day rollovers is includible ingross income. Finally, if the amount rolled over to an eligible retire-ment plan exceeds the portion of the pre-tax amount assigned orallocated to the plan, the excess is a post-tax amount.

This guidance clarifies that a plan participant can use rollovers to sepa-rate the pre-tax and post-tax amounts of a distribution. For example, ifa plan participant takes a distribution of $100,000 from a plan,$80,000 of which is pre-tax and $20,000 of which is attributable tonon-Roth post-tax contributions, the participant could choose to allo-cate the distribution so that the entire pre-tax amount of $80,000 couldbe directly rolled over to a traditional IRA and the $20,000 non-Rothpost-tax contributions could be rolled over to a Roth IRA.

In-Plan Roth rollover

If the plan permits and according to plan terms, participants who areeligible to take a distribution from their 401(k) retirement plan canconvert their existing plan account into the designated Roth accountby either a direct rollover or by taking a distribution and then rollingover the account into the designated Roth account within 60 days.Any pre-tax amounts converted must be included in the participant’staxable income for the same year as the conversion.

Tax law permits a plan to allow an internal direct transfer from a pre-tax or non-Roth post-tax account to a designated Roth account underthe plan, even though the transferred amounts are not eligible forwithdrawal by the individual electing the transaction. The transferwould be taxable and withdrawals would not be permitted from thedesignated Roth account under the plan. Additional separateaccounting will be required to implement this provision.

Annuity or installment payments. Each payment you receive isordinary income for tax purposes, except where you have a "cost basis"in the benefit. Your cost basis is equal to the amount of your post-taxemployee contributions, plus any employer contributions you had toinclude in gross income in prior years. You may exclude from grossincome a portion of each annuity or installment payment you receive. Ifyou (and your survivor) continue to receive payments after you havereceived your cost basis in the contract, all amounts will be taxable.

In-service withdrawals. Some plans allow in-service withdrawalsof post-tax contributions. The portion of each withdrawal attributableto cost basis is not taxable. The portion of each withdrawal attribut-able to earnings is taxable. Withdrawals are taxable only after theyexceed your cost basis if (a) they are attributable to yourpre-January 1, 1987 contributions under (b) plans that permittedthose withdrawals as of May 5, 1986. In addition, 20% mandatoryfederal income tax withholding may also apply.

Premature distributions. You may be liable for an additional 10%penalty tax on all taxable amounts distributed before age 591⁄2unless the distribution falls within a specified exception or is rolledover into an IRA or other eligible retirement plan.

The exceptions to the penalty tax include (a) distributions made onaccount of your death or disability, (b) distributions beginning afterseparation from service in the form of a life annuity or installmentsover your life expectancy (or the joint lives or life expectancies of youand your beneficiary), (c) distributions due to separation from activeservice after age 55 and (d) distributions you use to pay deductiblemedical expenses. See IRS Form 5329 for more information on theadditional 10% tax penalty.

Tax withholding and information reporting

Status for income tax purposes; FATCA. In order for us to complywith income tax withholding and information reporting rules which mayapply to annuity contracts and tax-qualified plans, we request doc-umentation of “status” for tax purposes. “Status” for tax purposes gen-erally means whether a person is a “U.S. person” or a foreign personwith respect to the United States; whether a person is an individual or anentity, and if an entity, the type of entity. Status for tax purposes is bestdocumented on the appropriate IRS Form or substitute certification form(IRS Form W-9 for a U.S. person or the appropriate type of IRS Form W-8for a foreign person). If we do not have appropriate certification ordocumentation of a person’s status for tax purposes on file, it could affectthe rate at which we are required to withhold income tax, and penaltiescould apply. Information reporting rules could apply not only to specifiedtransactions, but also to contract ownership. For example, under theForeign Account Tax Compliance Act (“FATCA”), which applies to certainU.S.-source payments, and similar or related withholding and informationreporting rules, we may be required to report contract values and otherinformation for certain contract owners/participants. For this reason, weand our affiliates intend to require appropriate status documentation atpurchase, change of ownership, and affected payment transactions,including death benefit payments. FATCA and its related guidance isextraordinarily complex and its effect varies considerably by type of payor,type of payee and type of recipient.

Tax Withholding. In almost all cases, 20% mandatory income taxwithholding will apply to all "eligible rollover distributions" that arenot directly rolled over to a qualified plan, 403(b) plan, governmentalemployer 457 plan or traditional IRA. If a distribution is not an eligi-ble rollover distribution, the recipient may elect out of withholding.The rate of withholding depends on the type of distribution. See"Eligible rollover distributions and federal income tax withholding" inthe SAI. Under the IRS Pre-Approved Plan, we will withhold the taxand send you the remaining amount. Under an individually designedplan, we will pay the full amount of the distribution to the plan’strustee. The trustee is then responsible for withholding federal incometax upon distributions to you or your beneficiary.

Impact of taxes to AXA Equitable

Under existing federal income tax law, no taxes are payable on invest-ment income and capital gains of the Funds that are applied toincrease the reserves under the contracts. Accordingly, AXA Equitabledoes not anticipate that it will incur any federal income tax liabilityattributable to income allocated to the variable annuity contracts par-ticipating in the Funds and it does not currently impose a charge for

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Tax information

federal income tax on this income when it computes unit values forthe Funds. If changes in federal tax laws or interpretations thereofwould result in AXA Equitable being taxed, then AXA Equitable mayimpose a charge against the Funds (on some or all contracts) to pro-vide for payment of such taxes.

AXA Equitable is entitled to certain tax benefits related to the invest-ment of company assets, including assets of the separate accounts.These tax benefits, which may include the foreign tax credit and thecorporate dividends received deduction, are not passed back to you,since AXA Equitable is the owner of the assets from which tax bene-fits may be derived.

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7. More information

About Program changes or terminations

Amendments. The contract has been amended in the past and weand the Trustees may agree to amendments in the future. No futurechange can affect annuity benefits in the course of payment. If certainconditions are met, we may: (1) terminate the offer of any of the invest-ment options and (2) offer new investment options with different terms.

Termination. We may terminate the contract at any time. If thecontract is terminated, we will not accept any further contributions.We may continue to hold amounts allocated to the Guaranteed RateAccounts until maturity. Amounts already invested in the investmentoptions may remain in the Program and you may also elect paymentof benefits through us.

Assignment. You may not assign your rights or obligations underthe contract without AXA Equitable’s prior written consent. AXAEquitable may not assign its rights or obligations under the contractwithout your prior written consent, except that AXA Equitable will notrequire your written consent to assign the contract to a corporation inwhich it has a direct or indirect ownership interest, provided that AXAEquitable remains liable for the failure of that corporation to performits obligations.

IRS disqualification

If your plan is found not to qualify under the Internal Revenue Code,we may: (1) return the plan’s assets to the employer (in our capacityas the plan administrator) or (2) prevent plan participants from inves-ting in the separate accounts.

About the separate accounts

Each Fund is one, or part of one, of our separate accounts. We estab-lished the separate accounts under special provisions of the New YorkInsurance Law. These provisions prevent creditors from any otherbusiness we conduct from reaching the assets we hold in our invest-ment funds for owners of our variable annuity contracts, including ourcontracts. The results of each separate account’s operations areaccounted for without regard to AXA Equitable’s, or any other sepa-rate account’s, operating results. We are the legal owner of all of theassets in the separate accounts and may withdraw any amounts wehave in the separate accounts that exceed our reserves and otherliabilities under variable annuity contracts. The amount of some of ourobligations is based on the assets in the separate accounts. However,the obligations themselves are obligations of AXA Equitable. Wereserve the right to take certain actions in connection with our oper-ations and the operations of the investment funds as permitted byapplicable law. If necessary, we will seek approval by participants inthe Program.

The separate accounts that we call the AllianceBernstein GrowthEquity, AllianceBernstein Mid Cap Growth, and AllianceBernsteinBalanced Funds commenced operations in 1968, 1969, and 1979respectively. Separate Account No. 66, which holds the other Fundsoffered under the contract, was established in 1997. Because of

exclusionary provisions, none of the Funds are subject to regulationunder the Investment Company Act of 1940. Separate AccountNo. 66, however, purchases Class IA shares and Class IB/B shares ofthe Trusts. The Trusts are registered as open-end managementinvestment companies under the 1940 Act. AXA Equitable is notrequired to register, and is not registered, as an investment companyunder the Investment Company Act of 1940.

About the general account

Our general obligations and any guaranteed benefits under the con-tract, including those that apply to the Guaranteed Rate Accounts,Guaranteed Interest Option and Money Market Guarantee Account,are supported by AXA Equitable’s general account and are subject toAXA Equitable’s claims paying ability. An owner should look to thefinancial strength of AXA Equitable for its claims paying ability. Assetsin the general account are not segregated for the exclusive benefit ofany particular policy or obligation. General account assets are alsoavailable to the insurer’s general creditors and the conduct of its rou-tine business activities, such as the payment of salaries, rent andother ordinary business expenses. For more information about AXAEquitable’s financial strength, you may review its financial statementsand/or check its current rating with one or more of the independentsources that rate insurance companies for their financial strength andstability. Such ratings are subject to change and have no bearing onthe performance of the Funds.

The general account is subject to regulation and supervision by theNew York State Department of Financial Services and to the insurancelaws and regulations of all jurisdictions where we are authorized todo business. Interests under the contracts in the general account havenot been registered and are not required to be registered under theSecurities Act of 1933 because of exemptions and exclusionary provi-sions that apply. The general account is not required to register as aninvestment company under the Investment Company Act of 1940 andit is not registered as an investment company under the InvestmentCompany Act of 1940.

We have been advised that the staff of the SEC has not reviewed theportions of this prospectus that relate to the general account. Thedisclosure, however, may be subject to certain provisions of thefederal securities laws relating to the accuracy and completeness ofstatements made in prospectuses.

Cybersecurity

We rely heavily on interconnected computer systems and digital datato conduct our variable product business. Because our variable prod-uct business is highly dependent upon the effective operation of ourcomputer systems and those of our business partners, our business isvulnerable to disruptions from utility outages, and susceptible tooperational and information security risks resulting from informationsystems failure (e.g., hardware and software malfunctions), andcyber-attacks. These risks include, among other things, the theft,

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misuse, corruption and destruction of data maintained online or digi-tally, interference with or denial of service, attacks on websites andother operational disruption and unauthorized use or abuse of con-fidential customer information. Such systems failures and cyber-attacks affecting us, any third party administrator, the underlyingfunds, intermediaries and other affiliated or third-party service pro-viders may adversely affect us and your Contract Value. For instance,systems failures and cyber-attacks may interfere with our processingof contract transactions, including the processing of orders from ourwebsite or with the underlying funds, impact our ability to calculateaccount unit values, cause the release and possible destruction ofconfidential customer or business information, impede order process-ing, subject us and/or our service providers and intermediaries toregulatory fines and financial losses and/or cause reputational dam-age. Cybersecurity risks may also impact the issuers of securities inwhich the underlying funds invest, which may cause the funds under-lying your Contract to lose value. While there can be no assurancethat we or the underlying funds or our service providers will avoidlosses affecting your Contract due to cyber-attacks or informationsecurity breaches in the future, we take reasonable steps to mitigatethese risks and secure our systems from such failures and attacks.

About legal proceedings

AXA Equitable and its affiliates are parties to various legal proceed-ings. In our view, none of these proceedings would be consideredmaterial with respect to a contract owner’s interest in the separateaccounts nor would any of these proceedings be likely to have amaterial adverse effect upon the separate accounts, our ability tomeet our obligations under the Program, or the distribution of groupannuity contract interests under the Program.

Financial statements

The financial statements of Separate Accounts 3, 4, 10, and 66, aswell as the consolidated financial statements of AXA Equitable, are inthe SAI. The SAI is available free of charge. The financial statementsof AXA Equitable have relevance to the contracts only to the extentthat they bear upon the ability of AXA Equitable to meet its obliga-tions under the contracts. You may request the SAI by writing to ourProcessing Office or calling 1-800-526-2701.

About the trustee

As trustee, Reliance Trust Company serves as a party to the contract.It has no responsibility for the administration of the Program or forany distributions or duties under the contract.

Distribution of the contracts

AXA Equitable performs all marketing and service functions under thecontract. No sales commissions are paid with respect to units ofinterest in any of the separate accounts available under the contract;however, incentive compensation is paid to AXA Equitable employeesperforming these functions, based upon sales and the amount of firstyear plan contributions, as discussed in the SAI. The offering of theunits is continuous.

Reports we provide and available information

We send reports annually to employers showing the aggregateaccount balances of all participants and information necessary tocomplete annual IRS filings.

The registration statement, including this prospectus and the SAI, canbe obtained from the SEC’s website at www.sec.gov.

Acceptance

The employer or plan sponsor, as the case may be: (1) is solely respon-sible for determining whether the Program is a suitable fundingvehicle and (2) should carefully read the prospectus and othermaterials before entering into an Adoption Agreement.

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Appendix I: Condensed financial information

These selected per unit data and ratios for the years ended December 31, 2008 through December 31, 2017 have been derived from the financialstatements audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The financial statements of each of the Fundsas well as the consolidated financial statements of AXA Equitable are contained in the SAI. Information is provided for the period that each Fundhas been available under the Program, but not longer than ten years.

SEPARATE ACCOUNT NO. 3 (POOLED)of AXA Equitable Life Insurance Company

ALLIANCEBERNSTEIN MID CAP GROWTH FUND — INCOME, EXPENSES AND CAPITAL CHANGES PER UNIT OUTSTANDING THROUGHOUT THEYEARS INDICATED AND OTHER SUPPLEMENTARY DATA

YEAR ENDED DECEMBER 31,

2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

Income $ 0.43 $ 0.64 $ 0.48 $ 0.55 $ 0.38 $ 0.32 $ 0.61 $ 0.83 $ 0.23 $ 0.10

Expenses (Note A) (0.84) (0.71) (0.76) (0.71) (0.64) (0.52) (0.52) (0.35) (0.34) (0.90)

Net investment gain (loss) (0.41) (0.07) (0.28) (0.16) (0.26) (0.20) 0.09 0.48 (0.11) (0.80)

Net realized and unrealized gain(loss) on investments (Note B) 34.81 (1.40) 1.31 2.20 26.16 9.27 1.57 16.73 16.29 (27.53)

Net increase (decrease) inAllianceBernstein Mid CapGrowth Fund Unit Value 34.40 (1.47) 1.03 2.04 25.90 9.07 1.66 17.21 16.18 (28.33)

AllianceBernstein Mid Cap GrowthFund Unit Value (Note C):

Beginning of year 105.46 106.93 105.90 103.86 77.96 68.89 67.23 50.02 33.84 62.17

End of year $139.86 $105.46 $106.93 $105.90 $103.86 $77.96 $68.89 $67.23 $50.02 $33.84

Ratio of expenses to average netassets attributable to theProgram 0.67% 0.68% 0.69% 0.68% 0.70% 0.69% 0.73% 0.67% 0.87% 1.80%

Ratio of net investment income(loss) to average net assetsattributable to the Program (0.33)% (0.07)% (0.25%) (0.16%) (0.29)% (0.26)% 0.13% 0.87% (0.27)% (1.60)%

Number of AllianceBernstein MidCap Growth Fund Unitsoutstanding at end of year(000’s) 151 174 197 221 246 274 288 327 321 338

Portfolio turnover rate (Note D) 60% 79% 79% 116% 137% 131% 137% 151% 217% 129%

See notes following these tables.

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ALLIANCEBERNSTEIN GROWTH EQUITY FUND — INCOME, EXPENSES AND CAPITAL CHANGES PER UNIT OUTSTANDING THROUGHOUT THEYEARS INDICATED AND OTHER SUPPLEMENTARY DATA


2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

Income $ 11.00 $ 10.28 $ 9.73 $ 8.95 $ 7.69 $ 7.04 $ 5.21 $ 5.81 $ 3.88 $ 2.12

Expenses (Note A) (2.97) (2.59) (2.36) (2.04) (1.91) (1.28) (1.31) (1.05) (1.08) (4.46)

Net investment income (loss) 8.03 7.69 7.37 6.91 5.78 5.76 3.90 4.76 2.80 (2.34)

Net realized and unrealized gain(loss) on investments(Note B) 187.19 33.26 22.83 58.54 122.90 46.96 7.02 43.77 74.65 (147.82)

Net increase (decrease) inAllianceBernstein Growth EquityFund Unit Value 195.22 40.95 30.20 65.45 128.68 52.72 10.92 48.53 77.45 (150.16)

AllianceBernstein Growth EquityFund Unit Value (Note C):


End of year $851.21 $655.99 $615.04 $584.84 $519.39 $390.71 $337.99 $327.07 $278.54 $201.09

Ratio of expenses to average netassets attributable to the Program 0.39% 0.41% 0.39% 0.36% 0.42% 0.33% 0.38% 0.37% 0.47% 1.57%

Ratio of net income (loss) to averagenet assets attributable to theProgram 1.06% 1.23% 1.22% 1.26% 1.29% 1.54% 1.14% 1.67% 1.23% (0.83)%

Number of AllianceBernstein GrowthEquity Fund Units outstanding atend of year (000’s) 46 51 57 65 69 77 80 90 100 103

Portfolio turnover rate(Note D) 15% 16% 19% 16% 17% 21% 19% 30% 118% 106%

See notes following these tables.

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ALLIANCEBERNSTEIN BALANCED FUND — INCOME, EXPENSES AND CAPITAL CHANGES PER UNIT OUTSTANDING THROUGHOUT THE YEARSINDICATED AND OTHER SUPPLEMENTARY DATA


2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

Income $ 1.97 $ 1.97 $ 1.77 $ 1.89 $ 1.56 $ 1.57 $ 1.50 $ 1.76 $ 1.41 $ 1.88

Expenses (Note A) (0.51) (0.50) (0.45) (0.43) (0.45) (0.38) (0.33) (0.28) (0.22) (0.80)

Net investment income 1.46 1.47 1.32 1.46 1.11 1.19 1.17 1.48 1.19 1.08

Net realized and unrealized gain (loss) oninvestments (Note B) 8.84 3.35 (1.28) 1.49 8.15 5.51 (1.42) 3.25 7.95 (17.08)

Net increase (decrease) in AllianceBernsteinBalanced Fund Unit Value 10.30 4.82 0.04 2.95 9.26 6.70 (0.25) 4.73 9.14 (16.00)

AllianceBernstein Balanced Fund Unit Value(Note C):


End of year $85.39 $75.09 $70.27 $70.23 $67.28 $58.02 $51.32 $51.57 $46.84 $37.70

Ratio of expenses to average net assetsattributable to the Program 0.63% 0.68% 0.64% 0.61% 0.71% 0.71% 0.63% 0.60% 0.55% 1.69%

Ratio of net investment income to average netassets attributable to the Program 1.81% 2.03% 1.85% 2.10% 1.79% 2.18% 2.22% 3.11% 2.92% 2.29%

Number of AllianceBernstein Balanced FundUnits outstanding at end of year (000’s) 287 324 351 398 431 481 479 535 573 596

Portfolio turnover rate (Note D) 128% 113% 143% 111% 111% 94% 84% 83% 94% 61%

A. Enrollment fees are not included above and did not affect the AllianceBernstein Growth Equity Fund, AllianceBernstein Mid Cap Growth Fund or AllianceBernstein BalancedFund unit values. Enrollment fees were generally deducted from contributions to the Program.

B. See Note 2 to Financial Statements of Separate Accounts No. 3 (Pooled), 4 (Pooled) and 10 (Pooled), which can be found in the SAI.

C. The value for an AllianceBernstein Growth Equity Fund unit was established at $10.00 on January 1, 1968 under the National Association of Realtors Members RetirementProgram (NAR Program). The NAR Program was merged into the Members Retirement Program on December 27, 1984. The values for an AllianceBernstein Mid Cap GrowthFund and an AllianceBernstein Balanced Fund unit were established at $10.00 on May 1, 1985, the date on which the Funds were first made available under the Program.

D. The portfolio turnover rate includes all long-term U.S. Government securities, but excludes all short-term U.S. Government securities and all other securities whose maturities atthe time of acquisition were one year or less. Represents the annual portfolio turnover rate for the entire separate account.

Income, expenses, gains and losses shown above pertain only to participants’ accumulations attributable to the Program. Other plans also partic-ipate in the AllianceBernstein Growth Equity, AllianceBernstein Mid Cap Growth and AllianceBernstein Balanced Funds and may have operatingresults and other supplementary data different from those shown above.

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SEPARATE ACCOUNT NO. 66 UNIT VALUES

Unit values and number of units outstanding for these Funds at year end for each variable investment fund, except forthose funds being offered for the first time after December 31, 2017.

For the years ending December 31,Inception

Date2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

1290 VT DoubleLine Dynamic Allocation

Unit value — — — — $10.02 $11.13 $11.40 $10.97 $11.92 $13.06 11/15/12

Number of units outstanding (000’s) — — — — — — — 1 3 3

1290 VT Equity Income

Unit value — — — — $ 9.98 $13.15 $14.29 $14.04 $15.86 $18.37 11/15/12

Number of units outstanding (000’s) — — — — 8 18 20 24 43 33

1290 VT GAMCO Mergers & Acquisitions

Unit value — — — — $10.14 $11.25 $11.43 $11.73 $12.63 $13.41 11/15/12

Number of units outstanding (000’s) — — — — — 16 10 11 9 9

1290 VT GAMCO Small Company Value

Unit value $ 8.08 $11.43 $15.16 $14.63 $17.24 $23.97 $24.70 $23.29 $28.70 $33.32 5/1/06

Number of units outstanding (000’s) 74 110 171 181 182 148 124 120 115 103

1290 VT Socially Responsible

Unit Value $ 5.10 $ 6.67 $ 7.51 $ 7.53 $ 8.79 $11.80 $13.40 $13.46 $14.80 $17.82 5/1/00


All Asset Growth-Alt 20

Unit value — — — — $10.05 $11.46 $11.73 $11.27 $12.34 $14.30 11/15/12

Number of units outstanding (000’s) — — — — 6 — 8 7 24 34

AXA Aggressive Allocation

Unit value $ 6.03 $ 7.67 $ 8.68 $ 8.03 $ 9.16 $11.58 $12.13 $11.91 $12.95 $15.42 5/1/07


AXA Conservative Allocation

Unit value $ 9.05 $ 9.93 $10.66 $10.86 $11.35 $11.84 $12.15 $12.12 $12.47 $13.08 5/1/07


AXA Conservative-PLUS Allocation

Unit value $ 8.14 $ 9.31 $10.16 $10.08 $10.83 $11.93 $12.31 $12.22 $12.80 $13.92 7/6/07


AXA Global Equity Managed Volatility

Unit value $ 6.96 $10.45 $11.65 $10.21 $11.95 $14.37 $14.61 $14.36 $15.00 $18.90 5/1/06


AXA International Core Managed Volatility

Unit value $ 8.41 $11.38 $12.43 $10.32 $12.01 $14.10 $13.22 $12.65 $12.67 $16.00 5/18/01


AXA Large Cap Growth Managed Volatility

Unit value $ 3.83 $ 5.17 $ 5.92 $ 5.70 $ 6.49 $ 8.78 $ 9.75 $10.14 $10.70 $13.82 5/1/00


AXA Large Cap Value Managed Volatility

Unit value $ 8.09 $ 9.74 $10.98 $10.42 $12.07 $15.99 $17.94 $17.21 $19.84 $22.59 5/18/01


I-4


Unit values and number of units outstanding for these Funds at year end for each variable investment fund, except forthose funds being offered for the first time after December 31, 2017. (continued)


Date2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

AXA Mid Cap Value Managed Volatility

Unit value $ 9.20 $12.50 $15.31 $13.86 $16.44 $21.88 $24.25 $23.39 $27.51 $30.89 8/1/97


AXA Moderate Allocation

Unit value $ 7.60 $ 8.89 $ 9.77 $ 9.54 $10.38 $11.73 $12.09 $11.98 $12.62 $14.01 7/6/07

Number of units outstanding (000’s) 284 740 1,066 1,229 1,377 1,486 1,532 1,583 1,718 1,745

AXA Moderate-PLUS Allocation

Unit value $ 6.81 $ 8.30 $ 9.26 $ 8.80 $ 9.82 $11.76 $12.20 $12.04 $12.91 $14.83 7/6/07


AXA/AB Small Cap Growth

Unit value — — — — $10.04 $13.87 $14.36 $13.94 $15.69 $19.24 11/15/12


AXA/ClearBridge Large Cap Growth

Unit value — — — — $ 9.85 $13.70 $14.22 $14.39 $14.52 $18.23 11/15/12


AXA/Janus Enterprise

Unit value — — — — $10.13 $14.03 $13.92 $13.16 $12.58 $16.09 11/15/12


CharterSM Multi-Sector Bond

Unit value $ 7.72 $ 8.47 $ 9.03 $ 9.49 $ 9.99 $ 9.90 $10.13 $10.07 $10.36 $10.59 5/18/01


EQ/Capital Guardian Research

Unit value $10.79 $14.18 $16.42 $17.07 $20.04 $26.40 $29.17 $29.72 $32.22 $40.40 11/22/02


EQ/Equity 500 Index

Unit value $ 6.04 $ 7.60 $ 8.69 $ 8.82 $10.16 $13.36 $15.09 $15.21 $16.91 $20.46 10/6/00

Number of units outstanding (000’s) 1,811 2,024 1,954 1,828 1,759 1,700 1,636 1,470 1,403 1,207

EQ/Intermediate Government Bond

Unit value $11.32 $11.06 $11.53 $12.14 $12.26 $12.05 $12.23 $12.28 $12.34 $12.37 11/22/02


EQ/International Equity Index

Unit value $12.85 $16.37 $17.27 $15.20 $17.67 $21.46 $19.98 $19.55 $19.97 $24.60 11/22/02


EQ/Large Cap Growth Index

Unit value — — — — $ 9.72 $12.88 $14.45 $15.15 $16.11 $20.81 11/15/12


EQ/MFS International Growth

Unit value — — — — $10.41 $11.83 $11.23 $11.25 $11.47 $15.14 11/15/12


I-5


Unit values and number of units outstanding for these Funds at year end for each variable investment fund, except forthose funds being offered for the first time after December 31, 2017. (continued)


Date2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

EQ/Mid Cap Index

Unit value — — — — $10.27 $13.61 $14.83 $14.40 $17.26 $19.93 11/15/12


EQ/Money Market

Unit value — $10.00 $10.00 $10.00 $10.00 $10.00 $ 9.99 $ 9.99 $ 9.99 $10.03 1/1/09

Number of units outstanding (000’s) — 624 980 1,447 1,584 1,416 1,395 1,383 1,252 1,064

EQ/PIMCO Ultra Short Bond

Unit value $10.71 $11.56 $11.66 $11.64 $11.81 $11.82 $11.80 $11.77 $12.00 $12.22 5/1/06


EQ/Small Company Index

Unit value $ 9.87 $12.45 $15.66 $15.03 $17.37 $23.86 $25.02 $23.87 $28.76 $32.78 5/18/01


EQ/T. Rowe Price Growth Stock

Unit value — — — — $ 9.76 $13.46 $14.61 $16.11 $16.32 $21.76 11/15/12


Multimanager Core Bond

Unit value — — — — $10.03 $ 9.79 $10.15 $10.16 $10.43 $10.74 11/15/12


Multimanager Technology

Unit value $ 7.76 $12.30 $14.48 $13.78 $15.63 $21.18 $24.05 $25.55 $27.83 $38.71 5/14/04


Target 2015 Allocation

Unit value $ 6.98 $ 8.40 $ 9.30 $ 9.04 $10.02 $11.43 $11.77 $11.54 $12.18 $13.56 5/1/07



Unit value $ 6.52 $ 8.03 $ 8.99 $ 8.64 $ 9.75 $11.60 $12.07 $11.82 $12.69 $14.65 5/1/07



Unit value $ 6.20 $ 7.79 $ 8.78 $ 8.37 $ 9.55 $11.68 $12.20 $11.95 $12.90 $15.19 5/1/07



Unit value $ 5.87 $ 7.50 $ 8.49 $ 8.02 $ 9.26 $11.59 $12.14 $11.87 $12.89 $15.43 5/1/07



Unit value — — — — — — — $ 9.22 $10.10 $12.29 5/26/15

Number of units outstanding (000’s) — — — — — — — 4 15 18

I-6


Statement of additional information

Table of contents

Page

Who is AXA Equitable? 2

Funding of the Program 2

Your responsibilities as employer 2

Procedures for withdrawals, distributions and transfers 2

Provisions of the IRS Pre-Approved Plan 4

Investment restrictions and certain investment techniques applicable to the AllianceBernsteinGrowth Equity, AllianceBernstein Mid Cap Growth and AllianceBernstein Balanced Funds

6

Portfolio holdings policy for the Pooled Separate Accounts 8

Fund transactions 8

Investment management and accounting fee 9

Portfolio managers’ information (AllianceBernstein Growth Equity Fund, AllianceBernsteinMid Cap Growth Fund and AllianceBernstein Balanced Fund)

10

Investment professional conflict of interest disclosure 13

Portfolio manager compensation 13

Distribution of the contracts 14

Custodian and independent registered public accounting firm 14

AXA Equitable 15

Directors and Principal Officers 15

Officers — Directors 17

Other Officers 17

Financial statements index 22

Financial statements FSA-1

CLIP AND MAIL TO US TO RECEIVE A STATEMENT OF ADDITIONAL INFORMATION

To: The Members Retirement ProgramP.O. Box 4875Syracuse, NY 13221

Please send me a copy of the Statement of Additional Information for the Members Retirement Program prospectus dated May 1, 2018.

Name

Address

City State Zip

Copyright 2018 by AXA Equitable Life Insurance Company. All rights reserved.

#526897

[THIS PAGE INTENTIONALLY LEFT BLANK]

AXA PREMIER VIP TRUSTAXA Aggressive Allocation Portfolio – Class A and B Shares

Summary Prospectus dated May 1, 2018

Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. ThePortfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2018, as may be amended or supplemented fromtime to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2017, areincorporated by reference into this Summary Prospectus. You can find the Portfolio’s Prospectus, SAI and other information about the Portfolioonline at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sendingan e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with a variable contract as defined inSection 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 capitalappreciation.

FEES AND EXPENSES OF THE PORTFOLIO

The following table describes the fees and expenses that you maypay if you buy and hold shares of the Portfolio. The table below doesnot reflect any fees and expenses associated with variable lifeinsurance contracts and variable annuity certificates and contracts(“Contracts”), which would increase overall fees and expenses. Seethe Contract prospectus for a description of those fees andexpenses.

Shareholder Fees(fees paid directly from your investment)Not applicable.

Annual Portfolio Operating Expenses(expenses that you pay each year as a percentage of the value ofyour investment)AXA Aggressive Allocation Portfolio Class A Shares Class B Shares

Management fee 0.10% 0.10%

Distribution and/or service (12b-1) fees 0.25% 0.25%

Other expenses 0.17% 0.17%

Acquired fund fees and expenses (underlyingportfolios) 0.66% 0.66%

Total annual portfolio operating expenses 1.18% 1.18%

Example

This example is intended to help you compare the cost of investingin the Portfolio with the cost of investing in other portfolios. Theexample assumes that you invest $10,000 in the Portfolio for thetime periods indicated, that your investment has a 5% return eachyear and that the Portfolio’s operating expenses (and expenses ofthe Underlying Portfolios) remain the same. This example does notreflect any Contract-related fees and expenses, including redemptionfees (if any) at the Contract level. If such fees and expenses werereflected, the total expenses would be higher. Although your actualcosts may be higher or lower, based on these assumptions, whetheryou redeem or hold your shares, your costs would be:

1 Year 3 Years 5 Years 10 Years

Class A Shares $120 $375 $649 $1,432

Class B Shares $120 $375 $649 $1,432

PORTFOLIO TURNOVER

The Portfolio will not incur transaction costs, such as commissions, when itbuys and sells shares of the Underlying Portfolios (or “turns over” itsportfolio), but it could incur transaction costs if it were to buy and sellother types of securities directly. If the Portfolio were to buy and sell othertypes of securities directly, a higher portfolio turnover rate could indicatehigher transaction costs. Such costs, if incurred, would not be reflected inannual fund operating expenses or in the example, and would affect thePortfolio’s performance. During the most recent fiscal year, the Portfolio’sportfolio turnover rate was 8% of the average value of the Portfolio.

INVESTMENTS, RISKS, AND PERFORMANCE

Principal Investment Strategies of the Portfolio

The Portfolio pursues its investment objective by investing in othermutual funds (“Underlying Portfolios”) managed by AXA EquitableFunds Management Group, LLC (“FMG LLC” or “Adviser”) and sub-advised by one or more investment sub-advisers (“Sub-Adviser”).This Portfolio invests approximately 90% of its assets in the equityasset class and approximately 10% of its assets in the fixed incomeasset class through investments in Underlying Portfolios. Subject tothis asset allocation target, the Portfolio generally invests its assetsin a combination of Underlying Portfolios that would result in thePortfolio being invested in the following asset categories in theapproximate target investment percentages shown in the chartbelow.

Foreign Equity Securities 25%

Large Cap Equity Securities 40%

Small/Mid Cap Equity Securities 25%

Investment Grade Bonds 9%

High Yield (“Junk”) Bonds 1%

The target allocation to investment grade and high yield bond assetcategories may include securities of both U.S. and foreign issuers.Actual allocations between asset classes and among asset categoriescan deviate from the amounts shown above by up to 15% of thePortfolio’s assets. This Portfolio is managed so that it can serve as a

AAA 1

core part of your larger portfolio. The Underlying Portfolios in whichthe Portfolio may invest have been selected to represent areasonable spectrum of investment options for the Portfolio.

In addition, the Portfolio may invest in Underlying Portfolios thattactically manage equity exposure. When market volatility isincreasing above specific thresholds, such Underlying Portfolios mayreduce their equity exposure. During such times, the Portfolio’sexposure to equity securities may be significantly less than if itinvested in a traditional equity portfolio and the Portfolio maydeviate significantly from its asset allocation targets. Although thePortfolio’s investment in Underlying Portfolios that tactically manageequity exposure is intended to reduce the Portfolio’s overall risk, itmay result in periods of underperformance, even during periodswhen the market is rising. Volatility management techniques mayreduce potential losses and/or mitigate financial risks to insurancecompanies that provide certain benefits and guarantees availableunder the Contracts and offer the Portfolio as an investment optionin their products. The Portfolio may invest in Underlying Portfoliosthat employ derivatives (including futures contracts) for a variety ofpurposes, including to reduce risk, to seek enhanced returns fromcertain asset classes, and to leverage exposure to certain assetclasses.

The Adviser has based the asset allocation target and targetinvestment percentages for the Portfolio on the degree to which itbelieves the Underlying Portfolios, in combination, are appropriatefor the Portfolio’s investment objective. The Adviser may change theasset allocation targets, target investment percentages and theparticular Underlying Portfolios in which the Portfolio invests withoutnotice or shareholder approval. The Adviser may sell the Portfolio’sholdings for a variety of reasons, including to invest in an UnderlyingPortfolio believed to offer superior investment opportunities.

The Principal Risks of Investing in the Portfolio

An investment in the Portfolio is not a deposit of a bank and is notinsured or guaranteed by the Federal Deposit Insurance Corporationor any other government agency. You may lose money by investingin the Portfolio. Performance may be affected by one or more of thefollowing risks. The Portfolio is also subject to the risks associatedwith the Underlying Portfolios’ investments; please see theProspectuses and Statements of Additional Information for theUnderlying Portfolios for additional information about these risks. Inthis section, the term “Portfolio” may include the Portfolio, anUnderlying Portfolio, or both.

The following risks are described in alphabetical order and not inorder of importance or potential exposure.

• Affiliated Portfolio Risk — In managing a Portfolio that invests inUnderlying Portfolios, the Adviser will have the authority to selectand substitute the Underlying Portfolios. The Adviser is subject toconflicts of interest in allocating the Portfolio’s assets among thevarious Underlying Portfolios because the fees payable to it by someof the Underlying Portfolios are higher than the fees payable byother Underlying Portfolios and because the Adviser is alsoresponsible for managing, administering, and with respect tocertain Underlying Portfolios, its affiliates are responsible forsub-advising, the Underlying Portfolios.

• Credit Risk — The Portfolio is subject to the risk that the issueror the guarantor (or other obligor, such as a party providinginsurance or other credit enhancement) of a fixed income security,or the counterparty to a derivatives contract, repurchaseagreement, loan of portfolio securities or other transaction, isunable or unwilling, or is perceived (whether by marketparticipants, ratings agencies, pricing services or otherwise) asunable or unwilling, to make timely principal and/or interestpayments, or otherwise honor its obligations. Securities aresubject to varying degrees of credit risk, which are often reflectedin their credit ratings. However, rating agencies may fail to maketimely changes to credit ratings in response to subsequent eventsand a credit rating may become stale in that it fails to reflectchanges in an issuer’s financial condition. The downgrade of thecredit rating of a security may decrease its value. Lower creditquality also may lead to greater volatility in the price of a securityand may negatively affect a security’s liquidity.

• Derivatives Risk — The Portfolio’s investments in derivatives mayrise or fall in value more rapidly than other investments. Changes inthe value of a derivative may not correlate perfectly, or at all, withthe underlying asset, reference rate or index, and the Portfoliocould lose more than the principal amount invested. Somederivatives can have the potential for unlimited losses. In addition,it may be difficult or impossible for the Portfolio to purchase or sellcertain derivatives in sufficient amounts to achieve the desired levelof exposure, which may result in a loss or may be costly to thePortfolio. Derivatives also may be subject to certain other risks suchas leveraging risk, liquidity risk, interest rate risk, market risk, creditrisk, the risk that a counterparty may be unable or unwilling tohonor its obligations, management risk and the risk of mispricing orimproper valuation. Derivatives also may not behave as anticipatedby the Portfolio, especially in abnormal market conditions.Changing regulation may make derivatives more costly, limit theiravailability, impact the Portfolio’s ability to maintain its investmentsin derivatives, disrupt markets, or otherwise adversely affect theirvalue or performance.

• Equity Risk — In general, stocks and other equity security valuesfluctuate, and sometimes widely fluctuate, in response to changesin a company’s financial condition as well as general market,economic and political conditions and other factors.

• Foreign Securities Risk — Investments in foreign securities,including depositary receipts, involve risks not associated withinvestments in U.S. securities. Foreign markets may be less liquid,more volatile and subject to less government supervision andregulation than U.S. markets. Security values also may benegatively affected by changes in the exchange rates between theU.S. dollar and foreign currencies. Differences between U.S. andforeign legal, political and economic systems, regulatory regimesand market practices also may impact security values, and it maytake more time to clear and settle trades involving foreignsecurities. In addition, securities issued by U.S. entities withsubstantial foreign operations or holdings can involve risksrelating to conditions in foreign countries.

• Futures Contract Risk — The primary risks associated with theuse of futures contracts are (a) the imperfect correlation betweenthe change in market value of the instruments held by the

AAA 2

Portfolio and the price of the futures contract; (b) liquidity risks,including the possible absence of a liquid secondary market for afutures contract and the resulting inability to close a futurescontract when desired; (c) losses (potentially unlimited) caused byunanticipated market movements; (d) an investment manager’sinability to predict correctly the direction of securities prices,interest rates, currency exchange rates and other economicfactors; (e) the possibility that a counterparty, clearing member orclearinghouse will default in the performance of its obligations; (f)if the Portfolio has insufficient cash, it may have to sell securitiesfrom its portfolio to meet daily variation margin requirements, andthe Portfolio may have to sell securities at a time when it may bedisadvantageous to do so; and (g) transaction costs associatedwith investments in futures contracts may be significant, whichcould cause or increase losses or reduce gains. Futures contractsare also subject to the same risks as the underlying investmentsto which they provide exposure. In addition, futures contracts maysubject the Portfolio to leveraging risk.

• Interest Rate Risk — Changes in interest rates may affect theyield, liquidity and value of investments in income producing ordebt securities. Changes in interest rates also may affect the valueof other securities. When interest rates rise, the value of thePortfolio’s debt securities generally declines. Conversely, wheninterest rates decline, the value of the Portfolio’s debt securitiesgenerally rises. Typically, the longer the maturity or duration of adebt security, the greater the effect a change in interest ratescould have on the security’s price. Thus, the sensitivity of thePortfolio’s debt securities to interest rate risk will increase withany increase in the duration of those securities. As of the date ofthis Prospectus, interest rates are low relative to historic levelsand are below zero in parts of the world. The Portfolio is subjectto a greater risk of rising interest rates due to these marketconditions. A significant or rapid rise in interest rates could resultin losses to the Portfolio.

• Investment Grade Securities Risk — Debt securities generallyare rated by national bond ratings agencies. The Portfolioconsiders securities to be investment grade if they are rated BBBor higher by Standard & Poor’s Global Ratings (“S&P”) or FitchRatings, Ltd. (“Fitch”) or Baa or higher by Moody’s InvestorsService, Inc. (“Moody’s”), or, if unrated, determined by theinvestment manager to be of comparable quality. Securities ratedin the lower investment grade rating categories (e.g., BBB or Baa)are considered investment grade securities, but are somewhatriskier than higher rated obligations because they are regarded ashaving only an adequate capacity to pay principal and interest,are considered to lack outstanding investment characteristics, andmay possess certain speculative characteristics.

• Large-Cap Company Risk — Larger more established companiesmay be unable to respond quickly to new competitive challengessuch as changes in technology and consumer tastes. Many largercompanies also may not be able to attain the high growth rate ofsuccessful smaller companies, especially during extended periodsof economic expansion.

• Market Risk — The Portfolio is subject to the risk that thesecurities markets will move down, sometimes rapidly andunpredictably based on overall economic conditions and other

factors. Changes in the financial condition of a single issuer canimpact the market as a whole. Geo-political risks, includingterrorism, tensions or open conflict between nations, or politicalor economic dysfunction within some nations that are majorplayers on the world stage, may lead to instability in worldeconomies and markets, may lead to increased market volatility,and may have adverse long-term effects. In addition, markets andmarket-participants are increasingly reliant upon information datasystems. Data imprecision, software or other technologymalfunctions, programming inaccuracies, unauthorized use oraccess, and similar circumstances may have an adverse impactupon a single issuer, a group of issuers, or the market at-large.

• Mid-Cap and Small-Cap Company Risk — The Portfolio’sinvestments in mid- and small-cap companies may involve greaterrisks than investments in larger, more established issuers becausethey generally are more vulnerable than larger companies toadverse business or economic developments. Such companiesgenerally have narrower product lines, more limited financial andmanagement resources and more limited markets for theirsecurities as compared with larger companies. As a result, thevalue of such securities may be more volatile than the value ofsecurities of larger companies, and the Portfolio may experiencedifficulty in purchasing or selling such securities at the desiredtime and price or in the desired amount. In general, these risksare greater for small-cap companies than for mid-cap companies.

• Non-Investment Grade Securities Risk — Bonds rated belowinvestment grade (i.e., BB or lower by S&P or Fitch or Ba or lowerby Moody’s or, if unrated, determined by the investment managerto be of comparable quality) are speculative in nature and aresubject to additional risk factors such as increased possibility ofdefault, illiquidity of the security, and changes in value based onchanges in interest rates. Non-investment grade bonds,sometimes referred to as “junk bonds,” are usually issued bycompanies without long track records of sales and earnings, or bythose companies with questionable credit strength. Thecreditworthiness of issuers of non-investment grade debtsecurities may be more complex to analyze than that of issuers ofinvestment grade debt securities, and reliance on credit ratingsmay present additional risks.

• Portfolio Management Risk — The Portfolio is subject to the riskthat strategies used by an investment manager and its securitiesselections fail to produce the intended results.

• Risks of Investing in Underlying Portfolios — The Portfolio’sshareholders will indirectly bear fees and expenses paid by theUnderlying Portfolios in which it invests, in addition to the Portfolio’sdirect fees and expenses. The cost of investing in the Portfolio,therefore, may be higher than the cost of investing in a mutual fundthat invests directly in individual stocks and bonds. The Portfolio’sperformance depends upon a favorable allocation by the Adviseramong the Underlying Portfolios, as well as the ability of theUnderlying Portfolios to generate favorable performance. TheUnderlying Portfolios’ investment programs may not becomplementary, which could adversely affect the Portfolio’sperformance. The Portfolio’s net asset value is subject to fluctuationsin the net asset values of the Underlying Portfolios in which it invests.The Portfolio is also subject to the risks associated with the securities

AAA 3

or other investments in which the Underlying Portfolios invest, andthe ability of the Portfolio to meet its investment objective will directlydepend on the ability of the Underlying Portfolios to meet theirobjectives. The Portfolio and the Underlying Portfolios are subject tocertain general investment risks, including market risk, asset classrisk, issuer-specific risk, investment style risk and portfoliomanagement risk. In addition, to the extent a Portfolio invests inUnderlying Portfolios that invest in equity securities, fixed incomesecurities and/or foreign securities, the Portfolio is subject to the risksassociated with investing in such securities. The extent to which theinvestment performance and risks associated with the Portfoliocorrelate to those of a particular Underlying Portfolio will dependupon the extent to which the Portfolio’s assets are allocated fromtime to time for investment in the Underlying Portfolio, which willvary.

• Volatility Management Risk — The Portfolio may invest fromtime to time in Underlying Portfolios managed by the Adviser thatemploy various volatility management techniques, including theuse of futures and options to manage equity exposure. Althoughthese actions are intended to reduce the overall risk of investingin the Portfolio, they may not work as intended and may result inlosses by the Portfolio or periods of underperformance,particularly during periods when market values are increasing butmarket volatility is high. The success of any volatility managementstrategy will be subject to the Adviser’s ability to correctly assessthe degree of correlation between the performance of the relevantmarket index and the metrics used by the Adviser to measuremarket volatility. Since the characteristics of many securitieschange as markets change or time passes, the success of anyvolatility management strategy also will be subject to theAdviser’s ability to continually recalculate, readjust, and executevolatility management techniques in an efficient manner. Inaddition, market conditions change, sometimes rapidly andunpredictably, and the Adviser may be unable to execute thevolatility management strategy in a timely manner or at all.Moreover, volatility management strategies may increase portfoliotransaction costs, which could cause or increase losses or reducegains. For a variety of reasons, the Adviser may not seek toestablish a perfect correlation between the relevant market indexand 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 withthe volatility management strategy are not necessarily held by anUnderlying Portfolio to hedge the value of the UnderlyingPortfolio’s other investments and, as a result, these futurescontracts and other instruments may decline in value at the sametime as the Underlying Portfolio’s other investments. Any one ormore of these factors may prevent the Underlying Portfolio fromachieving the intended volatility management or could cause theUnderlying Portfolio, and in turn, the Portfolio, to underperformor experience losses (some of which may be sudden) or volatilityfor any particular period that may be higher or lower. In addition,the use of volatility management techniques may not protectagainst market declines and may limit the Underlying Portfolio’s,and thus the Portfolio’s, participation in market gains, evenduring periods when the market is rising. Volatility managementtechniques, when implemented effectively to reduce the overall

risk of investing in an Underlying Portfolio, may result inunderperformance by an Underlying Portfolio. For example, if anUnderlying Portfolio has reduced its overall exposure to equitiesto avoid losses in certain market environments, the UnderlyingPortfolio may forgo some of the returns that can be associatedwith periods of rising equity values. The Underlying Portfolio’sperformance, and therefore the Portfolio’s performance, may belower than similar funds where volatility management techniquesare not used.

Risk/Return Bar Chart and Table

The bar chart and table below provide some indication of the risks ofinvesting in the Portfolio by showing changes in the Portfolio’sperformance from year to year and by showing how the Portfolio’saverage annual total returns for the past one, five and ten years (orsince inception) through December 31, 2017 compared to thereturns of a broad-based securities market index. The additionalbroad-based securities market index and the hypothetical compositeindex show how the Portfolio’s performance compared with thereturns of other asset classes in which the Portfolio may invest. Thereturn of the broad-based securities market index (and anyadditional comparative index) shown in the right hand column belowis the return of the index for the last 10 years or, if shorter, since theinception of the share class with the longest history. Pastperformance is not an indication of future performance.

The performance results do not reflect any Contract-related fees andexpenses, which would reduce the performance results.

Calendar Year Annual Total Returns — Class B

2015 20162013 20142012201120102008 2009 2017-39.21%

27.37%

12.92%

-7.43%-1.76%

14.15%

26.48%

4.75%8.70%

19.17%

Best quarter (% and time period) Worst quarter (% and time period)17.57% (2009 2nd Quarter) –21.27% (2008 4th Quarter)

Average Annual Total Returns

One Year Five Years

Ten Years/Since

Inception

AXA AggressiveAllocation Portfolio — Class AShares 19.17% 11.02% 4.64%

AXA AggressiveAllocation Portfolio — Class BShares 19.17% 11.01% 4.53%

AXA Aggressive Allocation Index(reflects no deduction for fees,expenses, or taxes) 18.79% 12.07% 6.69%

AAA 4

One Year Five Years

Ten Years/Since

Inception

S&P 500® Index (reflectsno deduction for fees, expenses,or taxes) 21.83% 15.79% 8.50%

Bloomberg Barclays U.S. IntermediateGovernment Bond Index (reflectsno deduction for fees, expenses, ortaxes) 1.14% 0.92% 2.70%

WHO MANAGES THE PORTFOLIO

Investment Adviser: FMG LLC

Portfolio Managers:

Name Title

Date BeganManaging

the Portfolio

Kenneth T. Kozlowski,CFP®, CLU, ChFC

Executive VicePresident and ChiefInvestmentOfficer of FMG LLC

July 2003

Alwi Chan, CFA® Senior Vice Presidentand Deputy ChiefInvestment Officer ofFMG LLC

May 2011

Xavier Poutas, CFA® Assistant PortfolioManager of FMG LLC

May 2011

PURCHASE AND SALE OF PORTFOLIO SHARES

The Portfolio’s shares are currently sold only to insurance companyseparate accounts in connection with Contracts issued or to be issuedby AXA Equitable Life Insurance Company (“AXA Equitable”), or otheraffiliated or unaffiliated insurance companies and to The AXAEquitable 401(k) Plan. Shares also may be sold to other tax-qualifiedretirement plans and to other investors eligible under applicablefederal income tax regulations.

The Portfolio does not have minimum initial or subsequent investmentrequirements. Shares of the Portfolio are redeemable on any businessday (normally any day on which the New York Stock Exchange is open)upon receipt of a request. All redemption requests will be processedand payment with respect thereto will normally be made within sevendays after tender. Please refer to your Contract prospectus for moreinformation on purchasing and redeeming Portfolio shares.

TAX INFORMATION

The Portfolio’s shareholders are (or may include) insurance companyseparate accounts, qualified plans and other investors eligible underapplicable federal income tax regulations. Distributions made by thePortfolio to such an account or plan, and exchanges and redemptionsof Portfolio shares made by such an account or plan, ordinarily do notcause the holders of underlying Contracts or plan participants orbeneficiaries to recognize income or gain for federal income taxpurposes at the time of the distributions, exchanges or redemptions;the holders, plan participants or beneficiaries generally are taxed onlyon amounts they withdraw from their Contract or plan. See theprospectus for your Contract or your plan documentation for furthertax information.

PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIALINTERMEDIARIES

The Portfolio is not sold directly to the general public but instead isoffered as an underlying investment option for Contracts andretirement plans and to other eligible investors. The Portfolio andthe Adviser and its affiliates may make payments to a sponsoringinsurance company (or its affiliates) or other financial intermediaryfor distribution and/or other services. These payments may create aconflict of interest by influencing the insurance company or otherfinancial intermediary and your financial adviser to recommend thePortfolio over another investment or by influencing an insurancecompany to include the Portfolio as an underlying investment optionin the Contract. The prospectus (or other offering document) for yourContract may contain additional information about these payments.Ask your financial adviser or visit your financial intermediary’swebsite for more information.

AAA 5

AXA PREMIER VIP TRUSTAXA Conservative Allocation Portfolio – Class A and B Shares



Investment Objective: Seeks to achieve a high level of currentincome.




Annual Portfolio Operating Expenses(expenses that you pay each year as a percentage of the value ofyour investment)AXA Conservative Allocation Portfolio Class A Shares Class B Shares






Fee waiver/expense reimbursement† –0.06% –0.06%

Total annual portfolio operating expensesafter fee waiver/expense reimbursement 1.00% 1.00%

† Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreedto make payments or waive its management, administrative and other fees to limitthe expenses of the Portfolio through April 30, 2019 (unless the Board of Trusteesconsents to an earlier revision or termination of this arrangement) (“ExpenseLimitation Arrangement”) so that the annual operating expenses (includingAcquired Fund Fees and Expenses) of the Portfolio (exclusive of taxes, interest,brokerage commissions, dividend and interest expenses on securities sold short,capitalized expenses and extraordinary expenses) do not exceed an annual rate ofaverage daily net assets of 1.00% for Class A shares and Class B shares of thePortfolio. The Expense Limitation Arrangement may be terminated by AXAEquitable Funds Management Group, LLC at any time after April 30, 2019.

Example

This example is intended to help you compare the cost of investingin the Portfolio with the cost of investing in other portfolios. Theexample assumes that you invest $10,000 in the Portfolio for thetime periods indicated, that your investment has a 5% return eachyear, that the Portfolio’s operating expenses (and expenses of theUnderlying Portfolios) remain the same, and that the ExpenseLimitation Arrangement is not renewed. This example does notreflect any Contract-related fees and expenses, including redemptionfees (if any) at the Contract level. If such fees and expenses werereflected, the total expenses would be higher. Although your actualcosts may be higher or lower, based on these assumptions, whetheryou redeem or hold your shares, your costs would be:


Class A Shares $102 $331 $579 $1,289

Class B Shares $102 $331 $579 $1,289

PORTFOLIO TURNOVER

The Portfolio will not incur transaction costs, such as commissions,when it buys and sells shares of the Underlying Portfolios (or “turnsover” its portfolio), but it could incur transaction costs if it were tobuy and sell other types of securities directly. If the Portfolio were tobuy and sell other types of securities directly, a higher portfolioturnover rate could indicate higher transaction costs. Such costs, ifincurred, would not be reflected in annual fund operating expensesor in the example, and would affect the Portfolio’s performance.During the most recent fiscal year, the Portfolio’s portfolio turnoverrate was 9% of the average value of the Portfolio.



The Portfolio pursues its investment objective by investing in othermutual funds (“Underlying Portfolios”) managed by AXA EquitableFunds Management Group, LLC (“FMG LLC” or “Adviser”) and sub-advised by one or more investment sub-advisers (“Sub-Adviser”).This Portfolio invests approximately 80% of its assets in the fixedincome asset class and approximately 20% of its assets in the equityasset class through investments in Underlying Portfolios. Subject tothis asset allocation target the Portfolio generally invests its assets in

ACA 1

a combination of Underlying Portfolios that would result in thePortfolio being invested in the following asset categories in theapproximate target investment percentages shown in the chartbelow.






The target allocation to investment grade and high yield bond assetcatagories may include securities of both U.S. and foreign issuers.Actual allocations among asset classes and among asset categoriescan deviate from the amounts shown above by up to 15% of thePortfolio’s assets. This Portfolio is managed so that it can serve as acore part of your larger portfolio. The Underlying Portfolios in whichthe Portfolio may invest have been selected to represent areasonable spectrum of investment options for the Portfolio.

In addition, the Portfolio may invest in Underlying Portfolios that tacticallymanage equity exposure. When market volatility is increasing above specificthresholds, such Underlying Portfolios may reduce their equity exposure.During such times, the Portfolio’s exposure to equity securities may besignificantly less than if it invested in a traditional equity portfolio and thePortfolio may deviate significantly from its asset allocation targets.Although the Portfolio’s investment in Underlying Portfolios that tacticallymanage equity exposure is intended to reduce the Portfolio’s overall risk, itmay result in periods of underperformance, even during periods when themarket is rising. Volatility management techniques may reduce potentiallosses and/or mitigate financial risks to insurance companies that providecertain benefits and guarantees available under the Contracts and offer thePortfolio as an investment option in their products. The Portfolio may investin Underlying Portfolios that employ derivatives (including futures contracts)for a variety of purposes, including to reduce risk, to seek enhanced returnsfrom certain asset classes, and to leverage exposure to certain asset classes.



An investment in the Portfolio is not a deposit of a bank and is notinsured or guaranteed by the Federal Deposit Insurance Corporationor any other government agency. You may lose money by investingin the Portfolio. Performance may be affected by one or more of thefollowing risks. The Portfolio is also subject to the risks associatedwith the Underlying Portfolios’ investments; please see theProspectuses and Statements of Additional Information for theUnderlying Portfolios for additional information about these risks. Inthis section, the term “Portfolio” may include the Portfolio, anUnderlying Portfolio, or both.


• Affiliated Portfolio Risk — In managing a Portfolio that investsin Underlying Portfolios, the Adviser will have the authority toselect and substitute the Underlying Portfolios. The Adviser issubject to conflicts of interest in allocating the Portfolio’s assetsamong the various Underlying Portfolios because the fees payableto it by some of the Underlying Portfolios are higher than the feespayable by other Underlying Portfolios and because the Adviser isalso responsible for managing, administering, and with respect tocertain Underlying Portfolios, its affiliates are responsible forsub-advising, the Underlying Portfolios.


• Derivatives Risk — The Portfolio’s investments in derivatives mayrise or fall in value more rapidly than other investments. Changesin the value of a derivative may not correlate perfectly, or at all,with the underlying asset, reference rate or index, and thePortfolio could lose more than the principal amount invested.Some derivatives can have the potential for unlimited losses. Inaddition, it may be difficult or impossible for the Portfolio topurchase or sell certain derivatives in sufficient amounts toachieve the desired level of exposure, which may result in a lossor may be costly to the Portfolio. Derivatives also may be subjectto certain other risks such as leveraging risk, liquidity risk, interestrate risk, market risk, credit risk, the risk that a counterparty maybe unable or unwilling to honor its obligations, management riskand the risk of mispricing or improper valuation. Derivatives alsomay not behave as anticipated by the Portfolio, especially inabnormal market conditions. Changing regulation may makederivatives more costly, limit their availability, impact thePortfolio’s ability to maintain its investments in derivatives,disrupt markets, or otherwise adversely affect their value orperformance.

• Equity Risk — In general, stocks and other equity security valuesfluctuate, and sometimes widely fluctuate, in response to changesin a company’s financial condition as well as general market,economic, and political conditions and other factors.

• Foreign Securities Risk — Investments in foreign securities,including depositary receipts, involve risks not associated withinvestments in U.S. securities. Foreign markets may be less liquid,

ACA 2

more volatile and subject to less government supervision andregulation than U.S. markets. Security values also may benegatively affected by changes in the exchange rates between theU.S. dollar and foreign currencies. Differences between U.S. andforeign legal, political and economic systems, regulatory regimesand market practices also may impact security values, and it maytake more time to clear and settle trades involving foreignsecurities. In addition, securities issued by U.S. entities withsubstantial foreign operations or holdings can involve risksrelating to conditions in foreign countries.

• Futures Contract Risk — The primary risks associated with theuse of futures contracts are (a) the imperfect correlation betweenthe change in market value of the instruments held by thePortfolio and the price of the futures contract; (b) liquidity risks,including the possible absence of a liquid secondary market for afutures contract and the resulting inability to close a futurescontract when desired; (c) losses (potentially unlimited) caused byunanticipated market movements; (d) an investment manager’sinability to predict correctly the direction of securities prices,interest rates, currency exchange rates and other economicfactors; (e) the possibility that a counterparty, clearing member orclearinghouse will default in the performance of its obligations; (f)if the Portfolio has insufficient cash, it may have to sell securitiesfrom its portfolio to meet daily variation margin requirements, andthe Portfolio may have to sell securities at a time when it may bedisadvantageous to do so; and (g) transaction costs associatedwith investments in futures contracts may be significant, whichcould cause or increase losses or reduce gains. Futures contractsare also subject to the same risks as the underlying investmentsto which they provide exposure. In addition, futures contracts maysubject the Portfolio to leveraging risk.

• Interest Rate Risk — Changes in interest rates may affect the yield,liquidity and value of investments in income producing or debtsecurities. Changes in interest rates also may affect the value ofother securities. When interest rates rise, the value of the Portfolio’sdebt securities generally declines. Conversely, when interest ratesdecline, the value of the Portfolio’s debt securities generally rises.Typically, the longer the maturity or duration of a debt security, thegreater the effect a change in interest rates could have on thesecurity’s price. Thus, the sensitivity of the Portfolio’s debt securitiesto interest rate risk will increase with any increase in the duration ofthose securities. As of the date of this Prospectus, interest rates arelow relative to historic levels and are below zero in parts of theworld. The Portfolio is subject to a greater risk of rising interestrates due to these market conditions. A significant or rapid rise ininterest rates could result in losses to the Portfolio.

• Investment Grade Securities Risk — Debt securities generallyare rated by national bond ratings agencies. The Portfolioconsiders securities to be investment grade if they are rated BBBor higher by Standard & Poor’s Global Ratings (“S&P”) or FitchRatings, Ltd. (“Fitch”) or Baa or higher by Moody’s InvestorsService, Inc. (“Moody’s”) or, if unrated, determined by theinvestment manager to be of comparable quality. Securities ratedin the lower investment grade rating categories (e.g., BBB or Baa)are considered investment grade securities, but are somewhatriskier than higher rated obligations because they are regarded as

having only an adequate capacity to pay principal and interest,are considered to lack outstanding investment characteristics, andmay possess certain speculative characteristics.


• Market Risk — The Portfolio is subject to the risk that thesecurities markets will move down, sometimes rapidly andunpredictably based on overall economic conditions and otherfactors. Changes in the financial condition of a single issuer canimpact the market as a whole. Geo-political risks, includingterrorism, tensions or open conflict between nations, or politicalor economic dysfunction within some nations that are majorplayers on the world stage, may lead to instability in worldeconomies and markets, may lead to increased market volatility,and may have adverse long-term effects. In addition, markets andmarket-participants are increasingly reliant upon information datasystems. Data imprecision, software or other technologymalfunctions, programming inaccuracies, unauthorized use oraccess, and similar circumstances may have an adverse impactupon a single issuer, a group of issuers, or the market at-large.




• Risks of Investing in Underlying Portfolios — The Portfolio’sshareholders will indirectly bear fees and expenses paid by the

ACA 3

Underlying Portfolios in which it invests, in addition to the Portfolio’sdirect fees and expenses. The cost of investing in the Portfolio,therefore, may be higher than the cost of investing in a mutual fundthat invests directly in individual stocks and bonds. The Portfolio’sperformance depends upon a favorable allocation by the Adviseramong the Underlying Portfolios, as well as the ability of theUnderlying Portfolios to generate favorable performance. TheUnderlying Portfolios’ investment programs may not becomplementary, which could adversely affect the Portfolio’sperformance. The Portfolio’s net asset value is subject to fluctuationsin the net asset values of the Underlying Portfolios in which itinvests. The Portfolio is also subject to the risks associated with thesecurities or other investments in which the Underlying Portfoliosinvest, and the ability of the Portfolio to meet its investmentobjective will directly depend on the ability of the UnderlyingPortfolios to meet their objectives. The Portfolio and the UnderlyingPortfolios are subject to certain general investment risks, includingmarket risk, asset class risk, issuer-specific risk, investment style riskand portfolio management risk. In addition, to the extent a Portfolioinvests in Underlying Portfolios that invest in equity securities, fixedincome securities and/or foreign securities, the Portfolio is subject tothe risks associated with investing in such securities. The extent towhich the investment performance and risks associated with thePortfolio correlate to those of a particular Underlying Portfolio willdepend upon the extent to which the Portfolio’s assets are allocatedfrom time to time for investment in the Underlying Portfolio, whichwill vary.

• Volatility Management Risk — The Portfolio may invest from timeto time in Underlying Portfolios managed by the Adviser thatemploy various volatility management techniques, including the useof futures and options to manage equity exposure. Although theseactions are intended to reduce the overall risk of investing in thePortfolio, they may not work as intended and may result in lossesby the Portfolio or periods of underperformance, particularly duringperiods when market values are increasing but market volatility ishigh. The success of any volatility management strategy will besubject to the Adviser’s ability to correctly assess the degree ofcorrelation between the performance of the relevant market indexand the metrics used by the Adviser to measure market volatility.Since the characteristics of many securities change as marketschange or time passes, the success of any volatility managementstrategy also will be subject to the Adviser’s ability to continuallyrecalculate, readjust, and execute volatility management techniquesin an efficient manner. In addition, market conditions change,sometimes rapidly and unpredictably, and the Adviser may beunable to execute the volatility management strategy in a timelymanner or at all. Moreover, volatility management strategies mayincrease portfolio transaction costs, which could cause or increaselosses or reduce gains. For a variety of reasons, the Adviser may notseek to establish a perfect correlation between the relevant marketindex and the metrics that the Adviser uses to measure marketvolatility. In addition, it is not possible to manage volatility fully orperfectly. Futures contracts and other instruments used inconnection with the volatility management strategy are notnecessarily held by an Underlying Portfolio to hedge the value ofthe Underlying Portfolio’s other investments and, as a result, thesefutures contracts and other instruments may decline in value at thesame time as the Underlying Portfolio’s other investments. Any one

or more of these factors may prevent the Underlying Portfolio fromachieving the intended volatility management or could cause theUnderlying Portfolio, and in turn, the Portfolio, to underperform orexperience losses (some of which may be sudden) or volatility forany particular period that may be higher or lower. In addition, theuse of volatility management techniques may not protect againstmarket declines and may limit the Underlying Portfolio’s, and thusthe Portfolio’s, participation in market gains, even during periodswhen the market is rising. Volatility management techniques, whenimplemented effectively to reduce the overall risk of investing in anUnderlying Portfolio, may result in underperformance by anUnderlying Portfolio. For example, if an Underlying Portfolio hasreduced its overall exposure to equities to avoid losses in certainmarket environments, the Underlying Portfolio may forgo some ofthe returns that can be associated with periods of rising equityvalues. The Underlying Portfolio’s performance, and therefore thePortfolio’s performance, may be lower than similar funds wherevolatility management techniques are not used.





2008 2009 2013 2014 2015 2016201220112010 2017

-11.02%

9.90%

7.20%

1.89%

4.65% 4.32%2.61%

-0.26%

2.95%

4.91%

Best quarter (% and time period) Worst quarter (% and time period)6.25% (2009 3rd Quarter) –5.43% (2008 3rd Quarter)

ACA 4


One Year Five Years

Ten Years/Since

Inception

AXA Conservative AllocationPortfolio — Class A Shares 5.03% 2.91% 2.68%

AXA Conservative AllocationPortfolio — Class B Shares 4.91% 2.89% 2.57%

AXA Conservative Allocation Index(reflects no deduction for fees,expenses, or taxes) 4.85% 3.35% 3.51%

S&P 500® Index (reflects nodeduction for fees,expenses, or taxes) 21.83% 15.79% 8.50%

Bloomberg Barclays U.S.Intermediate Government BondIndex (reflects no deduction forfees, expenses, or taxes) 1.14% 0.92% 2.70%



Portfolio Managers:

Name Title

Date BeganManaging

the PortfolioKenneth T. Kozlowski,CFP®, CLU, ChFC

Executive VicePresident and ChiefInvestment Officerof FMG LLC

July 2003


May 2011


May 2011


The Portfolio’s shares are currently sold only to insurance companyseparate accounts in connection with Contracts issued or to beissued by AXA Equitable Life Insurance Company (“AXA Equitable”),or other affiliated or unaffiliated insurance companies and to TheAXA Equitable 401(k) Plan. Shares also may be sold to othertax-qualified retirement plans and to other investors eligible underapplicable federal income tax regulations.

The Portfolio does not have minimum initial or subsequentinvestment requirements. Shares of the Portfolio are redeemable onany business day (normally any day on which the New York StockExchange is open) upon receipt of a request. All redemption requestswill be processed and payment with respect thereto will normally bemade within seven days after tender. Please refer to your Contractprospectus for more information on purchasing and redeemingPortfolio shares.

TAX INFORMATION

The Portfolio’s shareholders are (or may include) insurance companyseparate accounts, qualified plans and other investors eligible underapplicable federal income tax regulations. Distributions made by thePortfolio to such an account or plan, and exchanges and

redemptions of Portfolio shares made by such an account or plan,ordinarily do not cause the holders of underlying Contracts or planparticipants or beneficiaries to recognize income or gain for federalincome tax purposes at the time of the distributions, exchanges orredemptions; the holders, plan participants or beneficiaries generallyare taxed only on amounts they withdraw from their Contract orplan. See the prospectus for your Contract or your plandocumentation for further tax information.



ACA 5

AXA PREMIER VIP TRUSTAXA Conservative-Plus Allocation Portfolio – Class A and B Shares



Investment Objective: Seeks to achieve current income andgrowth of capital, with a greater emphasis on current income.




Annual Portfolio Operating Expenses(expenses that you pay each year as a percentage of the value ofyour investment)AXA Conservative-Plus Allocation Portfolio Class A Shares Class B Shares







Total annual portfolio operating expensesafter fee waiver/expense reimbursement 1.10% 1.10%

† Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreedto make payments or waive its management, administrative and other fees to limitthe expenses of the Portfolio through April 30, 2019 (unless the Board of Trusteesconsents to an earlier revision or termination of this arrangement) (“ExpenseLimitation Arrangement”) so that the annual operating expenses (includingAcquired Fund Fees and Expenses) of the Portfolio (exclusive of taxes, interest,brokerage commissions, dividend and interest expenses on securities sold short,capitalized expenses and extraordinary expenses) do not exceed an annual rate ofaverage daily net assets of 1.10% for Class A shares and Class B shares of thePortfolio. The Expense Limitation Arrangement may be terminated by AXAEquitable Funds Management Group, LLC at any time after April 30, 2019.

Example

This example is intended to help you compare the cost of investingin the Portfolio with the cost of investing in other portfolios. Theexample assumes that you invest $10,000 in the Portfolio for thetime periods indicated, that your investment has a 5% return eachyear, that the Portfolio’s operating expenses (and expenses of theUnderlying Portfolios) remain the same, and that the ExpenseLimitation Arrangement is not renewed. This example does notreflect any Contract-related fees and expenses, including redemptionfees (if any) at the Contract level. If such fees and expenses werereflected, the total expenses would be higher. Although your actualcosts may be higher or lower, based on these assumptions, whetheryou redeem or hold your shares, your costs would be:


Class A Shares $112 $352 $611 $1,351

Class B Shares $112 $352 $611 $1,351

PORTFOLIO TURNOVER




The Portfolio pursues its investment objective by investing in othermutual funds (“Underlying Portfolios”) managed by AXA EquitableFunds Management Group, LLC (“FMG LLC” or “Adviser”) and sub-advised by one or more investment sub-advisers (“Sub-Adviser”).This Portfolio invests approximately 60% of its assets in the fixedincome asset class and approximately 40% of its assets in the equityasset class through investments in Underlying Portfolios. Subject tothis asset allocation target, the Portfolio generally invests its assets

ACPA 1

in a combination of Underlying Portfolios that would result in thePortfolio being invested in the following asset categories in theapproximate target investment percentages shown in the chartbelow.






The target allocation to investment grade and high yield bond assetcategories may include securities of both U.S. and foreign issuers.Actual allocations among asset classes and among asset categoriescan deviate from the amounts shown above by up to 15% of thePortfolio’s assets. This Portfolio is managed so that it can serve as acore part of your larger portfolio. The Underlying Portfolios in whichthe Portfolio may invest have been selected to represent areasonable spectrum of investment options for the Portfolio.

In addition, the Portfolio may invest in Underlying Portfolios thattactically manage equity exposure. When market volatility is increasingabove specific thresholds, such Underlying Portfolios may reduce theirequity exposure. During such times, the Portfolio’s exposure to equitysecurities may be significantly less than if it invested in a traditionalequity portfolio and the Portfolio may deviate significantly from its assetallocation targets. Although the Portfolio’s investment in UnderlyingPortfolios that tactically manage equity exposure is intended to reducethe Portfolio’s overall risk, it may result in periods of underperformance,even during periods when the market is rising. Volatility managementtechniques may reduce potential losses and/or mitigate financial risks toinsurance companies that provide certain benefits and guaranteesavailable under the Contracts and offer the Portfolio as an investmentoption in their products. The Portfolio may invest in Underlying Portfoliosthat employ derivatives (including futures contracts) for a variety ofpurposes, including to reduce risk, to seek enhanced returns from certainasset classes, and to leverage exposure to certain asset classes.



An investment in the Portfolio is not a deposit of a bank and is not insuredor guaranteed by the Federal Deposit Insurance Corporation or any othergovernment agency. You may lose money by investing in the Portfolio.Performance may be affected by one or more of the following risks. ThePortfolio is also subject to the risks associated with the UnderlyingPortfolios’ investments; please see the Prospectuses and Statements ofAdditional Information for the Underlying Portfolios for additionalinformation about these risks. In this section, the term “Portfolio” mayinclude the Portfolio, an Underlying Portfolio, or both.


• Affiliated Portfolio Risk — In managing a Portfolio that investsin Underlying Portfolios, the Adviser will have the authority toselect and substitute the Underlying Portfolios. The Adviser issubject to conflicts of interest in allocating the Portfolio’s assetsamong the various Underlying Portfolios because the fees payableto it by some of the Underlying Portfolios are higher than the feespayable by other Underlying Portfolios and because the Adviser isalso responsible for managing, administering, and with respect tocertain Underlying Portfolios, its affiliates are responsible forsub-advising, the Underlying Portfolios.

• Credit Risk — The Portfolio is subject to the risk that the issuer orthe guarantor (or other obligor, such as a party providing insurance orother credit enhancement) of a fixed income security, or thecounterparty to a derivatives contract, repurchase agreement, loan ofportfolio securities or other transaction, is unable or unwilling, or isperceived (whether by market participants, ratings agencies, pricingservices or otherwise) as unable or unwilling, to make timely principaland/or interest payments, or otherwise honor its obligations.Securities are subject to varying degrees of credit risk, which are oftenreflected in their credit ratings. However, rating agencies may fail tomake timely changes to credit ratings in response to subsequentevents and a credit rating may become stale in that it fails to reflectchanges in an issuer’s financial condition. The downgrade of thecredit rating of a security may decrease its value. Lower credit qualityalso may lead to greater volatility in the price of a security and maynegatively affect a security’s liquidity.

• Derivatives Risk — The Portfolio’s investments in derivatives may riseor fall in value more rapidly than other investments. Changes in thevalue of a derivative may not correlate perfectly, or at all, with theunderlying asset, reference rate or index, and the Portfolio could losemore than the principal amount invested. Some derivatives can havethe potential for unlimited losses. In addition, it may be difficult orimpossible for the Portfolio to purchase or sell certain derivatives insufficient amounts to achieve the desired level of exposure, which mayresult in a loss or may be costly to the Portfolio. Derivatives also may besubject to certain other risks such as leveraging risk, liquidity risk,interest rate risk, market risk, credit risk, the risk that a counterpartymay be unable or unwilling to honor its obligations, management riskand the risk of mispricing or improper valuation. Derivatives also maynot behave as anticipated by the Portfolio, especially in abnormalmarket conditions. Changing regulation may make derivatives morecostly, limit their availability, impact the Portfolio’s ability to maintain itsinvestments in derivatives, disrupt markets, or otherwise adverselyaffect their value or performance.


• Foreign Securities Risk — Investments in foreign securities,including depositary receipts, involve risks not associated withinvestments in U.S. securities. Foreign markets may be less liquid,more volatile and subject to less government supervision andregulation than U.S. markets. Security values also may benegatively affected by changes in the exchange rates between the

ACPA 2

U.S. dollar and foreign currencies. Differences between U.S. andforeign legal, political and economic systems, regulatory regimesand market practices also may impact security values, and it maytake more time to clear and settle trades involving foreignsecurities. In addition, securities issued by U.S. entities withsubstantial foreign operations or holdings can involve risksrelating to conditions in foreign countries.

• Futures Contract Risk — The primary risks associated with the useof futures contracts are (a) the imperfect correlation between thechange in market value of the instruments held by the Portfolio andthe price of the futures contract; (b) liquidity risks, including thepossible absence of a liquid secondary market for a futures contractand the resulting inability to close a futures contract when desired; (c)losses (potentially unlimited) caused by unanticipated marketmovements; (d) an investment manager’s inability to predict correctlythe direction of securities prices, interest rates, currency exchangerates and other economic factors; (e) the possibility that acounterparty, clearing member or clearinghouse will default in theperformance of its obligations; (f) if the Portfolio has insufficient cash,it may have to sell securities from its portfolio to meet daily variationmargin requirements, and the Portfolio may have to sell securities ata time when it may be disadvantageous to do so; and (g) transactioncosts associated with investments in futures contracts may besignificant, which could cause or increase losses or reduce gains.Futures contracts are also subject to the same risks as the underlyinginvestments to which they provide exposure. In addition, futurescontracts may subject the Portfolio to leveraging risk.


• Investment Grade Securities Risk — Debt securities generallyare rated by national bond ratings agencies. The Portfolioconsiders securities to be investment grade if they are rated BBBor higher by Standard & Poor’s Global Ratings (“S&P”) or FitchRatings, Ltd. (“Fitch”), or Baa or higher by Moody’s InvestorsService, Inc. (“Moody’s”) or, if unrated, determined by theinvestment manager to be of comparable quality. Securities ratedin the lower investment grade rating categories (e.g., BBB or Baa)are considered investment grade securities, but are somewhatriskier than higher rated obligations because they are regarded ashaving only an adequate capacity to pay principal and interest,are considered to lack outstanding investment characteristics, andmay possess certain speculative characteristics.


• Market Risk — The Portfolio is subject to the risk that thesecurities markets will move down, sometimes rapidly andunpredictably based on overall economic conditions and otherfactors. Changes in the financial condition of a single issuer canimpact the market as a whole. Geo-political risks, includingterrorism, tensions or open conflict between nations, or political oreconomic dysfunction within some nations that are major playerson the world stage, may lead to instability in world economies andmarkets, may lead to increased market volatility, and may haveadverse long-term effects. In addition, markets and market-participants are increasingly reliant upon information data systems.Data imprecision, software or other technology malfunctions,programming inaccuracies, unauthorized use or access, and similarcircumstances may have an adverse impact upon a single issuer, agroup of issuers, or the market at-large.




• Risks of Investing in Underlying Portfolios — The Portfolio’sshareholders will indirectly bear fees and expenses paid by theUnderlying Portfolios in which it invests, in addition to thePortfolio’s direct fees and expenses. The cost of investing in thePortfolio, therefore, may be higher than the cost of investing in a

ACPA 3

mutual fund that invests directly in individual stocks and bonds. ThePortfolio’s performance depends upon a favorable allocation by theAdviser among the Underlying Portfolios, as well as the ability ofthe Underlying Portfolios to generate favorable performance. TheUnderlying Portfolios’ investment programs may not becomplementary, which could adversely affect the Portfolio’sperformance. The Portfolio’s net asset value is subject tofluctuations in the net asset values of the Underlying Portfolios inwhich it invests. The Portfolio is also subject to the risks associatedwith the securities or other investments in which the UnderlyingPortfolios invest, and the ability of the Portfolio to meet itsinvestment objective will directly depend on the ability of theUnderlying Portfolios to meet their objectives. The Portfolio and theUnderlying Portfolios are subject to certain general investment risks,including market risk, asset class risk, issuer-specific risk,investment style risk and portfolio management risk. In addition, tothe extent a Portfolio invests in Underlying Portfolios that invest inequity securities, fixed income securities and/or foreign securities,the Portfolio is subject to the risks associated with investing in suchsecurities. The extent to which the investment performance andrisks associated with the Portfolio correlate to those of a particularUnderlying Portfolio will depend upon the extent to which thePortfolio’s assets are allocated from time to time for investment inthe Underlying Portfolio, which will vary.

• Volatility Management Risk — The Portfolio may invest fromtime to time in Underlying Portfolios managed by the Adviser thatemploy various volatility management techniques, including theuse of futures and options to manage equity exposure. Althoughthese actions are intended to reduce the overall risk of investingin the Portfolio, they may not work as intended and may result inlosses by the Portfolio or periods of underperformance,particularly during periods when market values are increasing butmarket volatility is high. The success of any volatility managementstrategy will be subject to the Adviser’s ability to correctly assessthe degree of correlation between the performance of the relevantmarket index and the metrics used by the Adviser to measuremarket volatility. Since the characteristics of many securitieschange as markets change or time passes, the success of anyvolatility management strategy also will be subject to theAdviser’s ability to continually recalculate, readjust, and executevolatility management techniques in an efficient manner. Inaddition, market conditions change, sometimes rapidly andunpredictably, and the Adviser may be unable to execute thevolatility management strategy in a timely manner or at all.Moreover, volatility management strategies may increase portfoliotransaction costs, which could cause or increase losses or reducegains. For a variety of reasons, the Adviser may not seek toestablish a perfect correlation between the relevant market indexand 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 withthe volatility management strategy are not necessarily held by anUnderlying Portfolio to hedge the value of the UnderlyingPortfolio’s other investments and, as a result, these futurescontracts and other instruments may decline in value at the sametime as the Underlying Portfolio’s other investments. Any one ormore of these factors may prevent the Underlying Portfolio from

achieving the intended volatility management or could cause theUnderlying Portfolio, and in turn, the Portfolio, to underperformor experience losses (some of which may be sudden) or volatilityfor any particular period that may be higher or lower. In addition,the use of volatility management techniques may not protectagainst market declines and may limit the Underlying Portfolio’s,and thus the Portfolio’s, participation in market gains, evenduring periods when the market is rising. Volatility managementtechniques, when implemented effectively to reduce the overallrisk of investing in an Underlying Portfolio, may result inunderperformance by an Underlying Portfolio. For example, if anUnderlying Portfolio has reduced its overall exposure to equitiesto avoid losses in certain market environments, the UnderlyingPortfolio may forgo some of the returns that can be associatedwith periods of rising equity values. The Underlying Portfolio’sperformance, and therefore the Portfolio’s performance, may belower than similar funds where volatility management techniquesare not used.

Risk/Return Bar Chart And Table




2017-19.45%

14.48%

9.07%

-0.69% -0.67%

7.34%10.28%

3.08%4.84%

8.78%

20142012 20132011201020092008 2015 2016

Best quarter (% and time period) Worst quarter (% and time period)8.94% (2009 3rd Quarter) –9.03% (2008 4th Quarter)

ACPA 4


One Year Five Years

Ten Years/Since

Inception

AXA Conservative-Plus AllocationPortfolio — Class A Shares 8.79% 5.17% 3.38%

AXA Conservative-Plus AllocationPortfolio — Class B Shares 8.78% 5.19% 3.28%

AXA Conservative-Plus AllocationIndex (reflects no deduction forfees, expenses, or taxes) 8.61% 5.88% 4.65%

S&P 500® Index (reflects nodeduction for fees,expenses, or taxes) 21.83% 15.79% 8.50%




Portfolio Managers:

Name Title

Date BeganManaging

the Portfolio


Executive VicePresident and ChiefInvestment Officer ofFMG LLC

July 2003


May 2011


May 2011




TAX INFORMATION

The Portfolio’s shareholders are (or may include) insurance companyseparate accounts, qualified plans and other investors eligible underapplicable federal income tax regulations. Distributions made by the

Portfolio to such an account or plan, and exchanges andredemptions of Portfolio shares made by such an account or plan,ordinarily do not cause the holders of underlying Contracts or planparticipants or beneficiaries to recognize income or gain for federalincome tax purposes at the time of the distributions, exchanges orredemptions; the holders, plan participants or beneficiaries generallyare taxed only on amounts they withdraw from their Contract orplan. See the prospectus for your Contract or your plandocumentation for further tax information.



ACPA 5

AXA PREMIER VIP TRUSTAXA Moderate Allocation Portfolio – Class A and B Shares



Investment Objective: Seeks to achieve long-term capitalappreciation and current income.




Annual Portfolio Operating Expenses(expenses that you pay each year as a percentage of the value ofyour investment)AXA Moderate Allocation Portfolio Class A Shares Class B Shares

Management fee* 0.09% 0.09%




Total annual operating expenses 1.10% 1.10%

* Management fees have been restated to reflect current fees.

Example

This example is intended to help you compare the cost of investingin the Portfolio with the cost of investing in other portfolios. Theexample assumes that you invest $10,000 in the Portfolio for thetime periods indicated, that your investment has a 5% return eachyear and that the Portfolio’s operating expenses (and expenses ofthe Underlying Portfolios) remain the same. This example does notreflect any Contract-related fees and expenses, including redemptionfees (if any) at the Contract level. If such fees and expenses werereflected, the total expenses would be higher. Although your actualcosts may be higher or lower, based on these assumptions, whetheryou redeem or hold your shares, your costs would be:


Class A Shares $112 $350 $606 $1,340

Class B Shares $112 $350 $606 $1,340

PORTFOLIO TURNOVER




The Portfolio pursues its investment objective by investing in othermutual funds (“Underlying Portfolios”) managed by AXA EquitableFunds Management Group, LLC (“FMG LLC” or “Adviser”) and sub-advised by one or more investment sub-advisers (“Sub-Adviser”). ThisPortfolio invests approximately 50% of its assets in the equity assetclass and approximately 50% of its assets in the fixed income assetclass through investments in Underlying Portfolios. Subject to thisasset allocation target, the Portfolio generally invests its assets in acombination of Underlying Portfolios that would result in the Portfoliobeing invested in the following asset categories in the approximatetarget investment percentages shown in the chart below.






The target allocation to investment grade and high yield bond assetcategories may include securities of both U.S. and foreign issuers.Actual allocations among asset classes and among asset categoriescan deviate from the amounts shown above by up to 15% of thePortfolio’s assets. This Portfolio is managed so that it can serve as a

AMA 1

core part of your larger portfolio. The Underlying Portfolios in whichthe Portfolio may invest have been selected to represent areasonable spectrum of investment options for the Portfolio.








• Derivatives Risk — The Portfolio’s investments in derivatives mayrise or fall in value more rapidly than other investments. Changes inthe value of a derivative may not correlate perfectly, or at all, with theunderlying asset, reference rate or index, and the Portfolio could losemore than the principal amount invested. Some derivatives can havethe potential for unlimited losses. In addition, it may be difficult orimpossible for the Portfolio to purchase or sell certain derivatives insufficient amounts to achieve the desired level of exposure, whichmay result in a loss or may be costly to the Portfolio. Derivatives alsomay be subject to certain other risks such as leveraging risk, liquidityrisk, interest rate risk, market risk, credit risk, the risk that acounterparty may be unable or unwilling to honor its obligations,management risk and the risk of mispricing or improper valuation.Derivatives also may not behave as anticipated by the Portfolio,especially in abnormal market conditions. Changing regulation maymake derivatives more costly, limit their availability, impact thePortfolio’s ability to maintain its investments in derivatives, disruptmarkets, or otherwise adversely affect their value or performance.



• Futures Contract Risk — The primary risks associated with theuse of futures contracts are (a) the imperfect correlation betweenthe change in market value of the instruments held by thePortfolio and the price of the futures contract; (b) liquidity risks,

AMA 2

including the possible absence of a liquid secondary market for afutures contract and the resulting inability to close a futurescontract when desired; (c) losses (potentially unlimited) caused byunanticipated market movements; (d) an investment manager’sinability to predict correctly the direction of securities prices,interest rates, currency exchange rates and other economicfactors; (e) the possibility that a counterparty, clearing member orclearinghouse will default in the performance of its obligations; (f)if the Portfolio has insufficient cash, it may have to sell securitiesfrom its portfolio to meet daily variation margin requirements, andthe Portfolio may have to sell securities at a time when it may bedisadvantageous to do so; and (g) transaction costs associatedwith investments in futures contracts may be significant, whichcould cause or increase losses or reduce gains. Futures contractsare also subject to the same risks as the underlying investmentsto which they provide exposure. In addition, futures contracts maysubject the Portfolio to leveraging risk.




• Market Risk — The Portfolio is subject to the risk that thesecurities markets will move down, sometimes rapidly andunpredictably based on overall economic conditions and otherfactors. Changes in the financial condition of a single issuer can

impact the market as a whole. Geo-political risks, includingterrorism, tensions or open conflict between nations, or politicalor economic dysfunction within some nations that are majorplayers on the world stage, may lead to instability in worldeconomies and markets, may lead to increased market volatility,and may have adverse long-term effects. In addition, markets andmarket-participants are increasingly reliant upon information datasystems. Data imprecision, software or other technologymalfunctions, programming inaccuracies, unauthorized use oraccess, and similar circumstances may have an adverse impactupon a single issuer, a group of issuers, or the market at-large.




• Risks of Investing in Underlying Portfolios — The Portfolio’sshareholders will indirectly bear fees and expenses paid by theUnderlying Portfolios in which it invests, in addition to thePortfolio’s direct fees and expenses. The cost of investing in thePortfolio, therefore, may be higher than the cost of investing in amutual fund that invests directly in individual stocks and bonds.The Portfolio’s performance depends upon a favorable allocationby the Adviser among the Underlying Portfolios, as well as theability of the Underlying Portfolios to generate favorableperformance. The Underlying Portfolios’ investment programs maynot be complementary, which could adversely affect thePortfolio’s performance. The Portfolio’s net asset value is subjectto fluctuations in the net asset values of the Underlying Portfoliosin which it invests. The Portfolio is also subject to the risksassociated with the securities or other investments in which the

AMA 3

Underlying Portfolios invest, and the ability of the Portfolio tomeet its investment objective will directly depend on the ability ofthe Underlying Portfolios to meet their objectives. The Portfolioand the Underlying Portfolios are subject to certain generalinvestment risks, including market risk, asset class risk, issuer-specific risk, investment style risk and portfolio management risk.In addition, to the extent a Portfolio invests in UnderlyingPortfolios that invest in equity securities, fixed income securitiesand/or foreign securities, the Portfolio is subject to the risksassociated with investing in such securities. The extent to whichthe investment performance and risks associated with thePortfolio correlate to those of a particular Underlying Portfolio willdepend upon the extent to which the Portfolio’s assets areallocated from time to time for investment in the UnderlyingPortfolio, which will vary.







-24.46%

16.95%

9.91%

-2.41%

8.82%

13.15%

3.06%

-0.92%

5.38%

11.0%

2015 20162014201320122009 2010 20112008 2017



One Year Five Years

Ten Years/Since

Inception

AXA Moderate AllocationPortfolio — Class A Shares 11.00% 6.20% 3.48%

AXA Moderate AllocationPortfolio — Class B Shares 11.00% 6.21% 3.37%

AXA Moderate Allocation Index(reflects no deduction for fees,expenses, or taxes) 10.63% 6.97% 5.00%

AMA 4

One Year Five Years

Ten Years/Since

Inception

S&P 500® Index (reflects nodeduction for fees, expenses, ortaxes) 21.83% 15.79% 8.50%




Portfolio Managers:

Name Title

Date BeganManaging

the Portfolio


Executive VicePresident and ChiefInvestment Officerof FMG LLC

July 2003

Alwi Chan, CFA® Senior Vice Presidentand Deputy ChiefInvestment Officerof FMG LLC

May 2011

Xavier Poutas, CFA® Assistant PortfolioManager of FMGLLC

May 2011


The Portfolio’s shares are currently sold only to insurance companyseparate accounts in connection with Contracts issued or to be issuedby AXA Equitable Life Insurance Company (“AXA Equitable”), or otheraffiliated or unaffiliated insurance companies and to The AXAEquitable 401(k) Plan. Shares also may be sold to other tax-qualifiedretirement plans and to other investors eligible under applicablefederal income tax regulations.


TAX INFORMATION

The Portfolio’s shareholders are (or may include) insurance companyseparate accounts, qualified plans and other investors eligible underapplicable federal income tax regulations. Distributions made by thePortfolio to such an account or plan, and exchanges andredemptions of Portfolio shares made by such an account or plan,ordinarily do not cause the holders of underlying Contracts or planparticipants or beneficiaries to recognize income or gain for federalincome tax purposes at the time of the distributions, exchanges orredemptions; the holders, plan participants or beneficiaries generally

are taxed only on amounts they withdraw from their Contract orplan. See the prospectus for your Contract or your plandocumentation for further tax information.



AMA 5

AXA PREMIER VIP TRUSTAXA Moderate-Plus Allocation Portfolio – Class A and B Shares



Investment Objective: Seeks to achieve long-term capitalappreciation and current income, with a greater emphasis oncapital appreciation.


The following table describes the fees and expenses that you may pay ifyou buy and hold shares of the Portfolio. The table below does notreflect any fees and expenses associated with variable life insurancecontracts and variable annuity certificates and contracts (“Contracts”),which would increase overall fees and expenses. See the Contractprospectus for a description of those fees and expenses.


Annual Portfolio Operating Expenses(expenses that you pay each year as a percentage of the value ofyour investment)AXA Moderate-Plus Allocation Portfolio Class A Shares Class B Shares

Management fee* 0.09% 0.09%





* Management fees have been restated to reflect current fees.

Example

This example is intended to help you compare the cost of investingin the Portfolio with the cost of investing in other portfolios. Theexample assumes that you invest $10,000 in the Portfolio for thetime periods indicated, that your investment has a 5% return eachyear, and that the Portfolio’s operating expenses (and expenses ofthe Underlying Portfolios) remain the same. This example does notreflect any Contract-related fees and expenses, including redemptionfees (if any) at the Contract level. If such fees and expenses werereflected, the total expenses would be higher. Although your actualcosts may be higher or lower, based on these assumptions, whetheryou redeem or hold your shares, your costs would be:


Class A Shares $115 $359 $622 $1,375

Class B Shares $115 $359 $622 $1,375

PORTFOLIO TURNOVER




The Portfolio pursues its investment objective by investing in othermutual funds (“Underlying Portfolios”) managed by AXA EquitableFunds Management Group, LLC (“FMG LLC” or “Adviser”) and sub-advised by one or more investment sub-advisers (“Sub-Adviser”). ThisPortfolio invests approximately 70% of its assets in the equity assetclass and approximately 30% of its assets in the fixed income assetclass through investments in Underlying Portfolios. Subject to thisasset allocation target, the Portfolio generally invests its assets in acombination of Underlying Portfolios that would result in the Portfoliobeing invested in the following asset categories in the approximatetarget investment percentages shown in the chart below.






The target allocation to investment grade and high yield bond assetcategories may include securities of both U.S. and foreign issuers.Actual allocations among asset classes and among asset categoriescan deviate from the amounts shown above by up to 15% of the

AMPA 1

Portfolio’s assets. This Portfolio is managed so that it can serve as acore part of your larger portfolio. The Underlying Portfolios in whichthe Portfolio may invest have been selected to represent areasonable spectrum of investment options for the Portfolio.











• Futures Contract Risk — The primary risks associated with theuse of futures contracts are (a) the imperfect correlation betweenthe change in market value of the instruments held by the

AMPA 2

Portfolio and the price of the futures contract; (b) liquidity risks,including the possible absence of a liquid secondary market for afutures contract and the resulting inability to close a futurescontract when desired; (c) losses (potentially unlimited) caused byunanticipated market movements; (d) an investment manager’sinability to predict correctly the direction of securities prices,interest rates, currency exchange rates and other economicfactors; (e) the possibility that a counterparty, clearing member orclearinghouse will default in the performance of its obligations; (f)if the Portfolio has insufficient cash, it may have to sell securitiesfrom its portfolio to meet daily variation margin requirements, andthe Portfolio may have to sell securities at a time when it may bedisadvantageous to do so; and (g) transaction costs associatedwith investments in futures contracts may be significant, whichcould cause or increase losses or reduce gains. Futures contractsare also subject to the same risks as the underlying investmentsto which they provide exposure. In addition, futures contracts maysubject the Portfolio to leveraging risk.




• Market Risk — The Portfolio is subject to the risk that thesecurities markets will move down, sometimes rapidly andunpredictably based on overall economic conditions and otherfactors. Changes in the financial condition of a single issuer can

impact the market as a whole. Geo-political risks, includingterrorism, tensions or open conflict between nations, or politicalor economic dysfunction within some nations that are majorplayers on the world stage, may lead to instability in worldeconomies and markets, may lead to increased market volatility,and may have adverse long-term effects. In addition, markets andmarket-participants are increasingly reliant upon information datasystems. Data imprecision, software or other technologymalfunctions, programming inaccuracies, unauthorized use oraccess, and similar circumstances may have an adverse impactupon a single issuer, a group of issuers, or the market at-large.

• Mid-Cap and Small-Cap Company Risk — The Portfolio’sinvestments in mid- and small-cap companies may involve greaterrisks than investments in larger, more established issuers becausethey generally are more vulnerable than larger companies to adversebusiness or economic developments. Such companies generally havenarrower product lines, more limited financial and managementresources and more limited markets for their securities as comparedwith larger companies. As a result, the value of such securities maybe more volatile than the value of securities of larger companies, andthe Portfolio may experience difficulty in purchasing or selling suchsecurities at the desired time and price or in the desired amount. Ingeneral, these risks are greater for small-cap companies than formid-cap companies.



• Risks of Investing in Underlying Portfolios — The Portfolio’sshareholders will indirectly bear fees and expenses paid by theUnderlying Portfolios in which it invests, in addition to thePortfolio’s direct fees and expenses. The cost of investing in thePortfolio, therefore, may be higher than the cost of investing in amutual fund that invests directly in individual stocks and bonds.The Portfolio’s performance depends upon a favorable allocationby the Adviser among the Underlying Portfolios, as well as theability of the Underlying Portfolios to generate favorableperformance. The Underlying Portfolios’ investment programs maynot be complementary, which could adversely affect thePortfolio’s performance. The Portfolio’s net asset value is subjectto fluctuations in the net asset values of the Underlying Portfoliosin which it invests. The Portfolio is also subject to the risksassociated with the securities or other investments in which the

AMPA 3

Underlying Portfolios invest, and the ability of the Portfolio tomeet its investment objective will directly depend on the ability ofthe Underlying Portfolios to meet their objectives. The Portfolioand the Underlying Portfolios are subject to certain generalinvestment risks, including market risk, asset class risk, issuer-specific risk, investment style risk and portfolio management risk.In addition, to the extent a Portfolio invests in UnderlyingPortfolios that invest in equity securities, fixed income securitiesand/or foreign securities, the Portfolio is subject to the risksassociated with investing in such securities. The extent to whichthe investment performance and risks associated with thePortfolio correlate to those of a particular Underlying Portfolio willdepend upon the extent to which the Portfolio’s assets areallocated from time to time for investment in the UnderlyingPortfolio, which will vary.







2017-31.81%

22.03%

11.52%

-4.98%-1.29%

11.50%

19.86%

3.72%7.34%

14.83%

2014201320122011201020092008 2015 2016



One Year Five Years

Ten Years/Since

Inception

AXA Moderate-Plus AllocationPortfolio — Class A Shares 14.94% 8.63% 4.16%

AXA Moderate-Plus AllocationPortfolio — Class B Shares 14.83% 8.63% 4.05%

AXA Moderate-Plus AllocationIndex (reflects no deduction forfees, expenses, or taxes) 14.55% 9.50% 5.92%

AMPA 4

One Year Five Years

Ten Years/Since

Inception





Portfolio Managers:

Name Title

Date BeganManaging

the Portfolio


Executive VicePresident and ChiefInvestment Officer ofFMG LLC

July 2003

Alwi Chan, CFA® Senior Vice Presidentand Deputy ChiefInvestmentOfficer of FMG LLC

May 2011


May 2011



The Portfolio does not have minimum initial or subsequent investmentrequirements. Shares of the Portfolio are redeemable on any businessday (normally any day on which the New York Stock Exchange is open)upon receipt of a request. All redemption requests will be processed andpayment with respect thereto will normally be made within seven daysafter tender. Please refer to your Contract prospectus for moreinformation on purchasing and redeeming Portfolio shares.

TAX INFORMATION

The Portfolio’s shareholders are (or may include) insurance companyseparate accounts, qualified plans and other investors eligible underapplicable federal income tax regulations. Distributions made by thePortfolio to such an account or plan, and exchanges andredemptions of Portfolio shares made by such an account or plan,ordinarily do not cause the holders of underlying Contracts or planparticipants or beneficiaries to recognize income or gain for federalincome tax purposes at the time of the distributions, exchanges orredemptions; the holders, plan participants or beneficiaries generallyare taxed only on amounts they withdraw from their Contract orplan. See the prospectus for your Contract or your plandocumentation for further tax information.



AMPA 5

AXA PREMIER VIP TRUSTCharterSM Multi-Sector Bond Portfolio – Class A and B Shares



Investment Objective: Seeks to achieve high total return througha combination of current income and capital appreciation.

FEES AND EXPENSES

The following table describes the fees and expenses that you may payif you buy and hold shares of the Portfolio. The table below does notreflect any fees and expenses associated with variable life insurancecontracts and variable annuity certificates and contracts (“Contracts”),which would increase overall fees and expenses. See the Contractprospectus for a description of those fees and expenses.


Annual Portfolio Operating Expenses(expenses that you pay each year as a percentage of the value ofyour investment)CharterSM Multi-Sector Bond Portfolio Class A Shares Class B Shares


Distribution and/or service (12b-1) Fees 0.25% 0.25%



Total annual portfolio operating expenses* 1.18% 1.18%

Fee waiver and/or expense reimbursement† –0.08% –0.08%

Total annual portfolio operating expenses afterfee waiver and/or expense reimbursement 1.10% 1.10%

* The total annual portfolio operating expenses do not correlate to the ratio ofexpenses to average net assets given in the Portfolio’s Financial Highlights.

† Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreedto make payments or waive its management, administrative and other fees to limitthe expenses of the Portfolio through April 30, 2019 (unless the Board of Trusteesconsents to an earlier revision or termination of the arrangement) (“ExpenseLimitation Arrangement”) so that the annual operating expenses (includingAcquired Fund Fees and Expenses) of the Portfolio (exclusive of taxes, interest,brokerage commissions, dividend and interest expenses on securities sold short,capitalized expenses and extraordinary expenses) do not exceed 1.10% for Class Aand Class B shares of the Portfolio. The Expense Limitation Arrangement may beterminated by AXA Equitable Funds Management Group, LLC at any time afterApril 30, 2019.

Example

This example is intended to help you compare the cost of investing inthe Portfolio with the cost of investing in other portfolios. The exampleassumes that you invest $10,000 in the Portfolio for the time periodsindicated, that your investment has a 5% return each year, that thePortfolio’s operating expenses remain the same, and that the ExpenseLimitation Arrangement is not renewed. This example does not reflectany Contract-related fees and expenses, including redemption fees (ifany) at the Contract level. If such fees and expenses were reflected,the total expenses would be higher. Although your actual costs maybe higher or lower, based on these assumptions, whether you redeemor hold your shares, your costs would be:


Class A Shares $112 $367 $641 $1,425

Class B Shares $112 $367 $641 $1,425

PORTFOLIO TURNOVER

As a fund of funds, the Portfolio will not incur transaction costs,such as commissions, when it buys and sells shares of theUnderlying Portfolios, but it will incur transaction costs when it buysand sells other types of securities (including exchange tradedsecurities of Underlying ETFs) directly (or “turns over” its portfolio).A higher portfolio turnover rate may indicate higher transactioncosts. These costs, which are not reflected in annual fund operatingexpenses or in the example, affect the Portfolio’s performance.During the most recent fiscal year, the Portfolio’s turnover rate was7% of the average value of the Portfolio.



The Portfolio pursues its investment objective by investing in othermutual funds managed by AXA Equitable Funds ManagementGroup, LLC (“FMG LLC” or “Adviser”) and in investment companiesmanaged by investment managers other than FMG LLC (affiliatedand unaffiliated “Underlying Portfolios”) and in exchange tradedsecurities of other investment companies or investment vehicles(“Underlying ETFs”) comprising various asset categories andstrategies. The Portfolio will invest in Underlying Portfolios andUnderlying ETFs such that at least 80% of its assets (net assets plus

CMSB 1

the amount of any borrowings for investment purposes) are investedin a diversified mix of bonds, including investment grade bonds andbonds that are rated below investment grade (so called “junkbonds”), which may include derivatives exposure to bonds. Forpurposes of this investment policy, a debt security is considered a“bond.” Debt securities represent an issuer’s obligation to repay aloan of money that generally pays interest to the holder. Bonds,notes, debentures, bank loans, bonds in multiple sectors including,commercial and residential mortgage-backed securities, asset-backed securities, corporate bonds and bonds of foreign issuers,including issuers located in emerging markets, are examples of debtsecurities. The Portfolio allocates its assets to Underlying Portfoliosand Underlying ETFs that invest among various asset categories. Theasset categories and strategies of the Underlying Portfolios andUnderlying ETFs in which the Portfolio invests are as follows:

Bank Loans

Emerging MarketsDebt

Floating RateSecurities

Global Bond

High Yield Bond

Inflation LinkedSecurities

International Bond

Money Market

US GovernmentBond

US InvestmentGrade Bond

US Short TermInvestmentGrade Bond

In addition, the Portfolio may invest in Underlying Portfolios andUnderlying ETFs that employ derivatives (including futures contracts) for avariety of purposes, including to reduce risk, to seek enhanced returnsfrom certain asset classes, and to leverage exposure to certain assetclasses.

The Adviser selects the Underlying Portfolios and Underlying ETFs inwhich to invest the Portfolio’s assets. In selecting Underlying Portfoliosand Underlying ETFs, the Adviser will utilize a proprietary investmentprocess that may take into consideration a number of factors including,as appropriate and applicable, fund performance, management team,investment style, correlations, asset class exposure, industryclassification, benchmark, risk adjusted return, volatility, expense ratio,asset size and portfolio turnover. For purposes of complying with the80% policy identified above, the Adviser will identify UnderlyingPortfolios and Underlying ETFs in which to invest by reference to suchUnderlying Portfolio’s or Underlying ETF’s name and investment policiesat the time of investment. An Underlying Portfolio or Underlying ETF thatchanges its name or investment policies subsequent to the time of thePortfolio’s investment may continue to be considered an appropriateinvestment for purposes of the 80% policy. For purposes of asset classand asset category target allocations, where an Underlying Portfolio orUnderlying ETF could be assigned to more than one asset class (e.g.,equity and alternative asset classes) or category (e.g., international bondand global bond asset categories), the Adviser may, in its discretion,assign an Underlying Portfolio or Underlying ETF to one or more assetclasses or categories. The Adviser may add new Underlying Portfoliosand Underlying ETFs or replace or eliminate existing UnderlyingPortfolios and Underlying ETFs without shareholder approval. TheUnderlying Portfolios and Underlying ETFs have been selected torepresent a reasonable spectrum of investment options for the Portfolio.The Adviser may sell the Portfolio’s holdings for a variety of reasons,including to invest in an Underlying Portfolio or Underlying ETF believedto offer superior investment opportunities.


An investment in the Portfolio is not a deposit of a bank and is notinsured or guaranteed by the Federal Deposit Insurance Corporationor any other government agency. You may lose money by investingin the Portfolio. Performance may be affected by one or more of thefollowing risks. The Portfolio is also subject to the risks associatedwith the Underlying Portfolios’ and Underlying ETFs’ investments;please see the Prospectuses and Statements of AdditionalInformation for the Underlying Portfolios and Underlying ETFs foradditional information about these risks. In this section, the term“Portfolio” may include the Portfolio, an Underlying Portfolio, anUnderlying ETF, or all of the above.


• Affiliated Portfolio Risk — In managing a Portfolio that investsin Underlying Portfolios and Underlying ETFs, the Adviser willhave the authority to select and substitute the UnderlyingPortfolios and Underlying ETFs. The Adviser is subject to conflictsof interest in allocating the Portfolio’s assets among UnderlyingPortfolios and Underlying ETFs because it (and in certain cases itsaffiliates) earn fees for managing and administering the affiliatedUnderlying Portfolios, but not the unaffiliated UnderlyingPortfolios or Underlying ETFs. In addition, the Adviser is subject toconflicts of interest in allocating the Portfolio’s assets among thevarious affiliated Underlying Portfolios because the fees payableto it by some of the affiliated Underlying Portfolios are higherthan the fees payable by other affiliated Underlying Portfolios andbecause the Adviser is also responsible for managing,administering, and with respect to certain affiliated UnderlyingPortfolios, its affiliates are responsible for sub-advising, theaffiliated Underlying Portfolios.

• Alternative Investment Risk — To the extent the Portfolio investsin Underlying Portfolios and Underlying ETFs that invest inalternative investments, the Portfolio will be subject to the risksassociated with such investments. Alternative investments may usea different approach to investing than do traditional investments(such as equity or fixed income investments) and the performanceof alternative investments is not expected to correlate closely withmore traditional investments; however, it is possible that alternativeinvestments will decline in value along with equity or fixed incomemarkets, or both, or that they may not otherwise perform asexpected. Alternative investments may have different characteristicsand risks than do traditional investments, can be highly volatile,may be less liquid, particularly in periods of stress, and may bemore complex and less transparent than traditional investments.Alternative investments also may have more complicated taxconsiderations than traditional investments. The use of alternativeinvestments may not achieve the desired effect.

• Credit Risk — The Portfolio is subject to the risk that the issueror the guarantor (or other obligor, such as a party providinginsurance or other credit enhancement) of a fixed income security,or the counterparty to a derivatives contract, repurchaseagreement, loan of portfolio securities or other transaction, isunable or unwilling, or is perceived (whether by marketparticipants, ratings agencies, pricing services or otherwise) asunable or unwilling, to make timely principal and/or interestpayments, or otherwise honor its obligations. Securities aresubject to varying degrees of credit risk, which are often reflected

CMSB 2

in their credit ratings. However, rating agencies may fail to maketimely changes to credit ratings in response to subsequent eventsand a credit rating may become stale in that it fails to reflectchanges in an issuer’s financial condition. The downgrade of thecredit rating of a security may decrease its value. Lower creditquality also may lead to greater volatility in the price of a securityand may negatively affect a security’s liquidity.


• Foreign Securities Risk — Investments in foreign securities, includingdepositary receipts, involve risks not associated with investments inU.S. securities. Foreign markets may be less liquid, more volatile andsubject to less government supervision and regulation than U.S.markets. Security values also may be negatively affected by changesin the exchange rates between the U.S. dollar and foreign currencies.Differences between U.S. and foreign legal, political and economicsystems, regulatory regimes and market practices also may impactsecurity values and it may take more time to clear and settle tradesinvolving foreign securities. In addition, securities issued by U.S.entities with substantial foreign operations or holdings can involverisks relating to conditions in foreign countries.

Currency Risk — Investments in foreign currencies and insecurities that trade in, or receive revenues in, or in derivativesthat provide exposure to foreign currencies are subject to the riskthat those currencies will decline in value relative to the U.S.dollar. Any such decline may erode or reverse any potential gainsfrom an investment in securities denominated in foreign currencyor may widen existing loss. In the case of hedging positions,there is the risk that the U.S. dollar will decline in value relativeto the currency being hedged. Currency rates may fluctuatesignificantly over short periods of time for a number of reasons,including changes in interest rates, intervention (or the failure tointervene) by governments, central banks or supranationalentities, or by the imposition of currency controls or otherpolitical developments in the U.S. or abroad.

Emerging Markets Risk — There are greater risks involved ininvesting in emerging market countries and/or their securitiesmarkets, and investments in these countries and/or markets are

more susceptible to loss than investments in developed countriesand/or markets. Investments in these countries and/or marketsmay present market, credit, currency, liquidity, legal, political,technical and other risks different from, or greater than, the risksof investing in developed countries. In addition, the risksassociated with investing in a narrowly defined geographic areaare generally more pronounced with respect to investments inemerging market countries.

• Interest Rate Risk — Changes in interest rates may affect the yield,liquidity and value of investments in income producing or debtsecurities. Changes in interest rates also may affect the value of othersecurities. When interest rates rise, the value of the Portfolio’s debtsecurities generally declines. Conversely, when interest rates decline,the value of the Portfolio’s debt securities generally rises. Typically,the longer the maturity or duration of a debt security, the greater theeffect a change in interest rates could have on the security’s price.Thus, the sensitivity of the Portfolio’s debt securities to interest raterisk will increase with any increase in the duration of those securities.As of the date of this Prospectus, interest rates are low relative tohistoric levels and are below zero in parts of the world. The Portfoliois subject to a greater risk of rising interest rates due to these marketconditions. A significant or rapid rise in interest rates could result inlosses to the Portfolio.


• Liquidity Risk — The Portfolio is subject to the risk that certaininvestments may be difficult or impossible for the Portfolio topurchase or sell at an advantageous time or price or in sufficientamounts to achieve the desired level of exposure. The Portfolio maybe required to dispose of other investments at unfavorable times orprices to satisfy obligations, which may result in a loss or may becostly to the Portfolio. Judgment plays a greater role in valuingilliquid investments than investments with more active markets.Certain securities that were liquid when purchased may laterbecome illiquid, particularly in times of overall economic distress.

• Loan Risk — Loan interests are subject to liquidity risk, prepaymentrisk (the risk that when interest rates fall, debt securities may berepaid more quickly than expected and the Portfolio may be requiredto reinvest in securities with a lower yield), extension risk (the riskthat when interest rates rise, debt securities may be repaid moreslowly than expected and the value of the Portfolio’s holdings maydecrease), the risk of subordination to other creditors, restrictions onresale, and the lack of a regular trading market and publicly availableinformation. Loan interests may be difficult to value and may haveextended trade settlement periods. Accordingly, the proceeds from

CMSB 3

the sale of a loan may not be available to make additionalinvestments or to meet redemption obligations until potentially asubstantial period after the sale of the loan. The extended tradesettlement periods could force the Portfolio to liquidate othersecurities to meet redemptions and may present a risk that thePortfolio may incur losses in order to timely honor redemptions. Thereis a risk that the value of any collateral securing a loan in which thePortfolio has an interest may decline and that the collateral may notbe sufficient to cover the amount owed on the loan. In the event theborrower defaults, the Portfolio’s access to the collateral may belimited or delayed by bankruptcy or other insolvency laws. To theextent that the Portfolio invests in loan participations andassignments, it is subject to the risk that the financial institutionacting as agent for all interests in a loan might fail financially. It isalso possible that the Portfolio could be held liable, or may be calledupon to fulfill other obligations, as a co-lender.


• Money Market Risk — Although a money market fund is designedto be a relatively low risk investment, it is not free of risk. Despitethe short maturities and high credit quality of a money marketfund’s investments, increases in interest rates and deteriorations inthe credit quality of the instruments the money market fund haspurchased may reduce the money market fund’s yield and cancause the price of a money market security to decrease. In addition,a money market fund is subject to the risk that the value of aninvestment may be eroded over time by inflation. Changes to therules that govern money market funds which became effective inOctober 2016. These changes may affect a money market fund’sinvestment strategies, operations and/or return potential.

• Mortgage-Related and Other Asset-Backed Securities Risk —Mortgage-related and other asset-backed securities typicallyprovide the issuer with the right to prepay the security prior tomaturity. During periods of falling interest rates, the rate ofprepayments tends to increase because borrowers are more likelyto pay off debt and refinance at the lower interest rates thenavailable. Unscheduled prepayments shorten the average lives ofmortgage-related and other asset-backed securities and mayresult in the Portfolio’s having to reinvest the proceeds of theprepayments at lower interest rates, thereby reducing thePortfolio’s income. During periods of rising interest rates, the rateof prepayments tends to decrease because borrowers are lesslikely to prepay debt. Slower than expected payments can extendthe average lives of mortgage-related and other asset-backedsecurities, and this may “lock in” a below market interest rate,

increase the security’s duration and interest rate sensitivity, andreduce the value of the security. Moreover, declines in the creditquality of and defaults by the issuers of mortgage-related andother asset-backed securities or instability in the markets for suchsecurities may affect the value and liquidity of such securities,which could result in losses to the Portfolio. In addition, certainmortgage-related and other asset-backed securities may includesecurities backed by pools of loans made to “subprime”borrowers or borrowers with blemished credit histories; the risk ofdefaults is generally higher in the case of mortgage pools thatinclude such subprime mortgages.



• Risks Related to Investments in Underlying Portfolios and UnderlyingETFs — The Portfolio’s shareholders will indirectly bear the fees andexpenses paid by the Underlying Portfolios and Underlying ETFs in whichit invests, in addition to the Portfolio’s direct fees and expenses. The costof investing in the Portfolio, therefore, may be higher than the cost ofinvesting in a mutual fund that invests directly in individual stocks andbonds. The Portfolio’s performance depends upon a favorable allocationby the Adviser among the Underlying Portfolios and Underlying ETFs, aswell as the ability of the Underlying Portfolios and Underlying ETFs togenerate favorable performance. The Underlying Portfolios’ andUnderlying ETFs’ investment programs may not be complementary,which could adversely affect the Portfolio’s performance. The Portfolio’snet asset value is subject to fluctuations in the net asset values of theUnderlying Portfolios and the market values of the Underlying ETFs inwhich it invests. The Portfolio is also subject to the risks associated withthe securities or other investments in which the Underlying Portfoliosand Underlying ETFs invest and the ability of the Portfolio to meet itsinvestment objective will directly depend on the ability of the UnderlyingPortfolios and Underlying ETFs to meet their investment objectives. Anindex-based ETF’s performance may not match that of the index it seeksto track. An actively managed ETF’s performance will reflect its adviser’sability to make investment decisions that are suited to achieving theETF’s investment objective. It is also possible that an active tradingmarket for an Underlying ETF may not develop or be maintained, inwhich case the liquidity and value of the Portfolio’s investment in theUnderlying ETF could be substantially and adversely affected. The extentto which the investment performance and risks associated with thePortfolio correlate to those of a particular Underlying Portfolio or

CMSB 4

Underlying ETF will depend upon the extent to which the Portfolio’sassets are allocated from time to time for investment in the UnderlyingPortfolio or Underlying ETF, which will vary.

• U.S. Government Securities Risk — Securities issued or guaranteedby the U.S. government or its agencies and instrumentalities (such assecurities issued by the Government National Mortgage Association(Ginnie Mae), the Federal National Mortgage Association (FannieMae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)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, that are backed by the full faith and credit of the U.S.government are guaranteed only as to the timely payment of interestand repayment of principal when held to maturity. Notwithstandingthat these securities are backed by the full faith and credit of the U.S.government, circumstances could arise that would prevent thepayment of interest or principal. This would result in losses to thePortfolio. Securities issued or guaranteed by U.S. government relatedorganizations, such as Fannie Mae and Freddie Mac, are not backedby the full faith and credit of the U.S. government and no assurancecan be given that the U.S. government will provide financial support.Therefore, U.S. government related organizations may not have thefunds to meet their payment obligations in the future.


The bar chart and table below provide some indication of the risks ofinvesting in the Portfolio (prior to its conversion to a fund-of-fundson April 18, 2014 (the “Conversion Date”) as discussed below) byshowing changes in the Portfolio’s performance from year to yearand by showing how the Portfolio’s average annual total returns forthe past one, five and ten years (or since inception) throughDecember 31, 2017 compared to the returns of a broad-basedsecurities market index. The return of the broad-based securitiesmarket index (and any additional comparative index) shown in theright hand column below is the return of the index for the last 10years or, if shorter, since the inception of the share class with thelongest history.

Past performance is not an indication of future performance. Thismay be particularly true for this Portfolio because prior to theConversion Date the Portfolio was not a fund-of-funds, had differentinvestment policies, was managed by multiple advisers and, undernormal circumstances, approximately 50% of the Portfolio’s netassets were actively managed and approximately 50% of thePortfolio’s net assets were managed to track the performance(before fees and expenses) of a particular index. Following theconversion of the Portfolio to a fund-of-funds, the Portfolio pursuesits investment objective through investments in underlyingproprietary and unaffiliated mutual funds and exchange-tradedfunds. The underlying proprietary and unaffiliated mutual funds andexchange-traded funds in which the Portfolio invests incur their ownoperating costs and expenses, including management fees payableto their investment advisers, and the Portfolio’s performance,following the conversion of the Portfolio to a fund-of-funds, willreflect the impact of these operating costs and expenses. If thePortfolio had historically been managed as a fund-of-funds using itscurrent investment strategies and policies, the performance of thePortfolio may have been different. In addition, the Portfolio wasadvised by different advisers prior to the Conversion Date.



20172008 2009 2011 20122010 2013 2014 2015 2016

-23.55%

9.53%6.82%

5.08% 5.23%2.39%

-0.92% -0.49%

2.89% 2.18%



One Year Five Years

Ten Years/Since

Inception

CharterSM Multi-Sector BondPortfolio — Class A Shares 2.17% 1.15% 0.58%

CharterSM Multi-Sector BondPortfolio — Class B Shares 2.18% 1.20% 0.49%

Bloomberg Barclays U.S. IntermediateGovernment/Credit Bond Index(reflects no deduction for fees,expenses, or taxes) 2.14% 1.50% 3.32%



Portfolio Managers:

Name Title

Date BeganManaging

the Portfolio


Executive Vice Presidentand Chief InvestmentOfficer of FMG LLC

May 2011


February 2010


May 2011

Miao Hu, CFA® Assistant PortfolioManager of FMG LLC

May 2016


The Portfolio’s shares are currently sold only to insurance companyseparate accounts in connection with Contracts issued or to beissued by AXA Equitable Life Insurance Company (“AXA Equitable”),or other affiliated or unaffiliated insurance companies and to TheAXA Equitable 401(k) Plan. Shares also may be sold to other tax-qualified retirement plans and to other investors eligible underapplicable federal income tax regulations.

CMSB 5


TAX INFORMATION




CMSB 6

AXA PREMIER VIP TRUSTTarget 2015 Allocation Portfolio – Class A and B Shares



Investment Objective: Seeks the highest total return over timeconsistent with its asset mix. Total return includes capital growth andincome.


The following table describes the fees and expenses that you may pay ifyou buy and hold shares of the Portfolio. The table below does notreflect any fees and expenses associated with variable life insurancecontracts and variable annuity certificates and contracts (“Contracts”),which would increase overall fees and expenses. See the Contractprospectus for a description of those fees and expenses.


Annual Portfolio Operating Expenses(expenses that you pay each year as a percentage of the value ofyour investment)Target 2015 Allocation Portfolio Class A Class B



Other expenses 0.38%* 0.38%

Acquired fund fees and expenses (underlying portfolios) 0.56%* 0.56%



Total annual portfolio operating expenses after fee waiver/expense reimbursement 1.10% 1.10%

* Based on estimated amounts for the current fiscal year.† 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 theexpenses of the Portfolio through April 30, 2019 (unless the Board of Trustees consentsto an earlier revision or termination of this arrangement) (“Expense LimitationArrangement”) so that the annual operating expenses (including Acquired Fund Feesand Expenses) of the Portfolio (exclusive of taxes, interest, brokerage commissions,dividend and interest expenses on securities sold short, capitalized expenses andextraordinary expenses) do not exceed an annual rate of average daily net assets of1.10% for Class A shares and Class B shares of the Portfolio. The Expense LimitationArrangement may be terminated by AXA Equitable Funds Management Group, LLC atany time after April 30, 2019.

Example

This example is intended to help you compare the cost of investing inthe Portfolio with the cost of investing in other portfolios. The exampleassumes that you invest $10,000 in the Portfolio for the time periodsindicated, that your investment has a 5% return each year, that thePortfolio’s operating expenses (and expenses of other investmentcompanies in which it invests) remain the same, and that the ExpenseLimitation Arrangement is not renewed. This example does not reflectany Contract-related fees and expenses, including redemption fees (ifany) at the Contract level. If such fees and expenses were reflected, thetotal expenses would be higher. Although your actual costs may behigher or lower, based on these assumptions, whether you redeem orhold your shares, your costs would be:


Class A Shares $112 $390 $689 $1,540

Class B Shares $112 $390 $689 $1,540

PORTFOLIO TURNOVER


INVESTMENTS, RISKS AND PERFORMANCE


The Portfolio seeks to achieve its objective by investing in other mutualfunds (the “Underlying Portfolios”) managed by AXA Equitable FundsManagement Group, LLC (“FMG LLC” or “Adviser ”) and sub-advisedby one or more investment sub-advisers (“Sub-Adviser”), whichrepresent a variety of asset classes and investment styles. The Portfolio ismanaged to target 2015 as the specific year of planned retirement (the“retirement year” or “target year”). The retirement year also assumesthat an investor retires at age 65; however, the Portfolio should not beselected solely on the basis of an investor’s age or the target year. The

2015A 1

Portfolio’s asset mix will become more conservative each year untilreaching the year approximately 10 years after the retirement year atwhich time it is intended that the asset mix will become relatively stable.The Portfolio balances the need for appreciation with the need forincome as retirement approaches, and focuses on supporting an incomestream over a long-term retirement withdrawal horizon. The Portfolio isnot designed for a lump sum redemption at or after the target year anddoes not guarantee a particular level of income. The Portfolio maintainssignificant allocations to equities after the target year and is generallyexpected to reach its most conservative allocation 10 years after thetarget year. The asset classes in which the Portfolio may invest generallyare divided into domestic equity securities (such as the common stock ofU.S. companies of any size), international equity securities (such as thecommon stock of foreign companies of any size, including those locatedin developed and emerging markets) and fixed income investments(such as debt securities issued by the U.S. Government and its agencies

and instrumentalities, mortgage- and asset-backed securities, domesticand foreign investment grade and high yield or “junk” bonds, andshort-term investments such as money market instruments). ThePortfolio is not limited with respect to the maturity, duration or creditquality of the fixed income securities in which it invests. The UnderlyingPortfolios in which the Portfolio may invest may also invest in fixedincome securities of any maturity, duration or credit quality. The Portfoliomay hold cash or invest in short-term paper and other short-terminvestments (instead of allocating investments to an UnderlyingPortfolio) as deemed appropriate by the Adviser. The following chartshows the Portfolio’s target allocation for the various asset classes (asrepresented by the holdings of the Underlying Portfolios in which thePortfolio invests) as of the date of this Prospectus. The Portfolio mayinvest in Underlying Portfolios that employ derivatives for a variety ofpurposes, including to reduce risk, to seek enhanced returns from certainasset classes, and to leverage exposure to certain asset classes.

Target 2015 Allocation Portfolio Asset Allocation Targets

Approximate Number of Years After Retirement Year3 Years

After Retirement5 Years

After Retirement10 Years

After Retirement

Asset Class

Domestic Equity 31% 30% 15%

International Equity 14% 10% 5%

Fixed Income 55% 60% 80%

The following chart illustrates how the asset mix of the Portfolio willvary over time. In general, the asset mix of the Portfolio willgradually shift from one comprised largely of Underlying Portfoliosthat emphasize investments in stocks to one that increasingly favorsUnderlying Portfolios that emphasize investments in bonds andmoney market instruments. The Underlying Portfolios can invest incompanies of any size, and can use derivatives, including futurescontracts, to achieve their respective investment objectives.

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

100.00%

40 30 20 10 10Retirement

DomesticEquity

ShortTerm

HighYield

Years to Retirement Years afterRetirement

20

DomesticEquity

InternationalEquity

Investment Grade

High Yield

Short Term

Target2015

InternationalEquity

Investment Grade

As of December 31, 2017, the Portfolio’s asset mix was allocatedapproximately 31.2% to domestic equity, 16.3% to internationalequity, and 52.5% to fixed income. The Portfolio’s Annual and Semi-Annual Reports to shareholders set forth the actual allocation to theUnderlying Portfolios as of the date of the report.

The Adviser establishes the asset mix of the Portfolio and selects thespecific Underlying Portfolios in which to invest using its proprietaryinvestment process, which is based on fundamental research

regarding the investment characteristics of each asset class and theUnderlying Portfolios (such as risk, volatility, and the potential forgrowth and income), as well as its outlook for the economy andfinancial markets.

The Adviser may change the asset allocation targets and may addnew Underlying Portfolios or replace or eliminate existing UnderlyingPortfolios without notice or shareholder approval. The Adviser maysell the Portfolio’s holdings for a variety of reasons, including toinvest in an Underlying Portfolio believed to offer superiorinvestment opportunities.

The Adviser will permit the relative weightings of the Portfolio’sasset classes to vary in response to the markets, ordinarily by notmore than plus/minus 15%. Beyond those ranges, the Advisergenerally will use cash flows, and periodically will rebalance thePortfolio’s investments, to keep the Portfolio within its assetallocation targets. However, there may be occasions when thoseranges will expand to 20% due to a variety of factors, includingappreciation or depreciation of one or more of the asset classes. ThePortfolio will purchase Class K shares of the Underlying Portfolios,which are not subject to distribution or service (Rule 12b-1) fees.


An investment in the Portfolio is not a deposit of a bank and is notinsured or guaranteed by the Federal Deposit Insurance Corporationor any other government agency. You may lose money by investingin the Portfolio. Performance may be affected by one or more of thefollowing risks. The Portfolio is also subject to the risks associatedwith the Underlying Portfolios’ investments; please see theProspectuses and Statements of Additional Information for theUnderlying Portfolios for additional information about these risks. Inthis section, the term “Portfolio” may include the Target AllocationPortfolio, an Underlying Portfolio, or both.

2015A 2


• Affiliated Portfolio Risk — In managing a Portfolio that investsin Underlying Portfolios, the Adviser will have the authority toselect and substitute the Underlying Portfolios. The Adviser issubject to conflicts of interest in allocating the Portfolio’s assetsamong the various Underlying Portfolios because the fees payableto it by some of the Underlying Portfolios are higher than the feespayable by other Underlying Portfolios and because the Adviser isalso responsible for managing, administering, and with respect tocertain Underlying Portfolios, its affiliates are responsible for sub-advising, the Underlying Portfolios.

• Asset Class Risk — The Portfolio is subject to the risk that thereturns from the asset classes, or types of securities, in which thePortfolio invests will underperform the general securities marketsor different asset classes. Different asset classes tend to gothrough cycles of outperformance and underperformance incomparison to each other and to the general securities markets.


• Derivatives Risk — The Portfolio’s investments in derivatives mayrise or fall in value more rapidly than other investments. Changes inthe value of a derivative may not correlate perfectly, or at all, with theunderlying asset, reference rate or index, and the Portfolio could losemore than the principal amount invested. Some derivatives can havethe potential for unlimited losses. In addition, it may be difficult orimpossible for the Portfolio to purchase or sell certain derivatives insufficient amounts to achieve the desired level of exposure, whichmay result in a loss or may be costly to the Portfolio. Derivatives alsomay be subject to certain other risks such as leveraging risk, liquidityrisk, interest rate risk, market risk, credit risk, the risk that acounterparty may be unable or unwilling to honor its obligations,management risk and the risk of mispricing or improper valuation.Derivatives also may not behave as anticipated by the Portfolio,especially in abnormal market conditions. Changing regulation maymake derivatives more costly, limit their availability, impact thePortfolio’s ability to maintain its investments in derivatives, disruptmarkets, or otherwise adversely affect their value or performance.


• Foreign Securities Risk — Investments in foreign securities, includingdepositary receipts, involve risks not associated with investments inU.S. securities. Foreign markets may be less liquid, more volatile andsubject to less government supervision and regulation than U.S.markets. Security values also may be negatively affected by changesin the exchange rates between the U.S. dollar and foreign currencies.Differences between U.S. and foreign legal, political and economicsystems, regulatory regimes and market practices also may impactsecurity values, and it may take more time to clear and settle tradesinvolving foreign securities. In addition, securities issued by U.S.entities with substantial foreign operations or holdings can involverisks relating to conditions in foreign countries.


• Interest Rate Risk — Changes in interest rates may affect the yield,liquidity and value of investments in income producing or debt securities.Changes in interest rates also may affect the value of other securities.When interest rates rise, the value of the Portfolio’s debt securitiesgenerally declines. Conversely, when interest rates decline, the value ofthe Portfolio’s debt securities generally rises. Typically, the longer thematurity or duration of a debt security, the greater the effect a change ininterest rates could have on the security’s price. Thus, the sensitivity ofthe Portfolio’s debt securities to interest rate risk will increase with anyincrease in the duration of those securities. As of the date of thisProspectus, interest rates are low relative to historic levels and are belowzero in parts of the world. The Portfolio is subject to a greater risk ofrising interest rates due to these market conditions. A significant or rapidrise in interest rates could result in losses to the Portfolio.

• Investment Grade Securities Risk — Debt securities generallyare rated by national bond ratings agencies. The Portfolioconsiders securities to be investment grade if they are rated BBBor higher by Standard & Poor’s Global Ratings (“S&P”) or FitchRatings, Ltd. (“Fitch”) or Baa or higher by Moody’s InvestorsService, Inc. (“Moody’s”), or, if unrated, determined by theinvestment manager to be of comparable quality. Securities ratedin the lower investment grade rating categories (e.g., BBB or Baa)are considered investment grade securities, but are somewhat

2015A 3

riskier than higher rated obligations because they are regarded ashaving only an adequate capacity to pay principal and interest,are considered to lack outstanding investment characteristics, andmay possess certain speculative characteristics.




• Non-Investment Grade Securities Risk — Bonds rated belowinvestment grade (i.e., BB or lower by S&P or Fitch or Ba or lower byMoody’s or, if unrated, determined by the investment manager to beof comparable quality) are speculative in nature and are subject toadditional risk factors such as increased possibility of default,illiquidity of the security, and changes in value based on changes ininterest rates. Non-investment grade bonds, sometimes referred to as“junk bonds,” are usually issued by companies without long trackrecords of sales and earnings, or by those companies withquestionable credit strength. The creditworthiness of issuers of non-investment grade debt securities may be more complex to analyzethan that of issuers of investment grade debt securities, and relianceon credit ratings may present additional risks.


• Risks of Investing in Underlying Portfolios — The Portfolio’sshareholders will indirectly bear fees and expenses paid by the

Underlying Portfolios in which it invests, in addition to the Portfolio’sdirect fees and expenses. The cost of investing in the Portfolio,therefore, may be higher than the cost of investing in a mutual fundthat invests directly in individual stocks and bonds. The Portfolio’sperformance depends upon a favorable allocation by the Adviseramong the Underlying Portfolios, as well as the ability of theUnderlying Portfolios to generate favorable performance. TheUnderlying Portfolios’ investment programs may not becomplementary, which could adversely affect the Portfolio’sperformance. The Portfolio’s net asset value is subject to fluctuationsin the net asset values of the Underlying Portfolios in which it invests.The Portfolio is also subject to the risks associated with the securitiesor other investments in which the Underlying Portfolios invest and theability of the Portfolio to meet its investment objective will directlydepend on the ability of the Underlying Portfolios to meet theirobjectives. The Portfolio and the Underlying Portfolios are subject tocertain general investment risks, including market risk, asset classrisk, issuer-specific risk, investment style risk and portfoliomanagement risk. In addition, to the extent a Portfolio invests inUnderlying Portfolios that invest in equity securities, fixed incomesecurities and/or foreign securities, the Portfolio is subject to the risksassociated with investing in such securities. The extent to which theinvestment performance and risks associated with the Portfoliocorrelate to those of a particular Underlying Portfolio will dependupon the extent to which the Portfolio’s assets are allocated fromtime to time for investment in the Underlying Portfolio, which willvary.

• Target Date Risk — The Portfolio does not provide guaranteedincome or payouts to an investor at or after the target year. Aninvestment in the Portfolio will not ensure that an investor will haveassets sufficient to cover retirement expenses or that an investor willhave enough saved to be able to retire in, or within a few years of,the target year identified in the Portfolio’s name. The adequacy of aninvestor’s account at and after the target year will depend on avariety of factors, including the amount of money invested in thePortfolio, the length of time the investment was held, and thePortfolio’s returns over time.


The bar chart and table below provide some indication of the risks ofinvesting in the Portfolio by showing changes in the Portfolio’sperformance from year to year and by showing how the Portfolio’saverage annual total returns for the past one, five and ten years (or sinceinception) through December 31, 2017 compared to the returns of abroad-based securities market index. The return of the broad-basedsecurities market index (and any additional comparative index) shown inthe right hand column below is the return of the index for the last 10years or, if shorter, since the inception of the share class with the longesthistory. Past performance is not an indication of future performance.

2015A 4

Class A shares are not currently operational.



20172008 2009 2011 20122010 2013 2014 2015 2016

-30.50%

20.40%

10.61%

-2.74%

10.87%

2.91%

14.06%

-1.88%

5.69%11.20%



One Year Five Years

Ten Years/Since

Inception

Target 2015 Allocation Portfolio —Class B (Inception Date:August 31, 2006) 11.20% 6.24% 3.05%

S&P Target Date 2015 Index(reflects no deduction for fees,expenses, or taxes) 11.39% 6.99% 4.97%



Portfolio Managers:

Name Title

Date BeganManaging the

PortfolioKenneth T. Kozlowski,CFP®, CLU, ChFC

ExecutiveVice President andChief InvestmentOfficer of FMG LLC

September 2006


May 2011

Xavier Poutas, CFA® Assistant PortfolioManager ofFMG LLC

May 2011


May 2016




TAX INFORMATION



This Portfolio is not sold directly to the general public but instead isoffered as an underlying investment option for Contracts andretirement plans and to other eligible investors. The Portfolio andthe Adviser and its affiliates may make payments to a sponsoringinsurance company (or its affiliates) or other financial intermediaryfor distribution and/or other services. These payments may create aconflict of interest by influencing the insurance company or otherfinancial intermediary and your financial adviser to recommend thePortfolio over another investment or by influencing an insurancecompany to include the Portfolio as an underlying investment optionin the Contract. The prospectus (or other offering document) for yourContract may contain additional information about these payments.Ask your financial adviser or visit your financial intermediary’swebsite for more information.

2015A 5

AXA PREMIER VIP TRUSTTarget 2025 Allocation Portfolio – Class A and B Shares



Investment Objective: Seeks the highest total return over timeconsistent with its asset mix. Total return includes capital growthand income.




Annual Portfolio Operating Expenses(expenses that you pay each year as a percentage of the value ofyour investment)Target 2025 Allocation Portfolio Class A Class B



Other expenses 0.24%* 0.24%

Acquired fund fees and expenses (underlying portfolios) 0.54%* 0.54%



Total annual portfolio operating expenses after feewaiver/expense reimbursement 1.10% 1.10%

* Based on estimated amounts for the current fiscal year.† Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreed

to make payments or waive its management, administrative and other fees to limitthe expenses of the Portfolio through April 30, 2019 (unless the Board of Trusteesconsents to an earlier revision or termination of this arrangement) (“ExpenseLimitation Arrangement”) so that the annual operating expenses (includingAcquired Fund Fees and Expenses) of the Portfolio (exclusive of taxes, interest,brokerage commissions, dividend and interest expenses on securities sold short,capitalized expenses and extraordinary expenses) do not exceed an annual rate ofaverage daily net assets of 1.10% for Class A shares and Class B shares of thePortfolio. The Expense Limitation Arrangement may be terminated by AXAEquitable Funds Management Group, LLC at any time after April 30, 2019.

Example

This example is intended to help you compare the cost of investingin the Portfolio with the cost of investing in other portfolios. Theexample assumes that you invest $10,000 in the Portfolio for thetime periods indicated, that your investment has a 5% return eachyear, that the Portfolio’s operating expenses (and expenses of otherinvestment companies in which it invests) remain the same, and thatthe Expense Limitation Arrangement is not renewed. This exampledoes not reflect any Contract-related fees and expenses, includingredemption fees (if any) at the Contract level. If such fees andexpenses were reflected, the total expenses would be higher.Although your actual costs may be higher or lower, based on theseassumptions, whether you redeem or hold your shares, your costswould be:


Class A Shares $112 $356 $619 $1,372

Class B Shares $112 $356 $619 $1,372

PORTFOLIO TURNOVER




The Portfolio seeks to achieve its objective by investing in othermutual funds (the “Underlying Portfolios”) managed by AXAEquitable Funds Management Group, LLC (“FMG LLC” or “Adviser”) and sub-advised by one or more investment sub-advisers(“Sub-Adviser”), which represent a variety of asset classes andinvestment styles. The Portfolio is managed to target 2025 as thespecific year of planned retirement (the “retirement year” or “target

2025A 1

year”). The retirement year also assumes that an investor retires atage 65; however, the Portfolio should not be selected solely on thebasis of an investor’s age or the target year. The Portfolio’s assetmix will become more conservative each year until reaching the yearapproximately 10 years after the retirement year at which time it isintended that the asset mix will become relatively stable. ThePortfolio balances the need for appreciation with the need forincome as retirement approaches, and focuses on supporting anincome stream over a long-term retirement withdrawal horizon. ThePortfolio is not designed for a lump sum redemption at the targetyear and does not guarantee a particular level of income. ThePortfolio maintains significant allocations to equities both prior toand after the target year and is generally expected to reach its mostconservative allocation 10 years after the target year. The assetclasses in which the Portfolio may invest generally are divided intodomestic equity securities (such as the common stock of U.S.companies of any size), international equity securities (such as thecommon stock of foreign companies of any size, including thoselocated in developed and emerging markets) and fixed income

investments (such as debt securities issued by the U.S. Governmentand its agencies and instrumentalities, mortgage- and asset-backedsecurities, domestic and foreign investment grade and high yield or“junk” bonds, and short-term investments such as money marketinstruments). The Portfolio is not limited with respect to thematurity, duration or credit quality of the fixed income securities inwhich it invests. The Underlying Portfolios in which the Portfolio mayinvest may also invest in fixed income securities of any maturity,duration or credit quality. The Portfolio may hold cash or invest inshort-term paper and other short-term investments (instead ofallocating investments to an Underlying Portfolio) as deemedappropriate by the Adviser. The following chart shows the Portfolio’starget allocation for the various asset classes (as represented by theholdings of the Underlying Portfolios in which the Portfolio invests)as of the date of this Prospectus. The Portfolio may invest inUnderlying Portfolios that employ derivatives for a variety ofpurposes, including to reduce risk, to seek enhanced returns fromcertain asset classes, and to leverage exposure to certain assetclasses.


Approximate Number of Years Before/AfterRetirement Year

7 YearsBefore

5 YearsBefore Retirement

5 YearsAfter

10 YearsAfter

Asset Class

Domestic Equity 45% 42% 35% 30% 15%

International Equity 21% 18% 15% 10% 5%

Fixed Income 34% 40% 50% 60% 80%


0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

100.00%


DomesticEquity

ShortTerm

HighYieldInvestment

Grade


20

DomesticEquity

InternationalEquity

Investment Grade

High Yield

Short Term

InternationalEquity

Target2025


The Adviser establishes the asset mix of the Portfolio and selects thespecific Underlying Portfolios in which to invest using its proprietaryinvestment process, which is based on fundamental researchregarding the investment characteristics of each asset class and theUnderlying Portfolios (such as risk, volatility, and the potential forgrowth and income), as well as its outlook for the economy andfinancial markets.




An investment in the Portfolio is not a deposit of a bank and is notinsured or guaranteed by the Federal Deposit Insurance Corporationor any other government agency. You may lose money by investing

2025A 2

in the Portfolio. Performance may be affected by one or more of thefollowing risks. The Portfolio is also subject to the risks associatedwith the Underlying Portfolios’ investments; please see theProspectuses and Statements of Additional Information for theUnderlying Portfolios for additional information about these risks. Inthis section, the term “Portfolio” may include the Target AllocationPortfolio, an Underlying Portfolio, or both.





• Derivatives Risk — The Portfolio’s investments in derivatives may riseor fall in value more rapidly than other investments. Changes in thevalue of a derivative may not correlate perfectly, or at all, with theunderlying asset, reference rate or index, and the Portfolio could losemore than the principal amount invested. Some derivatives can havethe potential for unlimited losses. In addition, it may be difficult orimpossible for the Portfolio to purchase or sell certain derivatives insufficient amounts to achieve the desired level of exposure, which mayresult in a loss or may be costly to the Portfolio. Derivatives also may besubject to certain other risks such as leveraging risk, liquidity risk,interest rate risk, market risk, credit risk, the risk that a counterpartymay be unable or unwilling to honor its obligations, management riskand the risk of mispricing or improper valuation. Derivatives also maynot behave as anticipated by the Portfolio, especially in abnormalmarket conditions. Changing regulation may make derivatives more

costly, limit their availability, impact the Portfolio’s ability to maintain itsinvestments in derivatives, disrupt markets, or otherwise adverselyaffect their value or performance.



• Futures Contract Risk — The primary risks associated with the useof futures contracts are (a) the imperfect correlation between thechange in market value of the instruments held by the Portfolio andthe price of the futures contract; (b) liquidity risks, including thepossible absence of a liquid secondary market for a futures contractand the resulting inability to close a futures contract when desired;(c) losses (potentially unlimited) caused by unanticipated marketmovements; (d) an investment manager’s inability to predictcorrectly the direction of securities prices, interest rates, currencyexchange rates and other economic factors; (e) the possibility that acounterparty, clearing member or clearinghouse will default in theperformance of its obligations; (f) if the Portfolio has insufficientcash, it may have to sell securities from its portfolio to meet dailyvariation margin requirements, and the Portfolio may have to sellsecurities at a time when it may be disadvantageous to do so; and(g) transaction costs associated with investments in futures contractsmay be significant, which could cause or increase losses or reducegains. Futures contracts are also subject to the same risks as theunderlying investments to which they provide exposure. In addition,futures contracts may subject the Portfolio to leveraging risk.

• Interest Rate Risk — Changes in interest rates may affect the yield,liquidity and value of investments in income producing or debt securities.Changes in interest rates also may affect the value of other securities.When interest rates rise, the value of the Portfolio’s debt securitiesgenerally declines. Conversely, when interest rates decline, the value ofthe Portfolio’s debt securities generally rises. Typically, the longer thematurity or duration of a debt security, the greater the effect a change ininterest rates could have on the security’s price. Thus, the sensitivity ofthe Portfolio’s debt securities to interest rate risk will increase with anyincrease in the duration of those securities. As of the date of thisProspectus, interest rates are low relative to historic levels and are belowzero in parts of the world. The Portfolio is subject to a greater risk ofrising interest rates due to these market conditions. A significant or rapidrise in interest rates could result in losses to the Portfolio.

• Investment Grade Securities Risk — Debt securities generallyare rated by national bond ratings agencies. The Portfolioconsiders securities to be investment grade if they are rated BBBor higher by Standard & Poor’s Global Ratings (“S&P”) or Fitch

2025A 3

Ratings, Ltd. (“Fitch”) or Baa or higher by Moody’s InvestorsService, Inc. (“Moody’s”), or, if unrated, determined by theinvestment manager to be of comparable quality. Securities ratedin the lower investment grade rating categories (e.g., BBB or Baa)are considered investment grade securities, but are somewhatriskier than higher rated obligations because they are regarded ashaving only an adequate capacity to pay principal and interest,are considered to lack outstanding investment characteristics, andmay possess certain speculative characteristics.






• Risks of Investing in Underlying Portfolios — The Portfolio’sshareholders will indirectly bear fees and expenses paid by theUnderlying Portfolios in which it invests, in addition to the Portfolio’sdirect fees and expenses. The cost of investing in the Portfolio,therefore, may be higher than the cost of investing in a mutual fundthat invests directly in individual stocks and bonds. The Portfolio’sperformance depends upon a favorable allocation by the Adviseramong the Underlying Portfolios, as well as the ability of theUnderlying Portfolios to generate favorable performance. TheUnderlying Portfolios’ investment programs may not becomplementary, which could adversely affect the Portfolio’sperformance. The Portfolio’s net asset value is subject to fluctuationsin the net asset values of the Underlying Portfolios in which it invests.The Portfolio is also subject to the risks associated with the securitiesor other investments in which the Underlying Portfolios invest, andthe ability of the Portfolio to meet its investment objective will directlydepend on the ability of the Underlying Portfolios to meet theirobjectives. The Portfolio and the Underlying Portfolios are subject tocertain general investment risks, including market risk, asset classrisk, issuer-specific risk, investment style risk and portfoliomanagement risk. In addition, to the extent a Portfolio invests inUnderlying Portfolios that invest in equity securities, fixed incomesecurities and/or foreign securities, the Portfolio is subject to the risksassociated with investing in such securities. The extent to which theinvestment performance and risks associated with the Portfoliocorrelate to those of a particular Underlying Portfolio will dependupon the extent to which the Portfolio’s assets are allocated fromtime to time for investment in the Underlying Portfolio, which willvary.

• Target Date Risk — The Portfolio does not provide guaranteedincome or payouts to an investor at or after the target year. Aninvestment in the Portfolio will not ensure that an investor willhave assets sufficient to cover retirement expenses or that aninvestor will have enough saved to be able to retire in, or within afew years of, the target year identified in the Portfolio’s name.The adequacy of an investor’s account at and after the target yearwill depend on a variety of factors, including the amount ofmoney invested in the Portfolio, the length of time the investmentwas held, and the Portfolio’s returns over time.


The bar chart and table below provide some indication of the risks ofinvesting in the Portfolio by showing changes in the Portfolio’sperformance from year to year and by showing how the Portfolio’saverage annual total returns for the past one, five and ten years and(or since inception) through December 31, 2017 compared to thereturns of a broad-based securities market index. The return of thebroad-based securities market index (and any additional comparativeindex) shown in the right hand column below is the return of theindex for the last 10 years or, if shorter, since the inception of theshare class with the longest history. Past performance is not anindication of future performance.

2025A 4

Class A shares are not currently operational.



-35.00%

20172013 2015 201620142009 2010 2011 20122008

23.25%

11.95%

-3.88%

12.79%

-1.98%

19.06%

4.04%7.34%

15.41%



One Year Five Years

Ten Years/Since

Inception


S&P Target Date 2025 Index (reflectsno deduction for fees, expenses, ortaxes) 14.55% 8.76% 5.53%



Portfolio Managers:

Name Title

Date BeganManaging

the Portfolio


ExecutiveVice President andChief InvestmentOfficer of FMG LLC

September 2006


May 2011


May 2011


May 2016


The Portfolio’s shares are currently sold only to insurance companyseparate accounts in connection with Contracts issued or to beissued 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 othertax-qualified retirement plans and to other investors eligible underapplicable federal income tax regulations.


TAX INFORMATION




2025A 5

AXA PREMIER VIP TRUSTTarget 2035 Allocation Portfolio – Class B Shares





The following table describes the fees and expenses that you maypay if you buy and hold shares of the portfolio. The table below doesnot reflect any fees and expenses associated with variable lifeinsurance contracts and variable annuity certificates and contracts(“Contracts”), which would increase overall fees and expenses. Seethe Contract prospectus for a description of those fees andexpenses.


Annual Portfolio Operating Expenses(expenses that you pay each year as a percentage of the value ofyour investment)Target 2035 Allocation Portfolio Class B

Management fee 0.10%

Distribution and/or service (12b-1) fees 0.25%

Other expenses 0.27%

Acquired fund fees and expenses (underlying portfolios) 0.52%

Total annual portfolio operating expenses 1.14%

Fee waiver/expense reimbursement† –0.04%

Total annual portfolio operating expenses after fee waiver/expensereimbursement 1.10%

† Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreedto make payments or waive its management, administrative and other fees to limitthe expenses of the Portfolio through April 30, 2019 (unless the Board of Trusteesconsents to an earlier revision or termination of this arrangement) (“ExpenseLimitation Arrangement”) so that the annual operating expenses (includingAcquired Fund Fees and Expenses) of the Portfolio (exclusive of taxes, interest,brokerage commissions, dividend and interest expenses on securities sold short,capitalized expenses and extraordinary expenses) do not exceed an annual rate ofaverage daily net assets of 1.10% for Class B shares of the Portfolio. The ExpenseLimitation Arrangement may be terminated by AXA Equitable Funds ManagementGroup, LLC at any time after April 30, 2019.

Example

This example is intended to help you compare the cost of investing inthe Portfolio with the cost of investing in other portfolios. The exampleassumes that you invest $10,000 in the Portfolio for the time periodsindicated, that your investment has a 5% return each year, that thePortfolio’s operating expenses (and expenses of other investmentcompanies in which it invests) remain the same, and that the ExpenseLimitation Arrangement is not renewed. This example does not reflectany Contract-related fees and expenses, including redemption fees (ifany) at the Contract level. If such fees and expenses were reflected,the total expenses would be higher. Although your actual costs maybe higher or lower, based on these assumptions, whether you redeemor hold your shares, your costs would be:


Class B Shares $112 $358 $624 $1,383

PORTFOLIO TURNOVER

The Portfolio will not incur transaction costs, such ascommissions, when it buys and sells shares of the UnderlyingPortfolios (or “turns over” its portfolio), but it could incur transactioncosts if it were to buy and sell other types of securities directly. If thePortfolio were to buy and sell other types of securities directly, ahigher portfolio turnover rate could indicate higher transaction costs.Such costs, if incurred, would not be reflected in annual fundoperating expenses or in the example, and would affect the Portfolio’sperformance. During the most recent fiscal year, the Portfolio’sportfolio turnover rate was 9% of the average value of the Portfolio.



The Portfolio seeks to achieve its objective by investing in othermutual funds (the “Underlying Portfolios”) managed by AXAEquitable Funds Management Group, LLC (“FMG LLC” or “Adviser”)and sub-advised by one or more sub-advisers (“Sub-Adviser”), whichrepresent a variety of asset classes and investment styles. ThePortfolio is managed to target 2035 as the specific year of plannedretirement (the “retirement year” or “target year”). The retirementyear also assumes that an investor retires at age 65; however, thePortfolio should not be selected solely on the basis of an investor’s

2035A 1

age or the target year. The Portfolio’s asset mix will become moreconservative each year until reaching the year approximately 10years after the retirement year at which time it is intended that theasset mix will become relatively stable. The Portfolio balances theneed for appreciation with the need for income as retirementapproaches, and focuses on supporting an income stream over along-term retirement withdrawal horizon. The Portfolio is notdesigned for a lump sum redemption at the target year and does notguarantee a particular level of income. The Portfolio maintainssignificant allocations to equities both prior to and after the targetyear and is generally expected to reach its most conservativeallocation 10 years after the target year. The asset classes in whichthe Portfolio may invest generally are divided into domestic equitysecurities (such as the common stock of U.S. companies of any size),international equity securities (such as the common stock of foreigncompanies of any size, including those located in developed andemerging markets) and fixed income investments (such as debtsecurities issued by the U.S. Government and its agencies and

instrumentalities, mortgage- and asset-backed securities, domesticand foreign investment grade and high yield or “junk” bonds, andshort-term investments such as money market instruments). ThePortfolio is not limited with respect to the maturity, duration orcredit quality of the fixed income securities in which it invests. TheUnderlying Portfolios in which the Portfolio may invest may alsoinvest in fixed income securities of any maturity, duration or creditquality. The Portfolio may hold cash or invest in short-term paperand other short-term investments (instead of allocating investmentsto an Underlying Portfolio) as deemed appropriate by the Adviser.The following chart shows the Portfolio’s target allocation for thevarious asset classes (as represented by the holdings of theUnderlying Portfolios in which the Portfolio invests) as of the date ofthis Prospectus. The Portfolio may invest in Underlying Portfoliosthat employ derivatives for a variety of purposes, including to reducerisk, to seek enhanced returns from certain asset classes, and toleverage exposure to certain asset classes.



17 YearsBefore

15 YearsBefore

10 YearsBefore


5 YearsAfter

10 YearsAfter

Asset Class

Domestic Equity 54% 52% 50% 42% 35% 30% 15%

International Equity 24% 23% 20% 18% 15% 10% 5%

Fixed Income 22% 25% 30% 40% 50% 60% 80%


0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

100.00%


ShortTerm

HighYieldInvestment

Grade


20

DomesticEquity

InternationalEquity

Investment Grade

High Yield

Short Term

InternationalEquity

Target2035

DomesticEquity


The Adviser establishes the asset mix of the Portfolio and selects thespecific Underlying Portfolios in which to invest using its proprietaryinvestment process, which is based on fundamental research regardingthe investment characteristics of each asset class and the UnderlyingPortfolios (such as risk, volatility, and the potential for growth andincome), as well as its outlook for the economy and financial markets.




An investment in the Portfolio is not a deposit of a bank and is notinsured or guaranteed by the Federal Deposit Insurance Corporationor any other government agency. You may lose money by investingin the Portfolio. Performance may be affected by one or more of thefollowing risks. The Portfolio is also subject to the risks associated

2035A 2

with the Underlying Portfolios’ investments; please see theProspectuses and Statements of Additional Information for theUnderlying Portfolios for additional information about these risks. Inthis section, the term “Portfolio” may include the Target AllocationPortfolio, an Underlying Portfolio, or both.





• Derivatives Risk — The Portfolio’s investments in derivatives mayrise or fall in value more rapidly than other investments. Changesin the value of a derivative may not correlate perfectly, or at all,with the underlying asset, reference rate or index, and thePortfolio could lose more than the principal amount invested.Some derivatives can have the potential for unlimited losses. Inaddition, it may be difficult or impossible for the Portfolio topurchase or sell certain derivatives in sufficient amounts toachieve the desired level of exposure, which may result in a lossor may be costly to the Portfolio. Derivatives also may be subjectto certain other risks such as leveraging risk, liquidity risk, interestrate risk, market risk, credit risk, the risk that a counterparty maybe unable or unwilling to honor its obligations, management riskand the risk of mispricing or improper valuation. Derivatives alsomay not behave as anticipated by the Portfolio, especially in

abnormal market conditions. Changing regulation may makederivatives more costly, limit their availability, impact thePortfolio’s ability to maintain its investments in derivatives,disrupt markets, or otherwise adversely affect their value orperformance.




• Interest Rate Risk — Changes in interest rates may affect theyield, liquidity and value of investments in income producing ordebt securities. Changes in interest rates also may affect the valueof other securities. When interest rates rise, the value of thePortfolio’s debt securities generally declines. Conversely, wheninterest rates decline, the value of the Portfolio’s debt securitiesgenerally rises. Typically, the longer the maturity or duration of adebt security, the greater the effect a change in interest ratescould have on the security’s price. Thus, the sensitivity of thePortfolio’s debt securities to interest rate risk will increase withany increase in the duration of those securities. As of the date ofthis Prospectus, interest rates are low relative to historic levelsand are below zero in parts of the world. The Portfolio is subject

2035A 3

to a greater risk of rising interest rates due to these marketconditions. A significant or rapid rise in interest rates could resultin losses to the Portfolio.




• Mid-Cap and Small-Cap Company Risk — The Portfolio’sinvestments in mid- and small-cap companies may involve greaterrisks than investments in larger, more established issuers because theygenerally are more vulnerable than larger companies to adversebusiness or economic developments. Such companies generally havenarrower product lines, more limited financial and managementresources and more limited markets for their securities as comparedwith larger companies. As a result, the value of such securities may bemore volatile than the value of securities of larger companies, and thePortfolio may experience difficulty in purchasing or selling suchsecurities at the desired time and price or in the desired amount. Ingeneral, these risks are greater for small-cap companies than for mid-cap companies.

• Non-Investment Grade Securities Risk — Bonds rated belowinvestment grade (i.e., BB or lower by S&P or Fitch or Ba or lowerby Moody’s or, if unrated, determined by the investment managerto be of comparable quality) are speculative in nature and aresubject to additional risk factors such as increased possibility ofdefault, illiquidity of the security, and changes in value based on

changes in interest rates. Non-investment grade bonds,sometimes referred to as “junk bonds,” are usually issued bycompanies without long track records of sales and earnings, or bythose companies with questionable credit strength. Thecreditworthiness of issuers of non-investment grade debtsecurities may be more complex to analyze than that of issuers ofinvestment grade debt securities, and reliance on credit ratingsmay present additional risks.


• Risks of Investing in Underlying Portfolios — The Portfolio’sshareholders will indirectly bear fees and expenses paid by theUnderlying Portfolios in which it invests, in addition to thePortfolio’s direct fees and expenses. The cost of investing in thePortfolio, therefore, may be higher than the cost of investing in amutual fund that invests directly in individual stocks and bonds.The Portfolio’s performance depends upon a favorable allocationby the Adviser among the Underlying Portfolios, as well as theability of the Underlying Portfolios to generate favorableperformance. The Underlying Portfolios’ investment programs maynot be complementary, which could adversely affect thePortfolio’s performance. The Portfolio’s net asset value is subjectto fluctuations in the net asset values of the Underlying Portfoliosin which it invests. The Portfolio is also subject to the risksassociated with the securities or other investments in which theUnderlying Portfolios invest, and the ability of the Portfolio tomeet its investment objective will directly depend on the ability ofthe Underlying Portfolios to meet their objectives. The Portfolioand the Underlying Portfolios are subject to certain generalinvestment risks, including market risk, asset class risk, issuer-specific risk, investment style risk and portfolio management risk.In addition, to the extent a Portfolio invests in UnderlyingPortfolios that invest in equity securities, fixed income securitiesand/or foreign securities, the Portfolio is subject to the risksassociated with investing in such securities. The extent to whichthe investment performance and risks associated with thePortfolio correlate to those of a particular Underlying Portfolio willdepend upon the extent to which the Portfolio’s assets areallocated from time to time for investment in the UnderlyingPortfolio, which will vary.

• Target Date Risk — The Portfolio does not provide guaranteedincome or payouts to an investor at or after the target year. Aninvestment in the Portfolio will not ensure that an investor will haveassets sufficient to cover retirement expenses or that an investor willhave enough saved to be able to retire in, or within a few years of,the target year identified in the Portfolio’s name. The adequacy of aninvestor’s account at and after the target year will depend on avariety of factors, including the amount of money invested in thePortfolio, the length of time the investment was held, and thePortfolio’s returns over time.


The bar chart and table below provide some indication of the risks ofinvesting in the Portfolio by showing changes in the Portfolio’sperformance from year to year and by showing how the Portfolio’s

2035A 4

average annual total returns for the past one, five and ten years (orsince inception) through December 31, 2017 compared to thereturns of a broad-based securities market index. The return of thebroad-based securities market index (and any additional comparativeindex) shown in the right hand column below is the return of theindex for the last 10 years or, if shorter, since the inception of theshare class with the longest history. Past performance is not anindication of future performance.



20172008 2012 2013 201620152014201120102009

-38.01%

12.78% 14.20%

25.41%

-4.67%-1.98%

22.16%

4.50%7.94%

17.78%



One Year Five Years

10 Years/Since

Inception





Portfolio Managers:

Name Title


Portfolio


ExecutiveVice President andChief InvestmentOfficer ofFMG LLC

September 2006


May 2011

Name Title


Portfolio


May 2011


May 2016


The Portfolio’s shares are currently sold only to insurance companyseparate accounts in connection with Contracts issued or to be issuedby AXA Equitable Life Insurance Company (“AXA Equitable”),or otheraffiliated or unaffiliated insurance companies and to The AXAEquitable 401(k) Plan. Shares also may be sold to other tax-qualifiedretirement plans and to other investors eligible under applicablefederal income tax regulations.


TAX INFORMATION




2035A 5













Total annual portfolio operating expenses* 1.18%





Example



Class B Shares $112 $367 $641 $1,425

PORTFOLIO TURNOVER




The Portfolio seeks to achieve its objective by investing in other mutualfunds (the “Underlying Portfolios”) managed by AXA Equitable FundsManagement Group, LLC (“FMG LLC” or “Adviser”) and sub-advised byone or more sub-advisers (“Sub-Adviser”), which represent a variety ofasset classes and investment styles. The Portfolio is managed to target2045 as the specific year of planned retirement (the “retirement year” or“target year”). The retirement year also assumes that an investor retiresat age 65; however, the Portfolio should not be selected solely on thebasis of an investor’s age or the target year. The Portfolio’s asset mix will

2045A 1

become more conservative each year until reaching the yearapproximately 10 years after the retirement year at which time it isintended that the asset mix will become relatively stable. The Portfoliobalances the need for appreciation with the need for income asretirement approaches, and focuses on supporting an income stream overa long-term retirement withdrawal horizon. The Portfolio is not designedfor a lump sum redemption at the target year and does not guarantee aparticular level of income. The Portfolio maintains significant allocationsto equities both prior to and after the target year and is generallyexpected to reach its most conservative allocation 10 years after thetarget year. The asset classes in which the Portfolio may invest generallyare divided into domestic equity securities (such as the common stock ofU.S. companies of any size), international equity securities (such as thecommon stock of foreign companies of any size, including those locatedin developed and emerging markets) and fixed income investments (suchas debt securities issued by the U.S. Government and its agencies and

instrumentalities, mortgage- and asset-backed securities, domestic andforeign investment grade and high yield or “junk” bonds, and short-terminvestments such as money market instruments). The Portfolio is notlimited with respect to the maturity, duration or credit quality of the fixedincome securities in which it invests. The Underlying Portfolios in whichthe Portfolio may invest may also invest in fixed income securities of anymaturity, duration or credit quality. The Portfolio may hold cash or investin short-term paper and other short-term investments (instead ofallocating investments to an Underlying Portfolio) as deemed appropriateby the Adviser. The following chart shows the Portfolio’s target allocationfor the various asset classes (as represented by the holdings of theUnderlying Portfolios in which the Portfolio invests) as of the date of thisProspectus. The Portfolio may invest in Underlying Portfolios that employderivatives for a variety of purposes, including to reduce risk, to seekenhanced returns from certain asset classes, and to leverage exposure tocertain asset classes.



27 YearsBefore

25 YearsBefore

15 YearsBefore

10 YearsBefore


5 YearsAfter

10 YearsAfter

Asset Class

Domestic Equity 62% 60% 52% 50% 42% 35% 30% 15%

International Equity 26% 25% 23% 20% 18% 15% 10% 5%

Fixed Income 12% 15% 25% 30% 40% 50% 60% 80%

The following chart illustrates how the asset mix of the Portfolio will varyover time. In general, the asset mix of the Portfolio will gradually shiftfrom one comprised largely of Underlying Portfolios that emphasizeinvestments in stocks to one that increasingly favors UnderlyingPortfolios that emphasize investments in bonds and money marketinstruments. The Underlying Portfolios can invest in companies of anysize, and can use derivatives, including futures contracts, to achieve theirrespective investment objectives.

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

100.00%


DomesticEquity

ShortTerm

HighYieldInvestment

Grade


20

DomesticEquity

InternationalEquity

Investment Grade

High Yield

Short Term

InternationalEquity

Target2045


The Adviser establishes the asset mix of the Portfolio and selects thespecific Underlying Portfolios in which to invest using its proprietary

investment process, which is based on fundamental researchregarding the investment characteristics of each asset class and theUnderlying Portfolios (such as risk, volatility, and the potential forgrowth and income), as well as its outlook for the economy andfinancial markets.

The Adviser may change the asset allocation targets and may add newUnderlying Portfolios or replace or eliminate existing UnderlyingPortfolios without notice or shareholder approval. The Adviser may sellthe Portfolio’s holdings for a variety of reasons, including to invest in anUnderlying Portfolio believed to offer superior investment opportunities.



An investment in the Portfolio is not a deposit of a bank and is notinsured or guaranteed by the Federal Deposit Insurance Corporationor any other government agency. You may lose money by investingin the Portfolio. Performance may be affected by one or more of thefollowing risks. The Portfolio is also subject to the risks associatedwith the Underlying Portfolios’ investments; please see theProspectuses and Statements of Additional Information for theUnderlying Portfolios for additional information about these risks. Inthis section, the term “Portfolio” may include the Target AllocationPortfolio, an Underlying Portfolio, or both.

2045A 2










• Investment Grade Securities Risk — Debt securities generallyare rated by national bond ratings agencies. The Portfolio

2045A 3

considers securities to be investment grade if they are rated BBBor higher by Standard & Poor’s Global Ratings (“S&P”) or FitchRatings, Ltd. (“Fitch”) or Baa or higher by Moody’s InvestorsService, Inc. (“Moody’s”), or, if unrated, determined by theinvestment manager to be of comparable quality. Securities ratedin the lower investment grade rating categories (e.g., BBB or Baa)are considered investment grade securities, but are somewhatriskier than higher rated obligations because they are regarded ashaving only an adequate capacity to pay principal and interest,are considered to lack outstanding investment characteristics, andmay possess certain speculative characteristics.




• Non-Investment Grade Securities Risk — Bonds rated belowinvestment grade (i.e., BB or lower by S&P or Fitch or Ba or lower byMoody’s or, if unrated, determined by the investment manager to beof comparable quality) are speculative in nature and are subject toadditional risk factors such as increased possibility of default,illiquidity of the security, and changes in value based on changes ininterest rates. Non-investment grade bonds, sometimes referred to as“junk bonds,” are usually issued by companies without long trackrecords of sales and earnings, or by those companies withquestionable credit strength. The creditworthiness of issuers of non-investment grade debt securities may be more complex to analyze

than that of issuers of investment grade debt securities, and relianceon credit ratings may present additional risks.





The bar chart and table below provide some indication of the risks ofinvesting in the Portfolio by showing changes in the Portfolio’sperformance from year to year and by showing how the Portfolio’saverage annual total returns for the past one, five and ten years (orsince inception) through December 31, 2017 compared to thereturns of a broad-based securities market index. The return of thebroad-based securities market index (and any additional comparativeindex) shown in the right hand column below is the return of theindex for the last 10 years or, if shorter, since the inception of theshare class with the longest history. Past performance is not anindication of future performance.

2045A 4



20172008 2012 2016201520142013201120102009

-41.33%

13.31% 15.34%

25.31%

8.65%4.73%

27.80%

-5.53%-2.18%

19.71%



One Year Five Years

Ten Years/Since

Inception




Investment Manager: FMG LLC

Portfolio Managers:

Name Title

Date BeganManaging

the Portfolio



September 2006


May 2011


May 2011


May 2016




TAX INFORMATION




2045A 5













Total annual portfolio operating expenses* 1.94%





Example



Class B Shares $112 $528 $969 $2,196

PORTFOLIO TURNOVER




The Portfolio seeks to achieve its objective by investing in othermutual funds (the “Underlying Portfolios”) managed by AXAEquitable Funds Management Group, LLC (“FMG LLC” or “Adviser”)and sub-advised by one or more sub-advisers (”Sub-Adviser”), whichrepresent a variety of asset classes and investment styles. ThePortfolio is managed to target 2055 as the specific year of plannedretirement (the “retirement year” or “target year”). The retirementyear also assumes that an investor retires at age 65; however, thePortfolio should not be selected solely on the basis of an investor’s

2055A 1

age or the target year. The Portfolio’s asset mix will become moreconservative each year until reaching the year approximately 10years after the retirement year at which time it is intended that theasset mix will become relatively stable. The Portfolio balances theneed for appreciation with the need for income as retirementapproaches, and focuses on supporting an income stream over along-term retirement withdrawal horizon. The Portfolio is notdesigned for a lump sum redemption at the target year and does notguarantee a particular level of income. The Portfolio maintainssignificant allocations to equities both prior to and after the targetyear and is generally expected to reach its most conservativeallocation 10 years after the target year. The asset classes in whichthe Portfolio may invest generally are divided into domestic equitysecurities (such as the common stock of U.S. companies of any size),international equity securities (such as the common stock of foreigncompanies of any size, including those located in developed andemerging markets) and fixed income investments (such as debtsecurities issued by the U.S. Government and its agencies and

instrumentalities, mortgage-and asset-backed securities, domesticand foreign investment grade and high yield or “junk” bonds, andshort-term investments such as money market instruments). ThePortfolio is not limited with respect to the maturity, duration orcredit quality of the fixed income securities in which it invests. TheUnderlying Portfolios in which the Portfolio may invest may alsoinvest in fixed income securities of any maturity, duration or creditquality. The Portfolio may hold cash or invest in short-term paperand other short-term investments (instead of allocating investmentsto an Underlying Portfolio) as deemed appropriate by the Adviser.The following chart shows the Portfolio’s target allocation for thevarious asset classes (as represented by the holdings of theUnderlying Portfolios in which the Portfolio invests) as of the date ofthis Prospectus. The Portfolio may invest in Underlying Portfoliosthat employ derivatives for a variety of purposes, including to reducerisk, to seek enhanced returns from certain asset classes, and toleverage exposure to certain asset classes.


Approximate Number of YearsBefore/After RetirementYear

37 YearsBefore

35 YearsBefore

25 YearsBefore

15 YearsBefore

10 YearsBefore


5 YearsAfter

10 YearsAfter

Asset ClassDomestic Equity 69% 67% 60% 52% 50% 42% 35% 30% 15%International Equity 29% 28% 25% 23% 20% 18% 15% 10% 5%Fixed Income 2% 5% 15% 25% 30% 40% 50% 60% 80%


0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

100.00%

4045 3035 2025 1015 1555 10Retirement

ShortTerm

HighYieldInvestment

Grade


20

DomesticEquity

InternationalEquity

Investment Grade

High Yield

Short Term

InternationalEquity

Target2055

DomesticEquity


The Adviser establishes the asset mix of the Portfolio and selects thespecific Underlying Portfolios in which to invest using its proprietaryinvestment process, which is based on fundamental researchregarding the investment characteristics of each asset class and theUnderlying Portfolios (such as risk, volatility, and the potential forgrowth and income), as well as its outlook for the economy andfinancial markets.




An investment in the Portfolio is not a deposit of a bank and is notinsured or guaranteed by the Federal Deposit Insurance Corporationor any other government agency. You may lose money by investingin the Portfolio. Performance may be affected by one or more of the

2055A 2

following risks. The Portfolio is also subject to the risks associatedwith the Underlying Portfolios’ investments; please see theProspectuses and Statements of Additional Information for theUnderlying Portfolios for additional information about these risks. Inthis section, the term “Portfolio” may include the Target AllocationPortfolio, an Underlying Portfolio, or both.





• Derivatives Risk — The Portfolio’s investments in derivatives mayrise or fall in value more rapidly than other investments. Changes inthe value of a derivative may not correlate perfectly, or at all, withthe underlying asset, reference rate or index, and the Portfoliocould lose more than the principal amount invested. Somederivatives can have the potential for unlimited losses. In addition,it may be difficult or impossible for the Portfolio to purchase or sellcertain derivatives in sufficient amounts to achieve the desired levelof exposure, which may result in a loss or may be costly to thePortfolio. Derivatives also may be subject to certain other risks suchas leveraging risk, liquidity risk, interest rate risk, market risk, creditrisk, the risk that a counterparty may be unable or unwilling tohonor its obligations, management risk and the risk of mispricing orimproper valuation. Derivatives also may not behave as anticipated

by the Portfolio, especially in abnormal market conditions.Changing regulation may make derivatives more costly, limit theiravailability, impact the Portfolio’s ability to maintain its investmentsin derivatives, disrupt markets, or otherwise adversely affect theirvalue or performance.




• Interest Rate Risk — Changes in interest rates may affect theyield, liquidity and value of investments in income producing ordebt securities. Changes in interest rates also may affect the valueof other securities. When interest rates rise, the value of thePortfolio’s debt securities generally declines. Conversely, wheninterest rates decline, the value of the Portfolio’s debt securitiesgenerally rises. Typically, the longer the maturity or duration of adebt security, the greater the effect a change in interest ratescould have on the security’s price. Thus, the sensitivity of thePortfolio’s debt securities to interest rate risk will increase withany increase in the duration of those securities. As of the date ofthis Prospectus, interest rates are low relative to historic levelsand are below zero in parts of the world. The Portfolio is subjectto a greater risk of rising interest rates due to these market

2055A 3

conditions. A significant or rapid rise in interest rates could resultin losses to the Portfolio.





• Non-Investment Grade Securities Risk — Bonds rated belowinvestment grade (i.e., BB or lower by S&P or Fitch or Ba or lower byMoody’s or, if unrated, determined by the investment manager to beof comparable quality) are speculative in nature and are subject toadditional risk factors such as increased possibility of default,illiquidity of the security, and changes in value based on changes ininterest rates. Non-investment grade bonds, sometimes referred to

as “junk bonds,” are usually issued by companies without long trackrecords of sales and earnings, or by those companies withquestionable credit strength. The creditworthiness of issuers of non-investment grade debt securities may be more complex to analyzethan that of issuers of investment grade debt securities, and relianceon credit ratings may present additional risks.





The bar chart and table below provide some indication of the risks ofinvesting in the Portfolio by showing changes in the Portfolio’sperformance from year to year and by showing how the Portfolio’saverage annual total returns for the past one-year and sinceinception periods through December 31, 2017 compared to the

2055A 4

returns of a broad-based market index. The return of the broad-based market index (and any additional comparative index) shown inthe right hand column below is the return of the index for the last10 years or, if shorter, since the inception of the share class with thelongest history. Past performance is not an indication of futureperformance.


Calendar Year Annual Total Returns – Class B

2016 2017

9.46%

21.78%

Best quarter (% and time period) Worst quarter (% and time period)5.98% (2017 1st Quarter) 0.32% (2016 1st Quarter)


One YearSince

Inception

Target 2055 Allocation Portfolio — Class B(Inception Date: May 1, 2015) 21.78% 8.73%

S&P Target Date 2055 Index (reflects nodeduction for fees, expenses, or taxes) 20.48% 9.14%



Portfolio Managers:

Name Title


Portfolio



May 2015


May 2015


May 2015


May 2016




TAX INFORMATION




2055A 5

EQ Advisors TrustSM

1290 VT DoubleLine Dynamic Allocation Portfolio – Class IB Shares


Before you invest, you may want to review the Portfolio’s Prospectus, which contains more information about the Portfolio and its risks. ThePortfolio’s current Prospectus and Statement of Additional Information (“SAI”), dated May 1, 2018, as may be amended or supplemented fromtime to time, and the Portfolio’s audited financial statements included in its annual report to shareholders dated December 31, 2017, areincorporated by reference into this Summary Prospectus. You canfind the Portfolio’s Prospectus, SAI and other information about the Portfolioonline at www.axa-equitablefunds.com/allportfolios.aspx. You can also get this information at no cost by calling 1-877-222-2144 or by sendingan e-mail request to [email protected]. This Summary Prospectus is intended for use in connection with avariable contract as defined in Section817(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 capital appreciation and income.


The following table describes the fees and expenses that you maypay if you buy and hold shares of the Portfolio. The table below doesnot reflect any fees and expenses associated with variable life in-surance contracts and variable annuity certificates and contracts(“Contracts”), which would increase overall fees and expenses. Seethe Contract prospectus for a description of those fees and expenses.

Shareholder Fees(fees paid directly from your investment)Not applicable

Annual Portfolio Operating Expenses(expenses that you pay each year as a percentage of the value ofyour investment)

1290 VT DoubleLine Dynamic Allocation PortfolioClass IBShares

Management Fee* 0.75%Distribution and/or Service Fees (12b-1 fees) 0.25%Other Expenses* 0.25%Acquired Fund Fees and Expenses* 0.06%Total Annual Portfolio Operating Expenses** 1.31%

* Expenses have been restated to reflect current fees in connection with the Port-folio’s repositioning from a fund-of-funds to a fund that invests directly in secu-rities and other instruments.

** The Total Annual Portfolio Operating Expenses do not correlate to the ratio ofexpenses to average net assets given in the Portfolio’s Financial Highlights.

Example

This Example is intended to help you compare the cost of investing inthe Portfolio with the cost of investing in other portfolios. The Exam-ple assumes that you invest $10,000 in the Portfolio for the periodsindicated, that your investment has a 5% return each year, and thatthe Portfolio’s operating expenses remain the same. This Exampledoes not reflect any Contract-related fees and expenses includingredemption fees (if any) at the Contract level. If such fees and ex-penses were reflected, the total expenses would be higher. Althoughyour actual costs may be higher or lower, based on these assump-tions, whether you redeem or hold your shares, your costs would be:

1 Year 3 Years 5 Years 10 YearsClass IB Shares $133 $415 $718 $1,579

PORTFOLIO TURNOVER

The Portfolio pays transaction costs, such as commissions, when itbuys and sells securities (or “turns over” its portfolio). A higher port-folio turnover rate may indicate higher transaction costs. These costs,which are not reflected in annual fund operating expenses or in theExample, affect the Portfolio’s performance. During the most recentfiscal year, the Portfolio’s portfolio turnover rate was 175% of theaverage value of the Portfolio.


Principal Investment Strategy: Under normal circumstances, thePortfolio will invest in a diversified range of securities and otherfinancial instruments, including derivatives, which provide investmentexposure to equity and fixed income investments. The Portfolio willmaintain a strategic, or typical, allocation of approximately 60% ofits net assets to equity securities (or financial instruments that pro-vide investment exposure to such securities) and approximately 40%of its net assets to fixed income securities (or financial instrumentsthat provide investment exposure to such securities). The Portfolioemploys a dynamic asset allocation strategy by periodically shiftingallocations among asset classes and market sectors based on marketopportunities. The Portfolio will tactically shift portfolio weightingsamong, and within, each asset class both to take advantage ofchanging market opportunities for capital appreciation and in re-sponse to changing market risk conditions. The Portfolio’s asset allo-cation will be based on an assessment of short- and long-termmacroeconomic themes and an analysis of sector fundamentals andrelative valuation.

The Portfolio’s equity allocation may range from 40% to 70% of theFund’s net assets, and the Portfolio’s fixed income allocation mayrange from 30% to 60% of the Fund’s net assets. The Portfolio maygain or adjust exposure to each asset class through investments inindividual securities or through other instruments, including de-rivatives. The Portfolio may invest in companies of any size and mayinvest without limit in foreign securities, including emerging marketsecurities.

VTDD 1

Equity Allocation. The Portfolio’s equity allocation will consist of anactively-managed growth strategy (“Active Allocated Portion”) and avalue strategy that seeks to track the performance of a particular index(“Index Allocated Portion”). Within the Portfolio’s equity allocation, thePortfolio may shift its allocation to the Active Allocated Portion and theIndex Allocation Portion within a range of approximately 33% to 67%of the Fund’s net assets in the equity allocation.

The Portfolio’s equity allocation will consist primarily of commonstocks, preferred stocks, securities convertible into common or pre-ferred stock, rights or warrants to purchase common or preferredstock, and securities of other investment companies and exchange-traded funds (“ETFs”). The Portfolio may also invest in foreigncompanies in the form of American Depositary Receipts, AmericanDepositary Shares, and other similar securities.

Equity Allocation — Active Allocated Portion. The Active AllocatedPortion will consist of a portfolio of approximately 35-50 growthstocks across a range of market capitalizations and sectors. Double-Line Capital LP (the “Sub-Adviser” or “DoubleLine”) will activelymanage the Active Allocated Portion using a “bottom up” approach,which involves analyzing the individual attributes of a company, toidentify attractive growth prospects. The Sub-Adviser uses quantita-tive and qualitative criteria to screen companies for favorable charac-teristics. Companies identified through this screening process arethen subjected to fundamental analysis of a company’s growth pros-pects, considering factors such as sustainable competitive advantage,management team and significant ownership by management, capi-tal efficient business model, and other factors affecting a companyand its market sectors. The Portfolio may invest in companies that donot have publicly-traded securities but that the Sub-Adviser de-termines represent attractive growth investments, such as companiesthat are relatively newly-formed, may represent attractive acquisitiontargets for more-established companies, or may be contemplating aninitial public offering of their shares in the future.

Equity Allocation — Index Allocated Portion. With respect to theIndex Allocated Portion, the Portfolio will use derivatives, or acombination of derivatives, ETFs and/or direct investments, to providea return that tracks closely the performance of the Shiller BarclaysCAPE® US Sector TR USD Index (the “Index”). The Index aims toidentify undervalued sectors in the large-cap equity market based ona modified CAPE® (Cyclically Adjusted Price Earnings) ratio, which isdesigned to assess longer term equity valuations by using an inflationadjusted earnings horizon. The Index allocates an equal weight tofour U.S. sectors that are undervalued, as determined by the modi-fied CAPE® ratio. Each U.S. sector is represented by a sector ETF.Each month, the Index ranks ten U.S. sectors based on the modifiedCAPE® ratio and a twelve-month price momentum factor. The Indexselects the five U.S. sectors that are the most undervalued accordingto the modified CAPE® ratio. Only four of these five undervaluedsectors, however, end up in the Index for a given month, as the sec-tor with the worst twelve-month price momentum among the fiveselected sectors is eliminated.

The Portfolio may enter into swap transactions, primarily total returnswaps, or futures transactions designed to provide a return approx-

imating the Index’s return. The pricing of any swap transaction willreflect a number of factors that will cause the return on the swaptransaction to underperform the Index. The Portfolio expects to useonly a small percentage of its assets to attain the desired exposure tothe Index because of the structure of the derivatives. As a result, cer-tain derivatives along with other investments will create investmentleverage in the Portfolio’s portfolio. In certain cases in which such de-rivatives may be unavailable or the pricing of those derivatives may beunfavorable, the Portfolio may attempt to replicate the Index’s returnby purchasing some or all of the securities comprising the Index.

Fixed Income Allocation. The Portfolio’s fixed income allocationwill consist of fixed income instruments including, but not limited to,securities issued or guaranteed by the U.S. Government, its agencies,instrumentalities or sponsored corporations, foreign and domesticcorporate obligations (including foreign hybrid securities); commercialand residential mortgage-backed securities; asset-backed securities;fixed income securities issued by corporations and governments inforeign countries including emerging markets issuers; bank loans andassignments; inverse floaters and interest-only and principal-onlysecurities; inflation-indexed bonds; and other securities bearing fixedor variable interest rates of any maturity.

The Portfolio may invest in fixed income securities of any credit qual-ity, including below investment grade securities (commonly known as“junk bonds”). Securities rated below investment grade includethose that, at the time of investment, are rated Ba1 or lower byMoody’s Investors Service, Inc. (“Moody’s”) or BB+ or lower by FitchRatings Ltd. (“Fitch”) or Standard & Poor’s Global Ratings (“S&P”)or the equivalent by any other nationally recognized statistical ratingorganization, or, if unrated, determined by AXA Equitable FundsManagement Group, LLC (the “Adviser”) or the Sub-Adviser to be ofcomparable quality. The Portfolio may also invest to a limited extentin debt obligations of distressed companies, including companiesthat are close to or in default when, for example, the Sub-Adviserbelieves the restructured enterprise valuations or liquidation valu-ations may exceed current market values. The Portfolio may invest inmortgage-backed or other asset-backed securities of any credit ratingor credit quality.

The Sub-Adviser will actively manage asset class exposure within thefixed income allocation using “bottom up” securities selection, andwill attempt to exploit inefficiencies within the subsectors of the fixedincome market. The Sub-Adviser uses a controlled risk approach inmanaging the Portfolio’s fixed income investments, which includesconsideration of:

• Security selection within a given asset class

• Relative performance of the various market sectors and assetclasses

• The rates offered by bonds at different maturities

• Fluctuations in the overall level of interest rates

Under normal market conditions, the weighted average effectiveduration of the Portfolio’s fixed income allocation will be no less thantwo years and no more than eight years. Duration is a measure ofthe expected life of a fixed income security that is used to determine

VTDD 2

the sensitivity of a security’s price to changes in interest rates. Effec-tive duration is a measure of the duration of the Portfolio’s fixed in-come portfolio adjusted for the anticipated effect of interest ratechanges on pre-payment rates. The effective duration of the Portfo-lio’s fixed income investments may vary materially from its target,from time to time, and there is no assurance that the duration of theFund’s fixed income investments will meet its target.

Other Investments. In implementing its dynamic allocation invest-ment strategy, the Portfolio may invest in derivatives, including futures,forwards, swaps and options, and other instruments rather than inves-ting directly in equity or fixed income securities. These derivatives andother instruments may be used for a variety of purposes, including toreduce risk, to seek enhanced returns from certain asset classes and toleverage the Portfolio’s exposure to certain asset classes. The Portfoliomay use index futures, for example, to gain broad exposure to aparticular segment of the market, while buying representative securitiesto achieve exposure to another. The Portfolio also may enter into for-eign currency transactions for hedging and non-hedging purposes on aspot (i.e., cash) basis or through the use of derivatives. The Sub-Adviserwill choose in each case based on considerations of cost and efficiencyof access to the desired investment exposure.

The Portfolio may invest in derivatives to the extent permitted by ap-plicable law. It is anticipated that the Fund’s use of derivatives will beconsistent with its overall investment strategy of obtaining and man-aging exposure to various asset classes. Because the Sub-Adviser willuse derivatives to manage the Portfolio’s exposure to different assetclasses, the Portfolio’s use of derivatives may be substantial. ThePortfolio’s investments in derivatives may involve the use of leveragebecause the Portfolio is not required to invest the full market value ofthe contract upon entering into the contract but participates in gainsand losses on the full contract price. In addition, the Portfolio’sinvestments in derivatives may involve the use of leverage becausethe heightened price sensitivity of some derivatives to marketchanges may magnify the Portfolio’s gain or loss. It is not generallyexpected, however, that the Portfolio will be leveraged by borrowingmoney for investment purposes. The Portfolio may maintain a sig-nificant percentage of its assets in cash and cash equivalent instru-ments, some of which may serve as margin or collateral for thePortfolio’s obligations under derivative transactions.

The Portfolio may invest in other investment companies, includingETFs, in seeking to carry out the Portfolio’s investment strategies.Such investments may include investment companies sponsored ormanaged by the Sub-Adviser and its affiliates. The Portfolio also mayinvest its uninvested cash in high-quality, short-term debt securities,including high-quality money market instruments, and also may in-vest uninvested cash in money market funds, including money mar-ket funds managed by the Adviser and its affiliates. The Portfolio’sholdings may be frequently adjusted to reflect the Sub-Adviser’sassessment of changing risks, which could result in high portfolioturnover. The Portfolio may also lend its portfolio securities to earnadditional income.

Principal Risks: An investment in the Portfolio is not a deposit of abank and is not insured or guaranteed by the Federal Deposit In-

surance Corporation or any other government agency. You may losemoney by investing in the Portfolio. Performance may be affected byone or more of the following risks.


Cash Management Risk: Upon entering into certain derivativescontracts, such as futures contracts, and to maintain open positionsin certain derivatives contracts, the Portfolio may be required to postcollateral for the contract, the amount of which may vary. As such,the Portfolio may maintain cash balances, including foreign currencybalances, which may be significant, with counterparties such as theTrust’s custodian or its affiliates. The Portfolio is thus subject tocounterparty risk and credit risk with respect to these arrangements.

Convertible Securities Risk: A convertible security is a form ofhybrid security; that is, a security with both debt and equity character-istics. The value of a convertible security fluctuates in relation tochanges in interest rates and the credit quality of the issuer and, inaddition, fluctuates in relation to the underlying common stock. Aconvertible security may be subject to redemption at the option of theissuer at a price established in the convertible security’s governing in-strument, which may be less than the current market price of thesecurity. If a convertible security held by the Portfolio is called for re-demption, the Portfolio will be required to permit the issuer to redeemthe security, convert it into underlying common stock or sell it to athird party. Convertible securities are subject to equity risk, interestrate risk, and credit risk and are often lower-quality securities. Lowerquality may lead to greater volatility in the price of a security and maynegatively affect a security’s liquidity. Since it derives a portion of itsvalue from the common stock into which it may be converted, a con-vertible security is also subject to the same types of market andissuer-specific risks that apply to the underlying common stock.

Counterparty Risk: The Portfolio may sustain a loss as a resultof the insolvency or bankruptcy of, or other non-compliance or non-performance by, another party to a transaction.

Credit Risk: The Portfolio is subject to the risk that the issuer orthe guarantor (or other obligor, such as a party providing insuranceor other credit enhancement) of a fixed income security, or the coun-terparty to a derivatives contract, repurchase agreement, loan ofportfolio securities or other transaction, is unable or unwilling, or isperceived (whether by market participants, ratings agencies, pricingservices or otherwise) as unable or unwilling, to make timely princi-pal and/or interest payments, or otherwise honor its obligations.Securities are subject to varying degrees of credit risk, which are of-ten reflected in their credit ratings. However, rating agencies may failto make timely changes to credit ratings in response to subsequentevents and a credit rating may become stale in that it fails to reflectchanges in an issuer’s financial condition. The downgrade of thecredit rating of a security may decrease its value. Lower credit qualityalso may lead to greater volatility in the price of a security and maynegatively affect a security’s liquidity.

Derivatives Risk: The Portfolio’s investments in derivatives mayrise or fall in value more rapidly than other investments. Changes in

VTDD 3

the value of a derivative may not correlate perfectly, or at all, withthe underlying asset, reference rate or index, and the Portfolio couldlose more than the principal amount invested. Some derivatives canhave the potential for unlimited losses. In addition, it may be difficultor impossible for the Portfolio to purchase or sell certain derivativesin sufficient amounts to achieve the desired level of exposure, whichmay result in a loss or may be costly to the Portfolio. Derivatives alsomay be subject to certain other risks such as leveraging risk, liquidityrisk, interest rate risk, market risk, credit risk, the risk that a counter-party may be unable or unwilling to honor its obligations, manage-ment risk and the risk of mispricing or improper valuation.Derivatives also may not behave as anticipated by the Portfolio,especially in abnormal market conditions. Changing regulation maymake derivatives more costly, limit their availability, impact thePortfolio’s ability to maintain its investments in derivatives, disruptmarkets, or otherwise adversely affect their value or performance.

Distressed Companies Risk: Debt obligations of distressedcompanies typically are unrated, lower-rated, or close to default. Incertain periods, there may be little or no liquidity in the markets forthese securities. In addition, the prices of such securities may be sub-ject to periods of abrupt and erratic market movements and above-average price volatility, and it may be difficult to value suchsecurities. The Portfolio may lose a substantial portion or all of itsinvestment in such securities. If the issuer of a security held by thePortfolio defaults, the Portfolio may experience a significant or com-plete loss on the security. Securities tend to lose much of their valuebefore the issuer defaults.

Equity Risk: In general, stocks and other equity security valuesfluctuate, and sometimes widely fluctuate, in response to changes ina company’s financial condition as well as general market, economicand political conditions and other factors.

ETFs Risk: The Portfolio’s shareholders will indirectly bear fees andexpenses paid by the ETFs in which it invests, in addition to the Port-folio’s direct fees and expenses. The cost of investing in the Portfolio,therefore, may be higher than the cost of investing in a mutual fundthat invests directly in individual stocks and bonds. In addition, thePortfolio’s net asset value will be subject to fluctuations in the mar-ket values of the ETFs in which it invests. The Portfolio is also subjectto the risks associated with the securities or other investments inwhich the ETFs invest, and the ability of the Portfolio to meet its in-vestment objective will directly depend on the ability of the ETFs tomeet their investment objectives. An index-based ETF’s performancemay not match that of the index it seeks to track. An actively man-aged ETF’s performance will reflect its adviser’s ability to makeinvestment decisions that are suited to achieving the ETF’s invest-ment objective. It is also possible that an active trading market for anETF may not develop or be maintained, in which case the liquidityand value of the Portfolio’s investment in the ETF could be sub-stantially and adversely affected. The extent to which the investmentperformance and risks associated with the Portfolio correlate to thoseof a particular ETF will depend upon the extent to which the Portfo-lio’s assets are allocated from time to time for investment in the ETF,which will vary.

Foreign Securities Risk: Investments in foreign securities, in-cluding depositary receipts, involve risks not associated with invest-ments in U.S. securities. Foreign markets may be less liquid, morevolatile and subject to less government supervision and regulationthan U.S. markets. Security values also may be negatively affected bychanges in the exchange rates between the U.S. dollar and foreigncurrencies. Differences between U.S. and foreign legal, political andeconomic systems, regulatory regimes and market practices also mayimpact security values, and it may take more time to clear and settletrades involving foreign securities. In addition, securities issued byU.S. entities with substantial foreign operations or holdings can in-volve risks relating to conditions in foreign countries.

Currency Risk: Investments in foreign currencies and insecurities that trade in, or receive revenues in, or in derivativesthat provide exposure to foreign currencies are subject to therisk that those currencies will decline in value relative to theU.S. dollar. Any such decline may erode or reverse any potentialgains from an investment in securities denominated in foreigncurrency or may widen existing loss. In the case of hedgingpositions, there is the risk that the U.S. dollar will decline invalue relative to the currency being hedged. Currency rates mayfluctuate significantly over short periods of time for a number ofreasons, including changes in interest rates, intervention (or thefailure to intervene) by governments, central banks or suprana-tional entities, or by the imposition of currency controls or otherpolitical developments in the U.S. or abroad.

Depositary Receipts Risk: Investments in depositary re-ceipts (including American Depositary Receipts, European De-positary Receipts and Global Depositary Receipts) are generallysubject to the same risks of investing directly in the foreignsecurities that they evidence or into which they may be con-verted. In addition, issuers underlying unsponsored depositaryreceipts may not provide as much information as U.S. issuersand issuers underlying sponsored depositary receipts. Un-sponsored depositary receipts also may not carry the same vot-ing privileges as sponsored depositary receipts.

Emerging Markets Risk: There are greater risks involved ininvesting in emerging market countries and/or their securitiesmarkets, and investments in these countries and/or markets aremore susceptible to loss than investments in developed coun-tries and/or markets. Investments in these countries and/ormarkets may present market, credit, currency, liquidity, legal,political, technical and other risks different from, or greaterthan, the risks of investing in developed countries. In addition,the risks associated with investing in a narrowly defined geo-graphic area are generally more pronounced with respect toinvestments in emerging market countries.

Regulatory Risk: Less information may be available aboutforeign companies. In general, foreign companies are not sub-ject to uniform accounting, auditing and financial reportingstandards or to other regulatory practices and requirements asare U.S. companies. Many foreign governments do not super-vise and regulate stock exchanges, brokers and the sale of

VTDD 4

securities to the same extent as does the United States andmay not have laws to protect investors that are comparable toU.S. securities laws. In addition, some countries may have legalsystems that may make it difficult for the Portfolio to vote prox-ies, exercise shareholder rights, and pursue legal remedies withrespect to its foreign investments.

Futures Contract Risk: The primary risks associated with the useof futures contracts are (a) the imperfect correlation between thechange in market value of the instruments held by the Portfolio and theprice of the futures contract; (b) liquidity risks, including the possibleabsence of a liquid secondary market for a futures contract and theresulting inability to close a futures contract when desired; (c) losses(potentially unlimited) caused by unanticipated market movements; (d)an investment manager’s inability to predict correctly the direction ofsecurities prices, interest rates, currency exchange rates and other eco-nomic factors; (e) the possibility that a counterparty, clearing memberor clearinghouse will default in the performance of its obligations; (f) ifthe Portfolio has insufficient cash, it may have to sell securities from itsportfolio to meet daily variation margin requirements, and the Portfoliomay have to sell securities at a time when it may be disadvantageousto do so; and (g) transaction costs associated with investments in fu-tures contracts may be significant, which could cause or increase lossesor reduce gains. Futures contracts are also subject to the same risks asthe underlying investments to which they provide exposure. In addi-tion, futures contracts may subject the Portfolio to leveraging risk.

Index Strategy Risk: The Portfolio may use a synthetic repli-cation process to implement its index strategy, in which the Portfoliorelies on derivatives such as swaps and futures designed to provide areturn approximating the Index’s return. These derivatives are agree-ments between the Portfolio and a counterparty to pay the Portfoliothe return of the index, subjecting the Portfolio to counterparty risk.There is the risk that (i) the performance of derivatives related to anindex may not correlate with the performance of the Index and will bereduced by transaction costs or other aspects of the transaction’s pric-ing; (ii) the Portfolio may not be able to find counterparties willing toenter into derivative transactions whose returns are based on the re-turn of the Index or find parties who are willing to do so at anacceptable cost or level of risk to the Portfolio; and (iii) errors mayarise in carrying out the Index’s methodology, or the Index providermay incorrectly report information concerning the Index. Additionally,in cases where derivatives may be unavailable, the Portfolio may at-tempt to replicate the Index’s return by purchasing some or all of thesecurities comprising the Index. If the Portfolio invests directly in thesecurities comprising the Index, those assets will be unavailable forother investments. The Portfolio may not invest in all of the securitiesin the Index. Also, the Portfolio’s fees and expenses will reduce thePortfolio’s returns, unlike those of the index. Cash flow into and outof the Portfolio, portfolio transaction costs, changes in the securitiesthat comprise the Index, and the Portfolio’s valuation procedures alsomay affect the Portfolio’s performance. Therefore, there can be noassurance that the performance of the index strategy will match thatof the Index.

Inflation-Indexed Bonds Risk: Inflation-indexed bonds arefixed income securities whose principal value is periodically adjusted

according to inflation. Inflation-indexed bonds, including Treasuryinflation-indexed securities, decline in value when real interest ratesrise. In certain interest rate environments, such as when real interestrates are rising faster than nominal interest rates, inflation-indexedbonds may experience greater losses than other fixed income secu-rities with similar durations. Interest payments on inflation-linkeddebt securities may be difficult to predict and may vary as the princi-pal and/or interest is adjusted for inflation. In periods of deflation,the Portfolio may have no income at all from such investments.

Interest Rate Risk: Changes in interest rates may affect theyield, liquidity and value of investments in income producing or debtsecurities. Changes in interest rates also may affect the value of othersecurities. When interest rates rise, the value of the Portfolio’s debtsecurities generally declines. Conversely, when interest rates decline,the value of the Portfolio’s debt securities generally rises. Typically,the longer the maturity or duration of a debt security, the greater theeffect a change in interest rates could have on the security’s price.Thus, the sensitivity of the Portfolio’s debt securities to interest raterisk will increase with any increase in the duration of those securities.As of the date of this Prospectus, interest rates are low relative tohistoric levels and are below zero in parts of the world. The Portfoliois subject to a greater risk of rising interest rates due to these marketconditions. A significant or rapid rise in interest rates could result inlosses to the Portfolio.

Inverse Floaters Risk: Inverse floaters are fixed income securitieswith a floating or variable rate of interest. Inverse floaters have inter-est rates that tend to move in the opposite direction as the specifiedmarket rates or indices, and may exhibit substantially greater pricevolatility than fixed rate obligations having similar credit quality, re-demption provisions and maturity. Inverse floater collateralized mort-gage obligations (“CMOs”) exhibit greater price volatility than themajority of mortgage-related securities. In addition, some inversefloater CMOs exhibit extreme sensitivity to changes in prepayments.As a result, the yield to maturity of an inverse floater CMO is sensitivenot only to changes in interest rates but also to changes in prepay-ment rates on the related underlying mortgage assets.

Investment Grade Securities Risk: Debt securities generallyare rated by national bond ratings agencies. The Portfolio considerssecurities to be investment grade if they are rated BBB or higher byS&P or Fitch or Baa or higher by Moody’s or, if unrated, determinedby the investment manager to be of comparable quality. Securitiesrated in the lower investment grade rating categories (e.g., BBB orBaa) are considered investment grade securities, but are somewhatriskier than higher rated obligations because they are regarded ashaving only an adequate capacity to pay principal and interest, areconsidered to lack outstanding investment characteristics and maypossess certain speculative characteristics.

Investment Style Risk: The Portfolio may use a particular styleor set of styles — in this case, both “growth” and “value” styles —to select investments. Those styles may be out of favor or may notproduce the best results over short or longer time periods. Growthstocks may be more sensitive to changes in current or expected earn-ings than the prices of other stocks. Growth investing also is subject

VTDD 5

to the risk that the stock price of one or more companies will fall orwill fail to appreciate as anticipated by the Portfolio, regardless ofmovements in the securities market. Growth stocks also tend to bemore volatile than value stocks, so in a declining market their pricesmay decrease more than value stocks in general. Growth stocks alsomay increase the volatility of the Portfolio’s share price. Value stocksare subject to the risks that notwithstanding that a stock is selling ata discount to its perceived true worth, the stock’s intrinsic value maynever be fully recognized or realized by the market, or its price maygo down. In addition, there is the risk that a stock judged to be un-dervalued may actually have been appropriately priced at the time ofinvestment.

Large-Cap Company Risk: Larger, more established compa-nies may be unable to respond quickly to new competitive challengessuch as changes in technology and consumer tastes. Many largercompanies also may not be able to attain the high growth rate ofsuccessful smaller companies, especially during extended periods ofeconomic expansion.

Leveraging Risk: When the Portfolio leverages its holdings, thevalue of an investment in the Portfolio will be more volatile and allother risks will tend to be compounded. For example, the Portfoliomay take on leveraging risk when it engages in derivatives trans-actions (such as futures and options investments), invests collateralfrom securities loans or borrows money. The Portfolio may experienceleveraging risk in connection with investments in derivatives becauseits investments in derivatives may be small relative to the investmentexposure assumed, leaving more assets to be invested in otherinvestments. Such investments may have the effect of leveraging thePortfolio because the Portfolio may experience gains or losses notonly on its investments in derivatives, but also on the investmentspurchased with the remainder of the assets. If the value of thePortfolio’s investments in derivatives is increasing, this could be off-set by declining values of the Portfolio’s other investments. Con-versely, it is possible that a rise in the value of the Portfolio’s non-derivative investments could be offset by a decline in the value of thePortfolio’s investments in derivatives. In either scenario, the Portfoliomay experience losses. In a market where the value of the Portfolio’sinvestments in derivatives is declining and the value of its other in-vestments is declining, the Portfolio may experience substantiallosses.

Liquidity Risk: The Portfolio is subject to the risk that certain in-vestments may be difficult or impossible for the Portfolio to purchaseor sell at an advantageous time or price or in sufficient amounts toachieve the desired level of exposure. The Portfolio may be requiredto dispose of other investments at unfavorable times or prices to sat-isfy obligations, which may result in a loss or may be costly to thePortfolio. Judgment plays a greater role in valuing illiquid invest-ments than investments with more active markets. Certain securitiesthat were liquid when purchased may later become illiquid, partic-ularly in times of overall economic distress.

Loan Risk: Loan interests are subject to liquidity risk, prepaymentrisk (the risk that when interest rates fall, debt securities may be re-paid more quickly than expected and the Portfolio may be required to

reinvest in securities with a lower yield), extension risk (the risk thatwhen interest rates rise, debt securities may be repaid more slowlythan expected and the value of the Portfolio’s holdings maydecrease), the risk of subordination to other creditors, restrictions onresale, and the lack of a regular trading market and publicly availableinformation. Loan interests may be difficult to value and may haveextended trade settlement periods. Accordingly, the proceeds fromthe sale of a loan may not be available to make additional invest-ments or to meet redemption obligations until potentially a sub-stantial period after the sale of the loan. The extended tradesettlement periods could force the Portfolio to liquidate other secu-rities to meet redemptions and may present a risk that the Portfoliomay incur losses in order to timely honor redemptions. There is a riskthat the value of any collateral securing a loan in which the Portfoliohas an interest may decline and that the collateral may not be suffi-cient to cover the amount owed on the loan. In the event the bor-rower defaults, the Portfolio’s access to the collateral may be limitedor delayed by bankruptcy or other insolvency laws. To the extent thatthe Portfolio invests in loan participations and assignments, it is sub-ject to the risk that the financial institution acting as agent for all in-terests in a loan might fail financially. It is also possible that thePortfolio could be held liable, or may be called upon to fulfill otherobligations, as a co-lender.

Market Risk: The Portfolio is subject to the risk that the securitiesmarkets will move down, sometimes rapidly and unpredictably,based on overall economic conditions and other factors. Changes inthe financial condition of a single issuer can impact the market as awhole. Geo-political risks, including terrorism, tensions or open con-flict between nations, or political or economic dysfunction withinsome nations that are major players on the world stage, may lead toinstability in world economies and markets, may lead to increasedmarket volatility, and may have adverse long-term effects. In addi-tion, markets and market-participants are increasingly reliant uponinformation data systems. Data imprecision, software or other tech-nology malfunctions, programming inaccuracies, unauthorized use oraccess, and similar circumstances may have an adverse impact upona single issuer, a group of issuers, or the market at-large.

Mid-Cap, Small-Cap and Micro-Cap Company Risk:The Portfolio’s investments in mid-, small- and micro-cap companiesmay involve greater risks than investments in larger, more estab-lished issuers because they generally are more vulnerable than largercompanies to adverse business or economic developments. Suchcompanies generally have narrower product lines, more limitedfinancial and management resources and more limited markets fortheir securities as compared with larger companies. As a result, thevalue of such securities may be more volatile than the value of secu-rities of larger companies, and the Portfolio may experience difficultyin purchasing or selling such securities at the desired time and priceor in the desired amount. In general, these risks are greater for small-and micro-cap companies than for mid-cap companies.

Mortgage-Related and Other Asset-Backed SecuritiesRisk: Mortgage-related and other asset-backed securities typicallyprovide the issuer with the right to prepay the security prior to ma-turity. During periods of falling interest rates, the rate of prepayments

VTDD 6

tends to increase because borrowers are more likely to pay off debtand refinance at the lower interest rates then available. Unscheduledprepayments shorten the average lives of mortgage-related andother asset-backed securities and may result in the Portfolio’s havingto reinvest the proceeds of the prepayments at lower interest rates,thereby reducing the Portfolio’s income. During periods of risinginterest rates, the rate of prepayments tends to decrease becauseborrowers are less likely to prepay debt. Slower than expected pay-ments can extend the average lives of mortgage-related and otherasset-backed securities, and this may “lock in” a below marketinterest rate, increase the security’s duration and interest rate sensi-tivity, and reduce the value of the security. Moreover, declines in thecredit quality of and defaults by the issuers of mortgage-related andother asset-backed securities or instability in the markets for suchsecurities may affect the value and liquidity of such securities, whichcould result in losses to the Portfolio. In addition, certain mortgage-related and other asset-backed securities may include securitiesbacked by pools of loans made to “subprime” borrowers or bor-rowers with blemished credit histories; the risk of defaults is generallyhigher in the case of mortgage pools that include such subprimemortgages.

Newly Repositioned Portfolio Risk: The Portfolio may notbe successful in implementing its investment strategy, and there canbe no assurance that the Portfolio will grow to or maintain an eco-nomically viable size, which could result in the Portfolio being liqui-dated at any time without shareholder approval and at a time thatmay not be favorable for all shareholders.

Non-Investment Grade Securities Risk: Bonds rated belowinvestment grade (i.e., BB or lower by S&P or Fitch, and Ba or lower byMoody’s or, if unrated, determined by the investment manager to beof comparable quality) are speculative in nature and are subject toadditional risk factors such as increased possibility of default, illiquidityof the security, and changes in value based on changes in interestrates. Non-investment grade bonds, sometimes referred to as “junkbonds,” are usually issued by companies without long track records ofsales and earnings, or by those companies with questionable creditstrength. The creditworthiness of issuers of non-investment grade debtsecurities may be more complex to analyze than that of issuers of in-vestment grade debt securities, and reliance on credit ratings maypresent additional risks.

Portfolio Management Risk: The Portfolio is subject to therisk that strategies used by an investment manager and its securitiesselections fail to produce the intended results.

Portfolio Turnover Risk: High portfolio turnover (generally,turnover in excess of 100% in any given fiscal year) may result in in-creased transaction costs to the Portfolio, which may result in higherPortfolio expenses and lower total return.

Preferred Stock Risk: Preferred stock is subject to many of therisks associated with debt securities, including interest rate risk. Un-like interest payments on debt securities, dividends on preferredstock are generally payable at the discretion of the issuer’s board ofdirectors. Preferred shareholders may have certain rights if dividendsare not paid but generally have no legal recourse against the issuer.

Shareholders may suffer a loss of value if dividends are not paid. Incertain situations an issuer may call or redeem its preferred stock orconvert it to common stock. The market prices of preferred stocks aregenerally more sensitive to actual or perceived changes in the issuer’sfinancial condition or prospects than are the prices of debt securities.

Privately Placed and Other Restricted Securities Risk:Restricted securities, which include privately placed securities, aresecurities that cannot be offered for public resale unless registeredunder the applicable securities laws or that have a contractual re-striction that prohibits or limits their resale. Difficulty in selling secu-rities may result in a loss or be costly to the Portfolio. The risk thatsecurities may not be sold for the price at which the Portfolio is carry-ing them is greater with respect to restricted securities than it is withrespect to registered securities. The illiquidity of the market, as wellas the lack of publicly available information regarding these secu-rities, also may make it difficult to determine a fair value for certainsecurities for purposes of computing the Portfolio’s net asset value.

Real Estate Investing Risk: Real estate-related investmentsmay decline in value as a result of factors affecting the overall realestate industry. Real estate is a cyclical business, highly sensitive tosupply and demand, general and local economic developments andcharacterized by intense competition and periodic overbuilding. Realestate income and values also may be greatly affected by demo-graphic trends, such as population shifts or changing tastes and val-ues. Losses may occur from casualty or condemnation, andgovernment actions, such as tax law changes, zoning law changes,regulatory limitations on rents, or environmental regulations, also mayhave a major impact on real estate. The availability of mortgages andchanges in interest rates may also affect real estate values. Changinginterest rates and credit quality requirements also will affect the cashflow of real estate companies and their ability to meet capital needs.Real estate investment trusts (“REITs”) generally invest directly in realestate (equity REITs), in mortgages secured by interests in real estate(mortgage REITs) or in some combination of the two (hybrid REITs).Investing in REITs exposes investors to the risks of owning real estatedirectly, as well as to risks that relate specifically to the way in whichREITs are organized and operated. Equity REITs may be affected bychanges in the value of the underlying property owned by the REIT,while mortgage REITs may be affected by the quality of any creditextended. Equity and mortgage REITs are also subject to heavy cashflow dependency, defaults by borrowers, and self-liquidations. Therisk of defaults is generally higher in the case of mortgage pools thatinclude subprime mortgages involving borrowers with blemishedcredit histories. Individual REITs may own a limited number of proper-ties and may concentrate in a particular region or property type.Domestic REITs also must satisfy specific Internal Revenue Code re-quirements to qualify for the tax-free pass-through of net investmentincome and net realized gains distributed to shareholders. Failure tomeet these requirements may have adverse consequences on thePortfolio. In addition, even the larger REITs in the industry tend to besmall- to medium-sized companies in relation to the equity markets asa whole. Moreover, shares of REITs may trade less frequently and,therefore, are subject to more erratic price movements than securitiesof larger issuers.

VTDD 7

Risks of Investing in Other Investment Companies: Tothe extent the Portfolio invests in other investment companies,including ETFs, it will indirectly bear fees and expenses paid by thoseinvestment companies, in addition to the Portfolio’s direct fees andexpenses. The cost of investing in the Portfolio, therefore, may behigher than the cost of investing in a mutual fund that invests directlyin individual stocks and bonds. In addition, the Portfolio’s net assetvalue is subject to fluctuations in the net asset values of the otherinvestment companies in which it invests. The Portfolio is also subjectto the risks associated with the securities or other investments inwhich the other investment companies invest, and the ability of thePortfolio to meet its investment objective will depend, to a significantdegree, on the ability of the other investment companies to meettheir objectives. The extent to which the investment performance andrisks associated with the Portfolio correlate to those of a particularinvestment company will depend upon the extent to which thePortfolio’s assets are allocated from time to time for investment inthe investment company, which will vary.

Sector Risk: From time to time, based on market or economicconditions, the Portfolio may have significant positions in one ormore sectors of the market. To the extent the Portfolio invests moreheavily in particular sectors, its performance will be especially sensi-tive to developments that significantly affect those sectors. Individualsectors may be more volatile, and may perform differently, than thebroader market. The industries that constitute a sector may all reactin the same way to economic, political or regulatory events.

Securities Lending Risk: The Portfolio may lend its portfolio secu-rities to seek income. There is a risk that a borrower may default on itsobligations to return loaned securities, however, the Portfolio’s securitieslending agent may indemnify the Portfolio against that risk. The Portfoliowill be responsible for the risks associated with the investment of cashcollateral, including any collateral invested in an affiliated money marketfund. The Portfolio may lose money on its investment of cash collateral ormay fail to earn sufficient income on its investment to meet obligations tothe borrower. In addition, delays may occur in the recovery of securitiesfrom borrowers, which could interfere with the Portfolio’s ability to voteproxies or to settle transactions.


The bar chart and table below provide some indication of the risks ofinvesting in the Portfolio by showing changes in the Portfolio’s per-formance from year to year and by showing how the Portfolio’saverage annual total returns for the past one- and five-year andsince inception periods through December 31, 2017 compared tothe returns of a broad-based securities market index. The additionalbroad-based securities market index and the hypothetical compositeindex show how the Portfolio’s performance compared with the re-turns of other asset classes in which the Portfolio invests. Past per-formance is not an indication of future performance.

Performance information for the periods prior to the Portfolio’s re-positioning on May 1, 2017 is that of the Portfolio when it wasmanaged by FMG LLC as a fund-of-funds and had different invest-ment policies and strategies.


Calendar Year Annual Total Returns — Class IB

2013 20152014 20172016

-3.70%

2.46%

8.62%9.53%

11.18%

Best quarter (% and time period) Worst quarter (% and time period)5.20% (2013 3rd Quarter) –5.87% (2015 3rd Quarter)

Average Annual Total ReturnsOneYear

FiveYears

SinceInception

1290 VT DoubleLine Dynamic AllocationPortfolio — Class IB Shares (InceptionDate: August 29, 2012) 9.53% 5.47% 5.71%

60% S&P 500® Index/40% BloombergBarclays U.S. Aggregate Bond Index(reflects no deduction for fees, expenses,or taxes) 14.21% 10.25% 9.87%

S&P 500® Index (reflects no deduction forfees, expenses, or taxes) 21.83% 15.79% 15.13%

Bloomberg Barclays U.S. Aggregate BondIndex (reflects no deduction for fees,expenses, or taxes) 3.54% 2.10% 2.11%



Portfolio Managers: The members of the team that are jointly andprimarily responsible for the selection, monitoring and oversight ofthe Fund’s Sub-Adviser are:

Name Title

Date BeganManaging

the Portfolio

Kenneth T.Kozlowski,CFP®, CLU,ChFC

Executive Vice President andChief Investment Officer ofFMG LLC

August 2012

Alwi Chan, CFA® Senior Vice President andDeputy Chief InvestmentOfficer of FMG LLC

August 2012

VTDD 8

Sub-Adviser: DoubleLine Capital LP (“DoubleLine”)

Portfolio Managers: The members of the team that are jointly andprimarily responsible for the securities selection, research and tradingfor the Portfolio are:

Name Title

Date BeganManaging

the Portfolio

Jeffrey E. Gundlach Co-Founder, ChiefExecutive Officer andChief Investment Officerof DoubleLine

May 2017

Philip A. Barach Co-Founder andPresident of DoubleLine

May 2017

R. Brendt Stallings,CFA®

Portfolio Manager ofDoubleLine

May 2017

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

PURCHASE AND REDEMPTION OF PORTFOLIOSHARES

The Portfolio’s shares are currently sold only to insurance companyseparate accounts in connection with Contracts issued by AXA Equi-table Life Insurance Company (“AXA Equitable”), AXA Life and An-nuity Company, or other affiliated or unaffiliated insurancecompanies and to The AXA Equitable 401(k) Plan. Shares also maybe sold to other tax-qualified retirement plans and to other investorseligible under applicable federal income tax regulations.

The Portfolio does not have minimum initial or subsequent invest-ment requirements. Shares of the Portfolio are redeemable on anybusiness day (which typically is any day the New York Stock Ex-change is open) upon receipt of a request. All redemption requestswill be processed and payment with respect thereto will normally bemade within seven days after tender. Please refer to your Contractprospectus for more information on purchasing and redeemingPortfolio shares.

TAX INFORMATION

The Portfolio’s shareholders are (or may include) insurance companyseparate accounts, qualified plans and other investors eligible underapplicable federal income tax regulations. Distributions made by thePortfolio to such an account or plan, and exchanges and re-demptions of Portfolio shares made by such an account or plan,ordinarily do not cause the holders of underlying Contracts or plan

participants or beneficiaries to recognize income or gain for federalincome tax purposes at the time of the distributions, exchanges orredemptions; the holders, plan participants or beneficiaries generallyare taxed only on amounts they withdraw from their Contract orplan. See the prospectus for your Contract or your plan doc-umentation for further tax information.

PAYMENTS TO BROKER-DEALERS AND OTHERFINANCIAL INTERMEDIARIES

This Portfolio is not sold directly to the general public but instead isoffered as an underlying investment option for Contracts and retire-ment plans and to other eligible investors. The Portfolio and the Ad-viser and its affiliates may make payments to a sponsoring insurancecompany (or its affiliates) or other financial intermediary for dis-tribution and/or other services. These payments may create a conflictof interest by influencing the insurance company or other financialintermediary and your financial adviser to recommend the Portfolioover another investment or by influencing an insurance company toinclude the Portfolio as an underlying investment option in the Con-tract. The prospectus (or other offering document) for your Contractmay contain additional information about these payments. Ask yourfinancial adviser or visit your financial intermediary’s website formore information.

VTDD 9

EQ Advisors TrustSM

1290 VT Equity Income Portfolio – Class IA and IB Shares



Investment Objective: Seeks a combination of growth and incometo achieve an above-average and consistent total return.





1290 VT Equity Income PortfolioClass IAShares

Class IBShares

Management Fee 0.75% 0.75%Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25%Other Expenses 0.13% 0.13%Total Annual Portfolio Operating Expenses 1.13% 1.13%Fee Waiver and/or Expense Reimbursement† –0.13% –0.13%Total Annual Portfolio Operating Expenses After Fee

Waiver and/or Expense Reimbursement 1.00% 1.00%

† Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreedto make payments or waive its management, administrative and other fees to limitthe expenses of the Portfolio through April 30, 2019 (unless the Board of Trusteesconsents to an earlier revision or termination of this arrangement) (“Expense Limi-tation Arrangement”) so that the annual operating expenses of the Portfolio(exclusive of taxes, interest, brokerage commissions, capitalized expenses, acquiredfund fees and expenses, dividend and interest expenses on securities sold short,and extraordinary expenses) do not exceed an annual rate of average daily net as-sets of 1.00% for Class IA and IB shares of the Portfolio. The Expense LimitationArrangement may be terminated by AXA Equitable Funds Management Group, LLCat any time after April 30, 2019.

Example

This Example is intended to help you compare the cost of investingin the Portfolio with the cost of investing in other portfolios. TheExample assumes that you invest $10,000 in the Portfolio for theperiods indicated, that your investment has a 5% return each year,that the Portfolio’s operating expenses remain the same, and that

the Expense Limitation Arrangement is not renewed. This Exampledoes not reflect any Contract-related fees and expenses includingredemption fees (if any) at the Contract level. If such fees and ex-penses were reflected, the total expenses would be higher. Al-though your actual costs may be higher or lower, based on theseassumptions, whether you redeem or hold your shares, your costswould be:

1 Year 3 Years 5 Years 10 YearsClass IA Shares $102 $346 $610 $1,363Class IB Shares $102 $346 $610 $1,363

PORTFOLIO TURNOVER



Principal Investment Strategy: Under normal circumstances, thePortfolio invests at least 80% of its net assets, plus borrowings for in-vestment purposes, in equity securities. The Portfolio intends to investprimarily in dividend-paying common stocks of U.S. large- and mid-capitalization companies. Large- and mid-capitalization companiesmean those companies with market capitalizations within the range ofthe Russell 1000® Value Index (market capitalization range of approx-imately $0.8 billion - $375.4 billion as of December 31, 2017).

The Portfolio invests primarily in common stocks, but it may also in-vest in other equity securities that the Sub-Adviser believes provideopportunities for capital growth and income. The Portfolio may investup to 20% of its assets in foreign securities, including securities ofissuers located in developed and developing economies.

The Sub-Adviser generally considers stocks for the Portfolio that notonly currently pay a dividend, but also have a consistent history ofpaying cash dividends. The Sub-Adviser also generally seeks stocksthat have long established histories of dividend increases in an effortto ensure that the growth of the dividend stream of the Portfolio’s

VTEI 1

holdings will be greater than that of the market as a whole. The Sub-Adviser constructs a portfolio of individual stocks, selected on abottom-up basis, using fundamental analysis. The Sub-Adviser seeksto identify companies that are undervalued and temporarily out-of-favor for reasons it can identify and understand.

The Portfolio also may lend its portfolio securities to earn addi-tional income.

Principal Risks: An investment in the Portfolio is not a deposit of abank and is not insured or guaranteed by the Federal Deposit In-surance Corporation or any other government agency. You may losemoney by investing in the Portfolio. Performance may be affected byone or more of the following risks.


Dividend Risk: There is no guarantee that the companies in whichthe Portfolio invests will declare dividends in the future or that divi-dends, if declared, will remain at current levels or increase over time.




Depositary Receipts Risk: Investments in depositary re-ceipts (including American Depositary Receipts, European De-positary Receipts and Global Depositary Receipts) are generallysubject to the same risks of investing directly in the foreign

securities that they evidence or into which they may be con-verted. In addition, issuers underlying unsponsored depositaryreceipts may not provide as much information as U.S. issuersand issuers underlying sponsored depositary receipts. Un-sponsored depositary receipts also may not carry the same vot-ing privileges as sponsored depositary receipts.


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

Mid-Cap Company Risk: The Portfolio’s investments in mid-cap companies may involve greater risks than investments in larger,more established issuers because mid-cap companies generally aremore vulnerable than larger companies to adverse business or eco-nomic developments. Such companies generally have narrowerproduct lines, more limited financial and management resources andmore limited markets for their securities as compared with largercompanies. As a result, the value of such securities may be morevolatile than the value of securities of larger companies, and thePortfolio may experience difficulty in purchasing or selling such secu-rities at the desired time and price or in the desired amount.



Securities Lending Risk: The Portfolio may lend its portfolio secu-rities to seek income. There is a risk that a borrower may default on itsobligations to return loaned securities, however, the Portfolio’s secu-rities lending agent may indemnify the Portfolio against that risk. ThePortfolio will be responsible for the risks associated with the investmentof cash collateral, including any collateral invested in an affiliatedmoney market fund. The Portfolio may lose money on its investment ofcash collateral or may fail to earn sufficient income on its investment tomeet obligations to the borrower. In addition, delays may occur in the

VTEI 2

recovery of securities from borrowers, which could interfere with thePortfolio’s ability to vote proxies or to settle transactions.


The bar chart and table below provide some indication of the risks ofinvesting in the Portfolio by showing changes in the Portfolio’s perform-ance from year to year and by showing how the Portfolio’s averageannual total returns for the past one, five and ten years (or since in-ception) through December 31, 2017 compared to the returns of abroad-based securities market index. The return of the broad-basedsecurities market index (and any additional comparative index) shown inthe right hand column below is the return of the index for the last 10years or, if shorter, since the inception of the share class with the longesthistory. Past performance is not an indication of future performance.

Performance information for periods prior to January 26, 2018, isthat of the Portfolio when it engaged a different Sub-Adviser andhad different investment policies and strategies.



2011 2013 2014201220102008 2009

17.90%11.74%

15.65%

-0.51%

-32.34%

31.72%

8.59%13.06% 15.70%

-1.68%

2015 20172016



OneYear

FiveYears

TenYears/SinceInception

1290 VT Equity Income Portfolio –Class IA Shares 15.78% 12.98% 6.67%

1290 VT Equity Income Portfolio –Class IB Shares 15.70% 12.97% 6.56%

Russell 1000® Value Index (reflectsno deduction for fees, expenses,or taxes) 13.66% 14.04% 7.10%



Portfolio Managers: The members of the team that are jointly andprimarily responsible for the selection, monitoring and oversight ofthe Portfolio’s Sub-Adviser are:

Name Title

Date BeganManaging

the PortfolioKenneth T.

Kozlowski,CFP®, CLU,ChFC

ExecutiveVice President andChief Investment Officer ofFMG LLC

May 2011

Alwi Chan, CFA® Senior Vice Presidentand DeputyChief Investment Officerof FMG LLC

May 2009

Sub-Adviser: Barrow, Hanley, Mewhinney & Strauss, LLC(“BHMS”)


Name Title

Date BeganManaging

the PortfolioRay Nixon, Jr. Portfolio Manager of BHMS January 2018

Lewis Ropp Portfolio Manager of BHMS January 2018

Brian Quinn,CFA®

Portfolio Manager of BHMS January 2018



The Portfolio’s shares are currently sold only to insurance company sepa-rate accounts in connection with Contracts issued by AXA Equitable LifeInsurance Company (“AXA Equitable”), AXA Life and Annuity Com-pany, or other affiliated or unaffiliated insurance companies and to TheAXA Equitable 401(k) Plan. Shares also may be sold to othertax-qualified retirement plans, to other portfolios managed by FMG LLCthat currently sell their shares to such accounts and plans and to otherinvestors eligible under applicable federal income tax regulations.


VTEI 3

TAX INFORMATION

The Portfolio’s shareholders are (or may include) insurance com-pany separate accounts, qualified plans and other investors eligibleunder applicable federal income tax regulations. Distributions madeby the Portfolio to such an account or plan, and exchanges andredemptions of Portfolio shares made by such an account or plan,ordinarily do not cause the holders of underlying Contracts or planparticipants or beneficiaries to recognize income or gain for federalincome tax purposes at the time of the distributions, exchanges orredemptions; the holders, plan participants or beneficiaries gen-erally are taxed only on amounts they withdraw from their Contractor plan. See the prospectus for your Contract or your plan doc-umentation for further tax information.



VTEI 4

EQ Advisors TrustSM

1290 VT GAMCO Mergers & Acquisitions Portfolio – Class IA and IB Shares



Investment Objective: Seeks to achieve capital appreciation.




Annual Portfolio Operating Expenses(expenses that you pay each year as a percentage of the value ofyour investment)1290 VT GAMCO Mergers & Acquisitions

PortfolioClass IAShares

Class IBShares

Management Fee 0.90% 0.90%Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25%Other Expenses 0.17% 0.17%Acquired Fund Fees and Expenses 0.02% 0.02%Total Annual Portfolio Operating Expenses 1.34% 1.34%

Example

This Example is intended to help you compare the cost of investing inthe Portfolio with the cost of investing in other portfolios. The Exam-ple assumes that you invest $10,000 in the Portfolio for the periodsindicated, that your investment has a 5% return each year and thatthe Portfolio’s operating expenses remain the same. This Exampledoes not reflect any Contract-related fees and expenses includingredemption fees (if any) at the Contract level. If such fees and ex-penses were reflected, the total expenses would be higher. Althoughyour actual costs may be higher or lower, based on these assump-tions, whether you redeem or hold your shares, your costs would be:


PORTFOLIO TURNOVER



Principal Investment Strategy: Under normal circumstances, thePortfolio invests primarily in arbitrage opportunities by investing inequity securities of companies that are involved in publicly an-nounced mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations and other corporate re-organizations and in equitysecurities of companies that the Sub-Adviser believes are likelyacquisition targets within 12 to 18 months. When a company agreesto be acquired by another company, its stock price often quickly risesto just below the stated acquisition price. If the Sub-Adviser de-termines that the acquisition is likely to be consummated on sched-ule at the stated acquisition price, then the Portfolio may purchase (ifit does not already hold) or increase its investment in the sellingcompany’s securities, offering the Portfolio the possibility of generousreturns in excess of the return on cash equivalents with a limited riskof excessive loss of capital. At times, the stock of the acquiring com-pany may also be purchased or shorted. The Portfolio may hold asignificant portion of its assets in cash or cash equivalents in antici-pation of arbitrage opportunities.

The Portfolio may invest in companies of any size and from time totime may invest in companies with small, mid, and large marketcapitalizations. The Portfolio generally invests in securities of U.S.companies, but also may invest up to 20% of its assets in foreignsecurities, including those in emerging markets.

The Portfolio intends to invest primarily in common stocks, but it mayalso invest in other securities that the Sub-Adviser believes provideopportunities for capital appreciation, such as preferred stocks andwarrants. It is expected that the Portfolio will engage in active orfrequent trading of portfolio securities to achieve its investment ob-jective. In this connection, it is expected that the Portfolio may have aportfolio turnover rate of 150% or more.

VTGM 1

In choosing investments, the Sub-Adviser searches for the best valueson securities that it believes have the potential to achieve the Portfo-lio’s investment objective of capital appreciation. In seeking toidentify companies that are likely to be acquisition targets, the Sub-Adviser considers, among other things, consolidation trends withinparticular industries, whether a particular industry or company isundergoing a fundamental change or restructuring, the Sub-Adviser’sassessment of the “private market value” of individual companiesand the potential for an event or catalyst to occur that enhances acompany’s underlying value. The “private market value” of a com-pany is the value that the Sub-Adviser believes informed investorswould be willing to pay to acquire the entire company. The Sub-Adviser seeks to limit excessive risk of capital loss by utilizing variousinvestment strategies, including investing in value oriented equitysecurities that should trade at a significant discount to the Sub-Adviser’s assessment of their private market value.

In evaluating arbitrage opportunities with respect to companies in-volved in publicly announced mergers or other corporate restructur-ings, the Sub-Adviser seeks to acquire target companies at a rate ofreturn that provides compensation for assuming deal completion risk.Since such investments are ordinarily short-term in nature, they willtend to increase the turnover rate of the Portfolio, thereby increasingits brokerage and other transaction expenses. The Sub-Adviser maysell a security for a variety of reasons, such as when the security isselling in the public market at or near the Sub-Adviser’s estimate ofits private market value or if the catalyst expected to happen fails tomaterialize.

The Portfolio may invest its uninvested cash in high-quality, short-term debt securities, including repurchase agreements and high-quality money market instruments, and also may invest uninvestedcash in money market funds, including money market funds man-aged by the Adviser. Generally, these securities offer less potentialfor gains than other types of securities.

The Portfolio also may lend its portfolio securities to earn additionalincome.



Cash Management Risk: The Portfolio may maintain cash andcash equivalent positions as part of the Portfolio’s strategy in orderto take advantage of investment opportunities as they arise, to man-age the Portfolio’s market exposure, and for other portfoliomanagement purposes. As such, the Portfolio may maintain cashbalances, which may be significant, with counterparties such as theTrust’s custodian or its affiliates. Maintaining larger cash and cashequivalent positions could negatively affect the Portfolio’s perform-ance due to missed investment opportunities and may also subjectthe Portfolio to additional risks, such as increased counterparty and

credit risk with respect to the custodian bank holding the assets.



Focused Portfolio Risk: The Portfolio employs a strategy of in-vesting in the securities of a limited number of companies, some ofwhich may be in the same industry, sector or geographic region. As aresult, the Portfolio may incur more risk because changes in the valueof a single security may have a more significant effect, either positiveor negative, on the Portfolio’s net asset value. To the extent that thePortfolio concentrates, or invests a higher percentage of its assets, inthe securities of a particular issuer or issuers in a particular country,group of countries, region, market, industry, group of industries, sec-tor or asset class, the Portfolio may be adversely affected by the per-formance of those securities, and may be more susceptible to adverseeconomic, market, political or regulatory occurrences affecting thatissuer or issuers, country, group of countries, region, market, in-dustry, group of industries, sector or asset class. A portfolio usingsuch a focused or concentrated investment strategy may experiencegreater performance volatility than a portfolio that is more broadlyinvested.

Foreign Securities Risk: Investments in foreign securities,including depositary receipts, involve risks not associated withinvestments in U.S. securities. Foreign markets may be less liquid,more volatile and subject to less government supervision and regu-lation than U.S. markets. Security values also may be negatively af-fected by changes in the exchange rates between the U.S. dollar andforeign currencies. Differences between U.S. and foreign legal, politi-cal and economic systems, regulatory regimes and market practicesalso may impact security values, and it may take more time to clearand settle trades involving foreign securities. In addition, securitiesissued by U.S. entities with substantial foreign operations or holdingscan involve risks relating to conditions in foreign countries.

Currency Risk: Investments in foreign currencies and insecurities that trade in, or receive revenues in, or in derivativesthat provide exposure to foreign currencies are subject to the

VTGM 2

risk that those currencies will decline in value relative to theU.S. dollar. Any such decline may erode or reverse any potentialgains from an investment in securities denominated in foreigncurrency or may widen existing loss. In the case of hedgingpositions, there is the risk that the U.S. dollar will decline invalue relative to the currency being hedged. Currency rates mayfluctuate significantly over short periods of time for a number ofreasons, including changes in interest rates, intervention (or thefailure to intervene) by governments, central banks or suprana-tional entities, or by the imposition of currency controls or otherpolitical developments in the U.S. or abroad.


Large-Cap Company Risk: Larger, more established compa-nies may be unable to respond quickly to new competitive challengessuch as changes in technology and consumer tastes. Many largercompanies also may not be able to attain the high growth rate ofsuccessful smaller companies, especially during extended periods ofeconomic expansion.

Mid-Cap and Small-Cap Company Risk: The Portfolio’s in-vestments in mid- and small-cap companies may involve greater risksthan investments in larger, more established issuers because they gen-erally are more vulnerable than larger companies to adverse businessor economic developments. Such companies generally have narrowerproduct lines, more limited financial and management resources andmore limited markets for their securities as compared with larger com-panies. As a result, the value of such securities may be more volatilethan the value of securities of larger companies, and the Portfolio mayexperience difficulty in purchasing or selling such securities at the de-sired time and price or in the desired amount. In general, these risksare greater for small-cap companies than for mid-cap companies.

Money Market Risk: Although a money market fund is de-signed to be a relatively low risk investment, it is not free of risk.Despite the short maturities and high credit quality of a money mar-ket fund’s investments, increases in interest rates and deteriorationsin the credit quality of the instruments the money market fund haspurchased may reduce the money market fund’s yield and can causethe price of a money market security to decrease. In addition, amoney market fund is subject to the risk that the value of an invest-ment may be eroded over time by inflation. Changes to the rules thatgovern money market funds became effective in October 2016.These changes may affect a money market fund’s investment strat-egies, operations and/or return potential.


Portfolio Turnover Risk: High portfolio turnover (generally,turnover, in excess of 100% in any given fiscal year) may result inincreased transaction costs to the Portfolio, which may result inhigher fund expenses and lower total return.

Preferred Stock Risk: Preferred stock is subject to many of therisks associated with debt securities, including interest rate risk. Un-like interest payments on debt securities, dividends on preferredstock are generally payable at the discretion of the issuer’s board ofdirectors. Preferred shareholders may have certain rights if dividendsare not paid but generally have no legal recourse against the issuer.Shareholders may suffer a loss of value if dividends are not paid. Incertain situations an issuer may call or redeem its preferred stock orconvert it to common stock. The market prices of preferred stocks aregenerally more sensitive to actual or perceived changes in the issuer’sfinancial condition or prospects than are the prices of debt securities.


Securities Lending Risk: The Portfolio may lend its portfolio secu-rities to seek income. There is a risk that a borrower may default on itsobligations to return loaned securities, however, the Portfolio’s secu-rities lending agent may indemnify the Portfolio against that risk. ThePortfolio will be responsible for the risks associated with the investmentof cash collateral, including any collateral invested in an affiliatedmoney market fund. The Portfolio may lose money on its investment ofcash collateral or may fail to earn sufficient income on its investment tomeet obligations to the borrower. In addition, delays may occur in therecovery of securities from borrowers, which could interfere with thePortfolio’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 offersor other unusual events expected to affect a particular issuer. In general,securities of companies which are the subject of a tender or exchangeoffer or a merger, consolidation, bankruptcy, liquidation, reorganizationor restructuring proposal sell at a premium to their historic market priceimmediately prior to the announcement of the transaction. However, itis possible that the value of securities of a company involved in such atransaction will not rise and in fact may fall, in which case the Portfoliowould lose money. It is also possible that the transaction may not becompleted as anticipated or may take an excessive amount of time tobe completed, in which case the Portfolio may not realize any premiumon its investment and could lose money if the value of the securities de-clines during the Portfolio’s holding period. In some circumstances, thesecurities purchased may be illiquid making it difficult for the Portfolio todispose of them at an advantageous price.

VTGM 3


The bar chart and table below provide some indication of the risks ofinvesting in the Portfolio by showing changes in the Portfolio’s per-formance from year to year and by showing how the Portfolio’saverage annual total returns for the past one, five and ten years (orsince inception) through December 31, 2017 compared to the re-turns of a broad-based securities market index. The additional broad-based securities market index shows how the Portfolio’s perfomancecompared with the returns of another index that has characteristicsrelevant to the Portfolio’s investment strategies. The return of thebroad-based securities market index (and any additional comparativeindex) shown in the right hand column below is the return of theindex for the last 10 years or, if shorter, since the inception of theshare class with the longest history. Class IA Shares did not pay12b-1 fees prior to January 1, 2012. Past performance is not an in-dication of future performance.



2014 20172016201520132012201120102008

-13.83%

2009

16.63%

9.59%

1.41%

5.29%

10.89%

1.88% 2.43%

7.65%6.17%



OneYear

FiveYears


1290 VT GAMCO Mergers &Acquisitions Portfolio – Class IAShares 6.14% 5.76% 4.62%

1290 VT GAMCO Mergers &Acquisitions Portfolio – Class IBShares 6.17% 5.75% 4.52%

S&P Long-Only Merger ArbitrageIndex (reflects no deduction forfees, expenses, or taxes) 4.67% 4.53% 3.57%





Name Title

Date BeganManaging

the Portfolio


ExecutiveVice President andChief Investment Officerof FMG LLC

May 2011


May 2009

Sub-Adviser: GAMCO Asset Management, Inc. (“GAMCO”)

Portfolio Manager: The individual primarily responsible for thesecurities selection, research and trading for the Portfolio is:

Name Title

Date BeganManaging

the Portfolio

Mario J. Gabelli Chief Executive Officer andChief Investment Officer ofValue Portfolios of GAMCO

May 2003



The Portfolio’s shares are currently sold only to insurance companyseparate accounts in connection with Contracts issued by AXA Equi-table Life Insurance Company (“AXA Equitable”), AXA Life and An-nuity Company, or other affiliated or unaffiliated insurancecompanies and to The AXA Equitable 401(k) Plan. Shares also maybe sold to other tax-qualified retirement plans, to other portfoliosmanaged by FMG LLC that currently sell their shares to such ac-counts and plans and to other investors eligible under applicablefederal income tax regulations.

The Portfolio does not have minimum initial or subsequent invest-ment requirements. Shares of the Portfolio are redeemable on any

VTGM 4

business day (which typically is any day the New York Stock Ex-change is open) upon receipt of a request. All redemption requestswill be processed and payment with respect thereto will normally bemade within seven days after tender. Please refer to your Contractprospectus for more information on purchasing and redeemingPortfolio shares.

TAX INFORMATION

The Portfolio’s shareholders are (or may include) insurance companyseparate accounts, qualified plans and other investors eligible underapplicable federal income tax regulations. Distributions made by thePortfolio to such an account or plan, and exchanges and re-demptions of Portfolio shares made by such an account or plan,ordinarily do not cause the holders of underlying Contracts or planparticipants or beneficiaries to recognize income or gain for federalincome tax purposes at the time of the distributions, exchanges orredemptions; the holders, plan participants or beneficiaries generallyare taxed only on amounts they withdraw from their Contract orplan. See the prospectus for your Contract or your plan doc-umentation for further tax information.



VTGM 5

EQ Advisors TrustSM

1290 VT GAMCO Small Company Value Portfolio – Class IA and IB Shares



Investment Objective: Seeks to maximize capital appreciation.




Annual Portfolio Operating Expenses(expenses that you pay each year as a percentage of the value ofyour investment)1290 VT GAMCO Small Company Value


Class IBShares

Management Fee 0.71% 0.71%Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25%Other Expenses 0.11% 0.11%Acquired Fund Fees and Expenses 0.01% 0.01%Total Annual Portfolio Operating Expenses 1.08% 1.08%

Example



PORTFOLIO TURNOVER



Principal Investment Strategy: Under normal circumstances, thePortfolio intends to invest at least 80% of its net assets, plus borrowingsfor investment purposes, in stocks of small capitalization companies. Forthis Portfolio, small capitalization companies are companies with marketcapitalizations of $2.0 billion or less at the time of investment.

The Portfolio intends to invest primarily in common stocks, but it mayalso invest in other securities that the Sub-Adviser believes provideopportunities for capital growth, such as preferred stocks and war-rants. This Portfolio also may invest in foreign securities.

The Sub-Adviser utilizes a value-oriented investment style that em-phasizes companies deemed to be currently underpriced according tocertain financial measurements, which may include price-to-earningsand price-to-book ratios. In choosing investments, the Sub-Adviserutilizes a process of fundamental analysis that involves researchingand evaluating individual companies for potential investment by thePortfolio. The Sub-Adviser uses a proprietary research technique todetermine which stocks have a market price that is less than the“private market value” or what an informed investor would pay forthe company. This approach will often lead the Portfolio to focus on“strong companies” in out-of-favor sectors or out-of-favor compa-nies exhibiting a catalyst for change. The Sub-Adviser may sell asecurity for a variety of reasons, such as because it becomes over-valued or shows deteriorating fundamentals, or to invest in a com-pany believed to offer superior investment opportunities.



VTGSC 1





Investment Style Risk: The Portfolio may use a particular styleor set of styles — in this case “value” styles — to select invest-ments. Those styles may be out of favor or may not produce the bestresults over short or longer time periods. Value stocks are subject tothe risks that, notwithstanding that a stock is selling at a discount toits perceived true worth, the stock’s intrinsic value may never be fullyrecognized or realized by the market, or its price may go down. Inaddition, there is the risk that a stock judged to be undervalued mayactually have been appropriately priced at the time of investment.



Securities Lending Risk: The Portfolio may lend its portfolio secu-rities to seek income. There is a risk that a borrower may default on itsobligations to return loaned securities, however, the Portfolio’s secu-

rities lending agent may indemnify the Portfolio against that risk. ThePortfolio will be responsible for the risks associated with the investmentof cash collateral, including any collateral invested in an affiliatedmoney market fund. The Portfolio may lose money on its investment ofcash collateral or may fail to earn sufficient income on its investment tomeet obligations to the borrower. In addition, delays may occur in therecovery of securities from borrowers, which could interfere with thePortfolio’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, moreestablished issuers because they generally are more vulnerable thanlarger companies to adverse business or economic developments. Suchcompanies generally have narrower product lines, more limited financialand management resources and more limited markets for their securitiesas compared with larger companies. They may depend on a more limitedmanagement group than larger capitalized companies. In addition, it ismore difficult to get information on smaller companies, which tend to beless well known, have shorter operating histories, do not have significantownership by large investors and are followed by relatively few securitiesanalysts. As a result, the value of such securities may be more volatilethan the value of securities of larger companies, and because the secu-rities generally trade in lower volumes than larger cap securities, thePortfolio may experience difficulty in purchasing or selling such securitiesat the desired time and price or in the desired amount.


The bar chart and table below provide some indication of the risks of in-vesting in the Portfolio by showing changes in the Portfolio’s perform-ance from year to year and by showing how the Portfolio’s averageannual total returns for the past one, five and ten years (or since in-ception) through December 31, 2017 compared to the returns of abroad-based securities market index. The return of the broad-basedsecurities market index (and any additional comparative index) shown inthe right hand column below is the return of the index for the last 10years or, if shorter, since the inception of the share class with the longesthistory. Class IA shares did not pay 12b-1 fees prior to January 1, 2012.Past performance is not an indication of future performance.



2008 2009 2010 201320122011

-30.68%

-3.48%

41.40%

32.64%

17.86%

39.11%

23.28%16.09%

2014 20172016

3.06%

2015

-5.70%


VTGSC 2


OneYear

FiveYears


1290 VT GAMCO Small CompanyValue Portfolio – Class IA Shares 16.08% 14.11% 11.20%

1290 VT GAMCO Small CompanyValue Portfolio – Class IB Shares 16.09% 14.11% 11.09%





Name Title

Date BeganManaging

the PortfolioKenneth T. Kozlowski,

CFP®, CLU, ChFCExecutiveVice President andChief Investment Officerof FMG LLC

May 2011


May 2009

Sub-Adviser: GAMCO Asset Management, Inc. (“GAMCO”)


Name Title

Date BeganManaging

the PortfolioMario J. Gabelli Chief Executive Officer and

Chief Investment Officer ofthe Value Portfolios ofGAMCO

June 1996



The Portfolio’s shares are currently sold only to insurance com-pany separate accounts in connection with Contracts issued by

AXA Equitable Life Insurance Company (“AXA Equitable”), AXALife and Annuity Company, or other affiliated or unaffiliated in-surance companies and to The AXA Equitable 401(k) Plan. Sharesalso may be sold to other tax-qualified retirement plans, to otherportfolios managed by FMG LLC that currently sell their shares tosuch accounts and plans and to other investors eligible underapplicable federal income tax regulations.


TAX INFORMATION




VTGSC 3

EQ Advisors TrustSM

1290 VT Socially Responsible Portfolio – Class IA and IB Shares



Investment Objective: Seeks to achieve long-term capital appreciation.





1290 VT Socially Responsible PortfolioClass IAShares

Class IBShares

Management Fee 0.50% 0.50%Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25%Other Expenses 0.19% 0.19%Total Annual Portfolio Operating Expenses 0.94% 0.94%

Example



PORTFOLIO TURNOVER



Principal Investment Strategy: The Portfolio seeks to track theinvestment results of the MSCI KLD 400 Social Index (the“Underlying Index”), which is a free float-adjusted market capital-ization index designed to target U.S. companies that have positiveenvironmental, social and governance (“ESG”) characteristics. As ofDecember 31, 2017, the Underlying Index consisted of 400 compa-nies identified by MSCI Inc. (the “Index Provider” or “MSCI”) fromthe universe of companies included in the MSCI USA IMI Index,which targets 99% of the market coverage of stocks that are listedfor trading on the New York Stock Exchange (“NYSE”), NASDAQStock Market and the American Stock Exchange. MSCI analyzes eacheligible company’s ESG performance using proprietary ratings cover-ing ESG criteria, as described in more detail below. Companies thatMSCI determines have significant involvement in the following busi-nesses are not eligible for the Underlying Index: alcohol, tobacco,gambling, civilian firearms, nuclear power, military weapons, adultentertainment and genetically modified organisms.

The Underlying Index may include large-, mid- or small-capitalizationcompanies. Components of the Underlying Index primarily includeconsumer discretionary, healthcare and information technologycompanies. The components of the Underlying Index, and the degreeto which these components represent certain industry sectors, arelikely to change over time.

The Underlying Index uses company ratings and research provided byMSCI ESG Research to determine eligibility. The following descriptionis as of the date of this Prospectus and is subject to change as de-termined from time to time by MSCI:

• The Underlying Index uses research to identify companies that dem-onstrate an ability to manage their ESG risks and opportunities.

VTSR 1

MSCI identifies key ESG issues that hold the greatest potential riskor opportunity for each industry sector:

Environment Social Governance

Carbon Emissions Labor Management Corruption &Instability

Product CarbonFootprint

Human CapitalDevelopment

Financial SystemInstability

Energy Efficiency Health and Safety Business Ethics &Fraud

Insuring ClimateChange Risk

Supply Chain LaborStandards

Anti-CompetitivePractices

Water Stress ControversialSourcing

CorporateGovernance

Biodiversity and LandUse

Product Safety andQuality

Raw MaterialSourcing

Chemical Safety

FinancingEnvironmentalImpact

Financial ProductSafety

Toxic Emissions andWaste

Privacy and DataSecurity

Packaging Materialand Waste

ResponsibleInvesting

Electronic Waste Insuring Health andDemographic Risk

Opportunities inClean Tech

Opportunities inHealth andNutrition

Opportunities inGreen Building

Access toCommunications

Opportunities inRenewable Energy

Access to Finance

Access toHealthcare

MSCI analysts calculate the size of a company’s exposure to eachkey issue based on an analysis of a company’s business, then takeinto account the extent to which a company has developed robuststrategies and demonstrated a strong track record of performancein managing its specific level of risks or opportunities. Using asector-specific key issue weighting model, companies are ratedand ranked in comparison to their sector peers. The companies ineach sector undergo an annual review and are updated on a roll-ing basis as well as in response to major events.

• The Underlying Index uses research to identify those companies thatare involved in very serious controversies involving the ESG impactof their operations or products and services. The MSCI researchcovers five categories of impact: environment, customers, humanrights and community, labor rights and supply chain, and gover-nance. Companies are scored based on an evaluation frameworkdesigned to be consistent with international norms as expressed indeclarations of the United Nations and its agencies. Companies

deemed to be involved in the most severe controversies related tothe ESG impact of their operations or products and services are ex-cluded from the Underlying Index.

The selection universe for the Underlying Index is large-, mid- andsmall-capitalization companies in the MSCI USA IMI Index. The Un-derlying Index targets a minimum of 200 large- and mid-capitalization constituents. The composition of the Underlying Indexis reviewed on a quarterly basis. At each quarterly review, con-stituents are deleted if they are deleted from the MSCI USA IMI In-dex, if they fail the exclusion screens, or if their ESG ratings or scoresfall below minimum standards. Additions are made to restore thenumber of constituents to 400. All eligible securities of each issuerare included in the Underlying Index, so the Underlying Index mayhave more than 400 securities. The Underlying Index is rebalanced atthe regular reviews in May, August, November and February.

The Sub-Adviser uses a “passive” or indexing approach to try toachieve the Portfolio’s investment objective. Unlike many investmentcompanies, the Portfolio does not try to “beat” the index it tracksand does not seek temporary defensive positions when markets de-cline or appear overvalued.

Generally, the Sub-Adviser uses a replication indexing strategy tomanage the Portfolio, although in certain instances the Sub-Advisermay use a representative sampling indexing strategy to manage thePortfolio. “Replication” is an indexing strategy that involves holdingeach security in the Underlying Index in approximately the sameweight that the security represents in the Underlying Index.“Representative sampling” is an indexing strategy that involvesinvesting in a representative sample of securities that collectively hasan investment profile similar to that of the Underlying Index. Thesecurities selected are expected to have, in the aggregate, invest-ment characteristics (based on factors such as market capitalizationand industry weightings), fundamental characteristics (such as returnvariability and yield) and liquidity measures similar to those of theUnderlying Index. The Portfolio may or may not hold all of the secu-rities in the Underlying Index.

The Portfolio generally invests at least 90% of its total assets in secu-rities of the Underlying Index and in depositary receipts representingsecurities of the Underlying Index. The Portfolio may invest the re-mainder of its assets in certain futures, options and swap contracts,cash and cash equivalents, including shares of money market funds,including affiliated money market funds, as well as in securities notincluded in the Underlying Index, but which the Sub-Adviser believeswill help the Portfolio track the Underlying Index. The Portfolio seeksto track the investment results of the Underlying Index before feesand expenses of the Portfolio.

The Portfolio may also lend its portfolio securities to earn additionalincome.


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Derivatives Risk: The Portfolio’s investments in derivatives mayrise or fall in value more rapidly than other investments. Changes inthe value of a derivative may not correlate perfectly, or at all, withthe underlying asset, reference rate or index, and the Portfolio couldlose more than the principal amount invested. Some derivatives canhave the potential for unlimited losses. In addition, it may be difficultor impossible for the Portfolio to purchase or sell certain derivativesin sufficient amounts to achieve the desired level of exposure, whichmay result in a loss or may be costly to the Portfolio. Derivatives alsomay be subject to certain other risks such as leveraging risk, liquidityrisk, interest rate risk, market risk, credit risk, the risk that a counter-party may be unable or unwilling to honor its obligations, manage-ment risk and the risk of mispricing or improper valuation.Derivatives also may not behave as anticipated by the Portfolio,especially in abnormal market conditions. Changing regulation maymake derivatives more costly, limit their availability, impact thePortfolio’s ability to maintain its investments in derivatives, disruptmarkets, or otherwise adversely affect their value or performance.


Index Strategy Risk: The Portfolio employs an index strategy,that is, it generally invests in the securities included in its index or arepresentative sample of such securities regardless of market trends.The Portfolio generally will not modify its index strategy to respondto changes in the economy, which means that it may be particularlysusceptible to a general decline in the market segment relating to therelevant index. In addition, although the index strategy attempts toclosely track its benchmark index, the Portfolio may not invest in allof the securities in the index. Also, the Portfolio’s fees and expenseswill reduce the Portfolio’s returns, unlike those of the benchmarkindex. Cash flow into and out of the Portfolio, portfolio transactioncosts, changes in the securities that comprise the index, and thePortfolio’s valuation procedures also may affect the Portfolio’s per-formance. Therefore, there can be no assurance that the performanceof the index strategy will match that of the benchmark index.

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


Money Market Risk: Although a money market fund is de-signed to be a relatively low risk investment, it is not free of risk.Despite the short maturities and high credit quality of a money mar-ket fund’s investments, increases in interest rates and deteriorationsin the credit quality of the instruments the money market fund haspurchased may reduce the money market fund’s yield and can causethe price of a money market security to decrease. In addition, amoney market fund is subject to the risk that the value of an invest-ment may be eroded over time by inflation. Changes to the rules thatgovern money market funds became effective in October 2016.These changes may affect a money market fund’s investment strat-egies, operations and/or return potential.

Responsible Investing Risk: Consideration of environmental,social and governance (“ESG”) factors in the investment process maylimit the types and number of investment opportunities available to thePortfolio, and therefore carries the risk that, under certain market con-ditions, the Portfolio may underperform funds that do not consider ESGfactors. The integration of ESG considerations may affect the Portfolio’sexposure to certain sectors or types of investments and may impact thePortfolio’s relative investment performance depending on whether suchsectors or investments are in or out of favor in the market. In addition,the Sub-Adviser may be unsuccessful in creating a portfolio that con-sists of companies that exhibit more positive ESG characteristics or aportfolio that assigns more weight to such companies.



Small-Cap Company Risk: The Portfolio’s investments insmall-cap companies may involve greater risks than investments inlarger, more established issuers because they generally are more vul-nerable than larger companies to adverse business or economicdevelopments. Such companies generally have narrower productlines, more limited financial and management resources and morelimited markets for their securities as compared with larger compa-nies. They may depend on a more limited management group thanlarger capitalized companies. In addition, it is more difficult to getinformation on smaller companies, which tend to be less well known,have shorter operating histories, do not have significant ownership

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by large investors and are followed by relatively few securities ana-lysts. As a result, the value of such securities may be more volatilethan the value of securities of larger companies, and because thesecurities generally trade in lower volumes than larger cap securities,the Portfolio may experience difficulty in purchasing or selling suchsecurities at the desired time and price or in the desired amount.


The bar chart and table below provide some indication of the risks ofinvesting in the Portfolio by showing changes in the Portfolio’s per-formance from year to year and by showing how the Portfolio’saverage annual total returns for the past one, five and ten yearsthrough December 31, 2017 compared to the returns of a broad-based securities market index. The additional broad-based securitiesmarket index shows how the Portfolio’s performance compared withthe returns of another index that has characteristics relevant to thePortfolio’s investment strategies. Past performance is not an in-dication of future performance.

Prior to August 1, 2011, this Portfolio consisted entirely of an activelymanaged portfolio of equity securities. Performance information for theperiods prior to December 9, 2016 is that of the Portfolio when it en-gaged a different Sub-Adviser and tracked a different underlying index.



201720162008 2009 201220112010

30.90%

-45.18%

0.25%

12.40%16.87%

34.27%

13.58%9.94%

2013 2015

0.49%

2014

20.44%

Best quarter (% and time period) Worst quarter (% and time period)15.88% (2012 1st Quarter) –25.45% (2008 4th Quarter)


FiveYears

TenYears

1290 VT Socially Responsible Portfolio –Class IA Shares 20.45% 15.21% 6.83%

1290 VT Socially Responsible Portfolio –Class IB Shares 20.44% 15.20% 6.73%

MSCI KLD 400 Social Index (reflects nodeduction for fees, expenses, or taxes) 21.61% 15.89% 8.72%

Russell 1000® Growth Index (reflects nodeduction for fees, expenses, or taxes) 30.21% 17.33% 10.00%



Portfolio Managers: The members of the team that are jointly andprimarily responsible for the selection, monitoring and oversight ofthe Fund’s Sub-Adviser are:

Name Title

Date BeganManaging

the Portfolio

Kenneth T.Kozlowski,CFP®, CLU, ChFC


August 2012


August 2012

Sub-Adviser: BlackRock Investment Management, LLC(“BlackRock”)


Name Title

Date BeganManaging

the Portfolio

Alan Mason Managing Director ofBlackRock

December 2016

Greg Savage, CFA® Managing Director ofBlackRock

December 2016

Jennifer Hsui, CFA® Managing Director ofBlackRock

December 2016

Creighton Jue,CFA®

Managing Director ofBlackRock

December 2016

Rachel M. Aguirre Director of BlackRock December 2016



The Portfolio’s shares are currently sold only to insurance companyseparate accounts in connection with Contracts issued by AXAEquitable Life Insurance Company (“AXA Equitable”), AXA Life andAnnuity Company, or other affiliated or unaffiliated insurancecompanies and to The AXA Equitable 401(k) Plan. Shares also may be

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sold to other tax-qualified retirement plans, to other portfoliosmanaged by FMG LLC that currently sell their shares to such accountsand plans and to other investors eligible under applicable federalincome tax regulations.


TAX INFORMATION




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EQ Advisors TrustSM

All Asset Growth – Alt 20 Portfolio – Class IA and IB Shares



Investment Objective: Seeks long-term capital appreciation andcurrent income.





All Asset Growth-Alt 20 PortfolioClass IAShares

Class IBShares

Management Fee 0.10% 0.10%

Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25%

Other Expenses 0.28% 0.27%

Acquired Fund Fees and Expenses 0.73% 0.73%

Total Annual Portfolio Operating Expenses* 1.36% 1.35%

Fee Waiver and/or Expense Reimbursement† –0.01% 0.00%Total Annual Portfolio Operating Expenses After Fee


* The Total Annual Portfolio Operating Expenses do not correlate to the ratio ofexpenses to average net assets given in the Portfolio’s Financial Highlights.

† Pursuant to a contract, AXA Equitable Funds Management Group, LLC hasagreed to make payments or waive its management, administrative and otherfees to limit the expenses of the Portfolio through April 30, 2019 (unless theBoard of Trustees consents to an earlier revision or termination of thisarrangement (“Expense Limitation Arrangement”) so that the annual operatingexpenses (including Acquired Fund Fees and Expenses) of the Portfolio(exclusive of taxes, interest, brokerage commissions, dividend and interest ex-penses on securities sold short, capitalized expenses and extraordinary ex-penses) do not exceed an annual rate of average daily net assets of 1.35% forClass IA and Class IB shares of the Portfolio. The Expense Limitation Arrange-ment may be terminated by AXA Equitable Funds Management Group, LLC atany time after April 30, 2019.

Example

This Example is intended to help you compare the cost of investing inthe Portfolio with the cost of investing in other portfolios. The Exampleassumes that you invest $10,000 in the Portfolio for the time periodsindicated, that your investment has a 5% return each year, that thePortfolio’s operating expenses remain the same, and that the ExpenseLimitation Arrangement is not renewed. This Example does not reflectany Contract-related fees and expenses including redemption fees (ifany) at the Contract level. If such fees and expenses were reflected, thetotal expenses would be higher. Although your actual costs may behigher or lower, based on these assumptions, whether you redeem orhold your shares, your costs would be:

1 Year 3 Years 5 Years 10 YearsClass IA Shares $ 137 $ 430 $ 744 $ 1,634

Class IB Shares $137 $428 $739 $1,624

PORTFOLIO TURNOVER

The Portfolio will not incur transaction costs, such as commis-sions, when it buys and sells shares of the Underlying Portfolios, but itwill incur transaction costs when it buys and sells other types of secu-rities (including exchange-traded securities of Underlying ETFs) directly(or “turns over” its portfolio). A higher portfolio turnover rate may in-dicate higher transaction costs. These costs, which are not reflected inannual fund operating expenses or in the Example, affect the Portfo-lio’s performance. During the most recent fiscal year, the Portfolio’sportfolio turnover rate was 15% of the average value of the Portfolio.


Principal Investment Strategy: The Portfolio pursues its invest-ment objective by investing in other mutual funds (“UnderlyingPortfolios”) managed by AXA Equitable Funds Management Group,LLC (“FMG LLC” or “Adviser”) and exchange-traded securities of otherinvestment companies or investment vehicles (“Underlying ETFs”). TheAdviser, under the oversight of the Trust’s Board of Trustees, hasestablished an asset allocation target for the Portfolio. This target is theapproximate percentage of the Portfolio’s assets that will be investedin equity investments, fixed income investments or alternative invest-ments (referred to herein as “asset classes”) as represented by theholdings of the Underlying Portfolios and Underlying ETFs in which the

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Portfolio invests. The Portfolio’s current asset allocation target is to in-vest approximately 55% of its assets in equity investments, 25% of itsassets in fixed income investments and 20% of its assets in alternativeinvestments through investments in Underlying Portfolios and Under-lying ETFs. This asset allocation target may be changed by the Adviserand the Trust’s Board of Trustees without shareholder approval.

Alternative investments are different than traditional equity or fixedincome investments. Alternative investments have the potential toenhance portfolio diversification and reduce overall portfolio volatilitybecause these investments may not have a strong correlation(relationship) to one another or to traditional market indexes. Alter-native investments may include, for example, convertible securities,investments in certain industries or sectors (e.g., infrastructure), Un-derlying ETFs that invest in commodities and other instruments thatderive their value from natural resources, the 1290 VT NaturalResources Portfolio, the 1290 VT Real Estate Portfolio and other in-struments that derive their value from real estate, and the 1290 VTGAMCO Mergers & Acquisitions Portfolio.

In addition, the Portfolio may invest in Underlying Portfolios andUnderlying ETFs that employ derivatives for a variety of purposes, in-cluding to reduce risk, to seek enhanced returns from certain assetclasses, and to leverage exposure to certain asset classes. The Portfo-lio also may invest in Underlying Portfolios and Underlying ETFs thatinvest in inflation-indexed bonds, which are fixed income securitiesthat are structured to provide protection against inflation.

Subject to the asset allocation target set forth above, the Adviser alsohas established target investment percentages for each asset cat-egory in which the Portfolio invests. As used in this Prospectus, theterm “asset category” refers to specific types of securities or otherinstruments within each asset class (e.g., large cap equity securities,micro/small/mid cap equity securities, foreign/emerging marketssecurities, real estate investment trusts (“REITs”), investment gradebonds and high yield bonds (also known as “junk bonds”)). Eachtarget investment percentage is an approximate percentage of thePortfolio’s assets that is invested in a particular asset categorythrough investments in Underlying Portfolios or Underlying ETFswhose individual holdings fall within such asset category. Under thePortfolio’s current target investment percentages, it generally investsits assets in a combination of Underlying Portfolios or UnderlyingETFs that results in the Portfolio being invested in the following assetcategories in the approximate percentages shown in the table below.The Adviser may change these targets from time to time. Actual allo-cations can deviate from the amounts shown below by up to 15%for each asset class and asset category. The REITs, other alternativeinvestments, investment grade and high yield bond categories mayinclude both U.S. and foreign issuers.

Asset ClassRange of Equity 55%

Large Cap Equity Securities 20%Micro/Small/Mid Cap Equity Securities 15%Foreign/Emerging Markets Securities 20%

Range of Alternative Investments 20%REITs 5%Other Alternatives 15%

Range of Fixed Income 25%Investment Grade Bonds 23%High Yield Bonds 2%

The Adviser selects the Underlying Portfolios and Underlying ETFs inwhich to invest the Portfolio’s assets. The Adviser may add new Un-derlying Portfolios and Underlying ETFs or replace or eliminate exist-ing Underlying Portfolios and Underlying ETFs without shareholderapproval. The Underlying Portfolios and Underlying ETFs have beenselected to represent a reasonable spectrum of investment optionsfor the Portfolio. The Adviser has based the asset allocation targetand target investment percentages for the Portfolio on the degree towhich it believes the Underlying Portfolios and Underlying ETFs, incombination, are appropriate for the Portfolio’s investment objective.The Adviser may sell the Portfolio’s holdings for a variety of reasons,including to invest in an Underlying Portfolio or Underlying ETF be-lieved to offer superior investment opportunities.


Principal Risks: An investment in the Portfolio is not a deposit of abank and is not insured or guaranteed by the Federal Deposit In-surance Corporation or any other government agency. You may losemoney by investing in the Portfolio. Performance may be affected byone or more of the following risks. The Portfolio is also subject to therisks associated with the Underlying Portfolios’ and Underlying ETFs’investments; please see the Prospectuses and Statements of Addi-tional Information for the Underlying Portfolios and Underlying ETFsfor additional information about these risks. In this section, the term“Portfolio” may include the Portfolio, an Underlying Portfolio, anUnderlying ETF, or all of the above.


• Affiliated Portfolio Risk — In managing a Portfolio that invests inUnderlying Portfolios and Underlying ETFs, the Adviser will havethe authority to select and substitute the Underlying Portfolios andUnderlying ETFs. The Adviser is subject to conflicts of interest inallocating the Portfolio’s assets among Underlying Portfolios andUnderlying ETFs because it (and in certain cases its affiliates) earnfees for managing and administering the Underlying Portfolios,but not the Underlying ETFs. In addition, the Adviser is subject toconflicts of interest in allocating the Portfolio’s assets among thevarious Underlying Portfolios because the fees payable to it bysome of the Underlying Portfolios are higher than the fees payableby other Underlying Portfolios and because the Adviser is also re-sponsible for managing, administering, and with respect to certainUnderlying Portfolios, its affiliates are responsible for sub-advising,the Underlying Portfolios.

• Alternative Investment Risk — To the extent the Portfolio investsin Underlying Portfolios and Underlying ETFs that invest in alter-native investments, it will be subject to the risks associated withsuch investments. Alternative investments may use a differentapproach to investing than do traditional investments (such asequity or fixed income investments) and the performance of alter-native investments is not expected to correlate closely with more

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traditional investments; however, it is possible that alternativeinvestments will decline in value along with equity or fixed incomemarkets, or both, or that they may not otherwise perform as ex-pected. Alternative investments may have different characteristicsand risks than do traditional investments, can be highly volatile,may be less liquid, particularly in periods of stress, and may bemore complex and less transparent than traditional investments.Alternative investments also may have more complicated tax con-siderations than traditional investments. The use of alternativeinvestments may not achieve the desired effect.

• Commodity Price Volatility Risk — Because the value of the sharesof an Underlying ETF that is based on a particular commodity de-pends on the price of that commodity, the value of those shares issubject to fluctuations similar to those affecting the commodity.

• Convertible Securities Risk — A convertible security is a form ofhybrid security; that is, a security with both debt and equity charac-teristics. The value of a convertible security fluctuates in relation tochanges in interest rates and the credit quality of the issuer and, inaddition, fluctuates in relation to the underlying common stock. Aconvertible security may be subject to redemption at the option ofthe issuer at a price established in the convertible security’s govern-ing instrument, which may be less than the current market price ofthe security. If a convertible security held by the Portfolio is called forredemption, the Portfolio will be required to permit the issuer toredeem the security, convert it into underlying common stock or sellit to a third party. Convertible securities are subject to equity risk,interest rate risk and credit risk and are often lower-quality secu-rities. Lower quality may lead to greater volatility in the price of asecurity and may negatively affect a security’s liquidity. Since it de-rives a portion of its value from the common stock into which it maybe converted, a convertible security is also subject to the same typesof market and issuer-specific risks that apply to the underlyingcommon stock.

• Credit Risk — The Portfolio is subject to the risk that the issuer orthe guarantor (or other obligor, such as a party providing in-surance or other credit enhancement) of a fixed income security,or the counterparty to a derivatives contract, repurchase agree-ment, loan of portfolio securities or other transaction, is unable orunwilling, or is perceived (whether by market participants, ratingsagencies, pricing services or otherwise) as unable or unwilling, tomake timely principal and/or interest payments, or otherwisehonor its obligations. Securities are subject to varying degrees ofcredit risk, which are often reflected in their credit ratings. How-ever, rating agencies may fail to make timely changes to credit rat-ings in response to subsequent events and a credit rating maybecome stale in that it fails to reflect changes in an issuer’s finan-cial condition. The downgrade of the credit rating of a securitymay decrease its value. Lower credit quality also may lead togreater volatility in the price of a security and may negatively af-fect a security’s liquidity.

• Derivatives Risk — The Portfolio’s investments in derivatives mayrise or fall in value more rapidly than other investments. Changesin the value of a derivative may not correlate perfectly, or at all,with the underlying asset, reference rate or index, and the Portfo-lio could lose more than the principal amount invested. Some de-rivatives can have the potential for unlimited losses. In addition, it

may be difficult or impossible for the Portfolio to purchase or sellcertain derivatives in sufficient amounts to achieve the desiredlevel of exposure, which may result in a loss or may be costly tothe Portfolio. Derivatives also may be subject to certain other riskssuch as leveraging risk, liquidity risk, interest rate risk, market risk,credit risk, the risk that a counterparty may be unable or unwillingto honor its obligations, management risk and the risk of mispric-ing or improper valuation. Derivatives also may not behave asanticipated by the Portfolio, especially in abnormal market con-ditions. Changing regulation may make derivatives more costly,limit their availability, impact the Portfolio’s ability to maintain itsinvestments in derivatives, disrupt markets, or otherwise adverselyaffect their value or performance.

• Energy Sector Risk — The energy sector is cyclical and highly de-pendent on commodities prices. The market values of companies inthe energy sector could be adversely affected by, among other fac-tors, the levels and volatility of global energy prices, commodityprice volatility, energy supply and demand, changes in exchangerates and interest rates, imposition of import controls, increasedcompetition, capital expenditures on and the success of explorationand production, depletion of resources, development of alternativeenergy sources and energy conservation efforts, technologicaldevelopments, tax treatment and labor relations. Companies in thissector are subject to substantial government regulation and con-tractual fixed pricing, which may increase the cost of business andlimit these companies’ earnings, and a significant portion of theirrevenues depends on a relatively small number of customers,including governmental entities and utilities. Energy companies mayalso operate in or engage in transactions involving countries withless developed regulatory regimes or a history of expropriation, na-tionalization or other adverse policies. Energy companies also face asignificant risk of civil liability from accidents resulting in injury orloss of life or property, pollution or other environmental mishaps,equipment malfunctions or mishandling of materials and a risk ofloss from terrorism, political strife and natural disasters.

• Equity Risk — In general, stocks and other equity security valuesfluctuate, and sometimes widely fluctuate, in response to changesin a company’s financial condition as well as general market, eco-nomic and political conditions and other factors.

• Foreign Securities Risk — Investments in foreign securities, includingdepositary receipts, involve risks not associated with investments inU.S. securities. Foreign markets may be less liquid, more volatile andsubject to less government supervision and regulation than U.S. mar-kets. Security values also may be negatively affected by changes inthe exchange rates between the U.S. dollar and foreign currencies.Differences between U.S. and foreign legal, political and economicsystems, regulatory regimes and market practices also may impactsecurity values and it may take more time to clear and settle tradesinvolving foreign securities. In addition, securities issued by U.S. enti-ties with substantial foreign operations or holdings can involve risksrelating to conditions in foreign countries.

Currency Risk: Investments in foreign currencies and in secu-rities that trade in, or receive revenues in, or in derivatives thatprovide exposure to foreign currencies are subject to the riskthat those currencies will decline in value relative to the U.S.dollar. Any such decline may erode or reverse any potential

EQAA 3

gains from an investment in securities denominated in foreigncurrency or may widen existing loss. In the case of hedgingpositions, there is the risk that the U.S. dollar will decline invalue relative to the currency being hedged. Currency rates mayfluctuate significantly over short periods of time for a number ofreasons, including changes in interest rates, intervention (or thefailure to intervene) by governments, central banks or suprana-tional entities, or by the imposition of currency controls or otherpolitical developments in the U.S. or abroad.

Depositary Receipts Risk: Investments in depositary receipts(including American Depositary Receipts, European DepositaryReceipts and Global Depositary Receipts) are generally subjectto the same risks of investing directly in the foreign securitiesthat they evidence or into which they may be converted. Inaddition, issuers underlying unsponsored depositary receiptsmay not provide as much information as U.S. issuers and is-suers underlying sponsored depositary receipts. Unsponsoreddepositary receipts also may not carry the same voting priv-ileges as sponsored depositary receipts.


• Inflation-Indexed Bonds Risk — Inflation-indexed bonds are fixedincome securities whose principal value is periodically adjustedaccording to inflation. Inflation-indexed bonds, including Treasuryinflation-indexed securities, decline in value when real interestrates rise. In certain interest rate environments, such as when realinterest rates are rising faster than nominal interest rates,inflation-indexed bonds may experience greater losses than otherfixed income securities with similar durations. Interest paymentson inflation-linked debt securities may be difficult to predict andmay vary as the principal and/or interest is adjusted for inflation.In periods of deflation, the Portfolio may have no income at allfrom such investments.

• Infrastructure Sector Risk — Companies in the infrastructure sec-tor may be subject to a variety of factors that could adversely af-fect their business or operations, including high interest costs inconnection with capital construction programs, high degrees ofleverage, costs associated with governmental, environmental andother regulations, the effects of economic slowdowns, increasedcompetition from other providers of services, uncertaintiesconcerning costs, the level of government spending on infra-structure projects, and other factors. Infrastructure companies maybe adversely affected by commodity price volatility, changes inexchange rates, import controls, depletion of resources, techno-logical developments, and labor relations.

• Interest Rate Risk — Changes in interest rates may affect the yield,liquidity and value of investments in income producing or debtsecurities. Changes in interest rates also may affect the value ofother securities. When interest rates rise, the value of the Portfolio’sdebt securities generally declines. Conversely, when interest ratesdecline, the value of the Portfolio’s debt securities generally rises.Typically, the longer the maturity or duration of a debt security, thegreater the effect a change in interest rates could have on thesecurity’s price. Thus, the sensitivity of the Portfolio’s debt securitiesto interest rate risk will increase with any increase in the duration ofthose securities. As of the date of this Prospectus, interest rates arelow relative to historic levels and are below zero in parts of theworld. The Portfolio is subject to a greater risk of rising interest ratesdue to these market conditions. A significant or rapid rise in interestrates could result in losses to the Portfolio.

• Investment Grade Securities Risk — Debt securities generally arerated by national bond ratings agencies. The Portfolio considerssecurities to be investment grade if they are rated BBB or higher byStandard & Poor’s Global Ratings (“S&P”) or Fitch Ratings, Ltd.(“Fitch”) or Baa or higher by Moody’s Investors Service, Inc.(“Moody’s”), or, if unrated, determined by the investment managerto be of comparable quality. Securities rated in the lower investmentgrade rating categories (e.g., BBB or Baa) are considered invest-ment grade securities, but are somewhat riskier than higher ratedobligations because they are regarded as having only an adequatecapacity to pay principal and interest, are considered to lack out-standing investment characteristics, and may possess certain spec-ulative characteristics.


• Leveraging Risk — When the Portfolio leverages its holdings, thevalue of an investment in the Portfolio will be more volatile and allother risks will tend to be compounded. For example, the Portfoliomay take on leveraging risk when it engages in derivatives trans-actions (such as futures and options investments), invests collateralfrom securities loans or borrows money. The Portfolio may experi-ence leveraging risk in connection with investments in derivativesbecause its investments in derivatives may be small relative to theinvestment exposure assumed, leaving more assets to be invested inother investments. Such investments may have the effect of leverag-ing the Portfolio because the Portfolio may experience gains orlosses not only on its investments in derivatives, but also on the in-vestments purchased with the remainder of the assets. If the valueof the Portfolio’s investments in derivatives is increasing, this couldbe offset by declining values of the Portfolio’s other investments.Conversely, it is possible that a rise in the value of the Portfolio’snon-derivative investments could be offset by a decline in the valueof the Portfolio’s investments in derivatives. In either scenario, thePortfolio may experience losses. In a market where the value of thePortfolio’s investments in derivatives is declining and the value of itsother investments is declining, the Portfolio may experience sub-stantial losses.

EQAA 4

• Market Risk — The Portfolio is subject to the risk that the securitiesmarkets will move down, sometimes rapidly and unpredictablybased on overall economic conditions and other factors. Changes inthe financial condition of a single issuer can impact the market as awhole. Geo-political risks, including terrorism, tensions or open con-flict between nations, or political or economic dysfunction withinsome nations that are major players on the world stage, may lead toinstability in world economies and markets, may lead to increasedmarket volatility, and may have adverse long-term effects. In addi-tion, markets and market-participants are increasingly reliant uponinformation data systems. Data imprecision, software or other tech-nology malfunctions, programming inaccuracies, unauthorized useor access, and similar circumstances may have an adverse impactupon a single issuer, a group of issuers, or the market at-large.

• Mid-Cap, Small-Cap and Micro-Cap Company Risk — The Portfo-lio’s investments in mid-, small- and micro-cap companies mayinvolve greater risks than investments in larger, more establishedissuers because they generally are more vulnerable than largercompanies to adverse business or economic developments. Suchcompanies generally have narrower product lines, more limitedfinancial and management resources and more limited markets fortheir securities as compared with larger companies. As a result,the value of such securities may be more volatile than the value ofsecurities of larger companies, and the Portfolio may experiencedifficulty in purchasing or selling such securities at the desired timeand price or in the desired amount. In general, these risks aregreater for small- and micro-cap companies than for mid-capcompanies.

• Natural Resources Sector Risk — The profitability of companies inthe natural resources sector can be adversely affected by worldwideenergy prices and other world events, limits on and the success ofexploration projects, and production spending. Companies in thenatural resources sector also could be adversely affected by com-modity price volatility, changes in exchange rates, interest rates orinflation rates and/or investor expectations concerning such rates,changes in the supply of, or the demand for, natural resources,imposition of import controls, government regulation and inter-vention, civil conflict, economic conditions, increased competition,technological developments, and labor relations. In addition,companies in the natural resources sector may be subject to therisks generally associated with extraction of natural resources, suchas the risks of mining and oil drilling, and the risks of the hazardsassociated with natural resources, such as natural or man-madedisasters, fire, drought, liability for environmental damage claims,and increased regulatory and environmental costs. Prices of pre-cious metals and of precious metal related securities have histor-ically been very volatile due to various economic, financial, socialand political factors and may adversely affect the financial conditionof companies involved with precious metals.

• Non-Investment Grade Securities Risk — Bonds rated belowinvestment grade (i.e., BB or lower by S&P or Fitch or Ba or lower byMoody’s or, if unrated, determined by the investment manager tobe of comparable quality) are speculative in nature and are subjectto additional risk factors such as increased possibility of default, illi-quidity of the security, and changes in value based on changes ininterest rates. Non-investment grade bonds, sometimes referred to

as “junk bonds,” are usually issued by companies without longtrack records of sales and earnings, or by those companies withquestionable credit strength. The creditworthiness of issuers of non-investment grade debt securities may be more complex to analyzethan that of issuers of investment grade debt securities, and relianceon credit ratings may present additional risks.


• Real Estate Investing Risk — Real estate-related investments maydecline in value as a result of factors affecting the overall real es-tate industry. Real estate is a cyclical business, highly sensitive tosupply and demand, general and local economic developmentsand characterized by intense competition and periodic over-building. Real estate income and values also may be greatly af-fected by demographic trends, such as population shifts orchanging tastes and values. Losses may occur from casualty orcondemnation and government actions, such as tax law changes,zoning law changes, regulatory limitations on rents, or environ-mental regulations, also may have a major impact on real estate.The availability of mortgages and changes in interest rates mayalso affect real estate values. Changing interest rates and creditquality requirements also will affect the cash flow of real estatecompanies and their ability to meet capital needs. Real estate in-vestment trusts (“REITs”) generally invest directly in real estate(equity REITs), in mortgages secured by interests in real estate(mortgage REITs) or in some combination of the two (hybridREITs). Investing in REITs exposes investors to the risks of owningreal estate directly, as well as to risks that relate specifically to theway in which REITs are organized and operated. Equity REITs maybe affected by changes in the value of the underlying propertyowned by the REIT, while mortgage REITs may be affected by thequality of any credit extended. Equity and mortgage REITs are alsosubject to heavy cash flow dependency, defaults by borrowers,and self-liquidations. The risk of defaults is generally higher in thecase of mortgage pools that include subprime mortgages involvingborrowers with blemished credit histories. Individual REITs mayown a limited number of properties and may concentrate in a par-ticular region or property type. Domestic REITs also must satisfyspecific Internal Revenue Code requirements to qualify for the tax-free pass-through of net investment income and net realized gainsdistributed to shareholders. Failure to meet these requirementsmay have adverse consequences on the Portfolio. In addition,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, there-fore, are subject to more erratic price movements than securitiesof larger issuers.

• Risks Related to Investments in Underlying Portfolios and Under-lying ETFs — The Portfolio’s shareholders will indirectly bear thefees and expenses paid by the Underlying Portfolios and Under-lying ETFs in which it invests, in addition to the Portfolio’s directfees and expenses. The cost of investing in the Portfolio, therefore,may be higher than the cost of investing in a mutual fund thatinvests directly in individual stocks and bonds. The Portfolio’s per-formance depends upon a favorable allocation by the Adviser

EQAA 5

among the Underlying Portfolios and Underlying ETFs, as well asthe ability of the Underlying Portfolios and Underlying ETFs togenerate favorable performance. The Underlying Portfolios’ andUnderlying ETFs’ investment programs may not be comple-mentary, which could adversely affect a Portfolio’s performance.The Portfolio’s net asset value is subject to fluctuations in the netasset values of the Underlying Portfolios and the market values ofthe Underlying ETFs in which it invests. The Portfolio is also sub-ject to the risks associated with the securities or other investmentsin which the Underlying Portfolios and Underlying ETFs invest, andthe ability of the Portfolio to meet its investment objective will di-rectly depend on the ability of the Underlying Portfolios andUnderlying ETFs to meet their investment objectives. An index-based ETF’s performance may not match that of the index it seeksto track. An actively managed ETF’s performance will reflect itsadviser’s ability to make investment decisions that are suited toachieving the ETF’s investment objective. It is also possible that anactive trading market for an Underlying ETF may not develop or bemaintained, in which case the liquidity and value of the Portfolio’sinvestment in the Underlying ETF could be substantially and ad-versely affected. The extent to which the investment performanceand risks associated with the Portfolio correlate to those of a par-ticular Underlying Portfolio or Underlying ETF will depend uponthe extent to which the Portfolio’s assets are allocated from timeto time for investment in the Underlying Portfolio or UnderlyingETF, which will vary.

• Securities Lending Risk — The Portfolio may lend its portfoliosecurities to seek income. There is a risk that a borrower may de-fault on its obligations to return loaned securities, however, thePortfolio’s securities lending agent may indemnify the Portfolioagainst that risk. The Portfolio will be responsible for the risksassociated with the investment of cash collateral, including anycollateral invested in an affiliated money market fund. The Portfo-lio may lose money on its investment of cash collateral or may failto earn sufficient income on its investment to meet obligations tothe borrower. In addition, delays may occur in the recovery ofsecurities from borrowers, which could interfere with the Portfo-lio’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 of-fers or other unusual events expected to affect a particular issuer. Ingeneral, securities of companies which are the subject of a tender orexchange offer or a merger, consolidation, bankruptcy, liquidation,reorganization or restructuring proposal sell at a premium to theirhistoric market price immediately prior to the announcement of thetransaction. However, it is possible that the value of securities of acompany involved in such a transaction will not rise and in fact mayfall, in which case the Portfolio would lose money. It is also possiblethat the transaction may not be completed as anticipated or maytake an excessive amount of time to be completed, in which case thePortfolio may not realize any premium on its investment and couldlose money if the value of the securities declines during the Portfo-lio’s holding period. In some circumstances, the securities purchasedmay be illiquid making it difficult for the Portfolio to dispose of themat an advantageous price.


The bar chart and table below provide some indication of the risks ofinvesting in the Portfolio by showing changes in the Portfolio’s per-formance from year to year and by showing how the Portfolio’saverage annual total returns for the past one-, five- and ten-year (orsince inception) periods through December 31, 2017 compared tothe returns of a broad-based securities market index. The additionalbroad-based securities market index and the hypothetical compositeindex show how the Portfolio’s performance compared with the re-turns of other asset classes in which the Portfolio may invest. Thereturn of the broad-based securities market index (and any additionalcomparative index) shown in the right hand column below is the re-turn of the index for the last 10 years or, if shorter, since the in-ception of the share class with the longest history. Past performanceis not an indication of future performance.

For periods prior to the inception date for Class IA shares (October29, 2009), Class IA share performance information shown in the ta-ble below is the performance of Class IB shares, which reflects theeffect of 12b-1 fees paid by Class IB shares. Class IA shares did notpay 12b-1 fees prior to January 1, 2012.



20162008 20132012201120102009 20152014 2017

26.12%

14.95%11.95% 14.15%

2.36%

-30.37%

-3.46% -3.93%

9.59%15.87%



FiveYears

Ten Years/SinceInception

All Asset Growth-Alt 20 Portfolio —Class IA Shares 15.91% 7.35% 4.57%

All Asset Growth-Alt 20 Portfolio —Class IB Shares 15.87% 7.35% 4.51%

All Asset Growth-Alt 20 Index (reflects nodeduction for fees, expenses, or taxes) 12.28% 7.88% 5.28%

S&P 500 Index (reflects no deduction forfees, expenses, or taxes) 21.83% 15.79% 8.50%

Bloomberg Barclays U.S. IntermediateGovernment/Credit Bond Index (reflectsno deduction for fees, expenses, or taxes) 2.14% 1.50% 3.32%

EQAA 6



Portfolio Managers:

Name Title

Date BeganManaging


CFP®, CLU, ChFCExecutive Vice Presidentand Chief InvestmentOfficer of FMG LLC

September 2005


May 2011


May 2011


May 2016


The Portfolio’s shares are currently sold only to insurance companyseparate accounts in connection with Contracts issued by AXA Equi-table Life Insurance Company (“AXA Equitable”), AXA Life and An-nuity Company, or other affiliated or unaffiliated insurance companiesand to The AXA Equitable 401(k) Plan. Shares also may be sold toother tax-qualified retirement plans and other investors eligible underapplicable federal tax regulations.

The Portfolio does not have minimum initial or subsequent investmentrequirements. Shares of the Portfolio are redeemable on any businessday (which typically is any day when the New York Stock Exchange isopen) upon receipt of a request. All redemption requests will be proc-essed and payment with respect thereto will normally be made withinseven days after tender. Please refer to your Contract prospectus formore information on purchasing and redeeming Portfolio shares.

TAX INFORMATION




EQAA 7

EQ Advisors TrustSM

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



Investment Objective: Seeks to achieve long-term growth of capital.





AXA/AB Small Cap Growth PortfolioClass IAShares

Class IBShares

Management Fee* 0.53% 0.53%Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25%Other Expenses 0.15% 0.15%Total Annual Portfolio Operating Expenses 0.93% 0.93%

* Management Fee has been restated to reflect current fees.

Example



PORTFOLIO TURNOVER



Principal Investment Strategy: The Portfolio’s assets normallyare allocated between two portions, each of which is managed usinga different but complementary investment strategy. One portion ofthe Portfolio is actively managed by a Sub-Adviser (“Active AllocatedPortion”); the other portion of the Portfolio seeks to track the per-formance of a particular index or indices (“Index Allocated Portion”).Under normal circumstances, the Portfolio invests at least 80% of itsnet assets, plus borrowings for investment purposes in securities ofsmall capitalization companies with market capitalizations within therange of the Russell 2500™ Index at the time of purchase (marketcapitalization range of approximately $22.7 million to $17.2 billionas of December 31, 2017). The Active Allocated Portion consists ofapproximately 50% of the Portfolio’s net assets, and the Index Allo-cated Portion consists of approximately 50% of the Portfolio’s netassets. These percentages are targets established by the Adviser;actual allocations may deviate from these targets.

The Active Allocated Portion invests primarily in U.S. common stocksand other equity securities issued by small capitalization companiesthat the Sub-Adviser believes to have favorable growth prospects.The Portfolio may at times invest in companies in cyclical industries,companies whose securities are temporarily undervalued, companiesin special situations (e.g., change in management, new products orchanges in customer demand) and less widely known companies.The Sub-Adviser may sell a security for a variety of reasons, includingto invest in a company believed to offer superior investment oppor-tunities. The Active Allocated Portion generally engages in active andfrequent trading of portfolio securities in seeking to achieve itsinvestment objective.

The Index Allocated Portion of the Portfolio seeks to track the per-formance of the Russell 2000® Index (“Russell 2000”) with minimal

AASCG 1

tracking error. The Portfolio invests in a statistically selected sampleof the securities found in the Russell 2000 (market capitalizationrange of approximately $22.7 million to $9.4 billion as of De-cember 31, 2017) in a process known as “sampling.” This processselects stocks for the Index Allocated Portion so that industry weight-ings, market capitalizations and fundamental characteristics (price tobook ratios, price to earnings ratios, debt to asset ratios and dividendyields) closely match those of the securities included in the Russell2000. The Portfolio’s investments in equity securities of small-capcompanies included in the Russell 2000 may include financialinstruments that derive their value from such securities.






Investment Style Risk: The Portfolio may use a particular styleor set of styles — in this case “growth” styles — to select invest-ments. Those styles may be out of favor or may not produce the bestresults over short or longer time periods. Growth stocks may be moresensitive to changes in current or expected earnings than the pricesof other stocks. Growth investing also is subject to the risk that thestock price of one or more companies will fall or will fail to appre-ciate as anticipated by the Portfolio, regardless of movements in thesecurities market. Growth stocks also tend to be more volatile thanvalue stocks, so in a declining market their prices may decrease morethan value stocks in general. Growth stocks also may increase thevolatility of the Portfolio’s share price.




Securities Lending Risk: The Portfolio may lend its portfoliosecurities to seek income. There is a risk that a borrower may defaulton its obligations to return loaned securities, however, the Portfolio’ssecurities lending agent may indemnify the Portfolio against that risk.The Portfolio will be responsible for the risks associated with the in-vestment of cash collateral, including any collateral invested in an af-filiated money market fund. The Portfolio may lose money on itsinvestment of cash collateral or may fail to earn sufficient income onits investment to meet obligations to the borrower. In addition, delaysmay occur in the recovery of securities from borrowers, which couldinterfere with the Portfolio’s ability to vote proxies or to settle trans-actions.

Small-Cap Company Risk: The Portfolio’s investments insmall-cap companies may involve greater risks than investments inlarger, more established issuers because they generally are more vul-nerable than larger companies to adverse business or economicdevelopments. Such companies generally have narrower productlines, more limited financial and management resources and morelimited markets for their securities as compared with larger compa-nies. They may depend on a more limited management group thanlarger capitalized companies. In addition, it is more difficult to getinformation on smaller companies, which tend to be less well known,have shorter operating histories, do not have significant ownershipby large investors and are followed by relatively few securities ana-lysts. As a result, the value of such securities may be more volatilethan the value of securities of larger companies, and because thesecurities generally trade in lower volumes than larger cap securities,the Portfolio may experience difficulty in purchasing or selling suchsecurities at the desired time and price or in the desired amount.

Special Situations Risk: The Portfolio may seek to benefit from“special situations,” such as mergers, consolidations, bankruptcies,liquidations, reorganizations, restructurings, tender or exchange of-fers or other unusual events expected to affect a particular issuer. Ingeneral, securities of companies which are the subject of a tender orexchange offer or a merger, consolidation, bankruptcy, liquidation,reorganization or restructuring proposal sell at a premium to theirhistoric market price immediately prior to the announcement of thetransaction. However, it is possible that the value of securities of a

AASCG 2

company involved in such a transaction will not rise and in fact mayfall, in which case the Portfolio would lose money. It is also possiblethat the transaction may not be completed as anticipated or maytake an excessive amount of time to be completed, in which case thePortfolio may not realize any premium on its investment and couldlose money if the value of the securities declines during the Portfo-lio’s holding period. In some circumstances, the securities purchasedmay be illiquid making it difficult for the Portfolio to dispose of themat an advantageous price.


The bar chart and table below provide some indication of the risks ofinvesting in the Portfolio by showing changes in the Portfolio’s per-formance from year to year and by showing how the Portfolio’saverage annual total returns for the past one, five and ten years (orsince inception) through December 31, 2017 compared to the re-turns of a broad-based securities market index. The return of thebroad-based securities market index (and any additional comparativeindex) shown in the right hand column below is the return of theindex for the last 10 years or, if shorter, since the inception of theshare class with the longest history. Past performance is not an in-dication of future performance.



2011 2013 2015 2016 2017201420122009 20102008

35.64% 33.25%

15.59%

-0.64%

-44.66%

38.18%

3.60%

-2.92%

12.55%

22.69%



OneYear

FiveYears


AXA/AB Small Cap GrowthPortfolio – Class IA Shares 22.68% 13.92% 8.33%

AXA/AB Small Cap GrowthPortfolio – Class IB Shares 22.69% 13.92% 8.23%

Russell 2000® Growth Index (reflectsno deduction for fees, expenses, ortaxes) 22.17% 15.21% 9.19%



Portfolio Managers: The members of the team that are jointly andprimarily responsible for (i) the selection, monitoring and oversight ofthe Portfolio’s Sub-Advisers, and (ii) allocating assets among thePortfolio’s Allocated Portions are:

Name Title

Date BeganManaging

the Portfolio


ExecutiveVice President andChief Investment Officer ofFMG LLC

May 2011


May 2009

Sub-Adviser: AllianceBernstein L.P. (“AllianceBernstein”)

Portfolio Managers: The members of the team that are jointly andprimarily responsible for the securities selection, research and tradingfor the Active Allocated Portion of the Portfolio are:

Name Title

Date BeganManaging

the Portfolio

Bruce Aronow Senior Vice President,Portfolio Manager/ResearchAnalyst of AllianceBernstein

May 2000

Samantha Lau Senior Vice President,Portfolio Manager/ResearchAnalyst of AllianceBernstein

April 2005

Kumar Kirpalani Senior Vice President,Portfolio Manager/ResearchAnalyst of AllianceBernstein

April 2005

Wen-Tse Tseng Senior Vice President andPortfolio Manager/ResearchAnalyst of AllianceBernstein

May 2006

Portfolio Manager: The individual primarily responsible for thesecurities selection, research and trading for the Index Allocated Por-tion of the Portfolio is:

Name Title

Date BeganManaging

the Portfolio

Joshua Lisser Senior Vice President/ChiefInvestment Officer, IndexStrategies ofAllianceBernstein

December 2008

AXA Equitable Funds Management Group, LLC (“FMG LLC” or the“Adviser”) has been granted relief by the Securities and ExchangeCommission to hire, terminate and replace Sub-Advisers and amendsub-advisory agreements subject to the approval of the Board ofTrustees and without obtaining shareholder approval. However, the

AASCG 3

Adviser may not enter into a sub-advisory agreement on behalf of thePortfolio with an “affiliated person” of the Adviser, such as Alliance-Bernstein L.P., unless the sub-advisory agreement is approved by thePortfolio’s shareholders. The Adviser is responsible for overseeing Sub-Advisers and recommending their hiring, termination and replacementto the Board of Trustees.


The Portfolio’s shares are currently sold only to insurance companyseparate accounts in connection with Contracts issued by AXA Equi-table Life Insurance Company (“AXA Equitable”), AXA Life and An-nuity Company, or other affiliated or unaffiliated insurancecompanies and to The AXA Equitable 401(k) Plan. Shares also maybe sold to other tax-qualified retirement plans, to other portfoliosmanaged by FMG LLC that currently sell their shares to such ac-counts and plans, and to other investors eligible under applicablefederal income tax regulations.


TAX INFORMATION

The Portfolio’s shareholders are (or may include) insurancecompany separate accounts, qualified plans and other investorseligible under applicable federal income tax regulations.Distributions made by the Portfolio to such an account or plan, andexchanges and redemptions of Portfolio shares made by such anaccount or plan, ordinarily do not cause the holders of underlyingContracts or plan participants or beneficiaries to recognize incomeor gain for federal income tax purposes at the time of thedistributions, exchanges or redemptions; the holders, planparticipants or beneficiaries generally are taxed only on amountsthey withdraw from their Contract or plan. See the prospectus foryour Contract or your plan documentation for further taxinformation.


This Portfolio is not sold directly to the general public but instead isoffered as an underlying investment option for Contracts and retire-ment plans and to other eligible investors. The Portfolio and the Ad-viser and its affiliates may make payments to a sponsoring insurancecompany (or its affiliates) or other financial intermediary for dis-tribution and/or other services. These payments may create a conflictof interest by influencing the insurance company or other financial

intermediary and your financial adviser to recommend the Portfolioover another investment or by influencing an insurance company toinclude the Portfolio as an underlying investment option in the Con-tract. The prospectus (or other offering document) for your Contractmay contain additional information about these payments. Ask yourfinancial adviser or visit your financial intermediary’s website formore information.

AASCG 4

EQ Advisors TrustSM

AXA/ClearBridge Large Cap Growth Portfolio – Class IA and IB Shares



Investment Objective: Seeks to achieve long-term capital growth.





AXA/ClearBridge Large Cap Growth PortfolioClass IAShares

Class IBShares


Example



PORTFOLIO TURNOVER



Principal Investment Strategy: Under normal circumstances, thePortfolio invests at least 80% of its net assets, plus borrowings forinvestment purposes, if any, in equity securities or other instrumentswith similar economic characteristics of U.S. companies with largemarket capitalizations. Large capitalization companies are thosecompanies with market capitalizations similar to companies in theRussell 1000® Index (the “Index”). The size of the companies in theIndex changes with market conditions and the composition of theIndex. As of December 31, 2017, the largest market capitalization ofa company in the Index was approximately $0.8 billion and the me-dian market capitalization of a company in the Index was approx-imately $868.9 billion. Securities of companies whose marketcapitalizations no longer meet this definition after purchase by thePortfolio still will be considered securities of large capitalizationcompanies for purposes of the Portfolio’s 80% investment policy.

The Portfolio may invest up to 20% of its assets in equity securities ofcompanies other than those with market capitalizations similar tocompanies in the Index (i.e., medium or small capitalizationcompanies).

The Portfolio also may invest up to 10% of its net assets in foreignsecurities, either directly or through depositary receipts.

The portfolio managers emphasize individual security selection whilediversifying the Portfolio’s investments across industries, which mayhelp to reduce risk. The portfolio managers attempt to identify estab-lished large capitalization companies with the highest growth poten-tial. The portfolio managers then analyze each company in detail,ranking its management, strategy and competitive market position.Finally, the portfolio managers attempt to identify the best valuesavailable among the growth companies identified.

ACBLC 1

In selecting individual companies for investment, the portfoliomanagers consider:

• Favorable earnings prospects

• Technological innovation

• Industry dominance

• Competitive products and services

• Global scope

• Long-term operating history

• Consistent and sustainable long-term growth in dividends andearnings per share

• Strong cash flow

• High return on equity

• Strong financial condition

• Experienced and effective management






Currency Risk: Investments in foreign currencies and insecurities that trade in, or receive revenues in, or in derivativesthat provide exposure to foreign currencies are subject to therisk that those currencies will decline in value relative to theU.S. dollar. Any such decline may erode or reverse any potentialgains from an investment in securities denominated in foreigncurrency or may widen existing loss. In the case of hedgingpositions, there is the risk that the U.S. dollar will decline invalue relative to the currency being hedged. Currency rates may

fluctuate significantly over short periods of time for a number ofreasons, including changes in interest rates, intervention (or thefailure to intervene) by governments, central banks or suprana-tional entities, or by the imposition of currency controls or otherpolitical developments in the U.S. or abroad.


Large-Cap Company Risk: Larger more established companiesmay be unable to respond quickly to new competitive challengessuch as changes in technology and consumer tastes. Many largercompanies also may not be able to attain the high growth rate ofsuccessful smaller companies, especially during extended periods ofeconomic expansion.





ACBLC 2

Securities Lending Risk: The Portfolio may lend its portfoliosecurities to seek income. There is a risk that a borrower may defaulton its obligations to return loaned securities, however, the Portfolio’ssecurities lending agent may indemnify the Portfolio against that risk.The Portfolio will be responsible for the risks associated with the in-vestment of cash collateral, including any collateral invested in an af-filiated money market fund. The Portfolio may lose money on itsinvestment of cash collateral or may fail to earn sufficient income onits investment to meet obligations to the borrower. In addition, de-lays may occur in the recovery of securities from borrowers, whichcould interfere with the Portfolio’s ability to vote proxies or to settletransactions.



Performance information for the periods prior to December 9, 2016is that of the Portfolio when it engaged a different Sub-Adviser.



0.87%

25.56%

2009

40.37%

17.33%20.41%

-5.92%

2008 2010

-27.63%

20122011 2013

39.07%

3.83% 1.28%

2014 2015 2016 2017

Best quarter (% and time period) Worst quarter (% and time period)18.99% (2012 1st Quarter) –19.41% (2011 3rd Quarter)


OneYear

FiveYears


AXA/ClearBridge Large Cap GrowthPortfolio – Class IA Shares 25.59% 13.12% 9.71%

AXA/ClearBridge Large Cap GrowthPortfolio – Class IB Shares 25.56% 13.12% 9.60%

Russell 1000® Growth Index (reflectsno deduction for fees, expenses,or taxes) 30.21% 17.33% 10.00%




Name Title

Date BeganManaging

the Portfolio



May 2011


May 2009

Sub-Adviser: ClearBridge Investments, LLC (“ClearBridge”)


Name Title

Date BeganManaging

the Portfolio

Peter Bourbeau Managing Director andPortfolio Manager ofClearBridge

December 2016

Margaret Vitrano Managing Director andPortfolio Manager ofClearBridge

December 2016

AXA Equitable Funds Management Group, LLC (“FMG LLC” or the“Adviser”) has been granted relief by the Securities and ExchangeCommission to hire, terminate and replace Sub-Advisers and amendsub-advisory agreements subject to the approval of the Board ofTrustees and without obtaining shareholder approval. However, theAdviser may not enter into a sub-advisory agreement on behalf ofthe Portfolio with an “affiliated person” of the Adviser, such asAlliance-Bernstein L.P., unless the sub-advisory agreement is ap-proved by the Portfolio’s shareholders. The Adviser is responsible foroverseeing Sub-Advisers and recommending their hiring, terminationand replacement to the Board of Trustees.

ACBLC 3




TAX INFORMATION




ACBLC 4

EQ Advisors TrustSM

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



Investment Objective: Seeks to achieve long-term capitalappreciation with an emphasis on risk-adjusted returns and manag-ing volatility in the Portfolio.




Annual Portfolio Operating Expenses(expenses that you pay each year as a percentage of the value ofyour investment)AXA Global Equity Managed Volatility


Class IBShares


Example



PORTFOLIO TURNOVER



Principal Investment Strategy: The Portfolio’s assets normallyare allocated between two or more investment managers, each ofwhich will manage its portion of the Portfolio using a different butcomplementary investment strategy. One portion of the Portfolio isactively managed (“Active Allocated Portion”); the other portion ofthe Portfolio seeks to track the performance of a particular index orindices (“Index Allocated Portion”). Under normal circumstances,the Portfolio invests at least 80% of its net assets, plus borrowingsfor investment purposes, in equity securities. This Portfolio’sinvestments in equity securities may include common stocks, pre-ferred stocks, warrants, depositary receipts, and other equity secu-rities, and financial instruments that derive their value from suchsecurities. The Active Allocated Portion consists of approximately30% of the Portfolio’s net assets and the Index Allocated Portionconsists of approximately 70% of the Portfolio’s net assets. Thesepercentages are targets established by the Adviser; actual alloca-tions may deviate from these targets.

Under normal circumstances, the Portfolio invests primarily in equitysecurities of foreign companies, including emerging market equitysecurities. The Portfolio also may invest in equity securities of issuerslocated in North America and other developed countries.

For this Portfolio, an emerging market country is any country thatthe International Bank for Reconstruction and Development(commonly known as “The World Bank”) or similar major financialinstitution has determined to have a low or middle economy, orcountries included in the MSCI Emerging Markets Index (“MSCIEM”). In addition, for this Portfolio, an emerging market countrysecurity is defined as a security of an issuer having one or more ofthe following characteristics:

• its principal securities trading market is in an emerging market ordeveloping country;

AGEMV 1

• alone or on a consolidated basis, at least 50% of its annual revenuesor profits are derived from goods produced, sales made or servicesperformed in an emerging market country or developing country orhas at least 50% of its assets in emerging markets countries; or

• it is organized under the laws of, or has a principal office in, anemerging market or developing country.

The Active Allocated Portion invests primarily in equity securities ofU.S. and non-U.S. companies that, in the view of the Sub-Advisers,have good prospects for future growth. Other factors, such as coun-try and regional factors, are considered by the Sub-Advisers. The Ac-tive Allocated Portion’s Sub-Advisers may sell a security for a varietyof reasons, such as to make other investments believed by a Sub-Adviser to offer superior investment opportunities.

The Active Allocated Portion’s investment process takes into accountinformation about environmental, social and governance issues (alsoreferred to as ESG) when making investment decisions. The Sub-Adviserfocuses on engaging company management around corporate gover-nance practices as well as what the Sub-Adviser deems to be materiallyimportant environmental and/or social issues facing a company.

The Index Allocated Portion of the Portfolio is comprised of threestrategies, which seek to track the performance (before fees andexpenses) of the Standard & Poor’s 500 Composite Stock Index (the“S&P 500”), the MSCI EAFE Index (“MSCI EAFE”), and the MSCIEM, respectively, each with minimal tracking error. The Index Allo-cated Portion’s assets will be allocated in approximately the follow-ing manner: 30-50% in each of the S&P 500 and MSCI EAFE and10-30% in the MSCI EM. Each such strategy is commonly referred toas an indexing strategy. Generally, each portion of the Index Allo-cated Portion uses a full replication technique, although in certaininstances a sampling approach may be utilized for a portion of theIndex Allocated Portion. Each portion of the Index Allocated Portionalso may invest in other instruments, such as futures and optionscontracts, that provide comparable exposure as the index withoutbuying the underlying securities comprising the index.

AXA Equitable Funds Management Group, LLC (“FMG LLC” or the“Adviser”) also may utilize futures and options, such as exchange-traded futures and options contracts on securities indices, to manageequity exposure. Futures and options can provide exposure to the per-formance of a securities index without buying the underlying securitiescomprising the index. They also provide a means to manage thePortfolio’s equity exposure without having to buy or sell securities.When market volatility is increasing above specific thresholds set forthe Portfolio, the Adviser may limit equity exposure either by reducinginvestments in securities, shorting or selling long futures and optionspositions on an index, increasing cash levels, and/or shorting an index.During such times, the Portfolio’s exposure to equity securities may besignificantly less than that of a traditional equity portfolio. Volatility is astatistical measure of the magnitude of changes in the Portfolio’s re-turns, without regard to the direction of those changes. Higher vola-tility generally indicates higher risk and is often reflected by frequentand sometimes significant movements up and down in value. Volatilitymanagement techniques may reduce potential losses and/or mitigatefinancial risks to insurance companies that provide certain benefits and

guarantees available under the Contracts and offer the Portfolio as aninvestment option in their products. The Portfolio may invest up to25% of its assets in derivatives. It is anticipated that the Portfolio’s de-rivative instruments will consist primarily of exchange-traded futuresand options contracts on securities indices, but the Portfolio also mayutilize other types of derivatives. The Portfolio’s investments inderivatives may be deemed to involve the use of leverage because thePortfolio is not required to invest the full market value of the contractupon entering into the contract but participates in gains and losses onthe full contract price. The use of derivatives also may be deemed toinvolve the use of leverage because the heightened price sensitivityof some derivatives to market changes may magnify the Portfolio’sgain or loss. The Portfolio may maintain a significant percentage of itsassets in cash and cash equivalent instruments, some of which mayserve as margin or collateral for the Portfolio’s obligations underderivative transactions.






AGEMV 2






European Economic Risk: The European Union’s (the“EU”) Economic and Monetary Union (the “EMU”) requires

member countries to comply with restrictions on interest rates,deficits, debt levels, and inflation rates, and other factors,each of which may significantly impact every European coun-try. The economies of EU member countries and their tradingpartners may be adversely affected by changes in the euro’sexchange rate, changes in EU or governmental regulations ontrade, and the threat of default or an actual default by an EUmember country on its sovereign debt, which could negativelyimpact the Portfolio’s investments and cause it to lose money.In recent years, the European financial markets have beennegatively impacted by concerns relating to rising governmentdebt levels and national unemployment; possible default on orrestructuring of sovereign debt in several European countries;and economic downturns. A European country’s default ordebt restructuring would adversely affect the holders of thecountry’s debt and sellers of credit default swaps linked to thecountry’s creditworthiness and could negatively impact globalmarkets more generally. Recent events in Europe may ad-versely affect the euro’s exchange rate and value and maycontinue to impact the economies of every European country.In June 2016, the United Kingdom (the “UK”) voted to with-draw from the EU, commonly referred to as “Brexit.” The im-pact of Brexit is so far uncertain. The negative impact on notonly the UK and European economies but also the broaderglobal economy could be significant, potentially resulting inincreased volatility and illiquidity, which could adversely affectthe value of the Portfolio’s investments. Any further with-drawals from the EU could cause additional market disruptionglobally.

Regulatory Risk: Less information may be available aboutforeign companies. In general, foreign companies are not sub-ject to uniform accounting, auditing and financial reportingstandards or to other regulatory practices and requirements asare U.S. companies. Many foreign governments do not super-vise and regulate stock exchanges, brokers and the sale ofsecurities to the same extent as does the United States andmay not have laws to protect investors that are comparable toU.S. securities laws. In addition, some countries may have legalsystems that may make it difficult for the Portfolio to vote prox-ies, exercise shareholder rights, and pursue legal remedies withrespect to its foreign investments.

Futures Contract Risk: The primary risks associated with theuse of futures contracts are (a) the imperfect correlation between thechange in market value of the instruments held by the Portfolio andthe price of the futures contract; (b) liquidity risks, including thepossible absence of a liquid secondary market for a futures contractand the resulting inability to close a futures contract when desired;(c) losses (potentially unlimited) caused by unanticipated marketmovements; (d) an investment manager’s inability to predict correctlythe direction of securities prices, interest rates, currency exchangerates and other economic factors; (e) the possibility that a counter-party, clearing member or clearinghouse will default in the perform-ance of its obligations; (f) if the Portfolio has insufficient cash, it mayhave to sell securities from its portfolio to meet daily variation margin

AGEMV 3

requirements, and the Portfolio may have to sell securities at a timewhen it may be disadvantageous to do so; and (g) transaction costsassociated with investments in futures contracts may be significant,which could cause or increase losses or reduce gains. Futures con-tracts are also subject to the same risks as the underlying invest-ments to which they provide exposure. In addition, futures contractsmay subject the Portfolio to leveraging risk.



Leveraging Risk: When the Portfolio leverages its holdings, thevalue of an investment in the Portfolio will be more volatile and allother risks will tend to be compounded. For example, the Portfolio maytake on leveraging risk when it engages in derivatives transactions(such as futures and options investments), invests collateral from secu-rities loans or borrows money. The Portfolio may experience leveragingrisk in connection with investments in derivatives because its invest-ments in derivatives may be small relative to the investment exposureassumed, leaving more assets to be invested in other investments.Such investments may have the effect of leveraging the Portfolio be-cause the Portfolio may experience gains or losses not only on itsinvestments in derivatives, but also on the investments purchased withthe remainder of the assets. If the value of the Portfolio’s investmentsin derivatives is increasing, this could be offset by declining values ofthe Portfolio’s other investments. Conversely, it is possible that a rise inthe value of the Portfolio’s non-derivative investments could be offsetby a decline in the value of the Portfolio’s investments in derivatives. Ineither scenario, the Portfolio may experience losses. In a market wherethe value of the Portfolio’s investments in derivatives is declining andthe value of its other investments is declining, the Portfolio mayexperience substantial losses.

Liquidity Risk: The Portfolio is subject to the risk that certain in-vestments may be difficult or impossible for the Portfolio to purchaseor sell at an advantageous time or price or in sufficient amounts toachieve the desired level of exposure. The Portfolio may be required

to dispose of other investments at unfavorable times or prices to sat-isfy obligations, which may result in a loss or may be costly to thePortfolio. Judgment plays a greater role in valuing illiquid invest-ments than investments with more active markets. Certain securitiesthat were liquid when purchased may later become illiquid, partic-ularly in times of overall economic distress.

Mid-Cap and Small-Cap Company Risk: The Portfolio’sinvestments in mid- and small-cap companies may involve greaterrisks than investments in larger, more established issuers becausesuch companies generally are more vulnerable than larger companiesto adverse business or economic developments. Such companiesgenerally have narrower product lines, more limited financial andmanagement resources and more limited markets for their securitiesas compared with larger companies. As a result, the value of suchsecurities may be more volatile than the value of securities of largercompanies, and the Portfolio may experience difficulty in purchasingor selling such securities at the desired time and price or in the de-sired amount. In general, these risks are greater for small-capcompanies than for mid-cap companies.

Multiple Sub-Adviser Risk: The Adviser allocates the Portfo-lio’s assets among multiple Sub-Advisers, each of which is responsiblefor investing its allocated portion of the Portfolio’s assets. To a sig-nificant extent, the Portfolio’s performance will depend on the successof the Adviser in allocating the Portfolio’s assets to Sub-Advisers andits selection and oversight of the Sub-Advisers. The Sub-Advisers’ in-vestment strategies may not work together as planned, which couldadversely affect the Portfolio’s performance. In addition, because eachSub-Adviser manages its allocated portion of the Portfolio in-dependently from another Sub-Adviser, the same security may be heldin different portions of the Portfolio, or may be acquired for one por-tion of the Portfolio at a time when a Sub-Adviser to another portiondeems it appropriate to dispose of the security from that other por-tion, resulting in higher expenses without accomplishing any net re-sult in the Portfolio’s holdings. Similarly, under some marketconditions, one Sub-Adviser may believe that temporary, defensiveinvestments in short-term instruments or cash are appropriate for itsallocated portion of the Portfolio when another Sub-Adviser believescontinued exposure to the equity or debt markets is appropriate for itsallocated portion of the Portfolio. Because each Sub-Adviser directsthe trading for its own portion of the Portfolio, and does not ag-gregate its transactions with those of the other Sub-Adviser, the Port-folio may incur higher brokerage costs than would be the case if asingle Sub-Adviser were managing the entire Portfolio. In addition,while the Adviser seeks to allocate the Portfolio’s assets among thePortfolio’s Sub-Advisers in a manner that it believes is consistent withachieving the Portfolio’s investment objective(s), the Adviser is subjectto conflicts of interest in allocating the Portfolio’s assets among Sub-Advisers, including affiliated Sub-Advisers, because the Adviser paysdifferent fees to the Sub-Advisers and due to other factors that couldimpact the Adviser’s revenues and profits.

Portfolio Management Risk: The Portfolio is subject to the riskthat strategies used by an investment manager and its securities se-lections fail to produce the intended results.

AGEMV 4

Regulatory Risk: The Adviser is registered with the Securities andExchange Commission (“SEC”) as an investment adviser under theInvestment Advisers Act of 1940, as amended. The Adviser also isregistered with the Commodity Futures Trading Commission (“CFTC”)as a commodity pool operator (“CPO”) under the Commodity Ex-change Act, as amended, and, due to the Portfolio’s use of derivatives,serves as a CPO with respect to the Portfolio. Being subject to dualregulation by the SEC and the CFTC may increase compliance costs,which may be borne by the Portfolio and may affect Portfolio returns.

Responsible Investing Risk: Consideration of environmental,social and governance (“ESG”) factors in the investment process maylimit the types and number of investment opportunities available to thePortfolio, and therefore carries the risk that, under certain market con-ditions, the Portfolio may underperform funds that do not consider ESGfactors. The integration of ESG considerations may affect the Portfolio’sexposure to certain sectors or types of investments and may impact thePortfolio’s relative investment performance depending on whether suchsectors or investments are in or out of favor in the market. In addition,the Sub-Adviser may be unsuccessful in creating a portfolio that con-sists of companies that exhibit more positive ESG characteristics or aportfolio that assigns more weight to such companies.



Short Position Risk: The Portfolio may engage in short sales andmay enter into derivative contracts that have a similar economic effect(e.g., taking a short position in a futures contract). The Portfolio willincur a loss as a result of a short position if the price of the asset soldshort increases between the date of the short position sale and thedate on which an offsetting position is purchased. Short positions maybe considered speculative transactions and involve special risks thatcould cause or increase losses or reduce gains, including greater reli-ance on the investment adviser’s ability to accurately anticipate thefuture value of a security or instrument, potentially higher transactioncosts, and imperfect correlation between the actual and desired level ofexposure. Because the Portfolio’s potential loss on a short position

arises from increases in the value of the asset sold short, the extent ofsuch loss, like the price of the asset sold short, is theoretically un-limited.

Volatility Management Risk: The Adviser from time to timeemploys various volatility management techniques in managing thePortfolio, including the use of futures and options to manage equityexposure. Although these actions are intended to reduce the overallrisk of investing in the Portfolio, they may not work as intended andmay result in losses by the Portfolio or periods of underperformance,particularly during periods when market values are increasing butmarket volatility is high. The success of the Portfolio’s volatilitymanagement strategy will be subject to the Adviser’s ability to correctlyassess the degree of correlation between the performance of the rele-vant market index and the metrics used by the Adviser to measuremarket volatility. Since the characteristics of many securities change asmarkets change or time passes, the success of the Portfolio’s volatilitymanagement strategy also will be subject to the Adviser’s ability tocontinually recalculate, readjust, and execute volatility managementtechniques in an efficient manner. In addition, market conditionschange, sometimes rapidly and unpredictably, and the Adviser may beunable to execute the volatility management strategy in a timely man-ner or at all. Moreover, volatility management strategies may increaseportfolio transaction costs, which could cause or increase losses or re-duce gains. For a variety of reasons, the Adviser may not seek toestablish a perfect correlation between the relevant market index andthe metrics that the Adviser uses to measure market volatility. In addi-tion, it is not possible to manage volatility fully or perfectly. Futurescontracts and other instruments used in connection with the volatilitymanagement strategy are not necessarily held by the Portfolio to hedgethe value of the Portfolio’s other investments and, as a result, thesefutures contracts and other instruments may decline in value at thesame time as the Portfolio’s other investments. Any one or more ofthese factors may prevent the Portfolio from achieving the intendedvolatility management or could cause the Portfolio to underperform orexperience losses (some of which may be sudden) or volatility for anyparticular period that may be higher or lower. In addition, the use ofvolatility management techniques may not protect against market de-clines and may limit the Portfolio’s participation in market gains, evenduring periods when the market is rising. Volatility management tech-niques, when implemented effectively to reduce the overall risk ofinvesting in the Portfolio, may result in underperformance by thePortfolio. For example, if the Portfolio has reduced its overall exposureto equities to avoid losses in certain market environments, the Portfoliomay forgo some of the returns that can be associated with periods ofrising equity values. The Portfolio’s performance may be lower than theperformance of similar funds where volatility management techniquesare not used.


The bar chart and table below provide some indication of the risks ofinvesting in the Portfolio by showing changes in the Portfolio’sperformance from year to year and by showing how the Portfolio’saverage annual total returns for the past one, five and ten years (orsince inception) through December 31, 2017 compared to the returns

AGEMV 5

of a broad-based securities market index. The additional indexes showhow the Portfolio’s performance compared with the returns of otherindexes that have characteristics relevant to the Portfolio’s investmentstrategies, including volatility managed indexes. The return of thebroad-based securities market index (and any additional comparativeindex) shown in the right hand column below is the return of the indexfor the last 10 years or, if shorter, since the inception of the share classwith the longest history. Past performance is not an indication of futureperformance.



2015 2017201620142013201220112009 20102008

50.04%

17.03%11.34%

-57.28%

-12.32%

20.37%

1.68% 4.48%

26.08%

-1.75%



OneYear

FiveYears


AXA Global Equity Managed VolatilityPortfolio – Class IA Shares 26.09% 9.63% 1.58%

AXA Global Equity Managed VolatilityPortfolio – Class IB Shares 26.08% 9.64% 1.49%

Volatility Managed Index – Global Blend(reflects no deduction for fees,expenses, or taxes) 23.46% 11.65% 6.61%

International Proxy Index (reflects nodeduction for fees, expenses, or taxes) 24.36% 7.84% 1.67%

Volatility Managed Index – Global ProxyBlend (reflects no deduction for fees,expenses, or taxes) 23.19% 11.81% 6.79%

MSCI AC World (Net) Index (reflects nodeduction for fees or expenses) 23.97% 10.80% 4.65%



Portfolio Managers: The members of the team that are jointly andprimarily responsible for (i) the selection, monitoring and oversight of thePortfolio’s Sub-Advisers, (ii) allocating assets among the Portfolio’s Allo-cated Portions and (iii) managing the Portfolio’s equity exposure are:

Name Title

Date BeganManaging

the Portfolio



May 2011


May 2009


May 2015


May 2016

Sub-Adviser: Morgan Stanley Investment Management, Inc.(“MSIM Inc.”)

Portfolio Managers: The members of the team that are jointly andprimarily responsible for the securities selection, research and tradingfor a portion of the Active Allocated Portion of the Portfolio are:

Name Title

Date BeganManaging

the PortfolioRuchir Sharma Managing Director of MSIM

Inc.August 2001

Paul Psaila Managing Director of MSIMInc.

August 1997

Eric Carlson Managing Director of MSIMInc.

October 2006

Name Title

Date BeganManaging

the PortfolioMunib Madni Managing Director of Morgan

StanleyInvestment ManagementCompany, an affiliate ofMSIM Inc.

May 2012

Gaite Ali Managing Director of MSIMInc.

April 2013

Sub-Adviser: OppenheimerFunds, Inc. (“Oppenheimer”)


Name Title

Date BeganManaging

the PortfolioRajeev Bhaman,

CFA®Director of Global Equitiesand SeniorVice President ofOppenheimer

July 2013

John Delano, CFA® Director of Equity Researchof the Global Team, SeniorPortfolio Manager andVice President ofOppenheimer

May 2017

AGEMV 6


Portfolio Managers: The members of the team that are jointly andprimarily responsible for the securities selection, research and tradingfor the Index Allocated Portion of the Portfolio are:

Name Title

Date BeganManaging

the PortfolioAlan Mason Managing Director of

BlackRockMarch 2014

Greg Savage,CFA®

Managing Director andPortfolio Manager ofBlackRock

May 2012

Rachel M. Aguirre Director of BlackRock April 2016

Creighton Jue,CFA®


April 2016

The Adviser has been granted relief by the Securities and ExchangeCommission to hire, terminate and replace Sub-Advisers and amendsub-advisory agreements subject to the approval of the Board ofTrustees and without obtaining shareholder approval. However, theAdviser may not enter into a sub-advisory agreement on behalf ofthe Portfolio with an “affiliated person” of the Adviser, such as Alli-anceBernstein L.P., unless the sub-advisory agreement is approved bythe Portfolio’s shareholders. The Adviser is responsible for overseeingSub-Advisers and recommending their hiring, termination and re-placement to the Board of Trustees.




TAX INFORMATION

The Portfolio’s shareholders are (or may include) insurance companyseparate accounts, qualified plans and other investors eligible underapplicable federal income tax regulations. Distributions made by thePortfolio to such an account or plan, and exchanges and re-demptions of Portfolio shares made by such an account or plan,

ordinarily do not cause the holders of underlying Contracts or planparticipants or beneficiaries to recognize income or gain for federalincome tax purposes at the time of the distributions, exchanges orredemptions; the holders, plan participants or beneficiaries generallyare taxed only on amounts they withdraw from their Contract orplan. See the prospectus for your Contract or your plan doc-umentation for further tax information.


This Portfolio is not sold directly to the general public but instead is of-fered as an underlying investment option for Contracts and retirementplans and to other eligible investors. The Portfolio and the Adviser andits affiliates may make payments to a sponsoring insurance company (orits affiliates) or other financial intermediary for distribution and/or otherservices. These payments may create a conflict of interest by influencingthe insurance company or other financial intermediary and your finan-cial adviser to recommend the Portfolio over another investment or byinfluencing an insurance company to include the Portfolio as an under-lying investment option in the Contract. The prospectus (or other offer-ing document) for your Contract may contain additional informationabout these payments. Ask your financial adviser or visit your financialintermediary’s website for more information.

AGEMV 7

EQ Advisors TrustSM

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



Investment Objective: Seeks to achieve long-term growth of capi-tal with an emphasis on risk-adjusted returns and managing volatilityin the Portfolio.




Annual Portfolio Operating Expenses(expenses that you pay each year as a percentage of the value ofyour investment)AXA International Core Managed Volatility


Class IBShares

Management Fee* 0.59% 0.59%Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25%Other Expenses 0.19% 0.19%Acquired Fund Fees and Expenses 0.04% 0.04%Total Annual Portfolio Operating Expenses 1.07% 1.07%


Example



PORTFOLIO TURNOVER



Principal Investment Strategy: The Portfolio invests primarily inforeign equity securities (or other financial instruments that derivetheir value from the securities of such companies). The Portfolio’sassets normally are allocated among three or more investment man-agers, each of which manages its portion of the Portfolio using a dif-ferent but complementary investment strategy. One portion of thePortfolio is actively managed (“Active Allocated Portion”); one por-tion of the Portfolio seeks to track the performance of a particularindex (“Index Allocated Portion”); and one portion of the Portfolioinvests in exchange-traded funds (“ETFs”) (“ETF Allocated Portion”).Under normal circumstances, the Active Allocated Portion consists ofapproximately 30% of the Portfolio’s net assets, the Index AllocatedPortion consists of approximately 60% of the Portfolio’s net assetsand the ETF Allocated Portion consists of approximately 10% of thePortfolio’s net assets. These percentages are targets established bythe Adviser; actual allocations may deviate from these targets.

The Active Allocated Portion invests primarily in equity securities of for-eign companies, including emerging market securities, that, in the viewof the Sub-Advisers, have good prospects for future growth. Other fac-tors, such as country and regional factors, are considered by the Sub-Advisers. The Active Allocated Portion’s Sub-Advisers may sell asecurity for a variety of reasons, such as to make other investments be-lieved by a Sub-Adviser to offer superior investment opportunities.

The Index Allocated Portion of the Portfolio seeks to track the perform-ance (before fees and expenses) of the MSCI Europe, Australasia andFar East (“EAFE”) Index with minimal tracking error. This strategy is

AICMV 1

commonly referred to as an indexing strategy. Generally, the Index Allo-cated Portion uses a full replication technique, although in certain in-stances a sampling approach may be utilized for a portion of the IndexAllocated Portion. The Index Allocated Portion also may invest in otherinstruments, such as futures and options contracts, that provide com-parable exposure as the index without buying the underlying securitiescomprising the index.

AXA Equitable Funds Management Group, LLC (“FMG LLC” or the“Adviser”) also may utilize futures and options, such as exchange-traded futures and options contracts on securities indices, to manageequity exposure. Futures and options can provide exposure to theperformance of a securities index without buying the underlyingsecurities comprising the index. They also provide a means to man-age the Portfolio’s equity exposure without having to buy or sellsecurities. When market volatility is increasing above specific thresh-olds set for the Portfolio, the Adviser may limit equity exposure eitherby reducing investments in securities, shorting or selling long futuresand options positions on an index, increasing cash levels, and/orshorting an index. During such times, the Portfolio’s exposure toequity securities may be significantly less than that of a traditionalequity portfolio. Volatility is a statistical measure of the magnitude ofchanges in the Portfolio’s returns, without regard to the direction ofthose changes. Higher volatility generally indicates higher risk and isoften reflected by frequent and sometimes significant movements upand down in value. Volatility management techniques may reducepotential losses and/or mitigate financial risks to insurance compa-nies that provide certain benefits and guarantees available under theContracts and offer the Portfolio as an investment option in theirproducts. The Portfolio may invest up to 25% of its assets in de-rivatives. It is anticipated that the Portfolio’s derivative instrumentswill consist primarily of foreign currency transactions, exchange-traded futures and options contracts on securities indices, but thePortfolio also may utilize other types of derivatives. The Portfolio’sinvestments in derivatives may be deemed to involve the use ofleverage because the Portfolio is not required to invest the full mar-ket value of the contract upon entering into the contract but partic-ipates in gains and losses on the full contract price. The use ofderivatives also may be deemed to involve the use of leverage be-cause the heightened price sensitivity of some derivatives to marketchanges may magnify the Portfolio’s gain or loss. It is not generallyexpected, however, that the Portfolio will be leveraged by borrowingmoney for investment purposes. The Portfolio may maintain a sig-nificant percentage of its assets in cash and cash equivalent instru-ments, some of which may serve as margin or collateral for thePortfolio’s obligations under derivative transactions.

The ETF Allocated Portion invests in ETFs (the “Underlying ETFs”) thatmeet the investment criteria of the Portfolio as a whole. The UnderlyingETFs in which the ETF Allocated Portion may invest may be changedfrom time to time without notice or shareholder approval.


Principal Risks: An investment in the Portfolio is not a deposit of abank and is not insured or guaranteed by the Federal Deposit Insurance

Corporation or any other government agency. You may lose money byinvesting in the Portfolio. Performance may be affected by one or more ofthe following risks.





ETFs Risk: The Portfolio’s shareholders will indirectly bear fees andexpenses paid by the ETFs in which it invests, in addition to the Port-folio’s direct fees and expenses. The cost of investing in the Portfolio,therefore, may be higher than the cost of investing in a mutual fundthat invests directly in individual stocks and bonds. In addition, thePortfolio’s net asset value will be subject to fluctuations in the mar-ket values of the ETFs in which it invests. The Portfolio is also subjectto the risks associated with the securities or other investments inwhich the ETFs invest, and the ability of the Portfolio to meet its in-vestment objective will directly depend on the ability of the ETFs tomeet their investment objectives. An index-based ETF’s performancemay not match that of the index it seeks to track. An actively man-aged ETF’s performance will reflect its adviser’s ability to makeinvestment decisions that are suited to achieving the ETF’s invest-ment objective. It is also possible that an active trading market for anETF may not develop or be maintained, in which case the liquidityand value of the Portfolio’s investment in the ETF could be sub-stantially and adversely affected. The extent to which the investment

AICMV 2

performance and risks associated with the Portfolio correlate to thoseof a particular ETF will depend upon the extent to which the Portfo-lio’s assets are allocated from time to time for investment in the ETF,which will vary.





Geographic Concentration Risk: To the extent the Portfo-lio invests a significant portion of its assets in securities ofcompanies domiciled, or exercising the predominant part of

their economic activity, in one country or geographic region, itassumes the risk that economic, political, social and environ-mental conditions in that particular country or region will havea significant impact on the Portfolio’s investment performanceand that the Portfolio’s performance will be more volatile thanthe performance of more geographically diversified funds. Theeconomies and financial markets of certain regions can behighly interdependent and may decline all at the same time. Inaddition, certain areas are prone to natural disasters such asearthquakes, volcanoes, droughts or tsunamis and are econom-ically sensitive to environmental events.

Regulatory Risk: Less information may be available aboutforeign companies. In general, foreign companies are not subjectto uniform accounting, auditing and financial reporting standardsor to other regulatory practices and requirements as are U.S.companies. Many foreign governments do not supervise andregulate stock exchanges, brokers and the sale of securities tothe same extent as does the United States and may not havelaws to protect investors that are comparable to U.S. securitieslaws. In addition, some countries may have legal systems thatmay make it difficult for the Portfolio to vote proxies, exerciseshareholder rights, and pursue legal remedies with respect to itsforeign investments.

Futures Contract Risk: The primary risks associated with theuse of futures contracts are (a) the imperfect correlation between thechange in market value of the instruments held by the Portfolio andthe price of the futures contract; (b) liquidity risks, including thepossible absence of a liquid secondary market for a futures contractand the resulting inability to close a futures contract when desired;(c) losses (potentially unlimited) caused by unanticipated marketmovements; (d) an investment manager’s inability to predict correctlythe direction of securities prices, interest rates, currency exchangerates and other economic factors; (e) the possibility that a counter-party, clearing member or clearinghouse will default in the perform-ance of its obligations; (f) if the Portfolio has insufficient cash, it mayhave to sell securities from its portfolio to meet daily variation marginrequirements, and the Portfolio may have to sell securities at a timewhen it may be disadvantageous to do so; and (g) transaction costsassociated with investments in futures contracts may be significant,which could cause or increase losses or reduce gains. Futures con-tracts are also subject to the same risks as the underlying invest-ments to which they provide exposure. In addition, futures contractsmay subject the Portfolio to leveraging risk.

Index Strategy Risk: The Portfolio employs an index strategy,that is, it generally invests in the securities included in its index or arepresentative sample of such securities regardless of market trends.The Portfolio generally will not modify its index strategy to respondto changes in the economy, which means that it may be particularlysusceptible to a general decline in the market segment relating to therelevant index. In addition, although the index strategy attempts toclosely track its benchmark index, the Portfolio may not invest in allof the securities in the index. Also, the Portfolio’s fees and expenseswill reduce the Portfolio’s returns, unlike those of the benchmarkindex. Cash flow into and out of the Portfolio, Portfolio transaction

AICMV 3

costs, changes in the securities that comprise the index, and the Port-folio’s valuation procedures also may affect the Portfolio’s perform-ance. Therefore, there can be no assurance that the performance ofthe index strategy will match that of the benchmark index.



Mid-Cap and Small-Cap Company Risk: The Portfolio’sinvestments in mid- and small-cap companies may involve greaterrisks than investments in larger, more established issuers becausesuch companies generally are more vulnerable than larger companiesto adverse business or economic developments. Such companiesgenerally have narrower product lines, more limited financial andmanagement resources and more limited markets for their securitiesas compared with larger companies. As a result, the value of suchsecurities may be more volatile than the value of securities of largercompanies, and the Portfolio may experience difficulty in purchasingor selling such securities at the desired time and price or in the de-sired amount. In general, these risks are greater for small-capcompanies than for mid-cap companies.

Multiple Sub-Adviser Risk: The Adviser allocates the Portfo-lio’s assets among multiple Sub-Advisers, each of which is respon-sible for investing its allocated portion of the Portfolio’s assets. To asignificant extent, the Portfolio’s performance will depend on thesuccess of the Adviser in allocating the Portfolio’s assets to Sub-Advisers and its selection and oversight of the Sub-Advisers. The Sub-Advisers’ investment strategies may not work together as planned,which could adversely affect the Portfolio’s performance. In addition,because each Sub-Adviser manages its allocated portion of the Port-folio independently from another Sub-Adviser, the same security may

be held in different portions of the Portfolio, or may be acquired forone portion of the Portfolio at a time when a Sub-Adviser to anotherportion deems it appropriate to dispose of the security from thatother portion, resulting in higher expenses without accomplishingany net result in the Portfolio’s holdings. Similarly, under some mar-ket conditions, one Sub-Adviser may believe that temporary, de-fensive investments in short-term instruments or cash are appropriatefor its allocated portion of the Portfolio when another Sub-Adviserbelieves continued exposure to the equity or debt markets is appro-priate for its allocated portion of the Portfolio. Because each Sub-Adviser directs the trading for its own portion of the Portfolio, anddoes not aggregate its transactions with those of the other Sub-Adviser, the Portfolio may incur higher brokerage costs than wouldbe the case if a single Sub-Adviser were managing the entire Portfo-lio. In addition, while the Adviser seeks to allocate the Portfolio’sassets among the Portfolio’s Sub-Advisers in a manner that it be-lieves is consistent with achieving the Portfolio’s investmentobjective(s), the Adviser is subject to conflicts of interest in allocatingthe Portfolio’s assets among Sub-Advisers, including affiliated Sub-Advisers, because the Adviser pays different fees to the Sub-Advisersand due to other factors that could impact the Adviser’s revenuesand profits.


Regulatory Risk: The Adviser is registered with the Securities andExchange Commission (“SEC”) as an investment adviser under theInvestment Advisers Act of 1940, as amended. The Adviser also isregistered with the Commodity Futures Trading Commission(“CFTC”) as a commodity pool operator (“CPO”) under theCommodity Exchange Act, as amended, and, due to the Portfolio’suse of derivatives, serves as a CPO with respect to the Portfolio. Be-ing subject to dual regulation by the SEC and the CFTC may increasecompliance costs, which may be borne by the Portfolio and may af-fect Portfolio returns.



AICMV 4

Short Position Risk: The Portfolio may engage in short salesand may enter into derivative contracts that have a similar economiceffect (e.g., taking a short position in a futures contract). The Portfo-lio will incur a loss as a result of a short position if the price of theasset sold short increases between the date of the short position saleand the date on which an offsetting position is purchased. Shortpositions may be considered speculative transactions and involvespecial risks that could cause or increase losses or reduce gains, in-cluding greater reliance on the investment adviser’s ability to accu-rately anticipate the future value of a security or instrument,potentially higher transaction costs, and imperfect correlation be-tween the actual and desired level of exposure. Because the Portfo-lio’s potential loss on a short position arises from increases in thevalue of the asset sold short, the extent of such loss, like the price ofthe asset sold short, is theoretically unlimited.

Volatility Management Risk: The Adviser from time to timeemploys various volatility management techniques in managing thePortfolio, including the use of futures and options to manage equityexposure. Although these actions are intended to reduce the overallrisk of investing in the Portfolio, they may not work as intended andmay result in losses by the Portfolio or periods of underperformance,particularly during periods when market values are increasing butmarket volatility is high. The success of the Portfolio’s volatility man-agement strategy will be subject to the Adviser’s ability to correctlyassess the degree of correlation between the performance of the rele-vant market index and the metrics used by the Adviser to measuremarket volatility. Since the characteristics of many securities changeas markets change or time passes, the success of the Portfolio’s vola-tility management strategy also will be subject to the Adviser’s abilityto continually recalculate, readjust, and execute volatility manage-ment techniques in an efficient manner. In addition, market con-ditions change, sometimes rapidly and unpredictably, and the Advisermay be unable to execute the volatility management strategy in atimely manner or at all. Moreover, volatility management strategiesmay increase portfolio transaction costs, which could cause or in-crease losses or reduce gains. For a variety of reasons, the Advisermay not seek to establish a perfect correlation between the relevantmarket index and the metrics that the Adviser uses to measure marketvolatility. In addition, it is not possible to manage volatility fully orperfectly. Futures contracts and other instruments used in connectionwith the volatility management strategy are not necessarily held bythe Portfolio to hedge the value of the Portfolio’s other investmentsand, as a result, these futures contracts and other instruments maydecline in value at the same time as the Portfolio’s other investments.Any one or more of these factors may prevent the Portfolio from ach-ieving the intended volatility management or could cause the Portfolioto underperform or experience losses (some of which may be sudden)or volatility for any particular period that may be higher or lower. Inaddition, the use of volatility management techniques may not protectagainst market declines and may limit the Portfolio’s participation inmarket gains, even during periods when the market is rising. Volatilitymanagement techniques, when implemented effectively to reduce theoverall risk of investing in the Portfolio, may result in under-performance by the Portfolio. For example, if the Portfolio has re-duced its overall exposure to equities to avoid losses in certain marketenvironments, the Portfolio may forgo some of the returns that can be

associated with periods of rising equity values. The Portfolio’sperformance may be lower than the performance of similar fundswhere volatility management techniques are not used.


The bar chart and table below provide some indication of the risks ofinvesting in the Portfolio by showing changes in the Portfolio’sperformance from year to year and by showing how the Portfolio’saverage annual total returns for the past one, five and ten years (orsince inception) through December 31, 2017 compared to the returnsof a broad-based securities market index. The additional indexes showhow the Portfolio’s performance compared with the returns of otherindexes that have characteristics relevant to the Portfolio’s investmentstrategies, including volatility managed indexes. The return of thebroad-based securities market index (and any additional comparativeindex) shown in the right hand column below is the return of the indexfor the last 10 years or, if shorter, since the inception of the share classwith the longest history. Past performance is not an indication of futureperformance.



2013 2015 201720162014201220112008 2009 2010

35.34%

9.23%16.27%

-44.86%

-16.92%

-6.25%

17.47%

-4.34%

0.29%

26.22%



OneYear

FiveYears


AXA International Core Managed VolatilityPortfolio – Class IA Shares 26.25% 5.93% 0.59%

AXA International Core Managed VolatilityPortfolio – Class IB Shares 26.22% 5.92% 0.49%

Volatility Managed Index – International(reflects no deduction for fees orexpenses) 25.03% 7.38% 2.92%


Volatility Managed Index – InternationalProxy (reflects no deduction for fees,expenses, or taxes) 24.48% 7.68% 3.25%

MSCI EAFE Index (reflects no deduction forfees or expenses) 25.03% 7.90% 1.94%

AICMV 5



Portfolio Managers: The members of the team that are jointly andprimarily responsible for (i) the selection, monitoring and oversight ofthe Portfolio’s Sub-Advisers, (ii) allocating assets among the Portfo-lio’s Allocated Portions, (iii) managing the Portfolio’s equity exposureand (iv) the selection of investments in exchange-traded funds for thePortfolio’s ETF Allocated Portion are:

Name Title

Date BeganManaging

the Portfolio



May 2011


May 2009

Xavier Poutas,CFA®

Assistant Portfolio Managerof FMG LLC

May 2011

Miao Hu, CFA® Assistant Portfolio Managerof FMG LLC

May 2016

Sub-Adviser: Federated Global Investment ManagementCorp. (“Federated”)


Name Title

Date BeganManaging

the Portfolio

RichardWinkowski

Senior Vice President andSenior Portfolio Manager ofFederated

January 2016

Dariusz Czoch,CFA®

Vice President, PortfolioManager and SeniorInvestment Analyst ofFederated

January 2016

Marc Halperin Vice President andSenior Portfolio Manager ofFederated

January 2016

Sub-Adviser: Massachusetts Financial Services Companyd/b/a MFS Investment Management (“MFS”)


Name Title

Date BeganManaging

the PortfolioDavid Antonelli Vice Chairman and Portfolio

Manager of MFSJune 2013

Kevin Dwan Investment Officer andPortfolio Manager of MFS

June 2013

Matthew Barrett Investment Officer andPortfolio Manager of MFS

March 2015

Sub-Adviser: EARNEST Partners, LLC (“EARNEST”)

Portfolio Managers: The individual primarily responsible for thesecurities selection, research and trading for a portion of the ActiveAllocated Portion of the Portfolio is:

Name Title

Date BeganManaging

the Portfolio

Paul Viera Chief Executive Officerand Partner of EARNEST

May 2014



Name Title

Date BeganManaging

the Portfolio


March 2014

Greg Savage, CFA® Managing Director andPortfolio Manager ofBlackRock

May 2012


Creighton Jue, CFA® Managing Director ofBlackRock

April 2016

The Adviser has been granted relief by the Securities and ExchangeCommission to hire, terminate and replace Sub-Advisers and amend sub-advisory agreements subject to the approval of the Board of Trusteesand without obtaining shareholder approval. However, the Adviser maynot enter into a sub-advisory agreement on behalf of the Portfolio withan “affiliated person” of the Adviser, such as AllianceBernstein L.P., un-less the sub-advisory agreement is approved by the Portfolio’s share-holders. The Adviser is responsible for overseeing Sub-Advisers andrecommending their hiring, termination and replacement to the Board ofTrustees.


The Portfolio’s shares are currently sold only to insurance companyseparate accounts in connection with Contracts issued by AXA Equi-table Life Insurance Company (“AXA Equitable”), AXA Life and An-nuity Company, or other affiliated or unaffiliated insurance

AICMV 6

companies and to The AXA Equitable 401(k) Plan. Shares also maybe sold to other tax-qualified retirement plans, to other portfoliosmanaged by FMG LLC that currently sell their shares to such ac-counts and plans, and to other investors eligible under applicablefederal income tax regulations.


TAX INFORMATION




AICMV 7

EQ Advisors TrustSM

AXA/Janus Enterprise Portfolio – Class IA and IB Shares



Investment Objective: Seeks to achieve capital growth.





AXA/Janus Enterprise PortfolioClass IAShares

Class IBShares


Example



PORTFOLIO TURNOVER



Principal Investment Strategy: Under normal market conditions,the Portfolio will invest at least 50% of its net assets, plus borrow-ings for investment purposes, in securities of medium-sized compa-nies (or derivative instruments with similar economic characteristics).The Portfolio primarily invests in equity securities, including commonstocks, preferred stocks, and rights and warrants to purchase com-mon stock. For this Portfolio, medium-sized companies are defined ascompanies with capitalizations at the time of investment within therange of companies included in the Russell Midcap® Growth Index.As of December 31, 2017, the market capitalization range of theRussell MidCap® Growth Index was $1.2 billion to $36.7 billion.

The Sub-Adviser applies a “bottom up” approach in choosing invest-ments. In other words, the Sub-Adviser looks at companies one at atime to determine if a company is an attractive investment oppor-tunity and if it is consistent with the Portfolio’s investment policies.

The Portfolio may invest in securities of foreign issuers, includingemerging market securities and depositary receipts. The securities inwhich the Portfolio may invest may be denominated in U.S. dollars orin currencies other than U.S. dollars. The Portfolio may also invest inreal estate investment trusts (“REITs”).

The Portfolio may also invest its assets in derivatives, which areinstruments that have a value derived from, or directly linked to, anunderlying asset, such as equity securities, fixed-income securities,commodities, currencies, interest rates, or market indices. In partic-ular, the Portfolio may use forward currency contracts to offset risksassociated with an investment, currency exposure, or market con-ditions, or to hedge currency exposure relative to the Portfolio’sbenchmark index.

The Portfolio also may lend its portfolio securities to earn additional income.

AJE 1



Derivatives Risk: The Portfolio’s investments in derivatives mayrise or fall in value more rapidly than other investments. Changes in thevalue of a derivative may not correlate perfectly, or at all, with theunderlying asset, reference rate or index, and the Portfolio could losemore than the principal amount invested. Some derivatives can havethe potential for unlimited losses. In addition, it may be difficult orimpossible for the Portfolio to purchase or sell certain derivatives insufficient amounts to achieve the desired level of exposure, which mayresult in a loss or may be costly to the Portfolio. Derivatives also may besubject to certain other risks such as leveraging risk, liquidity risk,interest rate risk, market risk, credit risk, the risk that a counterpartymay be unable or unwilling to honor its obligations, management riskand the risk of mispricing or improper valuation. Derivatives also maynot behave as anticipated by the Portfolio, especially in abnormal mar-ket conditions. Changing regulation may make derivatives more costly,limit their availability, impact the Portfolio’s ability to maintain itsinvestments in derivatives, disrupt markets, or otherwise adversely af-fect their value or performance.



Currency Risk: Investments in foreign currencies and insecurities that trade in, or receive revenues in, or in derivativesthat provide exposure to foreign currencies are subject to therisk that those currencies will decline in value relative to theU.S. dollar. Any such decline may erode or reverse any potentialgains from an investment in securities denominated in foreigncurrency or may widen existing loss. In the case of hedgingpositions, there is the risk that the U.S. dollar will decline invalue relative to the currency being hedged. Currency rates mayfluctuate significantly over short periods of time for a number ofreasons, including changes in interest rates, intervention (or the

failure to intervene) by governments, central banks or suprana-tional entities, or by the imposition of currency controls or otherpolitical developments in the U.S. or abroad.






Real Estate Investing Risk: Real estate-related investmentsmay decline in value as a result of factors affecting the overall real

AJE 2

estate industry. Real estate is a cyclical business, highly sensitive tosupply and demand, general and local economic developments andcharacterized by intense competition and periodic overbuilding. Realestate income and values also may be greatly affected by demo-graphic trends, such as population shifts or changing tastes and val-ues. Losses may occur from casualty or condemnation andgovernment actions, such as tax law changes, zoning law changes,regulatory limitations on rents, or environmental regulations, alsomay have a major impact on real estate. The availability of mort-gages and changes in interest rates may also affect real estate val-ues. Changing interest rates and credit quality requirements also willaffect the cash flow of real estate companies and their ability to meetcapital needs. Real estate investment trusts (“REITs”) generally investdirectly in real estate (equity REITs), in mortgages secured by inter-ests in real estate (mortgage REITs) or in some combination of thetwo (hybrid REITs). Investing in REITs exposes investors to the risks ofowning real estate directly, as well as to risks that relate specificallyto the way in which REITs are organized and operated. Equity REITsmay be affected by changes in the value of the underlying propertyowned by the REIT, while mortgage REITs may be affected by thequality of any credit extended. Equity and mortgage REITs are alsosubject to heavy cash flow dependency, defaults by borrowers, andself-liquidations. The risk of defaults is generally higher in the case ofmortgage pools that include subprime mortgages involving bor-rowers with blemished credit histories. Individual REITs may own alimited number of properties and may concentrate in a particular re-gion or property type. Domestic REITs also must satisfy specific In-ternal Revenue Code requirements to qualify for the tax-free pass-through of net investment income and net realized gains distributedto shareholders. Failure to meet these requirements may have ad-verse consequences on the Portfolio. In addition, even the larger RE-ITs in the industry tend to be small- to medium-sized companies inrelation to the equity markets as a whole. Moreover, shares of REITsmay trade less frequently and, therefore, are subject to more erraticprice movements than securities of larger issuers.




The bar chart and table below provide some indication of the risks ofinvesting in the Portfolio by showing changes in the Portfolio’s per-formance from year to year and by showing how the Portfolio’saverage annual total returns for the past one year, five years and tenyears (or since inception) through December 31, 2017 compared tothe returns of a broad-based securities market index. The return ofthe broad-based securities market index (and any additional com-parative index) shown in the right hand column below is the returnof the index for the last 10 years or, if shorter, since the inception ofthe share class with the longest history. Past performance is not anindication of future performance. Performance information for theperiods prior to December 9, 2016 is that of the Portfolio when itengaged a different Sub-Adviser.



2008 2014 2015 2016 20172012201120102009

-47.32%

57.07%

32.31%

8.77%

-7.74%

2013

38.60%27.92%

-0.73% -5.49% -4.33%

Best quarter (% and time period)Worst quarter (% and timeperiod)

25.65% (2009 2nd Quarter) –26.81% (2008 4th Quarter)


OneYear

FiveYears


AXA/Janus Enterprise Portfolio – Class IAShares 27.88% 9.73% 5.85%

AXA/Janus Enterprise Portfolio – Class IBShares 27.92% 9.74% 5.75%

Russell Midcap® Growth Index (reflects nodeduction for fees, expenses, or taxes) 25.27% 15.30% 9.10%

AJE 3




Name Title

Date BeganManaging

the Portfolio



May 2011


May 2009

Sub-Adviser: Janus Capital Management LLC(“Janus”)


Name Title

Date BeganManaging

the Portfolio

Brian Demain, CFA® Executive Vice President ofJanus and Co-PortfolioManager of the Portfolio

December 2016

Cody Wheaton, CFA® Executive Vice President ofJanus and Co-PortfolioManager of the Portfolio

December 2016





TAX INFORMATION

The Portfolio’s shareholders are (or may include) insurancecompany separate accounts, qualified plans and other investorseligible under applicable federal income tax regulations.Distributions made by the Portfolio to such an account or plan, andexchanges and redemptions of Portfolio shares made by such anaccount or plan, ordinarily do not cause the holders of underlyingContracts or plan participants or beneficiaries to recognize incomeor gain for federal income tax purposes at the time of thedistributions, exchanges or redemptions; the holders, planparticipants or beneficiaries generally are taxed only on amountsthey withdraw from their Contract or plan. See the prospectus foryour Contract or your plan documentation for further taxinformation.



AJE 4

EQ Advisors TrustSM

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



Investment Objective: Seeks to provide long-term capital growthwith an emphasis on risk-adjusted returns and managing volatility inthe Portfolio.




Annual Portfolio Operating Expenses(expenses that you pay each year as a percentage of the value ofyour investment)AXA Large Cap Growth Managed Volatility


Class IBShares



Example



PORTFOLIO TURNOVER



Principal Investment Strategy: Under normal circumstances, thePortfolio intends to invest at least 80% of its net assets, plus borrow-ings for investment purposes, in securities of large-cap companies (orother financial instruments that derive their value from the securitiesof such companies). For this Portfolio, large-cap companies meanthose companies with market capitalizations within the range of atleast one of the following indices at the time of purchase: Standard &Poor’s 500 Composite Stock Index (market capitalization range ofapproximately $3 billion - $868.9 billion as of December 31, 2017),Russell 1000® Index (market capitalization range of approximately$0.8 billion - $868.9 billion as of December 31, 2017), MorningstarLarge Core Index (market capitalization range of approximately$21.4 billion - $868.9 billion as of December 31, 2017).

The Portfolio’s assets normally are allocated among three or more in-vestment managers, each of which manages its portion of the Portfoliousing a different but complementary investment strategy. One portionof the Portfolio is actively managed (“Active Allocated Portion”); oneportion of the Portfolio seeks to track the performance of a particularindex (“Index Allocated Portion”); and one portion of the Portfolio in-vests in exchange-traded funds (“ETFs”) (“ETF Allocated Portion”).Under normal circumstances, the Active Allocated Portion consists ofapproximately 30% of the Portfolio’s net assets, the Index AllocatedPortion consists of approximately 60% of the Portfolio’s net assets andthe ETF Allocated Portion consists of approximately 10% of the Portfo-lio’s net assets. These percentages are targets established by the Ad-viser; actual allocations may deviate from these targets.

EQLCGMV 1

The Active Allocated Portion invests primarily in equity securities ofcompanies whose above-average prospective earnings growth is notfully reflected, in the view of the Sub-Advisers, in current marketvaluations. The Portfolio may invest up to 25% of its total assets insecurities of foreign companies, including companies based inemerging market countries. A Sub-Adviser may sell a security for avariety of reasons, such as to make other investments believed by aSub-Adviser to offer superior investment opportunities.

The Index Allocated Portion of the Portfolio seeks to track the per-formance (before fees and expenses) of the Russell 1000® GrowthIndex with minimal tracking error. This strategy is commonly referredto as an indexing strategy. Generally, the Index Allocated Portionuses a full replication technique, although in certain instances asampling approach may be utilized for a portion of the Index Allo-cated Portion. The Index Allocated Portion also may invest in otherinstruments, such as futures and options contracts, that providecomparable exposure as the index without buying the underlyingsecurities comprising the index.

AXA Equitable Funds Management Group, LLC (“FMG LLC” or the“Adviser”) also may utilize futures and options, such as exchange-traded futures and options contracts on securities indices, to manageequity exposure. Futures and options can provide exposure to the per-formance of a securities index without buying the underlying securitiescomprising the index. They also provide a means to manage thePortfolio’s equity exposure without having to buy or sell securities.When market volatility is increasing above specific thresholds set forthe Portfolio, the Adviser may limit equity exposure either by reducinginvestments in securities, shorting or selling long futures and optionspositions on an index, increasing cash levels, and/or shorting an index.During such times, the Portfolio’s exposure to equity securities may besignificantly less than that of a traditional equity portfolio. Volatility is astatistical measure of the magnitude of changes in the Portfolio’s re-turns, without regard to the direction of those changes. Higher vola-tility generally indicates higher risk and is often reflected by frequentand sometimes significant movements up and down in value. Volatilitymanagement techniques may reduce potential losses and/or mitigatefinancial risks to insurance companies that provide certain benefits andguarantees available under the Contracts and offer the Portfolio as aninvestment option in their products. The Portfolio may invest up to25% of its assets in derivatives. It is anticipated that the Portfolio’s de-rivative instruments will consist primarily of exchange-traded futuresand options contracts on securities indices, but the Portfolio also mayutilize other types of derivatives. The Portfolio’s investments in de-rivatives may be deemed to involve the use of leverage because thePortfolio is not required to invest the full market value of the contractupon entering into the contract but participates in gains and losses onthe full contract price. The use of derivatives also may be deemed toinvolve the use of leverage because the heightened price sensitivity ofsome derivatives to market changes may magnify the Portfolio’s gainor loss. It is not generally expected, however, that the Portfolio will beleveraged by borrowing money for investment purposes. The Portfoliomay maintain a significant percentage of its assets in cash and cashequivalent instruments, some of which may serve as margin orcollateral for the Portfolio’s obligations under derivative transactions.

The ETF Allocated Portion invests in ETFs (the “Underlying ETFs”) thatmeet the investment criteria of the Portfolio as a whole. The Under-lying ETFs in which the ETF Allocated Portion may invest may bechanged from time to time without notice or shareholder approval.







ETFs Risk: The Portfolio’s shareholders will indirectly bear fees andexpenses paid by the ETFs in which it invests, in addition to the Portfo-lio’s direct fees and expenses. The cost of investing in the Portfolio,therefore, may be higher than the cost of investing in a mutual fundthat invests directly in individual stocks and bonds. In addition, thePortfolio’s net asset value will be subject to fluctuations in the marketvalues of the ETFs in which it invests. The Portfolio is also subject to therisks associated with the securities or other investments in which theETFs invest, and the ability of the Portfolio to meet its investment

EQLCGMV 2

objective will directly depend on the ability of the ETFs to meet theirinvestment objectives. An index-based ETF’s performance may notmatch that of the index it seeks to track. An actively managed ETF’sperformance will reflect its adviser’s ability to make investment deci-sions that are suited to achieving the ETF’s investment objective. It isalso possible that an active trading market for an ETF may not developor be maintained, in which case the liquidity and value of the Portfo-lio’s investment in the ETF could be substantially and adversely af-fected. The extent to which the investment performance and risksassociated with the Portfolio correlate to those of a particular ETF willdepend upon the extent to which the Portfolio’s assets are allocatedfrom time to time for investment in the ETF, which will vary.




Futures Contract Risk: The primary risks associated with the use offutures contracts are (a) the imperfect correlation between the change inmarket value of the instruments held by the Portfolio and the price of thefutures contract; (b) liquidity risks, including the possible absence of a

liquid secondary market for a futures contract and the resulting inabilityto close a futures contract when desired; (c) losses (potentially unlimited)caused by unanticipated market movements; (d) an investment manag-er’s inability to predict correctly the direction of securities prices, interestrates, currency exchange rates and other economic factors; (e) thepossibility that a counterparty, clearing member or clearinghouse willdefault in the performance of its obligations; (f) if the Portfolio has in-sufficient cash, it may have to sell securities from its portfolio to meetdaily variation margin requirements, and the Portfolio may have to sellsecurities at a time when it may be disadvantageous to do so; and (g)transaction costs associated with investments in futures contracts may besignificant, which could cause or increase losses or reduce gains. Futurescontracts are also subject to the same risks as the underlying investmentsto which they provide exposure. In addition, futures contracts may sub-ject the Portfolio to leveraging risk.




Leveraging Risk: When the Portfolio leverages its holdings, thevalue of an investment in the Portfolio will be more volatile and allother risks will tend to be compounded. For example, the Portfoliomay take on leveraging risk when it engages in derivatives trans-actions (such as futures and options investments), invests collateral

EQLCGMV 3

from securities loans or borrows money. The Portfolio may experienceleveraging risk in connection with investments in derivatives becauseits investments in derivatives may be small relative to the investmentexposure assumed, leaving more assets to be invested in otherinvestments. Such investments may have the effect of leveraging thePortfolio because the Portfolio may experience gains or losses not onlyon its investments in derivatives, but also on the investments pur-chased with the remainder of the assets. If the value of the Portfolio’sinvestments in derivatives is increasing, this could be offset by decliningvalues of the Portfolio’s other investments. Conversely, it is possiblethat a rise in the value of the Portfolio’s non-derivative investmentscould be offset by a decline in the value of the Portfolio’s investmentsin derivatives. In either scenario, the Portfolio may experience losses. Ina market where the value of the Portfolio’s investments in derivatives isdeclining and the value of its other investments is declining, the Portfo-lio may experience substantial losses.

Multiple Sub-Adviser Risk: The Adviser allocates the Portfo-lio’s assets among multiple Sub-Advisers, each of which is responsiblefor investing its allocated portion of the Portfolio’s assets. To a sig-nificant extent, the Portfolio’s performance will depend on the successof the Adviser in allocating the Portfolio’s assets to Sub-Advisers andits selection and oversight of the Sub-Advisers. The Sub-Advisers’ in-vestment strategies may not work together as planned, which couldadversely affect the Portfolio’s performance. In addition, because eachSub-Adviser manages its allocated portion of the Portfolio in-dependently from another Sub-Adviser, the same security may be heldin different portions of the Portfolio, or may be acquired for one por-tion of the Portfolio at a time when a Sub-Adviser to another portiondeems it appropriate to dispose of the security from that other por-tion, resulting in higher expenses without accomplishing any net re-sult in the Portfolio’s holdings. Similarly, under some marketconditions, one Sub-Adviser may believe that temporary, defensiveinvestments in short-term instruments or cash are appropriate for itsallocated portion of the Portfolio when another Sub-Adviser believescontinued exposure to the equity or debt markets is appropriate for itsallocated portion of the Portfolio. Because each Sub-Adviser directsthe trading for its own portion of the Portfolio, and does not ag-gregate its transactions with those of the other Sub-Adviser, the Port-folio may incur higher brokerage costs than would be the case if asingle Sub-Adviser were managing the entire Portfolio. In addition,while the Adviser seeks to allocate the Portfolio’s assets among thePortfolio’s Sub-Advisers in a manner that it believes is consistent withachieving the Portfolio’s investment objective(s), the Adviser is subjectto conflicts of interest in allocating the Portfolio’s assets among Sub-Advisers, including affiliated Sub-Advisers, because the Adviser paysdifferent fees to the Sub-Advisers and due to other factors that couldimpact the Adviser’s revenues and profits.


Regulatory Risk: The Adviser is registered with the Securities andExchange Commission (“SEC”) as an investment adviser under theInvestment Advisers Act of 1940, as amended. The Adviser also is

registered with the Commodity Futures Trading Commission(“CFTC”) as a commodity pool operator (“CPO”) under theCommodity Exchange Act, as amended, and, due to the Portfolio’suse of derivatives, serves as a CPO with respect to the Portfolio. Be-ing subject to dual regulation by the SEC and the CFTC may increasecompliance costs, which may be borne by the Portfolio and may af-fect Portfolio returns.




Volatility Management Risk: The Adviser from time to timeemploys various volatility management techniques in managing thePortfolio, including the use of futures and options to manage equityexposure. Although these actions are intended to reduce the overallrisk of investing in the Portfolio, they may not work as intended andmay result in losses by the Portfolio or periods of underperformance,particularly during periods when market values are increasing butmarket volatility is high. The success of the Portfolio’s volatility man-agement strategy will be subject to the Adviser’s ability to correctlyassess the degree of correlation between the performance of the rele-vant market index and the metrics used by the Adviser to measuremarket volatility. Since the characteristics of many securities change

EQLCGMV 4

as markets change or time passes, the success of the Portfolio’s vola-tility management strategy also will be subject to the Adviser’s abilityto continually recalculate, readjust, and execute volatility manage-ment techniques in an efficient manner. In addition, market con-ditions change, sometimes rapidly and unpredictably, and the Advisermay be unable to execute the volatility management strategy in atimely manner or at all. Moreover, volatility management strategiesmay increase portfolio transaction costs, which could cause or in-crease losses or reduce gains. For a variety of reasons, the Advisermay not seek to establish a perfect correlation between the relevantmarket index and the metrics that the Adviser uses to measure marketvolatility. In addition, it is not possible to manage volatility fully orperfectly. Futures contracts and other instruments used in connectionwith the volatility management strategy are not necessarily held bythe Portfolio to hedge the value of the Portfolio’s other investmentsand, as a result, these futures contracts and other instruments maydecline in value at the same time as the Portfolio’s other investments.Any one or more of these factors may prevent the Portfolio from ach-ieving the intended volatility management or could cause the Portfolioto underperform or experience losses (some of which may be sudden)or volatility for any particular period that may be higher or lower. Inaddition, the use of volatility management techniques may not protectagainst market declines and may limit the Portfolio’s participation inmarket gains, even during periods when the market is rising. Volatilitymanagement techniques, when implemented effectively to reduce theoverall risk of investing in the Portfolio, may result in under-performance by the Portfolio. For example, if the Portfolio has re-duced its overall exposure to equities to avoid losses in certain marketenvironments, the Portfolio may forgo some of the returns that can beassociated with periods of rising equity values. The Portfolio’sperformance may be lower than the performance of similar fundswhere volatility management techniques are not used.


The bar chart and table below provide some indication of the risks ofinvesting in the Portfolio by showing changes in the Portfolio’s per-formance from year to year and by showing how the Portfolio’saverage annual total returns for the past one, five and ten years (orsince inception) through December 31, 2017 compared to the re-turns of a broad-based securities market index. The additional indexshows how the Portfolio’s performance compared with the returns ofa volatility managed index. The return of the broad-based securitiesmarket index (and any additional comparative index) shown in theright hand column below is the return of the index for the last 10years or, if shorter, since the inception of the share class with thelongest history. Past performance is not an indication of futureperformance.



201320122011201020092008

34.90%

14.46% 13.76%

-38.28%

-3.66%

35.39%

11.07%

2015 201720162014

4.05% 5.53%

29.18%



OneYear

FiveYears


AXA Large Cap Growth ManagedVolatility Portfolio – Class IA Shares 29.21% 16.35% 8.47%

AXA Large Cap Growth ManagedVolatility Portfolio – Class IB Shares 29.18% 16.36% 8.34%

Volatility Managed Index – Large CapGrowth (reflects no deduction for fees,expenses, or taxes) 25.97% 16.70% 11.04%





Name Title

Date BeganManaging

the Portfolio

Kenneth T.Kozlowski,CFP®,CLU, ChFC


May 2007


May 2009

Xavier Poutas,CFA®

Assistant PortfolioManager of FMG LLC

May 2011


May 2016

EQLCGMV 5

Sub-Adviser: Loomis, Sayles & Company, L.P. (“LoomisSayles”)

Portfolio Manager: The individual primarily responsible for thesecurities selection, research and trading for a portion of the ActiveAllocated Portion of the Portfolio is:

Name Title

Date BeganManaging

the Portfolio

Aziz V.Hamzaogullari,CFA®

Vice President and PortfolioManager of Loomis Sayles

January 2016

Sub-Adviser: T. Rowe Price Associates, Inc. (“T. Rowe Price”)


Name Title

Date BeganManaging

the Portfolio

Joseph Fath, CPA Vice President ofT. Rowe Price and PortfolioManager

January 2014

Sub-Adviser: HS Management Partners, LLC (“HSMP”)


Name Title

Date BeganManaging

the Portfolio

Harry Segalas Managing Partner and ChiefInvestment Officer of HSMP

December 2016

Sub-Adviser: Polen Capital Management, LLC (“Polen”)


Name Title

Date BeganManaging

the Portfolio

Dan Davidowitz,CFA®

Head of the Large CompanyGrowth Team and PortfolioManager of Polen

December 2016

Damon Ficklin Portfolio Manager and Analystof Polen

December 2016



Name Title

Date BeganManaging

the Portfolio


March 2014

GregSavage, CFA®

Managing Director andPortfolio Manager ofBlackRock

May 2012


Creighton Jue,CFA®


April 2016

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 andwithout obtaining shareholder approval. However, the Adviser may notenter into a sub-advisory agreement on behalf of the Portfolio with an“affiliated person” of the Adviser, such as AllianceBernstein L.P., unlessthe sub-advisory agreement is approved by the Portfolio’s shareholders.The Adviser is responsible for overseeing Sub-Advisers and recommendingtheir hiring, termination and replacement to the Board of Trustees.




TAX INFORMATION


EQLCGMV 6



EQLCGMV 7

EQ Advisors TrustSM

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



Investment Objective: Seeks to achieve long-term growth of capi-tal with an emphasis on risk-adjusted returns and managing volatilityin the Portfolio.




Annual Portfolio Operating Expenses(expenses that you pay each year as a percentage of the value ofyour investment)AXA Large Cap Value Managed Volatility


Class IBShares



Example



PORTFOLIO TURNOVER



Principal Investment Strategy: Under normal circumstances, thePortfolio invests at least 80% of its net assets, plus borrowings for in-vestment purposes, in securities of large-cap companies (or otherfinancial instruments that derive their value from the securities of suchcompanies). For this Portfolio, large-cap companies mean thosecompanies with market capitalizations within the range of at least oneof the following indices at the time of purchase: Standard & Poor’s 500Composite Stock Index (market capitalization range of approximately$3 billion - $868.9 billion as of December 31, 2017), Russell 1000®

Index (market capitalization range of approximately $0.8 billion -$868.9 billion as of December 31, 2017), Morningstar Large Core In-dex (market capitalization range of approximately $21.4 billion -$868.9 billion as of December 31, 2017). The Portfolio’s investmentsmay include real estate investment trusts (“REITs”).

The Portfolio’s assets normally are allocated among two or more in-vestment managers, each of which manages its portion of thePortfolio using a different but complementary investment strategy.One portion of the Portfolio is actively managed (“Active AllocatedPortion”) and one portion of the Portfolio seeks to track theperformance of a particular index (“Index Allocated Portion”); andone portion of the Portfolio invests in exchange-traded funds(“ETFs”) (“ETF Allocated Portion”). Under normal circumstances, theActive Allocated Portion consists of approximately 30% of thePortfolio’s net assets and the Index Allocated Portion consists of ap-proximately 60% of the Portfolio’s net assets and the ETF AllocatedPortion consists of approximately 10% of the Portfolio’s net assets.

ALCVMV 1

These percentages are targets established by the Adviser; actual allo-cations may deviate from these targets.

The Active Allocated Portion utilizes a value-oriented investment styleand invests primarily in equity securities of companies that, in the viewof the Sub-Advisers, are currently underpriced according to certain fi-nancial measurements, which may include price-to-earnings and price-to-book ratios and dividend income potential. These Sub-Advisers maysell a security for a variety of reasons, such as because it becomesovervalued, shows deteriorating fundamentals or to invest in a com-pany believed to offer superior investment opportunities.

The Index Allocated Portion of the Portfolio seeks to track the per-formance (before fees and expenses) of the Russell 1000® ValueIndex with minimal tracking error. This strategy is commonly referredto as an indexing strategy. Generally, the Index Allocated Portionuses a full replication technique, although in certain instances asampling approach may be utilized for a portion of the Index Allo-cated Portion. The Index Allocated Portion also may invest in otherinstruments, such as futures and options contracts, that providecomparable exposure as the index without buying the underlyingsecurities comprising the index.

AXA Equitable Funds Management Group, LLC (“FMG LLC” or the“Adviser”) also may utilize futures and options, such as exchange-traded futures and options contracts on securities indices, to manageequity exposure. Futures and options can provide exposure to theperformance of a securities index without buying the underlyingsecurities comprising the index. They also provide a means to man-age the Portfolio’s equity exposure without having to buy or sellsecurities. When market volatility is increasing above specific thresh-olds set for the Portfolio, the Adviser may limit equity exposure eitherby reducing investments in securities, shorting or selling long futuresand options positions on an index, increasing cash levels, and/orshorting an index. During such times, the Portfolio’s exposure toequity securities may be significantly less than that of a traditionalequity portfolio. Volatility is a statistical measure of the magnitude ofchanges in the Portfolio’s returns, without regard to the direction ofthose changes. Higher volatility generally indicates higher risk and isoften reflected by frequent and sometimes significant movements upand down in value. Volatility management techniques may reducepotential losses and/or mitigate financial risks to insurance compa-nies that provide certain benefits and guarantees available under theContracts and offer the Portfolio as an investment option in theirproducts. The Portfolio may invest up to 25% of its assets in de-rivatives. It is anticipated that the Portfolio’s derivative instrumentswill consist primarily of exchange-traded futures and options con-tracts on securities indices, but the Portfolio also may utilize othertypes of derivatives. The Portfolio’s investments in derivatives may bedeemed to involve the use of leverage because the Portfolio is notrequired to invest the full market value of the contract upon enteringinto the contract but participates in gains and losses on the full con-tract price. The use of derivatives also may be deemed to involve theuse of leverage because the heightened price sensitivity of some de-rivatives to market changes may magnify the Portfolio’s gain or loss.It is not generally expected, however, that the Portfolio will be lever-aged by borrowing money for investment purposes. The Portfolio

may maintain a significant percentage of its assets in cash and cashequivalent instruments, some of which may serve as margin orcollateral for the Portfolio’s obligations under derivative transactions.








ETFs Risk: The Portfolio’s shareholders will indirectly bear fees andexpenses paid by the ETFs in which it invests, in addition to the Port-folio’s direct fees and expenses. The cost of investing in the Portfolio,therefore, may be higher than the cost of investing in a mutual fundthat invests directly in individual stocks and bonds. In addition, the

ALCVMV 2

Portfolio’s net asset value will be subject to fluctuations in the mar-ket values of the ETFs in which it invests. The Portfolio is also subjectto the risks associated with the securities or other investments inwhich the ETFs invest, and the ability of the Portfolio to meet its in-vestment objective will directly depend on the ability of the ETFs tomeet their investment objectives. An index-based ETF’s performancemay not match that of the index it seeks to track. An actively man-aged ETF’s performance will reflect its adviser’s ability to makeinvestment decisions that are suited to achieving the ETF’s invest-ment objective. It is also possible that an active trading market for anETF may not develop or be maintained, in which case the liquidityand value of the Portfolio’s investment in the ETF could be sub-stantially and adversely affected. The extent to which the investmentperformance and risks associated with the Portfolio correlate to thoseof a particular ETF will depend upon the extent to which the Portfo-lio’s assets are allocated from time to time for investment in the ETF,which will vary.



Investment Style Risk: The Portfolio may use a particular styleor set of styles — in this case “value” styles — to select invest-ments. Those styles may be out of favor or may not produce the bestresults over short or longer time periods. Value stocks are subject tothe risks that notwithstanding that a stock is selling at a discount toits perceived true worth, the stock’s intrinsic value may never be fullyrecognized or realized by the market, or its price may go down. Inaddition, there is the risk that a stock judged to be undervalued mayactually have been appropriately priced at the time of investment.



Multiple Sub-Adviser Risk: The Adviser allocates the Portfo-lio’s assets among multiple Sub-Advisers, each of which is respon-sible for investing its allocated portion of the Portfolio’s assets. To asignificant extent, the Portfolio’s performance will depend on thesuccess of the Adviser in allocating the Portfolio’s assets to Sub-Advisers and its selection and oversight of the Sub-Advisers. The Sub-Advisers’ investment strategies may work together as planned, whichcould adversely affect the Portfolio’s performance. In addition, be-cause each Sub-Adviser manages its allocated portion of the Portfolioindependently from another Sub-Adviser, the same security may beheld in different portions of the Portfolio, or may be acquired for oneportion of the Portfolio at a time when a Sub-Adviser to another por-tion deems it appropriate to dispose of the security from that otherportion, resulting in higher expenses without accomplishing any netresult in the Portfolio’s holdings. Similarly, under some market con-ditions, one Sub-Adviser may believe that temporary, defensiveinvestments in short-term instruments or cash are appropriate for its

ALCVMV 3

allocated portion of the Portfolio when another Sub-Adviser believescontinued exposure to the equity or debt markets is appropriate forits allocated portion of the Portfolio. Because each Sub-Adviser di-rects the trading for its own portion of the Portfolio, and does notaggregate its transactions with those of the other Sub-Adviser, thePortfolio may incur higher brokerage costs than would be the case ifa single Sub-Adviser were managing the entire Portfolio. In addition,while the Adviser seeks to allocate the Portfolio’s assets among thePortfolio’s Sub-Advisers in a manner that it believes is consistent withachieving the Portfolio’s investment objective(s), the Adviser is sub-ject to conflicts of interest in allocating the Portfolio’s assets amongSub-Advisers, including affiliated Sub-Advisers, because the Adviserpays different fees to the Sub-Advisers and due to other factors thatcould impact the Adviser’s revenues and profits.


Real Estate Investing Risk: Real estate-related investments maydecline in value as a result of factors affecting the overall real estateindustry. Real estate is a cyclical business, highly sensitive to supplyand demand, general and local economic developments and charac-terized by intense competition and periodic overbuilding. Real estateincome and values also may be greatly affected by demographictrends, such as population shifts or changing tastes and values. Lossesmay occur from casualty or condemnation and government actions,such as tax law changes, zoning law changes, regulatory limitationson rents, or environmental regulations, also may have a major impacton real estate. The availability of mortgages and changes in interestrates may also affect real estate values. Changing interest rates andcredit quality requirements also will affect the cash flow of real estatecompanies and their ability to meet capital needs. Real estate invest-ment Trusts (“REITs”) generally invest directly in real estate (equityREITs), in mortgages secured by interests in real estate (mortgage RE-ITs) or in some combination of the two (hybrid REITs). Investing in RE-ITs exposes investors to the risks of owning real estate directly, as wellas to risks that relate specifically to the way in which REITs are or-ganized and operated. Equity REITs may be affected by changes in thevalue of the underlying property owned by the REIT, while mortgageREITs may be affected by the quality of any credit extended. Equityand mortgage REITs are also subject to heavy cash flow dependency,defaults by borrowers, and self-liquidations. The risk of defaults isgenerally higher in the case of mortgage pools that include subprimemortgages involving borrowers with blemished credit histories. In-dividual REITs may own a limited number of properties and may con-centrate in a particular region or property type. Domestic REITs alsomust satisfy specific Internal Revenue Code requirements to qualify forthe tax-free pass-through of net investment income and net realizedgains distributed to shareholders. Failure to meet these requirementsmay have adverse consequences on the Portfolio. In addition, even thelarger REITs in the industry tend to be small- to medium-sizedcompanies in relation to the equity markets as a whole. Moreover,shares of REITs may trade less frequently and, therefore, are subject tomore erratic price movements than securities of larger issuers.

Regulatory Risk: The Adviser is registered with the Securities andExchange Commission (“SEC”) as an investment adviser under theInvestment Advisers Act of 1940, as amended. The Adviser also isregistered with the Commodity Futures Trading Commission (“CFTC”)as a commodity pool operator (“CPO”) under the Commodity Ex-change Act, as amended, and, due to the Portfolio’s use of derivatives,serves as a CPO with respect to the Portfolio. Being subject to dualregulation by the SEC and the CFTC may increase compliance costs,which may be borne by the Portfolio and may affect Portfolio returns.




Volatility Management Risk: The Adviser from time to timeemploys various volatility management techniques in managing thePortfolio, including the use of futures and options to manage equityexposure. Although these actions are intended to reduce the overallrisk of investing in the Portfolio, they may not work as intended andmay result in losses by the Portfolio or periods of underperformance,particularly during periods when market values are increasing butmarket volatility is high. The success of the Portfolio’s volatility man-agement strategy will be subject to the Adviser’s ability to correctlyassess the degree of correlation between the performance of the

ALCVMV 4

relevant market index and the metrics used by the Adviser to meas-ure market volatility. Since the characteristics of many securitieschange as markets change or time passes, the success of the Portfo-lio’s volatility management strategy also will be subject to the Ad-viser’s ability to continually recalculate, readjust, and executevolatility management techniques in an efficient manner. In addition,market conditions change, sometimes rapidly and unpredictably, andthe Adviser may be unable to execute the volatility managementstrategy in a timely manner or at all. Moreover, volatility manage-ment strategies may increase portfolio transaction costs, which couldcause or increase losses or reduce gains. For a variety of reasons, theAdviser may not seek to establish a perfect correlation between therelevant market index and the metrics that the Adviser uses tomeasure market volatility. In addition, it is not possible to managevolatility fully or perfectly. Futures contracts and other instrumentsused in connection with the volatility management strategy are notnecessarily held by the Portfolio to hedge the value of the Portfolio’sother investments and, as a result, these futures contracts and otherinstruments may decline in value at the same time as the Portfolio’sother investments. Any one or more of these factors may prevent thePortfolio from achieving the intended volatility management or couldcause the Portfolio to underperform or experience losses (some ofwhich may be sudden) or volatility for any particular period that maybe higher or lower. In addition, the use of volatility managementtechniques may not protect against market declines and may limitthe Portfolio’s participation in market gains, even during periodswhen the market is rising. Volatility management techniques, whenimplemented effectively to reduce the overall risk of investing in thePortfolio, may result in underperformance by the Portfolio. Forexample, if the Portfolio has reduced its overall exposure to equitiesto avoid losses in certain market environments, the Portfolio mayforgo some of the returns that can be associated with periods of ris-ing equity values. The Portfolio’s performance may be lower than theperformance of similar funds where volatility management tech-niques are not used.


The bar chart and table below provide some indication of the risks ofinvesting in the Portfolio by showing changes in the Portfolio’sperformance from year to year and by showing how the Portfolio’saverage annual total returns for the past one, five and ten years (orsince inception) through December 31, 2017 compared to the returnsof a broad-based securities market index. The additional index showshow the Portfolio’s performance compared with the returns of a vola-tility managed index. The return of the broad-based securities marketindex (and any additional comparative index) shown in the right handcolumn below is the return of the index for the last 10 years or, ifshorter, since the inception of the share class with the longest history.Past performance is not an indication of future performance.



201020092008

20.34%15.86%

32.50%

12.76%

-43.32%

-5.09%

201320122011

12.20% 15.32% 13.87%

2015 201720162014

-4.05%



OneYear

FiveYears


AXA Large Cap Value ManagedVolatility Portfolio – Class IAShares 13.90% 13.39% 4.84%

AXA Large Cap Value ManagedVolatility Portfolio – Class IBShares 13.87% 13.38% 4.71%

Volatility Managed Index – LargeCap Value (reflects no deductionfor fees, expenses, or taxes) 17.70% 15.05% 9.56%





Name Title

Date BeganManaging




December 2008

Alwi Chan,CFA®

Senior Vice President andDeputy Chief InvestmentOfficerof FMG LLC

May 2009

Xavier Poutas,CFA®


May 2011


May 2016

ALCVMV 5



Name Title

Date BeganManaging

the Portfolio

Joseph GerardPaul

Senior Vice President/ChiefInvestment Officer – USValue Equities atAllianceBernstein

October 2009

Cem Inal Senior Vice President/Portfolio Manager atAllianceBernstein

March 2016

Portfolio Manager: The individual primarily responsible for thesecurities selection, research and trading for the Index Allocated Por-tion of the Portfolio is:

Name Title

Date BeganManaging

the Portfolio

Judith DeVivo Senior Vice Presidentand Portfolio Manager ofAllianceBernstein

December 2008

Sub-Adviser: BlackRock Investment Management, LLC.(“BlackRock”)


Name Title

Date BeganManaging

the Portfolio

Carrie King Managing Director ofBlackRock

July 2013

Joseph Wolfe,CFA®, CQF,FRM

Director of BlackRock, Inc. March 2017

Sub-Adviser: Massachusetts Financial Services Companyd/b/a MFS Investment Management. (“MFS”)


Name Title

Date BeganManaging

the Portfolio

Nevin Chitkara Investment Officer andPortfolio Manager of MFS

May 2014

Steven Gorham Investment Officer andPortfolio Manager of MFS

May 2014

The Adviser has been granted relief by the Securities and ExchangeCommission to hire, terminate and replace Sub-Advisers and amendsub-advisory agreements subject to the approval of the Board of Trusteesand without obtaining shareholder approval. However, the Adviser maynot enter into a sub-advisory agreement on behalf of the Portfolio withan “affiliated person” of the Adviser, such as AllianceBernstein L.P., un-less the sub-advisory agreement is approved by the Portfolio’s share-holders. The Adviser is responsible for overseeing Sub-Advisers andrecommending their hiring, termination and replacement to the Board ofTrustees.


The Portfolio’s shares are currently sold only to insurance company sepa-rate accounts in connection with Contracts issued by AXA Equitable LifeInsurance Company (“AXA Equitable”), AXA Life and Annuity Company,or other affiliated or unaffiliated insurance companies and to The AXAEquitable 401(k) Plan. Shares also may be sold to other tax-qualified re-tirement plans, to other portfolios managed by FMG LLC that currentlysell their shares to such accounts and plans, and to other investors eligi-ble under applicable federal income tax regulations.


TAX INFORMATION



This Portfolio is not sold directly to the general public but instead isoffered as an underlying investment option for Contracts and retire-ment plans and to other eligible investors. The Portfolio and the Ad-viser and its affiliates may make payments to a sponsoring insurancecompany (or its affiliates) or other financial intermediary for dis-tribution and/or other services. These payments may create a conflictof interest by influencing the insurance company or other financial

ALCVMV 6

intermediary and your financial adviser to recommend the portfolioover another investment or by influencing an insurance company toinclude the Portfolio as an underlying investment option in the Con-tract. The prospectus (or other offering document) for your Contractmay contain additional information about these payments. Ask yourfinancial adviser or visit your financial intermediary’s website formore information.

ALCVMV 7

EQ Advisors TrustSM

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



Investment Objective: Seeks to achieve long-term capitalappreciation with an emphasis on risk-adjusted returns and manag-ing volatility in the Portfolio.




Annual Portfolio Operating Expenses(expenses that you pay each year as a percentage of the value ofyour investment)AXA Mid Cap Value Managed Volatility


Class IBShares



Example



PORTFOLIO TURNOVER



Principal Investment Strategy: Under normal circumstances, thePortfolio invests at least 80% of its net assets, plus borrowings forinvestment purposes, in securities of companies with medium marketcapitalizations (or other financial instruments that derive their valuefrom the securities of such companies). For this Portfolio, mediummarket capitalization companies means those companies with mar-ket capitalizations within the range of at least one of the followingindices at the time of purchase: Russell Midcap® Index (market capi-talization range of approximately $0.8 billion - $36.7 billion as ofDecember 31, 2017), Morningstar Mid Core Index (market capital-ization range of approximately $1.1 billion - $25.4 billion as ofDecember 31, 2017), Standard & Poor’s MidCap 400 Index (marketcapitalization range of approximately $946 million - $13.1 billion asof December 31, 2017). The Portfolio may invest up to 10% of itsassets in foreign securities. The Portfolio’s investments may includereal estate investment trusts (“REITs”).

The Portfolio’s assets normally are allocated among three or moreinvestment managers, each of which manages its portion of the Port-folio using a different but complementary investment strategy. Oneportion of the Portfolio is actively managed (“Active AllocatedPortion”); one portion of the Portfolio seeks to track the performanceof a particular index (“Index Allocated Portion”); and one portion ofthe Portfolio invests in exchange-traded funds (“ETFs”) (“ETF Allo-cated Portion”). Under normal circumstances, the Active AllocatedPortion consists of approximately 30% of the Portfolio’s net assets,the Index Allocated Portion consists of approximately 60% of the

AMCVMV 1

Portfolio’s net assets and the ETF Allocated Portion consists of ap-proximately 10% of the Portfolio’s net assets. These percentages aretargets established by the Adviser; actual allocations may deviatefrom these targets.

The Active Allocated Portion utilizes a value-oriented investment styleand invests primarily in equity securities of companies that, in theview of the Sub-Advisers, are currently under-valued according tocertain financial measurements, which may include price-to-earningsand price-to-book ratios and dividend income potential. The Sub-Advisers may sell a security for a variety of reasons, such as it be-comes overvalued, shows deteriorating fundamentals or to invest ina company believed to offer superior investment opportunities.

The Index Allocated Portion of the Portfolio seeks to track the per-formance (before fees and expenses) of the Russell Midcap® ValueIndex with minimal tracking error. This strategy is commonly referredto as an indexing strategy. Generally, the Index Allocated Portionuses a full replication technique, although in certain instances asampling approach may be utilized for a portion of the Index Allo-cated Portion. The Index Allocated Portion also may invest in otherinstruments, such as futures and options contracts, that providecomparable exposure as the index without buying the underlyingsecurities comprising the index.

AXA Equitable Funds Management Group, LLC (“FMG LLC” or the“Adviser”) also may utilize futures and options, such as exchange-traded futures and options contracts on securities indices, to manageequity exposure. Futures and options can provide exposure to theperformance of a securities index without buying the underlyingsecurities comprising the index. They also provide a means to man-age the Portfolio’s equity exposure without having to buy or sellsecurities. When market volatility is increasing above specific thresh-olds set for the Portfolio, the Adviser may limit equity exposure eitherby reducing investments in securities, shorting or selling long futuresand options positions on an index, increasing cash levels, and/orshorting an index. During such times, the Portfolio’s exposure toequity securities may be significantly less than that of a traditionalequity portfolio. Volatility is a statistical measure of the magnitude ofchanges in the Portfolio’s returns, without regard to the direction ofthose changes. Higher volatility generally indicates higher risk and isoften reflected by frequent and sometimes significant movements upand down in value. Volatility management techniques may reducepotential losses and/or mitigate financial risks to insurance compa-nies that provide certain benefits and guarantees available under theContracts and offer the Portfolio as an investment option in theirproducts. The Portfolio may invest up to 25% of its assets in de-rivatives. It is anticipated that the Portfolio’s derivative instrumentswill consist primarily of exchange-traded futures and options con-tracts on securities indices, but the Portfolio also may utilize othertypes of derivatives. The Portfolio’s investments in derivatives may bedeemed to involve the use of leverage because the Portfolio is notrequired to invest the full market value of the contract upon enteringinto the contract but participates in gains and losses on the full con-tract price. The use of derivatives also may be deemed to involve theuse of leverage because the heightened price sensitivity of some

derivatives to market changes may magnify the Portfolio’s gain orloss. It is not generally expected, however, that the Portfolio will beleveraged by borrowing money for investment purposes. The Portfo-lio may maintain a significant percentage of its assets in cash andcash equivalent instruments, some of which may serve as margin orcollateral for the Portfolio’s obligations under derivative transactions.








ETFs Risk: The Portfolio’s shareholders will indirectly bear fees andexpenses paid by the ETFs in which it invests, in addition to the

AMCVMV 2

Portfolio’s direct fees and expenses. The cost of investing in the Port-folio, therefore, may be higher than the cost of investing in a mutualfund that invests directly in individual stocks and bonds. In addition,the Portfolio’s net asset value will be subject to fluctuations in themarket values of the ETFs in which it invests. The Portfolio is alsosubject to the risks associated with the securities or other invest-ments in which the ETFs invest, and the ability of the Portfolio tomeet its investment objective will directly depend on the ability of theETFs to meet their investment objectives. An index-based ETF’s per-formance may not match that of the index it seeks to track. An ac-tively managed ETF’s performance will reflect its adviser’s ability tomake investment decisions that are suited to achieving the ETF’s in-vestment objective. It is also possible that an active trading marketfor an ETF may not develop or be maintained, in which case the liq-uidity and value of the Portfolio’s investment in the ETF could besubstantially and adversely affected. The extent to which the invest-ment performance and risks associated with the Portfolio correlate tothose of a particular ETF will depend upon the extent to which thePortfolio’s assets are allocated from time to time for investment inthe ETF, which will vary.

Foreign Securities Risk: Investments in foreign securities,including depositary receipts, involve risks not associated withinvestments in U.S. securities. Foreign markets may be less liquid,more volatile and subject to less government supervision and regu-lation than U.S. markets. Security values also may be negatively af-fected by changes in the exchange rates between the U.S. dollar andforeign currencies. Differences between U.S. and foreign legal, politi-cal and economic systems, regulatory regimes and market practicesalso may impact security values, and it may take more time to clearand settle trades involving foreign securities. In addition, securitiesissued by U.S. entities with substantial foreign operations or holdingscan involve risks relating to conditions in foreign countries.


Emerging Markets Risk: There are greater risks involved ininvesting in emerging market countries and/or their securitiesmarkets, and investments in these countries and/or markets aremore susceptible to loss than investments in developed coun-tries and/or markets. Investments in these countries and/ormarkets may present market, credit, currency, liquidity, legal,political, technical and other risks different from, or greaterthan, the risks of investing in developed countries. In addition,

the risks associated with investing in a narrowly defined geo-graphic area are generally more pronounced with respect toinvestments in emerging market countries.

Regulatory Risk: Less information may be available aboutforeign companies. In general, foreign companies are not sub-ject to uniform accounting, auditing and financial reportingstandards or to other regulatory practices and requirements asare U.S. companies. Many foreign governments do not super-vise and regulate stock exchanges, brokers and the sale ofsecurities to the same extent as does the United States andmay not have laws to protect investors that are comparable toU.S. securities laws. In addition, some countries may have legalsystems that may make it difficult for the Portfolio to vote prox-ies, exercise shareholder rights, and pursue legal remedies withrespect to its foreign investments.

Futures Contract Risk: The primary risks associated with theuse of futures contracts are (a) the imperfect correlation between thechange in market value of the instruments held by the Portfolio andthe price of the futures contract; (b) liquidity risks, including the pos-sible absence of a liquid secondary market for a futures contract andthe resulting inability to close a futures contract when desired; (c)losses (potentially unlimited) caused by unanticipated marketmovements; (d) an investment manager’s inability to predict cor-rectly the direction of securities prices, interest rates, currency ex-change rates and other economic factors; (e) the possibility that acounterparty, clearing member or clearinghouse will default in theperformance of its obligations; (f) if the Portfolio has insufficientcash, it may have to sell securities from its portfolio to meet dailyvariation margin requirements, and the Portfolio may have to sellsecurities at a time when it may be disadvantageous to do so; and(g) transaction costs associated with investments in futures contractsmay be significant, which could cause or increase losses or reducegains. Futures contracts are also subject to the same risks as theunderlying investments to which they provide exposure. In addition,futures contracts may subject the Portfolio to leveraging risk.

Index Strategy Risk: The Portfolio that employs an index strat-egy, that is, it generally invests in the securities included in its indexor a representative sample of such securities regardless of markettrends. The Portfolio generally will not modify its index strategy torespond to changes in the economy, which means that it may beparticularly susceptible to a general decline in the market segmentrelating to the relevant index. In addition, although the index strat-egy attempts to closely track its benchmark index, the Portfolio maynot invest in all of the securities in the index. Also, the Portfolio’sfees and expenses will reduce the Portfolio’s returns, unlike those ofthe benchmark index. Cash flow into and out of the Portfolio, portfo-lio transaction costs, changes in the securities that comprise the in-dex, and the Portfolio’s valuation procedures also may affect thePortfolio’s performance. Therefore, there can be no assurance thatthe performance of the index strategy will match that of the bench-mark index.

Investment Style Risk: The Portfolio may use a particular style orset of styles — in this case “value” styles — to select investments.

AMCVMV 3

Those styles may be out of favor or may not produce the best resultsover short or longer time periods. Value stocks are subject to the risksthat notwithstanding that a stock is selling at a discount to its per-ceived true worth, the stock’s intrinsic value may never be fully recog-nized or realized by the market, or its price may go down. In addition,there is the risk that a stock judged to be undervalued may actuallyhave been appropriately priced at the time of investment.

Leveraging Risk: When the Portfolio leverages its holdings, thevalue of an investment in the Portfolio will be more volatile and allother risks will tend to be compounded. For example, the Portfoliomay take on leveraging risk when it engages in derivatives trans-actions (such as futures and options investments), invests collateralfrom securities loans or borrows money. The Portfolio may experienceleveraging risk in connection with investments in derivatives becauseits investments in derivatives may be small relative to the investmentexposure assumed, leaving more assets to be invested in otherinvestments. Such investments may have the effect of leveraging thePortfolio because the Portfolio may experience gains or losses notonly on its investments in derivatives, but also on the investmentspurchased with the remainder of the assets. If the value of the Portfo-lio’s investments in derivatives is increasing, this could be offset bydeclining values of the Portfolio’s other investments. Conversely, it ispossible that a rise in the value of the Portfolio’s non-derivativeinvestments could be offset by a decline in the value of the Portfolio’sinvestments in derivatives. In either scenario, the Portfolio mayexperience losses. In a market where the value of the Portfolio’s in-vestments in derivatives is declining and the value of its other invest-ments is declining, the Portfolio may experience substantial losses.


Multiple Sub-Adviser Risk: The Adviser allocates the Portfolio’sassets among multiple Sub-Advisers, each of which is responsible forinvesting its allocated portion of the Portfolio’s assets. To a significantextent, the Portfolio’s performance will depend on the success of theAdviser in allocating the Portfolio’s assets to Sub-Advisers and its se-lection and oversight of the Sub-Advisers. The Sub-Advisers’ investmentstrategies may not work together as planned, which could adverselyaffect the Portfolio’s performance. In addition, because each Sub-Adviser manages its allocated portion of the Portfolio independentlyfrom another Sub-Adviser, the same security may be held in differentportions of the Portfolio, or may be acquired for one portion of thePortfolio at a time when a Sub-Adviser to another portion deems it ap-propriate to dispose of the security from that other portion, resulting inhigher expenses without accomplishing any net result in the Portfolio’sholdings. Similarly, under some market conditions, one Sub-Adviser may

believe that temporary, defensive investments in short-term instrumentsor cash are appropriate for its allocated portion of the Portfolio whenanother Sub-Adviser believes continued exposure to the equity or debtmarkets is appropriate for its allocated portion of the Portfolio. Becauseeach Sub-Adviser directs the trading for its own portion of the Portfolio,and does not aggregate its transactions with those of the other Sub-Adviser, the Portfolio may incur higher brokerage costs than would bethe case if a single Sub-Adviser were managing the entire Portfolio. Inaddition, while the Adviser seeks to allocate the Portfolio’s assetsamong the Portfolio’s Sub-Advisers in a manner that it believes is con-sistent with achieving the Portfolio’s investment objective(s), the Adviseris subject to conflicts of interest in allocating the Portfolio’s assetsamong Sub-Advisers, including affiliated Sub-Advisers, because the Ad-viser pays different fees to the Sub-Advisers and due to other factorsthat could impact the Adviser’s revenues and profits.


Real Estate Investing Risk: Real estate-related investments maydecline in value as a result of factors affecting the overall real estateindustry. Real estate is a cyclical business, highly sensitive to supply anddemand, general and local economic developments and characterizedby intense competition and periodic overbuilding. Real estate incomeand values also may be greatly affected by demographic trends, suchas population shifts or changing tastes and values. Losses may occurfrom casualty or condemnation and government actions, such as taxlaw changes, zoning law changes, regulatory limitations on rents, orenvironmental regulations, also may have a major impact on real es-tate. The availability of mortgages and changes in interest rates mayalso affect real estate values. Changing interest rates and credit qualityrequirements also will affect the cash flow of real estate companiesand their ability to meet capital needs. Real estate investment trusts(“REITs”) generally invest directly in real estate (equity REITs), in mort-gages secured by interests in real estate (mortgage REITs) or in somecombination of the two (hybrid REITs). Investing in REITs exposesinvestors to the risks of owning real estate directly, as well as to risksthat relate specifically to the way in which REITs are organized andoperated. Equity REITs may be affected by changes in the value of theunderlying property owned by the REIT, while mortgage REITs may beaffected by the quality of any credit extended. Equity and mortgageREITs are also subject to heavy cash flow dependency, defaults by bor-rowers, and self-liquidations. The risk of defaults is generally higher inthe case of mortgage pools that include subprime mortgages involvingborrowers with blemished credit histories. Individual REITs may own alimited number of properties and may concentrate in a particular re-gion or property type. Domestic REITs also must satisfy specific InternalRevenue Code requirements to qualify for the tax-free pass-through ofnet investment income and net realized gains distributed to share-holders. Failure to meet these requirements may have adverse con-sequences on the Portfolio. In addition, even the larger REITs in theindustry tend to be small- to medium-sized companies in relation to theequity markets as a whole. Moreover, shares of REITs may trade lessfrequently and, therefore, are subject to more erratic price movementsthan securities of larger issuers.

AMCVMV 4

Regulatory Risk: The Adviser is registered with the Securities andExchange Commission (“SEC”) as an investment adviser under theInvestment Advisers Act of 1940, as amended. The Adviser also isregistered with the Commodity Futures Trading Commission(“CFTC”) as a commodity pool operator (“CPO”) under theCommodity Exchange Act, as amended, and, due to the Portfolio’suse of derivatives, serves as a CPO with respect to the Portfolio. Be-ing subject to dual regulation by the SEC and the CFTC may increasecompliance costs, which may be borne by the Portfolio and may af-fect Portfolio returns.




Volatility Management Risk: The Adviser from time to timeemploys various volatility management techniques in managing thePortfolio, including the use of futures and options to manage equityexposure. Although these actions are intended to reduce the overall riskof investing in the Portfolio, they may not work as intended and mayresult in losses by the Portfolio or periods of underperformance, partic-ularly during periods when market values are increasing but marketvolatility is high. The success of the Portfolio’s volatility management

strategy will be subject to the Adviser’s ability to correctly assess thedegree of correlation between the performance of the relevant marketindex and the metrics used by the Adviser to measure market volatility.Since the characteristics of many securities change as markets changeor time passes, the success of the Portfolio’s volatility managementstrategy also will be subject to the Adviser’s ability to continually re-calculate, readjust, and execute volatility management techniques in anefficient manner. In addition, market conditions change, sometimesrapidly and unpredictably, and the Adviser may be unable to executethe volatility management strategy in a timely manner or at all. More-over, volatility management strategies may increase portfolio trans-action costs, which could cause or increase losses or reduce gains. For avariety of reasons, the Adviser may not seek to establish a perfect corre-lation between the relevant market index and the metrics that the Ad-viser uses to measure market volatility. In addition, it is not possible tomanage volatility fully or perfectly. Futures contracts and other instru-ments used in connection with the volatility management strategy arenot necessarily held by the Portfolio to hedge the value of the Portfolio’sother investments and, as a result, these futures contracts and otherinstruments may decline in value at the same time as the Portfolio’sother investments. Any one or more of these factors may prevent thePortfolio from achieving the intended volatility management or couldcause the Portfolio to underperform or experience losses (some of whichmay be sudden) or volatility for any particular period that may be higheror lower. In addition, the use of volatility management techniques maynot protect against market declines and may limit the Portfolio’s partic-ipation in market gains, even during periods when the market is rising.Volatility management techniques, when implemented effectively toreduce the overall risk of investing in the Portfolio, may result in under-performance by the Portfolio. For example, if the Portfolio has reducedits overall exposure to equities to avoid losses in certain marketenvironments, the Portfolio may forgo some of the returns that can beassociated with periods of rising equity values. The Portfolio’s perform-ance may be lower than the performance of similar funds where vola-tility management techniques are not used.


The bar chart and table below provide some indication of the risks ofinvesting in the Portfolio by showing changes in the Portfolio’s per-formance from year to year and by showing how the Portfolio’saverage annual total returns for the past one, five and ten years (orsince inception) through December 31, 2017 compared to the returnsof a broad-based securities market index. The additional index showshow the Portfolio’s performance compared with the returns of a vola-tility managed index. The return of the broad-based securities marketindex (and any additional comparative index) shown in the right handcolumn below is the return of the index for the last 10 years or, ifshorter, since the inception of the share class with the longest history.Past performance is not an indication of future performance.

AMCVMV 5



-39.53%

35.86%

22.47%18.65%

-9.44%

201020092008 2011 20132012

33.01%

10.88%

2015 201720162014

-3.52%

17.62%12.37%



OneYear

FiveYears


AXA Mid Cap Value ManagedVolatility Portfolio – Class IAShares 12.32% 13.46% 7.47%

AXA Mid Cap Value ManagedVolatility Portfolio – Class IBShares 12.37% 13.47% 7.35%

Volatility Managed Index – Mid CapValue (reflects no deduction forfees, expenses, or taxes) 14.79% 14.69% 10.94%

Russell Midcap® Value Index(reflects no deduction for fees,expenses, or taxes) 13.34% 14.68% 9.10%




Name Title

Date BeganManaging




May 2007


May 2009

Xavier Poutas,CFA®


May 2011


May 2016

Sub-Adviser: Diamond Hill Capital Management, Inc.(“Diamond Hill”)


Name Title

Date BeganManaging

the PortfolioChris Welch, CFA® Portfolio Manager and

Co-Chief Investment Officerof Diamond Hill

July 2013

Tom Schindler,CFA®

Assistant Portfolio Managerof Diamond Hill

July 2013

Jeanette Hubbard,CFA®

Assistant Portfolio Managerof Diamond Hill

May 2014

Sub-Adviser: Wellington Management Company LLP(“Wellington Management”)


Name Title

Date BeganManaging

the Portfolio

James N. Mordy Senior Managing Directorand Equity PortfolioManager of WellingtonManagement

May 2007

Gregory J.Garabedian

Managing Directorand Equity Portfolio Managerof Wellington Management

March 2018



Name Title

Date BeganManaging

the Portfolio


March 2014

Greg Savage,CFA®

Managing Directorand Portfolio Manager ofBlackRock

May 2012


Creighton Jue,CFA®


April 2016

The Adviser has been granted relief by the Securities and ExchangeCommission to hire, terminate and replace Sub-Advisers and amend sub-advisory agreements subject to the approval of the Board of Trusteesand without obtaining shareholder approval. However, the Adviser maynot enter into a sub-advisory agreement on behalf of the Portfolio with

AMCVMV 6

an “affiliated person” of the Adviser, such as AllianceBernstein L.P., un-less the sub-advisory agreement is approved by the Portfolio’s share-holders. The Adviser is responsible for overseeing Sub-Advisers andrecommending their hiring, termination and replacement to the Board ofTrustees.




TAX INFORMATION




AMCVMV 7

EQ Advisors TrustSM

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



Investment Objective: Seeks to achieve long-term growth of capital.





EQ/Capital Guardian Research PortfolioClass IAShares

Class IBShares



† Pursuant to a contract, AXA Equitable Funds Management Group, LLC hasagreed to make payments or waive its management, administrative and otherfees to limit the expenses of the Portfolio through April 30, 2019 (unless theBoard of Trustees consents to an earlier revision or termination of thisarrangement) (“Expense Limitation Arrangement”) so that the annual operat-ing expenses of the Portfolio (exclusive of taxes, interest, brokerage commis-sions, capitalized expenses, acquired fund fees and expenses, dividend andinterest expenses on securities sold short, and extraordinary expenses) do notexceed an annual rate of average daily net assets of 0.97% for Class IA andIB shares of the Portfolio. The Expense Limitation Arrangement may be termi-nated by AXA Equitable Funds Management Group, LLC at any time afterApril 30, 2019.

Example

This Example is intended to help you compare the cost of investing inthe Portfolio with the cost of investing in other portfolios. The Exam-ple assumes that you invest $10,000 in the Portfolio for the periodsindicated, that your investment has a 5% return each year, that the

Portfolio’s operating expenses remain the same, and that the Ex-pense Limitation Arrangement is not renewed. This Example does notreflect any Contract-related fees and expenses including redemptionfees (if any) at the Contract level. If such fees and expenses were re-flected, the total expenses would be higher. Although your actualcosts may be higher or lower, based on these assumptions, whetheryou redeem or hold your shares, your costs would be:


PORTFOLIO TURNOVER



Principal Investment Strategy: The Portfolio invests primarily inequity securities of United States issuers and securities whose principalmarkets are in the United States, including American Depositary Re-ceipts and other United States registered foreign securities. The Portfo-lio invests primarily in common stocks of companies with a marketcapitalization greater than $1 billion at the time of purchase. The Port-folio seeks to achieve long-term growth of capital through investmentsin a portfolio comprised primarily of equity securities; the Sub-Adviserseeks to invest in stocks whose prices are not excessive relative to bookvalue, or in companies whose asset values are understated. The Sub-Adviser may sell a security for a variety of reasons, including to invest ina company believed to offer superior investment opportunities.

The Portfolio may invest up to 15% of its total assets, at the time ofpurchase, in securities of issuers domiciled outside the United Statesand not included in the Standard & Poor’s 500 Composite Stock Index(“S&P 500 Index”) (i.e., foreign securities). In determining the domicileof an issuer, the Sub-Adviser takes into account where the company islegally organized, the location of its principal corporate offices, where itconducts its principal operations and the location of its primary listing.

EQCGR 1





Foreign Securities Risk: Investments in foreign securities, includ-ing depositary receipts, involve risks not associated with investments inU.S. securities. Foreign markets may be less liquid, more volatile andsubject to less government supervision and regulation than U.S. mar-kets. Security values also may be negatively affected by changes in theexchange rates between the U.S. dollar and foreign currencies. Differ-ences between U.S. and foreign legal, political and economic systems,regulatory regimes and market practices also may impact security val-ues, and it may take more time to clear and settle trades involving for-eign securities. In addition, securities issued by U.S. entities withsubstantial foreign operations or holdings can involve risks relating toconditions in foreign countries.



Large-Cap Company Risk: Larger more established companiesmay be unable to respond quickly to new competitive challenges

such as changes in technology and consumer tastes. Many largercompanies also may not be able to attain the high growth rate ofsuccessful smaller companies, especially during extended periods ofeconomic expansion.







EQCGR 2



2012 201420132009 20112008 2010

31.36%

15.86% 17.38%

4.00%

-39.62%

31.78%

2015

10.50%

1.92%8.40%

25.41%

20172016

Best quarter: (% and time period) Worst quarter: (% and time period)16.94% (2009 3rd Quarter) –23.38% (2008 4th Quarter)


OneYear

FiveYears


EQ/Capital Guardian Research Portfolio –Class IA Shares 25.39% 15.08% 8.62%

EQ/Capital Guardian Research Portfolio –Class IB Shares 25.41% 15.07% 8.51%

S&P 500® Index (reflects no deduction forfees, expenses, or taxes) 21.83% 15.79% 8.50%




Name Title

Date BeganManaging




May 2011

Alwi Chan, CFA® Senior Vice Presidentand Deputy Chief InvestmentOfficer of FMG LLC

May 2009

Sub-Adviser: Capital Guardian Trust Company (“CapitalGuardian”)


Name Title

Date BeganManaging

the PortfolioCarlos Schonfeld Co-research portfolio

coordinator and Partner ofthe Capital InternationalInvestors division of CapitalResearch and ManagementCompany, an affiliate ofCapital Guardian

April 2013

Todd Saligman Co-research portfoliocoordinator and VicePresident of the CapitalInternational Investorsdivision of Capital Researchand Management Company,an affiliate of CapitalGuardian

April 2018




The Portfolio does not have minimum initial or subsequent investmentrequirements. Shares of the Portfolio are redeemable on any businessday (which typically is any day the New York Stock Exchange is open)upon receipt of a request. All redemption requests will be processedand payment with respect thereto will normally be made within sevendays after tender. Please refer to your Contract prospectus for moreinformation on purchasing and redeeming Portfolio shares.

EQCGR 3

TAX INFORMATION



This Portfolio is not sold directly to the general public but instead is of-fered as an underlying investment option for Contracts and retirementplans and to other eligible investors. The Portfolio and the Adviser andits affiliates may make payments to a sponsoring insurance company(or its affiliates) or other intermediary for distribution and/or other serv-ices. These payments may create a conflict of interest by influencing theinsurance company or other financial intermediary and your financialadviser to recommend the Portfolio over another investment or byinfluencing an insurance company to include the Portfolio as an under-lying investment option in the Contract. The prospectus (or other offer-ing document) for your Contract may contain additional informationabout these payments. Ask your financial adviser or visit your financialintermediary’s website for more information.

EQCGR 4

EQ Advisors TrustSM

EQ/Equity 500 Index Portfolio – Class IA and IB Shares



Investment Objective: Seeks to achieve a total return before ex-penses that approximates the total return performance of the Stan-dard & Poor’s 500® Composite Stock Index (“S&P 500 Index”),including reinvestment of dividends, at a risk level consistent withthat of the S&P 500 Index.





EQ/Equity 500 Index PortfolioClass IAShares

Class IBShares

Management Fee* 0.22% 0.22%Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25%Other Expenses 0.12% 0.12%Total Annual Portfolio Operating Expenses 0.59% 0.59%


Example


1 Year 3 Years 5 Years 10 YearsClass IA Shares $60 $189 $329 $738Class IB Shares $60 $189 $329 $738

PORTFOLIO TURNOVER



Principal Investment Strategy: Under normal circumstances, thePortfolio invests at least 80% of its net assets, plus borrowings for in-vestment purposes, in equity securities in the S&P 500 Index. For pur-poses of the Portfolio, equity securities in the S&P 500 Index mayinclude financial instruments that derive their value from such securities.

The Sub-Adviser does not utilize customary economic, financial ormarket analyses or other traditional investment techniques to man-age the Portfolio. The Portfolio has been constructed and is main-tained by utilizing a replication construction technique. That is, thePortfolio will seek to hold all 500 securities in the S&P 500 Index inthe exact weight each represents in that Index. This strategy is com-monly referred to as an indexing strategy. The Portfolio will remainsubstantially fully invested in securities comprising the index evenwhen prices are generally falling. Similarly, adverse performance of astock will ordinarily not result in its elimination from the Portfolio.




EQ500I 1






Securities Lending Risk: The Portfolio may lend its portfoliosecurities to seek income. There is a risk that a borrower may default

on its obligations to return loaned securities, however, the Portfolio’ssecurities lending agent may indemnify the Portfolio against that risk.The Portfolio will be responsible for the risks associated with the in-vestment of cash collateral, including any collateral invested in an af-filiated money market fund. The Portfolio may lose money on itsinvestment of cash collateral or may fail to earn sufficient income onits investment to meet obligations to the borrower. In addition, de-lays may occur in the recovery of securities from borrowers, whichcould interfere with the Portfolio’s ability to vote proxies or to settletransactions.





2011 2013201220092008 2010

25.85%

14.39% 15.26%

1.50%

-37.32%

31.49%

12.98%

2014 201720162015

0.81%

11.22%

21.02%



OneYear

FiveYears


EQ/Equity 500 Index Portfolio –Class IA Shares 21.02% 15.05% 7.95%

EQ/Equity 500 Index Portfolio –Class IB Shares 21.02% 15.05% 7.84%

S&P 500 Index (reflects no deductionfor fees, expenses, or taxes) 21.83% 15.79% 8.50%

EQ500I 2




Name Title

Date BeganManaging

the Portfolio



May 2011

Alwi Chan, CFA® Senior Vice Presidentand Deputy Chief InvestmentOfficer of FMG LLC

May 2009

Sub-Adviser: AllianceBernstein, L.P. (“AllianceBernstein”)


Name Title

Date BeganManaging

the Portfolio

Judith DeVivo Senior Vice President andPortfolio Manager ofAllianceBernstein

March 1994




The Portfolio does not have minimum initial or subsequent invest-ment requirements. Shares of the Portfolio are redeemable on anybusiness day (which typically is any day the New York Stock Ex-change is open) upon receipt of a request. All redemption requests

will be processed and payment with respect thereto will normally bemade within seven days after tender. Please refer to your Contractprospectus for more information on purchasing and redeemingPortfolio shares.

TAX INFORMATION




EQ500I 3

EQ Advisors TrustSM

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



Investment Objective: Seeks to achieve a total return before ex-penses that approximates the total return performance of theBloomberg Barclays U.S. Intermediate Government Bond Index(“Intermediate Government Bond Index”), including reinvestment ofdividends, at a risk level consistent with that of the IntermediateGovernment Bond Index.





EQ/Intermediate Government Bond PortfolioClass IAShares

Class IBShares



Example


1 Year 3 Years 5 Years 10 YearsClass IA Shares $72 $ 224 $ 390 $ 871

Class IB Shares $72 $224 $390 $871

PORTFOLIO TURNOVER



Principal Investment Strategy: The Portfolio normally invests atleast 80% of its net assets, plus borrowings for investment purposes,in debt securities that are included in the Intermediate GovernmentBond Index, or other financial instruments that derive their valuefrom those securities. The Intermediate Government Bond Index is anunmanaged index that measures the performance of securities con-sisting of all U.S. Treasury and agency securities with remainingmaturities of from one to ten years and issue amounts of at least$250 million outstanding, which may include zero-coupon securities.The Adviser may also invest up to 20% of the Portfolio’s assets inexchange-traded funds (“ETFs”) that invest in securities included inthe Intermediate Government Bond Index. The Sub-Adviser may alsopurchase or sell futures contracts on fixed-income securities in lieu ofinvestment directly in fixed-income securities themselves.

The Portfolio may not track the performance of the IntermediateGovernment Bond Index due to differences in individual securitiesholdings, expenses and transaction costs, the size and frequency ofcash flow into and out of the Portfolio, and differences between howand when the Portfolio and the Intermediate Government Bond In-dex are valued.


Principal Risks: An investment in the Portfolio is not a deposit of abank and is not insured or guaranteed by the Federal Deposit In-surance Corporation or any other government agency. You may lose

EQIGB 1

money by investing in the Portfolio. Performance may be affected byone or more of the following risks.



ETFs Risk: The Portfolio’s shareholders will indirectly bear fees andexpenses paid by the ETFs in which it invests, in addition to the Portfo-lio’s direct fees and expenses. The cost of investing in the Portfolio,therefore, may be higher than the cost of investing in a mutual fundthat invests directly in individual stocks and bonds. In addition, thePortfolio’s net asset value will be subject to fluctuations in the marketvalues of the ETFs in which it invests. The Portfolio is also subject to therisks associated with the securities or other investments in which theETFs invest, and the ability of the Portfolio to meet its investment ob-jective will directly depend on the ability of the ETFs to meet their in-vestment objectives. An index-based ETF’s performance may not matchthat of the index it seeks to track. An actively managed ETF’s perform-ance will reflect its adviser’s ability to make investment decisions thatare suited to achieving the ETF’s investment objective. It is also possiblethat an active trading market for an ETF may not develop or be main-tained, in which case the liquidity and value of the Portfolio’s invest-ment in the ETF could be substantially and adversely affected. Theextent to which the investment performance and risks associated withthe Portfolio correlate to those of a particular ETF will depend upon theextent to which the Portfolio’s assets are allocated from time to timefor investment in the ETF, which will vary.

Interest Rate Risk: Changes in interest rates may affect the yield,liquidity and value of investments in income producing or debt secu-rities. Changes in interest rates also may affect the value of other secu-rities. When interest rates rise, the value of the Portfolio’s debt securitiesgenerally declines. Conversely, when interest rates decline, the value ofthe Portfolio’s debt securities generally rises. Typically, the longer thematurity or duration of a debt security, the greater the effect a changein interest rates could have on the security’s price. Thus, the sensitivityof the Portfolio’s debt securities to interest rate risk will increase withany increase in the duration of those securities. As of the date of thisProspectus, interest rates are low relative to historic levels and are be-low zero in parts of the world. The Portfolio is subject to a greater risk

of rising interest rates due to these market conditions. A significant orrapid rise in interest rates could result in losses to the Portfolio.

Investment Grade Securities Risk: Debt securities generallyare rated by national bond ratings agencies. The Portfolio considerssecurities to be investment grade if they are rated BBB or higher byStandard & Poor’s Global Ratings or Fitch Ratings, Ltd. or Baa orhigher by Moody’s Investors Service, Inc., or, if unrated, determinedby the investment manager to be of comparable quality. Securitiesrated in the lower investment grade rating categories (e.g., BBB orBaa) are considered investment grade securities, but are somewhatriskier than higher rated obligations because they are regarded ashaving only an adequate capacity to pay principal and interest, areconsidered to lack outstanding investment characteristics, and maypossess certain speculative characteristics.


Redemption Risk: The Portfolio may experience periods of heavyredemptions that could cause the Portfolio to sell assets at inopportunetimes or at a loss or depressed value. Redemption risk is heightenedduring periods of declining or illiquid markets. Heavy redemptionscould hurt the Portfolio’s performance.

Market developments and other factors, including a general rise ininterest rates, have the potential to cause investors to move out offixed income securities on a large scale, which may increase re-demptions from mutual funds that hold large amounts of fixed in-come securities. Such a move, coupled with a reduction in the abilityor willingness of dealers and other institutional investors to buy orhold fixed income securities, may result in decreased liquidity andincreased volatility in the fixed income markets.

Securities Lending Risk: The Portfolio may lend its portfolio secu-rities to seek income. There is a risk that a borrower may default on itsobligations to return loaned securities, however, the Portfolio’s securitieslending agent may indemnify the Portfolio against that risk. The Portfoliowill be responsible for the risks associated with the investment of cashcollateral, including any collateral invested in an affiliated money marketfund. The Portfolio may lose money on its investment of cash collateralor may fail to earn sufficient income on its investment to meet obliga-tions to the borrower. In addition, delays may occur in the recovery ofsecurities from borrowers, which could interfere with the Portfolio’s abil-ity to vote proxies or to settle transactions.

U.S. Government Securities Risk: Securities issued orguaranteed by the U.S. government or its agencies and in-strumentalities (such as securities issued by the Government NationalMortgage Association (Ginnie Mae), the Federal National MortgageAssociation (Fannie Mae), or the Federal Home Loan Mortgage Cor-poration (Freddie Mac)) are subject to market risk, interest rate riskand credit risk. Securities, such as those issued or guaranteed byGinnie Mae or the U.S. Treasury, that are backed by the full faith andcredit of the U.S. government are guaranteed as to the timely pay-ment of interest and repayment of principal when held to maturity.Notwithstanding that these securities are backed by the full faith and

EQIGB 2

credit of the U.S. government, circumstances could arise that wouldprevent the payment of interest or principal. This would result inlosses to the Portfolio. Securities issued or guaranteed by U.S.government related organizations, such as Fannie Mae and FreddieMac, are not backed by the full faith and credit of the U.S. govern-ment and no assurance can be given that the U.S. government willprovide financial support. Therefore, U.S. government related orga-nizations may not have the funds to meet their payment obligationsin the future.

Zero Coupon and Pay-in-Kind Securities Risk: A zerocoupon or pay-in-kind security pays no interest in cash to its holderduring its life. Accordingly, zero coupon securities usually trade at adeep discount from their face or par value and, together with pay-inkind securities, will be subject to greater fluctuations in market valuein response to changing interest rates than debt obligations of com-parable maturities that make current distribution of interest in cash.


The bar chart and table below provide some indication of the risks ofinvesting in the Portfolio by showing changes in the Portfolio’s per-formance from year to year and by showing how the Portfolio’saverage annual total returns for the past one, five and ten years (orsince inception) through December 31, 2017 compared to the re-turns of a broad-based securities market index. The return of thebroad-based securities market index (and any additional comparativeindex) shown in the right hand column below is the return of theindex for the last 10 years or, if shorter, since the inception of theshare class with the longest history. Past performance is not an in-dication of future performance. Prior to February 15, 2011, the Port-folio had a different investment objective and investment strategy.



4.19%

20102008

3.19%

2009

-1.93%

1.02% 1.59%0.39% 0.42%0.43%

2012

5.30%

2011 2013

-1.72%

2014 2015 20172016

Best quarter (% and time period) Worst quarter (% and time period)3.05% (2011 3rd Quarter) –1.88% (2008 2nd Quarter)


OneYear

FiveYears


EQ/Intermediate Government BondPortfolio – Class IA Shares 0.42% 0.22% 1.38%

EQ/Intermediate Government BondPortfolio – Class IB Shares 0.42% 0.22% 1.27%

Bloomberg Barclays U.S. IntermediateGovernment Bond Index (reflects nodeduction for fees, expenses, or taxes) 1.14% 0.92% 2.70%



Portfolio Managers: The members of the team that are jointly andprimarily responsible for the selection, monitoring and oversight ofthe Portfolio’s Sub-Advisers are:

Name Title

Date BeganManaging



June 2011


June 2011

Sub-Adviser: SSGA Funds Management, Inc. (“SSGA FM”)


Name Title

Date BeganManaging

the PortfolioMichael Brunell, CFA® Vice President

of SSGA FMJanuary 2009

Michael Przygoda,CFA® Vice Presidentof SSGA FM

May 2016

Orhan Imer, CFA®, Ph.D. Vice Presidentof SSGA FM

September 2017


EQIGB 3




TAX INFORMATION




EQIGB 4

EQ Advisors TrustSM

EQ/International Equity Index Portfolio – Class IA and IB Shares



Investment Objective: Seeks to achieve a total return (before ex-penses) that approximates the total return performance of a compo-site index comprised of 40% DJ EuroSTOXX 50 Index, 25% FTSE 100Index, 25% TOPIX Index, and 10% S&P/ASX 200 Index, includingreinvestment of dividends, at a risk level consistent with that of thecomposite index.





EQ/International Equity Index PortfolioClass IAShares

Class IBShares


Example



PORTFOLIO TURNOVER



Principal Investment Strategy: Under normal circumstances thePortfolio invests at least 80% of its net assets, plus borrowings forinvestment purposes, in equity securities of companies represented inthe FTSE 100 Index (“FTSE 100”), TOPIX Index (“TOPIX”), DJ Euro-STOXX 50 Index (“EuroSTOXX 50”), and S&P/ASX 200 Index (“S&P/ASX 200”). The Portfolio will allocate its assets approximately 25%to securities in the FTSE 100, 25% to securities in the TOPIX, 40% tosecurities in the EuroSTOXX 50, and 10% to securities in the S&P/ASX 200. Actual allocations may vary by up to 3%. The FTSE 100Index represents the performance of the 100 largest UK-domiciledblue chip companies. The TOPIX Index comprises all companies listedon the First Section of the Tokyo Stock Exchange (approximately2000 companies). The DJ EuroSTOXX 50 Index index represents theperformance of the 50 largest companies in 11 Eurozone countries.The S&P/ASX 200 Index represents the 200 largest and most liquidpublicly listed companies in Australia. Each of these indices isweighted by market capitalization.

The Portfolio’s investments will be selected by a stratified samplingconstruction process in which the Sub-Adviser selects a subset of thecompanies represented in each index based on the Sub-Adviser’sanalysis of key risk factors and other characteristics. Such factors in-clude industry weightings, market capitalizations, return variability, andyields. This strategy is commonly referred to as an indexing strategy.


EQIEI 1






European Economic Risk: The European Union’s (the“EU”) Economic and Monetary Union (the “EMU”) requiresmember countries to comply with restrictions on interest rates,deficits, debt levels, and inflation rates, and other factors, eachof which may significantly impact every European country. Theeconomies of EU member countries and their trading partnersmay be adversely affected by changes in the euro’s exchangerate, changes in EU or governmental regulations on trade, andthe threat of default or an actual default by an EU membercountry on its sovereign debt, which could negatively impactthe Portfolio’s investments and cause it to lose money. In re-cent years, the European financial markets have been neg-atively impacted by concerns relating to rising government debtlevels and national unemployment; possible default on or re-structuring of sovereign debt in several European countries; and

economic downturns. A European country’s default or debt re-structuring would adversely affect the holders of the country’sdebt and sellers of credit default swaps linked to the country’screditworthiness and could negatively impact global marketsmore generally. Recent events in Europe may adversely affectthe euro’s exchange rate and value and may continue to impactthe economies of every European country. In June 2016, theUnited Kingdom (the “UK”) voted to withdraw from the EU,commonly referred to as “Brexit.” The impact of Brexit is so faruncertain. The negative impact on not only the UK and Euro-pean economies but also the broader global economy could besignificant, potentially resulting in increased volatility and illi-quidity, which could adversely affect the value of the Portfolio’sinvestments. Any further withdrawals from the EU could causeadditional market disruption globally.




Securities Lending Risk: The Portfolio may lend its portfoliosecurities to seek income. There is a risk that a borrower may defaulton its obligations to return loaned securities, however, the Portfolio’ssecurities lending agent may indemnify the Portfolio against that risk.The Portfolio will be responsible for the risks associated with the in-vestment of cash collateral, including any collateral invested in an af-filiated money market fund. The Portfolio may lose money on itsinvestment of cash collateral or may fail to earn sufficient income on

EQIEI 2

its investment to meet obligations to the borrower. In addition, de-lays may occur in the recovery of securities from borrowers, whichcould interfere with the Portfolio’s ability to vote proxies or to settletransactions.


The bar chart and table below provide some indication of the risks ofinvesting in the Portfolio by showing changes in the Portfolio’s per-formance from year to year and by showing how the Portfolio’saverage annual total returns for the past one, five and ten years (orsince inception) through December 31, 2017 compared to the re-turns of a broad-based securities market index. The additional indexshows how the Portfolio’s performance compared with the returns ofanother index that has characteristics relevant to the Portfolio’s in-vestment strategies and more closely reflects the securities in whichthe Portfolio invests. The return of the broad-based market index(and any additional comparative index) shown in the right hand col-umn below is the return of the index for the last 10 years or, ifshorter, since the inception of the share class with the longest his-tory. Past performance is not an indication of future performance.



201320122011201020092008

27.45%

16.14%

5.24%

-12.20%

-50.83%

21.48%

2014 201720162015

-6.85%-2.12%

2.15%

23.29%



OneYear

FiveYears


EQ/International Equity Index Portfolio –Class IA Shares 23.16% 6.86% –0.54%

EQ/International Equity Index Portfolio –Class IB Shares 23.29% 6.88% –0.64%


MSCI EAFE Index (reflects no deduction forfees or expenses) 25.03% 7.90% 1.94%




Name Title

Date BeganManaging

the Portfolio



May 2011


May 2009



Name Title

Date BeganManaging

the Portfolio


December 2010





EQIEI 3


TAX INFORMATION




EQIEI 4

EQ Advisors TrustSM

EQ/Large Cap Growth Index Portfolio – Class IA and IB Shares



Investment Objective: Seeks to achieve a total return before ex-penses that approximates the total return performance of the Russell1000® Growth Index, including reinvestment of dividends at a risklevel consistent with the Russell 1000 Growth Index.





EQ/Large Cap Growth Index PortfolioClass IAShares

Class IBShares


Example



PORTFOLIO TURNOVER



Principal Investment Strategy: Under normal circumstances, thePortfolio invests at least 80% of its net assets, plus borrowings forinvestment purposes, in equity securities in the Russell 1000®

Growth Index (“Russell 1000 Growth”). The Portfolio’s investmentsin equity securities in the Russell 1000 Growth may include financialinstruments that derive their value from such securities. The Russell1000 Growth measures the performance of the large-cap growthsegment of the U.S. equity universe. As of December 31, 2017, themarket capitalization of companies in the Russell 1000 Growthranged from $1.2 billion to $868.9 billion.

The Sub-Adviser does not anticipate utilizing customary economic, fi-nancial or market analyses or other traditional investment techniquesto manage the Portfolio. The Portfolio is constructed and maintainedby utilizing a replication construction technique. That is, the Portfolioseeks to hold all securities in the Russell 1000 Growth in the exactweight each security represents in the Index. This strategy is commonlyreferred to as an indexing strategy. The Portfolio will remain sub-stantially fully invested in securities comprising the index even whenprices are generally falling. Similarly, adverse performance of a stockwill ordinarily not result in its elimination from the Portfolio.




EQLCGI 1






Securities Lending Risk: The Portfolio may lend its portfoliosecurities to seek income. There is a risk that a borrower may defaulton its obligations to return loaned securities, however, the Portfolio’ssecurities lending agent may indemnify the Portfolio against that risk.The Portfolio will be responsible for the risks associated with the in-vestment of cash collateral, including any collateral invested in an af-filiated money market fund. The Portfolio may lose money on its

investment of cash collateral or may fail to earn sufficient income onits investment to meet obligations to the borrower. In addition, de-lays may occur in the recovery of securities from borrowers, whichcould interfere with the Portfolio’s ability to vote proxies or to settletransactions.





2017

-36.29%

36.27%

16.36% 14.65%

2.00%

201120102008 2009 2013 20142012

32.53%

12.24%

4.85%

20162015

6.29%

29.24%



OneYear

FiveYears


EQ/Large Cap Growth Index Portfolio –Class IA Shares 29.27% 16.46% 9.85%

EQ/Large Cap Growth Index Portfolio –Class IB Shares 29.24% 16.46% 9.73%


EQLCGI 2




Name Title

Date BeganManaging

the Portfolio



May 2011


May 2009



Name Title

Date BeganManaging

the Portfolio

Judith DeVivo Senior Vice Presidentand Portfolio Managerof AllianceBernstein

December 2008

AXA Equitable Funds Management Group, LLC (“FMG LLC” or the“Adviser”) has been granted relief by the Securities and ExchangeCommission to hire, terminate and replace Sub-Advisers and amendsub-advisory agreements subject to the approval of the Board of Trust-ees and without obtaining shareholder approval. However, the Advisermay not enter into a sub-advisory agreement on behalf of the Portfoliowith an “affiliated person” of the Adviser, such as AllianceBernsteinL.P., unless the sub-advisory agreement is approved by the Portfolio’sshareholders. The Adviser is responsible for overseeing Sub-Advisersand recommending their hiring, termination and replacement to theBoard of Trustees.



The Portfolio does not have minimum initial or subsequent investmentrequirements. Shares of the Portfolio are redeemable on any businessday (which typically is any day the New York Stock Exchange is open)

upon receipt of a request. All redemption requests will be processedand payment with respect thereto will normally be made within sevendays after tender. Please refer to your Contract prospectus for moreinformation on purchasing and redeeming Portfolio shares.

TAX INFORMATION




EQLCGI 3

EQ Advisors TrustSM

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



Investment Objective: Seeks to achieve capital appreciation.





EQ/MFS International Growth PortfolioClass IAShares

Class IBShares



† Pursuant to a contract, AXA Equitable Funds Management Group, LLC hasagreed to make payments or waive its management, administrative and otherfees to limit the expenses of the Portfolio through April 30, 2019 (unless theBoard of Trustees consents to an earlier revision or termination of thisarrangement) (“Expense Limitation Arrangement”) so that the annual operat-ing expenses of the Portfolio (exclusive of taxes, interest, brokerage commis-sions, dividend and interest expenses on securities sold short, capitalizedexpenses, acquired fund fees and expenses, and extraordinary expenses) do notexceed an annual rate of average daily net assets of 1.20% for Class IA andClass IB shares of the Portfolio. The Expense Limitation Arrangement may beterminated by AXA Equitable Funds Management Group, LLC at any time afterApril 30, 2019.

Example

This Example is intended to help you compare the cost of investing inthe Portfolio with the cost of investing in other portfolios. The Exampleassumes that you invest $10,000 in the Portfolio for the periods in-dicated, that your investment has a 5% return each year, that thePortfolio’s operating expenses remain the same, and that the Expense

Limitation Arrangement is not renewed. This Example does not reflectany Contract-related fees and expenses including redemption fees (ifany) at the Contract level. If such fees and expenses were reflected, thetotal expenses would be higher. Although your actual costs may behigher or lower, based on these assumptions, whether you redeem orhold your shares, your costs would be:


PORTFOLIO TURNOVER



Principal Investment Strategy: Under normal circumstances, thePortfolio intends to invest at least 80% of its net assets in the equitysecurities of foreign companies, including emerging markets equitysecurities. The Portfolio may invest a large percentage of its assets inissuers in a single country, a small number of countries, or a partic-ular geographic region. The Sub-Adviser normally allocates thePortfolio’s investments across different industries and sectors, but theSub-Adviser may invest a significant percentage of the Portfolio’sassets in issuers in a single or small number of industries or sectors.The Sub-Adviser focuses on investing the Portfolio’s assets in thestocks of companies it believes to have above average earningsgrowth potential compared to other companies (i.e. growthcompanies). Growth companies tend to have stock prices that arehigh relative to their earnings, dividends, book value, or other finan-cial measures. The Portfolio may invest in companies of any size.

The Portfolio intends to invest primarily in common stocks, but it mayalso invest in other types of equity securities. These may include de-positary receipts, preferred stocks and warrants. The Portfolio mayengage in active and frequent trading in pursuing its principalinvestment strategies.

EQMG 1

The Sub-Adviser uses a bottom-up approach to buying and sellinginvestments for the Portfolio. Investments are selected primarilybased on fundamental analysis of individual issuers and their poten-tial in light of their financial condition, and market, economic, politi-cal, and regulatory conditions. Factors considered may includeanalysis of an issuer’s earnings, cash flows, competitive position, andmanagement ability. Quantitative models that systematically evaluatean issuer’s valuation, price and earnings momentum, earnings qual-ity, and other factors may also be considered. The Sub-Adviser maysell a security for a variety of reasons, such as to secure gains, to limitlosses, or redeploy assets into opportunities believed to be morepromising, among others.







Depositary Receipts Risk: Investments in depositary re-ceipts (including American Depositary Receipts, European

Depositary Receipts and Global Depositary Receipts) are generallysubject to the same risks of investing directly in the foreign secu-rities that they evidence or into which they may be converted. Inaddition, issuers underlying unsponsored depositary receipts maynot provide as much information as U.S. issuers and issuers un-derlying sponsored depositary receipts. Unsponsored depositaryreceipts also may not carry the same voting privileges as spon-sored depositary receipts.


Geographic Concentration Risk: To the extent the Portfo-lio invests a significant portion of its assets in securities ofcompanies domiciled, or exercising the predominant part oftheir economic activity, in one country or geographic region, itassumes the risk that economic, political, social and environ-mental conditions in that particular country or region will havea significant impact on the Portfolio’s investment performanceand that the Portfolio’s performance will be more volatile thanthe performance of more geographically diversified funds. Theeconomies and financial markets of certain regions can behighly interdependent and may decline all at the same time. Inaddition, certain areas are prone to natural disasters such asearthquakes, volcanoes, droughts or tsunamis and are econom-ically sensitive to environmental events.



Mid-Cap and Small-Cap Company Risk: The Portfolio’sinvestments in mid- and small-cap companies may involve greater

EQMG 2

risks than investments in larger, more established issuers becausethey generally are more vulnerable than larger companies to ad-verse business or economic developments. Such companies gen-erally have narrower product lines, more limited financial andmanagement resources and more limited markets for their secu-rities as compared with larger companies. As a result, the value ofsuch securities may be more volatile than the value of securities oflarger companies, and the Portfolio may experience difficulty inpurchasing or selling such securities at the desired time and priceor in the desired amount. In general, these risks are greater forsmall-cap companies than for mid-cap companies.




Securities Lending Risk: The Portfolio may lend its portfoliosecurities to seek income. There is a risk that a borrower may de-fault on its obligations to return loaned securities, however, thePortfolio’s securities lending agent may indemnify the Portfolioagainst that risk. The Portfolio will be responsible for the risksassociated with the investment of cash collateral, including any col-lateral invested in an affiliated money market fund. The Portfoliomay lose money on its investment of cash collateral or may fail toearn sufficient income on its investment to meet obligations to theborrower. In addition, delays may occur in the recovery of securitiesfrom borrowers, which could interfere with the Portfolio’s ability tovote proxies or to settle transactions.



For periods prior to the date Class IA shares commenced operations(September 26, 2008), Class IA share performance informationshown in the table below is the performance of Class IB shares,

which reflects the effect of 12b-1 fees paid by Class IB shares.Class IA shares did not pay 12b-1 fees prior to January 1, 2012.



2010 20112008 2009

-40.19%

37.08%

14.96%19.71%

-10.70%

201420132012

13.62%

2015 2016 2017

-5.08%

1.95%

32.06%

0.23%

Best quarter (% and time period) Worst quarter (% and time period)23.32% (2009 2nd Quarter) –19.66% (2011 3rd Quarter)


OneYear

FiveYears


EQ/MFS International Growth Portfolio –Class IA Shares 32.11% 7.80% 4.00%

EQ/MFS International Growth Portfolio –Class IB Shares 32.06% 7.79% 3.90%

MSCI ACWI ex U.S. Growth (Net) Index(reflects no deduction for fees orexpenses) 32.01% 7.97% 2.40%




Name Title

Date BeganManaging

the Portfolio



May 2011


May 2009

EQMG 3

Sub-Adviser: Massachusetts Financial Services Company d/b/a MFS Investment Management (“MFS”)


Name Title

Date BeganManaging

the Portfolio

David Antonelli Vice Chairman and PortfolioManager of MFS

January 2010

Kevin Dwan Investment Officer andPortfolio Manager of MFS

January 2012

Matthew Barrett Investment Officer andPortfolio Manager of MFS

March 2015





TAX INFORMATION

The Portfolio’s shareholders are (or may include) insurance companyseparate accounts, qualified plans and other investors eligible underapplicable federal income tax regulations. Distributions made by thePortfolio to such an account or plan, and exchanges and re-demptions of Portfolio shares made by such an account or plan,ordinarily do not cause the holders of underlying Contracts or plan

participants or beneficiaries to recognize income or gain for federalincome tax purposes at the time of the distributions, exchanges orredemptions; the holders, plan participants or beneficiaries generallyare taxed only on amounts they withdraw from their Contract orplan. See the prospectus for your Contract or your plan doc-umentation for further tax information.



EQMG 4

EQ Advisors TrustSM

EQ/Mid Cap Index Portfolio – Class IA and IB Shares



Investment Objective: Seeks to achieve a total return before ex-penses that approximates the total return performance of the Stan-dard & Poor’s MidCap 400® Index (“S&P MidCap 400 Index”),including reinvestment of dividends, at a risk level consistent withthat of the S&P MidCap 400 Index.





EQ/Mid Cap Index PortfolioClass IAShares

Class IBShares


Example


1 Year 3 Years 5 Years 10 YearsClass IA Shares $74 $230 $401 $894

Class IB Shares $74 $230 $401 $894

PORTFOLIO TURNOVER



Principal Investment Strategy: The Portfolio normally invests atleast 80% of its net assets, plus borrowings for investment pur-poses, in equity securities in the S&P MidCap 400 Index. For pur-poses of this Portfolio, equity securities in the S&P MidCap 400Index may include financial instruments that derive their value fromsuch securities. The Portfolio’s investments may include real estateinvestment trusts (“REITs”).

The Sub-Adviser does not anticipate utilizing customary economic, fi-nancial or market analyses or other traditional investment techniquesto manage the Portfolio. The Portfolio is constructed and maintainedby utilizing a replication construction technique. That is, the Portfolioseeks to hold all securities in the S&P MidCap 400 Index in the exactweight each represents in the Index, although in certain instances asampling approach may be utilized. This strategy is commonly referredto as an indexing strategy. Individual securities holdings may differfrom those of the S&P MidCap 400 Index, and the Portfolio may nottrack the performance of the S&P MidCap 400 Index perfectly due toexpenses and transaction costs, the size and frequency of cash flowinto and out of the Portfolio, and differences between how and whenthe Portfolio and the S&P MidCap 400 Index are valued.

The Portfolio will remain substantially fully invested in securitiescomprising the index even when prices are generally falling. Similarly,adverse performance of a stock will ordinarily not result in its elimi-nation from the Portfolio.


EQMCI 1





Mid-Cap Company Risk: The Portfolio’s investments in mid-cap companies may involve greater risks than investments in larger,more established issuers because mid cap companies generally aremore vulnerable than larger companies to adverse business or eco-nomic developments. Such companies generally have narrowerproduct lines, more limited financial and management resources andmore limited markets for their securities as compared with largercompanies. As a result, the value of such securities may be morevolatile than the value of securities of larger companies, and thePortfolio may experience difficulty in purchasing or selling such secu-rities at the desired time and price or in the desired amount.


Real Estate Investing Risk: Real estate-related investments maydecline in value as a result of factors affecting the overall real estateindustry. Real estate is a cyclical business, highly sensitive to supply anddemand, general and local economic developments and characterizedby intense competition and periodic overbuilding. Real estate incomeand values also may be greatly affected by demographic trends, suchas population shifts or changing tastes and values. Losses may occur

from casualty or condemnation and government actions, such as taxlaw changes, zoning law changes, regulatory limitations on rents, orenvironmental regulations, also may have a major impact on real es-tate. The availability of mortgages and changes in interest rates mayalso affect real estate values. Changing interest rates and credit qualityrequirements also will affect the cash flow of real estate companiesand their ability to meet capital needs. Real estate investment trusts(“REITs”) generally invest directly in real estate (equity REITs), in mort-gages secured by interests in real estate (mortgage REITs) or in somecombination of the two (hybrid REITs). Investing in REITs exposesinvestors to the risks of owning real estate directly, as well as to risksthat relate specifically to the way in which REITs are organized andoperated. Equity REITs may be affected by changes in the value of theunderlying property owned by the REIT, while mortgage REITs may beaffected by the quality of any credit extended. Equity and mortgageREITs are also subject to heavy cash flow dependency, defaults by bor-rowers, and self-liquidations. The risk of defaults is generally higher inthe case of mortgage pools that include subprime mortgages involvingborrowers with blemished credit histories. Individual REITs may own alimited number of properties and may concentrate in a particular re-gion or property type. Domestic REITs also must satisfy specific InternalRevenue Code requirements to qualify for the tax-free pass-through ofnet investment income and net realized gains distributed to share-holders. Failure to meet these requirements may have adverse con-sequences on the Portfolio. In addition, even the larger REITs in theindustry tend to be small- to medium-sized companies in relation to theequity markets as a whole. Moreover, shares of REITs may trade lessfrequently and, therefore, are subject to more erratic price movementsthan securities of larger issuers.

Securities Lending Risk: The Portfolio may lend its portfolio secu-rities to seek income. There is a risk that a borrower may default on itsobligations to return loaned securities, however, the Portfolio’s securitieslending agent may indemnify the Portfolio against that risk. The Portfoliowill be responsible for the risks associated with the investment of cashcollateral, including any collateral invested in an affiliated money marketfund. The Portfolio may lose money on its investment of cash collateralor may fail to earn sufficient income on its investment to meet obliga-tions to the borrower. In addition, delays may occur in the recovery ofsecurities from borrowers, which could interfere with the Portfolio’s abil-ity to vote proxies or to settle transactions.



EQMCI 2



20172008 2009 201220112010 2015 201620142013

-49.28%

36.18%

25.81%

-2.45%

17.14%

32.54%

8.99%

-2.86%

19.92%15.47%



OneYear

FiveYears


EQ/Mid Cap Index Portfolio –Class IA Shares 15.46% 14.20% 6.91%

EQ/Mid Cap Index Portfolio –Class IB Shares 15.47% 14.21% 6.79%

S&P MidCap 400 Index (reflects nodeduction for fees, expenses, or taxes) 16.24% 15.01% 9.97%




Name Title

Date BeganManaging



May 2011


May 2009



Name Title

Date BeganManaging

the Portfolio

Michael Feehily,CFA®

Senior Managing Directorand Head of Global EquityBeta Solutions —Americas, of SSGA FM

May 2015

Karl Schneider,CAIA®

Managing Director andDeputy Head of GlobalEquity Beta Solutions —Americas, of SSGA FM

January 2017

Raymond Donofrio Principal and PortfolioManager, Global EquityBeta Solutions, of SSGA FM

January 2017





TAX INFORMATION

The Portfolio’s shareholders are (or may include) insurance companyseparate accounts, qualified plans and other investors eligible underapplicable federal income tax regulations. Distributions made by thePortfolio to such an account or plan, and exchanges and re-demptions of Portfolio shares made by such an account or plan,ordinarily do not cause the holders of underlying Contracts or planparticipants or beneficiaries to recognize income or gain for federalincome tax purposes at the time of the distributions, exchanges orredemptions; the holders, plan participants or beneficiaries generally

EQMCI 3

are taxed only on amounts they withdraw from their Contract orplan. See the prospectus for your Contract or your plan doc-umentation for further tax information.


This Portfolio is not sold directly to the general public but instead is of-fered as an underlying investment option for Contracts and retirementplans and to other eligible investors. The Portfolio and the Adviser andits affiliates may make payments to a sponsoring insurance company (orits affiliates) or other intermediary for distribution and/or other services.These payments may create a conflict of interest by influencing the in-surance company or other financial intermediary and your financial ad-viser to recommend the Portfolio over another investment or byinfluencing an insurance company to include the Portfolio as an under-lying investment option in the Contract. The prospectus (or other offer-ing document) for your Contract may contain additional informationabout these payments. Ask your financial adviser or visit your financialintermediary’s website for more information.

EQMCI 4

EQ Advisors TrustSM

EQ/Money Market Portfolio – Class IA and IB Shares



Investment Objective: Seeks to obtain a high level of current in-come, preserve its assets and maintain liquidity.





EQ/Money Market PortfolioClass IAShares

Class IBShares


Example


1 Year 3 Years 5 Years 10 YearsClass IA Shares $73 $ 227 $ 395 $ 883

Class IB Shares $73 $227 $395 $883


Principal Investment Strategy: The Portfolio invests 99.5% ormore of its total assets in:

• debt securities issued or guaranteed as to principal or interest by theU.S. government, or by U.S. government agencies or instrumentalities;

• repurchase agreements that are collateralized fully by cash itemsor U.S. Treasury and U.S. government securities; and

• cash.

The Portfolio invests only in U.S. dollar-denominated securities and ininstruments with a remaining maturity of 397 calendar days or less atthe time of investment. Debt securities issued or guaranteed as toprincipal or interest by the U.S. government, or by U.S. governmentagencies or instrumentalities, may include, among others, directobligations of the U.S. Treasury (such as Treasury bills, notes or bonds),obligations issued or guaranteed as to principal and interest (but not asto market value) by the U.S. government, its agencies or its in-strumentalities, and mortgage-backed securities issued or guaranteedby government agencies or government-sponsored enterprises.

A repurchase agreement is a transaction in which the Portfolio pur-chases securities or other obligations from a bank or securities dealer(or its affiliate) and simultaneously commits to resell them to a coun-terparty at an agreed-upon date or upon demand and at a price re-flecting a market rate of interest unrelated to the coupon rate ormaturity of the purchased obligations. The difference between theoriginal purchase price and the repurchase price is normally based onprevailing short-term interest rates. Under a repurchase agreement,the seller is required to furnish collateral (i.e., U.S. Treasury or U.S.government securities) at least equal in value or market price to theamount of the seller’s repurchase obligation. In evaluating whetherto enter into a repurchase agreement, the Adviser and Sub-Adviserwill carefully consider the creditworthiness of the seller.

As prevailing market conditions and the economic environment war-rant, and at the discretion of the Adviser and Sub-Adviser, apercentage of the Portfolio’s total assets may be held in cash. Duringsuch periods, cash assets will be held in the Portfolio’s custody ac-count. Cash assets held in the Portfolio’s custody account are notincome-generating. Without limitation, such a strategy may bedeemed advisable during periods where the interest rate on newly-issued U.S. Treasury securities is extremely low or where no interest

EQMM 1

rate is paid at all, or when Treasuries are in short supply, or due to adislocation in the Treasury or broader fixed income markets.

The Portfolio maintains a dollar-weighted average portfolio maturity of60 days or less, a dollar-weighted average life to maturity of 120 daysor less, and uses the amortized cost method of valuation to seek tomaintain a stable $1.00 net asset value (“NAV”) per share price.

The Adviser or Sub-Adviser may, in its sole discretion, maintain atemporary defensive position with respect to the Portfolio. Althoughnot required to do so, as a temporary defensive measure, the Advisermay waive or cause to be waived fees owed by the Portfolio, in at-tempting to maintain a stable $1.00 NAV per share.

The Portfolio intends to continue to qualify as a “government moneymarket fund,” as such term is defined in or interpreted under Rule2a-7 under the Investment Company Act of 1940, as amended.“Government money market funds” are exempt from rules that re-quire money market funds to impose a liquidity fee and/or temporaryredemption gates. While the Portfolio’s Board of Trustees may electto subject the Portfolio to liquidity fee and gate requirements in thefuture, the Board of Trustees has not elected to do so at this time.

Principal Risks: You could lose money by investing in the Portfolio.Although the Portfolio seeks to preserve the value of your invest-ments at $1.00 per share, it cannot guarantee it will do so. Aninvestment in the Portfolio is not guaranteed by the Federal DepositInsurance Corporation or any other government agency. The Portfo-lio’s sponsor has no legal obligation to provide financial support tothe Portfolio, and you should not expect that the sponsor will providefinancial support to the Portfolio at any time. Performance may beaffected by one or more of the following risks.


Credit Risk: The Portfolio is subject to the risk that the issuer orthe guarantor (or other obligor, such as a party providing insuranceor other credit enhancement) of a fixed income security, or the coun-terparty to a repurchase agreement or other transaction, is unable orunwilling, or is perceived (whether by market participants, ratingsagencies, pricing services or otherwise) as unable or unwilling, tomake timely principal and/or interest payments, or otherwise honorits obligations. Securities are subject to varying degrees of credit risk,which are often reflected in their credit ratings. The downgrade ofthe credit rating of a security may decrease its value.

Interest Rate Risk: Changes in interest rates may affect the yield,liquidity and value of investments in income producing or debt secu-rities. Changes in interest rates also may affect the value of other secu-rities. When interest rates rise, the value of the Portfolio’s debt securitiesgenerally declines. Conversely, when interest rates decline, the value ofthe Portfolio’s debt securities generally rises. Typically, the longer thematurity or duration of a debt security, the greater the effect a changein interest rates could have on the security’s price. Thus, the sensitivityof the Portfolio’s debt securities to interest rate risk will increase withany increase in the duration of those securities. As of the date of thisProspectus, interest rates are low relative to historic levels and are be-low zero in parts of the world. The Portfolio is subject to a greater risk

of rising interest rates due to these market conditions. A significant orrapid rise in interest rates could result in losses to the Portfolio.

Money Market Risk: Although a money market fund is de-signed to be a relatively low risk investment, it is not free of risk.Despite the short maturities and high credit quality of a money mar-ket fund’s investments, increases in interest rates and deteriorationsin the credit quality of the instruments the money market fund haspurchased may reduce the money market fund’s yield and can causethe price of a money market security to decrease. In addition, amoney market fund is subject to the risk that the value of an invest-ment may be eroded over time by inflation. Changes to the rules thatgovern money market funds became effective in October 2016.These changes may affect the Portfolio’s operations and/or returnpotential. In accordance with the changes to the money market fundrules, the Portfolio operates as a “government money market fund.”The conversion of money market funds to “government money mar-ket funds,” in general, could lead to decreased supply within the U.S.Treasury securities market as demand increases for U.S. governmentsecurities.

Mortgage-Related and Other Asset-Backed SecuritiesRisk: Mortgage-related and other asset-backed securities typicallyprovide the issuer with the right to prepay the security prior to maturity.During periods of falling interest rates, the rate of prepayments tendsto increase because borrowers are more likely to pay off debt and re-finance at the lower interest rates then available. Unscheduledprepayments shorten the average lives of mortgage-related and otherasset-backed securities and may result in the Portfolio’s having to re-invest the proceeds of the prepayments at lower interest rates, therebyreducing the Portfolio’s income. During periods of rising interest rates,the rate of prepayments tends to decrease because borrowers are lesslikely to prepay debt. Slower than expected payments can extend theaverage lives of mortgage-related and other asset-backed securities,and this may “lock in” a below market interest rate, increase thesecurity’s duration and interest rate sensitivity, and reduce the value ofthe security. Moreover, declines in the credit quality of and defaults bythe issuers of mortgage-related and other asset-backed securities orinstability in the markets for such securities may affect the value andliquidity of such securities, which could result in losses to the Portfolio.In addition, certain mortgage-related and other asset-backed securitiesmay include securities backed by pools of loans made to “subprime”borrowers or borrowers with blemished credit histories; the risk of de-faults is generally higher in the case of mortgage pools that includesuch subprime mortgages.

Net Asset Value Risk: Although the Portfolio seeks to do so, itmay not be able to maintain a stable $1.00 NAV per share at alltimes. Furthermore, it is not anticipated that any Portfolio affiliatewill make a capital infusion, enter into a capital support agreementor take other actions to prevent the NAV per share of the Portfoliofrom falling below $0.995. In the event that any money market fundfails to maintain a stable net asset value (or if there is a perceivedthreat that a money market fund is likely to fail to maintain a stablenet asset value), money market funds in general, including thePortfolio, could face increased redemption pressures, which couldjeopardize the stability of their net asset values. Certain other money

EQMM 2

market funds have in the past failed to maintain stable net asset val-ues, and there can be no assurance that such failures and resultingredemption pressures will not occur in the future. A low-interest rateenvironment may prevent the Portfolio from providing a positiveyield, cause the Portfolio to pay Portfolio expenses out of Portfolioassets, or impair the Portfolio’s ability to maintain a stable $1.00NAV per share. In addition, the actions of a few large investors in thePortfolio may have a significant adverse effect on other shareholders.


Repurchase Agreement Risk: Repurchase agreements carrycertain risks, including risks that are not associated with directinvestments in securities. If a seller under a repurchase agreementwere to default on the agreement and be unable to repurchase thesecurity subject to the repurchase agreement, the Portfolio wouldlook to the collateral underlying the seller’s repurchase agreement,including the securities or other obligations subject to the repurchaseagreement, for satisfaction of the seller’s obligation to the Portfolio.The Portfolio’s right to liquidate the securities or other obligationssubject to the repurchase agreement in the event of a default by theseller could involve certain costs and delays and, to the extent thatproceeds from any sale upon a default of the obligation to re-purchase are less than the repurchase price (e.g., due to transactionscosts or a decline in the value of the collateral), the Portfolio couldsuffer a loss. In addition, if bankruptcy proceedings are commencedwith respect to the seller, realization of the collateral may be delayedor limited and a loss may be incurred.

Risk Associated with Portfolio Holding Cash: ThePortfolio may maintain cash assets, which may be significant, withcounterparties such as the Trust’s custodian or its affiliates.Maintaining cash assets could negatively affect the Portfolio’s currentyield and may also subject the Portfolio to additional risks, such asincreased counterparty and credit risk with respect to the custodianbank holding the assets.

U.S. Government Securities Risk: Securities issued or guaran-teed by the U.S. government or its agencies and instrumentalities (suchas securities issued by the Government National Mortgage Association(Ginnie Mae), the Federal National Mortgage Association (FannieMae), or the Federal Home Loan Mortgage Corporation (Freddie Mac))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,that are backed by the full faith and credit of the U.S. government areguaranteed as to the timely payment of interest and repayment ofprincipal when held to maturity. Notwithstanding that these securitiesare backed by the full faith and credit of the U.S. government, circum-stances could arise that would prevent the payment of interest orprincipal. This would result in losses to the Portfolio. Securities issuedor guaranteed by U.S. government related organizations, such as Fan-nie Mae and Freddie Mac, are not backed by the full faith and credit ofthe U.S. government and no assurance can be given that the U.S. gov-ernment will provide financial support. Therefore, U.S. government re-lated organizations may not have the funds to meet their paymentobligations in the future.


The bar chart and table below provide some indication of the risks ofinvesting in the Portfolio by showing changes in the Portfolio’s per-formance from year to year and by showing how the Portfolio’saverage annual total returns for the past one, five and ten yearsthrough December 31, 2017 compared to the returns of a broad-based securities market index. Past performance is not an indicationof future performance.

Prior to April 1, 2016, the Portfolio was not designated as a“government money market fund,” as defined in Rule 2a-7 underthe Investment Company Act of 1940, and invested in certain typesof securities that it is no longer permitted to hold. Consequently, theperformance shown below may have been different if the currentlimitations on the Portfolio’s investments had been in effect prior toits conversion to a government money market fund.



2010

0.00%

2009

0.01%

2.13%

2008

0.00% 0.00%

2013 2015 201720162014

0.00%

2012

0.01% 0.00% 0.00%0.40%

2011

Best quarter (% and time period) Worst quarter (% and time period)0.84% (2008 1st Quarter) 0.00% (2016 2nd Quarter)


FiveYears

TenYears

EQ/Money Market Portfolio – Class IA Shares 0.40% 0.08% 0.31%EQ/Money Market Portfolio – Class IB Shares 0.40% 0.08% 0.25%ICE BofAML 3-Month U.S. Treasury Bill Index

(reflects no deduction for fees, expenses, ortaxes) 0.86% 0.27% 0.39%

The Portfolio’s 7-day yield as of December 31, 2017 was 0.00%.



Sub-Adviser: The Dreyfus Corporation (“Dreyfus”)


EQMM 3




TAX INFORMATION




EQMM 4

EQ Advisors TrustSM

EQ/PIMCO Global Real Return Portfolio – Class IB Shares



Investment Objective: Seeks to achieve maximum real return,consistent with preservation of capital and prudent investmentmanagement.



Shareholder Fees(fees paid directly from your investment)Not applicable


EQ/PIMCO Global Real Return PortfolioClass IBShares

Management Fee 0.60%Distribution and/or Service Fees (12b-1 fees) 0.25%Other Expenses* 0.67%Total Annual Portfolio Operating Expenses 1.52%Fee Waiver and/or Expense Reimbursement† –0.23%Total Annual Portfolio Operating Expenses After Fee Waiver and/or

Expense Reimbursement 1.29%

* Includes Interest Expense of 0.29% for Class IB shares.† Pursuant to a contract, AXA Equitable Funds Management Group, LLC has

agreed to make payments or waive its management, administrative and otherfees to limit the expenses of the Portfolio through April 30, 2019 (unless theBoard of Trustees consents to an earlier revision or termination of thisarrangement) (“Expense Limitation Arrangement”) so that the annual operat-ing expenses of the Portfolio (exclusive of taxes, interest, brokerage commis-sions, dividend and interest expenses on securities sold short, capitalizedexpenses, acquired fund fees and expenses and extraordinary expenses) do notexceed an annual rate of average daily net assets of 1.00% for Class IB sharesof the Portfolio. The Expense Limitation Arrangement may be terminated byAXA Equitable Funds Management Group, LLC at any time after April 30,2019.

Example

This Example is intended to help you compare the cost of investing inthe Portfolio with the cost of investing in other portfolios. The Example

assumes that you invest $10,000 in the Portfolio for the periods in-dicated, that your investment has a 5% return each year, that thePortfolio’s operating expenses remain the same, and that the ExpenseLimitation Arrangement is not renewed. This Example does not reflectany Contract-related fees and expenses including redemption fees (ifany) at the Contract level. If such fees and expenses were reflected, thetotal expenses would be higher. Although your actual costs may behigher or lower, based on these assumptions, whether you redeem orhold your shares, your costs would be:

1 Year 3 Years 5 Years 10 YearsClass IB Shares $131 $458 $807 $1,793

PORTFOLIO TURNOVER



Principal Investment Strategy: Under normal circumstances, thePortfolio invests at least 80% of its net assets, plus borrowings forinvestment purposes, in inflation-indexed bonds of varying maturitiesissued by the U.S. (e.g., Treasury Inflation Protected Securities(“TIPS”)) and non-U.S. governments, their agencies or in-strumentalities, and corporations, which may be represented by for-wards or derivatives such as options, futures contracts or swapagreements. Inflation-indexed bonds are fixed income securities thatare structured to provide protection against inflation. Assets not in-vested in inflation-indexed bonds may be invested in other types offixed income instruments, including bonds, debt securities and othersimilar instruments issued by various U.S. and non-U.S. public- orprivate-sector entities. The value of the bond’s principal or the inter-est income paid on the bond is adjusted to track changes in an offi-cial inflation measure. The Portfolio invests primarily in investmentgrade securities, but may invest up to 10% of its total assets in highyield securities, also known as “junk bonds” rated B or higher byMoody’s Investors Service, Inc. (“Moody’s”), or equivalently rated by

EQPGRR 1

Standard & Poor’s Global Rating (“S&P”) or Fitch, Inc. (“Fitch”), or,if unrated, determined by the Adviser or Sub-Adviser to be of com-parable quality (except that within such 10% limitation, the Portfoliomay invest in mortgage-related securities rated below B).

The Portfolio normally invests a significant portion of its net assets ininstruments that are economically tied to foreign (non-U.S.) coun-tries. The Portfolio may invest, without limitation, in securities thatare economically tied to emerging market countries. The Portfoliomay also invest without limitation in foreign currency transactions,including currency forward transactions. The Portfolio is non-diversified, which means that it may invest a greater portion of itsassets in the securities of one or more issuers and invests overall in asmaller number of issuers than a diversified portfolio.

Subject to applicable law and any other restrictions described in thePortfolio’s Prospectus or Statement of Additional Information, the Port-folio may invest all of its assets in derivative instruments, such as op-tions, futures contracts or swap agreements, or in mortgage or asset-backed securities. The Portfolio’s investments in derivatives may bedeemed to involve the use of leverage because the Portfolio is not re-quired to invest the full market value of the contract upon entering intothe contract but participates in gains and losses on the full contractprice. The use of derivatives also may be deemed to involve the use ofleverage because the heightened price sensitivity of some derivatives tomarket changes may magnify the Portfolio’s gain or loss.

The Portfolio may, without limitation, seek to obtain market ex-posure to the securities in which it primarily invests by entering into aseries of purchase and sale contracts (such as contracts for derivativeinstruments) or by using other investment techniques (such as buybacks or dollar rolls). The Portfolio may purchase or sell securities ona when-issued, delayed delivery or forward commitment basis. ThePortfolio may also invest up to 10% of its total assets in preferredsecurities. The Portfolio may also invest, to a limited extent, in loanparticipations. The Portfolio may engage in active and frequent trad-ing of portfolio securities to achieve its investment objective.

The Sub-Adviser manages the Portfolio’s duration based on the Sub-Adviser’s view of the market and interest rates. The Portfolio mayinvest in securities of any maturity. Duration also measures the sensi-tivity of the value of a bond or bond portfolio to changes in interestrates. Typically, a bond portfolio with a low (short) duration meansthat its value is less sensitive to interest rate changes, while a bondportfolio with a high (long) duration is more sensitive. Effective dura-tion takes into account that for certain bonds expected cash flowswill fluctuate as interest rates change and is defined in nominal yieldterms, which is market convention for most bond investors andmanagers. The Sub-Adviser may sell a security for a variety of rea-sons, such as to make other investments believed to offer superiorinvestment opportunities. The effective duration of this Portfolionormally varies within three years (plus or minus) of the effectiveportfolio duration of the securities comprising the Bloomberg Bar-clays World Government Inflation-Linked Index (hedged), as calcu-lated by the Sub-Adviser, which as of December 31, 2017, asconverted, was 12.74 years.







Focused Portfolio Risk: The Portfolio employs a strategy ofinvesting in the securities of a limited number of companies, some ofwhich may be in the same industry, sector or geographic region. As aresult, the Portfolio; which is classified as “non-diversified,” may in-cur more risk because changes in the value of a single security mayhave a more significant effect, either positive or negative, on the

EQPGRR 2

Portfolio’s net asset value. To the extent that the Portfolio concen-trates, or invests a higher percentage of its assets, in the securities ofa particular issuer or issuers in a particular country, group of coun-tries, region, market, industry, group of industries, sector or assetclass, the Portfolio may be adversely affected by the performance ofthose securities, and may be more susceptible to adverse economic,market, political or regulatory occurrences affecting that issuer or is-suers, country, group of countries, region, market, industry, group ofindustries, sector or asset class. A portfolio using such a focused orconcentrated investment strategy may experience greater perform-ance volatility than a portfolio that is more broadly invested.




Inflation-Indexed Bonds Risk: Inflation-indexed bonds arefixed income securities whose principal value is periodically adjustedaccording to inflation. Inflation-indexed bonds, including Treasuryinflation-indexed securities, decline in value when real interest ratesrise. In certain interest rate environments, such as when real interestrates are rising faster than nominal interest rates, inflation-indexed

bonds may experience greater losses than other fixed income secu-rities with similar durations. Interest payments on inflation-linkeddebt securities may be difficult to predict and may vary as the princi-pal and/or interest is adjusted for inflation. In periods of deflation,the Portfolio may have no income at all from such investments.

Interest Rate Risk: Changes in interest rates may affect the yield,liquidity and value of investments in income producing or debt secu-rities. Changes in interest rates also may affect the value of other secu-rities. When interest rates rise, the value of the Portfolio’s debt securitiesgenerally declines. Conversely, when interest rates decline, the value ofthe Portfolio’s debt securities generally rises. Typically, the longer thematurity or duration of a debt security, the greater the effect a changein interest rates could have on the security’s price. Thus, the sensitivityof the Portfolio’s debt securities to interest rate risk will increase withany increase in the duration of those securities. As of the date of thisProspectus, interest rates are low relative to historic levels and are be-low zero in parts of the world. The Portfolio is subject to a greater riskof rising interest rates due to these market conditions. A significant orrapid rise in interest rates could result in losses to the Portfolio.

Investment Grade Securities Risk. Debt securities generallyare rated by national bond ratings agencies. The Portfolio considerssecurities to be investment grade if they are rated BBB or higher byS&P or Fitch or Baa or higher by Moody’s, or, if unrated, determinedby the investment manager to be of comparable quality. Securitiesrated in the lower investment grade rating categories (e.g., BBB orBaa) are considered investment grade securities, but are somewhatriskier than higher rated obligations because they are regarded ashaving only an adequate capacity to pay principal and interest, areconsidered to lack outstanding investment characteristics, and maypossess certain speculative characteristics.


Liquidity Risk: The Portfolio is subject to the risk that certain in-vestments may be difficult or impossible for the Portfolio to purchaseor sell at an advantageous time or price or in sufficient amounts to

EQPGRR 3

achieve the desired level of exposure. The Portfolio may be requiredto dispose of other investments at unfavorable times or prices to sat-isfy obligations, which may result in a loss or may be costly to thePortfolio. Judgment plays a greater role in valuing illiquid invest-ments than investments with more active markets. Certain securitiesthat were liquid when purchased may later become illiquid, partic-ularly in times of overall economic distress.

Mortgage-Related and Other Asset-Backed SecuritiesRisk: Mortgage-related and other asset-backed securities typicallyprovide the issuer with the right to prepay the security prior to maturity.During periods of falling interest rates, the rate of prepayments tendsto increase because borrowers are more likely to pay off debt and re-finance at the lower interest rates then available. Unscheduledprepayments shorten the average lives of mortgage-related and otherasset-backed securities and may result in the Portfolio’s having to re-invest the proceeds of the prepayments at lower interest rates, therebyreducing the Portfolio’s income. During periods of rising interest rates,the rate of prepayments tends to decrease because borrowers are lesslikely to prepay debt. Slower than expected payments can extend theaverage lives of mortgage-related and other asset-backed securities,and this may “lock in” a below market interest rate, increase thesecurity’s duration and interest rate sensitivity, and reduce the value ofthe security. Moreover, declines in the credit quality of and defaults bythe issuers of mortgage-related and other asset-backed securities orinstability in the markets for such securities may affect the value andliquidity of such securities, which could result in losses to the Portfolio.In addition, certain mortgage-related and other asset-backed securitiesmay include securities backed by pools of loans made to “subprime”borrowers or borrowers with blemished credit histories; the risk of de-faults is generally higher in the case of mortgage pools that includesuch subprime mortgages.

Non-Investment Grade Securities Risk. Bonds rated belowinvestment grade (i.e., BB or lower by S&P or Fitch or Ba or lower byMoody’s or, if unrated, determined by the investment manager to beof comparable quality) are speculative in nature and are subject toadditional risk factors such as increased possibility of default, illi-quidity of the security, and changes in value based on changes in in-terest rates. Non-investment grade bonds, sometimes referred to as“junk bonds,” are usually issued by companies without long trackrecords of sales and earnings, or by those companies with ques-tionable credit strength. The creditworthiness of issuers of non-investment grade debt securities may be more complex to analyzethan that of issuers of investment grade debt securities, and relianceon credit ratings may present additional risks.


Portfolio Turnover Risk: High portfolio turnover (generally,turnover in excess of 100% in any given fiscal year) may result in in-creased transaction costs to the Portfolio, which may result in higherfund expenses and lower total return.

Redemption Risk: The Portfolio may experience periods of heavyredemptions that could cause the Portfolio to sell assets at in-opportune times or at a loss or depressed value. Redemption risk is

heightened during periods of declining or illiquid markets. Heavyredemptions could hurt the Portfolio’s performance.


Securities Lending Risk: The Portfolio may lend its portfolio secu-rities to seek income. There is a risk that a borrower may default on itsobligations to return loaned securities, however, the Portfolio’s securitieslending agent may indemnify the Portfolio against that risk. The Portfoliowill be responsible for the risks associated with the investment of cashcollateral, including any collateral invested in an affiliated money marketfund. The Portfolio may lose money on its investment of cash collateral ormay fail to earn sufficient income on its investment to meet obligations tothe borrower. In addition, delays may occur in the recovery of securitiesfrom borrowers, which could interfere with the Portfolio’s ability to voteproxies or to settle transactions.

U.S. Government Securities Risk: Securities issued orguaranteed by the U.S. government or its agencies and in-strumentalities (such as securities issued by the Government NationalMortgage Association (Ginnie Mae), the Federal National MortgageAssociation (Fannie Mae), or the Federal Home Loan Mortgage Cor-poration (Freddie Mac)) are subject to market risk, interest rate riskand credit risk. Securities, such as those issued or guaranteed byGinnie Mae or the U.S. Treasury, that are backed by the full faith andcredit of the U.S. government are guaranteed as to the timely pay-ment of interest and repayment of principal when held to maturity.Notwithstanding that these securities are backed by the full faith andcredit of the U.S. government, circumstances could arise that wouldprevent the payment of interest or principal. This would result inlosses to the Portfolio. Securities issued or guaranteed by U.S.government related organizations, such as Fannie Mae and FreddieMac, are not backed by the full faith and credit of the U.S. govern-ment and no assurance can be given that the U.S. government willprovide financial support. Therefore, U.S. government related orga-nizations may not have the funds to meet their payment obligationsin the future.


The bar chart and table below provide some indication of the risks ofinvesting in the Portfolio by showing changes in the Portfolio’s per-formance from year to year and by showing how the Portfolio’saverage annual total returns for the past one-year and since in-ception periods through December 31, 2017 compared to the returnsof a broad-based securities market index. Past performance is not anindication of future performance.


EQPGRR 4


2014

7.86%

2015 20172016

10.35%

2.86%

-2.36%

Best quarter (% and time period) Worst quarter (% and time period)4.15% (2016 3rd Quarter) –2.73% (2015 2nd Quarter)


One YearSince

InceptionEQ/PIMCO Global Real Return Portfolio – Class IB

Shares (Inception Date: February 8, 2013) 2.86% 2.43%Bloomberg Barclays World Government Inflation-

Linked Bond Index (reflects no deduction forfees, expenses, or taxes) 3.32% 3.04%




Name Title

Date BeganManaging



May 2011


May 2009

Sub-Adviser: Pacific Investment Management Company LLC(“PIMCO”)

Portfolio Managers: The individuals that are jointly and primarilyresponsible for the securities selection, research and trading for thePortfolio are:

Name Title

Date BeganManaging

the PortfolioMihir P. Worah Managing Director and

Portfolio Manager of PIMCOFebruary 2013

Jeremie Banet Executive Vice President andPortfolio Manager of PIMCO

May 2015





TAX INFORMATION



This Portfolio is not sold directly to the general public but instead is of-fered as an underlying investment option for Contracts and retirementplans and to other eligible investors. The Portfolio and the Adviser andits affiliates may make payments to a sponsoring insurance company(or its affiliates) or other financial intermediary for distribution and/or

EQPGRR 5

other services. These payments may create a conflict of interest by influ-encing the insurance company or other financial intermediary and yourfinancial adviser to recommend the Portfolio over another investmentor by influencing an insurance company to include the Portfolio as anunderlying investment option in the Contract. The prospectus (or otheroffering document) for your Contract may contain additional in-formation about these payments. Ask your financial adviser or visityour financial intermediary’s website for more information.

EQPGRR 6

EQ Advisors TrustSM

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



Investment Objective: Seeks to generate a return in excess of tra-ditional money market products while maintaining an emphasis onpreservation of capital and liquidity.





EQ/PIMCO Ultra Short Bond PortfolioClass IAShares

Class IBShares

Management Fee 0.49% 0.49%Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25%Other Expenses* 0.13% 0.13%Total Annual Portfolio Operating Expenses 0.87% 0.87%Fee Waiver and/or Expense Reimbursement† –0.01% –0.01%Total Annual Portfolio Operating Expenses After Fee


* Includes Interest Expense of 0.01% for Class IA shares and Class IB shares.† Pursuant to a contract, AXA Equitable Funds Management Group, LLC has

agreed to make payments or waive its management, administrative and otherfees to limit the expenses of the Portfolio through April 30, 2019 (unless theBoard of Trustees consents to an earlier revision or termination of thisarrangement) (“Expense Limitation Arrangement”) so that the annual operat-ing expenses of the Portfolio (exclusive of taxes, interest, brokerage commis-sions, capitalized expenses, acquired fund fees and expenses, dividend andinterest expenses on securities sold short, and extraordinary expenses) do notexceed an annual rate of average daily net assets of 0.85% for Class IA andClass IB shares of the Portfolio. The Expense Limitation Arrangement may beterminated by AXA Equitable Funds Management Group, LLC at any time afterApril 30, 2019.

Example

This Example is intended to help you compare the cost of investing inthe Portfolio with the cost of investing in other portfolios. The Exam-ple assumes that you invest $10,000 in the Portfolio for the periodsindicated, that your investment has a 5% return each year, that thePortfolio’s operating expenses remain the same, and that the Ex-pense Limitation Arrangement is not renewed. This Example does notreflect any Contract-related fees and expenses including redemptionfees (if any) at the Contract level. If such fees and expenses were re-flected, the total expenses would be higher. Although your actualcosts may be higher or lower, based on these assumptions, whetheryou redeem or hold your shares, your costs would be:


PORTFOLIO TURNOVER



Principal Investment Strategy: The Portfolio invests at least 80%of its net assets in a diversified portfolio of fixed income instrumentsof varying maturities, which may be represented by forwards or de-rivatives such as options, futures contracts or swap agreements. ThePortfolio may invest in investment grade U.S. dollar denominatedsecurities of U.S. issuers that are rated Baa or higher by Moody’sInvestors Service, Inc. (“Moody’s), or equivalently rated by Standard& Poor’s Ratings Services (“S&P”) or Fitch Ratings Ltd. (“Fitch”), or,if unrated, determined by the Sub-Adviser to be of comparable qual-ity. The Portfolio invests in a variety of fixed income investments, in-cluding securities issued or guaranteed by the U.S. Government, itsagencies or government-sponsored enterprises (“U.S. GovernmentSecurities”); corporate debt securities of U.S. issuers, including

EQPUS 1

corporate commercial paper; mortgage-backed and other asset-backedsecurities; loan participations and assignments. The Sub-Adviser will seekto add value by emphasizing market sectors and individual securitiesthat, based on historical yield relationships represent an attractive valu-ation. The average portfolio duration of this Portfolio will vary based onthe Sub-Adviser’s forecast for interest rates and will normally not exceedone year, as calculated by the Sub-Adviser. Duration is a measure usedto determine the sensitivity of a security’s price to interest rates. Typically,a bond portfolio with a low (short) duration means that its value is lesssensitive to interest rate changes, while a bond portfolio with a high(long) duration is more sensitive.

The Portfolio may invest, without limitation, in derivative instrumentssuch as options, futures contracts or swap agreements. The Portfoliointends to use derivatives for a variety of purposes, including as a sub-stitute for investing directly in securities, as a hedge against interestrate risk and to attempt to enhance returns. The Portfolio’s investmentsin derivatives transactions may be deemed to involve the use of lever-age because the Portfolio is not required to invest the full market valueof the contract upon entering into the contract but participates in gainsand losses on the full contract price. The use of derivatives also may bedeemed to involve the use of leverage because the heightened pricesensitivity of some derivatives to market changes may magnify thePortfolio’s gain or loss. It is not expected, however, that the Portfoliowill be leveraged by borrowing money for investment purposes. ThePortfolio’s investments in derivatives may require it to maintain a per-centage of its assets in cash and cash equivalent instruments to serveas margin or collateral for the Portfolio’s obligations under derivativetransactions.

The Portfolio may also invest up to 10% of its total assets in pre-ferred securities and common stocks. The Sub-Adviser may sell asecurity for a variety of reasons, including to invest in a company be-lieved to offer superior investment opportunities. lf a security isdowngraded, the Sub-Adviser will reevaluate the holding to de-termine what action, including the sale of such security, is in the bestinterest of investors. The Portfolio may engage in active and frequenttrading of portfolio securities to achieve its investment objective.




Credit Risk: The Portfolio is subject to the risk that the issuer or theguarantor (or other obligor, such as a party providing insurance orother credit enhancement) of a fixed income security, or the counter-party to a derivatives contract, repurchase agreement, loan of portfoliosecurities or other transaction, is unable or unwilling, or is perceived(whether by market participants, ratings agencies, pricing services orotherwise) as unable or unwilling, to make timely principal and/or

interest payments, or otherwise honor its obligations. Securities aresubject to varying degrees of credit risk, which are often reflected intheir credit ratings. However, rating agencies may fail to make timelychanges to credit ratings in response to subsequent events and a creditrating may become stale in that it fails to reflect changes in an issuer’sfinancial condition. The downgrade of the credit rating of a securitymay decrease its value. Lower credit quality also may lead to greatervolatility in the price of a security and may negatively affect a security’sliquidity.



Interest Rate Risk: Changes in interest rates may affect theyield, liquidity and value of investments in income producing or debtsecurities. Changes in interest rates also may affect the value of othersecurities. When interest rates rise, the value of the Portfolio’s debtsecurities generally declines. Conversely, when interest rates decline,the value of the Portfolio’s debt securities generally rises. Typically,the longer the maturity or duration of a debt security, the greater theeffect a change in interest rates could have on the security’s price.Thus, the sensitivity of the Portfolio’s debt securities to interest raterisk will increase with any increase in the duration of those securities.As of the date of this Prospectus, interest rates are low relative tohistoric levels and are below zero in parts of the world. The Portfoliois subject to a greater risk of rising interest rates due to these marketconditions. A significant or rapid rise in interest rates could result inlosses to the Portfolio.

Investment Grade Securities Risk: Debt securities generallyare rated by national bond ratings agencies. The Portfolio considerssecurities to be investment grade if they are rated BBB or higher byS&P or Fitch or Baa or higher by Moody’s, or, if unrated, determinedby the investment manager to be of comparable quality. Securitiesrated in the lower investment grade rating categories (e.g., BBB orBaa) are considered investment grade securities, but are somewhat

EQPUS 2

riskier than higher rated obligations because they are regarded ashaving only an adequate capacity to pay principal and interest, areconsidered to lack outstanding investment characteristics, and maypossess certain speculative characteristics.

Leveraging Risk: When the Portfolio leverages its holdings, thevalue of an investment in the Portfolio will be more volatile and all otherrisks will tend to be compounded. For example, the Portfolio may takeon leveraging risk when it engages in derivatives transactions (such asfutures and options investments), invests collateral from securities loansor borrows money. The Portfolio may experience leveraging risk in con-nection with investments in derivatives because its investments in de-rivatives may be small relative to the investment exposure assumed,leaving more assets to be invested in other investments. Such invest-ments may have the effect of leveraging the Portfolio because the Port-folio may experience gains or losses not only on its investments inderivatives, but also on the investments purchased with the remainderof the assets. If the value of the Portfolio’s investments in derivatives isincreasing, this could be offset by declining values of the Portfolio’sother investments. Conversely, it is possible that a rise in the value ofthe Portfolio’s non-derivative investments could be offset by a decline inthe value of the Portfolio’s investments in derivatives. In either scenario,the Portfolio may experience losses. In a market where the value of thePortfolio’s investments in derivatives is declining and the value of itsother investments is declining, the Portfolio may experience substantiallosses.


Mortgage-Related and Other Asset-Backed SecuritiesRisk: Mortgage-related and other asset-backed securities typicallyprovide the issuer with the right to prepay the security prior to ma-turity. During periods of falling interest rates, the rate of prepaymentstends to increase because borrowers are more likely to pay off debtand refinance at the lower interest rates then available. Unscheduledprepayments shorten the average lives of mortgage-related andother asset-backed securities and may result in the Portfolio’s havingto reinvest the proceeds of the prepayments at lower interest rates,thereby reducing the Portfolio’s income. During periods of risinginterest rates, the rate of prepayments tends to decrease becauseborrowers are less likely to prepay debt. Slower than expected pay-ments can extend the average lives of mortgage-related and otherasset-backed securities, and this may “lock in” a below marketinterest rate, increase the security’s duration and interest rate sensi-tivity, and reduce the value of the security. Moreover, declines in thecredit quality of and defaults by the issuers of mortgage-related andother asset-backed securities or instability in the markets for suchsecurities may affect the value and liquidity of such securities, which

could result in losses to the Portfolio. In addition, certain mortgage-related and other asset-backed securities may include securitiesbacked by pools of loans made to “subprime” borrowers or bor-rowers with blemished credit histories; the risk of defaults is generallyhigher in the case of mortgage pools that include such subprimemortgages.



Redemption Risk: The Portfolio may experience periods of heavyredemptions that could cause the Portfolio to sell assets at in-opportune times or at a loss or depressed value. Redemption risk isheightened during periods of declining or illiquid markets. Heavyredemptions could hurt the Portfolio’s performance.

Market developments and other factors, including a general rise in in-terest rates, have the potential to cause investors to move out of fixedincome securities on a large scale, which may increase redemptionsfrom mutual funds that hold large amounts of fixed income securities.Such a move, coupled with a reduction in the ability or willingness ofdealers and other institutional investors to buy or hold fixed incomesecurities, may result in decreased liquidity and increased volatility inthe fixed income markets.



U.S. Government Securities Risk: Securities issued or guaran-teed by the U.S. government or its agencies and instrumentalities (suchas securities issued by the Government National Mortgage Association(Ginnie Mae), the Federal National Mortgage Association (FannieMae), or the Federal Home Loan Mortgage Corporation (Freddie Mac))are subject to market risk, interest rate risk and credit risk. Securities,

EQPUS 3

such as 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. government areguaranteed as to the timely payment of interest and repayment ofprincipal when held to maturity. Notwithstanding that these securitiesare backed by the full faith and credit of the U.S. government, circum-stances could arise that would prevent the payment of interest orprincipal. This would result in losses to the Portfolio. Securities issuedor guaranteed by U.S. government related organizations, such as Fan-nie Mae and Freddie Mac, are not backed by the full faith and credit ofthe U.S. government and no assurance can be given that the U.S. gov-ernment will provide financial support. Therefore, U.S. government re-lated organizations may not have the funds to meet their paymentobligations in the future.


The bar chart and table below provide some indication of the risks ofinvesting in the Portfolio by showing changes in the Portfolio’s per-formance from year to year and by showing how the Portfolio’saverage annual total returns for the past one, five and ten years (orsince inception) through December 31, 2017 compared to the re-turns of a broad-based securities market index. The return of thebroad-based securities market index (and any additional comparativeindex) shown in the right hand column below is the return of theindex for the last 10 years or, if shorter, since the inception of theshare class with the longest history. Class IA shares did not pay12b-1 fees prior to January 1, 2012. Past performance is not an in-dication of future performance.



20172010 2013201220112009

8.09%

0.85% 1.48% 1.95% 1.90%

-0.18% -0.11%

2008

-4.07%

0.03%

2014 2015 2016

-0.23%

Best quarter (% and time period) Worst quarter (% and time period)5.60% (2009 1st Quarter) –5.22% (2008 3rd Quarter)


FiveYears

Ten Years/Since Inception

EQ/PIMCO Ultra Short BondPortfolio – Class IA Shares 1.90% 0.70% 1.03%

EQ/PIMCO Ultra Short BondPortfolio – Class IB Shares 1.90% 0.70% 0.93%

ICE BofAML 3-Month U.S. TreasuryBill Index (reflects no deduction forfees, expenses, or taxes) 0.86% 0.27% 0.39%




Name Title

Date BeganManaging


CFP®, CLU, ChFCExecutive Vice Presidentand Chief Investment Officerof FMG LLC

May 2011


May 2009

Sub-Adviser: Pacific Investment Management Company,LLC. (“PIMCO”)


Name Title

Date BeganManaging

the Portfolio

Jerome Schneider Managing Director of PIMCO January 2011





EQPUS 4

TAX INFORMATION




EQPUS 5

EQ Advisors TrustSM

EQ/Small Company Index Portfolio – Class IA and IB Shares



Investment Objective: Seeks to replicate as closely as possible(before expenses) the total return of the Russell 2000® Index(“Russell 2000”).





EQ/Small Company Index PortfolioClass IAShares

Class IBShares

Management Fee 0.25% 0.25%Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25%Other Expenses 0.13% 0.13%

Total Annual Portfolio Operating Expenses 0.63% 0.63%

Example



PORTFOLIO TURNOVER



Principal Investment Strategy: Under normal circumstances, thePortfolio invests at least 80% of its net assets, plus borrowings forinvestment purposes, in equity securities of small-cap companiesincluded in the Russell 2000® Index (“Russell 2000”). The Portfo-lio’s investments in equity securities of small-cap companies in-cluded in the Russell 2000 may include financial instruments thatderive their value from such securities. As of December 31, 2017,the market capitalization range of the Russell 2000 was$22.7 million to $9.4 billion. The Sub-Adviser seeks to match thereturns (before expenses) of the Russell 2000. This strategy iscommonly referred to as an indexing strategy. The Portfolio investsin a statistically selected sample of the securities found in the Rus-sell 2000, using a process known as “optimization.” This processselects stocks for the Portfolio so that industry weightings, marketcapitalizations and fundamental characteristics (price to book ra-tios, price to earnings ratios, debt to asset ratios and dividendyields) closely match those of the securities included in the Russell2000. This approach helps to increase the Portfolio’s liquidity andreduce costs. The securities held by the Portfolio are weighted tomake the Portfolio’s total investment characteristics similar tothose of the Russell 2000 as a whole.

Over time, the correlation between the performance of the Portfolioand the Russell 2000 is expected to be 95% or higher before thededuction of Portfolio expenses. The Portfolio seeks to track the Rus-sell 2000; therefore, the Sub-Adviser generally will not attempt tojudge the merits of any particular security as an investment.


Principal Risks: An investment in the Portfolio is not a deposit of abank and is not insured or guaranteed by the Federal Deposit

EQSCI 1

Insurance Corporation or any other government agency. You maylose money by investing in the Portfolio. Performance may be af-fected by one or more of the following risks.



Index Strategy Risk: The Portfolio employs an index strategy,that is, it generally invests in the securities included in its index or arepresentative sample of such securities regardless of market trends.The Portfolio generally will not modify its index strategy to respond tochanges in the economy, which means that it may be particularly sus-ceptible to a general decline in the market segment relating to therelevant index. In addition, although the index strategy attempts toclosely track its benchmark index, the Portfolio may not invest in all ofthe securities in the index. Also, the Portfolio’s fees and expenses willreduce 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’svaluation procedures also may affect the Portfolio’s performance.Therefore, there can be no assurance that the performance of the in-dex strategy will match that of the benchmark index.



Small-Cap Company Risk: The Portfolio’s investments insmall-cap companies may involve greater risks than investments inlarger, more established issuers because they generally are more vul-nerable than larger companies to adverse business or economicdevelopments. Such companies generally have narrower productlines, more limited financial and management resources and morelimited markets for their securities as compared with larger compa-nies. They may depend on a more limited management group thanlarger 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 ownershipby large investors and are followed by relatively few securities ana-lysts. As a result, the value of such securities may be more volatilethan the value of securities of larger companies, and because thesecurities generally trade in lower volumes than larger cap securities,the Portfolio may experience difficulty in purchasing or selling suchsecurities at the desired time and price or in the desired amount.





20102008 2009

-34.12%

-4.04%

26.04% 25.87%

15.66%

201320122011

37.42%

4.78%

20.51%14.05%

-4.54%

2014 2015 2016 2017



OneYear

FiveYears


EQ/Small Company Index Portfolio –Class IA Shares 13.96% 13.58% 8.27%

EQ/Small Company Index Portfolio –Class IB Shares 14.05% 13.57% 8.16%

Russell 2000® Index (reflects no deductionfor fees, expenses, or taxes) 14.65% 14.12% 8.71%

EQSCI 2




Name Title

Date BeganManaging

the Portfolio



May 2011


May 2009



Name Title

Date BeganManaging

the Portfolio


May 2006






TAX INFORMATION




EQSCI 3

EQ Advisors TrustSM

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



Investment Objective: Seeks to achieve long-term capital apprecia-tion and secondarily, income.





EQ/T. Rowe Price Growth Stock PortfolioClass IAShares

Class IBShares

Management Fee 0.74% 0.74%Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25%Other Expenses 0.13% 0.13%Total Annual Portfolio Operating Expenses 1.12% 1.12%Fee Waiver and/or Expense Reimbursement†* –0.12% –0.12%Total Annual Portfolio Operating Expenses After Fee

Waiver and/or Expense Reimbursement* 1.00% 1.00%

* Fee Waiver and/or Expense Reimbursement information has been restated to reflectthe current Expense Limitation Arrangement.

† Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreedto make payments or waive its management, administrative and other fees to limitthe expenses of the Portfolio through April 30, 2019 (unless the Board of Trusteesconsents to an earlier revision or termination of this arrangement) (“Expense Limi-tation Arrangement”) so that the annual operating expenses of the Portfolio(exclusive of taxes, interest, brokerage commissions, capitalized expenses, acquiredfund fees and expenses, dividend and interest expenses on securities sold short,and extraordinary expenses) do not exceed an annual rate of average daily net as-sets of 1.00% for Class IA and IB shares of the Portfolio. The Expense LimitationArrangement may be terminated by AXA Equitable Funds Management Group, LLCat any time after April 30, 2019.

Example

This Example is intended to help you compare the cost of investing in thePortfolio with the cost of investing in other portfolios. The Example as-sumes that you invest $10,000 in the Portfolio for the periods indicated,that your investment has a 5% return each year, that the Portfolio’s

operating expenses remain the same, and that the Expense LimitationArrangement is not renewed. This Example does not reflect anyContract-related fees and expenses including redemption fees (if any) atthe Contract level. If such fees and expenses were reflected, the totalexpenses would be higher. Although your actual costs may be higher orlower, based on these assumptions, whether you redeem or hold yourshares, your costs would be:


PORTFOLIO TURNOVER



Principal Investment Strategy: The Portfolio normally invests atleast 80% of net assets, plus borrowings for investment purposes,in common stocks of a diversified group of growth companies. ThePortfolio will invest primarily in equity securities of large-capcompanies. For this Portfolio, large-cap companies are defined asthose companies with market capitalization larger than the medianmarket cap of companies in the Russell 1000® Growth Index, awidely used benchmark of the largest domestic growth stocks (themedian market cap as of December 31, 2017 was $11.8 billion,and is subject to change) at the time of purchase. The Sub-Advisermostly seeks investments in companies that have the ability to payincreasing dividends through strong cash flow. The Sub-Advisergenerally looks for companies with an above-average rate of earn-ings growth and an attractive niche in the economy that gives themthe ability to sustain earnings momentum even during times ofslow economic growth. As a growth investor, the Sub-Adviser be-lieves that when a company increases its earnings faster than bothinflation and the overall economy, the market will eventually re-ward it with a higher stock price. The Portfolio may at times investsignificantly in technology.

EQTGS 1

While most assets are invested in U.S. common stocks, other secu-rities may also be purchased, including warrants and preferredstocks, in keeping with portfolio objectives. The Portfolio may investup to 30% of its total assets in securities of foreign issuers, includingthose in emerging markets.

In pursuing the Portfolio’s investment objective, the Sub-Adviser hasthe discretion to purchase some securities, including warrants andpreferred stocks, that do not meet its normal investment criteria, asdescribed above, when it perceives an opportunity for substantialappreciation. These situations might arise when the Sub-Adviser be-lieves a security could increase in value for a variety of reasons, in-cluding a change in management, an extraordinary corporate event,a new product introduction or innovation, or a favorable competitivedevelopment.

The Sub-Adviser may sell securities for a variety of reasons, such asto secure gains, limit losses, or redeploy assets into more promisingopportunities.






Currency Risk: Investments in foreign currencies and insecurities that trade in, or receive revenues in, or in derivativesthat provide exposure to foreign currencies are subject to therisk that those currencies will decline in value relative to theU.S. dollar. Any such decline may erode or reverse any potentialgains from an investment in securities denominated in foreigncurrency or may widen existing loss. In the case of hedgingpositions, there is the risk that the U.S. dollar will decline invalue relative to the currency being hedged. Currency rates may

fluctuate significantly over short periods of time for a number ofreasons, including changes in interest rates, intervention (or thefailure to intervene) by governments, central banks or suprana-tional entities, or by the imposition of currency controls or otherpolitical developments in the U.S. or abroad.


Investment Style Risk: The Portfolio may use a particular styleor set of styles — in this case “growth” styles — to select invest-ments. Those styles may be out of favor or may not produce the bestresults over short or longer time periods. Growth stocks may be moresensitive to changes in current or expected earnings than the prices ofother stocks. Growth investing also is subject to the risk that the stockprice of one or more companies will fall or will fail to appreciate asanticipated by the Portfolio, regardless of movements in the securitiesmarket. Growth stocks also tend to be more volatile than valuestocks, so in a declining market their prices may decrease more thanvalue stocks in general. Growth stocks also may increase the volatilityof the Portfolio’s share price.



Sector Risk: To the extent the Portfolio invests more heavily inparticular sectors, its performance will be especially sensitive todevelopments that significantly affect those sectors. Individual sec-tors may be more volatile, and may perform differently, than thebroader market. The industries that constitute a sector may all reactin the same way to economic, political or regulatory events.

Securities Lending Risk: The Portfolio may lend its portfolio secu-rities to seek income. There is a risk that a borrower may default on itsobligations to return loaned securities, however, the Portfolio’s securitieslending agent may indemnify the Portfolio against that risk. The Portfoliowill be responsible for the risks associated with the investment of cashcollateral, including any collateral invested in an affiliated money marketfund. The Portfolio may lose money on its investment of cash collateralor may fail to earn sufficient income on its investment to meet obliga-tions to the borrower. In addition, delays may occur in the recovery of

EQTGS 2

securities from borrowers, which could interfere with the Portfolio’s abil-ity 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 orother unusual events expected to affect a particular issuer. In general,securities of companies which are the subject of a tender or exchangeoffer or a merger, consolidation, bankruptcy, liquidation, reorganizationor restructuring proposal sell at a premium to their historic market priceimmediately prior to the announcement of the transaction. However, it ispossible that the value of securities of a company involved in such atransaction will not rise and in fact may fall, in which case the Portfoliowould lose money. It is also possible that the transaction may not becompleted as anticipated or may take an excessive amount of time to becompleted, in which case the Portfolio may not realize any premium onits investment and could lose money if the value of the securities declinesduring the Portfolio’s holding period. In some circumstances, the secu-rities purchased may be illiquid making it difficult for the Portfolio to dis-pose of them at an advantageous price.

Technology Sector Risk: The value of the shares of a Portfoliothat invests primarily in technology companies is particularly vulner-able to factors affecting the technology sector, such as dependencyon consumer and business acceptance as new technology evolves,large and rapid price movements resulting from competition, rapidobsolescence of products and services and short product cycles.Many technology companies are small and at an earlier stage of de-velopment and, therefore, may be subject to risks such as those aris-ing out of limited product lines, markets and financial andmanagerial resources.


The bar chart and table below provide some indication of the risks ofinvesting in the Portfolio by showing changes in the Portfolio’s per-formance from year to year and by showing how the Portfolio’saverage annual total returns for the past one, five and ten years (orsince inception) through December 31, 2017 compared to the re-turns of a broad-based securities market index. The return of thebroad-based securities market index (and any additional comparativeindex) shown in the right hand column below is the return of theindex for the last 10 years or, if shorter, since the inception of theshare class with the longest history. Class IA shares did not pay12b-1 fees prior to January 1, 2012. Past performance is not an in-dication of future performance.



2008 20102009-42.10%

-1.94%

42.39%

16.41% 18.94%

201320122011

37.93%

8.64% 10.22%1.34%

33.35%

2014 2015 2016 2017

Best quarter (% and time period) Worst quarter (% and time period)19.09% (2012 1st Quarter) –23.77% (2008 4th Quarter)


OneYear

FiveYears


EQ/T. Rowe Price Growth Stock Portfolio –Class IA Shares 33.35% 17.42% 9.71%

EQ/T. Rowe Price Growth Stock Portfolio –Class IB Shares 33.35% 17.42% 9.59%





Name Title

Date BeganManaging



May 2011


May 2009

Sub-Adviser: T. Rowe Price Associates, Inc. (“T. RowePrice”)


Name Title

Date BeganManaging

the PortfolioJoseph Fath, CPA Vice President of

T. Rowe Price and PortfolioManager

January 2014

EQTGS 3

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




TAX INFORMATION



This Portfolio is not sold directly to the general public but instead is of-fered as an underlying investment option for Contracts and retirementplans and to other eligible investors. The Portfolio and the Adviser andits affiliates may make payments to a sponsoring insurance company(or its affiliates) or other financial intermediary for distribution and/orother services. These payments may create a conflict of interest byinfluencing the insurance company or other financial intermediary andyour financial adviser to recommend the Portfolio over anotherinvestment or by influencing an insurance company to include thePortfolio as an underlying investment option in the Contract. The pro-spectus (or other offering document) for your Contract may containadditional information about these payments. Ask your financial ad-viser or visit your financial intermediary’s website for more information.

EQTGS 4

EQ Advisors TrustSM

Multimanager Core Bond Portfolio – Class IA and IB Shares



Investment Objective: Seeks to achieve a balance of high currentincome and capital appreciation, consistent with a prudent level ofrisk.





Multimanager Core Bond PortfolioClass IAShares

Class IBShares



† Pursuant to a contract, AXA Equitable Funds Management Group, LLC hasagreed to make payments or waive its management, administrative and otherfees to limit the expenses of the Portfolio through April 30, 2019 (unless theBoard of Trustees consents to an earlier revision or termination of thisarrangement) (“Expense Limitation Arrangement”) so that the annual operat-ing expenses of the Portfolio (exclusive of taxes, interest, brokerage commis-sions, dividend and interest expenses on securities sold short, capitalizedexpenses, acquired fund fees and expenses and extraordinary expenses) do notexceed an annual rate of average daily net assets of 0.90% for Class IA andClass IB shares of the Portfolio. The Expense Limitation Arrangement may beterminated by AXA Equitable Funds Management Group, LLC at any time afterApril 30, 2019.

Example

This Example is intended to help you compare the cost of investing inthe Portfolio with the cost of investing in other portfolios. The Exam-ple assumes that you invest $10,000 in the Portfolio for the periods

indicated, that your investment has a 5% return each year, that thePortfolio’s operating expenses remain the same, and that the Ex-pense Limitation Arrangement is not renewed. This Example does notreflect any Contract-related fees and expenses including redemptionfees (if any) at the Contract level. If such fees and expenses were re-flected, the total expenses would be higher. Although your actualcosts may be higher or lower, based on these assumptions, whetheryou redeem or hold your shares, your costs would be:

1 Year 3 Years 5 Years 10 YearsClass IA Shares $92 $ 308 $ 543 $ 1,216

Class IB Shares $92 $308 $543 $1,216

PORTFOLIO TURNOVER



Principal Investment Strategy: Under normal circumstances, thePortfolio intends to invest at least 80% of its net assets, plus borrow-ings for investment purposes, in investment grade bonds. For pur-poses of this investment policy, a debt security is considered a“bond.” Debt securities represent an issuer’s obligation to repay aloan of money that generally pays interest to the holder. Bonds,notes and debentures are examples of debt securities. The Portfolioinvests primarily in U.S. government and corporate debt securities.The Portfolio may invest up to 20% of its net assets in non-investment grade securities (commonly known as “junk bonds”).

AXA Equitable Funds Management Group, LLC (“FMG LLC” or“Adviser”) will generally allocate the Portfolio’s assets among four ormore Sub-Advisers, each of which will manage its portion of thePortfolio using different yet complementary investment strategies.Under normal circumstances, one portion of the Portfolio will track theperformance of a particular index (“Index Allocated Portion”) and theother portions of the Portfolio will be actively managed (“Active Allo-cated Portions”). Under normal circumstances, the Adviser anticipates

MMCB 1

allocating approximately 25% of the Portfolio’s net assets to the IndexAllocated Portion and the remaining 75% of net assets among the Ac-tive Allocated Portions. These percentages are targets established bythe Adviser and actual allocations between the portions may deviatefrom these targets by up to 20% of the Portfolio’s net assets.

The Index Allocated Portion of the Portfolio seeks to track the per-formance (before fees and expenses and including reinvestment ofcoupon payments) of the Bloomberg Barclays U.S. Intermediate Gov-ernment/Credit Bond Index (“Government/Credit Index”) with mini-mal tracking error. This strategy is commonly referred to as anindexing strategy. The Government/Credit Index covers U.S. dollardenominated, investment grade, fixed-rate securities, which includeU.S. Treasury and government-related, corporate, credit and agencyfixed-rate debt securities. Generally, the Index Allocated Portion usesa sampling technique.

The Active Allocated Portions may invest in debt securities of U.S.and foreign issuers, including issuers located in emerging markets.The Active Allocated Portions’ investments may include governmentsecurities, corporate bonds, bonds of foreign issuers (including thosedenominated in foreign currencies or U.S. dollars), commercial andresidential mortgage-backed securities, floating or variable rate obli-gations, and asset-backed securities. Foreign currency exposure (fromnon-U.S. dollar-denominated securities or currencies) normally will belimited to 10% of the Portfolio’s total assets. The Active AllocatedPortions may engage in active and frequent trading to achieve thePortfolio’s investment objective. Securities are purchased for the Ac-tive Allocated Portions when a Sub-Adviser determines that theyhave the potential for above-average total return. A Sub-Adviser maysell a security for a variety of reasons, such as to make other invest-ments believed by the Sub-Adviser to offer superior investmentopportunities.

The Portfolio may purchase bonds of any maturity, but generally thePortfolio’s overall effective duration will be of an intermediate-termnature (similar to that of three- to seven-year U.S. Treasury notes) andwill generally have a comparable duration in the range of theGovernment/Credit Index (approximately 4.01 years as of De-cember 31, 2017) and the Bloomberg Barclays U.S. Aggregate BondIndex (approximately 5.98 years as of December 31, 2017) as calcu-lated by the Sub-Advisers. The Portfolio also may use financial instru-ments such as futures and options to manage duration. Durationmeasures the sensitivity of the value of a bond or bond portfolio tochanges in interest rates. Typically, a bond portfolio with a low (short)duration means that its value is less sensitive to interest rate changes,while a bond portfolio with a high (long) duration is more sensitive.The Portfolio may invest in derivatives. It is anticipated that the Portfo-lio’s derivative instruments will consist primarily of forward contracts,exchange-traded futures and options contracts on individual securitiesor securities indices, but the Portfolio also may utilize other types ofderivatives. The Portfolio’s investments in derivatives may be deemedto involve the use of leverage because the Portfolio is not required toinvest the full market value of the contract upon entering into the con-tract but participates in gains and losses on the full contract price. Theuse of derivatives also may be deemed to involve the use of leverage

because the heightened price sensitivity of some derivatives to marketchanges may magnify the Portfolio’s gain or loss.





Collateralized Debt Obligations Risk: The risks of an in-vestment in a collateralized debt obligation (“CDO”) dependlargely on the quality and type of the collateral and the class or“tranche” of the CDO in which the Portfolio invests. Normally, col-lateralized bond obligations, collateralized loan obligations, andother CDOs are privately offered and sold, and thus are not regis-tered under the securities laws. As a result, investments in CDOsmay be characterized by the Portfolio as illiquid securities; how-ever, an active dealer market, or other relevant measures of liquid-ity, may exist for CDOs allowing a CDO potentially to be deemedliquid under the Portfolio’s liquidity policies approved by the Boardof Trustees. In addition to the risks associated with debt instru-ments (e.g., interest rate risk and credit risk), CDOs carry risks in-cluding, but not limited to: (a) the possibility that distributions fromcollateral securities will not be adequate to make interest or otherpayments; (b) the risk that the quality of the collateral may declinein value or default; (c) the possibility that the Portfolio may investin CDOs that are subordinate to other classes; and (d) the risk thatthe complex structure of the security may not be fully understood atthe time of investment and may produce disputes with the issuer orunexpected investment results.

Credit Risk: The Portfolio is subject to the risk that the issuer or theguarantor (or other obligor, such as a party providing insurance orother credit enhancement) of a fixed income security, or the counter-party to a derivatives contract, repurchase agreement, loan of portfoliosecurities or other transaction, is unable or unwilling, or is perceived(whether by market participants, ratings agencies, pricing services orotherwise) as unable or unwilling, to make timely principal and/orinterest payments, or otherwise honor its obligations. Securities aresubject to varying degrees of credit risk, which are often reflected intheir credit ratings. However, rating agencies may fail to make timelychanges to credit ratings in response to subsequent events and a creditrating may become stale in that it fails to reflect changes in an issuer’s

MMCB 2

financial condition. The downgrade of the credit rating of a securitymay decrease its value. Lower credit quality also may lead to greatervolatility in the price of a security and may negatively affect a security’sliquidity.




Emerging Markets Risk: There are greater risks involved ininvesting in emerging market countries and/or their securitiesmarkets, and investments in these countries and/or markets aremore susceptible to loss than investments in developed coun-tries and/or markets. Investments in these countries and/or

markets may present market, credit, currency, liquidity, legal,political, technical and other risks different from, or greaterthan, the risks of investing in developed countries. In addition,the risks associated with investing in a narrowly defined geo-graphic area are generally more pronounced with respect toinvestments in emerging market countries.



Interest Rate Risk: Changes in interest rates may affect theyield, liquidity and value of investments in income producing or debtsecurities. Changes in interest rates also may affect the value of othersecurities. When interest rates rise, the value of the Portfolio’s debtsecurities generally declines. Conversely, when interest rates decline,the value of the Portfolio’s debt securities generally rises. Typically,the longer the maturity or duration of a debt security, the greater theeffect a change in interest rates could have on the security’s price.Thus, the sensitivity of the Portfolio’s debt securities to interest raterisk will increase with any increase in the duration of those securities.As of the date of this Prospectus, interest rates are low relative tohistoric levels and are below zero in parts of the world. The Portfolio

MMCB 3

is subject to a greater risk of rising interest rates due to these marketconditions. A significant or rapid rise in interest rates could result inlosses to the Portfolio.

Investment Grade Securities Risk: Debt securities generallyare rated by national bond ratings agencies. The Portfolio considerssecurities to be investment grade if they are rated BBB or higher byStandard & Poor’s Global Ratings (“S&P”) or Fitch Ratings, Ltd.(“Fitch”) or Baa or higher by Moody’s Investors Service, Inc.(“Moody’s”), or, if unrated, determined by the investment managerto be of comparable quality. Securities rated in the lower investmentgrade rating categories (e.g., BBB or Baa) are considered investmentgrade securities, but are somewhat riskier than higher rated obliga-tions because they are regarded as having only an adequate capacityto pay principal and interest, are considered to lack outstanding in-vestment characteristics, and may possess certain speculative charac-teristics.

Leveraging Risk: When the Portfolio leverages its holdings, thevalue of an investment in the Portfolio will be more volatile and allother risks will tend to be compounded. For example, the Portfoliomay take on leveraging risk when it engages in derivatives trans-actions (such as futures and options investments), invests collateralfrom securities loans or borrows money. The Portfolio may experienceleveraging risk in connection with investments in derivatives becauseits investments in derivatives may be small relative to the investmentexposure assumed, leaving more assets to be invested in otherinvestments. Such investments may have the effect of leveraging thePortfolio because the Portfolio may experience gains or losses notonly on its investments in derivatives, but also on the investmentspurchased with the remainder of the assets. If the value of thePortfolio’s investments in derivatives is increasing, this could be off-set by declining values of the Portfolio’s other investments. Con-versely, it is possible that a rise in the value of the Portfolio’s non-derivative investments could be offset by a decline in the value of thePortfolio’s investments in derivatives. In either scenario, the Portfoliomay experience losses. In a market where the value of the Portfolio’sinvestments in derivatives is declining and the value of its other in-vestments is declining, the Portfolio may experience substantiallosses.


Mortgage-Related and Other Asset-Backed SecuritiesRisk: Mortgage-related and other asset-backed securities typicallyprovide the issuer with the right to prepay the security prior to ma-turity. During periods of falling interest rates, the rate of prepaymentstends to increase because borrowers are more likely to pay off debt

and refinance at the lower interest rates then available. Unscheduledprepayments shorten the average lives of mortgage-related andother asset-backed securities and may result in the Portfolio’s havingto reinvest the proceeds of the prepayments at lower interest rates,thereby reducing the Portfolio’s income. During periods of risinginterest rates, the rate of prepayments tends to decrease becauseborrowers are less likely to prepay debt. Slower than expected pay-ments can extend the average lives of mortgage-related and otherasset-backed securities, and this may “lock in” a below marketinterest rate, increase the security’s duration and interest rate sensi-tivity, and reduce the value of the security. Moreover, declines in thecredit quality of and defaults by the issuers of mortgage-related andother asset-backed securities or instability in the markets for suchsecurities may affect the value and liquidity of such securities, whichcould result in losses to the Portfolio. In addition, certain mortgage-related and other asset-backed securities may include securitiesbacked by pools of loans made to “subprime” borrowers or bor-rowers with blemished credit histories; the risk of defaults is generallyhigher in the case of mortgage pools that include such subprimemortgages. Mortgage-backed securities issued in the form ofcollateralized mortgage obligations (“CMOs”) are collateralized bymortgage loans or mortgage pass-through securities. In periods ofsupply and demand imbalances in the market for CMOs or in periodsof sharp interest rate movements, the prices of CMOs may fluctuateto a greater extent than would be expected from interest ratemovements alone. CMOs and other mortgage-backed securities maybe structured similarly to CDOs and may be subject to similar risks.

Multiple Sub-Adviser Risk: The Adviser allocates the Portfo-lio’s assets among multiple Sub-Advisers, each of which is respon-sible for investing its allocated portion of the Portfolio’s assets. To asignificant extent, the Portfolio’s performance will depend on thesuccess of the Adviser in allocating the Portfolio’s assets to Sub-Advisers and its selection and oversight of the Sub-Advisers. The Sub-Advisers’ investment strategies may not work as planned, whichcould adversely affect the Portfolio’s performance. In addition, be-cause each Sub-Adviser manages its allocated portion of the Portfolioindependently from another Sub-Adviser, the same security may beheld in different portions of the Portfolio, or may be acquired for oneportion of the Portfolio at a time when a Sub-Adviser to another por-tion deems it appropriate to dispose of the security from that otherportion, resulting in higher expenses without accomplishing any netresult in the Portfolio’s holdings. Similarly, under some market con-ditions, one Sub-Adviser may believe that temporary, defensiveinvestments in short-term instruments or cash are appropriate for itsallocated portion of the Portfolio when another Sub-Adviser believescontinued exposure to the equity or debt markets is appropriate forits allocated portion of the Portfolio. Because each Sub-Adviser di-rects the trading for its own portion of the Portfolio, and does notaggregate its transactions with those of the other Sub-Adviser, thePortfolio may incur higher brokerage costs than would be the case ifa single Sub-Adviser were managing the entire Portfolio. In addition,while the Adviser seeks to allocate the Portfolio’s assets among thePortfolio’s Sub-Advisers in a manner that it believes is consistent withachieving the Portfolio’s investment objective(s), the Adviser is sub-ject to conflicts of interest in allocating the Portfolio’s assets among

MMCB 4

Sub-Advisers, including affiliated Sub-Advisers, because the Adviserpays different fees to the Sub-Advisers and due to other factors thatcould impact the Adviser’s revenues and profits.

Non-Investment Grade Securities Risk: Bonds rated belowinvestment grade (i.e., BB or lower by S&P or Fitch or Ba or lower byMoody’s or, if unrated, determined by the investment manager to beof comparable quality) are speculative in nature and are subject toadditional risk factors such as increased possibility of default, illi-quidity of the security, and changes in value based on changes in in-terest rates. Non-investment grade bonds, sometimes referred to as“junk bonds,” are usually issued by companies without long trackrecords of sales and earnings, or by those companies with ques-tionable credit strength. The creditworthiness of issuers of non-investment grade debt securities may be more complex to analyzethan that of issuers of investment grade debt securities, and relianceon credit ratings may present additional risks.



Redemption Risk: The Portfolio may experience periods of heavyredemptions that could cause the Portfolio to sell assets at in-opportune times or at a loss or depressed value. Redemption risk isheightened during periods of declining or illiquid markets. Heavyredemptions could hurt the Portfolio’s performance.



U.S. Government Securities Risk: Securities issued orguaranteed by the U.S. government or its agencies and in-strumentalities (such as securities issued by the Government National

Mortgage Association (Ginnie Mae), the Federal National MortgageAssociation (Fannie Mae), or the Federal Home Loan Mortgage Cor-poration (Freddie Mac)) are subject to market risk, interest rate riskand credit risk. Securities, such as those issued or guaranteed byGinnie Mae or the U.S. Treasury, that are backed by the full faith andcredit of the U.S. government are guaranteed as to the timely pay-ment of interest and repayment of principal when held to maturity.Notwithstanding that these securities are backed by the full faith andcredit of the U.S. government, circumstances could arise that wouldprevent the payment of interest or principal. This would result inlosses to the Portfolio. Securities issued or guaranteed by U.S.government related organizations, such as Fannie Mae and FreddieMac, are not backed by the full faith and credit of the U.S. govern-ment and no assurance can be given that the U.S. government willprovide financial support. Therefore, U.S. government related orga-nizations may not have the funds to meet their payment obligationsin the future.

Zero Coupon and Pay-in-Kind Securities Risk: A zerocoupon or pay-in-kind security pays no interest in cash to its holderduring its life. Accordingly, zero coupon securities usually trade at adeep discount from their face or par value and, together with pay-in-kind securities, will be subject to greater fluctuations in market valuein response to changing interest rates than debt obligations of com-parable maturities that make current distribution of interest in cash.


The bar chart and table below provide some indication of the risks ofinvesting in the Portfolio by showing changes in the Portfolio’s per-formance from year to year and by showing how the Portfolio’saverage annual total returns for the past one, five and ten years (orsince inception) through December 31, 2017 compared to the re-turns of a broad-based securities market index. The return of thebroad-based securities market index shown in the right hand columnbelow 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. Pastperformance is not an indication of future performance.

Effective December 22, 2017, the Portfolio’s benchmark indexagainst which the Portfolio measures its performance, the BloombergBarclays U.S. Intermediate Government/Credit Bond Index, was re-placed with the Bloomberg Barclays U.S. Aggregate Bond Index. TheAdviser believes that the Bloomberg Barclays U.S. Aggregate BondIndex is more relevant to the Portfolio’s investment strategies.


For periods prior to June 2014, the performance shown below is that ofthe Portfolio’s predecessor, a series of AXA Premier VIP Trust that had asubstantially identical investment objective, policies and strategies.

MMCB 5


2017

3.70%

2011

5.83%

2012

5.50%

2008

2.50%

2010

6.33%

2013

-2.31%

2014 2015 20162009

8.16%

2.63% 2.94%

0.11%

Best Quarter (% and time period) Worst Quarter (% and time period)4.34% (2009 3rd Quarter) –2.52% (2013 2nd Quarter)


OneYear

FiveYears


Multimanager Core Bond Portfolio – Class IA 2.95% 1.39% 3.60%Multimanager Core Bond Portfolio – Class IB 2.94% 1.39% 3.49%Bloomberg Barclays U.S. Aggregate Bond

Index (new) (reflects no deduction forfees, expenses, or taxes) 3.54% 2.10% 4.01%

Bloomberg Barclays U.S. IntermediateGovernment/Credit Bond Index (old)(reflects no deduction for fees, expenses,or taxes) 2.14% 1.50% 3.32%



Portfolio Managers: The members of the team that are jointly andprimarily responsible for (i) the selection, monitoring and oversight ofthe Portfolio’s Sub-Advisers and (ii) allocating assets among the Port-folio’s Allocated Portions are:

Name Title

Date BeganManaging

the Portfolio



May 2011

Alwi Chan,CFA®

Senior Vice Presidentand DeputyChief Investment Officerof FMG LLC

February 2010

Sub-Adviser: BlackRock Financial Management, Inc.(“BlackRock”)


Name Title

Date BeganManaging a Portion

of the Portfolio

Akiva Dickstein Managing Director ofBlackRock

May 2014

Bob Miller Managing Director ofBlackRock

October 2011

David Rogal Director of BlackRock June 2017

Sub-Adviser: DoubleLine Capital LP (“DoubleLine”)


Name Title


of the Portfolio

Jeffrey E. Gundlach Chief Executive Officer andChief Investment Officer ofDoubleLine

January 2015

Philip A. Barach President of DoubleLine January 2015

Sub-Adviser: Pacific Investment Management CompanyLLC (“PIMCO”)

Portfolio Managers: The individuals that are jointly and primarilyresponsible for the securities selection, research and trading for aportion of the Active Allocated Portion of the Portfolio are:

Name Title


of the Portfolio

Mark R. Kiesel Managing Director andPortfolio Manager ofPIMCO

January 2015

Mihir P. Worah Managing Director andPortfolio Manager ofPIMCO

January 2015

Scott A. Mather Managing Director andPortfolio Manager ofPIMCO

January 2015

MMCB 6



Name Title


of the Portfolio

Michael Brunell, CFA® Vice Presidentof SSGA FM

February 2009

Michael Przygoda,CFA® Vice Presidentof SSGA FM

May 2016

Orhan Imer, CFA®, Ph.D. Vice Presidentof SSGA FM

September 2017

The Adviser has been granted relief by the Securities and ExchangeCommission to hire, terminate and replace Sub-Advisers and amend sub-advisory agreements subject to the approval of the Board of Trusteesand without obtaining shareholder approval. However, the Adviser maynot enter into a sub-advisory agreement on behalf of the Portfolio withan “affiliated person” of the Adviser, such as AllianceBernstein L.P., un-less the sub-advisory agreement is approved by the Portfolio’s share-holders. The Adviser is responsible for overseeing Sub-Advisers andrecommending their hiring, termination and replacement to the Board ofTrustees.




TAX INFORMATION

The Portfolio’s shareholders are (or may include) insurance companyseparate accounts, qualified plans and other investors eligible underapplicable federal income tax regulations. Distributions made by thePortfolio to such an account or plan, and exchanges and re-demptions of Portfolio shares made by such an account or plan,ordinarily do not cause the holders of underlying Contracts or planparticipants or beneficiaries to recognize income or gain for federalincome tax purposes at the time of the distributions, exchanges or

redemptions; the holders, plan participants or beneficiaries generallyare taxed only on amounts they withdraw from their Contract orplan. See the prospectus for your Contract or your plan doc-umentation for further tax information.



MMCB 7

EQ Advisors TrustSM

Multimanager Technology Portfolio – Class IA and IB Shares



Investment Objective: Seeks to achieve long-term growth ofcapital.





Multimanager Technology PortfolioClass IAShares

Class IBShares

Management Fee 0.95% 0.95%Distribution and/or Service Fees

(12b-1 fees) 0.25% 0.25%Other Expenses 0.16% 0.16%Acquired Fund Fees and Expenses 0.05% 0.05%Total Annual Portfolio Operating Expenses 1.41% 1.41%Fee Waiver and/or Expense Reimbursement† –0.11% –0.11%Total Annual Portfolio Operating Expenses After Fee


† Pursuant to a contract, AXA Equitable Funds Management Group, LLC hasagreed to make payments or waive its management, administrative and otherfees to limit the expenses of the Portfolio through April 30, 2019 (unless theBoard of Trustees consents to an earlier revision or termination of thisarrangement) (“Expense Limitation Arrangement”) so that the annual operat-ing expenses of the Portfolio (exclusive of taxes, interest, brokerage commis-sions, capitalized expenses, acquired fund fees and expenses, dividend andinterest expenses on securities sold short, and extraordinary expenses) do notexceed an annual rate of average daily net assets of 1.25% for Class IA andClass IB shares of the Portfolio. The Expense Limitation Arrangement may beterminated by AXA Equitable Funds Management Group, LLC at any time afterApril 30, 2019.

Example

This Example is intended to help you compare the cost of investing inthe Portfolio with the cost of investing in other portfolios. The Exam-ple assumes that you invest $10,000 in the Portfolio for the periodsindicated, that your investment has a 5% return each year, that thePortfolio’s operating expenses remain the same, and that the Ex-pense Limitation Arrangement is not renewed. This Example does notreflect any Contract-related fees and expenses including redemptionfees (if any) at the Contract level. If such fees and expenses were re-flected, the total expenses would be higher. Although your actualcosts may be higher or lower, based on these assumptions, whetheryou redeem or hold your shares, your costs would be:


PORTFOLIO TURNOVER



Principal Investment Strategy: Under normal circumstances, thePortfolio intends to invest at least 80% of its net assets, plus borrow-ings for investment purposes, in equity securities of companies princi-pally engaged in the technology sector. Such companies include,among others, those in internet products and services, computers,electronics, hardware and components, communications, software, e-commerce, information services, healthcare equipment and services,including medical devices, biotechnology, chemical products and syn-thetic materials, defense and aerospace, environmental services, nano-technology, energy equipment and services, and electronicmanufacturing services. In addition, securities of companies in thetechnology sector may include financial instruments that derive theirvalue from the securities of such companies. The Portfolio may invest in

MMT 1

companies of any size and can invest in securities of both U.S. and for-eign companies. The Portfolio intends to invest primarily in commonstocks, but it may also invest in other securities that a Sub-Adviser be-lieves provide opportunities for capital growth. The Portfolio is non-diversified, which means that it may invest a greater portion of itsassets in the securities of one or more issuers and invests overall in asmaller number of issuers than a diversified portfolio.

AXA Equitable Funds Management Group, LLC (“FMG LLC” or“Adviser”) will generally allocate the Portfolio’s assets among threeor more Sub-Advisers, each of which will manage its portion of thePortfolio using different yet complementary investment strategies.Under normal circumstances, one portion of the Portfolio will trackthe performance of a particular index (“Index Allocated Portion”),one or more other portions of the Portfolio will be actively managed(“Active Allocated Portions”), and another portion will invest inexchange-traded funds (“ETFs”) (“ETF Allocation Portion”). Undernormal circumstances, the Adviser allocates approximately 30% ofthe Portfolio’s net assets to the Index Allocated Portion, approx-imately 50% of net assets among the Active Allocated Portions, andapproximately 20% of net assets to the ETF Allocated Portion. Thesepercentages are targets established by the Adviser; actual allocationsto the Index Allocated and Active Allocated Portions may deviatefrom these targets by up to 20% of the Portfolio’s net assets and byup to 5% of the Portfolio’s net assets with respect to the ETF Allo-cated Portion, but any allocation to the ETF Allocated Portion gen-erally shall not exceed 20% of the Portfolio’s net assets.

The Index Allocated Portion of the Portfolio seeks to track the per-formance (before fees and expenses) of the S&P North AmericanTechnology Sector Index with minimal tracking error. This strategy iscommonly referred to as an indexing strategy. Generally, the IndexAllocated Portion uses a full replication technique, although in cer-tain instances a sampling approach may be utilized for a portion ofthe Index Allocated Portion. The Index Allocated Portion also mayinvest in ETFs that seek to track the S&P North American TechnologySector Index to obtain comparable exposure as the index withoutbuying the underlying securities comprising the index.

The Active Allocated Portions may engage in active and frequent trad-ing to achieve the investment objective. The Active Allocated Por-tions’ Sub-Advisers select securities based upon fundamentalanalysis, such as an analysis of earnings, cash flows, competitiveposition and management’s abilities. A Sub-Adviser may sell a secu-rity for a variety of reasons, such as to make other investments be-lieved by the Sub-Adviser to offer superior investment opportunities.

The ETF Allocated Portion invests in ETFs that meet the investmentcriteria of the Portfolio as a whole. The ETFs in which the ETF Allo-cated Portion may invest may be changed from time to time withoutnotice or shareholder approval. An investor in the Portfolio will bearthe expenses of the Portfolio as well as the indirect expenses asso-ciated with the ETFs held by the ETF Allocated Portion and, if appli-cable, the Index Allocated Portion.




Equity Risk: In general, stocks and other equity security valuesfluctuate, and sometimes widely fluctuate, in response to changes ina company’s financial condition as well as general market, economic,and political conditions and other factors.

ETFs Risk: The Portfolio’s shareholders will indirectly bear fees andexpenses paid by the ETFs in which it invests, in addition to the Portfo-lio’s direct fees and expenses. The cost of investing in the Portfolio,therefore, may be higher than the cost of investing in a mutual fundthat invests directly in individual stocks and bonds. In addition, thePortfolio’s net asset value will be subject to fluctuations in the marketvalues of the ETFs in which it invests. The Portfolio is also subject to therisks associated with the securities or other investments in which theETFs invest, and the ability of the Portfolio to meet its investment ob-jective will directly depend on the ability of the ETFs to meet their in-vestment objectives. An index-based ETF’s performance may not matchthat of the index it seeks to track. An actively managed ETF’s perform-ance will reflect its adviser’s ability to make investment decisions thatare suited to achieving the ETF’s investment objective. It is also possiblethat an active trading market for an ETF may not develop or be main-tained, in which case the liquidity and value of the Portfolio’s invest-ment in the ETF could be substantially and adversely affected. Theextent to which the investment performance and risks associated withthe Portfolio correlate to those of a particular ETF will depend upon theextent to which the Portfolio’s assets are allocated from time to timefor investment in the ETF, which will vary.

Focused Portfolio Risk: The Portfolio employs a strategy ofinvesting in the securities of a limited number of companies, some ofwhich may be in the same industry, sector or geographic region. As aresult, the Portfolio, which is classified as “non-diversified,” may incurmore risk because changes in the value of a single security may have amore significant effect, either positive or negative, on the Portfolio’snet asset value. To the extent that the Portfolio concentrates, or investsa higher percentage of its assets, in the securities of a particular issueror issuers in a particular country, group of countries, region, market,industry, group of industries, sector or asset class, the Portfolio may beadversely affected by the performance of those securities, and may bemore susceptible to adverse economic, market, political or regulatoryoccurrences affecting that issuer or issuers, country, group of countries,region, market, industry, group of industries, sector or asset class. Aportfolio using such a focused or concentrated investment strategy mayexperience greater performance volatility than a portfolio that is morebroadly invested.

Foreign Securities Risk: Investments in foreign securities, in-cluding depositary receipts, involve risks not associated with invest-ments in U.S. securities. Foreign markets may be less liquid, morevolatile and subject to less government supervision and regulationthan U.S. markets. Security values also may be negatively affected by

MMT 2

changes in the exchange rates between the U.S. dollar and foreigncurrencies. Differences between U.S. and foreign legal, political andeconomic systems, regulatory regimes and market practices also mayimpact security values, and it may take more time to clear and settletrades involving foreign securities. In addition, securities issued byU.S. entities with substantial foreign operations or holdings can in-volve risks relating to conditions in foreign countries.


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


Multiple Sub-Adviser Risk: The Adviser allocates the Portfolio’sassets among multiple Sub-Advisers, each of which is responsible forinvesting its allocated portion of the Portfolio’s assets. To a significantextent, the Portfolio’s performance will depend on the success of theAdviser in allocating the Portfolio’s assets to Sub-Advisers and its se-lection and oversight of the Sub-Advisers. The Sub-Advisers’ investmentstrategies may not work together as planned, which could adversely af-fect the Portfolio’s performance. In addition, because each Sub-Advisermanages its allocated portion of the Portfolio independently fromanother Sub-Adviser, the same security may be held in different portionsof the Portfolio, or may be acquired for one portion of the Portfolio at atime when a Sub-Adviser to another portion deems it appropriate todispose of the security from that other portion, resulting in higher ex-penses without accomplishing any net result in the Portfolio’s holdings.Similarly, under some market conditions, one Sub-Adviser may believethat temporary, defensive investments in short-term instruments or cash

are appropriate for its allocated portion of the Portfolio when anotherSub-Adviser believes continued exposure to the equity or debt markets isappropriate for its allocated portion of the Portfolio. Because each Sub-Adviser directs the trading for its own portion of the Portfolio, and doesnot aggregate its transactions with those of the other Sub-Adviser, thePortfolio may incur higher brokerage costs than would be the case if asingle Sub-Adviser were managing the entire Portfolio. In addition, whilethe Adviser seeks to allocate the Portfolio’s assets among the Portfolio’sSub-Advisers in a manner that it believes is consistent with achieving thePortfolio’s investment objective(s), the Adviser is subject to conflicts ofinterest in allocating the Portfolio’s assets among Sub-Advisers, includingaffiliated Sub-Advisers, because the Adviser pays different fees to theSub-Advisers and due to other factors that could impact the Adviser’srevenues and profits.



Sector Risk: To the extent the Portfolio invests more heavily inparticular sectors, its performance will be especially sensitive todevelopments that significantly affect those sectors. Individual sec-tors may be more volatile, and may perform differently, than thebroader market. The industries that constitute a sector may all reactin the same way to economic, political or regulatory events.


Technology Sector Risk: The value of the shares of a Portfoliothat invests primarily in technology companies is particularly vulner-able to factors affecting the technology sector, such as dependencyon consumer and business acceptance as new technology evolves,large and rapid price movements resulting from competition, rapidobsolescence of products and services and short product cycles.Many technology companies are small and at an earlier stage of de-velopment and, therefore, may be subject to risks such as those aris-ing out of limited product lines, markets and financial andmanagerial resources.


The bar chart and table below provide some indication of the risks ofinvesting in the Portfolio by showing changes in the Portfolio’s

MMT 3

performance from year to year and by showing how the Portfolio’saverage annual total returns for the past one, five and ten years (orsince inception) through December 31, 2017 compared to the returnsof a broad-based securities market index. The additional broad-basedsecurities market index shows how the Portfolio’s performance com-pared with the returns of another index that has characteristics rele-vant to the Portfolio’s investment strategies. 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 thelast 10 years or, if shorter, since the inception of the share class withthe longest history. Past performance is not an indication of futureperformance.


For periods prior to June 2014, the performance shown below is thatof the Portfolio’s predecessor, a series of AXA Premier VIP Trust thathad a substantially identical investment objective, policies and strat-egies. As of May 1, 2017, the Portfolio changed its investment policyto become “non-diversified” under the Investment Company Act of1940; returns prior to that date may have been different if thePortfolio had followed its current policy.


2017201020092008 2014201320122011 2015 2016

-4.84%

58.60%

17.74%13.45%

35.57%

13.58%6.26% 8.97%

39.09%

-47.15%

Best Quarter (% and time period) Worst Quarter (% and time period)20.57% (2009 2nd Quarter) –27.02% (2008 4th Quarter)


OneYear

FiveYears


Multimanager Technology Portfolio –Class IA 39.12% 19.92% 10.31%

Multimanager Technology Portfolio –Class IB 39.09% 19.92% 10.20%

S&P North American TechnologySector Index (reflects no deductionfor fees, expenses, or taxes) 37.78% 21.68% 12.25%

Russell 1000® Index (reflects nodeduction for fees, expenses, ortaxes) 21.69% 15.71% 8.59%



Portfolio Managers: The members of the team that are jointly andprimarily responsible for (i) the selection, monitoring and oversight ofthe Portfolio’s Sub-Advisers, (ii) allocating assets among the Portfo-lio’s Allocated Portions and (iii) the selection of investments inexchange-traded funds for the Portfolio’s ETF Allocated Portion are:

Name Title

Date BeganManaging

the Portfolio



May 2011


February 2010


May 2011


May 2016

Sub-Adviser: Allianz Global Investors U.S. LLC(“AllianzGI U.S.”)


Name Title


of the Portfolio

Huachen Chen,CFA®

Managing Director, SeniorAnalyst and SeniorPortfolio Manager ofAllianzGI U.S.

January 2002

Walter C. Price,CFA®

Managing Director, SeniorAnalyst and SeniorPortfolio Manager ofAllianzGI U.S.

January 2002



Name Title


of the Portfolio

Michael Feehily,CFA®

Senior Managing Directorand Head of Global EquityBeta Solutions —Americas, of SSGA FM

May 2015

Karl Schneider,CAIA®

Managing Director andDeputy Head of GlobalEquity Beta Solutions —Americas, of SSGA FM

January 2017

MMT 4

Name Title


of the Portfolio

David Chin Vice President and SeniorPortfolio Manager, GlobalEquity Beta Solutions, ofSSGA FM

January 2017

Sub-Adviser: Wellington Management Company LLP(“Wellington”)


Name Title


of the Portfolio

John F.Averill,CFA®

Senior Managing Directorand Global Industry Analystof Wellington

December 2003

Bruce L.Glazer


December 2003

Anita M.Killian,CFA®


December 2003

BrianBarbetta

Managing Director andGlobal Industry Analyst ofWellington

December 2017

The Adviser has been granted relief by the Securities and ExchangeCommission to hire, terminate and replace Sub-Advisers and amendsub-advisory agreements subject to the approval of the Board ofTrustees and without obtaining shareholder approval. However, theAdviser may not enter into a sub-advisory agreement on behalf ofthe Portfolio with an “affiliated person” of the Adviser, such as Alli-anceBernstein L.P., unless the sub-advisory agreement is approved bythe Portfolio’s shareholders. The Adviser is responsible for overseeingSub-Advisers and recommending their hiring, termination and re-placement to the Board of Trustees.




TAX INFORMATION




MMT 5

DOL --- 2005 191612v1

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, transfer al 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.

r

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© 2018 AXA Equitable Life Insurance Company. All rights reserved.

1290 Avenue of the Americas, New York, NY 10104, (212) 554-1234

“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 (member FINRA, SIPC) 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. This brand name change does not change the legal name of any of the AXA Equitable Financial Services, LLC companies. The obligations of AXA Equitable Life Insurance Company are backed solely by its claims-paying ability.

Summary Prospectusdated March 1, 2018

1290 Retirement 2020 Fund – Class I (TNIIX) Shares

Before you invest, you may want to review the Fund’s Prospectus, which contains more information about the Fund and its risks. The Fund’scurrent Prospectus and Statement of Additional Information (“SAI”), dated March 1, 2018, are incorporated by reference into this SummaryProspectus. You can find the Fund’s Prospectus, SAI and other information about the Fund online at www.1290Funds.com/literature.php. Youcan also get this information at no cost by calling 1-888-310-0416 or by sending an e-mail request to [email protected].

Investment Objective: Seeks the highest total return over timeconsistent with its asset mix while managing portfolio volatility. Totalreturn includes capital growth and income.

FEES AND EXPENSES OF THE FUND

The following table describes the fees and expenses that you maypay if you buy and hold shares of the Fund. You may qualify for salescharge discounts if you and your family invest, or agree to invest inthe future, at least $50,000 in 1290 Funds’ funds. More informationabout these and other discounts is available from your financial pro-fessional and in the “How Sales Charges are Calculated” and “Waysto Reduce or Eliminate Sales Charges” sections of the Fund’s Pro-spectus, and the “Purchase, Redemption and Pricing of Shares” sec-tion of the Fund’s statement of additional information.

Shareholder Fees(fees paid directly from your investment)1290 Retirement2020 Fund

Class IShares

Maximum sales charge (load) imposed on purchases (as a percentageof offering price) None

Maximum contingent deferred sales charge (load) (as a percentage oforiginal purchase price or redemption proceeds, whichever is lower) None

Maximum account fee (deducted from accounts with a balance of lessthan $1,000) $25

Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value ofyour investment)1290 Retirement2020 Fund

Class IShares

Management Fee 0.50%Distribution and/or Service Fees (12b-1 fees) 0.00%Other Expenses 4.61%1

Acquired Fund Fees and Expenses 0.13%2

Total Annual Fund Operating Expenses 5.24%3

Fee Waiver and/or Expense Reimbursement4 –4.59%Total Annual Fund Operating Expenses After Fee Waiver and/or


1 Other Expenses have been restated to reflect current fees.2 The Acquired Fund Fees and Expenses have been restated to reflect current

fees.3 The Total Annual Fund Operating Expenses do not correlate to the ratio of ex-

penses to average net assets given in the Fund’s Financial Highlights, whichdoes not include the restatement of Other Expenses to reflect current fees.

4 Pursuant to a contract, 1290 Asset Managers® has agreed to make paymentsor waive its management, administrative and other fees to limit the expenses ofthe Fund through April 30, 2019 (unless the Board of Trustees consents to anearlier revision or termination of this arrangement) (“Expense LimitationArrangement”) so that the annual operating expenses (including Acquired FundFees and Expenses) of the Fund (exclusive of taxes, interest, brokeragecommissions, capitalized expenses (other than offering costs), 12b-1 fees, andextraordinary expenses) do not exceed an annual rate of average daily net as-sets of 0.65% for Class I shares of the Fund. The Expense Limitation Arrange-ment may be terminated by 1290 Asset Managers® at any time after April 30,2019.

1

Example

This Example is intended to help you compare the cost of investing inthe Fund with the cost of investing in other funds. The Example as-sumes that you invest $10,000 in the Fund for the periods indicated,that your investment has a 5% return each year, that the Fund’soperating expenses remain the same and that the Expense LimitationArrangement is not renewed. Although your actual costs may behigher or lower, based on these assumptions, whether you redeem orhold your shares, your costs would be:

1 Year 3 Years 5 Years 10 YearsClass I Shares $66 $1,157 $2,243 $4,935

PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buysand sells securities (or “turns over” its portfolio). A higher portfolioturnover rate may indicate higher transaction costs and may result inhigher taxes when shares are held in a taxable account. These costs,which are not reflected in annual fund operating expenses or in theexample, affect the Fund’s performance. For the period of February 27,2017 (commencement of operations) to October 31, 2017, the Fund’sportfolio turnover rate was 2% of the average value of its portfolio.


Principal Investment Strategy: The Fund seeks to achieve its ob-jective by investing in exchange traded securities of other investmentcompanies or investment vehicles (the “Underlying ETFs”), whichrepresent a variety of asset classes. The Fund is managed to target2020 as the specific year of planned retirement (the “retirement year”or “target year”). The retirement year also assumes that an investor

retires at age 65; however, the Fund should not be selected solely onthe basis of an investor’s age or the target year. The Fund’s asset mixwill become more conservative each yearuntil reaching the yearapproximately 10 years after the retirement year at which time it is in-tended that the asset mix will become relatively stable. The Fundbalances the need for appreciation with the need for income asretirement approaches, and focuses on supporting an income streamover a long-term retirement withdrawal horizon. The Fund is not de-signed for a lump sum redemption at the target year and does notguarantee a particular level of income. The Fund maintains significantallocations to equities both prior to and after the target year and isgenerally expected to reach its most conservative allocation 10 yearsafter the target year. The asset classes in which the Fund may investgenerally are divided into domestic equity securities (such as the com-mon stock of U.S. companies of any size), international equity securities(such as the common stock of foreign companies of any size, includingthose located in developed and emerging markets) and fixed incomeinvestments (such as debt securities issued by the U.S. Governmentand its agencies and instrumentalities, mortgage- and asset-backedsecurities, domestic and foreign investment grade and high yield or“junk” bonds, inflation-indexed securities, and short-term investmentssuch as money market instruments). The Fund is not limited with re-spect to the maturity, duration or credit quality of the fixed incomesecurities in which it invests. The Underlying ETFs in which the Fundmay invest may also invest in fixed income securities of any maturity,duration or credit quality. The Fund may hold cash or invest in short-term paper and other short-term investments (instead of allocating in-vestments to an Underlying ETF) as deemed appropriate by theAdviser. The following chart shows the Fund’s target allocation for thevarious asset classes (as represented by the holdings of the UnderlyingETFs in which the Fund invests) as of the date of this Prospectus.

1290 Retirement 2020 Fund Targets

Approximate Number of Years Before/After Retirement Year2 YearsBefore Retirement

5 YearsAfter

10 YearsAfter

Asset ClassDomestic Equity 39% 35% 30% 15%International Equity 17% 15% 10% 5%Fixed Income 44% 50% 60% 80%

2

The following chart illustrates how the asset mix of the Fund will varyover time. In general, the asset mix of the Fund will gradually shiftfrom one comprised largely of Underlying ETFs that emphasizeinvestments in stocks to one that increasingly favors Underlying ETFsthat emphasize investments in bonds and money market instruments.

45 40 35 30 25 20 15 10 5

Ret

irem

ent 5 10 15 20

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

100.00%

Target2020

Years afterRetirement

Years to Retirement

DomesticEquity

InternationalEquity

DomesticEquity

InternationalEquity

Fixed Income

Fixed Income

The Fund’s investment adviser, 1290 Asset Managers® (the“Adviser”), establishes the asset mix of the Fund and selects thespecific Underlying ETFs in which to invest using its proprietary invest-ment process, which is based on fundamental research regarding theinvestment characteristics of each asset class and the Underlying ETFs(such as risk, volatility, and the potential for growth and income), aswell as its outlook for the economy and financial markets.

With respect to its allocation to equity securities, the Fund’s invest-ments in Underlying ETFs will include investments in Underlying ETFsthat, in turn, invest substantially all of their assets in equity securitiesthat have lower absolute volatility than the broader markets in whichthe ETF invests. Volatility is one way to measure risk and, in this con-text, refers to the tendency of investments and markets to fluctuateover time. Stocks that exhibit lower absolute volatility may, over amarket cycle, be able to earn investment returns comparable to mar-ket returns but with less volatility than the markets.

The Adviser may change the asset allocation targets and may addnew Underlying ETFs or replace or eliminate existing Underlying ETFswithout notice or shareholder approval. The Adviser may sell theFund’s holdings for a variety of reasons, including to invest in anUnderlying ETF believed to offer superior investment opportunities.

The Adviser will permit the relative weightings of the Fund’s assetclasses to vary in response to the markets, ordinarily by not morethan plus/minus 15%. Beyond those ranges, the Adviser generallywill use cash flows, and periodically will rebalance the Fund’sinvestments, to keep the Fund within its asset allocation targets.However, there may be occasions when those ranges will expand to20% due to a variety of factors, including appreciation or deprecia-tion of one or more of the asset classes.

The Underlying ETFs are investment companies or other investmentvehicles whose shares are listed and traded on U.S. stock ex-changes or otherwise traded in the over-the-counter market andmay be purchased and sold throughout the trading day based on

their market price. Generally, an Underlying ETF seeks to track asecurities index or a basket of securities that an “index provider”(such as Standard & Poor’s, Morgan Stanley Capital International(MSCI), FTSE Group, or Bloomberg Barclay’s) selects as representa-tive of a market, market segment, industry sector, country or geo-graphic region. An index-based Underlying ETF generally holds thesame stocks or bonds as the index it tracks (or it may hold a repre-sentative sample of such securities). Accordingly, an index-basedUnderlying ETF is designed so that its performance, before fees andexpenses, will correspond closely with that of the index it tracks.Underlying ETFs also may be actively managed.

The Fund may also lend its portfolio securities to earn additionalincome.

The Principal Risks of Investing in the Fund

An investment in the Fund is not a deposit of a bank and is not in-sured or guaranteed by the Federal Deposit Insurance Corporation orany other government agency. You may lose money by investing inthe Fund. Performance may be affected by one or more of the follow-ing risks. The Fund is also subject to the risks associated with theUnderlying ETFs’ investments; please see the Prospectuses andStatements of Additional Information for the Underlying ETFs foradditional information about these risks. In this section, the term“Fund” may include the Fund, an Underlying ETF, or both.


Asset Class Risk: The Fund is subject to the risk that the returnsfrom the asset classes, or types of securities, in which the Fund in-vests will underperform the general securities markets or differentasset classes. Different asset classes tend to go through cycles ofoutperformance and underperformance in comparison to each otherand to the general securities markets.

Credit Risk: The Fund is subject to the risk that the issuer or theguarantor (or other obligor, such as a party providing insurance orother credit enhancement) of a fixed income security, or thecounterparty to a derivatives contract, repurchase agreement, loan ofportfolio securities or other transaction, is unable or unwilling, or isperceived (whether by market participants, ratings agencies, pricingservices or otherwise) as unable or unwilling, to make timely princi-pal and/or interest payments, or otherwise honor its obligations.Securities are subject to varying degrees of credit risk, which are of-ten reflected in their credit ratings. However, rating agencies may failto make timely changes to credit ratings in response to subsequentevents and a credit rating may become stale in that it fails to reflectchanges in an issuer’s financial condition. The downgrade of thecredit rating of a security may decrease its value. Lower credit qualityalso may lead to greater volatility in the price of a security and maynegatively affect a security’s liquidity.


3




Inflation-Indexed Bonds Risk: Inflation-indexed bonds arefixed income securities whose principal value is periodically adjustedaccording to inflation. Inflation-indexed bonds, including Treasuryinflation-indexed securities, decline in value when real interest ratesrise. In certain interest rate environments, such as when real interestrates are rising faster than nominal interest rates, inflation-indexedbonds may experience greater losses than other fixed income secu-rities with similar durations. Interest payments on inflation-linkeddebt securities may be difficult to predict and may vary as the princi-pal and/or interest is adjusted for inflation. In periods of deflation,the Fund may have no income at all from such investments.

Interest Rate Risk: Changes in interest rates may affect the yield,liquidity and value of investments in income producing or debt secu-rities. Changes in interest rates also may affect the value of other secu-rities. When interest rates rise, the value of the Fund’s debt securitiesgenerally declines. Conversely, when interest rates decline, the value of

the Fund’s debt securities generally rises. Typically, the longer the ma-turity or duration of a debt security, the greater the effect a change ininterest rates could have on the security’s price. Thus, the sensitivity ofthe Fund’s debt securities to interest rate risk will increase with any in-crease in the duration of those securities. As of the date of this Pro-spectus, interest rates are low relative to historic levels, and are belowzero in parts of the world. The Fund is subject to a greater risk of risinginterest rates due to these market conditions. A significant or rapid risein interest rates could result in losses to the Fund.

Investment Grade Securities Risk: Debt securities generallyare rated by national bond ratings agencies. The Fund considers secu-rities to be investment grade if they are rated BBB or higher by Standard& Poor’s Global Ratings (“S&P”) or Fitch Ratings, Ltd. (“Fitch”) or Baaor higher by Moody’s Investors Service, Inc. (“Moody’s”), or, if unrated,determined by an investment manager to be of comparable quality.Securities rated in the lower investment grade rating categories (e.g.,BBB or Baa) are considered investment grade securities, but are some-what riskier than higher rated obligations because they are regarded ashaving only an adequate capacity to pay principal and interest, are con-sidered to lack outstanding investment characteristics, and may possesscertain speculative characteristics.


Market Risk: The Fund is subject to the risk that the securitiesmarkets will move down, sometimes rapidly and unpredictably basedon overall economic conditions and other factors. Changes in the fi-nancial condition of a single issuer can impact the market as awhole. Geo-political risks, including terrorism, tensions or open con-flict between nations, or political or economic dysfunction withinsome nations that are major players on the world stage, may lead toinstability in world economies and markets, may lead to increasedmarket volatility, and may have adverse long-term effects. In addi-tion, markets and market-participants are increasingly reliant uponinformation data systems. Data imprecision, software or other tech-nology malfunctions, programming inaccuracies, unauthorized use oraccess, and similar circumstances may have an adverse impact upona single issuer, a group of issuers, or the market at-large.

Mid-Cap and Small-Cap Company Risk: The Fund’sinvestments in mid- and small-cap companies may involve greater risksthan investments in larger, more established issuers because they gen-erally are more vulnerable than larger companies to adverse businessor economic developments. Such companies generally have narrowerproduct lines, more limited financial and management resources andmore limited markets for their securities as compared with larger com-panies. As a result, the value of such securities may be more volatilethan the value of securities of larger companies, and the Fund mayexperience difficulty in purchasing or selling such securities at the de-sired time and price or in the desired amount. In general, these risksare greater for small-cap companies than for mid-cap companies.

4

Mortgage-Related and Other Asset-Backed SecuritiesRisk: Mortgage-related and other asset-backed securities typicallyprovide the issuer with the right to prepay the security prior to ma-turity. During periods of falling interest rates, the rate of prepaymentstends to increase because borrowers are more likely to pay off debtand refinance at the lower interest rates then available. Unscheduledprepayments shorten the average lives of mortgage-related andother asset-backed securities and may result in the Fund’s having toreinvest the proceeds of the prepayments at lower interest rates,thereby reducing the Fund’s income. During periods of rising interestrates, the rate of prepayments tends to decrease because borrowersare less likely to prepay debt. Slower than expected payments canextend the average lives of mortgage-related and other asset-backedsecurities, and this may “lock in” a below market interest rate, in-crease the security’s duration and interest rate sensitivity, and reducethe value of the security. Moreover, declines in the credit quality ofand defaults by the issuers of mortgage-related and other asset-backed securities or instability in the markets for such securities mayaffect the value and liquidity of such securities, which could result inlosses to the Fund. In addition, certain mortgage-related and otherasset-backed securities may include securities backed by pools ofloans made to “subprime” borrowers or borrowers with blemishedcredit histories; the risk of defaults is generally higher in the case ofmortgage pools that include such subprime mortgages.

New Fund Risk: The Fund is newly or recently established andhas limited operating history. The Fund may not be successful in im-plementing its investment strategy, and there can be no assurancethat the Fund will grow to or maintain an economically viable size,which could result in the Fund being liquidated at any time withoutshareholder approval and at a time that may not be favorable for allshareholders. Until the Fund is fully capitalized, it may be unable topursue its investment objective or execute its principal investmentstrategies.

Non-Investment Grade Securities Risk: Bonds rated belowinvestment grade (i.e., BB or lower by S&P or Fitch or Ba or lower byMoody’s or, if unrated, determined by an investment manager to beof comparable quality) are speculative in nature and are subject toadditional risk factors such as increased possibility of default, illi-quidity of the security, and changes in value based on changes ininterest rates. Non-investment grade bonds, sometimes referred to as“junk bonds,” are usually issued by companies without long trackrecords of sales and earnings, or by those companies with ques-tionable credit strength. The creditworthiness of issuers of non-investment grade debt securities may be more complex to analyzethan that of issuers of investment grade debt securities, and relianceon credit ratings may present additional risks.

Portfolio Management Risk: The Fund is subject to the riskthat strategies used by an investment manager and its securities se-lections fail to produce the intended results.

Risks Related to Investments in Underlying ETFs: TheFund’s shareholders will indirectly bear the fees and expenses paid bythe Underlying ETFs in which it invests, in addition to the Fund’s di-rect fees and expenses. The cost of investing in the Fund, therefore,

may be higher than the cost of investing in a mutual fund that in-vests directly in individual stocks and bonds. The Fund’s net assetvalue is subject to fluctuations in the market values of the UnderlyingETFs in which it invests. The Fund is also subject to the risks asso-ciated with the securities or other investments in which the Under-lying ETFs invest, and the ability of the Fund to meet its investmentobjective will directly depend on the ability of the Underlying ETFs tomeet their investment objectives. An index-based ETF’s performancemay not match that of the index it seeks to track. An actively man-aged ETF’s performance will reflect its adviser’s ability to makeinvestment decisions that are suited to achieving the ETF’s invest-ment objective. It is also possible that an active trading market for anUnderlying ETF may not develop or be maintained, in which case theliquidity and value of the Fund’s investment in the Underlying ETFcould be substantially and adversely affected. The extent to whichthe investment performance and risks associated with the Fundcorrelate to those of a particular Underlying ETF will depend uponthe extent to which the Fund’s assets are allocated from time to timefor investment in the Underlying ETF, which will vary.

Securities Lending Risk: The Fund may lend its portfolio secu-rities to seek income. There is a risk that a borrower may default onits obligations to return loaned securities, however, the Fund’s secu-rities lending agent may indemnify the Fund against that risk. TheFund will be responsible for the risks associated with the investmentof cash collateral, including any collateral invested in an affiliatedmoney market fund. The Fund may lose money on its investment ofcash collateral or may fail to earn sufficient income on its investmentto meet obligations to the borrower. In addition, delays may occur inthe recovery of securities from borrowers, which could interfere withthe Fund’s ability to vote proxies or to settle transactions.

Target Date Risk: The Fund does not provide guaranteed incomeor payouts to an investor at or after the target year. An investment inthe Fund will not ensure that an investor will have assets sufficient tocover retirement expenses or that an investor will have enough savedto be able to retire in, or within a few years of, the target year identi-fied in the Fund’s name. The adequacy of an investor’s account at andafter the target year will depend on a variety of factors, including theamount of money invested in the Fund, the length of time the invest-ment was held, and the Fund’s returns over time.

Volatility Risk: The Underlying ETFs selected by the Adviser maybe unsuccessful in maintaining portfolios of investments that mini-mize volatility, and there is a risk that the Fund may experience morethan minimum volatility. Securities held by the Underlying ETFs maybe subject to price volatility and the prices may not be any less vola-tile than the market as a whole and could be more volatile. In addi-tion, the use of volatility management techniques may limit anUnderlying ETF’s and, in turn, the Fund’s participation in marketgains, particularly during periods when market values are increasing,but market volatility is high.


The Fund commenced operations on February 27, 2017. Performanceinformation will be available in the Prospectus after the Fund hasbeen in operation for one full calendar year.

5

WHO MANAGES THE FUND

Investment Adviser: 1290 Asset Managers®

Portfolio Managers: The members of the team that are jointly andprimarily responsible for the selection of investments in UnderlyingETFs for the Fund are:

Name Title

Date BeganManagingthe Fund


Executive Vice President andChief Investment Officer ofthe Adviser

March 2017

Alwi Chan, CFA® Senior Vice President andDeputy Chief InvestmentOfficer of the Adviser

March 2017

Xavier Poutas, CFA® Assistant Portfolio Managerof the Adviser

March 2017

Miao Hu, CFA® Assistant Portfolio Managerof the Adviser

March 2017

PURCHASE AND REDEMPTION OF FUND SHARES

You may purchase and redeem shares of the Fund each day theNew York Stock Exchange is open for trading at the Fund’s net assetvalue determined after receipt of your request in good order, subjectto any applicable sales charge. All share classes are currently not of-fered for sale in all states. Initial purchases must be effected throughyour financial intermediary. Subsequently, you may purchase or re-deem shares either by having your financial intermediary process yourpurchase or redemption, or by telephone 1-888-310-0416, by over-night mail (1290 Funds, c/o DST Asset Manager Solutions, Inc. (f/k/aBoston Financial Data Services), 30 Dan Road, Canton, MA 02021-2809), or by mail (1290 Funds, PO Box 8947, Boston, MA 02266-8947). All redemption requests will be processed and payment withrespect thereto will normally be made within seven days after tender.

The initial and subsequent minimums for purchasing shares of theFund generally are as follows, although the Fund may reduce orwaive the minimums in some cases:

I ClassMinimum Initial Investment $1,000,000 for certain institutions and

individuals.

$1,000 for certain employees (or theirimmediate family members) of AXAFinancial or its subsidiaries.

Class I shares are available to clients ofregistered investment advisers who have$250,000 invested in the Fund.

No minimum investment for a wrapaccount client of an eligible broker-dealeror a client of a fee-based planner that isunaffiliated with a broker-dealer.

Minimum Additional Investment No subsequent minimum

Your financial intermediary may impose different investment minimums.

TAX INFORMATION

The Fund’s dividends and other distributions generally will be subjectto federal income tax, as ordinary income or long-term capital gains,unless you are a tax-exempt investor or are investing through aretirement plan or account; in the latter case, you may be subject tothat tax upon withdrawal from the plan or account.


If you purchase shares of the Fund through a broker-dealer or otherfinancial intermediary (such as a bank), the Fund and its relatedcompanies may pay the intermediary for the sale of Fund shares,shareholder services and other purposes. These payments may createa conflict of interest by influencing the broker-dealer or otherintermediary and your investment professional to recommend theFund over another investment. Ask your financial adviser or visit yourfinancial intermediary’s website for more information.

20206

Cat. # 158841AXA

DFS# 543198 A150-AXA


1290 Retirement 2025 Fund – Class I (TNJIX) Shares






Class IShares

Maximum sales charge (load) imposed on purchases (as apercentage of offering price) None

Maximum contingent deferred sales charge (load) (as a percentageof original purchase price or redemption proceeds, whichever islower) None

Maximum account fee (deducted from accounts with a balance ofless than $1,000) $25


Class IShares










1

Example



PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buysand sells securities (or “turns over” its portfolio). A higher portfolioturnover rate may indicate higher transaction costs and may result inhigher taxes when shares are held in a taxable account. These costs,which are not reflected in annual fund operating expenses or in theexample, affect the Fund’s performance. For the period of February27, 2017 (commencement of operations) to October 31, 2017, theFund’s portfolio turnover rate was 2% of the average value of itsportfolio.



retires at age 65; however, the Fund should not be selected solely onthe basis of an investor’s age or the target year. The Fund’s asset mixwill become more conservative each year until reaching the year ap-proximately 10 years after the retirement year at which time it is in-tended that the asset mix will become relatively stable. The Fundbalances the need for appreciation with the need for income asretirement approaches, and focuses on supporting an income streamover a long-term retirement withdrawal horizon. The Fund is not de-signed for a lump sum redemption at the target year and does notguarantee a particular level of income. The Fund maintains significantallocations to equities both prior to and after the target year and isgenerally expected to reach its most conservative allocation 10 yearsafter the target year. The asset classes in which the Fund may investgenerally are divided into domestic equity securities (such as the com-mon stock of U.S. companies of any size), international equity securities(such as the common stock of foreign companies of any size, includingthose located in developed and emerging markets) and fixed incomeinvestments (such as debt securities issued by the U.S. Governmentand its agencies and instrumentalities, mortgage- and asset-backedsecurities, domestic and foreign investment grade and high yield or“junk” bonds, inflation-indexed securities, and short-term investmentssuch as money market instruments). The Fund is not limited with re-spect to the maturity, duration or credit quality of the fixed incomesecurities in which it invests. The Underlying ETFs in which the Fundmay invest may also invest in fixed income securities of any maturity,duration or credit quality. The Fund may hold cash or invest in short-term paper and other short-term investments (instead of allocating in-vestments to an Underlying ETF) as deemed appropriate by theAdviser. The following chart shows the Fund’s target allocation for thevarious asset classes (as represented by the holdings of the UnderlyingETFs in which the Fund invests) as of the date of this Prospectus.


Approximate Number of Years Before/After Retirement Year7 YearsBefore


5 YearsAfter

10 YearsAfter

Asset ClassDomestic Equity 45% 42% 35% 30% 15%International Equity 21% 18% 15% 10% 5%Fixed Income 34% 40% 50% 60% 80%

2


45 40 35 30 25 20 15 10 5

Ret

irem

ent 5 10 15 20

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

100.00%

Target2025


Years to Retirement

DomesticEquity

InternationalEquity

DomesticEquity

InternationalEquity

Fixed Income

Fixed Income

The Fund’s investment adviser, 1290 Asset Managers® (the“Adviser”), establishes the asset mix of the Fund and selects thespecific Underlying ETFs in which to invest using its proprietary in-vestment process, which is based on fundamental research regard-ing the investment characteristics of each asset class and theUnderlying ETFs (such as risk, volatility, and the potential forgrowth and income), as well as its outlook for the economy andfinancial markets.




The Underlying ETFs are investment companies or other investmentvehicles whose shares are listed and traded on U.S. stock exchanges

or otherwise traded in the over-the-counter market and may be pur-chased and sold throughout the trading day based on their marketprice. Generally, an Underlying ETF seeks to track a securities indexor a basket of securities that an “index provider” (such as Standard& Poor’s, Morgan Stanley Capital International (MSCI), FTSE Group,or Bloomberg Barclay’s) selects as representative of a market, marketsegment, industry sector, country or geographic region. An index-based Underlying ETF generally holds the same stocks or bonds asthe index it tracks (or it may hold a representative sample of suchsecurities). Accordingly, an index-based Underlying ETF is designedso that its performance, before fees and expenses, will correspondclosely with that of the index it tracks. Underlying ETFs also may beactively managed.



An investment in the Fund is not a deposit of a bank and is notinsured or guaranteed by the Federal Deposit Insurance Corpo-ration or any other government agency. You may lose money byinvesting in the Fund. Performance may be affected by one or moreof the following risks. The Fund is also subject to the risks asso-ciated with the Underlying ETFs’ investments; please see the Pro-spectuses and Statements of Additional Information for theUnderlying ETFs for additional information about these risks. In thissection, the term “Fund” may include the Fund, an Underlying ETF,or both.




3





Inflation-Indexed Bonds Risk: Inflation-indexed bonds arefixed income securities whose principal value is periodically ad-justed according to inflation. Inflation-indexed bonds, includingTreasury inflation-indexed securities, decline in value when real in-terest rates rise. In certain interest rate environments, such as whenreal interest rates are rising faster than nominal interest rates,inflation-indexed bonds may experience greater losses than otherfixed income securities with similar durations. Interest payments oninflation-linked debt securities may be difficult to predict and mayvary as the principal and/or interest is adjusted for inflation. Inperiods of deflation, the Fund may have no income at all from suchinvestments.

Interest Rate Risk: Changes in interest rates may affect theyield, liquidity and value of investments in income producing or debtsecurities. Changes in interest rates also may affect the value of othersecurities. When interest rates rise, the value of the Fund’s debtsecurities generally declines. Conversely, when interest rates decline,the value of the Fund’s debt securities generally rises. Typically, thelonger the maturity or duration of a debt security, the greater the ef-fect a change in interest rates could have on the security’s price.Thus, the sensitivity of the Fund’s debt securities to interest rate riskwill increase with any increase in the duration of those securities. Asof the date of this Prospectus, interest rates are low relative tohistoric levels, and are below zero in parts of the world. The Fund issubject to a greater risk of rising interest rates due to these marketconditions. A significant or rapid rise in interest rates could result inlosses to the Fund.

Investment Grade Securities Risk: Debt securities generallyare rated by national bond ratings agencies. The Fund considers secu-rities to be investment grade if they are rated BBB or higher by Stan-dard & Poor’s Global Ratings (“S&P”) or Fitch Ratings, Ltd. (“Fitch”) orBaa or higher by Moody’s Investors Service, Inc. (“Moody’s”), or, ifunrated, determined by an investment manager to be of comparablequality. Securities rated in the lower investment grade rating categories(e.g., BBB or Baa) are considered investment grade securities, but aresomewhat riskier than higher rated obligations because they are re-garded as having only an adequate capacity to pay principal and inter-est, are considered to lack outstanding investment characteristics, andmay possess certain speculative characteristics.



Mid-Cap and Small-Cap Company Risk: The Fund’s in-vestments in mid- and small-cap companies may involve greaterrisks than investments in larger, more established issuers becausethey generally are more vulnerable than larger companies to ad-verse business or economic developments. Such companies gen-erally have narrower product lines, more limited financial and

4

management resources and more limited markets for their secu-rities as compared with larger companies. As a result, the value ofsuch securities may be more volatile than the value of securities oflarger companies, and the Fund may experience difficulty in pur-chasing or selling such securities at the desired time and price or inthe desired amount. In general, these risks are greater for small-cap companies than for mid-cap companies.

Mortgage-Related and Other Asset-Backed Secu-rities Risk: Mortgage-related and other asset-backed securitiestypically provide the issuer with the right to prepay the securityprior to maturity. During periods of falling interest rates, the rate ofprepayments tends to increase because borrowers are more likelyto pay off debt and refinance at the lower interest rates then avail-able. Unscheduled prepayments shorten the average lives ofmortgage-related and other asset-backed securities and may resultin the Fund’s having to reinvest the proceeds of the prepayments atlower interest rates, thereby reducing the Fund’s income. Duringperiods of rising interest rates, the rate of prepayments tends todecrease because borrowers are less likely to prepay debt. Slowerthan expected payments can extend the average lives of mortgage-related and other asset-backed securities, and this may “lock in” abelow market interest rate, increase the security’s duration and in-terest rate sensitivity, and reduce the value of the security. More-over, declines in the credit quality of and defaults by the issuers ofmortgage-related and other asset-backed securities or instability inthe markets for such securities may affect the value and liquidity ofsuch securities, which could result in losses to the Fund. In addi-tion, certain mortgage-related and other asset-backed securitiesmay include securities backed by pools of loans made to“subprime” borrowers or borrowers with blemished credit histor-ies; the risk of defaults is generally higher in the case of mortgagepools that include such subprime mortgages.

New Fund Risk: The Fund is newly or recently established andhas limited operating history. The Fund may not be successful inimplementing its investment strategy, and there can be noassurance that the Fund will grow to or maintain an economicallyviable size, which could result in the Fund being liquidated at anytime without shareholder approval and at a time that may not befavorable for all shareholders. Until the Fund is fully capitalized, itmay be unable to pursue its investment objective or execute itsprincipal investment strategies.

Non-Investment Grade Securities Risk: Bonds rated belowinvestment grade (i.e., BB or lower by S&P or Fitch or Ba or lower byMoody’s or, if unrated, determined by an investment manager to beof comparable quality) are speculative in nature and are subject toadditional risk factors such as increased possibility of default, illi-quidity of the security, and changes in value based on changes in in-terest rates. Non-investment grade bonds, sometimes referred to as“junk bonds,” are usually issued by companies without long trackrecords of sales and earnings, or by those companies with ques-tionable credit strength. The creditworthiness of issuers of non-investment grade debt securities may be more complex to analyzethan that of issuers of investment grade debt securities, and relianceon credit ratings may present additional risks.


Risks Related to Investments in Underlying ETFs: TheFund’s shareholders will indirectly bear the fees and expenses paid bythe Underlying ETFs in which it invests, in addition to the Fund’s di-rect fees and expenses. The cost of investing in the Fund, therefore,may be higher than the cost of investing in a mutual fund that in-vests directly in individual stocks and bonds. The Fund’s net assetvalue is subject to fluctuations in the market values of the UnderlyingETFs in which it invests. The Fund is also subject to the risks asso-ciated with the securities or other investments in which the Under-lying ETFs invest, and the ability of the Fund to meet its investmentobjective will directly depend on the ability of the Underlying ETFs tomeet their investment objectives. There is also the risk that an Under-lying ETF’s performance may not match that of the relevant index. Itis also possible that an active trading market for an Underlying ETFmay not develop or be maintained, in which case the liquidity andvalue of the Fund’s investment in the Underlying ETF could be sub-stantially and adversely affected. The extent to which the investmentperformance and risks associated with the Fund correlate to those ofa particular Underlying ETF will depend upon the extent to which theFund’s assets are allocated from time to time for investment in theUnderlying ETF, which will vary.


Target Date Risk: The Fund does not provide guaranteed incomeor payouts to an investor at or after the target year. An investment inthe Fund will not ensure that an investor will have assets sufficient tocover retirement expenses or that an investor will have enough savedto be able to retire in, or within a few years of, the target year identi-fied in the Fund’s name. The adequacy of an investor’s account atand after the target year will depend on a variety of factors, includingthe amount of money invested in the Fund, the length of time theinvestment was held, and the Fund’s returns over time.


5






Name Title




March 2017


March 2017

Xavier Poutas,CFA®

Assistant PortfolioManager of the Adviser

March 2017

Miao Hu, CFA® Assistant PortfolioManager of the Adviser

March 2017


You may purchase and redeem shares of the Fund each day theNew York Stock Exchange is open for trading at the Fund’s net assetvalue determined after receipt of your request in good order, subject toany applicable sales charge. All share classes are currently not offeredfor sale in all states. Initial purchases must be effected through yourfinancial intermediary. Subsequently, you may purchase or redeemshares either by having your financial intermediary process your pur-chase or redemption, or by telephone 1-888-310-0416, by overnightmail (1290 Funds, c/o DST Asset Manager Solutions, Inc. (f/k/a BostonFinancial Data Services), 30 Dan Road, Canton, MA 02021-2809), orby mail (1290 Funds, PO Box 8947, Boston, MA 02266-8947). All re-demption requests will be processed and payment with respect theretowill normally be made within seven days after tender.


I ClassMinimum Initial Investment $1,000,000 for certain

institutions and individuals.

$1,000 for certain employees (ortheir immediate family members)of AXA Financial or itssubsidiaries.

Class I shares are available toclients of registered investmentadvisers who have $250,000invested in the Fund.

No minimum investment for awrap account client of an eligiblebroker-dealer or a client of a fee-based planner that is unaffiliatedwith a broker-dealer.



TAX INFORMATION




20256

Cat. # 158842AXA

DFS# 535776 A151-AXA


1290 Retirement 2030 Fund – Class I (TNKIX) Shares






Class IShares





Class IShares










1

Example



PORTFOLIO TURNOVER



Principal Investment Strategy: The Fund seeks to achieve its ob-jective by investing in exchange traded securities of other investmentcompanies or investment vehicles (the “Underlying ETFs”), which repre-sent a variety of asset classes. The Fund is managed to target 2030 asthe specific year of planned retirement (the “retirement year” or “targetyear”). The retirement year also assumes that an investor retires

at age 65; however, the Fund should not be selected solely on the ba-sis of an investor’s age or the target year. The Fund’s asset mix willbecome more conservative each year until reaching the year approx-imately 10 years after the retirement year at which time it is intendedthat the asset mix will become relatively stable. The Fund balances theneed for appreciation with the need for income as retirement ap-proaches, and focuses on supporting an income stream over a long-term retirement withdrawal horizon. The Fund is not designed for alump sum redemption at the target year and does not guarantee aparticular level of income. The Fund maintains significant allocations toequities both prior to and after the target year and is generally ex-pected to reach its most conservative allocation 10 years after the tar-get year. The asset classes in which the Fund may invest generally aredivided into domestic equity securities (such as the common stock ofU.S. companies of any size), international equity securities (such as thecommon stock of foreign companies of any size, including those lo-cated in developed and emerging markets) and fixed income invest-ments (such as debt securities issued by the U.S. Government and itsagencies and instrumentalities, mortgage- and asset-backed securities,domestic and foreign investment grade and high yield or “junk”bonds, inflation-indexed securities, and short-term investments such asmoney market instruments). The Fund is not limited with respect to thematurity, duration or credit quality of the fixed income securities inwhich it invests. The Underlying ETFs in which the Fund may investmay also invest in fixed income securities of any maturity, duration orcredit quality. The Fund may hold cash or invest in short-term paperand other short-term investments (instead of allocating investments toan Underlying ETF) as deemed appropriate by the Adviser. The follow-ing chart shows the Fund’s target allocation for the various assetclasses (as represented by the holdings of the Underlying ETFs in whichthe Fund invests) as of the date of this Prospectus.



10 YearsBefore


5 YearsAfter

10 YearsAfter

Asset ClassDomestic Equity 50% 50% 42% 35% 30% 15%International Equity 23% 20% 18% 15% 10% 5%Fixed Income 27% 30% 40% 50% 60% 80%

2


45 40 35 30 25 20 15 10 5

Ret

irem

ent 5 10 15 20

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

100.00%

Target2030


Years to Retirement

DomesticEquity

InternationalEquity

DomesticEquity

InternationalEquity

Fixed Income

Fixed Income





The Underlying ETFs are investment companies or other investment ve-hicles whose shares are listed and traded on U.S. stock exchanges orotherwise traded in the over-the-counter market and may be purchased

and sold throughout the trading day based on their market price. Gen-erally, an Underlying ETF seeks to track a securities index or a basket ofsecurities that an “index provider” (such as Standard & Poor’s, MorganStanley Capital International (MSCI), FTSE Group, or Bloomberg Bar-clay’s) selects as representative of a market, market segment, industrysector, country or geographic region. An index-based Underlying ETFgenerally holds the same stocks or bonds as the index it tracks (or itmay hold a representative sample of such securities). Accordingly, anindex-based Underlying ETF is designed so that its performance, beforefees and expenses, will correspond closely with that of the index ittracks. Underlying ETFs also may be actively managed.

The Fund may also lend its portfolio securities to earn additional income.







3





Interest Rate Risk: Changes in interest rates may affect theyield, liquidity and value of investments in income producing or debtsecurities. Changes in interest rates also may affect the value of othersecurities. When interest rates rise, the value of the Fund’s debtsecurities generally declines. Conversely, when interest rates decline,

the value of the Fund’s debt securities generally rises. Typically, thelonger the maturity or duration of a debt security, the greater the ef-fect a change in interest rates could have on the security’s price.Thus, the sensitivity of the Fund’s debt securities to interest rate riskwill increase with any increase in the duration of those securities. Asof the date of this Prospectus, interest rates are low relative tohistoric levels, and are below zero in parts of the world. The Fund issubject to a greater risk of rising interest rates due to these marketconditions. A significant or rapid rise in interest rates could result inlosses to the Fund.

Investment Grade Securities Risk: Debt securities gen-erally are rated by national bond ratings agencies. The Fundconsiders securities to be investment grade if they are rated BBB orhigher by Standard & Poor’s Global Ratings (“S&P”) or Fitch Rat-ings, Ltd. (“Fitch”) or Baa or higher by Moody’s Investors Service,Inc. (“Moody’s”), or, if unrated, determined by an investmentmanager to be of comparable quality. Securities rated in the lowerinvestment grade rating categories (e.g., BBB or Baa) are consid-ered investment grade securities, but are somewhat riskier thanhigher rated obligations because they are regarded as having onlyan adequate capacity to pay principal and interest, are consideredto lack outstanding investment characteristics, and may possesscertain speculative characteristics.



Mid-Cap and Small-Cap Company Risk: The Fund’sinvestments in mid- and small-cap companies may involve greaterrisks than investments in larger, more established issuers becausethey generally are more vulnerable than larger companies to adversebusiness or economic developments. Such companies generally havenarrower product lines, more limited financial and management re-sources and more limited markets for their securities as comparedwith larger companies. As a result, the value of such securities may bemore volatile than the value of securities of larger companies, and theFund may experience difficulty in purchasing or selling such securities

4

at the desired time and price or in the desired amount. In general,these risks are greater for small-cap companies than for mid-capcompanies.





Risks Related to Investments in Underlying ETFs: TheFund’s shareholders will indirectly bear the fees and expenses paid bythe Underlying ETFs in which it invests, in addition to the Fund’s di-rect fees and expenses. The cost of investing in the Fund, therefore,may be higher than the cost of investing in a mutual fund that in-vests directly in individual stocks and bonds. The Fund’s net assetvalue is subject to fluctuations in the market values of the UnderlyingETFs in which it invests. The Fund is also subject to the risks asso-ciated with the securities or other investments in which the Under-lying ETFs invest, and the ability of the Fund to meet its investmentobjective will directly depend on the ability of the Underlying ETFs tomeet their investment objectives. An index-based ETF’s performancemay not match that of the index it seeks to track. An actively man-aged ETF’s performance will reflect its adviser’s ability to makeinvestment decisions that are suited to achieving the ETF’s invest-ment objective. It is also possible that an active trading market for anUnderlying ETF may not develop or be maintained, in which case theliquidity and value of the Fund’s investment in the Underlying ETFcould be substantially and adversely affected. The extent to whichthe investment performance and risks associated with the Fundcorrelate to those of a particular Underlying ETF will depend uponthe extent to which the Fund’s assets are allocated from time to timefor investment in the Underlying ETF, which will vary.


Target Date Risk: The Fund does not provide guaranteed incomeor payouts to an investor at or after the target year. An investment inthe Fund will not ensure that an investor will have assets sufficient tocover retirement expenses or that an investor will have enough savedto be able to retire in, or within a few years of, the target year identi-fied in the Fund’s name. The adequacy of an investor’s account at andafter the target year will depend on a variety of factors, including theamount of money invested in the Fund, the length of time theinvestment was held, and the Fund’s returns over time.


5






Name Title




March 2017


March 2017

Xavier Poutas, CFA® Assistant PortfolioManager of the Adviser

March 2017


March 2017


You may purchase and redeem shares of the Fund each day the NewYork Stock Exchange is open for trading at the Fund’s net asset valuedetermined after receipt of your request in good order, subject to anyapplicable sales charge. All share classes are currently not offered forsale in all states. Initial purchases must be effected through your fi-nancial intermediary. Subsequently, you may purchase or redeemshares either by having your financial intermediary process your pur-chase or redemption, or by telephone 1-888-310-0416, by overnightmail (1290 Funds, c/o DST Asset Manager Solutions, Inc. f/k/a BostonFinancial Data Services), 30 Dan Road, Canton, MA 02021-2809), orby mail (1290 Funds, PO Box 8947, Boston, MA 02266-8947). Allredemption requests will be processed and payment with respectthereto will normally be made within seven days after tender.









TAX INFORMATION




20306

Cat. # 158843AXA

DFS# 542532 A152-AXA


1290 Retirement 2035 Fund – Class I (TNLIX) Shares






Class IShares





Class IShares










1

Example



PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buysand sells securities (or “turns over” its portfolio). A higher portfolioturnover rate may indicate higher transaction costs and may result inhigher taxes when shares are held in a taxable account. These costs,which are not reflected in annual fund operating expenses or in theexample, affect the Fund’s performance. For the period of Febru-ary 27, 2017 (commencement of operations) to October 31, 2017,the Fund’s portfolio turnover rate was 1% of the average value of itsportfolio.


Principal Investment Strategy: The Fund seeks to achieve its ob-jective by investing in exchange traded securities of other investmentcompanies or investment vehicles (the “Underlying ETFs”), whichrepresent a variety of asset classes. The Fund is managed to target2035 as the specific year of planned retirement (the “retirementyear” or “target year”). The retirement year also assumes that an

investor retires at age 65; however, the Fund should not be selectedsolely on the basis of an investor’s age or the target year. The Fund’sasset mix will become more conservative each year until reaching theyear approximately 10 years after the retirement year at which time itis intended that the asset mix will become relatively stable. The Fundbalances the need for appreciation with the need for income asretirement approaches, and focuses on supporting an income streamover a long-term retirement withdrawal horizon. The Fund is not de-signed for a lump sum redemption at the target year and does notguarantee a particular level of income. The Fund maintains significantallocations to equities both prior to and after the target year and isgenerally expected to reach its most conservative allocation 10 yearsafter the target year. The asset classes in which the Fund may investgenerally are divided into domestic equity securities (such as thecommon stock of U.S. companies of any size), international equitysecurities (such as the common stock of foreign companies of anysize, including those located in developed and emerging markets)and fixed income investments (such as debt securities issued by theU.S. Government and its agencies and instrumentalities, mortgage-and asset-backed securities, domestic and foreign investment gradeand high yield or “junk” bonds, inflation-indexed securities, andshort-term investments such as money market instruments). The Fundis not limited with respect to the maturity, duration or credit qualityof the fixed income securities in which it invests. The Underlying ETFsin which the Fund may invest may also invest in fixed income secu-rities of any maturity, duration or credit quality. The Fund may holdcash or invest in short-term paper and other short-term investments(instead of allocating investments to an Underlying ETF) as deemedappropriate by the Adviser. The following chart shows the Fund’starget allocation for the various asset classes (as represented by theholdings of the Underlying ETFs in which the Fund invests) as of thedate of this Prospectus.



15 YearsBefore

10 YearsBefore


5 YearsAfter

10 YearsAfter

Asset ClassDomestic Equity 54% 52% 50% 42% 35% 30% 15%International Equity 24% 23% 20% 18% 15% 10% 5%Fixed Income 22% 25% 30% 40% 50% 60% 80%

2


45 40 35 30 25 20 15 10 5

Ret

irem

ent 5 10 15 20

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

100.00%

Target2035


Years to Retirement

DomesticEquity

InternationalEquity

DomesticEquity

InternationalEquity

Fixed Income

Fixed Income














3











4









Volatility Risk: The Underlying ETFs selected by the Adviser may beunsuccessful in maintaining portfolios of investments that minimizevolatility, and there is a risk that the Fund may experience more thanminimum volatility. Securities held by the Underlying ETFs may be sub-ject to price volatility and the prices may not be any less volatile thanthe market as a whole and could be more volatile. In addition, the useof volatility management techniques may limit an Underlying ETF’s and,in turn, the Fund’s participation in market gains, particularly duringperiods when market values are increasing, but market volatility is high.



5




Name Title




March 2017


March 2017


March 2017


March 2017


You may purchase and redeem shares of the Fund each day theNew York Stock Exchange is open for trading at the Fund’s net assetvalue determined after receipt of your request in good order, subject toany applicable sales charge. All share classes are currently not offered forsale in all states. Initial purchases must be effected through your financialintermediary. Subsequently, you may purchase or redeem shares eitherby having your financial intermediary process your purchase or re-demption, or by telephone 1-888-310-0416, by overnight mail (1290Funds, c/o DST Asset Manager Solutions, Inc. (f/k/a Boston FinancialData Services), 30 Dan Road, Canton, MA 02021-2809), or by mail(1290 Funds, PO Box 8947, Boston, MA 02266-8947). All redemptionrequests will be processed and payment with respect thereto will nor-mally be made within seven days after tender.









TAX INFORMATION




20356

Cat. # 158844AXA

DFS# 524035 A153-AXA


1290 Retirement 2040 Fund – Class I (TNNIX) Shares





Shareholder Fees(fees paid directly from your investment)

1290 Retirement 2040 FundClass IShares




Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value ofyour investment)











1

Example



PORTFOLIO TURNOVER




retires at age 65; however, the Fund should not be selected solely onthe basis of an investor’s age or the target year. The Fund’s asset mixwill become more conservative each year until reaching the year ap-proximately 10 years after the retirement year at which time it is in-tended that the asset mix will become relatively stable. The Fundbalances the need for appreciation with the need for income asretirement approaches, and focuses on supporting an income streamover a long-term retirement withdrawal horizon. The Fund is not de-signed for a lump sum redemption at the target year and does notguarantee a particular level of income. The Fund maintains significantallocations to equities both prior to and after the target year and isgenerally expected to reach its most conservative allocation 10 yearsafter the target year. The asset classes in which the Fund may investgenerally are divided into domestic equity securities (such as the com-mon stock of U.S. companies of any size), international equity secu-rities (such as the common stock of foreign companies of any size,including those located in developed and emerging markets) and fixedincome investments (such as debt securities issued by the U.S.Government and its agencies and instrumentalities, mortgage- andasset-backed securities, domestic and foreign investment grade andhigh yield or “junk” bonds, inflation-indexed securities, and short-terminvestments such as money market instruments). The Fund is not lim-ited with respect to the maturity, duration or credit quality of the fixedincome securities in which it invests. The Underlying ETFs in which theFund may invest may also invest in fixed income securities of any ma-turity, duration or credit quality. The Fund may hold cash or invest inshort-term paper and other short-term investments (instead of allocat-ing investments to an Underlying ETF) as deemed appropriate by theAdviser. The following chart shows the Fund’s target allocation for thevarious asset classes (as represented by the holdings of the UnderlyingETFs in which the Fund invests) as of the date of this Prospectus.


Approximate Number of YearsBefore/After Retirement Year

22 YearsBefore

20 YearsBefore

15 YearsBefore

10 YearsBefore


5 YearsAfter

10 YearsAfter

Asset ClassDomestic Equity 58% 56% 52% 50% 42% 35% 30% 15%International Equity 25% 24% 23% 20% 18% 15% 10% 5%Fixed Income 17% 20% 25% 30% 40% 50% 60% 80%

2


45 40 35 30 25 20 15 10 5

Ret

irem

ent 5 10 15 20

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

100.00%

Target2040


Years to Retirement

DomesticEquity

InternationalEquity

Fixed Income

Fixed Income

DomesticEquity

InternationalEquity





The Underlying ETFs are investment companies or other investmentvehicles whose shares are listed and traded on U.S. stock exchangesor otherwise traded in the over-the-counter market and may be

purchased and sold throughout the trading day based on their mar-ket price. Generally, an Underlying ETF seeks to track a securitiesindex or a basket of securities that an “index provider” (such asStandard & Poor’s, Morgan Stanley Capital International (MSCI),FTSE Group, or Bloomberg Barclay’s) selects as representative of amarket, market segment, industry sector, country or geographic re-gion. An index-based Underlying ETF generally holds the same stocksor bonds as the index it tracks (or it may hold a representative sam-ple of such securities). Accordingly, an index-based Underlying ETF isdesigned so that its performance, before fees and expenses, will cor-respond closely with that of the index it tracks. Underlying ETFs alsomay be actively managed.








3











4












5



Portfolio Managers: The members of the team that are jointly andprimarily responsible for the selection, of investments in UnderlyingETFs for the Fund are:

Name Title




March 2017


March 2017

Xavier Poutas,CFA®

Assistant PortfolioManager of the Adviser

March 2017


March 2017


You may purchase and redeem shares of the Fund each day the NewYork Stock Exchange is open for trading at the Fund’s net asset valuedetermined after receipt of your request in good order, subject to anyapplicable sales charge. All share classes are currently not offered forsale in all states. Initial purchases must be effected through your finan-cial intermediary. Subsequently, you may purchase or redeem shareseither by having your financial intermediary process your purchase orredemption, or by telephone 1-888-310-0416, by overnight mail (1290Funds, c/o DST Asset Manager Solutions, Inc. (f/k/a Boston FinancialData Services), 30 Dan Road, Canton, MA 02021-2809), or by mail(1290 Funds, PO Box 8947, Boston,MA 02266-8947). All redemptionrequests will be processed and payment with respect thereto will nor-mally be made within seven days after tender.



individuals.


Class I shares are available to clients ofregistered investment advisers whohave $250,000 invested in the Fund.

No minimum investment for a wrapaccount client of an eligible broker-dealer or a client of a fee-based plannerthat is unaffiliated with a broker-dealer.



TAX INFORMATION




20406

Cat. # 158845AXA

DFS# 524068 A154-AXA


1290 Retirement 2045 Fund – Class I (TNOIX) Shares





















1

Example



PORTFOLIO TURNOVER



Principal Investment Strategy: The Fund seeks to achieve its ob-jective by investing in exchange traded securities of other investmentcompanies or investment vehicles (the “Underlying ETFs”), whichrepresent a variety of asset classes. The Fund is managed to target2045 as the specific year of planned retirement (the “retirement year”or “target year”). The retirement year also assumes that an investorretires at age 65; however, the Fund should not be selected solely on

the basis of an investor’s age or the target year. The Fund’s asset mixwill become more conservative each year until reaching the year ap-proximately 10 years after the retirement year at which time it is in-tended that the asset mix will become relatively stable. The Fundbalances the need for appreciation with the need for income asretirement approaches, and focuses on supporting an income streamover a long-term retirement withdrawal horizon. The Fund is not de-signed for a lump sum redemption at the target year and does notguarantee a particular level of income.

The Fund maintains significant allocations to equities both prior to andafter the target year and is generally expected to reach its most con-servative allocation 10 years after the target year. The asset classes inwhich the Fund may invest generally are divided into domestic equitysecurities (such as the common stock of U.S. companies of any size),international equity securities (such as the common stock of foreigncompanies of any size, including those located in developed andemerging markets) and fixed income investments (such as debt secu-rities issued by the U.S. Government and its agencies and in-strumentalities, mortgage- and asset-backed securities, domestic andforeign investment grade and high yield or “junk” bonds, inflation-indexed securities, and short-term investments such as money marketinstruments). The Fund is not limited with respect to the maturity,duration or credit quality of the fixed income securities in which it in-vests. The Underlying ETFs in which the Fund may invest may also in-vest in fixed income securities of any maturity, duration or creditquality. The Fund may hold cash or invest in short-term paper andother short-term investments (instead of allocating investments to anUnderlying ETF) as deemed appropriate by the Adviser. The followingchart shows the Fund’s target allocation for the various asset classes(as represented by the holdings of the Underlying ETFs in which theFund invests) as of the date of this Prospectus.



27 YearsBefore

25 YearsBefore

15 YearsBefore

10 YearsBefore


5 YearsAfter

10 YearsAfter

Asset ClassDomestic Equity 62% 60% 52% 50% 42% 35% 30% 15%International Equity 26% 25% 23% 20% 18% 15% 10% 5%Fixed Income 12% 15% 25% 30% 40% 50% 60% 80%

2


45 40 35 30 25 20 15 10 5

Ret

irem

ent 5 10 15 20

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

100.00%

Target2045


Years to Retirement

DomesticEquity

InternationalEquity

Fixed Income

Fixed Income

DomesticEquity

InternationalEquity














3










Mid-Cap and Small-Cap Company Risk: The Fund’s invest-ments in mid- and small-cap companies may involve greater risks thaninvestments in larger, more established issuers because they generallyare more vulnerable than larger companies to adverse business or eco-nomic developments. Such companies generally have narrower productlines, more limited financial and management resources and more lim-ited markets for their securities as compared with larger companies. Asa result, the value of such securities may be more volatile than the valueof securities of larger companies, and the Fund may experience difficultyin purchasing or selling such securities at the desired time and price orin the desired amount. In general, these risks are greater for small-capcompanies than for mid-cap companies.

4


New Fund Risk: The Fund is newly or recently established and haslimited operating history. The Fund may not be successful in implement-ing its investment strategy, and there can be no assurance that the Fundwill grow to or maintain an economically viable size, which could resultin the Fund being liquidated at any time without shareholder approvaland at a time that may not be favorable for all shareholders. Until theFund is fully capitalized, it may be unable to pursue its investment ob-jective or execute its principal investment strategies.



Risks Related to Investments in Underlying ETFs: TheFund’s shareholders will indirectly bear the fees and expenses paid bythe Underlying ETFs in which it invests, in addition to the Fund’s directfees and expenses. The cost of investing in the Fund, therefore, may behigher than the cost of investing in a mutual fund that invests directly

in individual stocks and bonds. The Fund’s net asset value is subject tofluctuations in the market values of the Underlying ETFs in which it in-vests. The Fund is also subject to the risks associated with the securitiesor other investments in which the Underlying ETFs invest, and the abil-ity of the Fund to meet its investment objective will directly depend onthe ability of the Underlying ETFs to meet their investment objectives.An index-based ETF’s performance may not match that of the index itseeks to track. An actively managed ETF’s performance will reflect itsadviser’s ability to make investment decisions that are suited to achiev-ing the ETF’s investment objective. It is also possible that an activetrading market for an Underlying ETF may not develop or be main-tained, in which case the liquidity and value of the Fund’s investmentin the Underlying ETF could be substantially and adversely affected.The extent to which the investment performance and risks associatedwith the Fund correlate to those of a particular Underlying ETF willdepend upon the extent to which the Fund’s assets are allocated fromtime to time for investment in the Underlying ETF, which will vary.






5




Name Title




March 2017


March 2017


March 2017


March 2017


You may purchase and redeem shares of the Fund each day the NewYork Stock Exchange is open for trading at the Fund’s net asset valuedetermined after receipt of your request in good order, subject to anyapplicable sales charge. All share classes are currently not offered forsale in all states. Initial purchases must be effected through your fi-nancial intermediary. Subsequently, you may purchase or redeemshares either by having your financial intermediary process your pur-chase or redemption, or by telephone 1-888-310-0416, by overnightmail (1290 Funds, c/o DST Asset Manager Solutions, Inc. (f/k/a Bos-ton Financial Data Services), 30 Dan Road, Canton, MA 02021-2809), or by mail (1290 Funds, PO Box 8947, Boston, MA 02266-8947). All redemption requests will be processed and payment withrespect thereto will normally be made within seven days after tender.



individuals.

$1,000 for certain employees (or theirimmediate family members) of AXAFinancial or its subsidiaries.Class I shares are available to clients ofregistered investment advisers whohave $250,000 invested in the Fund.




TAX INFORMATION




20456

Cat. # 158846AXA

DFS# 524751 A155-AXA


1290 Retirement 2050 Fund – Class I (TNWIX) Shares

Before you invest, you may want to review the Fund’s Prospectus, which contains more information about the Fund and its risks. The Fund’s current Prospectus andStatement of Additional Information (“SAI”), dated March 1, 2018, are incorporated by reference into this Summary Prospectus. You can find the Fund’s Prospectus,SAI and other information about the Fund online at www.1290Funds.com/literature.php. You can also get this information at no cost by calling 1-888-310-0416 orby sending an e-mail request to [email protected].





Class IShares





Class IShares






1 Other Expenses have been restated to reflect current fees.2 The Acquired Fund Fees and Expenses have been restated to reflect current fees.3 The Total Annual Fund Operating Expenses do not correlate to the ratio of ex-



1

Example



PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buysand sells securities (or “turns over” its portfolio). A higher portfolioturnover rate may indicate higher transaction costs and may result inhigher taxes when shares are held in a taxable account. These costs,which are not reflected in annual fund operating expenses or in theexample, affect the Fund’s performance. For the period of February27, 2017 (commencement of operations) to October 31, 2017, theFund’s portfolio turnover rate was 1% of the average value of itsportfolio.



retires at age 65; however, the Fund should not be selected solely onthe basis of an investor’s age or the target year. The Fund’s asset mixwill become more conservative each year until reaching the year ap-proximately 10 years after the retirement year at which time it is in-tended that the asset mix will become relatively stable. The Fundbalances the need for appreciation with the need for income asretirement approaches, and focuses on supporting an income streamover a long-term retirement withdrawal horizon. The Fund is not de-signed for a lump sum redemption at the target year and does notguarantee a particular level of income. The Fund maintains significantallocations to equities both prior to and after the target year and isgenerally expected to reach its most conservative allocation 10 yearsafter the target year. The asset classes in which the Fund may investgenerally are divided into domestic equity securities (such as the com-mon stock of U.S. companies of any size), international equity securities(such as the common stock of foreign companies of any size, includingthose located in developed and emerging markets) and fixed incomeinvestments (such as debt securities issued by the U.S. Governmentand its agencies and instrumentalities, mortgage- and asset-backedsecurities, domestic and foreign investment grade and high yield or“junk” bonds, inflation-indexed securities, and short-term investmentssuch as money market instruments). The Fund is not limited with re-spect to the maturity, duration or credit quality of the fixed incomesecurities in which it invests. The Underlying ETFs in which the Fundmay invest may also invest in fixed income securities of any maturity,duration or credit quality. The Fund may hold cash or invest in short-term paper and other short-term investments (instead of allocating in-vestments to an Underlying ETF) as deemed appropriate by theAdviser. The following chart shows the Fund’s target allocation for thevarious asset classes (as represented by the holdings of the UnderlyingETFs in which the Fund invests) as of the date of this Prospectus.


Approximate Number of YearsBefore/ After Retirement Year

32 YearsBefore

30 YearsBefore

25 YearsBefore

15 YearsBefore

10 YearsBefore


5 YearsAfter

10 YearsAfter


2


45 40 35 30 25 20 15 10 5

Ret

irem

ent 5 10 15 20

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

100.00%

Target2050


Years to Retirement

DomesticEquity

InternationalEquity

DomesticEquity

InternationalEquity

Fixed Income

Fixed Income






and sold throughout the trading day based on their market price. Gen-erally, an Underlying ETF seeks to track a securities index or a basket ofsecurities that an “index provider” (such as Standard & Poor’s, MorganStanley Capital International (MSCI), FTSE Group, or Bloomberg Bar-clay’s) selects as representative of a market, market segment, industrysector, country or geographic region. An index-based Underlying ETFgenerally holds the same stocks or bonds as the index it tracks (or it mayhold a representative sample of such securities). Accordingly, an index-based Underlying ETF is designed so that its performance, before feesand expenses, will correspond closely with that of the index it tracks.Underlying ETFs also may be actively managed.

The Fund also may lend its portfolio securities to earn additional income.







3







Investment Grade Securities Risk: Debt securities generallyare rated by national bond ratings agencies. The Fund considers secu-rities to be investment grade if they are rated BBB or higher by Stan-dard & Poor’s Global Ratings (“S&P”) or Fitch Ratings, Ltd. (“Fitch”) orBaa or higher by Moody’s Investors Service, Inc. (“Moody’s”), or, ifunrated, determined by the investment manager to be of comparablequality. Securities rated in the lower investment grade rating categories(e.g., BBB or Baa) are considered investment grade securities, but aresomewhat riskier than higher rated obligations because they are re-garded as having only an adequate capacity to pay principal and inter-est, are considered to lack outstanding investment characteristics, andmay possess certain speculative characteristics.




4












5




Name Title




March 2017


March 2017


March 2017


March 2017


You may purchase and redeem shares of the Fund each day theNew York Stock Exchange is open for trading at the Fund’s net assetvalue determined after receipt of your request in good order, subjectto any applicable sales charge. All share classes currently are not of-fered for sale in all states. Initial purchases must be effected throughyour financial intermediary. Subsequently, you may purchase or re-deem shares either by having your financial intermediary process yourpurchase or redemption, or by telephone 1-888-310-0416, by over-night mail (1290 Funds, c/o DST Asset Manager Solutions, Inc. (f/k/aBoston Financial Data Services), 30 Dan Road, Canton, MA 02021-2809), or by mail (1290 Funds, PO Box 8947, Boston, MA02266-8947). All redemption requests will be processed and pay-ment with respect thereto will normally be made within seven daysafter tender.



individuals.


Class I shares are available to clients ofregistered investment advisers who have$250,000 invested in the Fund.




TAX INFORMATION




20506

Cat. # 158847AXA

DFS# 526677 A156-AXA


1290 Retirement 2055 Fund – Class I (TNQIX) Shares







Maximum sales charge (load) imposed on purchases (as a percentage ofoffering price) None








Fee Waiver and/or Expense Reimbursement4 –4.55%Total Annual Fund Operating Expenses After Fee Waiver and/or Expense

Reimbursement 0.65%

1 Other Expenses have been restated to reflect current fees.2 The Acquired Fund Fees and Expenses have been restated to reflect current fees.3 The Total Annual Fund Operating Expenses do not correlate to the ratio of ex-



1

Example



Class I Shares $66 $1,149 $2,228 $4,906

PORTFOLIO TURNOVER



Principal Investment Strategy: The Fund seeks to achieve itsobjective by investing in exchange traded securities of other invest-ment companies or investment vehicles (the “Underlying ETFs”),which represent a variety of asset classes. The Fund is managed totarget 2055 as the specific year of planned retirement (the“retirement year” or “target year”). The retirement year also as-

sumes that an investor retires at age 65; however, the Fund shouldnot be selected solely on the basis of an investor’s age or the targetyear. The Fund’s asset mix will become more conservative each yearuntil reaching the year approximately 10 years after the retirementyear at which time it is intended that the asset mix will become rela-tively stable. The Fund balances the need for appreciation with theneed for income as retirement approaches, and focuses on support-ing an income stream over a long-term retirement withdrawal hori-zon. The Fund is not designed for a lump sum redemption at thetarget year and does not guarantee a particular level of income. TheFund maintains significant allocations to equities both prior to andafter the target year and is generally expected to reach its most con-servative allocation 10 years after the target year. The asset classesin which the Fund may invest generally are divided into domesticequity securities (such as the common stock of U.S. companies of anysize), international equity securities (such as the common stock offoreign companies of any size, including those located in developedand emerging markets) and fixed income investments (such as debtsecurities issued by the U.S. Government and its agencies and in-strumentalities, mortgage- and asset-backed securities, domestic andforeign investment grade and high yield or “junk” bonds, inflation-indexed securities, and short-term investments such as money marketinstruments). The Fund is not limited with respect to the maturity,duration or credit quality of the fixed income securities in which itinvests. The Underlying ETFs in which the Fund may invest may alsoinvest in fixed income securities of any maturity, duration or creditquality. The Fund may hold cash or invest in short-term paper andother short-term investments (instead of allocating investments to anUnderlying ETF) as deemed appropriate by the Adviser. The followingchart shows the Fund’s target allocation for the various asset classes(as represented by the holdings of the Underlying ETFs in which theFund invests) as of the date of this Prospectus.



37 YearsBefore

35 YearsBefore

25 YearsBefore

15 YearsBefore

10 YearsBefore


5 YearsAfter

10 YearsAfter


2


45 40 35 30 25 20 15 10 5

Ret

irem

ent 5 10 15 20

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

100.00%

Target2055


Years to Retirement

DomesticEquity

InternationalEquity

DomesticEquity

InternationalEquity

Fixed Income

Fixed Income





The Underlying ETFs are investment companies or other investmentvehicles whose shares are listed and traded on U.S. stock exchangesor otherwise traded in the over-the-counter market and may be pur-chased and sold throughout the trading day based on their market

price. Generally, an Underlying ETF seeks to track a securities indexor a basket of securities that an “index provider” (such as Standard& Poor’s, Morgan Stanley Capital International (MSCI), FTSE Group,or Bloomberg Barclay’s) selects as representative of a market, marketsegment, industry sector, country or geographic region. An index-based Underlying ETF generally holds the same stocks or bonds asthe index it tracks (or it may hold a representative sample of suchsecurities). Accordingly, an index-based Underlying ETF is designedso that its performance, before fees and expenses, will correspondclosely with that of the index it tracks. Underlying ETFs also may beactively managed.








3





Interest Rate Risk: Changes in interest rates may affect theyield, liquidity and value of investments in income producing or debtsecurities. Changes in interest rates also may affect the value of othersecurities. When interest rates rise, the value of the Fund’s debtsecurities generally declines. Conversely, when interest rates decline,the value of the Fund’s debt securities generally rises. Typically, the

longer the maturity or duration of a debt security, the greater the ef-fect a change in interest rates could have on the security’s price.Thus, the sensitivity of the Fund’s debt securities to interest rate riskwill increase with any increase in the duration of those securities. Asof the date of this Prospectus, interest rates are low relative tohistoric levels, and are below zero in parts of the world. The Fund issubject to a greater risk of rising interest rates due to these marketconditions. A significant or rapid rise in interest rates could result inlosses to the Fund.





4


New Fund Risk: The Fund is newly or recently established and haslimited operating history. The Fund may not be successful in implement-ing its investment strategy, and there can be no assurance that the Fundwill grow to or maintain an economically viable size, which could resultin the Fund being liquidated at any time without shareholder approvaland at a time that may not be favorable for all shareholders. Until theFund is fully capitalized, it may be unable to pursue its investment ob-jective or execute its principal investment strategies.



Risks Related to Investments in Underlying ETFs: TheFund’s shareholders will indirectly bear the fees and expenses paid bythe Underlying ETFs in which it invests, in addition to the Fund’s directfees and expenses. The cost of investing in the Fund, therefore, may behigher than the cost of investing in a mutual fund that invests directly

in individual stocks and bonds. The Fund’s net asset value is subject tofluctuations in the market values of the Underlying ETFs in which it in-vests. The Fund is also subject to the risks associated with the securitiesor other investments in which the Underlying ETFs invest, and the abil-ity of the Fund to meet its investment objective will directly depend onthe ability of the Underlying ETFs to meet their investment objectives.An index-based ETF’s performance may not match that of the index itseeks to track. An actively managed ETF’s performance will reflect itsadviser’s ability to make investment decisions that are suited to achiev-ing the ETF’s investment objective. It is also possible that an activetrading market for an Underlying ETF may not develop or be main-tained, in which case the liquidity and value of the Fund’s investmentin the Underlying ETF could be substantially and adversely affected.The extent to which the investment performance and risks associatedwith the Fund correlate to those of a particular Underlying ETF willdepend upon the extent to which the Fund’s assets are allocated fromtime to time for investment in the Underlying ETF, which will vary.






5




Name Title



Executive Vice Presidentand Chief InvestmentOfficer of the Adviser

March 2017

Alwi Chan, CFA® Senior Vice Presidentand Deputy ChiefInvestment Officer of theAdviser

March 2017


March 2017


March 2017


You may purchase and redeem shares of the Fund each day theNew York Stock Exchange is open for trading at the Fund’s net assetvalue determined after receipt of your request in good order, subjectto any applicable sales charge. All share classes are currently not of-fered for sale in all states. Initial purchases must be effected throughyour financial intermediary. Subsequently, you may purchase or re-deem shares either by having your financial intermediary process yourpurchase or redemption, or by telephone 1-888-310-0416, by over-night mail (1290 Funds, c/o DST Asset Manager Solutions, Inc. (f/k/aBoston Financial Data Services), 30 Dan Road, Canton, MA 02021-2809), or by mail (1290 Funds, PO Box 8947, Boston, MA 02266-8947). All redemption requests will be processed and payment withrespect thereto will normally be made within seven days after tender.



individuals.

$1,000 for certain employees (or theirimmediate family members) ofAXA Financial or its subsidiaries.

Class I shares are available to clients ofregistered investment advisers whohave $250,000 invested inthe Fund.




TAX INFORMATION




20556

Cat. # 158848AXA

DFS# 528834 A157-AXA


1290 Retirement 2060 Fund – Class I (TNXIX) Shares

Before you invest, you may want to review the Fund’s Prospectus, which contains more information about the Fund and its risks. The Fund’s current Prospectus andStatement of Additional Information (“SAI”), dated March 1, 2018, are incorporated by reference into this Summary Prospectus. You can find the Fund’s Prospectus,SAI and other information about the Fund online at www.1290Funds.com/literature.php. You can also get this information at no cost by calling 1-888-310-0416 orby sending an e-mail request to [email protected].







Maximum contingent deferred sales charge (load) (as a percentage oforiginal purchase price or redemption proceeds, whichever islower) None













1

Example



PORTFOLIO TURNOVER



Principal Investment Strategy: The Fund seeks to achieve itsobjective by investing in exchange traded securities of other invest-ment companies or investment vehicles (the “Underlying ETFs”),which represent a variety of asset classes. The Fund is managed totarget 2060 as the specific year of planned retirement (the“retirement year” or “target year”). The retirement year also as-sumes that an investor retires at age 65; however, the Fund should

not be selected solely o1n the basis of an investor’s age or the targetyear. The Fund’s asset mix will become more conservative each yearuntil reaching the year approximately 10 years after the retirementyear at which time it is intended that the asset mix will become rela-tively stable. The Fund balances the need for appreciation with theneed for income as retirement approaches, and focuses on support-ing an income stream over a long-term retirement withdrawal hori-zon. The Fund is not designed for a lump sum redemption at thetarget year and does not guarantee a particular level of income. TheFund maintains significant allocations to equities both prior to andafter the target year and is generally expected to reach its most con-servative allocation 10 years after the target year. The asset classesin which the Fund may invest generally are divided into domesticequity securities (such as the common stock of U.S. companies of anysize), international equity securities (such as the common stock offoreign companies of any size, including those located in developedand emerging markets) and fixed income investments (such as debtsecurities issued by the U.S. Government and its agencies and in-strumentalities, mortgage- and asset-backed securities, domestic andforeign investment grade and high yield or “junk” bonds, inflation-indexed securities, and short-term investments such as money marketinstruments). The Fund is not limited with respect to the maturity,duration or credit quality of the fixed income securities in which itinvests. The Underlying ETFs in which the Fund may invest may alsoinvest in fixed income securities of any maturity, duration or creditquality. The Fund may hold cash or invest in short-term paper andother short-term investments (instead of allocating investments to anUnderlying ETF) as deemed appropriate by the Adviser. The followingchart shows the Fund’s target allocation for the various asset classes(as represented by the holdings of the Underlying ETFs in which theFund invests) as of the date of this Prospectus.



42 YearsBefore

40 YearsBefore

35 YearsBefore

25 YearsBefore

15 YearsBefore

10 YearsBefore


5 YearsAfter

10 YearsAfter

Asset ClassDomestic Equity 70% 70% 67% 60% 52% 50% 42% 35% 30% 15%International Equity 30% 30% 28% 25% 23% 20% 18% 15% 10% 5%Fixed Income 0% 0% 5% 15% 25% 30% 40% 50% 60% 80%

2


45 40 35 30 25 20 15 10 5

Ret

irem

ent 5 10 15 20

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

100.00%

Target2060


Years to Retirement

DomesticEquity

InternationalEquity

DomesticEquity

InternationalEquity

Fixed Income

Fixed Income

The Fund’s investment adviser 1290 Asset Managers® (the“Adviser”), establishes the asset mix of the Fund and selects thespecific Underlying ETFs in which to invest using its proprietary in-vestment process, which is based on fundamental research regard-ing the investment characteristics of each asset class and theUnderlying ETFs (such as risk, volatility, and the potential forgrowth and income), as well as its outlook for the economy andfinancial markets.




The Underlying ETFs are investment companies or other investment ve-hicles whose shares are listed and traded on U.S. stock exchanges or

otherwise traded in the over-the-counter market and may be purchasedand sold throughout the trading day based on their market price. Gen-erally, an Underlying ETF seeks to track a securities index or a basket ofsecurities that an “index provider” (such as Standard & Poor’s, MorganStanley Capital International (MSCI), FTSE Group, or Bloomberg Bar-clay’s) selects as representative of a market, market segment, industrysector, country or geographic region. An index-based Underlying ETFgenerally holds the same stocks or bonds as the index it tracks (or itmay hold a representative sample of such securities). Accordingly, anindex-based Underlying ETF is designed so that its performance, beforefees and expenses, will correspond closely with that of the index ittracks. Underlying ETFs also may be actively managed.








3







Investment Grade Securities Risk: Debt securities generallyare rated by national bond ratings agencies. The Fund considerssecurities to be investment grade if they are rated BBB or higher byStandard & Poor’s Global Ratings (“S&P”) or Fitch Ratings, Ltd.(“Fitch”) or Baa or higher by Moody’s Investors Service, Inc.(“Moody’s”), or, if unrated, determined by an investment managerto be of comparable quality. Securities rated in the lower investmentgrade rating categories (e.g., BBB or Baa) are considered investmentgrade securities, but are somewhat riskier than higher rated obliga-tions because they are regarded as having only an adequate capacityto pay principal and interest, are considered to lack outstanding in-vestment characteristics, and may possess certain speculative charac-teristics.



Mid-Cap and Small-Cap Company Risk: The Fund’sinvestments in mid- and small-cap companies may involve greaterrisks than investments in larger, more established issuers becausethey generally are more vulnerable than larger companies to adversebusiness or economic developments. Such companies generally havenarrower product lines, more limited financial and management re-sources and more limited markets for their securities as comparedwith larger companies. As a result, the value of such securities may bemore volatile than the value of securities of larger companies, and theFund may experience difficulty in purchasing or selling such securities

4

at the desired time and price or in the desired amount. In general,these risks are greater for small-cap companies than for mid-capcompanies.





Risks Related to Investments in Underlying ETFs: TheFund’s shareholders will indirectly bear the fees and expenses paid bythe Underlying ETFs in which it invests, in addition to the Fund’s di-rect fees and expenses. The cost of investing in the Fund, therefore,may be higher than the cost of investing in a mutual fund that in-vests directly in individual stocks and bonds. The Fund’s net assetvalue is subject to fluctuations in the market values of the UnderlyingETFs in which it invests. The Fund is also subject to the risks asso-ciated with the securities or other investments in which the Under-lying ETFs invest, and the ability of the Fund to meet its investmentobjective will directly depend on the ability of the Underlying ETFs tomeet their investment objectives. An index-based ETF’s performancemay not match that of the index it seeks to track. An actively man-aged ETF’s performance will reflect its adviser’s ability to makeinvestment decisions that are suited to achieving the ETF’s invest-ment objective. It is also possible that an active trading market for anUnderlying ETF may not develop or be maintained, in which case theliquidity and value of the Fund’s investment in the Underlying ETFcould be substantially and adversely affected. The extent to whichthe investment performance and risks associated with the Fundcorrelate to those of a particular Underlying ETF will depend uponthe extent to which the Fund’s assets are allocated from time to timefor investment in the Underlying ETF, which will vary.




5






Name Title




March 2017


March 2017


March 2017


March 2017


You may purchase and redeem shares of the Fund each day theNew York Stock Exchange is open for trading at the Fund’s net assetvalue determined after receipt of your request in good order, subject toany applicable sales charge. All share classes are currently not offeredfor sale in all states. Initial purchases must be effected through yourfinancial intermediary. Subsequently, you may purchase or redeemshares either by having your financial intermediary process your pur-chase or redemption, or by telephone 1-888-310-0416, by overnightmail (1290 Funds, c/o DST Asset Manager Solutions, Inc. (f/k/a BostonFinancial Data Services), 30 Dan Road, Canton, MA 02021-2809), orby mail (1290 Funds, PO Box 8947, Boston, MA 02266-8947). All re-demption requests will be processed and payment with respect theretowill normally be made within seven days after tender.



individuals.


Class I shares are available to clients ofregistered investment advisers whohave $250,000 invested in the Fund.

No minimum investment for a wrapaccount client of an eligible broker-dealer or a client of a fee-basedplanner that is unaffiliated with abroker-dealer.



TAX INFORMATION




20606

Cat. # 158849AXA

DFS# 529238 A158-AXA

Vanguard Variable Insurance Fund Total Stock Market Index Portfolio

The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.

This prospectus contains financial data for the Portfolio through the fiscal year ended December 31, 2017.

April 26, 2018

Prospectus

Contents

Portfolio Summary 1 Financial Highlights 14

More on the Portfolio 5 General Information 16

The Portfolio and Vanguard 11 Glossary of Investment Terms 19

Investment Advisor 11

Taxes 12

Share Price 13

1

Portfolio Summary

Investment ObjectiveThe Portfolio seeks to track the performance of a benchmark index that measures the investment return of the overall stock market.

Fees and ExpensesThe following table describes the fees and expenses you may pay if you buy and hold shares of the Portfolio. The expenses shown in the table and in the example that follow do not reflect additional fees and expenses associated with the annuity or life insurance program through which you invest. If those additional fees and expenses were included, overall expenses would be higher.

Example

The following example is intended to help you compare the cost of investing in the Portfolio (based on the fees and expenses of the underlying funds) with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you were to invest $10,000 in the Portfolio’s shares. This example assumes that the Portfolio provides a return of 5% each year and that total annual operating expenses of the Portfolio and its underlying funds remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Annual Portfolio Operating Expenses(Expenses that you pay each year as a percentage of the value of your investment)

Management Fees None

12b-1 Distribution Fee None

Other Expenses None

Acquired Fund Fees and Expenses 0.15%

Total Annual Portfolio Operating Expenses 0.15%


$15 $48 $85 $192

2

Portfolio Turnover

The Portfolio may pay transaction costs, such as purchase fees, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in the previous expense example, reduce the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover rate was 6% of the average value of its portfolio.

Principal Investment StrategiesThe Portfolio employs an indexing investment approach designed to track the performance of the Standard & Poor’s (S&P) Total Market Index by investing all, or substantially all, of its assets in two Vanguard funds—Vanguard Variable Insurance Fund Equity Index Portfolio and Vanguard Extended Market Index Fund. The S&P Total Market Index consists of substantially all of the U.S. common stocks regularly traded on the New York Stock Exchange and the Nasdaq over-the-counter market.

Principal RisksAn investment in the Portfolio could lose money over short or long periods of time. You should expect the Portfolio’s share price and total return to fluctuate within a wide range. Though the Portfolio seeks to track the Index, its performance typically can be expected to fall short by a small percentage representing operating costs of the underlying funds. The Portfolio is subject to the following risk, which could affect the Portfolio’s performance:

• Stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. In addition, the Portfolio’s target index may, at times, become focused in stocks of a particular market sector, which would subject the Portfolio to proportionately higher exposure to the risks of that sector.

An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Annual Total ReturnsThe following bar chart and table are intended to help you understand the risks of investing in the Portfolio. The bar chart shows how the performance of the Portfolio has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Portfolio compare with those of its target index and other comparative indexes, which have investment characteristics similar to those of the Portfolio. The Portfolio’s returns are net of its expenses but do not reflect additional fees and expenses that are deducted by the annuity or life insurance program

3

through which you invest. If such fees and expenses were included in the calculation of the Portfolio’s returns, the returns would be lower. Keep in mind that the Portfolio’s past performance does not indicate how the Portfolio will perform in the future. Updated performance information is available on our website for Financial Advisors at advisors.vanguard.com or by calling Vanguard toll-free at 800-522-5555.

During the periods shown in the bar chart, the highest return for a calendar quarter was 16.95% (quarter ended June 30, 2009), and the lowest return for a quarter was –22.75% (quarter ended December 31, 2008).

Investment AdvisorThe Vanguard Group, Inc. (Vanguard)

Portfolio Managers

William Coleman, CFA, Portfolio Manager at Vanguard. He has co-managed the Portfolio since 2013.

Walter Nejman, Portfolio Manager at Vanguard. He has co-managed the Portfolio since 2013.

Annual Total Returns — Total Stock Market Index Portfolio

Average Annual Total Returns for Periods Ended December 31, 2017

1 Year 5 Years 10 Years

Total Stock Market Index Portfolio 20.97% 15.39% 8.50%

Comparative Indexes(reflect no deduction for fees or expenses)

Dow Jones U.S. Total Stock Market Float Adjusted Index 21.16% 15.52% 8.66%

S&P Total Market Index 21.16 15.52 8.58

Spliced Total Market Index 21.16 15.52 8.58

-37.28

28.2617.11

0.8316.33

33.28

12.290.37

12.5620.97

60%

40%

20%

0%

-20%

-40%

-60%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

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Tax InformationThe Portfolio normally distributes its net investment income and net realized capital gains, if any, to its shareholders, which are the insurance company separate accounts that sponsor your variable annuity or variable life insurance contract. The tax consequences to you of your investment in the Portfolio depend on the provisions of the annuity or life insurance contract through which you invest. For more information on taxes, please refer to the prospectus of the annuity or life insurance contract through which Portfolio shares are offered.

Payments to Financial IntermediariesThe Portfolio and its investment advisor do not pay financial intermediaries for sales of Portfolio shares.

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More on the Portfolio

This prospectus describes the principal risks you would face as an investor in this Portfolio. It is important to keep in mind one of the main axioms of investing: generally, the higher the risk of losing money, the higher the potential reward. The reverse, also, is generally true: the lower the risk, the lower the potential reward. As you consider an investment in any mutual fund, you should take into account your personal tolerance for fluctuations in the securities markets. Look for this symbol throughout the prospectus. It is used to mark detailed information about the more significant risks that you would confront as a Portfolio investor. To highlight terms and concepts important to mutual fund investors, we have provided Plain Talk® explanations along the way. Reading the prospectus will help you decide whether the Portfolio is the right investment for you. We suggest that you keep this prospectus for future reference.

A Note About Vanguard Variable Insurance FundThe Total Stock Market Index Portfolio of Vanguard Variable Insurance Fund is a mutual fund used solely as an investment option for annuity or life insurance contracts offered by insurance companies. This means that you cannot purchase shares of the Portfolio directly, but only through a contract offered by an insurance company.

The Total Stock Market Index Portfolio is separate from other Vanguard mutual funds, even when the Portfolio and a fund have the same investment objective and advisor. The Portfolio’s investment performance will differ from the performance of other Vanguard funds because of differences in the securities held and because of administrative and insurance costs associated with the annuity or life insurance program through which you invest.

The following sections explain the principal investment strategies and policies that the Portfolio uses in pursuit of its objective. The Fund‘s board of trustees, which oversees the Portfolio‘s management, may change investment strategies or policies in the interest of shareholders without a shareholder vote, unless those strategies or policies are designated as fundamental. Under normal circumstances, the Portfolio will invest at least 80%, and usually all or substantially all, of its assets in Vanguard

Plain Talk About Costs of Investing

Costs are an important consideration in choosing a mutual fund. That is because you, as a contract owner, pay a proportionate share of the costs of operating a portfolio and any transaction costs incurred when the portfolio buys or sells securities. These costs can erode a substantial portion of the gross income or the capital appreciation a portfolio achieves. Even seemingly small differences in expenses can, over time, have a dramatic effect on a portfolio‘s performance.

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Variable Insurance Fund Equity Index Portfolio and Vanguard Extended Market Index Fund, which together seek to track the Portfolio‘s target index. The Portfolio‘s 80% investment policy may be changed only upon 60 days‘ notice to shareholders.

Market ExposureTo achieve exposure to common stocks, the Portfolio invests in shares of other mutual funds.

The Portfolio is subject to stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. In addition, the Portfolio‘s target index may, at times, become focused in stocks of a particular market sector, which would subject the Portfolio to proportionately higher exposure to the risks of that sector.

To illustrate the volatility of stock prices, the following table shows the best, worst, and average annual total returns for the U.S. stock market over various periods as measured by the S&P 500 Index, a widely used barometer of U.S. stock market activity. Total returns consist of dividend income plus change in market price. Note that the returns shown do not include the costs of buying and selling stocks or other expenses that a real-world investment portfolio would incur.

The table covers all of the rolling 1-, 5-, 10-, and 20-year periods from 1926 through 2017. You can see, for example, that although the average annual return on common stocks for all of the 5-year periods was 10.1%, average annual returns for individual 5-year periods ranged from –12.4% (from 1928 through 1932) to 28.6% (from 1995 through 1999). These average annual returns reflect past performance of common stocks; you should not regard them as an indication of future performance of either the stock market as a whole or the Portfolio in particular.

Mutual funds that invest in stocks are often classified according to market value or market capitalization. These classifications typically include small-cap, mid-cap, and large-cap. It’s important to understand that market capitalization ranges change over time. Also, interpretations of size vary, and there are no “official” definitions of small-,

U.S. Stock Market Average Annual Returns(1926–2017)


Best 54.2% 28.6% 19.9% 17.9%

Worst –43.1 –12.4 –1.4 3.1

Average 12.0 10.1 10.3 11.0

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mid-, and large-cap, even among Vanguard fund advisors. The asset-weighted median market capitalization of the Portfolio’s stock holdings as of December 31, 2017, was $78.6 billion.

Stock funds can also be categorized according to whether the stocks they hold are value or growth stocks or a blend of both. The Total Stock Market Index Portfolio generally fits into the large-cap blend category.

Security SelectionThe Portfolio is a fund of funds. The trustees of the Fund allocate the Total Stock Market Index Portfolio’s assets among the underlying funds. The trustees may authorize the Portfolio to invest in additional Vanguard funds without shareholder approval. Additionally, the trustees may increase or decrease the percentage of assets invested in any particular fund without advance notice to shareholders.

The Total Stock Market Index Portfolio is a stock index fund that seeks to track the performance of the S&P Total Market Index by investing all, or substantially all, of its assets in two Vanguard funds—Vanguard Variable Insurance Fund Equity Index Portfolio, which seeks to track the S&P 500 Index, and Vanguard Extended Market Index Fund, which seeks to track the S&P Completion Index. The S&P Total Market Index is a combination of the S&P 500 Index and the S&P Completion Index; it consists of substantially all of the U.S. common stocks regularly traded on the New York Stock Exchange and the Nasdaq over-the-counter market. The S&P 500 Index is dominated by stocks of large U.S. companies, and the S&P Completion Index represents mid- and small-capitalization stocks. As of December 31, 2017, the Portfolio allocated 82.4% of its assets to Vanguard Variable Insurance Fund Equity Index Portfolio and the remaining 17.6% of its assets to Vanguard Extended Market Index Fund. As of the date of this prospectus, the Portfolio invested in Admiral Shares of Extended Market Index Fund. Share class changes may be made without prior notice to shareholders. Through its investments in underlying funds, the Portfolio indirectly owns a diversified portfolio of stocks.

Plain Talk About Funds of Funds

The term fund of funds is used to describe a mutual fund that pursues its objective by investing in other mutual funds. A fund of funds may charge for its own direct expenses, in addition to bearing a proportionate share of the expenses charged by the underlying funds in which it invests. A fund of funds is best suited for long-term investors.

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Other Investment Policies and RisksThe Portfolio reserves the right to substitute a different index for the index it currently tracks if the current index is discontinued, if the Portfolio‘s agreement with the sponsor of its target index is terminated, or for any other reason determined in good faith by the Fund’s board of trustees. In any such instance, the substitute index would represent the same market segment as the current index.

The underlying portfolio and fund in which the Portfolio invests may invest in foreign securities to the extent necessary to carry out their investment strategy of holding all, or substantially all, of the stocks that make up the indexes they track.

To track their target indexes as closely as possible, the underlying portfolio and fund attempt to remain fully invested in stocks. To help stay fully invested and to reduce transaction costs, the Portfolio may invest, to a limited extent, in derivatives, including equity futures. The Portfolio may also use derivatives such as total return swaps to obtain exposure to a stock, a basket of stocks, or an index.

The Portfolio may invest in derivatives. Generally speaking, a derivative is a financial contract whose value is based on the value of a financial asset (such as a stock, a bond, or a currency), a physical asset (such as gold, oil, or wheat), a market index (such as the S&P 500 Index), or a reference rate (such as LIBOR). Investments in derivatives may subject the Portfolio to risks different from, and possibly greater than, those of investments directly in the underlying securities or assets. The Portfolio will not use derivatives for speculation or for the purpose of leveraging (magnifying) investment returns.

The Portfolio may invest a small portion of its assets in equity futures which are a type of derivative and/or shares of exchange-traded funds (ETFs). These equity futures and ETFs typically provide returns similar to those of the stocks listed in an index or in a subset of an index tracked by the Portfolio. The Portfolio may purchase ETFs when doing so will reduce the Portfolio’s transaction costs or have the potential to add value because the instruments are favorably priced. Vanguard receives no additional revenue from Portfolio assets invested in ETF Shares of other Vanguard funds. Portfolio assets invested in ETF Shares are excluded when allocating to the Portfolio its share of the costs of Vanguard operations.

Cash ManagementThe Portfolio‘s daily cash balance may be invested in one or more Vanguard CMT Funds, which are low-cost money market funds. When investing in a Vanguard CMT Fund, the Portfolio bears its proportionate share of the expenses of the CMT Fund in which it invests. Vanguard receives no additional revenue from Portfolio assets invested in a Vanguard CMT Fund.

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Temporary Investment MeasuresThe Portfolio may temporarily depart from its normal investment policies and strategies when the advisor believes that doing so is in the Portfolio‘s best interest, so long as the strategy or policy employed is consistent with the Portfolio‘s investment objective. For instance, the Portfolio may invest beyond its normal limits in derivatives or exchange-traded funds that are consistent with the Portfolio‘s objective when those instruments are more favorably priced or provide needed liquidity, as might be the case when the Portfolio receives large cash flows that it cannot prudently invest immediately.

Frequent Trading or Market-TimingBackground. Some investors try to profit from strategies involving frequent trading of mutual fund shares, such as market-timing. For funds holding foreign securities, investors may try to take advantage of an anticipated difference between the price of the fund’s shares and price movements in overseas markets, a practice also known as time-zone arbitrage. Investors also may try to engage in frequent trading of funds holding investments such as small-cap stocks and high-yield bonds. As money is shifted into and out of a fund by an investor engaging in frequent trading, the fund incurs costs for buying and selling securities, resulting in increased brokerage and administrative costs. These costs are borne by all fund investors, including the long-term investors who do not generate the costs. In addition, frequent trading may interfere with an advisor’s ability to efficiently manage the fund.

Policies to address frequent trading. The Vanguard funds (other than money market funds and short-term bond funds, but including Vanguard Short-Term Inflation-Protected Securities Index Fund) do not knowingly accommodate frequent trading. The board of trustees of each Vanguard fund (other than money market funds and short-term bond funds, but including Vanguard Short-Term Inflation-Protected Securities Index Fund) has adopted policies and procedures reasonably designed to detect and discourage frequent trading and, in some cases, to compensate the fund for the costs associated with it. These policies and procedures do not apply to Vanguard ETF® Shares because frequent trading in ETF Shares generally does not disrupt portfolio management or otherwise harm fund investors. Although there is no assurance that Vanguard will be able to detect or prevent frequent trading or market-timing in all circumstances, the following policies have been adopted to address these issues:

• Each Vanguard fund reserves the right to reject any purchase request—including exchanges from other Vanguard funds—without notice and regardless of size. For example, a purchase request could be rejected because the investor has a history of frequent trading or if Vanguard determines that such purchase may negatively affect a fund’s operation or performance.

• Certain Vanguard funds charge shareholders purchase and/or redemption fees on transactions.

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You may purchase or sell Portfolio shares through a contract offered by an insurance company. When insurance companies establish omnibus accounts in the Portfolio for their clients, we cannot monitor the individual clients’ trading activity. However, we review trading activity at the omnibus account level, and we look for activity that may indicate potential frequent trading or market-timing. If we detect suspicious trading activity, we will seek the assistance of the insurance company to investigate that trading activity and take appropriate action, including prohibiting additional purchases of Portfolio shares by a client. Insurance companies may apply frequent-trading policies that differ from one another. Please read the insurance company contract and program materials carefully to learn of any rules or fees that may apply.

See the accompanying prospectus for the annuity or insurance program through which Portfolio shares are offered for further details on transaction policies.

The Portfolio, in determining its net asset value, will use fair-value pricing when appropriate, as described in the Share Price section. Fair-value pricing may reduce or eliminate the profitability of certain frequent-trading strategies.

Do not invest with Vanguard if you are a market-timer.

Turnover RateA mutual fund’s turnover rate is a measure of its trading activity. Generally, an index fund sells securities in response to redemption requests or to changes in the composition of its target index. The Portfolio may sell securities regardless of how long they have been held. The historical turnover rates for the Portfolio can be found in the Financial Highlights section of this prospectus. A turnover rate of 100% for example, would mean that a Portfolio had sold and replaced securities valued at 100% of its net assets within a one-year period.

Plain Talk About Turnover Rate

Before investing in a mutual fund, you should review its turnover rate. This rate gives an indication of how transaction costs, which are not included in the fund’s expense ratio, could affect the fund’s future returns. In general, the greater the volume of buying and selling by the fund, the greater the impact that brokerage commissions and other transaction costs will have on its return. Also, funds with high turnover rates may be more likely to generate capital gains, including short-term capital gains, that must be distributed to shareholders and will be taxable to shareholders investing through a taxable account.

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The Portfolio and Vanguard

Vanguard Variable Insurance Fund is a member of The Vanguard Group, a family of over 200 funds holding assets of approximately $4.5 trillion. All of the funds that are members of The Vanguard Group (other than funds of funds) share in the expenses associated with administrative services and business operations, such as personnel, office space, and equipment.

Vanguard Marketing Corporation provides marketing services to the funds. Although fund shareholders do not pay sales commissions or 12b-1 distribution fees, each fund (other than a fund of funds) or each share class of a fund (in the case of a fund with multiple share classes) pays its allocated share of the Vanguard funds’ marketing costs

The Portfolio indirectly bears a proportionate share of the expenses of the underlying portfolio and fund in which it invests. However, its direct expenses are expected to be very low or zero. The Portfolio may operate without incurring direct expenses because Vanguard will reimburse it for (1) the Portfolio’s contribution to the cost of operating the underlying portfolio and fund in which it invests, and (2) savings in administrative and marketing costs that Vanguard expects to derive from the Portfolio’s operations.

Investment Advisor

The Total Stock Market Index Portfolio receives advisory services indirectly, by investing in other Vanguard funds and portfolios. The Vanguard Group, Inc. (Vanguard), P.O. Box 2600, Valley Forge, PA 19482, which began operations in 1975, through its Equity Index Group, provides investment advisory services for the Portfolio, a fund of funds, by (1) maintaining the Portfolio’s allocation to its two underlying investments, Vanguard Extended Market Index Fund and Vanguard Variable Insurance Fund Equity Index Portfolio, and (2) by providing investment advisory services to those two underlying funds. As of December 31, 2017, Vanguard managed more than $3.9 trillion in total assets. Vanguard provides investment advisory services to the Portfolio on an

Plain Talk About Vanguard’s Unique Corporate Structure

The Vanguard Group is truly a mutual mutual fund company. It is owned jointly by the funds it oversees and thus indirectly by the shareholders in those funds. Most other mutual funds are operated by management companies that may be owned by one person, by a private group of individuals, or by public investors who own the management company’s stock. The management fees charged by these companies include a profit component over and above the companies’ cost of providing services. By contrast, Vanguard provides services to its member funds on an at-cost basis, with no profit component, which helps to keep the funds’ expenses low.

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at-cost basis, subject to the supervision and oversight of the trustees and officers of the Portfolio.

Under the terms of an SEC exemption, the board of trustees of Vanguard Variable Insurance Fund may, without prior approval from shareholders, change the terms of an advisory agreement with a third-party investment advisor or hire a new third-party investment advisor—either as a replacement for an existing advisor or as an additional advisor. Any significant change in the Portfolio's advisory arrangements will be communicated to shareholders in writing. As the Portfolio's sponsor and overall manager, Vanguard may provide investment advisory services to the Portfolio, on an at-cost basis, at any time. Vanguard may also recommend to the board of trustees that an advisor be hired, terminated, or replaced or that the terms of an existing advisory agreement be revised. Vanguard Variable Insurance Fund has filed an application seeking a similar SEC exemption with respect to investment advisors that are wholly owned subsidiaries of Vanguard. If granted, the Portfolio may rely on the new SEC relief.

For a discussion of why the board of trustees approved the Portfolio’s investment advisory arrangement, see the Vanguard Variable Insurance Fund’s most recent semiannual report to shareholders covering the fiscal period ended June 30.

The managers primarily responsible for the day-to-day management of the Portfolio are:

William Coleman, CFA, Portfolio Manager at Vanguard. He has worked in investment management since joining Vanguard in 2006, and has co-managed the Portfolio since 2013. Education: B.S., King’s College; M.S., Saint Joseph’s University.

Walter Nejman, Portfolio Manager at Vanguard. He has been with Vanguard since 2005, has worked in investment management since 2008, and has co-managed the Portfolio since 2013. Education: B.A., Arcadia University; M.B.A., Villanova University.

The Fund’s Statement of Additional Information provides information about each portfolio manager’s compensation, other accounts under management, and ownership of shares of the Portfolio.

Taxes

The Portfolio normally distributes its net investment income and net realized short-term or long-term capital gains, if any, to its shareholders, which are the insurance company separate accounts that fund your variable annuity or variable life insurance contract. The tax consequences to you of your investment in the Portfolio depend on the provisions of the annuity or life insurance contract through which you invest; please refer to the prospectus of such contract for more information.

The Portfolio intends to operate in such a manner that a separate account investing only in Portfolio shares will result in the variable annuity and variable life insurance

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contracts supported by that account receiving favorable tax treatment. This favorable treatment means that you generally will not be taxed on Portfolio distributions or proceeds on dispositions of Portfolio shares received by the separate account funding your contract. In order to qualify for this favorable treatment, the insurance company separate accounts that invest in the Portfolio must satisfy certain requirements. If a Portfolio funding your contract does not meet such requirements, your contract could lose its favorable tax treatment, and income and gain allocable to your contract could be taxable to you. Also, if the IRS were to determine that contract holders have an impermissible level of control over the investments funding their contracts, your contract could lose its favorable tax treatment and income and gain allocable to your contract could be taxable currently to you. Please see the Vanguard Variable Insurance Fund’s Statement of Additional Information for more information.

Share Price

Share price, also known as net asset value (NAV), is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4 p.m., Eastern time. In the rare event the NYSE experiences unanticipated trade disruptions and is unavailable at the close of the trading day, NAVs will be calculated as of the close of regular trading on the Nasdaq (or another alternate exchange if the Nasdaq is unavailable, as determined at Vanguard’s discretion), generally 4 p.m., Eastern time. The NAV per share is computed by dividing the total assets, minus liabilities, of the Portfolio by the number of Portfolio shares outstanding. On U.S. holidays or other days when the Exchange is closed, the NAV is not calculated, and the Portfolio does not sell or redeem shares. The underlying Vanguard funds in which the Portfolio invests also do not calculate their NAV on days when the Exchange is closed but the value of their assets may be affected to the extent that they hold securities that change in value on those days (such as foreign securities that trade on foreign markets that are open).

The Portfolio’s NAV is calculated based upon the values of the underlying portfolio and mutual fund in which the Portfolio invests.The values of any foreign securities held by a fund are converted into U.S. dollars using an exchange rate obtained from an independent third party as of the close of regular trading on the NYSE. The values of any underlying portfolio and mutual fund shares held by the Portfolio are based on the NAVs of the shares. The values of any ETF Shares held by the Portfolio are based on the market value of the shares. The prospectus for the underlying portfolio and fund explains the circumstances under which the underlying portfolio and fund will use fair-value pricing and the effects of doing so.

The Portfolio’s NAV is used to determine the unit value for the annuity or life insurance program through which you invest. For more information on unit values, please refer to the accompanying prospectus of the insurance company that offers your annuity or life insurance program.

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Financial Highlights

The following financial highlights table is intended to help you understand the Portfolio’s financial performance for the periods shown, and certain information reflects financial results for a single Portfolio share. The total returns in the table represent the rate that an investor would have earned or lost each period on an investment in the Portfolio (assuming reinvestment of all distributions). This information has been obtained from the financial statements audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, whose report—along with the Portfolio’s financial statements—is included in Vanguard Variable Insurance Fund’s most recent annual report to shareholders. You may obtain a free copy of the latest annual or semiannual report by visiting vanguard.com or by contacting Vanguard by telephone or mail.

Yields and total returns presented for the Portfolio are net of the Portfolio’s operating expenses, but do not take into account charges and expenses attributable to the annuity or life insurance program through which you invest. The expenses of the annuity or life insurance program reduce the returns and yields you ultimately receive, so you should bear those expenses in mind when evaluating the performance of the Portfolio and when comparing the yields and returns of the Portfolio with those of other mutual funds.

Plain Talk About How to Read the Financial Highlights Table

The Portfolio began fiscal year 2017 with a net asset value (share price) of $34.10 per share. During the year, the Portfolio earned $0.604 per share from investment income, $0.89 per share in capital gain distributions received, and $5.27 per share from investments that had appreciated in value or that were sold for higher prices than the Portfolio paid for them.

Shareholders received $2.604 per share in the form of dividend and capital gains distributions. A portion of each year’s distributions may come from the prior year’s income or capital gains.

The share price at the end of the year was $38.26, reflecting earnings of $6.764 per share and distributions of $2.604 per share. This was an increase of $4.16 per share (from $34.10 at the beginning of the year to $38.26 at the end of the year). For a shareholder who reinvested the distributions in the purchase of more shares, the total return was 20.97% for the year.

As of December 31, 2017, the Portfolio had approximately $2.1 billion in net assets. For the year, its acquired fund fees and expenses were 0.15%, and its net investment income amounted to 1.71% of its average net assets. The Portfolio sold and replaced securities valued at 6% of its net assets.

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Total Stock Market Index Portfolio

Year Ended December 31,

For a Share Outstanding Throughout Each Period 2017 2016 2015 2014 2013

Net Asset Value, Beginning of Period $34.10 $32.06 $33.46 $32.01 $25.32

Investment Operations

Net Investment Income .6041 .710 .480 .5061 .454

Capital Gain Distributions Received .8901 .478 .672 .4621 .560

Net Realized and Unrealized Gain (Loss) on Investments 5.270 2.598 (1.019) 2.717 7.116

Total from Investment Operations 6.764 3.786 .133 3.685 8.130

Distributions

Dividends from Net Investment Income (.699) (.484) (.433) (.450) (.435)

Distributions from Realized Capital Gains (1.905) (1.262) (1.100) (1.785) (1.005)

Total Distributions (2.604) (1.746) (1.533) (2.235) (1.440)

Net Asset Value, End of Period $38.26 $34.10 $32.06 $33.46 $32.01

Total Return 20.97% 12.56% 0.37% 12.29% 33.28%

Ratios/Supplemental Data

Net Assets, End of Period (Millions) $2,104 $1,735 $1,699 $1,629 $1,209

Ratio of Total Expenses to Average Net Assets — — — — —

Acquired Fund Fees and Expenses 0.15% 0.16% 0.16% 0.17% 0.18%

Ratio of Net Investment Income to Average Net Assets 1.71% 2.10% 1.53% 1.61% 1.62%

Portfolio Turnover Rate 6% 9% 5% 9% 17%

1 Calculated based on average shares outstanding.

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General Information

This Portfolio of Vanguard Variable Insurance Fund offers its shares to insurance companies to fund both annuity and life insurance contracts. Because of differences in tax treatment or other considerations, the best interests of various contract owners participating in the Portfolio might at some time be in conflict. The Fund’s board of trustees will monitor for any material conflicts and determine what action, if any, should be taken.

If the board of trustees determines that continued offering of shares would be detrimental to the best interests of the Portfolio’s shareholders, the Portfolio may suspend the offering of shares for a period of time. If the board of trustees determines that a specific purchase acceptance would be detrimental to the best interests of the Portfolio’s shareholders (for example, because of the size of the purchase request or a history of frequent trading by the investor), the Portfolio may reject such a purchase request.

If you wish to redeem money from the Portfolio, please refer to the instructions provided in the accompanying prospectus for the annuity or life insurance program. Shares of the Portfolio may be redeemed on any business day. The redemption price of shares will be at the next-determined net asset value per share. Redemption proceeds will be wired to the administrator generally within one business day following receipt of the redemption request, but no later than seven calendar days. Contract owners will receive their redemption checks from the administrator.

Under normal circumstances, the Portfolio typically expects to meet redemptions with other positive cash flows. When this is not an option, the Portfolio seeks to maintain its risk exposure by selling a cross section of the Portfolio’s holdings to meet redemptions, while also factoring in transaction costs. Additionally, the Portfolio may work with the insurance companies through which contract owners participate in the Portfolio to implement redemptions in a manner that is least disruptive to the portfolio.

Under certain circumstances, including under stressed market conditions, there are additional tools that the Portfolio may use in order to meet redemptions, including advancing the settlement of market trades with counterparties to match investor redemption payments or delaying settlement of an investor’s transaction to match trade settlement within regulatory requirements. The Portfolio may also suspend payment of redemption proceeds for up to seven days. Additionally, under these unusual circumstances, the Portfolio may borrow money (subject to certain regulatory conditions and if available under board-approved procedures) through an interfund lending facility or through a bank line-of-credit, including a joint committed credit facility, in order to meet redemption requests.

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The Portfolio may suspend the redemption right or postpone payment at times when the New York Stock Exchange is closed or during any emergency circumstances, as determined by the Securities and Exchange Commission.

The exchange privilege (your ability to redeem shares from one Portfolio to purchase shares of another Portfolio) may be available to you through your contract. Although we make every effort to maintain the exchange privilege, Vanguard reserves the right to revise or terminate this privilege, limit the amount of an exchange, or reject any exchange, at any time, without notice.

If the board of trustees determines that it would be detrimental to the best interests of the Portfolio’s remaining shareholders to make payment in cash, the Portfolio may pay redemption proceeds, in whole or in part, by an in-kind distribution of readily marketable securities.

For certain categories of investors, the Portfolio has authorized one or more brokers to accept on its behalf purchase and redemption orders. The brokers are authorized to designate other intermediaries to accept purchase and redemption orders on the Portfolio’s behalf. The Portfolio will be deemed to have received a purchase or redemption order when an authorized broker, or a broker’s authorized designee, accepts the order in accordance with the Portfolio’s instructions. In most cases, for these categories of investors, a contract owner’s properly transmitted order will be priced at the Portfolio’s next-determined NAV after the order is accepted by the authorized broker or the broker’s designee. The contract owner should review the authorized broker’s policies relating to trading in the Vanguard funds.

Please consult the Vanguard Variable Insurance Fund’s Statement of Additional Information or our website for a description of the policies and procedures that govern disclosure of the Fund’s portfolio holdings.

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CFA® is a registered trademark owned by CFA Institute.The “S&P Total Market Index” (the “Index”) is a product of S&P Dow Jones Indices LLC (“SPDJI”), and has been licensed for use by Vanguard. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P® and S&P 500® are trademarks of S&P; and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Vanguard. Vanguard Variable Insurance Fund Total Stock Market Index Portfolio is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or any of their respective affiliates (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices make no representation or warranty, express or implied, to the owners of Vanguard Variable Insurance Fund Total Stock Market Index Portfolio or any member of the public regarding the advisability of investing in securities generally or in Vanguard Variable Insurance Fund Total Stock Market Index Portfolio particularly or the ability of the S&P Total Market Index to track general market performance. S&P Dow Jones Indices’ only relationship to Vanguard with respect to the S&P Total Market Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The S&P Total Market Index is determined, composed and calculated by S&P Dow Jones Indices without regard to Vanguard or Vanguard Variable Insurance Fund Total Stock Market Index Portfolio. S&P Dow Jones Indices have no obligation to take the needs of Vanguard or the owners of Vanguard Variable Insurance Fund Total Stock Market Index Portfolio into consideration in determining, composing or calculating the S&P Total Market Index. S&P Dow Jones Indices are not responsible for and have not participated in the determination of the prices, and amount of Vanguard Variable Insurance Fund Total Stock Market Index Portfolio or the timing of the issuance or sale of Vanguard Variable Insurance Fund Total Stock Market Index Portfolio or in the determination or calculation of the equation by which Vanguard Variable Insurance Fund Total Stock Market Index Portfolio is to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices have no obligation or liability in connection with the administration, marketing or trading of Vanguard Variable Insurance Fund Total Stock Market Index Portfolio. There is no assurance that investment products based on the S&P Total Market Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice. S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE S&P TOTAL MARKET INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY VANGUARD, OWNERS OF VANGUARD VARIABLE INSURANCE FUND TOTAL STOCK MARKET INDEX PORTFOLIO, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND VANGUARD, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

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Glossary of Investment Terms

Acquired Fund. Any mutual fund, business development company, closed-end investment company, or other pooled investment vehicle whose shares are owned by a portfolio.

Capital Gains Distributions. Payments to portfolio shareholders of gains realized on securities that a portfolio has sold at a profit, minus any realized losses.

Cash Equivalent Investments. Cash deposits, short-term bank deposits, and money market instruments that include U.S. Treasury bills and notes, bank certificates of deposit (CDs), repurchase agreements, commercial paper, and banker’s acceptances.

Common Stock. A security representing ownership rights in a corporation.

Dividend Distributions. Payments to portfolio shareholders of income from interest or dividends generated by a portfolio’s investments.

Dow Jones U.S. Total Stock Market Float Adjusted Index. An index that represents the entire U.S. stock market and tracks more than 5,000 stocks, excluding shares of securities not available for public trading.

Expense Ratio. A portfolio’s total annual operating expenses expressed as a percentage of the portfolio’s average net assets. The expense ratio includes management and administrative expenses, but does not include the transaction costs of buying and selling portfolio securities.

Fund of Funds. A mutual fund that pursues its objective by investing in othermutual funds.

Inception Date. The date on which the assets of a portfolio are first invested in accordance with the portfolio’s investment objective. For portfolios with a subscription period, the inception date is the day after that period ends. Investment performance is generally measured from the inception date.

Indexing. A low-cost investment strategy in which a mutual fund attempts to track—rather than outperform—a specified market benchmark, or “index.”

Joint Committed Credit Facility. The Portfolio participates, along with other funds managed by Vanguard, in a committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. The amount and terms of the committed credit facility are subject to approval by the fund’s board of trustees and renegotiation with the lender syndicate on an annual basis.

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Median Market Capitalization. An indicator of the size of companies in which a portfolio invests; the midpoint of market capitalization (market price x shares outstanding) of a portfolio’s stocks, weighted by the proportion of the portfolio’s assets invested in each stock. Stocks representing half of the portfolio’s assets have market capitalizations above the median, and the rest are below it.

Mutual Fund. An investment company that pools the money of many people and invests it in a variety of securities in an effort to achieve a specific objective over time.

New York Stock Exchange (NYSE). A stock exchange based in New York City that is open for regular trading on business days, Monday through Friday, from 9:30 a.m. to 4 p.m., Eastern time. Net asset values (NAVs) are calculated each business day as of the close of regular trading on the NYSE.

S&P Total Market Index. An index that reflects the entire U.S. stock market, by combining the S&P 500 Index and the S&P Completion Index to form a benchmark for the full U.S. equity market.

Securities. Stocks, bonds, money market instruments, and other investments.

Spliced Total Market Index. An index that reflects performance of the Dow Jones U.S. Total Stock Market Index (formerly known as the Dow Jones Wilshire 5000 Index) through June 17, 2005, and the S&P Total Market Index thereafter.

Total Return. A percentage change, over a specified time period, in a portfolio’s net asset value, assuming the reinvestment of all distributions of dividends and capital gains.

Volatility. The fluctuations in value of a mutual fund or other security. The greater a portfolio’s volatility, the wider the fluctuations in its returns.

Yield. Income (interest or dividends) earned by an investment, expressed as a percentage of the investment’s price.

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P.O. Box 2600Valley Forge, PA 19482-2600

Connect with Vanguard® > vanguard.com

© 2018 The Vanguard Group, Inc. All rights reserved.Vanguard Marketing Corporation, Distributor.

P 287 042018

For More InformationIf you would like more information about Vanguard Variable Insurance Fund Total Stock Market Index Portfolio, the following documents are available free upon request:

Annual/Semiannual Reports to ShareholdersAdditional information about the Portfolio’s investments is available in Vanguard Variable Insurance Fund’s annual and semiannual reports to shareholders. In the annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Portfolio’s performance during its last fiscal year.

Statement of Additional Information (SAI)The SAI provides more detailed information about the Portfolio and is incorporated by reference into (and thus legally a part of) this prospectus.

To receive a free copy of the latest annual or semiannual reports or the SAI, or to request additional information about the Fund or other Vanguard funds, please visit vanguard.com or contact us as follows:

Vanguard Annuity and Insurance ServicesP.O. Box 2600Valley Forge, PA 19482-2600 Telephone: 800-522-5555Text telephone for people with hearing impairment: 800-749-7273

Information Provided by the Securities and Exchange Commission (SEC)You can review and copy information about the Fund(including the SAI) at the SEC’s Public Reference Room in Washington, DC. To find out more about this public service, call the SEC at 202-551-8090. Reports and other information about the Fund are also available in the EDGAR database on the SEC’s website at www.sec.gov, or you can receive copies of this information, for a fee, by electronic request at the following email address: [email protected], or by writing the Public Reference Section, Securities and Exchange Commission, Washington, DC 20549-1520.

Fund’s Investment Company Act file number: 811-05962

Cat. # 158839 (5/18)

DFS# 543169 A848-AXA

Vanguard Variable Insurance Fund Total Bond Market Index Portfolio

The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.

This prospectus contains financial data for the Portfolio through the fiscal year ended December 31, 2017.

April 26, 2018

Prospectus

Contents

Portfolio Summary 1 Financial Highlights 21

More on the Portfolio 6 General Information 23

The Portfolio and Vanguard 17 Glossary of Investment Terms 26

Investment Advisor 18

Taxes 19

Share Price 20

1

Portfolio Summary

Investment ObjectiveThe Portfolio seeks to track the performance of a broad, market-weighted bond index.

Fees and ExpensesThe following table describes the fees and expenses you may pay if you buy and hold shares of the Portfolio. The expenses shown in the table and in the example that follows do not reflect additional fees and expenses associated with the annuity or life insurance program through which you invest. If those additional fees and expenses were included, overall expenses would be higher.

Example

The following example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you were to invest $10,000 in the Portfolio’s shares. This example assumes that the Portfolio provides a return of 5% each year and that total annual portfolio operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Portfolio Turnover

The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in the previous expense example, reduce the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover rate was 91% of the average value of its portfolio.

Annual Portfolio Operating Expenses(Expenses that you pay each year as a percentage of the value of your investment)

Management Fees 0.12%

12b-1 Distribution Fee None

Other Expenses 0.03%

Total Annual Portfolio Operating Expenses 0.15%


$15 $48 $85 $192

2

Principal Investment StrategiesThe Portfolio employs an indexing investment approach designed to track the performance of the Bloomberg Barclays U.S. Aggregate Float Adjusted Index. This Index represents a wide spectrum of public, investment-grade, taxable, fixed income securities in the United States—including government, corporate, and international dollar-denominated bonds, as well as mortgage-backed and asset-backed securities—all with maturities of more than 1 year.

The Portfolio invests by sampling the Index, meaning that it holds a broadly diversified collection of securities that, in the aggregate, approximates the full Index in terms of key risk factors and other characteristics. All of the Portfolio’s investments will be selected through the sampling process, and under normal circumstances, at least 80% of the Portfolio’s assets will be invested in bonds held in the Index. The Portfolio maintains a dollar-weighted average maturity consistent with that of the Index, which generally ranges between 5 and 10 years.

Principal RisksAn investment in the Portfolio could lose money over short or long periods of time. You should expect the Portfolio’s share price and total return to fluctuate within a wide range. The Portfolio is subject to the following risks, which could affect the Portfolio’s performance:

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be moderate for the Portfolio because it invests primarily in short- and intermediate-term bonds, whose prices are less sensitive to interest rate changes than are the prices of long-term bonds.

• Income risk, which is the chance that the Portfolio’s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds and moderate for intermediate-term bond funds, so investors should expect the Portfolio’s monthly income to fluctuate accordingly.

• Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Portfolio would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Portfolio’s income. Such redemptions and subsequent reinvestments would also increase the Portfolio’s turnover rate. Call risk should be moderate for the Portfolio because it invests only a portion of its assets in callable bonds.

• Prepayment risk, which is the chance that during periods of falling interest rates, homeowners will refinance their mortgages before their maturity dates, resulting in prepayment of mortgage-backed securities held by the Portfolio. The Portfolio would then lose any price appreciation above the mortgage’s principal and would be forced to

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reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Portfolio’s income. Such prepayments and subsequent reinvestments would also increase the Portfolio’s turnover rate. Prepayment risk is moderate for the Portfolio because it invests only a portion of its assets in mortgage-backed securities.

• Extension risk, which is the chance that during periods of rising interest rates, certain debt securities will be paid off substantially more slowly than originally anticipated, and the value of those securities may fall. For funds that invest in mortgage-backed securities, extension risk is the chance that during periods of rising interest rates, homeowners will repay their mortgages at slower rates.

• Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Credit risk should be low for the Portfolio because it purchases only bonds that are of investment-grade quality.

• Index sampling risk, which is the chance that the securities selected for the Portfolio, in the aggregate, will not provide investment performance matching that of the Portfolio’s target index. Index sampling risk for the Portfolio is expected to be low.

• Liquidity risk, which is the chance that the Portfolio may not be able to sell a security in a timely manner at a desired price.

An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Annual Total ReturnsThe following bar chart and table are intended to help you understand the risks of investing in the Portfolio. The bar chart shows how the performance of the Portfolio has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Portfolio compare with those of its target index and other comparative indexes, which have investment characteristics similar to those of the Portfolio. The Portfolio’s returns are net of its expenses, but do not reflect additional fees and expenses that are deducted by the annuity or life insurance program through which you invest. If such fees and expenses were included in the calculation of the Portfolio’s returns, the returns would be lower. Keep in mind that the Portfolio’s past performance does not indicate how the Portfolio will perform in the future. Updated performance information is available on our website for Financial Advisors at advisors.vanguard.com or by calling Vanguard toll-free at 800-522-5555.

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During the periods shown in the bar chart, the highest return for a calendar quarter was 4.40% (quarter ended December 31, 2008), and the lowest return for a quarter was –3.21% (quarter ended December 31, 2016).

Investment AdvisorThe Vanguard Group, Inc. (Vanguard)

Portfolio Managers

William D. Baird, Portfolio Manager at Vanguard. He has co-managed the Portfolio since 2008.

Joshua C. Barrickman, CFA, Principal of Vanguard and head of Vanguard’s Fixed Income Indexing Americas. He has co-managed the Portfolio since 2013.

Annual Total Returns — Total Bond Market Index Portfolio

Average Annual Total Returns for Periods Ended December 31, 2017

1 Year 5 Years 10 Years

Total Bond Market Index Portfolio 3.57% 1.96% 3.89%

Comparative Indexes(reflect no deduction for fees or expenses)

Bloomberg Barclays U.S. Aggregate Bond Index 3.54% 2.10% 4.01%

Bloomberg Barclays U.S. Aggregate Float Adjusted Index 3.63 2.10 —

Spliced Bloomberg Barclays U.S. Aggregate Float Adjusted Index 3.63 2.10 4.03

5.23 5.94 6.50 7.65 4.02

-2.29

5.89 0.33 2.47 3.57

60%

40%

20%

0%

-20%

-40%

-60%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

5

Tax InformationThe Portfolio normally distributes its net investment income and net realized capital gains, if any, to its shareholders, which are the insurance company separate accounts that sponsor your variable annuity or variable life insurance contract. The tax consequences to you of your investment in the Portfolio depend on the provisions of the annuity or life insurance contract through which you invest. For more information on taxes, please refer to the prospectus of the annuity or life insurance contract through which Portfolio shares are offered.

Payments to Financial IntermediariesThe Portfolio and its investment advisor do not pay financial intermediaries for sales of Portfolio shares.

6

More on the Portfolio

This prospectus describes the principal risks you would face as an investor in this Portfolio. It is important to keep in mind one of the main axioms of investing: generally, the higher the risk of losing money, the higher the potential reward. The reverse, also, is generally true: the lower the risk, the lower the potential reward. As you consider an investment in any mutual fund, you should take into account your personal tolerance for fluctuations in the securities markets. Look for this symbol throughout the prospectus. It is used to mark detailed information about the more significant risks that you would confront as a Portfolio investor. To highlight terms and concepts important to mutual fund investors, we have provided Plain Talk® explanations along the way. Reading the prospectus will help you decide whether the Portfolio is the right investment for you. We suggest that you keep this prospectus for future reference.

A Note About Vanguard Variable Insurance FundThe Total Bond Market Index Portfolio of Vanguard Variable Insurance Fund is a mutual fund used solely as an investment option for annuity or life insurance contracts offered by insurance companies. This means that you cannot purchase shares of the Portfolio directly, but only through a contract offered by an insurance company.

The Total Bond Market Index Portfolio is separate from other Vanguard mutual funds, even when the Portfolio and a fund have the same investment objective and advisor. The Portfolio’s investment performance will differ from the performance of other Vanguard funds because of differences in the securities held and because of administrative and insurance costs associated with the annuity or life insurance program through which you invest.

The following sections explain the principal investment strategies and policies that the Portfolio uses in pursuit of its objective, which is to track the performance of its Index/blank. The Fund‘s board of trustees, which oversees the Portfolio‘s management, may change investment strategies or policies in the interest of shareholders without a shareholder vote, unless those strategies or policies are designated as fundamental.

Plain Talk About Costs of Investing

Costs are an important consideration in choosing a mutual fund. That is because you, as a contract owner, pay a proportionate share of the costs of operating a portfolio and any transaction costs incurred when the portfolio buys or sells securities. These costs can erode a substantial portion of the gross income or the capital appreciation a portfolio achieves. Even seemingly small differences in expenses can, over time, have a dramatic effect on a portfolio‘s performance.

7

Market ExposureThe Portfolio invests in public, investment-grade, taxable, fixed income securities in the United States, as well as mortgage-backed and asset-backed securities.

The Portfolio is subject to interest rate risk, which is the chance that bond prices will decline because of rising interest rates.

Although bonds are often thought to be less risky than stocks, there have been periods when bond prices have fallen significantly because of rising interest rates. For instance, prices of long-term bonds fell by almost 48% between December 1976 and September 1981.

To illustrate the relationship between bond prices and interest rates, the following table shows the effect of a 1% and a 2% change (both up and down) in interest rates on the values of three noncallable bonds (i.e., bonds that cannot be redeemed by the issuer) of different maturities, each with a face value of $1,000.

These figures are for illustration only; you should not regard them as an indication of future performance of the bond market as a whole or the Portfolio in particular.

Plain Talk About Types of Bonds

Bonds are issued (sold) by many sources: Corporations issue corporate bonds; the federal government issues U.S. Treasury bonds; agencies of the federal government issue agency bonds; financial institutions issue asset-backed bonds; and mortgage holders issue “mortgage-backed” pass-through certificates. Each issuer is responsible for paying back the bond’s initial value as well as for making periodic interest payments. Many bonds issued by government agencies and entities are neither guaranteed nor insured by the U.S. government.

How Interest Rate Changes Affect the Value of a $1,000 Bond1

Type of Bond (Maturity)After a 1%

IncreaseAfter a 1%Decrease

After a 2%Increase

After a 2%Decrease

Short-Term (2.5 years) $977 $1,024 $954 $1,049

Intermediate-Term (10 years) 922 1,086 851 1,180

Long-Term (20 years) 874 1,150 769 1,328

1 Assuming a 4% coupon rate.

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In general, interest rate fluctuations widen as a bond portfolio’s average maturity lengthens. The Portfolio is expected to have a moderate level of interest rate risk because its holdings have an intermediate-term average maturity.

The Portfolio is subject to income risk, which is the chance that the Portfolio‘s income will decline because of falling interest rates. A Portfolio's income declines when interest rates fall because the Portfolio then must invest new cash flow and cash from maturing bonds in lower-yielding bonds.

In general, income risk is higher for short-term bond funds and lower for long-term bond funds. Accordingly, the Portfolio should have a moderate level of income risk.

Plain Talk About Bonds and Interest Rates

As a rule, when interest rates rise, bond prices fall. The opposite is also true: Bond prices go up when interest rates fall. Why do bond prices and interest rates move in opposite directions? Let’s assume that you hold a bond offering a 4% yield. A year later, interest rates are on the rise and bonds of comparable quality and maturity are offered with a 5% yield. With higher-yielding bonds available, you would have trouble selling your 4% bond for the price you paid—you would probably have to lower your asking price. On the other hand, if interest rates were falling and 3% bonds were being offered, you should be able to sell your 4% bond for more than you paid.

How mortgage-backed securities are different: In general, declining interest rates will not lift the prices of mortgage-backed securities—such as those guaranteed by the Government National Mortgage Association—as much as the prices of comparable bonds. Why? Because when interest rates fall, the bond market tends to discount the prices of mortgage-backed securities for prepayment risk—the possibility that homeowners will refinance their mortgages at lower rates and cause the bonds to be paid off prior to maturity. In part to compensate for this prepayment possibility, mortgage-backed securities tend to offer higher yields than other bonds of comparable credit quality and maturity. In contrast, when interest rates rise, prepayments tend to slow down, subjecting mortgage-backed securities to extension risk—the possibility that homeowners will repay their mortgages at slower rates. This will lengthen the duration or average life of mortgage-backed securities held by a fund and delay the fund’s ability to reinvest proceeds at higher interest rates, making the fund more sensitive to changes in interest rates.

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The Portfolio is subject to credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline.

Credit risk should be low for the Portfolio because it invests mainly in fixed income securities with high credit-quality ratings.

The Portfolio is subject to liquidity risk, which is the chance that the Portfolio may not be able to sell a security in a timely manner at a desired price.

Plain Talk About Bond Maturities

A bond is issued with a specific maturity date—the date when the issuer must pay back the bond’s principal (face value). Bond maturities range from less than 1 year to more than 30 years. Typically, the longer a bond’s maturity, the more price risk you, as a bond investor, will face as interest rates rise—but also the higher the potential yield you could receive. Longer-term bonds are more suitable for investors willing to take a greater risk of price fluctuations to get higher and more stable interest income. Shorter-term bond investors should be willing to accept lower yields and greater income variability in return for less fluctuation in the value of their investment. The stated maturity of a bond may differ from the effective maturity of a bond, which takes into consideration that an action such as a call or refunding may cause bonds to be repaid before their stated maturity dates.

Plain Talk About Credit Quality

A bond’s credit-quality rating is an assessment of the issuer’s ability to pay interest on the bond and, ultimately, to repay the principal. The lower the credit quality, the greater the chance—in Vanguard’s opinion—that the bond issuer will default, or fail to meet its payment obligations. All things being equal, the lower a bond’s credit quality, the higher its yield should be to compensate investors for assuming additional risk.

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Security SelectionBecause it would be very expensive and inefficient to buy and sell all securities held in its target index, the Total Bond Market Index Portfolio uses index “sampling” techniques to select securities. Using computer programs, the Portfolio’s advisor generally selects a representative sample of securities that approximates the full target index in terms of key risk factors and other characteristics. These factors include duration, cash flow, quality, and callability of the underlying bonds. In addition, the Portfolio keeps industry sector and subsector exposure within tight boundaries relative to its target index. Because the Portfolio does not hold all the issues in its target index, some of the securities (and issuers) that are held will likely be overweighted (or underweighted) compared with the target index. The maximum overweight (or underweight) is constrained at the issuer level with the goal of producing well-diversified credit exposure in the Portfolio.

The Portfolio is subject to index sampling risk, which is the chance that the securities selected for the Portfolio, in the aggregate, will not provide investment performance matching that of the Portfolio’s target index. Index sampling risk for the Portfolio is expected to be low.

The Bloomberg Barclays U.S. Aggregate Float-Adjusted Index represents a wide spectrum of public, investment-grade, taxable, fixed income securities in the United States—including government, corporate, and international dollar-denominated bonds, as well as mortgage-backed and asset-backed securities—all with maturities of more than 1 year. As of December 31, 2017, the Portfolio was composed of the following types of bonds:

The Portfolio’s policy of investing at least 80% of its assets in bonds in its target index may be changed only upon 60 days’ notice to shareholders.

Type of Bond Portion of Portfolio’s Net Assets

Treasury/Agency 42.7%

Government Mortgage-Backed 21.2

Industrial 17.3

Finance 8.9

Foreign 5.6

Asset-Backed/Commercial Mortgage-Backed 2.1

Utilities 2.0

Other 0.2

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Up to 20% of the Portfolio’s assets may be used to purchase nonpublic, investment-grade securities, generally referred to as 144A securities, as well as smaller public issues or medium-term notes not included in the Index because of the small size of the issue. The vast majority of these securities will have characteristics and risks similar to those in the target index. Subject to the same 20% limit, the Portfolio may also purchase other investments that are outside of its target index or may hold bonds that, when acquired, were included in the index but subsequently were removed. The Portfolio may invest a portion of its assets in callable bonds.

The Portfolio is subject to call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Portfolio would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Portfolio’s income. Such redemptions and subsequent reinvestments would also increase the Portfolio’s turnover rate. Call risk should be moderate for the Portfolio because it invests only a portion of its assets in callable bonds.

The Portfolio is subject to prepayment risk, which is the chance that during periods of falling interest rates, homeowners will refinance their mortgages before their maturity dates, resulting in prepayment of mortgage-backed securities held by the Portfolio. The Portfolio would then lose any price appreciation above the mortgage’s principal and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Portfolio‘s income. Such prepayments and subsequent reinvestments would also increase the Portfolio’s turnover rate. Prepayment risk is moderate for the Portfolio because it invests only a portion of its assets in mortgage-backed securities.

The Portfolio is subject to extension risk. Extension risk is the chance that during periods of rising interest rates, certain debt securities will be paid off substantially more slowly than originally anticipated, and the value of those securities may fall. For funds that invest in mortgage-backed securities, extension risk is the chance that during periods of rising interest rates, homeowners will repay their mortgages at slower rates. This will lengthen the duration or average life of mortgage-backed securities held by the Portfolio and delay the Portfolio’s ability to reinvest proceeds at higher interest rates. Extension risk is generally moderate for intermediate-term bond funds.

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The Portfolio may invest a portion of its assets in mortgage-backed securities, which represent interests in underlying pools of mortgages. Unlike ordinary bonds, which generally pay a fixed rate of interest at regular intervals and then repay principal upon maturity, mortgage-backed securities pass through both interest and principal from underlying mortgages as part of their regular payments. Because the mortgages underlying the securities can be prepaid at any time by homeowners or corporate borrowers, mortgage-backed securities are subject to prepayment risk. These types of securities are issued by a number of government agencies, including the GNMA, the FHLMC, and the FNMA. Mortgage-backed securities issued by the GNMA are guaranteed by the full faith and credit of the U.S. government as to the timely payment of principal and interest; those issued by other government agencies or private corporations are not.

The Portfolio may also invest in conventional mortgage-backed securities—which are packaged by private corporations and are not guaranteed by the U.S. government—and enter into mortgage-dollar-roll transactions. In a mortgage-dollar-roll transaction, the Portfolio sells mortgage-backed securities to a dealer and simultaneously agrees to purchase similar securities in the future at a predetermined price. These transactions simulate an investment in mortgage-backed securities and have the potential to enhance the Portfolio’s returns and reduce its administrative burdens, compared with holding mortgage-backed securities directly. These transactions may increase the Portfolio’s turnover rate. Mortgage dollar rolls will be used only to the extent that they are consistent with the Portfolio’s investment objective and risk profile.

Plain Talk About Callable Bonds

Although bonds are issued with clearly defined maturities, in some cases the bond issuer has a right to call in (redeem) the bond earlier than its maturity date. When a bond is called, the bondholder must replace it with another bond that may have a lower yield than the original bond. One way for bond investors to protect themselves against call risk is to purchase a bond early in its lifetime, long before its call date. Another way is to buy bonds with lower coupon rates or interest rates, which make them less likely to be called.

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Other Investment Policies and RisksThe Portfolio reserves the right to substitute a different index for the index it currently tracks if the current index is discontinued, if the Portfolio‘s agreement with the sponsor of its target index is terminated, or for any other reason determined in good faith by the Fund’s board of trustees. In any such instance, the substitute index would represent the same market segment as the current index.

The Portfolio may invest in international U.S. dollar-denominated bonds issued by foreign governments, government agencies, and companies. To the extent that the Portfolio owns foreign bonds, it is subject to country risk, which is the chance that world events—such as political upheaval, financial troubles, or natural disasters—will adversely affect the value or liquidity of securities issued by foreign countries. Because the bond’s value is designated in dollars rather than in the currency of the issuer’s country, the Portfolio is not exposed to currency risk; rather, the issuer assumes the risk, usually to attract U.S. investors.

Plain Talk About U.S. Government-Sponsored Entities

A variety of U.S. government-sponsored entities (GSEs), such as the Federal Home Loan Mortgage Corporation (FHLMC), the Federal National Mortgage Association (FNMA), and the Federal Home Loan Banks (FHLBs), issue debt and mortgage-backed securities. Although GSEs may be chartered or sponsored by acts of Congress, they are not funded by congressional appropriations. In September of 2008, the U.S. Treasury placed FNMA and FHLMC under conservatorship and appointed the Federal Housing Finance Agency (FHFA) to manage their daily operations. In addition, the U.S. Treasury entered into purchase agreements with FNMA and FHLMC to provide them with capital in exchange for senior preferred stock. Generally, their securities are neither issued nor guaranteed by the U.S. Treasury and are not backed by the full faith and credit of the U.S. government. In most cases, these securities are supported only by the credit of the GSE, standing alone. In some cases, a GSE’s securities may be supported by the ability of the GSE to borrow from the U.S. Treasury or may be supported by the U.S. government in some other way. Securities issued by the Government National Mortgage Association (GNMA), however, are backed by the full faith and credit of the U.S. government.

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The Portfolio may also invest in relatively conservative classes of collateralized mortgage obligations (CMOs), which offer a high degree of cash-flow predictability and a low level of vulnerability to mortgage prepayment risk. To reduce credit risk, these less-risky classes of CMOs are purchased only if they are issued by agencies of the U.S. government or issued by private companies that carry high-quality investment-grade ratings.

The portfolio may also invest in derivatives. Generally speaking, a derivative is a financial contract whose value is based on the value of a financial asset (such as a stock, a bond, or a currency), a physical asset (such as gold, oil, or wheat), a market index (such as the Bloomberg Barclays U.S. Aggregate Bond Index), or a reference rate (such as LIBOR).

The Portfolio may invest in fixed income futures contracts, fixed income options, interest rate swaps, total return swaps, credit default swaps, or other derivatives only if the expected risks and rewards of the derivatives are consistent with the investment objective, policies, strategies, and risks of the Portfolio as disclosed in this prospectus. The advisor will not use derivatives to change the risk exposure of the Portfolio. In particular, derivatives will be used for the Portfolio only where they may help the advisor invest in eligible asset classes with greater efficiency and lower cost than is possible through direct investment; add value when these instruments are attractively priced; adjust sensitivity to changes in interest rates; or hedge foreign currency exposure. The Portfolio will not use derivatives for speculation or for the purpose of leveraging (magnifying) investment returns.

The Portfolio may invest a small portion of its assets in fixed income futures, which are a type of derivative, and/or shares of exchange-traded funds (ETFs), including ETF Shares issued by Vanguard funds. These fixed income futures and ETFs typically provide returns similar to those of the bonds listed in the target index or in a subset of the index tracked by the Portfolio. The Portfolio may purchase futures or ETFs when doing so will reduce the Portfolio’s transaction costs, facilitate cash management, mitigate risk, or have the potential to add value because the instruments are favorably

Plain Talk About Derivatives

Derivatives can take many forms. Some forms of derivatives—such as exchange-traded futures and options on securities, commodities, or indexes—have been trading on regulated exchanges for decades. These types of derivatives are standardized contracts that can easily be bought and sold and whose market values are determined and published daily. On the other hand, non-exchange-traded derivatives—such as certain swap agreements—tend to be more specialized or complex and may be more difficult to accurately value.

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priced. Vanguard receives no additional revenue from Portfolio assets invested in ETF Shares of other Vanguard funds. Portfolio assets invested in ETF Shares are excluded when allocating to the Portfolio its share of the costs of Vanguard operations.

Cash ManagementThe Portfolio‘s daily cash balance may be invested in one or more Vanguard CMT Funds, which are low-cost money market funds. When investing in a Vanguard CMT Fund, the Portfolio bears its proportionate share of the expenses of the CMT Fund in which it invests. Vanguard receives no additional revenue from Portfolio assets invested in a Vanguard CMT Fund.

Temporary Investment MeasuresThe Portfolio may temporarily depart from its normal investment policies and strategies when the advisor believes that doing so is in the Portfolio‘s best interest, so long as the strategy or policy employed is consistent with the Portfolio‘s investment objective. For instance, the Portfolio may invest beyond its normal limits in derivatives or exchange-traded funds that are consistent with the Portfolio‘s objective when those instruments are more favorably priced or provide needed liquidity, as might be the case when the Portfolio receives large cash flows that it cannot prudently invest immediately.

Frequent Trading or Market-TimingBackground. Some investors try to profit from strategies involving frequent trading of mutual fund shares, such as market-timing. For funds holding foreign securities, investors may try to take advantage of an anticipated difference between the price of the fund’s shares and price movements in overseas markets, a practice also known as time-zone arbitrage. Investors also may try to engage in frequent trading of funds holding investments such as small-cap stocks and high-yield bonds. As money is shifted into and out of a fund by an investor engaging in frequent trading, the fund incurs costs for buying and selling securities, resulting in increased brokerage and administrative costs. These costs are borne by all fund investors, including the long-term investors who do not generate the costs. In addition, frequent trading may interfere with an advisor’s ability to efficiently manage the fund.

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Policies to address frequent trading. The Vanguard funds (other than money market funds and short-term bond funds, but including Vanguard Short-Term Inflation-Protected Securities Index Fund) do not knowingly accommodate frequent trading. The board of trustees of each Vanguard fund (other than money market funds and short-term bond funds, but including Vanguard Short-Term Inflation-Protected Securities Index Fund) has adopted policies and procedures reasonably designed to detect and discourage frequent trading and, in some cases, to compensate the fund for the costs associated with it. These policies and procedures do not apply to Vanguard ETF® Shares because frequent trading in ETF Shares generally does not disrupt portfolio management or otherwise harm fund investors. Although there is no assurance that Vanguard will be able to detect or prevent frequent trading or market-timing in all circumstances, the following policies have been adopted to address these issues:

• Each Vanguard fund reserves the right to reject any purchase request—including exchanges from other Vanguard funds—without notice and regardless of size. For example, a purchase request could be rejected because the investor has a history of frequent trading or if Vanguard determines that such purchase may negatively affect a fund’s operation or performance.

• Certain Vanguard funds charge shareholders purchase and/or redemption fees on transactions.

You may purchase or sell Portfolio shares through a contract offered by an insurance company. When insurance companies establish omnibus accounts in the Portfolio for their clients, we cannot monitor the individual clients’ trading activity. However, we review trading activity at the omnibus account level, and we look for activity that may indicate potential frequent trading or market-timing. If we detect suspicious trading activity, we will seek the assistance of the insurance company to investigate that trading activity and take appropriate action, including prohibiting additional purchases of Portfolio shares by a client. Insurance companies may apply frequent-trading policies that differ from one another. Please read the insurance company contract and program materials carefully to learn of any rules or fees that may apply.

See the accompanying prospectus for the annuity or insurance program through which Portfolio shares are offered for further details on transaction policies.

The Portfolio, in determining its net asset value, will use fair-value pricing when appropriate, as described in the Share Price section. Fair-value pricing may reduce or eliminate the profitability of certain frequent-trading strategies.

Do not invest with Vanguard if you are a market-timer.

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Turnover RateA mutual fund’s turnover rate is a measure of its trading activity. Generally, an index fund sells securities in response to redemption requests or to changes in the composition of its target index, or to manage the fund‘s duration. The Portfolio may sell securities regardless of how long they have been held. The historical turnover rates for the Portfolio can be found in the Financial Highlights section of this prospectus. A turnover rate of 100% for example, would mean that a Portfolio had sold and replaced securities valued at 100% of its net assets within a one-year period.

The Portfolio and Vanguard

Vanguard Variable Insurance Fund is a member of The Vanguard Group, a family of over 200 funds holding assets of approximately $4.5 trillion. All of the funds that are members of The Vanguard Group (other than funds of funds) share in the expenses associated with administrative services and business operations, such as personnel, office space, and equipment.

Vanguard Marketing Corporation provides marketing services to the funds. Although fund shareholders do not pay sales commissions or 12b-1 distribution fees, each fund (other than a fund of funds) or each share class of a fund (in the case of a fund with multiple share classes) pays its allocated share of the Vanguard funds’ marketing costs.

Plain Talk About Turnover Rate

Before investing in a mutual fund, you should review its turnover rate. This rate gives an indication of how transaction costs, which are not included in the fund’s expense ratio, could affect the fund’s future returns. In general, the greater the volume of buying and selling by the fund, the greater the impact that dealer markup and other transaction costs will have on its return. Also, funds with high turnover rates may be more likely to generate capital gains, including short-term capital gains, that must be distributed to shareholders and will be taxable to shareholders investing through a taxable account.

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Investment Advisor

The Vanguard Group, Inc. (Vanguard), P.O. Box 2600, Valley Forge, PA 19482, which began operations in 1975, provides investment advisory services to the Portfolio through its Fixed Income Group on an at-cost basis, subject to the supervision and oversight of the trustees and officers of the Portfolio. As of December 31, 2017, Vanguard managed approximately $3.9 trillion in assets.

For the fiscal year ended December 31, 2017, the Portfolio’s advisory expenses represented an effective annual rate of 0.01% of the Portfolio’s average net assets.

Under the terms of an SEC exemption, the board of trustees of Vanguard Variable Insurance Fund may, without prior approval from shareholders, change the terms of an advisory agreement with a third-party investment advisor or hire a new third-party investment advisor—either as a replacement for an existing advisor or as an additional advisor. Any significant change in the Portfolio’s advisory arrangements will be communicated to shareholders in writing. As the Portfolio’s sponsor and overall manager, Vanguard may provide investment advisory services to the Portfolio, on an at-cost basis, at any time. Vanguard may also recommend to the board of trustees that an advisor be hired, terminated, or replaced or that the terms of an existing advisory agreement be revised. Vanguard Variable Insurance Fund has filed an application seeking a similar SEC exemption with respect to investment advisors that are wholly owned subsidiaries of Vanguard. If granted, the Portfolio may rely on the new SEC relief.

For a discussion of why the board of trustees approved the Portfolio’s investment advisory arrangement, see the Vanguard Variable Insurance Fund’s most recent semiannual report to shareholders covering the fiscal period ended June 30.

Plain Talk About Vanguard’s Unique Corporate Structure

The Vanguard Group is truly a mutual mutual fund company. It is owned jointly by the funds it oversees and thus indirectly by the shareholders in those funds. Most other mutual funds are operated by management companies that may be owned by one person, by a private group of individuals, or by public investors who own the management company’s stock. The management fees charged by these companies include a profit component over and above the companies’ cost of providing services. By contrast, Vanguard provides services to its member funds on an at-cost basis, with no profit component, which helps to keep the funds’ expenses low.

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The managers primarily responsible for the day-to-day management of the Portfolio are:

William D. Baird, Portfolio Manager at Vanguard. He has worked in investment management since 1988, has managed investment portfolios since 1993, and has co-managed the Portfolio since joining Vanguard in 2008. Education: B.A., Rutgers University; M.B.A., Stern School of Business at New York University.

Joshua C. Barrickman, CFA, Principal of Vanguard and head of Vanguard’s Fixed Income Indexing Americas. He has been with Vanguard since 1998, has worked in investment management since 1999, has managed investment portfolios since 2005, and has co-managed the Portfolio since 2013. Education: B.S., Ohio Northern University; M.B.A., Lehigh University.

The Fund’s Statement of Additional Information provides information about each portfolio manager’s compensation, other accounts under management, and ownership of shares of the Portfolio.

Taxes

The Portfolio normally distributes its net investment income and net realized short-term or long-term capital gains, if any, to its shareholders, which are the insurance company separate accounts that fund your variable annuity or variable life insurance contract. The tax consequences to you of your investment in the Portfolio depend on the provisions of the annuity or life insurance contract through which you invest; please refer to the prospectus of such contract for more information.

The Portfolio intends to operate in such a manner that a separate account investing only in Portfolio shares will result in the variable annuity and variable life insurance contracts supported by that account receiving favorable tax treatment. This favorable treatment means that you generally will not be taxed on Portfolio distributions or proceeds on dispositions of Portfolio shares received by the separate account funding your contract. In order to qualify for this favorable treatment, the insurance company separate accounts that invest in the Portfolio must satisfy certain requirements. If a Portfolio funding your contract does not meet such requirements, your contract could lose its favorable tax treatment, and income and gain allocable to your contract could be taxable to you. Also, if the IRS were to determine that contract holders have an impermissible level of control over the investments funding their contracts, your contract could lose its favorable tax treatment and income and gain allocable to your contract could be taxable currently to you. Please see the Vanguard Variable Insurance Fund’s Statement of Additional Information for more information.

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Share Price

Share price, also known as net asset value (NAV), is calculated each business day as of the close of regular trading on the New York Stock Exchange (NYSE), generally 4 p.m., Eastern time. In the rare event the NYSE experiences unanticipated trade disruptions and is unavailable at the close of the trading day, NAVs will be calculated as of the close of regular trading on the Nasdaq (or another alternate exchange if the Nasdaq is unavailable, as determined at Vanguard’s discretion), generally 4 p.m., Eastern time. The NAV per share is computed by dividing the total assets, minus liabilities, of the Portfolio by the number of Portfolio shares outstanding. On U.S. holidays or other days when the NYSE is closed, the NAV is not calculated, and the Portfolio does not sell or redeem shares. However, on those days the value of the Portfolio’s assets may be affected to the extent that the Portfolio holds securities that change in value on those days (such as foreign securities that trade on foreign markets that are open).

Debt securities held by a Vanguard portfolio are valued based on information furnished by an independent pricing service or market quotations. When a portfolio determines that pricing-service information or market quotations either are not readily available or do not accurately reflect the value of a security, the security is priced at its fair value (the amount that the owner might reasonably expect to receive upon the current sale of the security). The values of any foreign securities held by a portfolio are converted into U.S. dollars using an exchange rate obtained from an independent third party as of the close of regular trading on the NYSE. The values of any mutual fund shares, including institutional money market fund shares, held by a portfolio are based on the NAVs of the shares. The values of any ETF shares or closed-end fund shares held by a portfolio are based on the market value of the shares.

A portfolio also may use fair-value pricing on bond market holidays when the portfolio is open for business (such as Columbus Day and Veterans Day). Fair-value prices are determined by Vanguard according to procedures adopted by the board of trustees. When fair-value pricing is employed, the prices of securities used by a portfolio to calculate its NAV may differ from quoted or published prices for the same securities.

The Portfolio’s NAV is used to determine the unit value for the annuity or life insurance program through which you invest. For more information on unit values, please refer to the accompanying prospectus of the insurance company that offers your annuity or life insurance program.

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Financial Highlights

The following financial highlights table is intended to help you understand the Portfolio’s financial performance for the periods shown, and certain information reflects financial results for a single Portfolio share. The total returns in the table represent the rate that an investor would have earned or lost each period on an investment in the Portfolio (assuming reinvestment of all distributions). This information has been obtained from the financial statements audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, whose report—along with the Portfolio’s financial statements—is included in Vanguard Variable Insurance Fund’s most recent annual report to shareholders. You may obtain a free copy of the latest annual or semiannual report by visiting vanguard.com or by contacting Vanguard by telephone or mail.

Yields and total returns presented for the Portfolio are net of the Portfolio’s operating expenses, but do not take into account charges and expenses attributable to the annuity or life insurance program through which you invest. The expenses of the annuity or life insurance program reduce the returns and yields you ultimately receive, so you should bear those expenses in mind when evaluating the performance of the Portfolio and when comparing the yields and returns of the Portfolio with those of other mutual funds.

Plain Talk About How to Read the Financial Highlights Table

The Portfolio began fiscal year 2017 with a net asset value (share price) of $11.77 per share. During the year, the Portfolio earned $0.292 per share from investment income (interest ) and $0.119 per share from investments that had appreciated in value or that were sold for higher prices than the Portfolio paid for them.

Shareholders received $0.321 per share in the form of dividend and capital gains distributions. A portion of each year’s distributions may come from the prior year’s income or capital gains.

The share price at the end of the year was $11.86, reflecting earnings of $0.411 per share and distributions of $0.321 per share. This was an increase of $0.09 per share (from $11.77 at the beginning of the year to $11.86 at the end of the year). For a shareholder who reinvested the distributions in the purchase of more shares, the total return was 3.57% for the year.

As of December 31, 2017, the Portfolio had approximately $3.5 million in net assets. For the year, its expense ratio was 0.15% ($1.50 per $1,000 of net assets), and its net investment income amounted to 2.48% of its average net assets. The Portfolio sold and replaced securities valued at 91% of its net assets.

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Total Bond Market Index Portfolio

Year Ended December 31,

For a Share Outstanding Throughout Each Period 2017 2016 2015 2014 2013

Net Asset Value, Beginning of Period $11.77 $11.79 $12.07 $11.73 $12.46

Investment Operations

Net Investment Income .2921 .283 .276 .281 .305

Net Realized and Unrealized Gain (Loss) on Investments .119 .007 (.233) .397 (.580)

Total from Investment Operations .411 .290 .043 .678 (.275)

Distributions

Dividends from Net Investment Income (.283) (.277) (.272) (.295) (.315)

Distributions from Realized Capital Gains (.038) (.033) (.051) (.043) (.140)

Total Distributions (.321) (.310) (.323) (.338) (.455)

Net Asset Value, End of Period $11.86 $11.77 $11.79 $12.07 $11.73

Total Return 3.57% 2.47% 0.33% 5.89% –2.29%

Ratios/Supplemental Data

Net Assets, End of Period (Millions) $3,498 $2,985 $2,799 $2,619 $2,305

Ratio of Total Expenses to Average Net Assets 0.15% 0.15% 0.15% 0.19% 0.19%

Ratio of Net Investment Income to Average Net Assets 2.48% 2.41% 2.43% 2.47% 2.36%

Portfolio Turnover Rate2 91% 104% 149% 118% 106%

1 Calculated based on average shares outstanding.2 Includes 24%, 33%, 61%, 61%, and 69% attributable to mortgage-dollar-roll activity.

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General Information

This Portfolio of Vanguard Variable Insurance Fund offers its shares to insurance companies to fund both annuity and life insurance contracts. Because of differences in tax treatment or other considerations, the best interests of various contract owners participating in the Portfolio might at some time be in conflict. The Fund’s board of trustees will monitor for any material conflicts and determine what action, if any, should be taken.

If the board of trustees determines that continued offering of shares would be detrimental to the best interests of the Portfolio’s shareholders, the Portfolio may suspend the offering of shares for a period of time. If the board of trustees determines that a specific purchase acceptance would be detrimental to the best interests of the Portfolio’s shareholders (for example, because of the size of the purchase request or a history of frequent trading by the investor), the Portfolio may reject such a purchase request.

If you wish to redeem money from the Portfolio, please refer to the instructions provided in the accompanying prospectus for the annuity or life insurance program. Shares of the Portfolio may be redeemed on any business day. The redemption price of shares will be at the next-determined net asset value per share. Redemption proceeds will be wired to the administrator generally within one business day following receipt of the redemption request, but no later than seven calendar days. Contract owners will receive their redemption checks from the administrator.

Under normal circumstances, the Portfolio typically expects to meet redemptions with other positive cash flows. When this is not an option, the Portfolio seeks to first meet redemptions from a cash or cash equivalent reserve. Alternatively, Vanguard may instruct the advisors to sell a cross section of the Portfolio‘s holdings to meet redemptions, while also factoring in transaction costs. Additionally, the Portfolio may work with the insurance companies through which contract owners participate in the Portfolio to implement redemptions in a manner that is least disruptive to the portfolio.

Under certain circumstances, including under stressed market conditions, there are additional tools that the Portfolio may use in order to meet redemptions, including advancing the settlement of market trades with counterparties to match investor redemption payments or delaying settlement of an investor’s transaction to match trade settlement within regulatory requirements. The Portfolio may also suspend payment of redemption proceeds for up to seven days. Additionally under these unusual circumstances, the Portfolio may borrow money (subject to certain regulatory conditions and if available under board-approved procedures) through an interfund lending facility or through a bank line-of-credit, including a joint committed credit facility, in order to meet redemption requests.

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The Portfolio may suspend the redemption right or postpone payment at times when the New York Stock Exchange is closed or during any emergency circumstances, as determined by the Securities and Exchange Commission.

The exchange privilege (your ability to redeem shares from one Portfolio to purchase shares of another Portfolio) may be available to you through your contract. Although we make every effort to maintain the exchange privilege, Vanguard reserves the right to revise or terminate this privilege, limit the amount of an exchange, or reject any exchange, at any time, without notice.

If the board of trustees determines that it would be detrimental to the best interests of the Portfolio’s remaining shareholders to make payment in cash, the Portfolio may pay redemption proceeds, in whole or in part, by an in-kind distribution of readily marketable securities.

For certain categories of investors, the Portfolio has authorized one or more brokers to accept on its behalf purchase and redemption orders. The brokers are authorized to designate other intermediaries to accept purchase and redemption orders on the Portfolio’s behalf. The Portfolio will be deemed to have received a purchase or redemption order when an authorized broker, or a broker’s authorized designee, accepts the order in accordance with the Portfolio’s instructions. In most cases, for these categories of investors, a contract owner’s properly transmitted order will be priced at the Portfolio’s next determined NAV after the order is accepted by the authorized broker or the broker’s designee. The contract owner should review the authorized broker’s policies relating to trading in the Vanguard funds.

Please consult the Vanguard Variable Insurance Fund’s Statement of Additional Information or our website for a description of the policies and procedures that govern disclosure of the Fund’s portfolio holdings.

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CFA® is a registered trademark owned by CFA Institute.

BLOOMBERG is a trademark and service mark of Bloomberg Finance L.P. BARCLAYS is a trademark and service mark of Barclays Bank Plc, used under license. Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (BISL) (collectively, Bloomberg), or Bloomberg’s licensors, own all proprietary rights in the Bloomberg Barclays U.S. Aggregate Bond Index (the Index or Bloomberg Barclays Index).

Neither Barclays Bank Plc, Barclays Capital Inc., or any affiliate (collectively Barclays) or Bloomberg is the issuer or producer of the Total Bond Market Index Portfolio and neither Bloomberg nor Barclays has any responsibilities, obligations or duties to investors in the Total Bond Market Index Portfolio. The Index is licensed for use by The Vanguard Group, Inc. (Vanguard) as the sponsor of the Total Bond Market Index Portfolio. Bloomberg and Barclays’ only relationship with Vanguard in respect to the Index is the licensing of the Index, which is determined, composed and calculated by BISL, or any successor thereto, without regard to the Issuer or the Total Bond Market Index Portfolio or the owners of the Total Bond Market Index Portfolio.

Additionally, Vanguard may for itself execute transaction(s) with Barclays in or relating to the Index in connection with the Total Bond Market Index Portfolio. Investors acquire the Total Bond Market Index Portfolio from Vanguard and investors neither acquire any interest in the Index nor enter into any relationship of any kind whatsoever with Bloomberg or Barclays upon making an investment in the Total Bond Market Index Portfolio. The Total Bond Market Index Portfolio is not sponsored, endorsed, sold or promoted by Bloomberg or Barclays. Neither Bloomberg nor Barclays makes any representation or warranty, express or implied regarding the advisability of investing in the Total Bond Market Index Portfolio or the advisability of investing in securities generally or the ability of the Index to track corresponding or relative market performance. Neither Bloomberg nor Barclays has passed on the legality or suitability of the Total Bond Market Index Portfolio with respect to any person or entity. Neither Bloomberg nor Barclays is responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Total Bond Market Index Portfolio to be issued. Neither Bloomberg nor Barclays has any obligation to take the needs of the Issuer or the owners of the Total Bond Market Index Portfolio or any other third party into consideration in determining, composing or calculating the Index. Neither Bloomberg nor Barclays has any obligation or liability in connection with administration, marketing or trading of the Total Bond Market Index Portfolio.

The licensing agreement between Bloomberg and Barclays is solely for the benefit of Bloomberg and Barclays and not for the benefit of the owners of the Total Bond Market Index Portfolio, investors or other third parties. In addition, the licensing agreement between Vanguard and Bloomberg is solely for the benefit of Vanguard and Bloomberg and not for the benefit of the owners of the Total Bond Market Index Portfolio, investors or other third parties.

NEITHER BLOOMBERG NOR BARCLAYS SHALL HAVE ANY LIABILITY TO THE ISSUER, INVESTORS OR TO OTHER THIRD PARTIES FOR THE QUALITY, ACCURACY AND/OR COMPLETENESS OF THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN OR FOR INTERRUPTIONS IN THE DELIVERY OF THE BLOOMBERG BARCLAYS INDEX. NEITHER BLOOMBERG NOR BARCLAYS MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER, THE INVESTORS OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN. NEITHER BLOOMBERG NOR BARCLAYS MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EACH HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN. BLOOMBERG RESERVES THE RIGHT TO CHANGE THE METHODS OF CALCULATION OR PUBLICATION, OR TO CEASE THE CALCULATION OR PUBLICATION OF THE BLOOMBERG BARCLAYS INDEX, AND NEITHER BLOOMBERG NOR BARCLAYS SHALL BE LIABLE FOR ANY MISCALCULATION OF OR ANY INCORRECT, DELAYED OR INTERRUPTED PUBLICATION WITH RESPECT TO THE BLOOMBERG BARCLAYS INDEX. NEITHER BLOOMBERG NOR BARCLAYS SHALL BE LIABLE FOR ANY DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, OR ANY LOST PROFITS AND EVEN IF ADVISED OF THE POSSIBLITY OF SUCH, RESULTING FROM THE USE OF A BLOOMBERG BARCLAYS INDEX OR ANY DATA INCLUDED THEREIN OR WITH RESPECT TO THE TOTAL BOND MARKET INDEX PORTFOLIO.

None of the information supplied by Bloomberg or Barclays and used in this publication may be reproduced in any manner without the prior written permission of both Bloomberg and Barclays Capital, the investment banking division of Barclays Bank Plc. Barclays Bank Plc is registered in England No. 1026167. Registered office 1 Churchill Place London E14 5HP.

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Glossary of Investment Terms

Active Management. An investment approach that seeks to exceed the average returns of a particular financial market or market segment. In selecting securities to buy and sell, active managers may rely on, among other things, research, market forecasts, quantitative models, and their own judgment and experience.

Average Maturity. The average length of time until bonds held by a portfolio reach maturity and are repaid. In general, the longer the average maturity, the more a portfolio’s share price fluctuates in response to changes in market interest rates. In calculating average maturity, a portfolio uses a bond’s maturity or, if applicable, an earlier date on which the advisor believes it is likely that a maturity-shortening device (such as a call, put, refunding, prepayment or redemption provision, or an adjustable coupon rate) will cause the bond to be repaid.

Bloomberg Barclays U.S. Aggregate Bond Index. An index that is the broadest representation of the taxable U.S. bond market, including most U.S. Treasury, agency, corporate, mortgage-backed, asset-backed, and international dollar-denominated issues, all with investment-grade ratings (rated Baa3 or above by Moody’s) and maturities of 1 year or more.

Bond. A debt security (IOU) issued by a corporation, a government, or a government agency in exchange for the money the bondholder lends it. In most instances, the issuer agrees to pay back the loan by a specific date and generally to make regular interest payments until that date.

Capital Gains Distribution. Payment to portfolio shareholders of gains realized on securities that a portfolio has sold at a profit, minus any realized losses.

Cash Equivalent Investments. Cash deposits, short-term bank deposits, and money market instruments that include U.S. Treasury bills and notes, bank certificates of deposit (CDs), repurchase agreements, commercial paper, and banker’s acceptances.

Corporate Bond. An IOU issued by a business that wants to borrow money. As with other types of bonds, the issuer promises to repay the borrowed money by a specific date and generally to make interest payments in the meantime.

Coupon Rate. The interest rate paid by the issuer of a debt security until its maturity. It is expressed as an annual percentage of the face value of the security.

Dividend Distribution. Payment to portfolio shareholders of income from interest or dividends generated by a portfolio’s investments.

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Expense Ratio. A portfolio’s total annual operating expenses expressed as a percentage of the portfolio’s average net assets. The expense ratio includes management and administrative expenses, but does not include the transaction costs of buying and selling portfolio securities.

Face Value. The amount to be paid at a bond’s maturity; also known as the par value or principal.

Fixed Income Security. An investment, such as a bond, representing a debt that must be repaid by a specified date, and on which the borrower must pay a fixed, variable, or floating rate of interest.

Float-Adjusted Index. An index that weights its constituent securities based on the value of the constituent securities that are available for public trading, rather than the value of all constituent securities. Some portion of an issuer’s securities may be unavailable for public trading because, for example, those securities are owned by company insiders on a restricted basis or by a government agency. By excluding unavailable securities, float-adjusted indexes can produce a more accurate picture of the returns actually experienced by investors in the measured market.

Inception Date. The date on which the assets of a portfolio are first invested in accordance with the portfolio’s investment objective. For portfolios with a subscription period, the inception date is the day after that period ends. Investment performance is generally measured from the inception date.

Indexing. A low-cost investment strategy in which a mutual fund attempts to track—rather than outperform—a specified market benchmark, or “index.”

International Dollar-Denominated Bond. A bond denominated in U.S. dollars issued by foreign governments and companies. Because the bond’s value is designated in dollars, an investor is not exposed to foreign-currency risk.

Investment-Grade Bond. A debt security whose credit quality is considered by independent bond-rating agencies, or through independent analysis conducted by a portfolio’s advisor, to be sufficient to ensure timely payment of principal and interest under current economic circumstances. Debt securities rated in one of the four highest rating categories are considered investment-grade. Other debt securities may be considered by an advisor to be investment-grade.

Joint Committed Credit Facility. The Portfolio participates, along with other funds managed by Vanguard, in a committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. The amount and terms of the committed credit facility are subject to approval by the fund’s board of trustees and renegotiation with the lender syndicate on an annual basis.

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Mortgage-Backed Security. A bond or pass-through certificate that represents an interest in an underlying pool of mortgages and is issued by various government agencies or private corporations. Unlike ordinary fixed income securities, mortgage-backed securities include both interest and principal as part of their regular payments.

Mutual Fund. An investment company that pools the money of many people and invests it in a variety of securities in an effort to achieve a specific objective over time.

New York Stock Exchange (NYSE). A stock exchange based in New York City that is open for regular trading on business days, Monday through Friday, from 9:30 a.m. to 4 p.m., Eastern time. Net asset values (NAVs) are calculated each business day as of the close of regular trading on the NYSE.

Principal. The face value of a debt instrument or the amount of money put into an investment.

Securities. Stocks, bonds, money market instruments, and other investments.

Spliced Bloomberg Barclays U.S. Aggregate Float Adjusted Index. An index that reflects performance of the Bloomberg Barclays U.S. Aggregate Bond Index (not float-adjusted) through December 31, 2009, and the Bloomberg Barclays U.S. Aggregate Float Adjusted Index thereafter.

Total Return. A percentage change, over a specified time period, in a portfolio’s net asset value, assuming the reinvestment of all distributions of dividends and capital gains.

Volatility. The fluctuations in value of a mutual fund or other security. The greater a portfolio’s volatility, the wider the fluctuations in its returns.

Yield. Income (interest or dividends) earned by an investment, expressed as a percentage of the investment’s price.

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P 257 042018

For More InformationIf you would like more information about Vanguard Variable Insurance Fund Total Bond Market Index Portfolio, the following documents are available free upon request:

Annual/Semiannual Reports to ShareholdersAdditional information about the Portfolio’s investments is available in Vanguard Variable Insurance Fund’s annual and semiannual reports to shareholders. In the annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Portfolio’s performance during its last fiscal year.

Statement of Additional Information (SAI)The SAI provides more detailed information about the Portfolio and is incorporated by reference into (and thus legally a part of) this prospectus.

To receive a free copy of the latest annual or semiannual reports or the SAI, or to request additional information about the Fund or other Vanguard funds, please visit vanguard.com or contact us as follows:

Vanguard Annuity and Insurance ServicesP.O. Box 2600Valley Forge, PA 19482-2600 Telephone: 800-522-5555Text telephone for people with hearing impairment: 800-749-7273

Information Provided by the Securities and Exchange Commission (SEC)You can review and copy information about the Fund(including the SAI) at the SEC’s Public Reference Room in Washington, DC. To find out more about this public service, call the SEC at 202-551-8090. Reports and other information about the Fund are also available in the EDGAR database on the SEC’s website at www.sec.gov, or you can receive copies of this information, for a fee, by electronic request at the following email address: [email protected], or by writing the Public Reference Section, Securities and Exchange Commission, Washington, DC 20549-1520.

Fund’s Investment Company Act file number: 811-05962

Cat. # 158840 (5/18)

DFS# 527031 A849-AXA

Members Retirement Program Retirement Program Prospectus dated May 1, 2018 Please read and keep this...

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Transcript of Members Retirement Program Retirement Program Prospectus dated May 1, 2018 Please read and keep this...