AXA Equitable s 300+ Series

Transcription

1 AXA Equitable s 300+ Series individual contracts or certificates under group annuity contracts prospectus May 1, 2013 This booklet contains a prospectus relating to AXA Equitable s 300+ Series contract, which is issued by AXA Equitable Life Insurance Company, and prospectuses for AXA Premier VIP Trust and EQ Advisors Trust.

2 Table of Contents Variable Product Prospectus AXA Equitable s 300+ Series 1 Summary Prospectuses Page Page Label AXA Premier VIP Trust AXA Moderate Allocation AMA 1-4 Multimanager Aggressive Equity MMAE 1-5 Multimanager Multi-Sector Bond MMMSB 1-5 Multimanager Small Cap Value MMSCV 1-5 Multimanager Technology MMT 1-4 EQ Advisors Trust EQ/Capital Guardian Research EQCGR 1-3 Page Label EQ/Common Stock Index EQCTI 1-3 EQ/Equity 500 Index EQ500I 1-3 EQ/Intermediate Government Bond EQIGB 1-3 EQ/International Equity Index EQIEI 1-3 EQ/International Value PLUS EQIVP 1-5 EQ/Large Cap Growth PLUS EQLCGP 1-5 EQ/Large Cap Value PLUS EQLCVP 1-5 EQ/Money Market EQMM 1-3 (502668)

3 AXA Equitable s 300+ Series Certificates under Group Annuity Contracts Prospectus dated May 1, 2013 This prospectus is a disclosure document and describes all of the Certificate s material features, benefits, rights and obligations, as well as other information. The description of the Certificate s material provisions in this prospectus is current as of the date of this prospectus. If certain material provisions under the Certificate are changed after the date of this prospectus in accordance with the Certificate, those changes will be described in a supplement to this prospectus. You should carefully read this prospectus in conjunction with any applicable supplements. The Certificate should be read carefully. You have the right to cancel the Certificate within a certain number of days after receipt of the Certificate. You should read this prospectus in conjunction with any applicable supplements. What is AXA Equitable s 300+ Series? AXA Equitable s 300+ Series Certificates are group annuity contracts (1) issued by AXA Equitable Life Insurance Company ( AXA Equitable ). They provide a means for the accumulation of retirement savings and for income. You invest to accumulate on a tax-deferred basis in one or more of our variable investment options ( Funds ) or guaranteed rate accounts ( GRAs ), the investment options in AXA Equitable s 300+ Series. Investment options Asset Allocation AXA Moderate Allocation (2) Cash Equivalents EQ/Money Market International Stocks EQ/International Equity Index Bonds EQ/Intermediate Government Bond Large Cap Blend EQ/Capital Guardian Research EQ/Common Stock Index Large Cap Growth EQ/Large Cap Growth Plus Large Cap Value EQ/Large Cap Value PLUS Small Cap Value Multimanager Small Cap Value Specialty Multimanager Technology Guaranteed Rate Accounts EQ/International Value PLUS Multimanager Multi-Sector Bond EQ/Equity 500 Index Multimanager Aggressive Equity (1) In certain states the 300+ Series contracts are individual contracts. (2) This investment option may be referred to as an AXA Allocation Portfolio. You may allocate amounts to any of the Funds. They, in turn, invest in a corresponding securities portfolio ( Portfolio ) of AXA Premier VIP Trust or EQ Advisors Trust (the Trusts ). Your investment results in a Fund will depend on the investment experience of the related Portfolio and timing of transactions such as contributions and transfers. Each Fund is a subaccount of our Separate Account No Guaranteed Rate Accounts. You may allocate amounts to the GRAs which offer guarantees of principal, as well as interest at rates we set. Please read and keep this prospectus for future reference. It contains important information that you should know before purchasing or taking any other action under your Certificate. This prospectus supersedes all prior prospectuses and supplements. You should read the prospectuses for each Trust which contain important information about the portfolios. Types of contracts. We offer the Certificates for use as: Regular IRAs or Roth IRAs Tax Sheltered Annuities ( TSAs ) Simplified Employee Pensions ( SEP ) Savings Incentive Match Plans for Employees ( SIMPLE ) A registration statement relating to this offering has been filed with the Securities and Exchange Commission ( SEC ). A Statement of Additional Information ( SAI ) dated May 1, 2013, which is part of the registration statement, is available free of charge upon request by writing to us or calling , our toll-free number ( in France, Italy, Korea, Israel, Switzerland, and the United Kingdom). The SAI has been incorporated by reference into this prospectus. This prospectus and the SAI can also be obtained from the SEC s website at The table of contents for the SAI appears at the back of this prospectus. The SAI is available free of charge. You may request one by writing to our Processing Office at AXA Equitable 300+ Series, Box 4875, Syracuse, NY or calling The SEC has not approved or disapproved these securities or determined if this prospectus is accurate or complete. Any representation to the contrary is a criminal offense. The Certificates are not insured by the FDIC or any other agency. They are not deposits or other obligations of any bank and are not bank guaranteed. They are subject to investment risks and possible loss of principal. #417009/300+

4 Contents of this Prospectus Index of key words and phrases 4 AXA Equitable s 300+ Series Certificates at a glance key features 5 How to reach us 6 Fee table 7 Example 8 Condensed financial information 8 1. Certificate features 9 How do I purchase and contribute to my Certificate? 9 Owner and annuitant requirements 10 How do I make my contributions? 10 What are my investment options within the Certificate? 11 Portfolios of the Trusts 12 Guaranteed Rate Accounts 15 Allocating your contributions 15 Your right to cancel within a certain number of days Determining your Certificate s value 16 Your account balance in the Funds 16 Your account balance in the GRAs Transferring your money among investment options 17 Disruptive transfer activity Accessing your money 19 Withdrawing your account balance 19 Choosing your retirement payout options Charges and expenses 21 Charges that AXA Equitable deducts 21 Charges the Trusts deduct 21 Certain expense limitations 22 We, our, and us refer to AXA Equitable. When we address the reader of this prospectus with words such as you and your, we mean the person who has the right or responsibility that the prospectus is discussing at that point. This is usually the Certificate owner who we may also refer to as the participant. 2 Contents of this Prospectus

5 6. Payment of death and disability benefit 23 Your beneficiary and payment of death benefit 23 When the participant dies before distributions begin 23 Beneficiary continuation option 23 When the participant dies after the retirement date 23 Disability payment Tax information 24 Tax changes 24 Spousal status 24 Buying a contract to fund a retirement arrangement 24 Tax-Sheltered Annuity arrangements ( TSAs ) 24 Individual Retirement Annuities (Regular and Roth IRAs) 25 IRAs under SEPs and Simplified Employee Pension Plans (SEPs and SIMPLEs) More information 26 About AXA Equitable 26 About Separate Account No About the Trusts 26 About the general account 26 Dates and prices at which Certificate events occur 27 About your voting rights 27 About the group annuity contracts 28 IRS disqualification 28 About legal proceedings 28 Financial Statements 28 Transfers of ownership, collateral assignments, loans, and borrowing 28 Distribution of the Certificates 28 Reports and additional information 28 Appendix I Condensed financial information I-1 Statement of additional information Table of contents 3 Contents of this Prospectus

6 Index of key words and phrases This index should help you locate more information on the terms used in this prospectus. Page Accessing Your Money 19 account balance 16 AIMS 15 annuitant 10 Annuity Payout Options 19 beneficiary 23 Beneficiary continuation option 23 Business Day 27 cash value 16 Charges and Expenses 21 contributions 10 Death Benefit 23 Disruptive transfer activity 17 Guaranteed Rate Accounts 15 Investment Options 11 Key Features 5 Market timing 17 Page Payout Options 19 Portfolio 1 Processing Office 6 Regular IRA 9 Retirement Payout Options 19 Right to Cancel 15 Roth IRA 9 SAI 1 SEP 9 SIMPLE 9 Tax Information 24 Transferring Your Money 17 Trusts 1, 12 TSA 24 Unit 16 Variable Investment Funds 11 Voting Rights 27 To make this prospectus easier to read, we sometimes use different words than in the contract or supplemental materials. Although we do use different words, they have the same meaning in this prospectus as in the contract or supplemental materials. Your financial professional can provide further explanation about your contract. 4 Index of key words and phrases

7 AXA Equitable s 300+ Series AXA Equitable s 300+ Series Certificates at a glance key features Professional investment management AXA Equitable s 300+ Series Funds invest in different Portfolios managed by professional investment advisers. Guaranteed Rate Accounts New GRAs with one and three-year guarantee periods offered quarterly. Principal guaranteed; interest guaranteed when GRA is held to maturity of guarantee period. Tax advantages of Plan On contributions: Pre-tax contributions except for certain IRAs and for Roth IRAs. On earnings inside the Certificate: No tax on any dividends, interest or capital gains until you make withdrawals or receive distributions. On transfers inside the Certificate: No tax on transfers among investment options. On payout: Tax-favored payout alternatives. Because you are purchasing an annuity contract as an Individual Retirement Annuity ( IRA ), or to fund a qualified employer sponsored retirement arrangement, you should be aware that such annuities do not provide tax deferral benefits beyond those already provided by the Internal Revenue Code. Before purchasing one of these annuities, you should consider whether its features and benefits beyond tax deferral meet your needs and goals. You may also want to consider the relative features, benefits and costs of these annuities with any other investment that you may use in connection with your retirement plan or arrangement. (For more information, see Tax information, later in this prospectus and in the SAI). Minimum contribution amounts AXA Equitable has no minimum (If you are contributing through an employer, the employer may have a minimum). Access to your money Lump sum withdrawals (You may be subject to a withdrawal charge for certain withdrawals or transfers from the GRAs. You may also incur income tax and a penalty tax on any withdrawal.) Payout alternatives Fixed annuity payout benefit Periodic distribution option Single sum payment Other annuity or optional retirement benefits we may offer Additional features Transfers among the Funds Transfers from the GRAs, subject to special rules Toll-free telephone access to information regarding your account and use of the Account Investment Management system for transfers Internet access to account information and ability to manage account at: Fees and charges Participant service charge assessed quarterly for certain administrative services. Maximum of $30 per year. Administrative charge, for expenses not covered by the participant service charge, assessed daily against assets of the Funds at an annual rate of 0.25%. Other expenses charged directly to the Funds for operating expenses. 7% charge, not to exceed interest earned, on amounts withdrawn or transferred from GRAs. There are exceptions to withdrawal charge and it is not applicable in all states. Annual expenses of the Trusts Portfolios are calculated as a percentage of net assets in each Portfolio. These expenses include management fees, other expenses and 12b-1 fees. Annual expenses of the Trust Portfolios are calculated as a percentage of the average daily net assets invested in each portfolio. Please see Fee Table later in this prospectus for details. One-time enrollment fee of $25 for each employee Certificate owner participating in a SEP or SIMPLE; payable by the employee or the employer. Annuitization fee of up to $350 if a participant elects an annuity option at retirement. A higher fee may apply when an optional annuity benefit, other than the normal form of annuity, is elected. The above is not a complete description of all material provisions of the Certificates. This prospectus is a disclosure document and describes all of the Certificate s material features, benefits, rights and obligations, as well as other information. The description of the Certificate s material provisions in this prospectus is current as of the date of this prospectus. If certain material provisions under the Certificate are changed after the date of this prospectus in accordance with the Certificate, those changes will be described in a supplement to this prospectus. You should carefully read this prospectus in conjunction with any applicable supplements. The Certificate should also be read carefully before investing. Please feel free to call us if you have any questions. If for any reason you are not satisfied with your Certificate, you may return it to us for a refund within a certain number of days. Please see Your right to cancel within a certain number of days later in this prospectus for additional information. 5 AXA Equitable s 300+ Series

8 How to reach us You may communicate with us at the mailing addresses listed below for the purposes described. Certain methods of contacting us, such as by telephone or electronically may be unavailable or delayed. For example, our facsimile service may not be available at all times and/or we may be unavailable due to emergency closing. In addition, the level and type of service available may be restricted based on criteria established by us. In order to avoid delays in processing, please send your correspondence and check to the appropriate location listed below. By Internet: By logging on to and entering with your User ID and Password you can use the Internet to access certain retirement account information such as: Investment performance, current investment fund unit values, and current guaranteed option interest rates. Transfer assets between investment options and obtain account balance information. Change the allocation of future contributions and maturing Guaranteed Rate Accounts. For contributions sent by regular mail: AXA Equitable 300+ Series P.O. Box 1599 Newark, New Jersey For all other communications (e.g., withdrawals, or required notices) sent by regular mail: AXA Equitable 300+ Series P.O. Box 4875 Syracuse, NY Toll-free telephone service: You may also use our AIM System to reach us toll-free at or from France, Italy, Republic of Korea, Switzerland, and the United Kingdom for a recording of: Daily unit values for the Funds Guaranteed rates applicable to the GRAs Performance results for each Fund You may also use our toll-free number to change allocation instructions, make telephone transfers among the investment options, or, during our regular business hours, to speak with one of our customer service representatives. We have established procedures to reasonably confirm that the instructions communicated by telephone are genuine. For example, we will require certain personal identification information before we act on telephone instructions and we will provide written confirmation of your transfers. We will not be liable for following telephone instructions we reasonably believe to be genuine. You should send all contributions, notices, and requests to our Processing Office at the address above. By We welcome your comments and questions regarding the AXA Equitable 300+ Series. If you have a comment or suggestion about the 300+ Series website we would appreciate hearing from you. Go to and click on Contact Us or you can us directly at [email protected]. Signatures: The proper person to sign forms, notices and requests would normally be the Certificate owner. Any irrevocable beneficiary or assignee that we have on our records also must sign certain types of requests. No person is authorized by AXA Equitable Life Insurance Company to give any information or make any representations other than those contained in this prospectus and the SAI, or in other printed or written material issued by AXA Equitable. You should not rely on any other information or representation. 6 AXA Equitable s 300+ Series

9 Fee table The following tables describe the fees and expenses that you will pay when buying, owning, and surrendering the Certificate. Each of the charges and expenses is more fully described in Charges and expenses later in this prospectus. The first table describes fees and expenses that you will pay at the time of your initial contribution, if you take withdrawals or make transfers from the GRAs or if you purchase an annuity payout option. Charges designed to approximate certain taxes that may be imposed on us, such as premium taxes in your state, may also apply. Charges we may deduct from your initial contribution SEP and SIMPLE enrollment fee (1) $25 Charges we deduct from your account balance at the time you request certain transactions Maximum charge for withdrawals or transfers from the GRAs (2) 7.00% Charge if you purchase an annuity payout option $350 Premium tax charge if you select an annuity payout option (3) 0.00% 1.00% The following tables describe the fees and expenses that you will pay periodically during the time that you own the contract, not including the underlying trust portfolio fees and expenses. Charges we deduct from your Funds expressed as an annual percentage of daily net assets Administrative charge 0.25% Fund related other expenses (4) 0.20% Charges we deduct from your account balance at the end of each calendar quarter Maximum participant service charge (5) $7.50 A proportionate share of all fees and expenses paid by a Portfolio that corresponds to any Fund of the Trusts to which monies are allocated also applies. The table below shows the lowest and highest total operating expenses as of December 31, 2012 charged by any of the Portfolios that apply periodically during the time that you own the Policy. These fees and expenses are reflected in the Portfolio s net asset value each day. Therefore, they reduce the investment return of the Portfolio and the related Fund. Actual fees and expenses are likely to fluctuate from year to year. More detail concerning each Portfolio s fees and expenses is contained in the Trust prospectus for the Portfolio. Portfolio operating expenses expressed as an annual percentage of daily net assets Total Annual Portfolio Operating Expenses for 2012 (expenses that are deducted from Portfolio assets including management fees, 12b-1 fees, service fees, and/or other expenses) (6) Lowest 0.63% Highest 1.44% (1) We charge a one time non-refundable enrollment fee of $25 for each participant in a SEP or SIMPLE IRA. Unless otherwise paid by your employer, we collect this fee from your initial contribution. (2) We generally, where applicable, impose a charge on withdrawals or transfers before the maturity of a GRA guarantee period. The charge is 7% of the amount withdrawn or transferred, or, if less, the accumulated interest. No withdrawal or transfer charge applies to amounts in the Funds. (3) We reserve the right to deduct the premium tax charge from each contribution or from distributions or upon termination of your contract. (4) These expenses vary by Fund and will fluctuate from year to year based on actual expenses. The percentage set forth in the table represents the highest other expenses incurred by a Fund during the fiscal year ended December 31, These expenses may be higher or lower based on the expenses incurred by the Funds during the fiscal year ended December 31, (5) This charge is to reimburse us for certain administrative charges. For SEP and SIMPLE IRA, the charge is up to $15 per year. For regular IRA, Roth IRA and TSA Certificates, the charge is up to $30 per year. See Participant service charge in Charges and expenses later in this prospectus for more information. (6) Total Annual Portfolio Operating Expenses are based, in part, on estimated amounts for options added during the fiscal year 2012, if applicable, and for the underlying portfolios. In addition, the Lowest represents the total annual operating expenses of the EQ/Equity 500 Index Portfolio. The Highest represents the total annual operating expenses of the Multimanager Technology Portfolio. 7 Fee table

10 Example This example is intended to help you compare the cost of investing in the contract with the cost of investing in other variable annuity contracts. The costs include certificate owner transaction expenses, contract fees, separate account annual expenses, and underlying trust fees and expenses. The example below shows the expenses that a hypothetical certificate owner would pay in the situations illustrated and assumes the maximum charges applicable under the certificate and that no amounts are allocated to the GRAs. Since there are no surrender charges in connection 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 guaranteed rate accounts are not covered by this example. However, the ongoing expenses do apply to the guaranteed rate accounts. This example should not be considered a representation of past or future expenses for each option. Actual expenses may be greater or less than those shown. Similarly, the annual rate of return assumed in the example is not an estimate or guarantee of future investment performance. The example assumes that you invest $10,000 in the contract for the time periods indicated and that your investment has a 5% return each year. The example 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, your costs would be: If you surrender or do not surrender your contract at the end of the applicable time period If you annuitize at the end of the applicable time period Portfolio Name 1 Year 3 Years 5 Years 10 Years 1 Year 3 Years 5 Years 10 Years (a) assuming maximum fees and expenses of any of the Portfolios $247 $706 $1,187 $2,497 $597 $1,056 $1,537 $2,847 (b) assuming minimum fees and expenses of any of the Portfolios $165 $457 $ 766 $1,620 $515 $ 807 $1,116 $1,970 Condensed financial information Please see Appendix I, at the end of this prospectus, for the unit values, as of the dates shown, for each of the Funds. 8 Fee table

11 1. Certificate features How do I purchase and contribute to my Certificate? You or your employer may purchase and contribute to a Certificate by making payments to us. You may contribute under a Regular IRA, Roth IRA, SIMPLE IRA, or under a SEP. Your employer contributes under a SEP, TSA, or SIMPLE IRA. We have no minimum contribution amount. However, an employer may establish a minimum contribution amount for payroll deductions. The following table summarizes certain information regarding the Certificates and contributions. We reserve the right, in our sole discretion, to prohibit further enrollment of participants under the Plan. Certificate type Contribution sources Contribution limitations Regular IRA typically pre-tax contributions distributions are taxable Roth IRA after-tax contributions distributions are tax-free when conditions met TSA favorable tax treatment for employees of tax-exempt organizations and public schools Regular IRA contributions may not exceed $5,500. Additional catch-up contributions. Eligible rollover distributions from 403(b) plans, qualified plans, and governmental employer 457(b) plans. Rollovers of after-tax funds from Regular IRAs, 403(b) plans and qualified plans. Rollovers from another traditional individual retirement arrangement. Direct custodian-to-custodian transfers from other traditional individual retirement arrangements. Regular Roth IRA contributions may not exceed $5,500. Additional catch-up contributions. Conversion rollovers from a Regular IRA or other eligible retirement plan. Rollovers from another Roth IRA. Direct transfers from another Roth IRA. Rollovers from a designated Roth contribution account under specified retirement plans. Employer-remitted salary reduction and/or various types of employer contributions. Additional catch-up contributions. Subject to recipient plan approval, eligible rollover distributions from other 403(b) plans, qualified plans, governmental employer 457(b) plans, and Regular IRAs. Only if Plan permits, direct plan-to-plan transfers from another 403(b) plan or contract exchanges under the same 403(b) plan. We do not accept designated Roth contributions under Section 402A of the Code. No regular IRA contributions in the calendar year you turn age and thereafter. Additional catch-up contributions of up to $1,000 per calendar year where the owner is at least age 50 but under age at any time during the calendar year for which the contribution is made. Rollover or direct transfer contributions after age must be net of required minimum distributions. Each contribution will be deemed to be made in your current taxable year unless you specify in writing that such contribution is a rollover contribution or direct transfer contribution. Additional catch-up contributions of up to $1,000 per calendar year where the owner is at least age 50 at any time during the calendar year for which the contribution is made. Conversion rollovers after age must be net of required minimum distributions for the Regular IRA or other eligible retirement plan which is the source of the conversion rollover. Each contribution will be deemed to be made in your current taxable year unless you specify in writing that such contribution is a rollover contribution or direct transfer contribution. For 2013, the maximum amount of employer and employee contributions is generally the lesser of $51,000 or 100% of compensation; with maximum employee salary reduction contribution of $17,500. If your employer s plan permits, additional salary reduction catch-up contributions of up to $5,500 can be made where the Plan participant is at least age 50 at any time during Rollover or direct transfer contributions after age must be net of required minimum distributions. 9 Certificate features

12 Certificate type Contribution sources Contribution limitations SEP simplified employee pension plans employer contributions to a Regular IRA issued to and owned by employee SIMPLE IRA savings incentive match plan for employees employer contributions to a Regular IRA issued to and owned by employee Employer contributions. Employee contributions permitted. (See above under Regular IRA.) Employee salary reduction and employer matching contributions or employer non-elective contributions. For 2013, annual employer contributions up to the lesser of $51,000 or 25% of employee compensation. Salary reduction contributions of up to $12,000 for Employer matching contributions up to 3% of employee compensation; 2% non-elective contributions. If your employer s plan permits, additional salary reduction catch-up contributions totalling up to $2,500 can be made where the owner is at least age 50 at any time during Any contribution made by any means other than through salary reduction by your employer may be made only subject to our rules then in effect. See Tax Information later in this prospectus and in the SAI for a more detailed discussion of certain contribution and other limitations. Owner and annuitant requirements The annuitant and the owner must be the same person. How do I make my contributions? Contributions 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 and made payable to AXA Equitable. We do not accept third party checks endorsed to us except for rollover contributions, tax-free exchanges or trustee checks that involve no refund. All checks are subject to collection. We reserve the right to reject a payment if it is received in an unacceptable form. We do not monitor whether contributions exceed limitations in the Internal Revenue Code. However, we reserve the right to refuse contributions that we believe to exceed those limitations. You make contributions under a Regular IRA or Roth IRA Certificate by sending your payment directly to us. For TSA, SEP or SIMPLE IRA Certificates, your employer sends contributions to us on your behalf. Payroll deduction amounts will be automatically transferred to us for allocation to the investment options as you direct. Because the Certificates are sold through AXA Advisors, our affiliated broker-dealer, special procedures apply to the initial contributions under a Certificate. AXA Advisors will direct us to hold your initial contribution, whether received via check or wire, in a non-interest bearing Special Bank Account for the Exclusive Benefit of Customers while AXA Advisors ensures your application is complete and that suitability standards are met. AXA Advisors will either complete this process or instruct us to return your contribution to you within the applicable Financial Industry Regulatory Authority ( FINRA ) time requirements. Upon timely and successful completion of this review, AXA Advisors will instruct us to transfer your contribution into our non-interest bearing suspense account and transmit your application to us, so that we can consider your application for processing. If your application is in good order when we receive it for application processing purposes, your contribution will be applied within two business days. If any information we require to issue your contract is missing or unclear, we will hold your contribution while we try to obtain this information. If we are unable to obtain all of the information we require within five business days after we receive an incomplete application or form, we will inform the financial professional submitting the application on your behalf. We will then return the contribution to you, unless you or your financial professional acting on your behalf, specifically direct us to keep your contribution until we receive the required information. The contribution will be applied as of the date we receive the missing information. For any additional contributions that are sent without allocation instructions, those contributions will be allocated to the EQ/Money Market variable investment fund. Generally our business day is any day the New York Stock Exchange is open for trading and generally ends at 4 p.m. Eastern Time. A business day does not include a day we choose not to open due to emergency conditions. We may also close early due to emergency conditions. Discontinuance and resumption of contributions If contributions are discontinued your participation under a Certificate will remain in effect and contributions may be resumed at any time. However, under SEP and SIMPLE Certificates, contributions may not be resumed. 10 Certificate features

13 We also reserve the right to close a participant s account and pay any account balance if contributions are discontinued for at least three years from the date of the last contribution, and either (1) the account balance does not exceed $2,000 or (2) the annuity which the existing account balance would purchase at the participant s retirement date would be less than $20 per month based on the current annuity rates in effect under the Certificate. What are my investment options within the Certificate? We allocate your contributions among the investment options available under the Certificates according to your instructions. Your investment options are the Funds and the GRAs. Variable investment funds Your investment results in any one of the Funds will depend on the investment performance of the underlying Portfolios. You can lose your principal when investing in the Funds. In periods of poor market performance, the net return, after charges and expenses, may result in negative yields, including for the EQ/Money Market Fund. Listed below are the currently available Portfolios, their investment objectives, and their advisers. You can choose among Funds that invest in corresponding Portfolios. 11 Certificate features

14 Portfolios of the Trusts We offer affiliated Trusts, which in turn offer one or more Portfolios. AXA Equitable Funds Management Group, LLC, a wholly owned subsidiary of AXA Equitable, serves as the investment manager of the Portfolios of AXA Premier VIP Trust and EQ Advisors Trust. For some Portfolios, AXA Equitable Funds Management Group, LLC has entered into sub-advisory agreements with investment advisers (the sub-advisers ) to carry out the day-to-day investment decisions for the Portfolios. As such, among other responsibilities, AXA Equitable Funds Management Group, LLC oversees the activities of the sub-advisers with respect to the Trusts and is responsible for retaining or discontinuing the services of those sub-advisers. The chart below indicates the sub-adviser(s) for each Portfolio, if any. The chart below also shows the currently available Portfolios and their investment objectives. You should be aware that AXA Advisors, LLC indirectly receives 12b-1 fees from affiliated Portfolios for providing certain distribution and/or shareholder support services. These fees will not exceed 0.25% of the Portfolios average daily net assets. The Portfolios sub-advisers and/or their affiliates may also contribute to the cost of expenses for sales meetings or seminar sponsorships that may relate to the Certificates and/or the sub-advisers respective Portfolios. It may be more profitable for us to offer affiliated 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 Portfolios prospectuses for more information.) These fees and payments will reduce the underlying Portfolios investment returns. AXA Equitable may profit from these fees and payments. AXA Equitable considers the availability of these fees and payment arrangements during the selection process for the underlying Portfolios. These fees and payment arrangements may create an incentive for us to select Portfolios (and classes of shares of Portfolios) that pay us higher amounts. The AXA Allocation Portfolio(s) offer participants a convenient opportunity to invest in other portfolios that are managed and have been selected for inclusion in the AXA Allocation Portfolio(s) by AXA Equitable Funds Management Group, LLC, ( AXA Equitable FMG ). AXA Equitable FMG may promote the benefits of such portfolios to participants and/or suggest, incidental to the sale of this contract, that participants consider whether allocating some or all of their account value to such portfolios is consistent with their desired investment objectives. Please see Allocating your contributions in Certificate features for more information about your role in managing your allocations. As described in more detail in the underlying Portfolio prospectuses, the AXA Allocation Portfolios use futures and options to reduce the Portfolio s equity exposure during periods when certain market indicators indicate that market volatility is high. This strategy is designed to reduce the overall volatility of your account value and risk of market losses from investing in equity securities. However, this strategy may result in periods of underperformance, including those when the specified benchmark index is appreciating, but market volatility is high. AXA Premier VIP Trust Portfolio Name Share Class Objective AXA MODERATE ALLOCATION A Seeks to achieve long-term capital appreciation and current income. MULTIMANAGER AGGRESSIVE EQUITY A Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio. MULTIMANAGER MULTI-SECTOR BOND A Seeks to achieve a high total return through a combination of current income and capital appreciation. MULTIMANAGER SMALL CAP VALUE B Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio. Investment Manager (or Sub-Adviser(s), as applicable) AXA Equitable Funds Management Group, LLC AllianceBernstein L.P. AXA Equitable Funds Management Group, LLC ClearBridge Investments, LLC GCIC US Ltd. Marsico Capital Management, LLC T. Rowe Price Associates, Inc. Westfield Capital Management Company, L.P. Pacific Investment Management Company LLC Post Advisory Group, LLC SSgA Funds Management, Inc. AXA Equitable Funds Management Group, LLC BlackRock Investment Management, LLC Franklin Advisory Services, LLC Pacific Global Investment Management Company 12 Certificate features

15 AXA Premier VIP Trust Portfolio Name Share Class Objective MULTIMANAGER TECHNOLOGY B Seeks to achieve long-term growth of capital. EQ Advisors Trust Portfolio Name Share Class Objective EQ/CAPITAL GUARDIAN RESEARCH lb Seeks to achieve long-term growth of capital. EQ/COMMON STOCK INDEX la Seeks to achieve a total return before expenses that approximates the total return performance of the Russell 3000 Index, including reinvestment of dividends, at a risk level consistent with that of the Russell 3000 Index. EQ/EQUITY 500 INDEX lb Seeks to achieve a total return before expenses that approximates the total return performance of the S&P 500 Index, including reinvestment of dividends, at a risk level consistent with that of the S&P 500 Index. EQ/INTERMEDIATE GOVERNMENT BOND la Seeks to achieve a total return before expenses that approximates the total return performance of the Barclays Intermediate U.S. Government Bond Index, including reinvestment of dividends, at a risk level consistent with that of the Barclays Intermediate U.S. Government Bond Index. EQ/INTERNATIONAL EQUITY INDEX IA Seeks to achieve a total return (before expenses) that approximates the total return performance of a composite index comprised of 40% DJ EURO STOXX 50 Index, 25% FTSE 100 Index, 25% TOPIX Index, and 10% S&P/ASX 200 Index, including reinvestment of dividends, at a risk level consistent with that of the composite index. EQ/INTERNATIONAL VALUE PLUS lb Seeks to provide current income and longterm growth of income, accompanied by growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio. EQ/LARGE CAP GROWTH PLUS lb Seeks to provide long-term capital growth with an emphasis on risk-adjusted returns and managing volatility in the Portfolio. Investment Manager (or Sub-Adviser(s), as applicable) Allianz Global Investors US LLC AXA Equitable Funds Management Group, LLC SSgA Funds Management, Inc. Wellington Management Company, LLP Investment Manager (or Sub-Adviser(s), as applicable) Capital Guardian Trust Company AllianceBernstein L.P. AllianceBernstein L.P. AXA Equitable Funds Management Group, LLC SSgA Funds Management, Inc. AllianceBernstein L.P. AXA Equitable Funds Management Group, LLC BlackRock Investment Management, LLC Northern Cross, LLC AXA Equitable Funds Management Group, LLC BlackRock Investment Management, LLC Marsico Capital Management LLC 13 Certificate features

16 EQ Advisors Trust Portfolio Name Share Class Objective EQ/LARGE CAP VALUE PLUS la Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio. EQ/MONEY MARKET la Seeks to obtain a high level of current income, preserve its assets and maintain liquidity. Investment Manager (or Sub-Adviser(s), as applicable) AllianceBernstein L.P. AXA Equitable Funds Management Group, LLC The Dreyfus Corporation You should consider the investment objectives, risks, and charges and expenses of the Portfolios carefully before investing. The prospectus for the Trusts contain this and other important information about the Portfolios. The prospectus should be read carefully before investing. In order to obtain copies of Trust prospectuses that do not accompany this prospectus, you may call one of our customer service representatives at Certificate features

17 Guaranteed Rate Accounts You can allocate contributions to the GRAs that provide principal and interest guarantees. These amounts become part of our general account assets. We discuss our general account under More information later in this prospectus. Currently, we offer GRAs with guarantee periods of one and three years. We may offer additional or different guarantee periods in the future. New one-year and three-year guarantee periods are offered each calendar quarter. We announce a fixed interest rate for each guarantee period at least 10 days before the beginning of the quarter. Interest rates are set according to our procedures at the time. Thus, different interest rates may apply to different amounts in the GRAs. All interest rates are effective interest rates, reflecting daily compounding and the deduction of the participant service charge. The guaranteed annual rate of interest will never be less than 3%. At the end of a guarantee period (the maturity date), unless you instruct us otherwise, we will automatically contribute the accumulated amount to a new guarantee period of similar duration. If we are offering no guarantee period of a similar duration, we will transfer the amount to the maturity period of the shortest duration we then offer. You may allocate amounts in maturing guarantee periods to one or more other investment options by using the AIM System (see below). We must receive instructions before the maturity date. We will apply those instructions to all maturing guarantee periods until we receive other instructions. The amount of your contributions to the GRAs is guaranteed by us (before deduction of any participant service charge). However, withdrawals and transfers out of a guarantee period before a maturity date, may be subject to a withdrawal charge. See Charges and expenses later in this prospectus. For further information regarding the GRAs, please see The Guaranteed Rate Accounts in the SAI. Allocating your contributions You may allocate your contributions to one or more, or all of the Funds or GRAs. Allocations must be in whole percentages, which you may change at any time in writing or by telephone using our voice response system. (See Our Account Investment Management System ( AIMS ) below.) Changes are effective on the date we receive all necessary information. Allocation changes have no effect on amounts already invested. The group annuity contract that covers the plan in which you participate is not an investment advisory account, and AXA Equitable is not providing any investment advice or managing the allocations under this contract. In the absence of a specific written arrangement to the contrary, you, as the participant under this contract, have the sole authority to make investment allocations and other decisions under the contract. Your Account Executive is acting as a broker-dealer registered representative, and may not be authorized to act as an investment advisor or to manage the allocations under your contract. Our Account Investment Management System ( AIMS ) and our internet website Participants may use automated AIMS or our internet website to transfer between investment options, obtain account information, change the allocation of future contributions and maturing GRAs and hear investment performance information. To use AIMS, you must have a touch-tone telephone. We assign a personal security code ( PSC ) number and internet password to you after we receive your completed enrollment form. Our internet website can be accessed at We have established procedures to reasonably confirm the genuineness of instructions communicated to us by telephone when using AIMS or by the internet website. The procedures require personal identification information, including your PSC number or password, prior to acting on telephone instructions or internet instructions, and providing written confirmation of the transfers. Thus, we will not be liable for following telephone instructions or internet instructions we reasonably believe to be genuine. A transfer request will be effective on the business day we receive the request if we receive it before the close of the business day. Otherwise the transfer request will be effective on the next business day. We will confirm all transfers in writing. We reserve the right to limit access to this service if we determine that you are engaged in a disruptive transfer activity such as market timing. (See Disruptive transfer activity in Transferring your money among investment options later in this prospectus.) Your right to cancel within a certain number of days If for any reason you are not satisfied with your Certificate, you may return it to us for a refund. To exercise this cancellation right, you must mail the Certificate directly to our Processing Office within 10 days after you receive it. In some states, this free look period may be longer. Your refund will equal your contributions under the Certificate or, if greater, with respect to contributions allocated to the Funds, your account value, computed on the date we receive your Certificate. We follow these same procedures if you change your mind before you receive your Certificate, but after you make a contribution. Please see Tax information later in this prospectus and in the SAI for possible consequences of canceling your Certificate. If you fully convert an existing Regular IRA Certificate to a Roth IRA Certificate, you may cancel your Roth IRA Certificate and return to a Regular IRA Certificate by following the instructions in the request for full conversion form available from our Processing Office. If you reside in the state of Florida and you are age 65 or older at the time the contract is issued, you may cancel your annuity contract and return it to us within 21 days from the date that you receive it. You will receive an unconditional refund equal to the cash surrender value provided in the annuity contract, plus any fees or charges deducted from the premiums or imposed under the contract, less any payments that were already received. If you reside in the state of Florida and you are age 64 or younger at the time the contract is issued, you may cancel your annuity contract and return it to us within 14 days from the date that you receive it. You will receive an unconditional refund equal to the premiums paid, including any contract fees or charges, less any payments that were already received. 15 Certificate features

18 2. Determining your Certificate s value We credit the full amount of your contributions under your Certificate. At any time, the value of your Certificate is the account balance in the Funds and the GRAs to which you have allocated contributions. These amounts are subject to certain fees and charges that are reflected in your account balance, as applicable. See Charges and expenses later in this prospectus. We refer to the amount of the account balance attributable to the GRAs as their cash value. The cash value of a GRA guarantee period reflects a withdrawal charge where applicable, as described below. Your account balance in the Funds Your contributions to one or more of the Funds are, in turn, invested in shares of a corresponding Portfolio. The value of your interest in each Fund is measured by units that are purchased with your contributions. Your units will increase or decrease in value as though you had invested in the corresponding Portfolio s shares directly. Your account balance, however, will decrease by the amount of the fees and charges that we deduct under the Certificate. Your account balance will also decrease by the dollar amount of any withdrawals that you make. We determine the number of units of a Fund you purchase by dividing the amount of your contribution by the Fund s unit value for the business day on which we receive your contribution. On any day, the value of your interest in a Fund equals the number of units credited to your Certificate under that Fund, multiplied by the value for one unit. The number of your units in any Fund does not change unless you make additional contributions, make a withdrawal, or transfer amounts between investment options. In addition, the Participant service charge will reduce the number of units credited to your Certificate. Your account balance in the GRAs Your account balance in the GRAs, represented by their cash value, is equal to your contributions and transfers to those options, plus accrued interest, less withdrawals and transfers out of the GRAs and charge deductions. The cash value of your GRAs will be less any withdrawal charge that applies on withdrawals, including transfers, from any of your GRA guarantee periods prior to maturity. Thus, if you withdrew an amount from a GRA period, before the maturity date, we would pay you the cash value. Please see The Guaranteed Rate Accounts in the SAI for more information. 16 Determining your Certificate s value

19 3. Transferring your money among investment options At any time before the date annuity benefit payments begin, you can transfer some or all of your account balance among the investment options. Withdrawals or transfers from the GRAs before a maturity date are restricted and may be subject to a withdrawal charge. See Charges and expenses later in this prospectus. In addition, upon at least 90 days advance notice to you, we reserve the right to restrict transfers among the Funds, including limitations on the number within a 12-month period, frequency, or dollar amount of transfers. Also, upon at least 90 days advance notice to you we reserve the right to place limits on transfers made to and from the GRAs. Our current transfer restrictions are set forth in the Disruptive transfer activity section below. You may request a transfer by telephone using AIMS, our internet website, or by completing a form provided by AXA Equitable. Transfer requests should specify: your Social Security number, the amounts or percentages to be transferred, and the investment options to and from which the amounts are to be transferred. We will make transfers involving the Funds as of the business day we receive your transfer request and all necessary information if we receive your request before the close of the business day. Otherwise, we will make transfers involving the Funds on the next business day. Transfers are permitted to and from the guarantee periods of the GRAs, but transfers may not be made from one guarantee period to another, nor during the open period in calendar quarters when new guarantee periods are offered for GRAs. In the case of trustee-to-trustee transfers during the open period, we will impose a withdrawal charge if applicable. Transfers from a GRA guarantee period, like withdrawals, may be subject to a withdrawal charge. Please see Allocating your contributions in Certificate features for more information about your role in managing your allocations. Disruptive transfer activity You should note that the Certificate is not designed for professional market timing organizations, or other organizations or individuals engaging in a market timing strategy. The Certificate is not designed to accommodate programmed transfers, frequent transfers or transfers that are large in relation to the total assets of the underlying portfolio. Frequent transfers, including market timing and other program trading or short-term trading strategies, may be disruptive to the underlying portfolios in which the variable investment options invest. Disruptive transfer activity may adversely affect performance and the interests of long-term investors by requiring a portfolio to maintain larger amounts of cash or to liquidate portfolio holdings at a disadvantageous time or price. For example, when market timing occurs, a portfolio may have to sell its holdings to have the cash necessary to redeem the market timer s investment. This can happen when it is not advantageous to sell any securities, so the portfolio s performance may be hurt. When large dollar amounts are involved, market timing can also make it difficult to use long-term investment strategies because a portfolio cannot predict how much cash it will have to invest. In addition, disruptive transfers or purchases and redemptions of portfolio investments may impede efficient portfolio management and impose increased transaction costs, such as brokerage costs, by requiring the portfolio manager to effect more frequent purchases and sales of portfolio securities. Similarly, a portfolio may bear increased administrative costs as a result of the asset level and investment volatility that accompanies patterns of excessive or short-term trading. Portfolios that invest a significant portion of their assets in foreign securities or the securities of small- and mid-capitalization companies tend to be subject to the risks associated with market timing and short-term trading strategies to a greater extent than portfolios that do not. Securities trading in overseas markets present time zone arbitrage opportunities when events affecting portfolio securities values occur after the close of the overseas market but prior to the close of the U.S. markets. Securities of small- and mid-capitalization companies present arbitrage opportunities because the market for such securities may be less liquid than the market for securities of larger companies, which could result in pricing inefficiencies. Please see the prospectuses for the underlying portfolios for more information on how portfolio shares are priced. We currently use the procedures described below to discourage disruptive transfer activity. You should understand, however, that these procedures are subject to the following limitations: (1) they primarily rely on the policies and procedures implemented by the underlying portfolios; (2) they do not eliminate the possibility that disruptive transfer activity, including market timing, will occur or that portfolio performance will be affected by such activity; and (3) the design of market timing procedures involves inherently subjective judgments, which we seek to make in a fair and reasonable manner consistent with the interests of all policy and Certificate owners. We offer investment options with underlying portfolios that are part of AXA Premier VIP Trust and EQ Advisors Trust (together, the trusts ). The trusts have adopted policies and procedures regarding disruptive transfer activity. They discourage frequent purchases and redemptions of portfolio shares and will not make special arrangements to accommodate such transactions. They aggregate inflows and outflows for each portfolio on a daily basis. On any day when a portfolio s net inflows or outflows exceed an established monitoring threshold, the trust obtains from us owner trading activity. The trusts currently consider transfers into and out of (or vice versa) the same variable investment option within a five business day period as potentially disruptive transfer activity. Each trust reserves the right to reject a transfer that it believes, in its sole discretion, is disruptive (or potentially disruptive) to the management of one of its portfolios. Please see the prospectuses for the trusts for more information. 17 Transferring your money among investment options

20 When a Certificate owner is identified in connection with potentially disruptive transfer activity for the first time, a letter is sent to the Certificate owner explaining that AXA Equitable has a policy against disruptive transfer activity and that if such activity continues certain transfer privileges may be eliminated. If and when the Certificate owner is identified a second time as engaged in potentially disruptive transfer activity under the Certificate, we currently prohibit the use of voice, fax and automated transaction services. We currently apply such action for the remaining life of each affected Certificate. We or a trust may change the definition of potentially disruptive transfer activity, the monitoring procedures and thresholds, any notification procedures, and the procedures to restrict this activity. Any new or revised policies and procedures will apply to all Certificate owners uniformly. We do not permit exceptions to our policies restricting disruptive transfer activity. It is possible that the trusts may impose a redemption fee designed to discourage frequent or disruptive trading by Certificate owners. As of the date of this prospectus, the trusts had not implemented such a fee. If a redemption fee is implemented by a trust, that fee, like any other trust fee, will be borne by the Certificate owner. Certificate owners should note that it is not always possible for us and the underlying trusts to identify and prevent disruptive transfer activity. Our ability to monitor potentially disruptive transfer activity is limited in particular with respect to certain group contracts. Group annuity contracts may be owned by retirement plans that provide transfer instructions on an omnibus (aggregate) basis, which may mask the disruptive transfer activity of individual plan participants, and/or interfere with our ability to restrict communication services. In addition, because we do not monitor for all frequent trading at the separate account level, Certificate owners may engage in frequent trading which may not be detected, for example, due to low net inflows or outflows on the particular day(s). Therefore, no assurance can be given that we or the trusts will successfully impose restrictions on all potentially disruptive transfers. Because there is no guarantee that disruptive trading will be stopped, some Certificate owners may be treated differently than others, resulting in the risk that some Certificate owners may be able to engage in frequent transfer activity while others will bear the effect of that frequent transfer activity. The potential effects of frequent transfer activity are discussed above. 18 Transferring your money among investment options

21 4. Accessing your money Withdrawing your account balance You can withdraw your account balance at any time before annuity benefits begin. Withdrawals from the GRAs will be withdrawals of cash value, giving effect to any withdrawal charge. No withdrawal charge applies to withdrawals from any of the Funds. Partial withdrawals under a periodic distribution option are subject to certain restrictions that we describe below under Choosing your retirement payout options. Distributions under TSA Certificates may also be subject to certain restrictions. For the tax consequences and restrictions relating to withdrawals, see Tax information later in this prospectus and in the SAI. We will consider withdrawal requests that result in a total remaining account balance of less than $100 as a request to surrender your Certificate, unless you tell us otherwise. Your request for a withdrawal should be in writing on our specified form. For a partial withdrawal, you must specify the investment options from which you want to take the withdrawal. Otherwise, we will withdraw from each investment option on a pro rata basis. If you request a full surrender, you must also send us your Certificate with the request. When we receive the information we require, the withdrawal or full surrender will become effective. If we receive only partial information, our Processing Office will contact you for complete instructions before processing your request. Surrendering your certificate to receive your account balance You may surrender your Certificate to receive your account balance at any time before you begin to receive annuity payments. For a surrender to be effective, we must receive your written request on our prescribed form at our Processing Office. We will determine your account balance on the date we receive the required information. All benefits under the Certificate will terminate as of that business day. You may receive your account balance in a single sum payment or apply all or part of it to one or both of the annuity payout options described under Choosing your retirement payout options below. For the tax consequences of surrenders, see Tax information later in this prospectus and in the SAI. When to expect payments Generally, we will fulfill requests for payments upon a withdrawal or surrender within seven calendar days after the date we receive all necessary information and documents we require in the circumstances. We may postpone such payments or application of proceeds for any period during which: (1) the New York Stock Exchange is closed or restricts trading, (2) sales of securities or determination of the fair value of a Fund s assets is not reasonably practicable because of an emergency, or (3) the SEC, by order, permits us to defer payment to protect persons remaining in the Funds. (1) FL, MA, MD, MN, MO, NC, PA, SD, TX, UT, WA Choosing your retirement payout options When you are ready to receive retirement benefits you have a choice of several options: Single sum benefit payment. Periodic distribution option. Fixed full cash refund annuity. Other forms of annuities we may offer. If you choose a single sum benefit payment, your account value in the Funds and cash value in the GRAs will be applied to provide the benefit. The cash value may reflect a withdrawal charge. The same amounts will be applied to provide a periodic distribution option of at least three years or the fixed full cash refund annuity under the Certificate, or any other optional fixed annuity we may offer. However, if you elect a periodic distribution or annuity, no withdrawal charge will be imposed on amounts derived from the GRAs. Annuity payout options Depending upon the terms of your Certificate, you can choose from among the following annuity payout options: Full cash refund annuity. This is the normal form of annuity benefit. However, in certain states (1) the normal form of annuity benefit is a 10-year period certain. For further information see below. The full cash refund annuity provides a fixed annuity for the lifetime of the annuitant. The participant s beneficiary will receive a cash refund if, at the participant s death, the total annuity payments do not equal the amount that we applied to provide the annuity. This refund equals the difference between the amount applied to purchase the annuity and the annuity payments actually received. Once fixed payments begin, the amount of each payment does not change. We determine the minimum amount from tables in the Certificate that show monthly payments for each $1,000 applied (after deduction of any applicable tax charges and the annuitization fee). If our group annuity rates for payment of proceeds or our rate for single premium immediate annuities then in effect produces a larger payment, we pay the larger benefit. We may change the amount of monthly payments shown in Certificates for new participants. Ten-year period certain annuity. An annuity that guarantees payments for 10 years. The guarantee period may not exceed the annuitant s life expectancy. This option does not guarantee payments for the rest of the annuitant s life. It does not permit any repayment of the unpaid principal, so you cannot elect to receive part of the payments as a single sum payment with the rest paid in monthly annuity payments. Currently, this payout option is available only as a fixed annuity. Periodic distribution option. An annuity option that pays out your entire account balance in monthly, quarterly, semi-annual or 19 Accessing your money

22 annual installment payments over a period of at least three years, as you or your beneficiary choose. The payout period may not generally exceed applicable life expectancy limitations, as described in Tax information in the SAI. To calculate the amount of each payment, you specify a dollar amount or a time period. If a time period, we determine the amount of a payment by dividing the remaining account balances by the number of remaining payments. We make withdrawals pro rata from each investment option. Currently, we distribute periodic payments from the GRAs without withdrawal charges. We retain the right to suspend these distributions from the GRAs in the future. We require an initial monthly payment of at least $50 under the periodic distribution option. After payments begin, you may continue to transfer amounts among the investment options, according to our rules. By written notice, you may make a partial withdrawal or elect to stop the periodic distribution payments and receive your remaining account balance in a single sum. Other annuities or optional retirement benefits. You may elect forms of fixed annuities, other than the normal form of annuity benefit, we offer, including joint and survivor annuities. Payments under life or joint life annuities that do not specify a minimum distribution period terminate with the death of the last surviving annuitant. You may specify a minimum distribution period under which benefits continue to a beneficiary. You may not specify a minimum distribution period that is greater than your life expectancy or the life expectancy of the beneficiary. If the beneficiary is someone other than your spouse, payments to the surviving beneficiary are limited as the Final Treasury Regulations provide. Once a life annuity takes effect, the annuitant may not redeem or change it to any other form of benefit. If payment under an annuity continues to a beneficiary, the beneficiary will have the right to redeem the annuity for its commuted value. An annuity payout is available only if the amount applied to pay the annuity is $2,000 or more and results in an initial monthly payment of at least $20. We reserve the right to pay you your certificate s cash value in a lump sum if these minimums are not met or if less than $50 per month would be payable under the periodic distribution option. If you are participating under a TSA program and have not chosen a retirement benefit the normal form of annuity will be provided unless the TSA provides otherwise. Under certain TSAs you may be required to elect a joint and survivor annuity payout unless your spouse consents in writing to a different election. You can choose the date annuity payments are to begin. This is your retirement date. If you do not advise us of your retirement date, we will assume that it is the date you attain age You can change your retirement date in writing, but the date must be the first day of a calendar month. Also, that date may not be later than the date applicable for the type of qualified plan in which you use the Certificate. If you have not already selected a form of annuity payout, we will send you a form on which you may do so or confirm that the normal form of annuity is to be provided. We will send the form six months before your retirement date. Your account balance will remain invested until we receive your instructions. Once you have selected a payout option and payments have begun, you may make no further change. The amount of the annuity payments will depend on: the amount applied to purchase the annuity, the type of payout option you choose, and, in the case of a life annuity, your age (or your and your joint annuitant s ages) and in certain instances, gender. If a benefit payable under your Certificate was based on information about the annuitant s age, gender or identity that is later found to be incorrect, we will adjust the benefit payments or the amount used to determine the benefit payments based on the correct information. Also, evidence that each payee is living must be furnished to us either by personal endorsement of the check drawn for payment or by other means satisfactory to us. 20 Accessing your money

23 5. Charges and expenses Charges that AXA Equitable deducts We deduct the charges described below during the accumulation period, or if you elect either the fixed annuity option or the periodic distribution option. We will not increase these charges for the life of your Certificate, except as noted. SEP and SIMPLE enrollment fee We charge a non-refundable fee of $25 upon the enrollment of each Participant in a SEP or SIMPLE IRA. We collect the fee from the employer, or we deduct it from the first contribution. Guaranteed Rate Accounts withdrawal charge We impose a charge (where applicable) on withdrawals or transfers before the maturity of a GRA guarantee period. The charge is 7% of the amount withdrawn or transferred during the guarantee period, or, if less, the accumulated interest. The charge, however, does not apply: at maturity of the GRA guarantee period, to withdrawals due to death or disability, when the periodic distribution installment option is elected, or when an annuity retirement option is elected. However, the withdrawal charge applies to any other pre-maturity withdrawals at retirement. Annuity administrative charge If you elect the fixed annuity option under the Certificate or a variable payout annuity option if we make it available, at retirement we will deduct up to $350 from the amount applied to purchase the annuity. This amount is designed to reimburse us for administrative expenses we incur in processing the application for the annuity and issuing each monthly payment. The specific amount of the charge will depend on your date of enrollment. We may give you a better annuity purchase rate than those currently guaranteed in the Certificates. In that case, the annuity administrative charge may be greater than $350, unless we otherwise provide in your Certificate. Charges for state premium and other applicable taxes We deduct a charge designed to approximate certain taxes that may be imposed on us such as state premium taxes in your state. Generally, we deduct the charge from the amount applied to provide the annuity payout option. If the periodic distribution is elected we will deduct the charge from each payment when made. No charge is applied if you elect a single sum payment. The current tax charge varies by state and ranges from 0% to 1%. Administration charge We impose a daily charge at the annual rate of 0.25% of the net assets of each Fund. The charge is to reimburse us for administration expenses not covered by the participant service charge. We reflect this charge in the computation of unit values for each Fund. Fund-related other expenses We also charge certain additional costs and expenses directly to the Funds. These include, among other things, certain expenses we incur in the operation of the Funds, taxes, interest, SEC charges, and certain related expenses including printing of registration statements and amendments, outside auditing and legal expenses and recordkeeping. We reflect these expenses in the unit values for each Fund. Participant service charge On the last day of each calendar quarter, we charge your account balance to reimburse us for certain administration expenses under the Certificates, such as salaries and other overhead costs, travel, legal, actuarial and accounting costs. The charge is up to $15 per year for SEP and SIMPLE IRA Certificates, and up to $30 per year for Regular IRA, Roth IRA, and TSA Certificates. We deduct these charges from the amounts held in the Funds in accordance with our administrative procedures then in effect. The participant service charge applicable to a Certificate depends on several factors. It will vary depending on: whether contributions are made by payroll deduction or direct contribution; the number of participants contributing through the same payroll deduction facility or group; the total contributions that we receive from an affiliated group; the nature of the group purchasing the Certificates; the extent to which an employer provides services that we would otherwise provide; and other circumstances that may have an impact on administrative expenses. We reserve the right to change the participant service charge on advance written notice, or to impose the charge on a less or more frequent basis. In no case, will the charge exceed $30 per year. Portfolio operating expenses (Deducted by the Trusts) The Trusts deduct the following types of fees and expenses: Investment management fees. 12b-1 fees (see More information later in this prospectus). Operating expenses, such as trustees fees, independent auditors fees, legal counsel fees, administrative service fees, custodian fees, and liability insurance. Investment-related expenses, such as brokerage commissions. These expenses are reflected in the daily share price of each Portfolio. For more information about the calculation of these expenses, including applicable expense limitations, please refer to the prospectus of the Trust. 21 Charges and expenses

24 Certain expense limitations We will reimburse the Funds named below for certain expenses they incur in any calendar year, as follows: EQ/Money Market, EQ/Common Stock Index, EQ/ Intermediate Government Bond and AXA Moderate Allocation Funds The types of expenses included are: Investment advisory fees and certain other expenses attributable to assets of the Funds invested in the corresponding Portfolio. Administration expenses that the Funds bear directly. The expenses subject to reimbursement do not include the following Portfolio expenses: interest, taxes, brokerage, and extraordinary expenses permitted by appropriate state regulatory authorities. The annual expense limitations, above which we will reimburse the Funds, are: 1% of the EQ/Money Market Fund s average daily net assets. 1.5% of the EQ/Common Stock Index, EQ/Intermediate Government Bond and AXA Moderate Allocation Funds respective average daily net assets. We cannot change these expense limitations without the Participant s consent. Multimanager Aggressive Equity, Multimanager Multi-Sector Bond and EQ/AllianceBernstein International We reimburse these Funds for their aggregate expenses in excess of 1.5% of the value of their respective average daily net assets. We may change this voluntary expense limitation at our discretion. EQ/Money Market and EQ/Intermediate Government Bond Funds If the amount of the management fees charged to these Portfolios exceeds 0.35% of its average daily net asset value, we will reimburse the corresponding Fund for such excess. This expense limitation is a contractual right for participants who enrolled before May 1, 1987, and cannot be changed without the consent of those participants. We have voluntarily agreed to put in place this expense limitation for participants who enrolled after May 1, 1987, and we reserve the right to discontinue this voluntary limitation at any time. 22 Charges and expenses

25 6. Payment of death and disability benefit Your beneficiary and payment of death benefit You designate your beneficiary when you apply for your Certificate. You may change your designation by writing to our Processing Office. You may be limited as to the beneficiary you can designate in the TSA Certificate. The death benefit is equal to your cash value. We determine the amount of the death benefit as of the business day we receive satisfactory proof of death, any required instructions as to the method of payment and any other information we may require. When the participant dies before distributions begin If you die before distributions begin, we will pay the death benefit to your beneficiary. If the designated beneficiary is your surviving spouse, the distribution of the account balance may begin at the earlier of (a) the date you would have attained age or (b) the date the surviving spouse elects payment to commence. Depending on your election, we will pay the death benefit as a single sum, in periodic installments, as an annuity or as a combination of the three. If no death benefit election is in effect, the beneficiary may elect a single sum or an alternate form of benefit payment. Beneficiary continuation option The beneficiary continuation option permits a designated individual, on the Certificate owner s death, to maintain a Certificate with the deceased Certificate owner s name on it and receive distributions under the Certificate, instead of receiving the death benefit in a single sum. We make this option available to beneficiaries under Regular IRA, Roth IRA and SIMPLE IRA Certificates, subject to state availability. It is not available for TSA Certificates. Please contact our Processing Office for further information. This feature must be elected by September 30th of the year following the calendar year of your death and before any other inconsistent election is made. Beneficiaries who do not make a timely election will not be eligible for this option. If the election is made, then, as of the date we receive satisfactory proof of death, any required instructions, information and forms necessary to effect the beneficiary continuation option feature, we will process the request. Generally, payments will be made once a year to the beneficiary over the beneficiary s life expectancy (determined in the calendar year after your death and determined on a term certain basis). These payments must begin no later than December 31st of the calendar year after the year of your death. For sole spousal beneficiaries, payments may begin by December 31st of the calendar year in which you would have reached age , if such time is later. For Regular IRA Certificates only, if you die before your Required Beginning Date for required minimum distributions as discussed in Tax information later in this prospectus, the beneficiary may choose the 5-year rule instead of annual payments over life expectancy. The 5-year rule is always available to beneficiaries under Roth IRA Certificates. If the beneficiary chooses this option, the beneficiary may take withdrawals as desired, but the entire account value must be fully withdrawn by December 31st of the calendar year which contains the fifth anniversary of your death. Under the beneficiary continuation option: The Certificate continues with your name on it for the benefit of your beneficiary. This feature is only available if the beneficiary is an individual. Certain trusts with only individual beneficiaries will be treated as individuals for this purpose. If there is more than one beneficiary, each beneficiary s share will be separately accounted for. It will be distributed over the beneficiary s own life expectancy, if payments over life expectancy are chosen. Separate share treatment is not available for trusts. The beneficiary may make transfers among the investment options but no additional contributions will be permitted. The beneficiary may choose at any time to withdraw all or a portion of the account value and no withdrawal charges will apply. Your beneficiary will have the right to name a beneficiary to receive any remaining interest in the Certificate. Upon the death of your beneficiary, the beneficiary he or she has named has the option to either continue taking required minimum distributions based on the remaining life expectancy of the deceased beneficiary or to receive any remaining interest in the Certificate in a lump sum. The option elected will be processed when we receive satisfactory proof of death, any required instructions for the method of payment and any required information and forms necessary to effect payment. When the participant dies after the retirement date If you die after distributions begin, the amount and payment mode of the distributions may continue to the beneficiary on the same basis as before your death, subject to minimum distribution rules. If the Annuitant dies while periodic distribution payments are being made, a single lump sum death benefit will be paid to the Annuitant s beneficiary. Disability payment In the case of disability (refer to your Certificate for a definition of disability) before your retirement date, we will pay you the cash value. TSA plans may be subject to certain restrictions. 23 Payment of death and disability benefit

26 7. Tax information Tax changes Federal income tax rules include the United States laws in the Internal Revenue Code (the Code ) and Treasury Department Regulations and Internal Revenue Service ( IRS ) interpretations of the Code. These tax rules may change. We cannot predict whether, when, or how these rules could change. Any change could affect Certificates purchased before the change. Congress may also consider proposals in the future to comprehensively reform or overhaul the United States tax and retirement systems, which if enacted, could affect the tax benefits of a contract. We cannot predict what, if any, legislation will actually be proposed or enacted. We cannot provide detailed information on all tax aspects of the Certificates. Moreover, the tax aspects that apply to a particular person s Certificate may vary depending on the facts applicable to that person. We do not discuss state income and other state taxes, federal income tax and withholding rules for non-u.s. taxpayers, or federal gift and estate taxes. Transfers of the Certificate, rights or values under the Certificate or payments under the Certificate, 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 document, but should consult your tax adviser before your purchase. Spousal status The determination of spousal status is made under applicable state law. Certain states provide that for purposes of insurance laws, policies, eligibility and benefits, a spouse in a same-gender marriage or civil union and a spouse in an opposite sex marriage are to be treated identically. Such laws typically provide that a party to a same-gender marriage or civil union shall be included in any definition or use of the terms spouse, family, immediate family, dependent, next of kin, and other terms descriptive of spousal relationships as those terms are used throughout state law. This includes the terms marriage or married or variations thereon. While same-gender marriage or civil union spouses are afforded the same rights as married spouses under state law and while an employer s plan may provide for certain benefits, tax-related advantages are derived from federal tax law. State law does not and cannot alter federal law. The federal Defense of Marriage Act excludes same-gender marriages and civil unions and same-gender spouses and civil union partners from the meaning of the word marriage or spouse in all federal laws. Therefore, a same-gender spouse or civil union spouse does not qualify for the same tax advantages provided to an opposite sex spouse under federal law, including the tax benefits afforded to the surviving spouse of an owner of an annuity contract or any rights under specified tax-favored savings or retirement plans or arrangements. Buying a contract to fund a retirement arrangement Generally, there are two types of funding vehicles that are available for Individual Retirement Arrangements ( IRAs ): an individual retirement annuity contract such as the ones offered in this prospectus, or a custodial or trusteed individual retirement account. Similarly, a 403(b) plan can be funded through a 403(b) annuity contract or a 403(b)(7) custodial account. Similarly an employer-sponsored individual retirement arrangement such as a SEP IRA, SARSEP IRA or SIMPLE IRA can be purchased in annuity or custodial account form. How these arrangements work, including special rules applicable to each, are described in the specific sections for each type of arrangement, below. You should be aware that the funding vehicle for a tax-qualified arrangement does not provide any tax deferral benefit beyond that already provided by the Code for all permissible funding vehicles. Before choosing an annuity contract, therefore, you should consider the annuity s features and benefits, such as selection of investment funds and choices of pay-out options, as well as the features and benefits of other permissible funding vehicles and the relative costs of annuities and other arrangements. You should be aware that cost may vary depending on the features and benefits made available and the charges and expenses of the investment options or funds that you elect. Certain provisions of the Treasury Regulations on required minimum distributions concerning the actuarial present value of additional contract benefits could increase the amount required to be distributed from individual retirement annuity contracts and annuity contracts funding 403(b) plans. Generally, these provisions will not apply to 300+ Series certificates because of the nature of the benefits provided under the certificate. Further discussion of tax aspects of TSA, Regular IRA, Roth IRA, SEP and SIMPLE IRA contributions, distributions and other matters is available in the SAI. Tax-Sheltered Annuity arrangements ( TSAs ) If you are an employee of a public educational institution or a tax-exempt organization described in Code Section 501(c)(3), your employer may purchase a 403(b) contract (also referred to as a tax-sheltered annuity contract or TSA ) for you. Contributions to the TSA, whether they are made by your salary reduction or non-elective employer contributions, are typically not taxable to you at the time of deferral, subject to annual limitations. We do not accept designated Roth contributions to the 300+ Series contract. Subject to the terms of your employer s plan, you may be eligible to make contributions of funds rolled over from other eligible retirement plans, including 403(b) plans, Regular IRAs, qualified plans and governmental employer 457(b) plans. The types of contributions and limits are discussed in the SAI. Annuity payments, withdrawals from or surrenders of, the TSA are generally taxable to you. Premature withdrawals may be subject to an additional 10% penalty on the taxable amount. In addition, amounts attributable to salary reduction contributions cannot be distributed before you reach age , die, become disabled as defined in the Code, sever from employment with the employer which provided the funds for the TSA or suffer hardship. In the event of hardship, only the salary reduction contributions can be distributed. 24 Tax information

27 Further discussion of TSA tax information including Regulations finalized in 2007 is in the SAI. Individual Retirement Annuities (Regular and Roth IRAs) You may make compensation-based contributions, subject to annual limitations, to individual retirement arrangements. For both Regular and Roth IRAs, you must have compensation at least equal to the amount of the contribution. Generally, $5,500 is the maximum amount of annual contributions you may make to all of your Regular and Roth IRAs for the taxable year You may deduct all or a part of your contribution to a Regular IRA depending on your income for the year. In some cases you may be eligible for a Saver s Tax Credit. If you are at least age 50 at any time during the calendar year for which the contribution is made, you may be eligible to make an additional catch-up contribution of up to $1,000 for that year. You may make contributions to a Regular IRA until the year you reach age You may make contributions to a Roth IRA even after age , if you have compensation and your income is within specified federal income tax limits. These limits do not apply to rollover or custodian-to-custodian contributions into either kind of IRA. For 2013, you and your nonworking spouse can together contribute, annually, an aggregate maximum of $11,000 to Regular and Roth IRAs for you and your spouse (but no more than $5,500 to any one IRA certificate). You may be able to contribute more if you are eligible to make catch-up contributions described above. Income credited to Regular IRAs is generally not taxable until you get a distribution from the Certificate. Distributions from Regular IRAs are generally fully taxable as ordinary income. Roth IRA distributions are not taxable until all contributions to all of your Roth IRAs are recovered. After recovery of contributions, distributions are taxable. In certain circumstances, Roth IRA distributions may be fully non-taxable. The taxable portion of certain early withdrawals from Regular and Roth IRAs may be subject to an additional 10% federal income tax penalty. Further discussion of IRA tax information is in the SAI. for its employees (SIMPLE IRAs). A SIMPLE IRA is a form of IRA, which the employee owns. Generally, the rules applicable to Regular IRAs discussed above apply, with certain differences, as follows: the employee salary reduction contribution is limited (up to $12,000 in 2013; this salary reduction limit may be further adjusted for cost of living changes in future years;) if the plan permits, an individual at least age 50 at any time during 2013 can make up to $2,500 additional salary reduction contributions for 2013; the employer must make contributions, generally a dollar-fordollar match, up to 3% of the employee s compensation or a 2% non-elective contribution to all eligible employees; and employees who have not participated in the employer s SIMPLE IRA plan for at least two full years may be subject to an increased penalty tax on withdrawals or transfers of SIMPLE IRA funds. Further discussion of SEP and SIMPLE tax information is in the SAI. Impact of taxes to AXA Equitable Under existing federal income tax law, no taxes are payable on investment income and capital gains of the Funds that are applied to increase the reserves under the contracts. Accordingly, AXA Equitable does not anticipate that it will incur any federal income tax liability attributable to income allocated to the variable annuity contracts participating in the Funds and it does not currently impose a charge for federal income tax on this income when it computes unit values for the Funds. If changes in federal tax laws or interpretations thereof would result in AXA Equitable being taxed, then AXA Equitable may impose a charge against the Funds (on some or all contracts) to provide for payment of such taxes. AXA Equitable is entitled to certain tax benefits related to the investment of company assets, including assets of the separate accounts. These tax benefits, which may include the foreign tax credit and the corporate dividends received deduction, are not passed back to you, since AXA Equitable is the owner of the assets from which tax benefits may be derived. IRAs under SEPs and Simplified Employee Pension Plans (SEPs and SIMPLEs) An employer can establish a SEP for its employees and can make contributions to a SEP for each eligible employee. A Regular IRA funding a SEP is like other IRAs. If you are an eligible employee, you own the SEP. Most of the rules applicable to Regular IRAs also apply. One major difference is the amount of permissible contributions. Under contribution limits effective for 2013, an employer can annually contribute an amount for an employee up to the lesser of $51,000 or 25% of the employee s compensation. The employer makes this determination without taking into account its contribution to the employee s SEP. This limit may be further adjusted for cost of living changes in future years. An eligible employer may establish a SIMPLE plan to contribute to special individual retirement accounts or individual retirement annuities 25 Tax information

28 8. More information About AXA Equitable We are AXA Equitable Life Insurance Company ( AXA Equitable ) a New York stock life insurance corporation. We have been doing business since AXA Equitable Life Insurance Company is an indirect wholly owned subsidiary of AXA Financial, Inc., which is an indirect wholly owned subsidiary of AXA S.A. ( AXA ), a French holding company for an international group of insurance and related financial services companies. As the ultimate sole shareholder of AXA Equitable, AXA exercises significant influence over the operations and capital structure of AXA Equitable. No company other than AXA Equitable, however, has any legal responsibility to pay amounts that AXA Equitable owes under the contracts. AXA Financial, Inc. and its consolidated subsidiaries managed approximately $537 billion in assets as of December 31, For more than 100 years AXA Equitable has been among the largest insurance companies in the United States. We are licensed to sell life insurance and annuities in all fifty states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. Our home office is located at 1290 Avenue of the Americas, New York, NY About Separate Account No. 301 Each Fund is a subaccount of our Separate Account No We established Separate Account No. 301 in 1981 under special provisions of the New York Insurance Law. These provisions prevent creditors from any other business we conduct from reaching the assets we hold in our Separate Account No. 301 for owners of our variable annuity contracts, including the Certificates. The results of Separate Account No. 301 s operations are accounted for without regard to our other operations. We are the legal owner of all of the assets in Separate Account No. 301 and may withdraw any amounts that exceed our reserves and other liabilities with respect to the Funds under our contracts. The amount of some of our obligations under the contracts is based on the assets in Separate Account No However, the obligations themselves are obligations of AXA Equitable. Separate Account No. 301 is registered as a unit investment trust under the Investment Company Act of Although the Separate Account is registered, the SEC does not monitor the activity of Separate Account No. 301 on a daily basis. AXA Equitable is not required to register, and is not registered, as an investment company under the Investment Company Act of Each subaccount (Fund) within Separate Account No. 301 invests solely in Class IA/A or Class IB/B shares, respectively, issued by the corresponding Portfolio of the applicable Trust. We reserve the right, subject to compliance with laws that apply, to: (1) add Funds to, or to remove Funds from, Separate Account No. 301, or to add other separate accounts; (2) combine any two or more Funds; (3) transfer the assets we determine to be the shares of the class of contracts to which the Certificates belong from any Fund to another Fund; (4) operate Separate Account No. 301 or any Fund as a management investment company under the Investment Company Act of 1940 (in which case, charges and expenses that otherwise would be assessed against an underlying mutual fund would be assessed against Separate Account No. 301 or a Fund directly); (5) deregister Separate Account No. 301 under the Investment Company Act of 1940; (6) restrict or eliminate any voting rights as to Separate Account No. 301; (7) cause one or more Funds to invest some or all of their assets in one or more other trusts or investment companies; and (8) to unilaterally change your contract in order to comply with any applicable laws and regulations, including but not limited to changes in the Internal Revenue Code, in Treasury regulations or in published rulings of the Internal Revenue Service, ERISA and in Department of Labor regulations. Any change in the contract must be in writing and made by our authorized officer. We will provide notice of any contract change. About the Trusts AXA Premier VIP Trust and EQ Advisors Trust are registered under the Investment Company Act of They are classified as open-end management investment companies, more commonly called mutual funds. Each Trust issues different shares relating to each Portfolio. AXA Equitable serves as the investment manager of the Trusts. As such, AXA Equitable oversees the activities of the investment advisers with respect to the Trusts and is responsible for retaining or discontinuing the services of those advisers. The Trusts do not impose sales charges or loads for buying and selling their shares. All dividends and other distributions on Trust shares are reinvested in full. The Board of Trustees of each Trust may establish additional Portfolios or eliminate existing Portfolios at any time. More detailed information about each Trust, its Portfolio investment objectives, policies, restrictions, risks, expenses, its Rule 12b-1 Plan and other aspects of its operations, appears in the prospectuses for each Trust, which accompany this prospectus, or in their respective SAIs which are available upon request. Unless otherwise required by law or regulation, an investment manager or sub-adviser or any investment policy may not be changed without the consent of AXA Equitable. About the general account Our general obligations and any guaranteed benefits under the Certificates, including those that apply to the GRAs, are supported by AXA Equitable s general account and are subject to AXA Equitable s claims 26 More information

29 paying ability. An owner should look to the financial strength of AXA Equitable for its claim paying ability. Assets in the general account are not segregated for the exclusive benefit of any particular contract or obligation. General account assets are also available to the insurer s general creditors and the conduct of its routine business activities, such as the payment of salaries, rent and other ordinary business expenses. For more information about AXA Equitable s financial strength, you may review its financial statements and/or check its current rating with one or more of the independent sources that rate insurance companies for their financial strength and stability. Such ratings are subject to change and have no bearing on the performance of the Funds. The general account is subject to regulation and supervision by the New York State Department of Financial Services and to the insurance laws and regulations of all jurisdictions where we are authorized to do business. Interests under the Certificates in the general account have not been registered and are not required to be registered under the Securities Act of 1933 because of exemptions and exclusionary provisions that apply. The general account is not required to register as an investment company under the Investment Company Act of 1940 and it is not registered as an investment company under the Investment Company Act of The contract is a covered security under the federal securities laws. We have been advised that the staff of the SEC has not reviewed the portions of this prospectus that relate to the general account. The disclosure with regard to general accounts, however, may be subject to certain provisions of the federal securities laws relating to the accuracy and completeness of statements made in prospectuses. Dates and prices at which Certificate events occur We describe below the general rules for when, and at what prices, events under your Certificate will occur. Other portions of this prospectus describe circumstances that may cause exceptions. We generally do not repeat those exceptions below. Business day Our business day is generally any day that the New York Stock Exchange is open for trading. A business day does not include any day we choose not to open, or close early due to emergency conditions which would include but not limited to when: (1) the New York Stock Exchange is closed or restricts trading, (2) the SEC determines that an emergency exists as a result of which sales of securities or determination of fair value of a variable investment option s assets is not reasonably practicable, or (3) the SEC, by order, permits us to defer payment to protect people remaining in the variable investment options. Our business day generally ends at 4:00 p.m., Eastern Time for purposes of determining the date when we apply contributions and process any other transaction requests. We will apply contributions and process any other transaction requests when we receive them along with all the required information. If your contribution, transfer or any other transaction request, containing all the required information, reaches us on a non-business day or after 4:00 p.m., Eastern Time on a business day, we will use the next business day. Contributions and transfers Contributions allocated to the Funds are invested at the unit value next determined after the receipt of the contribution. Contributions allocated to a GRA will receive the interest rate for that GRA in effect for that business day. Transfers to or from Funds will be made at the unit value next determined after the receipt of the transfer request. Transfers to a GRA will be based on the interest rate for that GRA in effect for the business day of the transfer. About your voting rights As the owner of the shares of the Trusts, we have the right to vote on certain matters involving the Portfolios, such as: The election of trustees. The formal approval of independent auditors selected for the Trusts. Any other matters described in the prospectuses for the Trusts or requiring a shareholders vote under the Investment Company Act of We will give Certificate owners the opportunity to instruct us how to vote the number of shares attributable to their Certificates if a shareholder vote is taken. If we do not receive instructions in time from all Certificate owners, we will vote the shares of a portfolio for which no instructions have been received in the same proportion as we vote shares of that portfolio for which we have received instructions. We will also vote any shares that we are entitled to vote directly because of amounts we have in a Portfolio in the same proportions that Certificate owners vote. One effect of proportional voting is that a small number of contract owners may determine the outcome of a vote. Voting rights of others The Trusts sell their shares to AXA Equitable separate accounts in connection with AXA Equitable s variable annuity and/or life insurance products, and to separate accounts of insurance companies, both affiliated and unaffiliated with AXA Equitable. AXA Premier VIP Trust and EQ Advisors Trust also sell their shares to the trustee of a qualified plan for AXA Equitable. We currently do not foresee any disadvantages to our policyowners arising out of these arrangements. However, the Board of Trustees or Directors of each Trust intends to monitor events to identify any material irreconcilable conflicts that may arise and to determine what action, if any, should be taken in response. If we believe that a Board s response insufficiently protects our policyowners, we will see to it that appropriate action is taken to do so. Separate Account No. 301 voting rights If actions relating to Separate Account No. 301 require Certificate owner approval, Certificate owners will be entitled to one vote for each unit they have in the Funds. We will cast votes attributable to any amounts we have in the Funds in the same proportion as votes cast by Certificate owners. Changes in applicable law The voting rights we describe in this prospectus are created under applicable federal securities laws. To the extent that those laws or the 27 More information

30 regulations published under those laws eliminate the necessity to submit matters for approval by persons having voting rights in separate accounts of insurance companies, we reserve the right to proceed in accordance with those laws or regulations. About the group annuity contracts The Certificates are issued under group annuity contracts between us and JPMorgan Chase Bank ( Chase ), whose sole purpose is to serve as a party to the group annuity contracts. Chase has no responsibility for the administration of any of the retirement programs described in this prospectus, for payments to the investment options or to Participants, or for any other duties other than to serve as the group annuity contractholder. IRS disqualification If a retirement program funded by the Certificates is found not to qualify under the Code, we may terminate the Certificate and pay the participant, plan trustees or other designated person, the account balance. We will, however, make a deduction for any federal income tax payable by us because of the non-qualification. About legal proceedings AXA Equitable and its affiliates are parties to various legal proceedings. In our view, none of these proceedings would be considered material with respect to a contract owner s interest in Separate Account No. 301, nor would any of these proceedings be likely to have a material adverse effect upon Separate Account No. 301, our ability to meet our obligations under the Certificates, or the distribution of the Certificates. Financial Statements The financial statements of Separate Account No. 301, as well as the consolidated financial statements of AXA Equitable, are in the SAI. The financial statements of AXA Equitable have relevance to the Certificates only to the extent that they bear upon the ability of AXA Equitable to meet its obligations under the Certificates. The SAI is available free of charge. You may request one by writing to our Processing Office or calling or from France, Italy, Republic of Korea, Switzerland, and the United Kingdom. Transfers of ownership, collateral assignments, loans, and borrowing You cannot assign or transfer ownership of a Regular IRA, Roth IRA, TSA, SEP, or SIMPLE Certificate except by surrender to us. Loans are not available and you cannot assign Regular IRA, Roth IRA, TSA, SEP, and SIMPLE Certificates as security for a loan or other obligation. You may direct the transfer of account balances under your Regular IRA, Roth IRA, TSA, SEP, or SIMPLE Certificate to another similar arrangement. We can impose a withdrawal charge if one applies. Distribution of the Certificates The Certificates are distributed by AXA Advisors, LLC ( AXA Advisors ). AXA Advisors serves as a principal underwriter of Separate Account No The offering of the units is intended to be continuous. AXA Advisors is an affiliate of AXA Equitable and is under the common control of AXA Financial, Inc. Its principal business address is 1290 Avenue of the Americas, New York, NY It is registered with the SEC as a broker-dealer and is a member of the Financial Industry Regulatory Authority, Inc. ( FINRA ). AXA Advisors also acts as a distributor for other AXA Equitable life and annuity products. Our Retirement Program Specialists are salaried employees of AXA Equitable and are registered representatives of AXA Advisors, LLC. These individuals perform marketing and service functions under the AXA Equitable 300+ Series Certificates. AXA Equitable pays no sales commission with respect to units of interest in Separate Account No. 301 under the Certificates; however, incentive compensation that ranges from 0.40% to 2% of first-year plan contributions, plus $65 per plan sale, is paid on a periodic basis to these AXA Equitable employees. Incentive compensation may also be paid to managerial personnel. In addition, AXA Equitable employees may also receive sales bonuses based on selling certain products during specified times. No contribution-based or asset-based incentive compensation is awarded on existing plans in subsequent years. This compensation is not paid out of plan or participant funds, and has no effect on plan fees, charges and expenses. All payments will be made in compliance with all applicable FINRA rules and other laws and regulations. Although AXA Equitable takes into account all of its distribution and other costs in establishing the level of fees and charges under its products, none of the compensation paid to Retirement Program Specialists discussed in this section of the prospectus are imposed as separate fees or charges under your Certificate. AXA Equitable, however, intends to recoup amounts it pays for distribution and other services through the fees and charges of the product and payments its receives for providing administrative, distribution and other services to the Portfolios. For information about the fees and charges under the Certificate, see Fee table and Charges and expenses earlier in this prospectus. Reports and additional information Before payments start under your Certificate, we will send you, at least annually, a report showing as of a specified date: (1) the number of units you have credited to each Fund, (2) the unit values, (3) your account balance in each Fund and GRA and the total balance and (4) the cash values of your GRAs. Similar reports will be sent to you if you are receiving payments under the periodic distribution option. All transactions will be individually confirmed. As required by the Investment Company Act of 1940, each participant will be sent, semi-annually, a report containing financial statements and a list of the securities held by each Portfolio. As permitted by the SEC s rules, we omitted certain portions of the registration statement filed with the SEC from this prospectus and SAI. You may obtain the omitted information by: (1) requesting a copy of the registration statement from the SEC s principal office in Washington, D.C., and paying prescribed fees, or (2) by accessing the EDGAR Database at the SEC s website at 28 More information

31 Appendix I: Condensed financial information These selected per unit data and ratios for the years ended December 31, 2003 through 2012 have been derived from the financial statements audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The financial statements of each of the Funds as well as the consolidated financial statements of AXA Equitable are contained in the SAI. Information is provided for the period that each Fund has been available under the 300+ Series, but not longer than ten years. Separate Account No. 301 of AXA Equitable Life Insurance Company The following table shows the unit values and number of units outstanding, as of the applicable date each Fund was first available under the Certificates and the last business day of the periods shown. Unit values and number of units outstanding at year end for each variable investment option, except for those options being offered for the first time after December 31, For the year ending December 31, AXA Moderate Allocation 2/5/82 Unit value $ $ $ $ $ $ $ $ $ $ Number of units outstanding (000 s) EQ/Capital Guardian Research 7/6/07 Unit value $ 9.64 $ 5.80 $ 7.61 $ 8.79 $ 9.10 $ Number of units outstanding (000 s) EQ/Common Stock Index 6/1/87 Unit value $ $ $ $ $ $ $ $ $ $ Number of units outstanding (000 s) EQ/Equity 500 Index 7/1/98 Unit value $ 7.56 $ 8.30 $ 8.62 $ 9.88 $ $ 6.44 $ 8.07 $ 9.19 $ 9.29 $ Number of units outstanding (000 s) EQ/Intermediate Government Bond 2/5/82 Unit Value $ $ $ $ $ $ $ $ $ $ Number of units outstanding (000 s) Inception Date EQ/International Equity Index 11/22/02 Unit value $ $ $ $ $ $ $ $ $ $ Number of units outstanding (000 s) EQ/International Value PLUS 4/26/02 Unit value $ $ $ $ $ $ $ $ $ $ Number of units outstanding (000 s) I-1 Appendix I: Condensed financial information

32 Unit values and number of units outstanding at year end for each variable investment option, except for those options being offered for the first time after December 31, (continued) For the year ending December 31, EQ/Large Cap Growth PLUS 7/1/98 Unit value $ 9.07 $10.18 $11.05 $11.85 $13.64 $ 8.39 $11.26 $12.83 $12.31 $13.94 Number of units outstanding (000 s) Inception Date EQ/Large Cap Value PLUS 8/17/07 Unit value $ 9.50 $ 5.39 $ 6.47 $ 7.25 $ 6.87 $ 7.92 Number of units outstanding (000 s) 1, EQ/Money Market 2/5/82 Unit value $32.90 $33.06 $33.83 $35.25 $36.82 $37.58 $37.57 $37.46 $37.39 $37.23 Number of units outstanding (000 s) Multimanager Aggressive Equity 6/2/87 Unit value $32.14 $35.95 $38.77 $40.61 $45.08 $23.97 $32.92 $38.78 $36.30 $41.30 Number of units outstanding (000 s) Multimanager Multi-SectorBond 6/2/87 Unit value $29.93 $32.39 $33.32 $36.59 $37.62 $28.71 $31.38 $33.41 $35.07 $36.79 Number of units outstanding (000 s) Multimanager Small Cap Value 7/1/98 Unit value $14.38 $16.79 $17.50 $20.23 $18.15 $11.23 $14.13 $17.52 $15.86 $18.45 Number of units outstanding (000 s) Multimanager Technology 5/13/04 Unit value $10.93 $12.13 $12.98 $15.31 $ 8.08 $12.77 $15.00 $14.22 $16.07 Number of units outstanding (000 s) I-2 Appendix I: Condensed financial information

33 Statement of additional information Table of contents Page Who is AXA Equitable? 2 Tax information 2 The Guaranteed Rate Accounts 16 How we determine unit values 23 Custodian and independent registered public accounting firm 23 Financial statements 23 AXA Equitable 300+ Series P.O. Box 4875 Syracuse, NY ATTN: SAI Request for Separate Account No. 301 Please send me a free copy of the Statement of Additional Information dated May 1, Name Address City State Zip

34

35 AXA PREMIER VIP TRUST AXA Moderate Allocation Portfolio Class A and B Shares Summary Prospectus dated May 1, 2013 Before you invest, you may want to review the Portfolio s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio s current Prospectus and Statement of Additional Information ( SAI ), dated May 1, 2013, and the Portfolio s audited financial statements included in its annual report to shareholders dated December 31, 2012, are incorporated by reference into this Summary Prospectus. You can find the Portfolio s Prospectus, SAI and other information about the Portfolio online at You can also get this information at no cost by calling or by sending an request to [email protected]. This Summary Prospectus is intended for use in connection with a variable contract as defined in Section 817(d) of the Internal Revenue Code ( Contracts ) and certain other eligible investors and is not intended for use by other investors. Investment Objective: Seeks to achieve long-term capital appreciation and current income. FEES AND EXPENSES OF THE PORTFOLIO The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table below does not reflect any fees and expenses associated with variable life insurance contracts and variable annuity certificates and contracts ( Contracts ), which would increase overall fees and expenses. See the 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 of your investment) AXA Moderate 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 (underlying portfolios) 0.61% 0.61% Total annual operating expenses 1.13% 1.13% Example This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other portfolios. The example assumes that you invest $10,000 in the Portfolio for the time periods indicated, and then redeem all of your shares at the end of those time periods. The example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses (and expenses of the Underlying Portfolios) remain the same. This example does not reflect any Contract-related fees and expenses, including redemption fees (if any) at the Contract level. If such fees and expenses were reflected, the total expenses would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years Class A Shares $115 $359 $622 $1,375 Class B Shares $115 $359 $622 $1,375 PORTFOLIO TURNOVER The Portfolio will not incur transaction costs, such as commissions, when it buys and sells shares of the Underlying Portfolios (or turns over its portfolio), but it could incur transaction costs if it were to buy and sell other types of securities directly. If the Portfolio were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs. Such costs, if incurred, would not be reflected in annual fund operating expenses or in the example, and would affect the Portfolio s performance. During the most recent fiscal year, the Portfolio s portfolio turnover rate was 18% 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 other mutual funds ( Underlying Portfolios ) managed by AXA Equitable Funds Management Group, LLC ( FMG LLC or Manager ). This Portfolio invests approximately 50% of its assets in the equity asset class and approximately 50% of its assets in the fixed income asset class through investments in Underlying Portfolios. Subject to this asset allocation target, the Portfolio generally invests its assets in a combination of Underlying Portfolios that would result in the Portfolio being invested in the following asset categories in the approximate target investment percentages shown in the chart below. International Equity Securities 15% Large Cap Equity Securities 20% Small/Mid Cap Equity Securities 15% Investment Grade Bonds 45% High Yield ( Junk ) Bonds 5% The target allocation to investment grade and high yield bond asset categories may include securities of both U.S. and foreign issuers. Actual allocations among asset classes and among asset categories can deviate from the amounts shown above by up to 15% of the Portfolio s assets. This Portfolio is managed so that it can serve as a core part of your larger AMA 1

36 portfolio. The Underlying Portfolios in which the Portfolio may invest have been selected to represent a reasonable spectrum of investment options for the Portfolio. The Portfolio may invest in Underlying Portfolios that tactically manage equity exposure. When market volatility is increasing above specific thresholds, such Underlying Portfolios may reduce their equity exposure. During such times, the Portfolio s exposure to equity securities may be significantly less than if it invested in a traditional equity portfolio and the Portfolio may deviate significantly from its asset allocation targets. Although the Portfolio s investment in Underlying Portfolios that tactically manage equity exposure is intended to reduce the Portfolio s overall risk, it may result in periods of underperformance. The Manager has based the asset allocation target and target investment percentages for the Portfolio on the degree to which it believes the Underlying Portfolios, in combination, are appropriate for the Portfolio s investment objective. The Manager may change the asset allocation targets, target investment percentages and the particular Underlying Portfolios in which the Portfolio invests without notice or shareholder approval. The Manager may sell the Portfolio s holdings for a variety of reasons, including to invest in an Underlying Portfolio 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 not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You may lose money by investing in the Portfolio. Performance may be affected by one or more of the following risks. The Portfolio is also subject to the risks associated with the Underlying Portfolios investments; please see the Prospectuses and Statements of Additional Information for the Underlying Portfolios for additional information about these risks. Affiliated Portfolio Risk In managing a Portfolio that invests in Underlying Portfolios, the Manager will have the authority to select and substitute the Underlying Portfolios. The Manager may be subject to potential conflicts of interest in allocating the Portfolio s assets among the various Underlying Portfolios because the fees payable to it by some of the Underlying Portfolios are higher than the fees payable by other Underlying Portfolios and because the Manager is also responsible for managing, administering, and with respect to certain Underlying Portfolios, its affiliates are responsible for sub-advising, the Underlying Portfolios. Credit Risk The risk that the issuer or the guarantor of a fixed income security, or the counterparty to a derivatives contract, repurchase agreement, loan of portfolio securities or other transaction, is unable or unwilling, or is perceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or otherwise honor its obligations. Securities are subject to varying degrees of credit risk, which are often reflected in their credit ratings. Custom Benchmark Risk Portions of a benchmark against which the Portfolio s performance is measured, the Volatility Managed Index International ( VMI-International ), Volatility Managed Index Mid Cap Core ( VMI-MCC ), Volatility Managed Index Large Cap Core ( VMI-LCC ) and Volatility Managed Index Small Cap Core ( VMI-SCC ), were created by the Manager to show how the Portfolio s performance compares with the returns of a volatility managed index. There is no guarantee that the Portfolio will outperform this or any benchmark. Derivatives Risk A portfolio s investments in derivatives may rise or fall more rapidly than other investments. Changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, and a portfolio could lose more than the principal amount invested. In addition, it may be difficult or impossible for a portfolio to purchase or sell certain derivatives in sufficient amounts to achieve the desired level of exposure, which may result in a loss or may be costly to a portfolio. Derivatives also may be subject to certain other risks such as leveraging risk, interest rate risk, credit risk, the risk that a counterparty may be unable or unwilling to honor its obligations, and the risk of mispricing or improper valuation. Derivatives also may not behave as anticipated by a portfolio, especially in abnormal market conditions. Equity Risk In general, stocks and other equity security values fluctuate, and sometimes widely fluctuate, in response to changes in a company s financial condition as well as general market, economic, and political conditions and other factors. Equity Exposure Risk The Portfolio may invest in Underlying Portfolios managed by the Manager that, from time to time, employ various volatility management techniques, including the use of futures and options, to manage equity exposure. The success of any volatility management strategy will be subject to the Manager s ability to correctly assess the degree of correlation between the performance of the relevant market index and the metrics used by the Manager to measure market volatility. Since the characteristics of many securities change as markets change or time passes, the success of any volatility management strategy also will be subject to the Manager s ability to continually recalculate, readjust, and execute volatility management techniques (such as options and futures transactions) in an efficient manner. In addition, because market conditions change, sometimes rapidly and unpredictably, the success of the volatility management strategy will be subject to the Manager s ability to execute the strategy in a timely manner. Moreover, volatility management strategies may increase portfolio transaction costs, which could cause or increase losses or reduce gains. For a variety of reasons, the Manager may not seek to establish a perfect correlation between the relevant market index and the metrics that the Manager uses to measure market volatility. In addition, it is not possible to manage volatility fully or perfectly. Any one or more of these factors may prevent the Underlying Portfolio from achieving the intended volatility management or could cause the Underlying Portfolio, and, in turn, the Portfolio to underperform or experience losses. Foreign Securities Risk Investments in foreign securities, including depositary receipts, involve risks not associated with investing in U.S. securities. Foreign markets, particularly emerging markets, may be less liquid, more volatile and subject to less government supervision than domestic markets. Security values also may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. Differences between U.S. and foreign legal, political and economic systems, AMA 2

37 regulatory regimes and market practices also may impact security values and it may take more time to clear and settle trades involving foreign securities. Futures Contract Risk The primary risks associated with the use of futures contracts are (a) the imperfect correlation between the change in market value of the instruments held by a portfolio and the price of the futures contract; (b) liquidity risks, including the possible absence of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses (potentially unlimited) caused by unanticipated market movements; (d) an adviser s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that a counterparty will default in the performance of its obligations; (f) if a portfolio has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the portfolio may have to sell securities at a time when it may be disadvantageous to do so; and (g) transaction costs associated with investments in futures contracts may be significant, which could cause or increase losses or reduce gains. Interest Rate Risk The risk that fixed income securities will decline in value because of changes in interest rates. When interest rates decline, the value of a portfolio s debt securities generally rises. Conversely, when interest rates rise, the value of a portfolio s debt securities generally declines. A portfolio with a longer average duration will be more sensitive to changes in interest rates than a fund with a shorter average duration. Investment Grade Securities Risk Debt securities commonly are rated by national bond ratings agencies. Investment grade securities are securities rated BBB or higher by Standard & Poor s Ratings Services ( S&P ) or Fitch Ratings, Ltd. ( Fitch ) or Baa or higher by Moody s Investors Service, Inc. ( Moody s ). Securities rated in the lower investment grade rating categories (e.g., BBB or Baa) are considered investment grade securities, but are somewhat riskier than higher rated obligations because they are regarded as having only an adequate capacity to pay principal and interest, and are considered to lack outstanding investment characteristics. Junk Bonds or Lower Rated Securities Risk Bonds rated below investment grade (i.e., BB or lower by S&P or Fitch or Ba or lower by Moody s) are speculative in nature and are subject to additional risk factors such as increased possibility of default, illiquidity of the security, and changes in value based on changes in interest rates. Junk bonds are usually issued by companies without long track records of sales and earnings, or by those companies with questionable credit strength. Large-Cap Company Risk Larger more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. Market Risk The risk that the securities markets will move down, sometimes rapidly and unpredictably based on overall economic conditions and other factors. Changes in the financial condition of a single issuer can impact a market as a whole. Mid-Cap and Small-Cap Company Risk Investments in midand small-cap companies may involve greater risks than investments in larger, more established issuers because they generally are more vulnerable than larger companies to adverse business or economic developments. Such companies generally have narrower product lines, more limited financial resources and more limited markets for their stock as compared with larger companies. As a result, the value of such securities may be more volatile than the securities of larger companies, and the Portfolio may experience difficulty in purchasing or selling such securities at the desired time and price or in the desired amount. In general, these risks are greater for small-cap companies than for mid-cap companies. Portfolio Management Risk The risk that strategies used by the Manager or the sub-advisers and their securities selections fail to produce the intended results. Risks Related to Investments In Underlying Portfolios A Portfolio that invests in Underlying Portfolios will indirectly bear fees and expenses charged by those Underlying Portfolios, in addition to the Portfolio s direct fees and expenses. The cost of investing in the Portfolio, therefore, may be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. In addition, the Portfolio s net asset value is subject to fluctuations in the net asset value of each Underlying Portfolio. The Portfolio is also subject to the risks associated with the securities in which the Underlying Portfolios invest and the ability of the Portfolio to meet its investment objective will depend, to a significant degree, on the ability of the Underlying Portfolios to meet their objectives. The Portfolio and the Underlying Portfolios are subject to certain general investment risks, including market risk, issuer-specific risk, investment style risk and portfolio management risk. In addition, to the extent a Portfolio invests in Underlying Portfolios that invest in equity securities, fixed income securities and/or foreign securities, the Portfolio is subject to the risks associated with investing in such securities such as equity risk, market capitalization risk, investment grade securities risk, interest rate risk, credit/default risk, foreign investing and emerging markets securities risk and lower-rated securities risk. The Underlying Portfolios may change their investment objectives or policies without the approval of the Portfolio. If that were to occur, the Portfolio might be forced to withdraw its investment from the Underlying Portfolio at a time that is unfavorable to the Portfolio. Risk/Return Bar Chart and Table The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio s performance from year to year and by showing how the Portfolio s average annual total returns for the past one, five and ten years through December 31, 2012 compared to the returns of a broadbased market index. The additional broad-based market indexes and the hypothetical composite index show how the Portfolio s performance compared with the returns of other asset classes in which the Portfolio may invest and the returns of a volatility managed index. Past performance is not an indication of future performance. AMA 3

38 The performance results do not reflect any Contract-related fees and expenses, which would reduce the performance results. Effective as of June 30, 2012, the Portfolio changed two of its broadbased benchmarks from the Barclays U.S. Aggregate Bond Index and the MSCI EAFE Index to the Barclays Intermediate U.S. Government Bond Index. The Portfolio changed its benchmarks because the investment manager believes the new benchmark represents a better comparison against which to measure the Portfolio s performance. Calendar Year Annual Total Returns Class B 19.11% 10.34% 8.75% 6.31% 4.74% 16.95% 9.91% % % % 2012 Best quarter (% and time period) Worst quarter (% and time period) 10.30% (2009 3rd Quarter) 11.79% (2008 4th Quarter) Average Annual Total Returns One Year Five Years Ten Years AXA Moderate Allocation Portfolio Class A Shares 8.85% 0.83% 5.32% AXA Moderate Allocation Portfolio Class B Shares 8.82% 0.62% 5.08% S&P 500 Index (reflects no deduction for fees, expenses, or taxes) 16.00% 1.66% 1.70% Barclays Intermediate U.S. Government Bond Index ( BIG ) (reflects no deduction for fees, expenses, or taxes) 1.73% 4.51% 4.10% 42% BIG/ 15% VMI - International/ 9% VMI - MCC/ 20% VMI - LCC/ 6% VMI - SCC / 8% ML 3mos T- bill (reflects no deduction for fees, expenses, or taxes) 9.04% 4.21% 7.08% Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes) 4.21% 5.95% 5.18% MSCI EAFE Index (reflects no deduction for fees or expenses) 17.32% 3.69% 8.21% WHO MANAGES THE PORTFOLIO Investment Manager: FMG LLC Portfolio Managers: Name Kenneth T. Kozlowski, CFP, CLU, ChFC Alwi Chan, CFA Xavier Poutas, CFA Title Executive Vice President and Chief Investment Officer of FMG LLC Senior Vice President and Deputy Chief Investment Officer of FMG LLC Assistant Portfolio Manager of FMG LLC PURCHASE AND SALE OF PORTFOLIO SHARES Date Began Managing the Portfolio July 2003 May 2011 May 2011 The Portfolio s shares are currently sold only to insurance company separate accounts in connection with Contracts issued or to be issued by AXA Equitable Life Insurance Company ( AXA Equitable ), other affiliated or unaffiliated insurance companies and to The AXA Equitable 401(k) Plan. Shares also may be sold to other tax-qualified retirement plans and other investors eligible under applicable tax regulations. The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares. TAX INFORMATION Because the Portfolio currently sells its shares only to insurance company separate accounts, qualified plans and other investors eligible under applicable tax regulations, distributions the Portfolio makes of its net investment income and net realized gains most or all of which it intends to distribute annually and redemptions or exchanges of Portfolio shares generally will not be taxable to its shareholders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax information. PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES The Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and its related companies may make payments to a sponsoring insurance company (or its affiliates) or other financial intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. AMA 4

39 AXA PREMIER VIP TRUST Multimanager Aggressive Equity Portfolio Class A and B Shares Summary Prospectus dated May 1, 2013 Before you invest, you may want to review the Portfolio s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio s current Prospectus and Statement of Additional Information ( SAI ), dated May 1, 2013, and the Portfolio s audited financial statements included in its annual report to shareholders dated December 31, 2012, are incorporated by reference into this Summary Prospectus. You can find the Portfolio s Prospectus, SAI and other information about the Portfolio online at You can also get this information at no cost by calling or by sending an request to [email protected]. This Summary Prospectus is intended for use in connection with a variable contract as defined in Section 817(d) of the Internal Revenue Code ( Contracts ) and certain other eligible investors and is not intended for use by other investors. Investment Objective: Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio. FEES AND EXPENSES OF THE PORTFOLIO The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table below does not reflect any fees and expenses associated with variable life insurance contracts and variable annuity certificates and contracts ( Contracts ), which would increase overall fees and expenses. See the 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 of your investment) Multimanager Aggressive Equity Portfolio Class A Shares Class B Shares Management Fee 0.58% 0.58% Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% Other Expenses 0.18% 0.18% Total Annual Portfolio Operating Expenses 1.01% 1.01% Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other portfolios. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses remain the same. This Example does not reflect any Contract-related fees and expenses, including redemption fees (if any) at the Contract level. If such fees and expenses were reflected, the total expenses would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years Class A Shares $103 $322 $558 $1,236 Class B Shares $103 $322 $558 $1,236 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 fund operating expenses or in the example, affect the Portfolio s performance. During the most recent fiscal year, the Portfolio s portfolio turnover rate was 72% of the average value of the Portfolio. INVESTMENTS, RISKS, AND PERFORMANCE Principal Investment Strategies of the Portfolio Under normal circumstances, the Portfolio intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in equity securities. This policy may not be changed without providing at least sixty (60) days written notice to the Portfolio s shareholders. For purposes of this Portfolio, equity securities shall include common stocks, preferred stocks, and other equity securities, and financial instruments that derive their value from such securities. The Portfolio invests primarily in securities of large capitalization growth companies. For purposes of this Portfolio, large capitalization companies are companies with market capitalization within the range of the Russell 3000 Growth Index at the time of investment (market capitalization range of approximately $27.9 million to $500.5 billion as of December 31, 2012). The Portfolio intends to invest primarily in common stocks, but may also invest in other equity securities that the sub-advisers believe provide opportunities for capital growth. The size of companies in the Russell 3000 Growth Index changes with market conditions, which can result in changes to the market capitalization range of companies in the index. AXA Equitable Funds Management Group, LLC ( FMG LLC or Manager ) will generally allocate the Portfolio s assets among three or more sub-advisers, each of which will manage its portion of the Portfolio using different yet complementary investment strategies. Under normal circumstances, one portion of the Portfolio will track the performance of a particular index ( Index Allocated Portion ) and the other portions of the Portfolio will be actively managed ( Active Allocated Portions ). Under normal circumstances, the Manager anticipates allocating approximately 50% of the Portfolio s net assets to the Index Allocated Portion and the remaining 50% of net assets among the Active Allocated Portions. These percentages are targets established by the Manager and actual allocations between the portions may deviate from these targets by up to 20% of the Portfolio s net assets. MMAE I

40 The Manager has been granted relief by the Securities and Exchange Commission to hire, terminate and replace sub-advisers and amend subadvisory agreements subject to the approval of the Board of Trustees and without obtaining shareholder approval. However, the Manager may not enter into a subadvisory agreement on behalf of the Portfolio with an affiliated person of the Manager, such as AllianceBernstein L.P., unless the subadvisory agreement is approved by the Portfolio s shareholders. The Manager is responsible for overseeing sub-advisers and recommending their hiring, termination and replacement to the Board of Trustees. The Index Allocated Portion of the Portfolio seeks to track the performance (before fees and expenses) of the Russell 3000 Growth Index with minimal tracking error. This strategy is commonly referred to as an indexing strategy. Generally, the Index Allocated Portion utilizes a stratified sampling construction process in which the Index Allocation Portion invests in a subset of the companies represented in the Russell 3000 Growth Index based on the sub-adviser s analysis of key risk factors and characteristics. Such factors and characteristics include industry weightings, market capitalizations, return variability and yield. The Index Allocated Portion also may invest in other instruments, such as futures and options contracts, that provide comparable exposure as the index without buying the underlying securities comprising the index. The Manager also may utilize futures and options, such as exchangetraded futures and options contracts on securities indices, to manage equity exposure. Futures and options can provide exposure to the performance of a securities index without buying the underlying securities comprising the index. They also provide a means to manage the Portfolio s equity exposure without having to buy or sell securities. When market volatility is increasing above specific thresholds set for the Portfolio, the Manager may limit equity exposure either by reducing investments in securities, shorting or selling long futures and options positions on an index, increasing cash levels, and/or shorting an index. During such times, the Portfolio s exposure to equity securities may be significantly less than that of a traditional equity portfolio. Although these actions are intended to reduce the overall risk of investing in the Portfolio, they may result in periods of underperformance. The Portfolio may invest up to 25% of its assets in derivatives. It is anticipated that the Portfolio s derivative instruments will consist primarily of exchange-traded futures and options contracts on securities indices, but the Portfolio also may utilize other types of derivatives. The Portfolio s investments in derivatives may be deemed to involve the use of leverage because the Portfolio is not required to invest the full market value of the contract upon entering into the contract but participates in gains and losses on the full contract price. The use of derivatives also may be deemed to involve the use of leverage because the heightened price sensitivity of some derivatives to market changes may magnify the Portfolio s gain or loss. It is not generally expected, however, that the Portfolio will be leveraged by borrowing money for investment purposes. In addition, the Portfolio generally does not intend to use leverage to increase its net investment exposure above approximately 100% of the Portfolio s net asset value or below 0%. The Portfolio may maintain a significant percentage of its assets in cash and cash equivalent instruments, some of which may serve as margin or collateral for the Portfolio s obligations under derivative transactions. Each Active Allocated Portion invests primarily in equity securities of companies whose above-average prospective earnings growth is not fully reflected, in the view of the sub-adviser, in current market valuations. The Active Allocated Portions may invest up to 25% of their total assets in securities of foreign companies, including companies based in developing countries. A sub-adviser may sell a security for a variety of reasons, such as to make other investments believed by a sub-adviser 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 not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You may lose money by investing in the Portfolio. Cash Management Risk Upon entering into certain derivatives contracts, such as futures contracts, and to maintain open positions in certain derivatives contracts, the Portfolio may be required to post collateral for the contract, the amount of which may vary. As such, the Portfolio may maintain cash balances, including foreign currency balances, which may be significant, with counterparties such as the Trust s custodian or its affiliates. The Portfolio is thus subject to counterparty risk and credit risk with respect to these arrangements. Custom Benchmark Risk One of the benchmarks against which the Portfolio s performance is measured, the Volatility Managed Index Large Cap Growth 3000, was created by the Manager to show how the Portfolio s performance compares with the returns of a volatility managed index. There is no guarantee that the Portfolio will outperform this or any benchmark. Derivatives Risk A Portfolio s investments in derivatives may rise or fall more rapidly than other investments. Changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, and a Portfolio could lose more than the principal amount invested. In addition, it may be difficult or impossible for the Portfolio to purchase or sell certain derivatives in sufficient amounts to achieve the desired level of exposure, which may result in a loss or may be costly to the Portfolio. Derivatives also may be subject to certain other risks such as leveraging risk, interest rate risk, credit risk, the risk that a counterparty may be unable or unwilling to honor its obligations, and the risk of mispricing or improper valuation. Derivatives also may not behave as anticipated by the Portfolio, especially in abnormal market conditions. Equity Risk In general, stocks and other equity security values fluctuate, and sometimes widely fluctuate, in response to changes in 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 with investing in U.S. securities. Foreign markets, particularly emerging markets, may be less liquid, more volatile and subject to less government supervision than domestic markets. Security values also may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. Differences between U.S. and foreign legal, political and economic systems, regulatory regimes and market practices also may impact security values and it may take more time to clear and settle trades involving foreign securities. Currency Risk Investments in foreign currencies and in securities that trade in, or receive revenues in, foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar. Any such decline may erode or reverse any potential gains from an investment in securities denominated in foreign currency or may widen MMAE 2

41 existing loss. Currency rates may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention by governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the U.S. or abroad. Emerging Markets Risk There are greater risks involved in investing in emerging market countries and/or their securities markets. Investments in these countries and/or markets may present market, credit, currency, liquidity, legal, political, technical and other risks different from, or greater than, the risks of investing in developed countries. In addition, the risks associated with investing in a narrowly defined geographic area are generally more pronounced with respect to investments in emerging market countries. Futures Contract Risk The primary risks associated with the use of futures contracts are (a) the imperfect correlation between the change in market value of the instruments held by a Portfolio and the price of the futures contract; (b) liquidity risks, including the possible absence of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses (potentially unlimited) caused by unanticipated market movements; (d) an adviser s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that a counterparty will default in the performance of its obligations; (f) if a Portfolio has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Portfolio may have to sell securities at a time when it may be disadvantageous to do so; and (g) transaction costs associated with investments in futures contracts may be significant, which could cause or increase losses or reduce gains. Index Strategy Risk A Portfolio that employs an index strategy generally invests in the securities included in the relevant index or a representative sample of such securities regardless of market trends. Such a portfolio generally will not modify its index strategy to respond to changes in the economy, which means that it may be particularly susceptible to a general decline in the market segment relating to the relevant index. In addition, although the index strategy attempts to closely track its benchmark index, the Portfolio may not invest in all of the securities in the index. Also, the Portfolio s fees and expenses will reduce the Portfolio s returns, unlike those of the benchmark index. Cash flow into and out of the Portfolio, portfolio transaction costs, changes in the securities that comprise the index, and the Portfolio s valuation procedures also may affect the Portfolio s performance. Therefore, there can be no assurance that the performance of the index strategy will match that of the benchmark index. Large-Cap Company Risk Larger more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. Leverage Risk When a Portfolio leverages its holdings, the value of an investment in that Portfolio will be more volatile and all other risks will tend to be compounded. For example, a Portfolio may take on leveraging risk when it engages in derivatives transactions, invests in collateral from securities loans or borrows money. A Portfolio may experience leveraging risk in connection with investments in derivatives because its investments in derivatives may be purchased with a fraction of the assets that would be needed to purchase the securities directly, so that the remainder of the assets may be invested in other investments. Such investments may have the effect of leveraging a Portfolio because the Portfolio may experience gains or losses not only on its investments in derivatives, but also on the investments purchased with the remainder of the assets. If the value of a Portfolio s investments in derivatives is increasing, this could be offset by declining values of the Portfolio s other investments. Conversely, it is possible that the rise in the value of a Portfolio s non-derivative investments could be offset by a decline in the value of the Portfolio s investments in derivatives. In either scenario, a Portfolio may experience losses. In a market where the value of a Portfolio s investments in derivatives is declining and the value of its other investments is declining, the Portfolio may experience substantial losses. Mid-Cap and Small-Cap Company Risk Investments in mid- and small-cap companies may involve greater risks than investments in larger, more established issuers because they generally are more vulnerable than larger companies to adverse business or economic developments. Such companies generally have narrower product lines, more limited financial resources and more limited markets for their stock as compared with larger companies. As a result, the value of such securities may be more volatile than the securities of larger companies, and the Portfolio may experience difficulty in purchasing or selling such securities at the desired time and price or in the desired amount. In general, these risks are greater for small-cap companies than for mid-cap companies. Short Position Risk A Portfolio may engage in short sales and may enter into derivative contracts that have a similar economic effect (e.g., taking a short position in a futures contract). A Portfolio will incur a loss as a result of a short position if the price of the asset sold short increases in value between the date of the short position sale and the date on which an offsetting position is purchased. Short positions may be considered speculative transactions and involve special risks that could cause or increase losses or reduce gains, including greater reliance on the investment adviser s ability to accurately anticipate the future value of a security or instrument, potentially higher transaction costs, and imperfect correlation between the actual and desired level of exposure. Because a Portfolio s potential loss on a short position arises from increases in the value of the asset sold short, the extent of such loss, like the price of the asset sold short, is theoretically unlimited. Volatility Management Risk The Manager from time to time employs various volatility management techniques, including the use of futures and options to manage equity exposure. The success of the Portfolio s volatility management strategy will be subject to the Manager s ability to correctly assess the degree of correlation between the performance of the relevant market index and the metrics used by the Manager to measure market volatility. Since the characteristics of many securities change as MMAE 3

42 markets change or time passes, the success of the Portfolio s volatility management strategy also will be subject to the Manager s ability to continually recalculate, readjust, and execute volatility management techniques (such as options and futures transactions) in an efficient manner. In addition, because market conditions change, sometimes rapidly and unpredictably, the success of the volatility management strategy will be subject to the Manager s ability to execute the strategy in a timely manner. Moreover, volatility management strategies may increase portfolio transaction costs, which could cause or increase losses or reduce gains. For a variety of reasons, the Manager may not seek to establish a perfect correlation between the relevant market index and the metrics that the Manager uses to measure market volatility. In addition, it is not possible to manage volatility fully or perfectly. Any one or more of these factors may prevent the Portfolio from achieving the intended volatility management or could cause the Portfolio to underperform or experience losses. Risk/Return Bar Chart and Table The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio s performance from year to year and by showing how the Portfolio s average annual total returns for the past one, five and ten years through December 31, 2012 compared to the returns of a broad-based market index. The additional broad-based index shows how the Portfolio s performance compared with the returns of a volatility-managed index. Past performance is not an indication of future performance. The performance results do not reflect any Contract-related fees and expenses, which would reduce the performance results. Calendar Year Annual Total Returns Class B 37.50% 37.28% 12.11% 11.40% 8.23% 5.08% % % % % 2012 Best quarter (% and time period) Worst quarter (% and time period) 17.70% (2009 2nd Quarter) 25.44% (2008 4th Quarter) Average Annual Total Returns One Year Five Years Ten Years Multimanager Aggressive Equity Portfolio Class A Shares 14.21% 1.43% 6.29% Multimanager Aggressive Equity Portfolio Class B Shares 14.19% 1.63% 6.05% Russell 3000 Growth Index (reflects no deduction for fees, expenses, or taxes) 15.21% 3.15% 7.69% Volatility Managed Index Large Cap Growth 3000 (reflects no deduction for fees, expenses, or taxes) 15.66% 5.67% 9.12% WHO MANAGES THE PORTFOLIO Investment Manager: FMG LLC Portfolio Managers: The members of the team that are jointly and primarily responsible for the (i) selection, monitoring and oversight of the Portfolio s Advisers, (ii) allocating assets among the Portfolio s Allocated Portions and (iii) managing the Portfolio s equity exposure are: Name Kenneth T. Kozlowski, CFP, CLU, ChFC Alwi Chan, CFA Xavier Poutas, CFA Title Executive Vice President and Chief Investment Officer of FMG LLC Senior Vice President and Deputy Chief Investment Officer of FMG LLC Assistant Portfolio Manager of FMG LLC Sub-adviser: AllianceBernstein L.P. Date Began Managing a Portion of the Portfolio May 2011 February 2010 May 2011 Portfolio Managers: The members of the team that are jointly and primarily responsible for the management of a portion of the Index Allocated Portions of the Portfolio are: Name Judith DeVivo Catherine Wood Title Senior Vice President and Portfolio Manager Senior Vice President and Team Leader Sub-adviser: ClearBridge Investments, LLC Date Began Managing a Portion of the Portfolio December 2009 December 2001 Portfolio Managers: The members of the team that are jointly and primarily responsible for the management of a portion of the Active Allocated Portions of the Portfolio are: Name Richard Freeman Evan Bauman Sub-adviser: GCIC US Ltd. Title Managing Director and Senior Portfolio Manager Managing Director and Portfolio Manager Date Began Managing a Portion of the Portfolio January 2007 January 2007 Portfolio Manager: The individual primarily responsible for the management of a portion of the Active Allocated Portions of the Portfolio is: Name Title Date Began Managing a Portion of the Portfolio Noah Blackstein Vice President September 2010 MMAE 4

43 Sub-adviser: Marsico Capital Management, LLC Portfolio Managers: The members of the team that are jointly and primarily responsible for the management of a portion of the Active Allocated Portions of the Portfolio are: Name Thomas F. Marsico Coralie Witter, CFA Title Chief Executive Officer and Chief Investment Officer Portfolio Manager and Senior Analyst Sub-adviser: T. Rowe Price Associates, Inc. Date Began Managing a Portion of the Portfolio January 2001 May 2011 Portfolio Manager: The individual primarily responsible for the management of a portion of the Active Allocated Portions of the Portfolio is: Name Title Date Began Managing a Portion of the Portfolio Robert W. Sharps Vice President September 2010 Sub-adviser: Westfield Capital Management Company, L.P. Portfolio Managers: The members of the team that are jointly and primarily responsible for the management of a portion of the Active Allocated Portions of the Portfolio are: Name William A. Muggia Ethan J. Meyers, CFA John M. Montgomery Hamlen Thompson Bruce N. Jacobs, CFA Title President, Chief Executive Officer and Chief Investment Officer Partner and Senior Security Analyst Partner and Portfolio Strategist Partner and Senior Security Analyst Partner and Senior Security Analyst Date Began Managing a Portion of the Portfolio September 2010 September 2010 September 2010 September 2010 September 2010 TAX INFORMATION Because the Portfolio currently sells its shares only to insurance company separate accounts, qualified plans and other investors eligible under applicable tax regulations, distributions the Portfolio makes of its net investment income and net realized gains most or all of which it intends to distribute annually and redemptions or exchanges of Portfolio shares generally will not be taxable to its shareholders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax information. PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES This Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and its related companies may make payments to a sponsoring insurance company (or its affiliates) or other financial intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. PURCHASE AND SALE OF PORTFOLIO SHARES The Portfolio s shares are currently sold only to insurance company separate accounts in connection with Contracts issued or to be issued by AXA Equitable Life Insurance Company ( AXA Equitable ), other affiliated or unaffiliated insurance companies and to The AXA Equitable 401(k) Plan. Shares also may be sold to other tax-qualified retirement plans, to other portfolios managed by FMG LLC that currently sell their shares to such accounts and plans and other investors eligible under applicable tax regulations. The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares. MMAE 5

44 AXA PREMIER VIP TRUST Multimanager Multi-Sector Bond Portfolio Class A and B Shares Summary Prospectus dated May 1, 2013 Before you invest, you may want to review the Portfolio s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio s current Prospectus and Statement of Additional Information ( SAI ), dated May 1, 2013, and the Portfolio s audited financial statements included in its annual report to shareholders dated December 31, 2012, are incorporated by reference into this Summary Prospectus. You can find the Portfolio s Prospectus, SAI and other information about the Portfolio online at You can also get this information at no cost by calling or by sending an request to [email protected]. This Summary Prospectus is intended for use in connection with a variable contract as defined in Section 817(d) of the Internal Revenue Code ( Contracts ) and certain other eligible investors and is not intended for use by other investors. Investment Objective: Seeks to achieve high total return through a combination of current income and capital appreciation. FEES AND EXPENSES OF THE PORTFOLIO The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table below does not reflect any fees and expenses associated with variable life insurance contracts and variable annuity certificates and contracts ( Contracts ), which would increase overall fees and expenses. See the 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 of your investment) Multimanager Multi-Sector Bond Portfolio Class A Shares Class B Shares Management Fee 0.54% 0.54% Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% Other Expenses 0.19% 0.19% Total Annual Portfolio Operating Expenses 0.98% 0.98% Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other portfolios. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses remain the same. This Example does not reflect any Contract-related fees and expenses, including redemption fees (if any) at the Contract level. If such fees and expenses were reflected, the total expenses would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years Class A Shares $100 $312 $542 $1,201 Class B Shares $100 $312 $542 $1,201 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 fund operating expenses or in the example, affect the Portfolio s performance. During the most recent fiscal year, the Portfolio s portfolio turnover rate was 204% of the average value of the Portfolio. INVESTMENTS, RISKS, AND PERFORMANCE Principal Investment Strategies of the Portfolio Under normal circumstances, the Portfolio intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in a diversified mix of bonds, including investment grade bonds and bonds that are rated below investment grade (so called junk bonds ). This policy may not be changed without providing at least sixty (60) days written notice to the Portfolio s shareholders. For purposes of this investment policy, a debt security is considered a bond. Debt securities represent an issuer s obligation to repay a loan of money that generally pays interest to the holder. Bonds, notes and debentures are examples of debt securities. Investment grade bonds are rated Baa or higher by Moody s Investors Service, Inc. ( Moody s ) or BBB or higher by Standard & Poor s Ratings Services ( S&P ) and Fitch Ratings, Ltd. ( Fitch ) or, if unrated, are determined by the sub-adviser to be of comparable quality. Junk bonds generally have a higher current yield but are rated Ba or lower by Moody s or BB or lower by S&P or Fitch or, if unrated, are determined to be of comparable quality by a sub-adviser. Junk bonds generally involve greater volatility of price and risk to principal and income than higher quality fixed income securities, and may be illiquid. The Portfolio may invest up to 20% of its total assets in junk bonds. In the event that any securities held by the Portfolio fall below these ratings after the time of purchase, the Portfolio will not be obligated to dispose of such securities and may continue to hold such securities if the sub-adviser believes that such investments are considered appropriate under the circumstances. AXA Equitable Funds Management Group, LLC ( FMG LLC or Manager ) will generally allocate the Portfolio s assets among three or more sub-advisers, each of which will manage its portion of MMMSB 1

45 the Portfolio using different yet complementary investment strategies. Under normal circumstances, one portion of the portfolio will track the performance of a particular index ( Index Allocated Portion ) and the other portions of the Portfolio will be actively managed ( Active Allocated Portions ). Under normal circumstances, the Manager anticipates allocating approximately 70% of the Portfolio s net assets to the Index Allocated Portion and the remaining 30% of net assets among the Active Allocated Portions. The allocation percentages are targets established by the Manager and actual allocations between the portions may deviate from these targets by up to 30% of the portfolio s net assets. The Manager has been granted relief by the Securities and Exchange Commission to hire, terminate and replace sub-advisers and amend subadvisory agreements subject to the approval of the Board of Trustees and without obtaining shareholder approval. However, the Manager may not enter into a subadvisory agreement on behalf of the Portfolio with an affiliated person of the Manager, such as AllianceBernstein L.P., unless the subadvisory agreement is approved by the Portfolio s shareholders. The Manager is responsible for overseeing sub-advisers and recommending their hiring, termination and replacement to the Board of Trustees. The Index Allocated Portion of the Portfolio seeks to track the performance (before fees and expenses and including reinvestment of coupon payments) of the Barclays Intermediate U.S. Government/ Credit Index ( Government/Credit Index ) with minimal tracking error. This strategy is commonly referred to as an indexing strategy. The Government/Credit Index covers U.S. dollar denominated, investment grade, fixed-rate securities, which include U.S. Treasury and government-related, corporate, credit and agency fixed-rate debt securities. Generally, the Index Allocated Portion uses a sampling technique. The Index Allocated Portion also may invest in other instruments, such as futures and options contracts, that provide comparable exposure as the relevant index without buying the underlying securities comprising the index. The Active Allocated Portions invest primarily in debt securities of U.S. issuers. The Active Allocated Portions may invest, to a limited extent, in securities denominated in foreign currencies and U.S. dollar denominated securities of foreign issuers, including issuers located in emerging markets. Foreign currency exposure (from non-u.s. dollar-denominated securities or currencies) normally will be limited to 10% of the Portfolio s total assets. The Active Allocated Portions may engage in active and frequent trading to achieve the investment objective. The Portfolio may purchase bonds of any maturity, but generally the Portfolio s overall effective duration will be of an intermediate-term nature (similar to that of three- to seven-year U.S. Treasury notes) and will generally have a comparable duration in the range of the Government/Credit Index (approximately 3.91 years as of December 31, 2012) and the Barclays U.S. Aggregate Bond Index (approximately 5.06 years as of December 31, 2012) as calculated by the sub-adviser. The Portfolio also may use financial instruments such as futures and options to manage duration. Effective duration is a measure of the expected change in value from changes in interest rates. Typically, a bond with a low (short) duration means that its value is less sensitive to interest rate changes, while bonds with a high (long) duration are more sensitive. The Portfolio may invest up to 50% of its assets in derivatives. It is anticipated that the Portfolio s derivative instruments will consist primarily of forward contracts, exchange-traded futures and options contracts on individual securities or securities indices, but the Portfolio also may utilize other types of derivatives. The Portfolio s investments in derivatives may be deemed to involve the use of leverage because the Portfolio is not required to invest the full market value of the contract upon entering into the contract but participates in gains and losses on the full contract price. The use of derivatives also may be deemed to involve the use of leverage because the heightened price sensitivity of some derivatives to market changes may magnify the Portfolio s gain or loss. In selecting investments, the Active Allocated Portions sub-advisers evaluate several sectors of the bond market and individual securities within these sectors. The sub-advisers select bonds from several sectors including: commercial and residential mortgage-backed securities, asset-backed securities, corporate bonds and bonds of foreign issuers, including issuers located in emerging markets. The Portfolio attempts to maximize current income by taking advantage of market developments, yield disparities and variations in the creditworthiness of issuers. The Active Allocated Portions sub-advisers may sell a security for a variety of reasons, such as to make other investments believed by the sub-adviser 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 not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You may lose money by investing in the Portfolio. Credit Risk The risk that the issuer or the guarantor of a fixed income security, or the counterparty to a derivatives contract, repurchase agreement, loan of portfolio securities or other transaction, is unable or unwilling, or is perceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or otherwise honor its obligations. Securities are subject to varying degrees of credit risk, which are often reflected in their credit ratings. Derivatives Risk A Portfolio s investments in derivatives may rise or fall more rapidly than other investments. Changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, and a Portfolio could lose more than the principal amount invested. In addition, it may be difficult or impossible for the Portfolio to purchase or sell certain derivatives in sufficient amounts to achieve the desired level of exposure, which may result in a loss or may be costly to the Portfolio. Derivatives also may be subject to certain other risks such as leveraging risk, interest rate risk, credit risk, the risk that a counterparty may be unable or unwilling to honor its obligations, and the risk of mispricing or improper valuation. Derivatives also may not behave as anticipated by the Portfolio, especially in abnormal market conditions. Foreign Securities Risk Investments in foreign securities, including depositary receipts, involve risks not associated with MMMSB 2

46 investing in U.S. securities. Foreign markets, particularly emerging markets, may be less liquid, more volatile and subject to less government supervision than domestic markets. Security values also may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. Differences between U.S. and foreign legal, political and economic systems, regulatory regimes and market practices also may impact security values and it may take more time to clear and settle trades involving foreign securities. Currency Risk Investments in foreign currencies and in securities that trade in, or receive revenues in, foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar. Any such decline may erode or reverse any potential gains from an investment in securities denominated in foreign currency or may widen existing loss. Currency rates may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention by governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the U.S. or abroad. Emerging Markets Risk There are greater risks involved in investing in emerging market countries and/or their securities markets. Investments in these countries and/or markets may present market, credit, currency, liquidity, legal, political, technical and other risks different from, or greater than, the risks of investing in developed countries. In addition, the risks associated with investing in a narrowly defined geographic area are generally more pronounced with respect to investments in emerging market countries. Index Strategy Risk A Portfolio that employs an index strategy generally invests in the securities included in the relevant index or a representative sample of such securities regardless of market trends. Such a portfolio generally will not modify its index strategy to respond to changes in the economy, which means that it may be particularly susceptible to a general decline in the market segment relating to the relevant index. In addition, although the index strategy attempts to closely track its benchmark index, the Portfolio may not invest in all of the securities in the index. Also, the Portfolio s fees and expenses will reduce the Portfolio s returns, unlike those of the benchmark index. Cash flow into and out of the Portfolio, portfolio transaction costs, changes in the securities that comprise the index, and the Portfolio s valuation procedures also may affect the Portfolio s performance. Therefore, there can be no assurance that the performance of the index strategy will match that of the benchmark index. Interest Rate Risk The risk that fixed income securities will decline in value because of changes in interest rates. When interest rates decline, the value of a Portfolio s debt securities generally rises. Conversely, when interest rates rise, the value of a Portfolio s debt securities generally declines. A Portfolio with a longer average duration will be more sensitive to changes in interest rates than a fund with a shorter average duration. Investment Grade Securities Risk Debt securities commonly are rated by national bond ratings agencies. Investment grade securities are securities rated BBB or higher by S&P or Fitch or Baa or higher by Moody s. Securities rated in the lower investment grade rating categories (e.g., BBB or Baa) are considered investment grade securities, but are somewhat riskier than higher rated obligations because they are regarded as having only an adequate capacity to pay principal and interest, and are considered to lack outstanding investment characteristics. Leverage Risk When a Portfolio leverages its holdings, the value of an investment in that Portfolio will be more volatile and all other risks will tend to be compounded. For example, a Portfolio may take on leveraging risk when it engages in derivatives transactions, invests in collateral from securities loans or borrows money. A Portfolio may experience leveraging risk in connection with investments in derivatives because its investments in derivatives may be purchased with a fraction of the assets that would be needed to purchase the securities directly, so that the remainder of the assets may be invested in other investments. Such investments may have the effect of leveraging a Portfolio because the Portfolio may experience gains or losses not only on its investments in derivatives, but also on the investments purchased with the remainder of the assets. If the value of a Portfolio s investments in derivatives is increasing, this could be offset by declining values of the Portfolio s other investments. Conversely, it is possible that the rise in the value of a Portfolio s non-derivative investments could be offset by a decline in the value of the Portfolio s investments in derivatives. In either scenario, a Portfolio may experience losses. In a market where the value of a Portfolio s investments in derivatives is declining and the value of its other investments is declining, the Portfolio may experience substantial losses. Junk Bonds or Lower Rated Securities Risk Bonds rated below investment grade (i.e., BB or lower by S&P or Fitch or Ba or lower by Moody s) are speculative in nature and are subject to additional risk factors such as increased possibility of default, illiquidity of the security, and changes in value based on changes in interest rates. Junk bonds are usually issued by companies without long track records of sales and earnings, or by those companies with questionable credit strength. Mortgage-Backed and Asset-Backed Securities Risk The risk that the principal on mortgage- and asset-backed securities held by a Portfolio will be prepaid, which generally will reduce the yield and market value of these securities. If interest rates fall, the rate of prepayments tends to increase as borrowers are motivated to pay off debt and refinance at new lower rates. Rising interest rates may increase the risk of default by borrowers and tend to extend the duration of these securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, a Portfolio that holds these types of securities may experience additional volatility and losses. This is known as extension risk. Moreover, declines in the credit quality or defaults by of the issuers of mortgage- and asset-backed securities or instability in the markets for such securities may affect the value and liquidity of such securities, which could result in losses to the Portfolio. Portfolio Turnover Risk High portfolio turnover (generally turnover in excess of 100% in any given fiscal year) may result in increased transaction costs to a Portfolio, which may result in higher fund expenses and lower total return. MMMSB 3

47 Risk/Return Bar Chart and Table The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio s performance from year to year and by showing how the Portfolio s average annual total returns for the past one, five and ten years through December 31, 2012 compared to the returns of a broad-based market index. Past performance is not an indication of future performance. The performance results do not reflect any Contract-related fees and expenses, which would reduce the performance results. Calendar Year Annual Total Returns Class B 22.54% % % % % % 6.82% 5.08% 5.23% % Best quarter (% and time period) Worst quarter (% and time period) 7.69% (2003 2nd Quarter) 15.87% (2008 4th Quarter) Average Annual Total Returns One Year Five Years Ten Years Multimanager Multi-Sector Bond Portfolio Class A Shares 5.49% 0.02% 4.66% Multimanager Multi-Sector Bond Portfolio Class B Shares 5.23% 0.22% 4.42% Barclays Intermediate U.S. Government/Credit Index (reflects no deduction for fees, expenses, or taxes) 3.89% 5.18% 4.62% WHO MANAGES THE PORTFOLIO Investment Manager: FMG LLC Portfolio Managers: The members of the team that are jointly and primarily responsible for the (i) selection, monitoring and oversight of the Portfolio s Advisers and (ii) allocating assets among the Portfolio s Allocated Portions are: Name Kenneth T. Kozlowski, CFP, CLU, ChFC Alwi Chan, CFA Xavier Poutas, CFA Title Executive Vice President and Chief Investment Officer of FMG LLC Senior Vice President and Deputy Chief Investment Officer of FMG LLC Assistant Portfolio Manager of FMG LLC Date Began Managing a Portion of the Portfolio May 2011 February 2010 May 2011 Sub-adviser: Pacific Investment Management Company LLC Portfolio Manager: The individual primarily responsible for the management of a portion of the Active Allocated Portions of the Portfolio is: Name Saumil H. Parikh Title Managing Director and Portfolio Manager Sub-adviser: Post Advisory Group, LLC Date Began Managing the Portfolio January 2011 Portfolio Managers: The members of the team that are jointly and primarily responsible for the management of a portion of the Active Allocated Portions of the Portfolio are: Name Henry Chyung Larry Post Title Managing Director and Lead Portfolio Manager Chairman and Chief Investment Officer Date Began Managing the Portfolio August 2012 May 2011 Sub-adviser: SSgA Funds Management, Inc. ( SSgA FM ) Portfolio Managers: The members of the team that are jointly and primarily responsible for the management of a portion of the Index Allocated Portions of the Portfolio are: Name Title Date Began Managing the Portfolio Mike Brunell Vice President June 2010 Mahesh Jayakumar Principal and Portfolio Manager PURCHASE AND SALE OF PORTFOLIO SHARES January 2012 The Portfolio s shares are currently sold only to insurance company separate accounts in connection with Contracts issued or to be issued by AXA Equitable Life Insurance Company ( AXA Equitable ), other affiliated or unaffiliated insurance companies and to The AXA Equitable 401(k) Plan. Shares also may be sold to other tax-qualified retirement plans, to other portfolios managed by FMG LLC that currently sell their shares to such accounts and plans and other investors eligible under applicable tax regulations. The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares. TAX INFORMATION Because the Portfolio currently sells its shares only to insurance company separate accounts, qualified plans and other investors eligible under applicable tax regulations, distributions the Portfolio makes of its net investment income and net realized gains most or all of which it intends to distribute annually and redemptions or exchanges of Portfolio shares generally will not be taxable to its shareholders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax information. MMMSB 4

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

49 AXA PREMIER VIP TRUST Multimanager Small Cap Value Portfolio Class A and B Shares Summary Prospectus dated May 1, 2013 Before you invest, you may want to review the Portfolio s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio s current Prospectus and Statement of Additional Information ( SAI ), dated May 1, 2013, and the Portfolio s audited financial statements included in its annual report to shareholders dated December 31, 2012, are incorporated by reference into this Summary Prospectus. You can find the Portfolio s Prospectus, SAI and other information about the Portfolio online at You can also get this information at no cost by calling or by sending an request to [email protected]. This Summary Prospectus is intended for use in connection with a variable contract as defined in Section 817(d) of the Internal Revenue Code ( Contracts ) and certain other eligible investors and is not intended for use by other investors. Investment Objective: Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio. FEES AND EXPENSES OF THE PORTFOLIO The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table below does not reflect any fees 5and expenses associated with variable life insurance contracts and variable annuity certificates and contracts ( Contracts ), which would increase overall fees and expenses. See the 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 of your investment) Multimanager Small Cap Value Portfolio Class A Shares Class B Shares Management Fee 0.85% 0.85% Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% Other Expenses 0.20% 0.20% Total Annual Portfolio Operating Expenses 1.30% 1.30% Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other portfolios. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses remain the same. This Example does not reflect any Contract-related fees and expenses, including redemption fees (if any) at the Contract level. If such fees and expenses were reflected, the total expenses would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years Class A Shares $132 $412 $713 $1,568 Class B Shares $132 $412 $713 $1,568 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 fund operating expenses or in the example, affect the Portfolio s performance. During the most recent fiscal year, the Portfolio s portfolio turnover rate was 14% of the average value of the Portfolio. INVESTMENTS, RISKS, AND PERFORMANCE Principal Investment Strategies of the Portfolio Under normal circumstances, the Portfolio intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in equity securities of U.S. small-capitalization companies. This policy may not be changed without providing at least sixty (60) days written notice to the Portfolio s shareholders. For purposes of this Portfolio, small-capitalization companies are companies with market capitalization within the range of companies in the Russell 2500 Index at the time of investment (as of December 31, 2012, the market capitalization of the companies in the Russell 2500 Index was between $27.9 million and $10.1 billion). In addition, securities of small-capitalization companies may include financial instruments that derive their value from the securities of such companies. The size of companies in the Russell 2500 Index changes with market conditions, which can result in changes to the market capitalization ranges of companies in the index. The Portfolio intends to invest primarily in common stocks, but it may also invest in other securities that the sub-advisers believe provide opportunities for capital growth. AXA Equitable Funds Management Group, LLC ( FMG LLC or Manager ) will generally allocate the Portfolio s assets among three or more sub-advisers, each of which will manage its portion of the Portfolio using different yet complementary investment strategies. Under normal circumstances, one portion of the Portfolio will track the performance of a particular index ( Index Allocated Portion ) and the other portions of the Portfolio will be actively managed ( Active Allocated Portions ). Under normal circumstances, the Manager anticipates allocating approximately 50% of the Portfolio s net assets to the Index Allocated Portion and the remaining 50% of net assets among the Active Allocated Portions. These percentages are targets established by the Manager and actual allocations between the portions may deviate from these targets by up to 20% of the Portfolio s net assets. MMSCV 1

50 The Manager has been granted relief by the Securities and Exchange Commission to hire, terminate and replace sub-advisers and amend subadvisory agreements subject to the approval of the Board of Trustees and without obtaining shareholder approval. However, the Manager may not enter into a subadvisory agreement on behalf of the Portfolio with an affiliated person of the Manager, such as AllianceBernstein L.P., unless the subadvisory agreement is approved by the Portfolio s shareholders. The Manager is responsible for overseeing sub-advisers and recommending their hiring, termination and replacement to the Board of Trustees. The Index Allocated Portion of the Portfolio seeks to track the performance (before fees and expenses) of the Russell 2000 Value Index with minimal tracking error. This strategy is commonly referred to as an indexing strategy. Generally, the Index Allocated Portion uses a full replication technique, although in certain instances a sampling approach may be utilized for a portion of the Index Allocated Portion. The Index Allocated Portion also may invest in other instruments, such as futures and options contracts, that provide comparable exposure as the index without buying the underlying securities comprising the index. The Manager also may utilize futures and options, such as exchangetraded futures and options contracts on securities indices, to manage equity exposure. Futures and options can provide exposure to the performance of a securities index without buying the underlying securities comprising the index. They also provide a means to manage the Portfolio s equity exposure without having to buy or sell securities. When market volatility is increasing above specific thresholds set for the Portfolio, the Manager may limit equity exposure either by reducing investments in securities, shorting or selling long futures and options positions on an index, increasing cash levels, and/or shorting an index. During such times, the Portfolio s exposure to equity securities may be significantly less than that of a traditional equity portfolio. Although these actions are intended to reduce the overall risk of investing in the Portfolio, they may result in periods of underperformance. The Portfolio may invest up to 25% of its assets in derivatives. It is anticipated that the Portfolio s derivative instruments will consist primarily of exchange-traded futures and options contracts on securities indices, but the Portfolio also may utilize other types of derivatives. The Portfolio s investments in derivatives may be deemed to involve the use of leverage because the Portfolio is not required to invest the full market value of the contract upon entering into the contract but participates in gains and losses on the full contract price. The use of derivatives also may be deemed to involve the use of leverage because the heightened price sensitivity of some derivatives to market changes may magnify the Portfolio s gain or loss. It is not generally expected, however, that the Portfolio will be leveraged by borrowing money for investment purposes. In addition, the Portfolio generally does not intend to use leverage to increase its net investment exposure above approximately 100% of the Portfolio s net asset value or below 0%. The Portfolio may maintain a significant percentage of its assets in cash and cash equivalent instruments, some of which may serve as margin or collateral for the Portfolio s obligations under derivative transactions. Each Active Allocated Portion utilizes a value-oriented investment style and invests primarily in equity securities of companies that, in the view of the sub-adviser, are currently under-priced according to certain financial measurements, which may include price-to-earnings and priceto-book ratios and dividend income potential. These sub-advisers may sell a security for a variety of reasons, such as because it becomes overvalued or shows deteriorating fundamentals. The Active Allocated Portions also may invest, to a limited extent (generally up to 20% of its net assets), in foreign securities, including securities of companies based in developing countries and depositary receipts of foreign based companies. The Active Allocated Portions may engage in active and frequent trading to achieve the portfolio s investment objective. The Principal Risks of Investing in the Portfolio 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. You may lose money by investing in the Portfolio. Cash Management Risk Upon entering into certain derivatives contracts, such as futures contracts, and to maintain open positions in certain derivatives contracts, the Portfolio may be required to post collateral for the contract, the amount of which may vary. As such, the Portfolio may maintain cash balances, including foreign currency balances, which may be significant, with counterparties such as the Trust s custodian or its affiliates. The Portfolio is thus subject to counterparty risk and credit risk with respect to these arrangements. Custom Benchmark Risk One of the benchmarks against which the Portfolio s performance is measured, the Volatility Managed Index Small Cap Value 2000, was created by the Manager to show how the Portfolio s performance compares with the returns of a volatility managed index. There is no guarantee that the Portfolio will outperform this or any benchmark. Derivatives Risk A Portfolio s investments in derivatives may rise or fall more rapidly than other investments. Changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, and a Portfolio could lose more than the principal amount invested. In addition, it may be difficult or impossible for the Portfolio to purchase or sell certain derivatives in sufficient amounts to achieve the desired level of exposure, which may result in a loss or may be costly to the Portfolio. Derivatives also may be subject to certain other risks such as leveraging risk, interest rate risk, credit risk, the risk that a counterparty may be unable or unwilling to honor its obligations, and the risk of mispricing or improper valuation. Derivatives also may not behave as anticipated by the Portfolio, especially in abnormal market conditions. Equity Risk In general, stocks and other equity security values fluctuate, and sometimes widely fluctuate, in response to changes in a company s financial condition as well as general market, economic, and political conditions and other favors. Foreign Securities Risk Investments in foreign securities, including depositary receipts, involve risks not associated with investing in U.S. securities. Foreign markets, particularly emerging markets, may be less liquid, more volatile and subject to less government supervision than domestic markets. Security values also may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. Differences between U.S. and foreign legal, political and economic systems, regulatory regimes and market practices also may impact security values and it may take more time to clear and settle trades involving foreign securities. Currency Risk Investments in foreign currencies and in securities that trade in, or receive revenues in, foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar. Any such decline may erode or reverse any potential gains from an investment in securities denominated in foreign currency or may widen MMSCV 2

51 existing loss. Currency rates may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention by governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the U.S. or abroad. Depositary Receipts Risk Investments in depositary receipts (including American Depositary Receipts, European Depositary Receipts and Global Depositary Receipts) are generally subject to the same risks of investing in the foreign securities that they evidence or into which they may be converted. In addition, issuers underlying unsponsored depositary receipts may not provide as much information as U.S. issuers and issuers underlying sponsored depositary receipts. Unsponsored depositary receipts also may not carry the same voting privileges as sponsored depositary receipts. Emerging Markets Risk There are greater risks involved in investing in emerging market countries and/or their securities markets. Investments in these countries and/or markets may present market, credit, currency, liquidity, legal, political, technical and other risks different from, or greater than, the risks of investing in developed countries. In addition, the risks associated with investing in a narrowly defined geographic area are generally more pronounced with respect to investments in emerging market countries. Futures Contract Risk The primary risks associated with the use of futures contracts are (a) the imperfect correlation between the change in market value of the instruments held by a Portfolio and the price of the futures contract; (b) liquidity risks, including the possible absence of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses (potentially unlimited) caused by unanticipated market movements; (d) an adviser s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that a counterparty will default in the performance of its obligations; (f) if a Portfolio has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Portfolio may have to sell securities at a time when it may be disadvantageous to do so; and (g) transaction costs associated with investments in futures contracts may be significant, which could cause or increase losses or reduce gains. Index Strategy Risk A Portfolio that employs an index strategy generally invests in the securities included in the relevant index or a representative sample of such securities regardless of market trends. Such a portfolio generally will not modify its index strategy to respond to changes in the economy, which means that it may be particularly susceptible to a general decline in the market segment relating to the relevant index. In addition, although the index strategy attempts to closely track its benchmark index, the Portfolio may not invest in all of the securities in the index. Also, the Portfolio s fees and expenses will reduce the Portfolio s returns, unlike those of the benchmark index. Cash flow into and out of the Portfolio, portfolio transaction costs, changes in the securities that comprise the index, and the Portfolio s valuation procedures also may affect the Portfolio s performance. Therefore, there can be no assurance that the performance of the index strategy will match that of the benchmark index. Investment Style Risk A sub-adviser may use a particular style or set of styles in this case value styles to select investments. Those styles may be out of favor or may not produce the best results over short or longer time periods. Value stocks are subject to the risks that notwithstanding that a stock is selling at a discount to a its perceived true worth, the market will never fully recognize their intrinsic value. In addition, there is the risk that a stock judged to be undervalued may actually be appropriately priced. Leverage Risk When a Portfolio leverages its holdings, the value of an investment in that Portfolio will be more volatile and all other risks will tend to be compounded. For example, a Portfolio may take on leveraging risk when it engages in derivatives transactions, invests in collateral from securities loans or borrows money. A Portfolio may experience leveraging risk in connection with investments in derivatives because its investments in derivatives may be purchased with a fraction of the assets that would be needed to purchase the securities directly, so that the remainder of the assets may be invested in other investments. Such investments may have the effect of leveraging a Portfolio because the Portfolio may experience gains or losses not only on its investments in derivatives, but also on the investments purchased with the remainder of the assets. If the value of a Portfolio s investments in derivatives is increasing, this could be offset by declining values of the Portfolio s other investments. Conversely, it is possible that the rise in the value of a Portfolio s non-derivative investments could be offset by a decline in the value of the Portfolio s investments in derivatives. In either scenario, a Portfolio may experience losses. In a market where the value of a Portfolio s investments in derivatives is declining and the value of its other investments is declining, the Portfolio may experience substantial losses. Portfolio Turnover Risk High portfolio turnover (generally, turnover in excess of 100% in any given fiscal year) may result in increased transaction costs to a Portfolio, which may result in higher fund expenses and lower total return. Small-Cap Company Risk A Portfolio s investments in smallcap companies may involve greater risks than investments in larger, more established issuers because they generally are more vulnerable than larger companies to adverse business or economic developments. Such companies generally have narrower product lines, more limited financial resources and more limited markets for their stock as compared with larger companies. As a result, the value of such securities may be more volatile than the securities of larger companies, and the Portfolio may experience difficulty in purchasing or selling such securities at the desired time and price or in the desired amount. Short Position Risk A Portfolio may engage in short sales and may enter into derivative contracts that have a similar economic effect (e.g., taking a short position in a futures contract). A Portfolio will incur a loss as a result of a short position if the price of the asset sold short increases in value between the date of the short position sale and the date on which an offsetting position is purchased. Short positions may be considered speculative transactions and involve special risks that could cause or increase losses or reduce gains, including greater reliance on the investment adviser s ability to accurately anticipate the future MMSCV 3

52 value of a security or instrument, potentially higher transaction costs, and imperfect correlation between the actual and desired level of exposure. Because a Portfolio s potential loss on a short position arises from increases in the value of the asset sold short, the extent of such loss, like the price of the asset sold short, is theoretically unlimited. Volatility Management Risk The Manager from time to time employs various volatility management techniques, including the use of futures and options to manage equity exposure. The success of the Portfolio s volatility management strategy will be subject to the Manager s ability to correctly assess the degree of correlation between the performance of the relevant market index and the metrics used by the Manager to measure market volatility. Since the characteristics of many securities change as markets change or time passes, the success of the Portfolio s volatility management strategy also will be subject to the Manager s ability to continually recalculate, readjust, and execute volatility management techniques (such as options and futures transactions) in an efficient manner. In addition, because market conditions change, sometimes rapidly and unpredictably, the success of the volatility management strategy will be subject to the Manager s ability to execute the strategy in a timely manner. Moreover, volatility management strategies may increase portfolio transaction costs, which could cause or increase losses or reduce gains. For a variety of reasons, the Manager may not seek to establish a perfect correlation between the relevant market index and the metrics that the Manager uses to measure market volatility. In addition, it is not possible to manage volatility fully or perfectly. Any one or more of these factors may prevent the Portfolio from achieving the intended volatility management or could cause the Portfolio to underperform or experience losses. Risk/Return Bar Chart and Table The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio s performance from year to year and by showing how the Portfolio s average annual total returns for the past one, five and ten years through December 31, 2012 compared to the returns of a broad-based market index. The additional broad-based index shows how the Portfolio s performance compared with the returns of a volatility-managed index. Past performance is not an indication of future performance. The performance results do not reflect any Contract-related fees and expenses, which would reduce the performance results. Calendar Year Annual Total Returns Class B 37.42% 17.06% 4.75% 16.07% 26.40% 24.48% 16.97% Average Annual Total Returns One Year Five Years Ten Years Multimanager Small Cap Value Portfolio Class A Shares 16.87% 1.00% 6.49% Multimanager Small Cap Value Portfolio Class B Shares 16.97% 0.80% 6.26% Russell 2000 Value Index (reflects no deduction for fees, expenses, or taxes) 18.05% 3.55% 9.50% Volatility Managed Index Small Cap Value 2000 (reflects no deduction for fees, expenses, or taxes) 17.04% 5.20% 10.59% WHO MANAGES THE PORTFOLIO Investment Manager: FMG LLC Portfolio Managers: The members of the team that are jointly and primarily responsible for the (i) selection, monitoring and oversight of the Portfolio s Advisers, (ii) allocating assets among the Portfolio s Allocated Portions and (iii) managing the Portfolio s equity exposure are: Name Kenneth T. Kozlowski, CFP, CLU, ChFC Alwi Chan, CFA Xavier Poutas, CFA Title Executive Vice President and Chief Investment Officer of FMG LLC Senior Vice President and Deputy Chief Investment Officer of FMG LLC Assistant Portfolio Manager of FMG LLC Date Began Managing a Portion of the Portfolio May 2011 February 2010 May 2011 Sub-adviser: BlackRock Investment Management, LLC Portfolio Managers: The members of the team that are jointly and primarily responsible for the management of a portion of the Index Allocated Portions of the Portfolio are: Name Christopher Bliss, CFA, CPA Greg Savage Title Managing Director and Portfolio Manager Managing Director and Portfolio Manager Date Began Managing a Portion of the Portfolio May 2011 May 2012 Edward Corallo Managing Director May % -9.01% % Best quarter (% and time period) Worst quarter (% and time period) 22.94% (2009 2nd Quarter) 28.00% (2008 4th Quarter) MMSCV 4

53 Sub-adviser: Franklin Advisory Services, LLC Portfolio Managers: The members of the team that are jointly and primarily responsible for the management of a portion of the Active Allocated Portions of the Portfolio are: Name Title Date Began Managing a Portion of the Portfolio William J. Lippman President September 2006 Bruce C. Baughman, CPA Margaret McGee Donald G. Taylor, CPA Steven R. Raineri Senior Vice President and Portfolio Manager Vice President and Portfolio Manager Senior Vice President and Portfolio Manager Co-Lead Portfolio Manager Sub-adviser: Horizon Asset Management LLC September 2006 September 2006 September 2006 July 2012 Portfolio Managers: The members of the team that are jointly and primarily responsible for the management of a portion of the Active Allocated Portions of the Portfolio are: Name Murray Stahl Title Chairman and Chief Investment Officer Date Began Managing a Portion of the Portfolio January 2011 Matthew Houk Co-Portfolio Manager May 2013 TAX INFORMATION Because the Portfolio currently sells its shares only to insurance company separate accounts, qualified plans and other investors eligible under applicable tax regulations, distributions the Portfolio makes of its net investment income and net realized gains most or all of which it intends to distribute annually and redemptions or exchanges of Portfolio shares generally will not be taxable to its shareholders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax information. PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES This Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and its related companies may make payments to a sponsoring insurance company (or its affiliates) or other financial intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. Sub-adviser: Pacific Global Investment Management Company Portfolio Manager: The individual primarily responsible for the management of a portion of the Active Allocated Portions of the Portfolio is: Name Title Date Began Managing a Portion of the Portfolio George A. Henning Chairman and President July 2008 PURCHASE AND SALE OF PORTFOLIO SHARES The Portfolio s shares are currently sold only to insurance company separate accounts in connection with Contracts issued or to be issued by AXA Equitable Life Insurance Company ( AXA Equitable ), other affiliated or unaffiliated insurance companies and to The AXA Equitable 401(k) Plan. Shares also may be sold to other tax-qualified retirement plans, to other portfolios managed by FMG LLC that currently sell their shares to such accounts and plans and other investors eligible under applicable tax regulations. The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares. MMSCV 5

54 AXA PREMIER VIP TRUST Multimanager Technology Portfolio Class A and B Shares Summary Prospectus dated May 1, 2013 Before you invest, you may want to review the Portfolio s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio s current Prospectus and Statement of Additional Information ( SAI ), dated May 1, 2013, and the Portfolio s audited financial statements included in its annual report to shareholders dated December 31, 2012, are incorporated by reference into this Summary Prospectus. You can find the Portfolio s Prospectus, SAI and other information about the Portfolio online at You can also get this information at no cost by calling or by sending an request to [email protected]. This Summary Prospectus is intended for use in connection with a variable contract as defined in Section 817(d) of the Internal Revenue Code ( Contracts ) and certain other eligible investors and is not intended for use by other investors. Investment Objective: Seeks to achieve long-term growth of capital. FEES AND EXPENSES OF THE PORTFOLIO The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table below does not reflect any fees and expenses associated with variable life insurance contracts and variable annuity certificates and contracts ( Contracts ), which would increase overall fees and expenses. See the 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 of your investment) Multimanager Technology Portfolio Class A Shares Class B Shares Management Fee 0.95% 0.95% Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% Other Expenses 0.20% 0.20% Acquired Fund Fees and Expenses 0.04% 0.04% Total Annual Portfolio Operating Expenses 1.44% 1.44% Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other portfolios. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses remain the same. This Example does not reflect any Contract-related fees and expenses, including redemption fees (if any) at the Contract level. If such fees and expenses were reflected, the total expenses would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years Class A Shares $147 $456 $787 $1,724 Class B Shares $147 $456 $787 $1,724 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 fund operating expenses or in the example, affect the Portfolio s performance. During the most recent fiscal year, the Portfolio s portfolio turnover rate was 62% of the average value of the Portfolio. INVESTMENTS, RISKS, AND PERFORMANCE Principal Investment Strategies of the Portfolio Under normal circumstances, the Portfolio intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in equity securities of companies principally engaged in the technology sector. This policy may not be changed without providing at least sixty (60) days written notice to the Portfolio s shareholders. Such companies include, among others, those in the internet products and services, computer, electronic, hardware and components, communication, software, e-commerce, information service, healthcare equipment and services, including medical devices, biotechnology, chemical products and synthetic materials, defense and aerospace, environmental services, nanotechnology, energy equipment and services, and electronic manufacturing services. In addition, securities of companies in the technology sector may include financial instruments that derive their value from the securities of such companies. The Portfolio may invest in companies of any size and can invest in securities of both U.S. and foreign companies. The Portfolio intends to invest primarily in common stocks, but it may also invest in other securities that the sub-advisers believe provide opportunities for capital growth. AXA Equitable Funds Management Group, LLC ( FMG LLC or Manager ) will generally allocate the Portfolio s assets among three or more sub-advisers, each of which will manage its portion of the Portfolio using different yet complementary investment strategies. Under normal circumstances, one portion of the Portfolio will track the 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 in exchange-traded funds ( ETFs ) ( ETF Allocation Portion ). Under normal circumstances, the Manager allocates approximately MMT 1

55 30% of the Portfolio s net assets to the Index Allocated Portion, approximately 50% of net assets among the Active Allocated Portions, and approximately 20% of net assets to the ETF Allocated Portion. These percentages are targets established by the Manager; actual allocations to the Index Allocated and Active Allocated Portions may deviate from these targets by up to 20% of the Portfolio s net assets and by up to 25% of the Portfolio s net assets with respect to the ETF Allocated Portion, but any allocation to the ETF Allocated Portion generally shall not exceed 20% of the Portfolio s net assets. The Manager has been granted relief by the Securities and Exchange Commission to hire, terminate and replace sub-advisers and amend subadvisory agreements subject to the approval of the Board of Trustees and without obtaining shareholder approval. However, the Manager may not enter into a subadvisory agreement on behalf of the Portfolio with an affiliated person of the Manager, such as AllianceBernstein L.P., unless the subadvisory agreement is approved by the Portfolio s shareholders. The Manager is responsible for overseeing sub-advisers and recommending their hiring, termination and replacement to the Board of Trustees. The Index Allocated Portion of the Portfolio seeks to track the performance (before fees and expenses) of the S&P North American Technology Sector Index with minimal tracking error. This strategy is commonly referred to as an indexing strategy. Generally, the Index Allocated Portion uses a full replication technique, although in certain instances a sampling approach may be utilized for a portion of the Index Allocated Portion. The Index Allocated Portion also may invest in ETFs that seek to track the S&P North American Technology Sector Index to obtain comparable exposure as the index without buying the underlying securities comprising the index. The Active Allocated Portions may engage in active and frequent trading to achieve the investment objective. The Active Allocated Portions sub-advisers select securities based upon fundamental analysis, such as an analysis of earnings, cash flows, competitive position and management s abilities. These sub-advisers may sell a security for a variety of reasons, such as to make other investments believed by a sub-adviser to offer superior investment opportunities. The ETF Allocated Portion invests in ETFs that meet the investment criteria of the Portfolio as a whole. The ETFs in which the ETF Allocated Portion may invest may be changed from time to time without notice or shareholder approval. An investor in the Portfolio will bear the expenses of the Portfolio as well as the indirect expenses associated with the ETFs held by the ETF Allocated Portion. The Principal Risks of Investing in the Portfolio 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. You may lose money by investing in the Portfolio. Equity Risk In general, stocks and other equity security values fluctuate, and sometimes widely fluctuate, in response to changes in a company s financial condition as well as general market, economic, and political conditions and other factors. ETFs Risk When a Portfolio invests in ETFs, it will indirectly bear fees and expenses charged by the ETF, in addition to the advisory and other fees paid directly by the Portfolio. A Portfolio s investment in an ETF involves other considerations. For example, shares of ETFs are listed and traded on securities exchanges and in over-the-counter markets, and the purchase and sale of these shares involve transaction fees and commissions. Also, even though the market price of an ETF is derived from the securities it owns, such price at any given time may be at, below or above the ETF s net asset value. In addition, many ETFs invest in securities included in, or representative of, underlying indexes regardless of investment merit or market trends and, therefore, these ETFs do not change their investment strategies to respond to changes in the economy, which means that an ETF may be particularly susceptible to a general decline in the market segment relating to the relevant index. There is also the risk that an ETF s performance may not match that of the relevant index. In addition, it is also possible that an active trading market for an ETF may not develop or be maintained, in which case the liquidity and value of a Portfolio s investment in the ETF could be substantially and adversely affected. Foreign Securities Risk Investments in foreign securities, including depositary receipts, involve risks not associated with investing in U.S. securities. Foreign markets, particularly emerging markets, may be less liquid, more volatile and subject to less government supervision than domestic markets. Security values also may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. Differences between U.S. and foreign legal, political and economic systems, regulatory regimes and market practices also may impact security values and it may take more time to clear and settle trades involving foreign securities. Index Strategy Risk A Portfolio that employs an index strategy generally invests in the securities included in the relevant index or a representative sample of such securities regardless of market trends. Such a portfolio generally will not modify its index strategy to respond to changes in the economy, which means that it may be particularly susceptible to a general decline in the market segment relating to the relevant index. In addition, although the index strategy attempts to closely track its benchmark index, the Portfolio may not invest in all of the securities in the index. Also, the Portfolio s fees and expenses will reduce the Portfolio s returns, unlike those of the benchmark index. Cash flow into and out of the Portfolio, portfolio transaction costs, changes in the securities that comprise the index, and the Portfolio s valuation procedures also may affect the Portfolio s performance. Therefore, there can be no assurance that the performance of the index strategy will match that of the benchmark index. Large-Cap Company Risk Larger more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. Mid-Cap and Small-Cap Company Risk Investments in midand small-cap companies may involve greater risks than investments in larger, more established issuers because they generally are more vulnerable than larger companies to adverse MMT 2

56 business or economic developments. Such companies generally have narrower product lines, more limited financial resources and more limited markets for their stock as compared with larger companies. As a result, the value of such securities may be more volatile than the securities of larger companies, and the Portfolio may experience difficulty in purchasing or selling such securities at the desired time and price or in the desired amount. In general, these risks are greater for small-cap companies than for mid-cap companies. Portfolio Turnover Risk High portfolio turnover (generally, turnover excess of 100% in any given fiscal year) may result in increased transaction costs to a portfolio, which may result in higher fund expenses and lower total return. Risks of Investing in Other Investment Companies A Portfolio that invests in Underlying Portfolios will indirectly bear fees and expenses charged by those Underlying Portfolios, in addition to the Portfolio s direct fees and expenses. The cost of investing in the Portfolio, therefore, may be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. In addition, the Portfolio s net asset value is subject to fluctuations in the net asset value of each Underlying Portfolio. The Portfolio is also subject to the risks associated with the securities in which the Underlying Portfolios invest and the ability of the Portfolio to meet its investment objective will depend, to a significant degree, on the ability of the Underlying Portfolios to meet their objectives. The Portfolio and the Underlying Portfolios are subject to certain general investment risks, including market risk, issuer-specific risk, investment style risk and portfolio management risk. In addition, to the extent a Portfolio invests in Underlying Portfolios that invest in equity securities, fixed income securities and/or foreign securities, the Portfolio is subject to the risks associated with investing in such securities such as equity risk, market capitalization risk, investment grade securities risk, interest rate risk, credit/default risk, foreign investing and emerging markets securities risk and lower-rated securities risk. The Underlying Portfolios may change their investment objectives or policies without the approval of the Portfolio. If that were to occur, the Portfolio might be forced to withdraw its investment from the Underlying Portfolio at a time that is unfavorable to the Portfolio. Sector Concentration Risk A Portfolio that invests primarily in a particular sector could experience greater volatility than funds investing in a broader range of industries. Technology Sector Risk The value of the shares of a Portfolio that invests primarily in technology companies is particularly vulnerable to factors affecting the technology sector, such as dependency on consumer and business acceptance as new technology evolves, large and rapid price movements resulting from competition, rapid obsolescence of products and services and short product cycles. Many technology companies are small and at an earlier stage of development and, therefore, may be subject to risks such as those arising out of limited product lines, markets and financial and managerial resources. Risk/Return Bar Chart and Table The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio s performance from year to year and by showing how the Portfolio s average annual total returns for the past one, five and ten years through December 31, 2012 compared to the returns of a broad-based market index. The performance of the S&P North American Technology Sector Index also is included because it more closely reflects the securities in which the Portfolio invests. Past performance is not an indication of future performance. The performance results do not reflect any Contract-related fees and expenses, which would reduce the performance results. Calendar Year Annual Total Returns Class B 57.64% 58.60% % 11.20% 5.05% 7.33% % % % % 2012 Best quarter (% and time period) Worst quarter (% and time period) 26.92% (2003 2nd Quarter) 27.02% (2002 2nd Quarter) Average Annual Total Returns One Year Five Years Ten Years Multimanager Technology Portfolio Class A Shares 13.44% 1.47% 9.80% Multimanager Technology Portfolio Class B Shares 13.45% 1.28% 9.55% Russell 1000 Index (reflects no deduction for fees, expenses, or taxes) 16.42% 1.92% 7.52% S&P North American Technology Sector Index (reflects no deduction for fees, expenses, or taxes) 15.23% 3.54% 9.40% WHO MANAGES THE PORTFOLIO Investment Manager: FMG LLC Portfolio Managers: The members of the team that are jointly and primarily responsible for the (i) selection, monitoring and oversight of the Portfolio s Advisers, (ii) allocating assets among the Portfolio s Allocated Portions and (iii) selection of investments in exchange traded funds for the Portfolio s ETF Allocated Portion are: Name Kenneth T. Kozlowski, CFP, CLU, ChFC Alwi Chan, CFA Xavier Poutas, CFA Title Executive Vice President and Chief Investment Officer of FMG LLC Senior Vice President and Deputy Chief Investment Officer of FMG LLC Assistant Portfolio Manager of FMG LLC Date Began Managing a Portion of the Portfolio May 2011 February 2010 May 2011 MMT 3

57 Sub-adviser: Allianz Global Investors U.S. LLC Portfolio Managers: The members of the team that are jointly and primarily responsible for the management of a portion of the Active Allocated Portions of the Portfolio are: Name Huachen Chen Walter C. Price Title Managing Director, Senior Analyst and Portfolio Manager Managing Director, Senior Analyst and Portfolio Manager Date Began Managing a Portion of the Portfolio January 2002 January 2002 Sub-adviser: SSgA Funds Management, Inc. ( SSgA FM ) Portfolio Managers: The members of the team that are jointly and primarily responsible for the management of a portion of the Index Allocated Portions of the Portfolio are: Name Lynn Blake Title Senior Managing Director Date Began Managing a Portion of the Portfolio January 2009 John Tucker Managing Director January 2009 Sub-adviser: Wellington Management Company, LLP Portfolio Managers: The members of the team that are jointly and primarily responsible for the management of a portion of the Active Allocated Portions of the Portfolio are: Name John F. Averill, CFA Nicolas B. Boullet Bruce L. Glazer Anita M. Killian, CFA Michael T. Masdea Title Senior Vice President and Global Industry Analyst Vice President and Global Industry Analyst Senior Vice President and Global Industry Analyst Director and Global Industry Analyst Senior Vice President and Global Industry Analyst Date Began Managing a Portion of the Portfolio December 2003 May 2009 December 2003 December 2003 July 2010 The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares. TAX INFORMATION Because the Portfolio currently sells its shares only to insurance company separate accounts, qualified plans and other investors eligible under applicable tax regulations, distributions the Portfolio makes of its net investment income and net realized gains most or all of which it intends to distribute annually and redemptions or exchanges of Portfolio shares generally will not be taxable to its shareholders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax information. PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES This Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and its related companies may make payments to a sponsoring insurance company (or its affiliates) or other financial intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. PURCHASE AND SALE OF PORTFOLIO SHARES The Portfolio s shares are currently sold only to insurance company separate accounts in connection with Contracts issued or to be issued by AXA Equitable Life Insurance Company ( AXA Equitable ), other affiliated or unaffiliated insurance companies and to The AXA Equitable 401(k) Plan. Shares also may be sold to other tax-qualified retirement plans, to other portfolios managed by FMG LLC that currently sell their shares to such accounts and plans and other investors eligible under applicable tax regulations. MMT 4

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59 EQ Advisors Trust SM EQ/Capital Guardian Research Portfolio Class IA and IB Shares Summary Prospectus dated May 1, 2013 Before you invest, you may want to review the Portfolio s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio s current Prospectus and Statement of Additional Information ( SAI ), dated May 1, 2013, and the Portfolio s audited financial statements included in its annual report to shareholders dated December 31, 2012, are incorporated by reference into this Summary Prospectus. You can find the Portfolio s Prospectus, SAI and other information about the Portfolio online at You can also get this information at no cost by calling or by sending an request to [email protected]. This Summary Prospectus is intended for use in connection with a variable contract as defined in Section 817(d) of the Internal Revenue Code ( Contracts ) and certain other eligible investors and is not intended for use by other investors. Investment Objective: Seeks to achieve long-term growth of capital. FEES AND EXPENSES OF THE PORTFOLIO The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table below does not reflect any fees and expenses associated with variable life insurance contracts and variable annuity certificates and contracts ( Contracts ), which would increase overall fees and expenses. See the 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 of your investment) EQ/Capital Guardian Research Portfolio Class IA Shares Class IB Shares Management Fee 0.64% 0.64% Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% Other Expenses 0.13% 0.13% Total Annual Portfolio Operating Expenses 1.02% 1.02% Fee Waiver and/or Expense Reimbursement 0.05% 0.05% Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.97% 0.97% Pursuant to a contract, AXA Equitable Funds Management Group, LLC has agreed to make payments or waive its management, administrative and other fees to limit the expenses of the Portfolio through April 30, 2014 (unless the Board of Trustees consents to an earlier revision or termination of this arrangement) ( Expense Limitation Arrangement ) so that the annual operating expenses of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses, fees and expenses of other investment companies in which the Portfolio invests, dividend and interest expenses on securities sold short, and extraordinary expenses) do not exceed an annual rate of average daily net assets of 0.97% for Class IA and IB shares of the Portfolio. The Expense Limitation Arrangement may be terminated by AXA Equitable Funds Management Group, LLC at any time after April 30, Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other portfolios. The Example assumes that you invest $10,000 in the Portfolio for the periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes 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 Example does not reflect any Contract-related fees and expenses including redemption fees (if any) at the Contract level. If such fees and expenses were reflected, the total expenses would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years Class IA Shares $99 $320 $558 $1,243 Class IB Shares $99 $320 $558 $1,243 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 fund operating expenses or in the example, affect the Portfolio s performance. During the most recent fiscal year, the Portfolio s portfolio turnover rate was 30% of the average value of the Portfolio. INVESTMENTS, RISKS, AND PERFORMANCE Principal Investment Strategy: The Portfolio invests primarily in equity securities of United States issuers and securities whose principal markets are in the United States, including American Depositary Receipts and other United States registered foreign securities. The Portfolio invests primarily in common stocks of companies with a market capitalization greater than $1 billion at the time of purchase. The Portfolio seeks to achieve long-term growth of capital through investments in a portfolio comprised primarily of equity securities; the Adviser seeks to invest in stocks whose prices are not excessive relative to book value, or in companies whose asset values are understated. The Adviser may sell a security for a variety of reasons, including to invest in a company believed to offer superior investment opportunities. The Portfolio may invest up to 15% of its total assets, at the time of purchase, in securities of issuers domiciled outside the United States and not included in the S&P 500 Index (i.e., foreign securities). In determining the domicile of an issuer, the Adviser takes into account where the company is legally organized, the location of its principal corporate offices, where it conducts its principal operations and the location of its primary listing. EQCGR 1

60 AXA Equitable Funds Management Group, LLC ( FMG LLC or the Manager ) has been granted relief by the Securities and Exchange Commission to hire, terminate and replace Advisers and amend advisory agreements subject to the approval of the Board of Trustees and without obtaining shareholder approval. However, the Manager may not enter into an advisory agreement on behalf of the Portfolio with an affiliated person of the Manager, such as AllianceBernstein L.P., unless the advisory agreement is approved by the Portfolio s shareholders. The Manager is responsible for overseeing Advisers and recommending their hiring, termination and replacement to the Board of Trustees. Principal Risks: An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You may lose money by investing in the Portfolio. Performance may be affected by one or more of the following risks. Equity Risk: In general, stocks and other equity security values fluctuate, and sometimes widely fluctuate, in response to changes in 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 with investing in U.S. securities. Foreign markets, particularly emerging markets, may be less liquid, more volatile and subject to less government supervision than domestic markets. Security values also may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. Differences between U.S. and foreign legal, political and economic systems, regulatory regimes and market practices also may impact security values and it may take more time to clear and settle trades involving foreign securities. Currency Risk: Investments in foreign currencies and in securities that trade in, or receive revenues in, foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar. Any such decline may erode or reverse any potential gains from an investment in securities denominated in foreign currency or may widen existing loss. Currency rates may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention by governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the U.S. or abroad. Depositary Receipts Risk: Investments in depositary receipts (including American Depositary Receipts, European Depositary Receipts and Global Depositary Receipts) are generally subject to the same risks of investing in the foreign securities that they evidence or into which they may be converted. In addition, issuers underlying unsponsored depositary receipts may not provide as much information as U.S. issuers and issuers underlying sponsored depositary receipts. Unsponsored depositary receipts also may not carry the same voting privileges as sponsored depositary receipts. may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. Mid-Cap and Small-Cap Company Risk: A Portfolio s investments in mid- and small-cap companies may involve greater risks than investments in larger, more established issuers because they generally are more vulnerable than larger companies to adverse business or economic developments. Such companies generally have narrower product lines, more limited financial resources and more limited markets for their stock as compared with larger companies. As a result, the value of such securities may be more volatile than the securities of larger companies, and the Portfolio may experience difficulty in purchasing or selling such securities at the desired time and price or in the desired amount. In general, these risks are greater for small-cap companies than for mid-cap companies. Risk/Return Bar Chart and Table The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio s performance from year to year and by showing how the Portfolio s average annual total returns for the past one, five and ten years through December 31, 2012 compared to the returns of a broad-based market index. Past performance is not an indication of future performance. The performance results do not reflect any Contract-related fees and expenses, which would reduce the performance results. Calendar Year Annual Total Returns Class IB 31.41% 10.89% 12.12% 6.05% 1.63% 31.36% % % 17.38% 4.00% Best quarter: (% and time period) Worst quarter: (% and time period) 16.94% (2009 3rd Quarter) 23.38% (2008 4th Quarter) Average Annual Total Returns One Year Five Years Ten Years EQ/Capital Guardian Research Portfolio Class IA Shares 17.41% 2.52% 7.27% EQ/Capital Guardian Research Portfolio Class IB Shares 17.38% 2.32% 7.04% S&P 500 Index (reflects no deduction for fees, expenses, or taxes) 16.00% 1.66% 7.10% Large-Cap Company Risk: Larger more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies also EQCGR 2

61 WHO MANAGES THE PORTFOLIO Investment Manager: FMG LLC Portfolio Managers: The members of the team that are jointly and primarily responsible for the selection, monitoring and oversight of the Portfolio s Adviser are: Name Kenneth T. Kozlowski, CFP, CLU, ChFC Alwi Chan, CFA Xavier Poutas, CFA Title Executive Vice President and Chief Investment Officer FMG LLC Senior Vice President and Deputy Chief Investment Officer of FMG LLC Assistant Portfolio Manager of FMG LLC Date Began Managing the Portfolio May 2011 May 2009 May 2011 Adviser: Capital Guardian Trust Company ( Capital Guardian ) Portfolio Managers: The members of the team that are jointly and primarily responsible for the management of the Portfolio are: Name Carlos Schonfeld Title Senior Vice President and co-research portfolio coordinator of Capital International Research, Inc. an affiliate of Capital Guardian Date Began Managing the Portfolio April 2013 TAX INFORMATION The Portfolio currently sells its shares to only insurance company separate accounts, qualified plans and other investors eligible under applicable tax regulations. Accordingly, distributions the Portfolio makes of its net investment income and net realized gains most or all of which it intends to distribute annually and redemptions or exchanges of Portfolio shares generally will not be taxable to its shareholders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax information. PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES This Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and its related companies may make payments to a sponsoring insurance company (or its affiliates) or other intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. Cheryl E. Frank Vice President and co-research portfolio coordinator of Capital International Research, Inc. an affiliate of Capital Guardian January 2009 PURCHASE AND REDEMPTION OF PORTFOLIO SHARES The Portfolio s shares are currently sold only to insurance company separate accounts in connection with Contracts issued by AXA Equitable Life Insurance Company ( AXA Equitable ), AXA Life and Annuity Company, other affiliated or unaffiliated insurance companies and to The AXA Equitable 401(k) Plan. Shares also may be sold to other tax-qualified retirement plans, to other portfolios managed by FMG LLC that currently sell their shares to such accounts and plans and certain other investors eligible under applicable tax regulations. The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares. EQCGR 3

62 EQ Advisors Trust SM EQ/Common Stock Index Portfolio Class IA and IB Shares Summary Prospectus dated May 1, 2013 Before you invest, you may want to review the Portfolio s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio s current Prospectus and Statement of Additional Information ( SAI ), dated May 1, 2013, and the Portfolio s audited financial statements included in its annual report to shareholders dated December 31, 2012, are incorporated by reference into this Summary Prospectus. You can find the Portfolio s Prospectus, SAI and other information about the Portfolio online at You can also get this information at no cost by calling or by sending an request to [email protected]. This Summary Prospectus is intended for use in connection with a variable contract as defined in Section 817(d) of the Internal Revenue Code ( Contracts ) and certain other eligible investors and is not intended for use by other investors. Investment Objective: Seeks to achieve a total return before expenses that approximates the total return performance of the Russell 3000 Index, including reinvestment of dividends, at a risk level consistent with that of the Russell 3000 Index. FEES AND EXPENSES OF THE PORTFOLIO The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table below does not reflect any fees and expenses associated with variable life insurance contracts and variable annuity certificates and contracts ( Contracts ), which would increase overall fees and expenses. See the 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 of your investment) EQ/Common Stock Index Portfolio Class IA Shares Class IB Shares Management Fee 0.35% 0.35% Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% Other Expenses 0.12% 0.12% Total Annual Portfolio Operating Expenses 0.72% 0.72% Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other portfolios. The Example assumes that you invest $10,000 in the Portfolio for the periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses remain the same. This Example does not reflect any Contract-related fees and expenses including redemption fees (if any) at the Contract level. If such fees and expenses were reflected, the total expenses would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years Class IA Shares $74 $230 $401 $894 Class IB Shares $74 $230 $401 $894 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 fund operating expenses or in the example, affect the Portfolio s performance. During the most recent fiscal year, the Portfolio s portfolio turnover rate was 3% of the average value of the Portfolio. INVESTMENTS, RISKS, AND PERFORMANCE Principal Investment Strategy: The Portfolio generally invests at least 80% of its net assets, plus borrowings for investment purposes, in common stocks of companies represented in the Russell 3000 Index ( Russell 3000 ). The Russell 3000 is an unmanaged index that measures the performance of the 3,000 largest U.S. companies based on total market capitalizations, which represents approximately 98% of the investable U.S. equity market. The Portfolio s investments are selected by a stratified sampling construction process in which the Adviser selects a subset of the 3,000 companies in the Russell 3000 based on the Adviser s analysis of key risk factors and other characteristics. Such factors include industry weightings, market capitalizations, return variability, and yield. This strategy is commonly referred to as an indexing strategy. AXA Equitable Funds Management Group, LLC ( FMG LLC or the Manager ) has been granted relief by the Securities and Exchange Commission to hire, terminate and replace Advisers and amend advisory agreements subject to the approval of the Board of Trustees and without obtaining shareholder approval. However, the Manager may not enter into an advisory agreement on behalf of the Portfolio with an affiliated person of the Manager, such as AllianceBernstein L.P., unless the advisory agreement is approved by the Portfolio s shareholders. The Manager is responsible for overseeing Advisers and recommending their hiring, termination and replacement to the Board of Trustees. Principal Risks: An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You may lose money by investing in the Portfolio. Performance may be affected by one or more of the following risks. EQCTI 1

63 Equity Risk: In general, stocks and other equity security values fluctuate, and sometimes widely fluctuate, in response to changes in a company s financial condition as well as general market, economic and political conditions and other factors. Index Strategy Risk: A Portfolio that employs an index strategy generally invests in the securities included in the relevant index or a representative sample of such securities regardless of market trends. Such a portfolio generally will not modify its index strategy to respond to changes in the economy, which means that it may be particularly susceptible to a general decline in the market segment relating to the relevant index. In addition, although the index strategy attempts to closely track its benchmark index, the Portfolio may not invest in all of the securities in the index. Also, the Portfolio s fees and expenses will reduce the Portfolio s returns, unlike those of the benchmark index. Cash flow into and out of the Portfolio, portfolio transaction costs, changes in the securities that comprise the index, and the Portfolio s valuation procedures also may affect the Portfolio s performance. Therefore, there can be no assurance that the performance of the index strategy will match that of the benchmark index. Large-Cap Company Risk: Larger more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. Mid-Cap and Small-Cap Company Risk: A Portfolio s investments in mid- and small-cap companies may involve greater risks than investments in larger, more established issuers because they generally are more vulnerable than larger companies to adverse business or economic developments. Such companies generally have narrower product lines, more limited financial resources and more limited markets for their stock as compared with larger companies. As a result, the value of such securities may be more volatile than the securities of larger companies, and the Portfolio may experience difficulty in purchasing or selling such securities at the desired time and price or in the desired amount. In general, these risks are greater for small-cap companies than for mid-cap companies. Risk/Return Bar Chart and Table The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio s performance from year to year and by showing how the Portfolio s average annual total returns for the past one, five and ten years through December 31, 2012 compared to the returns of a broad-based market index. Past performance is not an indication of future performance. Calendar Year Annual Total Returns Class IB 49.58% 14.12% 10.72% 4.27% 3.48% 28.31% % % 15.62% 0.50% Best quarter (% and time period) Worst quarter (% and time period) 22.08% (2003 2nd Quarter) 25.39% (2008 4th Quarter) Average Annual Total Returns One Year Five Years Ten Years EQ/Common Stock Index Portfolio Class IA Shares 15.54% 0.39% 7.30% EQ/Common Stock Index Portfolio Class IB Shares 15.62% 0.58% 7.07% Russell 3000 Index (reflects no deduction for fees, expenses, or taxes) 16.42% 2.04% 7.68% WHO MANAGES THE PORTFOLIO Investment Manager: FMG LLC Portfolio Managers: The members of the team that are jointly and primarily responsible for the selection, monitoring and oversight of the Portfolio s Adviser are: Name Kenneth T. Kozlowski, CFP, CLU, ChFC Alwi Chan, CFA Xavier Poutas, CFA Title Executive Vice President and Chief Investment Officer FMG LLC Senior Vice President and Deputy Chief Investment Officer of FMG LLC Assistant Portfolio Manager of FMG LLC Date Began Managing the Portfolio May 2011 May 2009 May 2011 The performance results do not reflect any Contract-related fees and expenses, which would reduce the performance results. EQCTI 2

64 Adviser: AllianceBernstein L.P. ( AllianceBernstein ) Portfolio Manager: The individual primarily responsible for the management of the Portfolio is: Name Judith DeVivo Title Senior Vice President and Portfolio Manager of AllianceBernstein Date Began Managing the Portfolio December 2008 PURCHASE AND REDEMPTION OF PORTFOLIO SHARES The Portfolio s shares are currently sold only to insurance company separate accounts in connection with Contracts issued by AXA Equitable Life Insurance Company ( AXA Equitable ), AXA Life and Annuity Company, other affiliated or unaffiliated insurance companies and to The AXA Equitable 401(k) Plan. Shares also may be sold to other tax-qualified retirement plans, to other portfolios managed by FMG LLC that currently sell their shares to such accounts and plans and other investors eligible under applicable tax regulations. The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares. TAX INFORMATION The Portfolio currently sells its shares only to insurance company separate accounts, qualified plans and other investors eligible under applicable tax regulations. Accordingly, distributions the Portfolio makes of its net investment income and net realized gains most or all of which it intends to distribute annually and redemptions or exchanges of Portfolio shares generally will not be taxable to its shareholders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax information. PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES This Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and its related companies may make payments to a sponsoring insurance company (or its affiliates) or other financial intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. EQCTI 3

65 EQ Advisors Trust SM EQ/Equity 500 Index Portfolio Class IA and IB Shares Summary Prospectus dated May 1, 2013 Before you invest, you may want to review the Portfolio s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio s current Prospectus and Statement of Additional Information ( SAI ), dated May 1, 2013, and the Portfolio s audited financial statements included in its annual report to shareholders dated December 31, 2012, are incorporated by reference into this Summary Prospectus. You can find the Portfolio s Prospectus, SAI and other information about the Portfolio online at You can also get this information at no cost by calling or by sending an request to [email protected]. This Summary Prospectus is intended for use in connection with a variable contract as defined in Section 817(d) of the Internal Revenue Code ( Contracts ) and certain other eligible investors and is not intended for use by other investors. Investment Objective: Seeks to achieve a total return before expenses that approximates the total return performance of the S&P 500 Index ( S&P 500 ), including reinvestment of dividends, at a risk level consistent with that of the S&P 500 Index. FEES AND EXPENSES OF THE PORTFOLIO The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table below does not reflect any fees and expenses associated with variable life insurance contracts and variable annuity certificates and contracts ( Contracts ), which would increase overall fees and expenses. See the 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 of your investment) EQ/Equity 500 Index Portfolio Class IA Shares Class IB Shares 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 This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other portfolios. The Example assumes that you invest $10,000 in the Portfolio for the periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses remain the same. This Example does not reflect any Contract-related fees and expenses including redemption fees (if any) at the Contract level. If such fees and expenses were reflected, the total expenses would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years Class IA Shares $64 $202 $351 $786 Class IB Shares $64 $202 $351 $786 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 fund operating expenses or in the example, affect the Portfolio s performance. During the most recent fiscal year, the Portfolio s portfolio turnover rate was 5% of the average value of the Portfolio. INVESTMENTS, RISKS, AND PERFORMANCE Principal Investment Strategy: Under normal circumstances, the Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, in equity securities in the S&P 500. For purposes of the Portfolio, equity securities in the S&P 500 may include financial instruments that derive their value from such securities. The Adviser does not utilize customary economic, financial or market analyses or other traditional investment techniques to manage the Portfolio. The Portfolio has been constructed and is maintained by utilizing a replication construction technique. That is, the Portfolio will seek to hold all 500 securities in the S&P 500 in the exact weight each represents in that Index. This strategy is commonly referred to as an indexing strategy. The Portfolio will remain substantially fully invested in common stocks even when common stock prices are generally falling. Similarly, adverse performance of a stock will ordinarily not result in its elimination from the Portfolio. AXA Equitable Funds Management Group, LLC ( FMG LLC or the Manager ) has been granted relief by the Securities and Exchange Commission to hire, terminate and replace Advisers and amend advisory agreements subject to the approval of the Board of Trustees and without obtaining shareholder approval. However, the Manager may not enter into an advisory agreement on behalf of the Portfolio with an affiliated person of the Manager, such as AllianceBernstein L.P., unless the advisory agreement is approved by the Portfolio s shareholders. The Manager is responsible for overseeing Advisers and recommending their hiring, termination and replacement to the Board of Trustees. Principal Risks: An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You may lose money by investing in the Portfolio. Performance may be affected by one or more of the following risks. EQ500I 1

66 Equity Risk: In general, stocks and other equity security values fluctuate, and sometimes widely fluctuate, in response to changes in a company s financial condition as well as general market, economic and political conditions and other factors. Index Strategy Risk: A Portfolio that employs an index strategy generally invests in the securities included in the relevant index or a representative sample of such securities regardless of market trends. Such a portfolio generally will not modify its index strategy to respond to changes in the economy, which means that it may be particularly susceptible to a general decline in the market segment relating to the relevant index. In addition, although the index strategy attempts to closely track its benchmark index, the Portfolio may not invest in all of the securities in the index. Also, the Portfolio s fees and expenses will reduce the Portfolio s returns, unlike those of the benchmark index. Cash flow into and out of the Portfolio, portfolio transaction costs, changes in the securities that comprise the index, and the Portfolio s valuation procedures also may affect the Portfolio s performance. Therefore, there can be no assurance that the performance of the index strategy will match that of the benchmark index. Large-Cap Company Risk: Larger more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. Risk/Return Bar Chart and Table The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio s performance from year to year and by showing how the Portfolio s average annual total returns for the past one, five and ten years through December 31, 2012 compared to the returns of a broad-based market index. Past performance is not an indication of future performance. The performance results do not reflect any Contract-related fees and expenses, which would reduce the performance results. Calendar Year Annual Total Returns Class IB 27.83% 15.06% 10.21% 4.42% 4.97% 25.85% % % 15.26% 1.50% Best quarter (% and time period) Worst quarter (% and time period) 15.77% (2009 2nd Quarter) 22.04% (2008 4th Quarter) Average Annual Total Returns One Year Five Years Ten Years EQ/Equity 500 Index Portfolio Class IA Shares 15.24% 1.29% 6.73% EQ/Equity 500 Index Portfolio Class IB Shares 15.26% 1.09% 6.49% S&P 500 Index (reflects no deduction for fees, expenses, or taxes) 16.00% 1.66% 7.10% WHO MANAGES THE PORTFOLIO Investment Manager: FMG LLC Portfolio Managers: The members of the team that are jointly and primarily responsible for the selection, monitoring and oversight of the Portfolio s Adviser are: Name Kenneth T. Kozlowski, CFP, CLU, ChFC Alwi Chan, CFA Xavier Poutas, CFA Title Executive Vice President and Chief Investment Officer FMG LLC Senior Vice President and Deputy Chief Investment Officer of FMG LLC Assistant Portfolio Manager of FMG LLC Adviser: AllianceBernstein, L.P. ( AllianceBernstein ) Date Began Managing the Portfolio May 2011 May 2009 May 2011 Portfolio Manager: The individual primarily responsible for the management of the Portfolio is: Name Judith DeVivo Title Senior Vice President and Portfolio Manager of AllianceBernstein PURCHASE AND REDEMPTION OF PORTFOLIO SHARES Date Began Managing the Portfolio March 1994 The Portfolio s shares are currently sold only to insurance company separate accounts in connection with Contracts issued by AXA Equitable Life Insurance Company ( AXA Equitable ), AXA Life and Annuity Company, other affiliated or unaffiliated insurance companies and to The AXA Equitable 401(k) Plan. Shares also may be sold to other tax-qualified retirement plans, to other portfolios managed by FMG LLC that currently sell their shares to such accounts and plans and other investors eligible under applicable tax regulations. The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares. EQ500I 2

67 TAX INFORMATION The Portfolio currently sells its shares only to insurance company separate accounts, qualified plans and other investors eligible under applicable tax regulations. Accordingly, distributions the Portfolio makes of its net investment income and net realized gains most or all of which it intends to distribute annually and redemptions or exchanges of Portfolio shares generally will not be taxable to its shareholders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax information. PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES This Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and its related companies may make payments to a sponsoring insurance company (or its affiliates) or other financial intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. EQ500I 3

68 EQ Advisors Trust SM EQ/Intermediate Government Bond Portfolio Class IA and IB Shares Summary Prospectus dated May 1, 2013 Before you invest, you may want to review the Portfolio s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio s current Prospectus and Statement of Additional Information ( SAI ), dated May 1, 2013, and the Portfolio s audited financial statements included in its annual report to shareholders dated December 31, 2012, are incorporated by reference into this Summary Prospectus. You can find the Portfolio s Prospectus, SAI and other information about the Portfolio online at You can also get this information at no cost by calling or by sending an request to [email protected]. This Summary Prospectus is intended for use in connection with a variable contract as defined in Section 817(d) of the Internal Revenue Code ( Contracts ) and certain other eligible investors and is not intended for use by other investors. Investment Objective: Seeks to achieve a total return before expenses that approximates the total return performance of the Barclays Intermediate U.S. Government Bond Index ( Intermediate Government Bond Index ), including reinvestment of dividends, at a risk level consistent with that of the Intermediate Government Bond Index. FEES AND EXPENSES OF THE PORTFOLIO The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table below does not reflect any fees and expenses associated with variable life insurance contracts and variable annuity certificates and contracts ( Contracts ), which would increase overall fees and expenses. See the 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 of your investment) EQ/Intermediate Government Bond Portfolio Class IA Shares Class IB Shares Management Fee 0.35% 0.35% Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% Other Expenses 0.12% 0.12% Acquired Fund Fees and Expenses 0.04% 0.04% Total Annual Portfolio Operating Expenses 0.76% 0.76% Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other portfolios. The Example assumes that you invest $10,000 in the Portfolio for the periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses remain the same. This Example does not reflect any Contract-related fees and expenses including redemption fees (if any) at the Contract level. If such fees and expenses were reflected, the total expenses would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years Class IA Shares $78 $243 $422 $942 Class IB Shares $78 $243 $422 $942 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 fund operating expenses or in the example, affect the Portfolio s performance. During the most recent fiscal year, the Portfolio s portfolio turnover rate was 68% of the average value of the Portfolio. INVESTMENTS, RISKS, AND PERFORMANCE Principal Investment Strategy: The Portfolio normally invests at least 80% of its net assets, plus borrowings for investment purposes, in debt securities that are included in the Intermediate Government Bond Index, or other financial instruments that derive their value from those securities. The Intermediate Government Bond Index is an unmanaged index that measures the performance of securities consisting of all U.S. Treasury and agency securities with remaining maturities of from one to ten years and issue amounts of at least $250 million outstanding, which may include zero-coupon securities. The Manager may also invest up to 20% of the Portfolio s assets in exchange traded funds ( ETFs ) that invest in securities included in the Intermediate Government Bond Index. The Adviser may also purchase or sell futures contracts on fixed-income securities in lieu of investment directly in fixed-income securities themselves. The Portfolio may not track the performance of the Intermediate Government Bond Index due to differences in individual securities holdings, expenses and transaction costs, the size and frequency of cash flow into and out of the Portfolio, and differences between how and when the Portfolio and the Intermediate Government Bond Index are valued. AXA Equitable Funds Management Group, LLC ( FMG LLC or the Manager ) has been granted relief by the Securities and Exchange Commission to hire, terminate and replace Advisers and amend advisory agreements subject to the approval of the Board of Trustees and without obtaining shareholder approval. However, the Manager may not enter into an advisory agreement on behalf of the Portfolio with an affiliated person of the Manager, such as AllianceBernstein L.P., unless the advisory agreement is approved by the Portfolio s shareholders. The Manager is responsible for overseeing Advisers and recommending their hiring, termination and replacement to the Board of Trustees. Principal Risks: An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance EQIGB 1

69 Corporation or any other government agency. You may lose money by investing in the Portfolio. Performance may be affected by one or more of the following risks. Credit Risk: The risk that the issuer or the guarantor of a fixed income security, or the counterparty to a derivatives contract, repurchase agreement, loan of portfolio securities or other transaction, is unable or unwilling, or is perceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or otherwise honor its obligations. Securities are subject to varying degrees of credit risk, which are often reflected in their credit ratings. Exchange Traded Funds Risk: When a Portfolio invests in ETFs, it will indirectly bear fees and expenses charged by the ETF, in addition to the advisory and other fees paid directly by the Portfolio. A Portfolio s investment in an ETF involves other considerations. For example, shares of ETFs are listed and traded on securities exchanges and in over-the-counter markets, and the purchase and sale of these shares involve transaction fees and commissions. Also, even though the market price of an ETF is derived from the securities it owns, such price at any given time may be at, below or above the ETF s net asset value. In addition, many ETFs invest in securities included in, or representative of, underlying indexes regardless of investment merit or market trends and, therefore, these ETFs do not change their investment strategies to respond to changes in the economy, which means that an ETF may be particularly susceptible to a general decline in the market segment relating to the relevant index. There is also the risk that an ETF s performance may not match that of the relevant index. In addition, it is also possible that an active trading market for an ETF may not develop or be maintained, in which case the liquidity and value of a Portfolio s investment in the ETF could be substantially and adversely affected. Interest Rate Risk: The risk that fixed income securities will decline in value because of changes in interest rates. When interest rates decline, the value of a Portfolio s debt securities generally rises. Conversely, when interest rates rise, the value of a Portfolio s debt securities generally declines. A Portfolio with a longer average duration will be more sensitive to changes in interest rates than a fund with a shorter average duration. Investment Grade Securities Risk: Debt securities commonly are rated by national bond ratings agencies. Securities rated BBB or higher by Standard & Poor s Ratings Services ( S&P ) or Fitch Ratings Ltd. ( Fitch ) or Baa or higher by Moody s Investors Service, Inc. ( Moody s ) are considered investment grade securities, but are somewhat riskier than higher rated obligations because they are regarded as having only an adequate capacity to pay principal and interest, and are considered to lack outstanding investment characteristics. Zero Coupon and Pay-in-Kind Securities Risk: A zero coupon or pay-in-kind security pays no interest in cash to its holder during its life. Accordingly, zero coupon securities usually trade at a deep discount from their face or par value and, together with pay-in kind securities, will be subject to greater fluctuations in market value in response to changing interest rates than debt obligations of comparable maturities that make current distribution of interest in cash. Risk/Return Bar Chart and Table The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio s performance from year to year and by showing how the Portfolio s average annual total returns for the past one, five and ten years through December 31, 2012 compared to the returns of a broad-based market index. Past performance is not an indication of future performance. Prior to February 15, 2011 the Portfolio had a different investment objective and investment strategy. The performance results do not reflect any Contract-related fees and expenses, which would reduce the performance results. Calendar Year Annual Total Returns Class IB 6.97% 2.10% 1.97% 1.24% 3.07% 3.19% -1.93% % 4.19% % Best quarter (% and time period) Worst quarter (% and time period) 3.05% (2011 3rd Quarter) 2.35% (2004 2nd Quarter) Average Annual Total Returns One Year Five Years Ten Years EQ/Intermediate Government Bond Portfolio Class IA Shares 1.02% 2.55% 2.92% EQ/Intermediate Government Bond Portfolio Class IB Shares 1.02% 2.32% 2.69% Barclays Intermediate U.S. Government Bond Index (reflects no deduction for fees, expenses, or taxes) 1.73% 4.51% 4.10% WHO MANAGES THE PORTFOLIO Investment Manager: FMG LLC Portfolio Managers: The members of the team that are jointly and primarily responsible for the (i) selection, monitoring and oversight of the Portfolio s Advisers, and (ii) allocating the Portfolio s assets among investment styles are: Name Kenneth T. Kozlowski, CFP, CLU, ChFC Alwi Chan, CFA Xavier Poutas, CFA Title Executive Vice President and Chief Investment Officer of FMG LLC Senior Vice President and Deputy Chief Investment Officer of FMG LLC Assistant Portfolio Manager of FMG LLC 2012 Date Began Managing the Portfolio June 2011 June 2011 June 2011 EQIGB 2

70 Adviser: SSgA Funds Management, Inc. ( SSgA FM ) Portfolio Managers: The members of the team that are jointly and primarily responsible for the management of the Portfolio are: Name Mahesh Jayakumar Michael Brunell Title Principal and Portfolio Manager of SSgA FM Vice President of SSgA FM Date Began Managing the Portfolio January 2012 January 2009 PURCHASE AND REDEMPTION OF PORTFOLIO SHARES The Portfolio s shares are currently sold only to insurance company separate accounts in connection with Contracts issued by AXA Equitable Life Insurance Company ( AXA Equitable ), AXA Life and Annuity Company, other affiliated or unaffiliated insurance companies and to The AXA Equitable 401(k) Plan. Shares also may be sold to other tax-qualified retirement plans, to other portfolios managed by FMG LLC that currently sell their shares to such accounts and plans and other investors eligible under applicable tax regulations. The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares. TAX INFORMATION The Portfolio currently sells its shares only to insurance company separate accounts, qualified plans and other investors eligible under applicable tax regulations. Accordingly, distributions the Portfolio makes of its net investment income and net realized gains most or all of which it intends to distribute annually and redemptions or exchanges of Portfolio shares generally will not be taxable to its shareholders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax information. PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES This Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and its related companies may make payments to a sponsoring insurance company (or its affiliates) or other financial intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. EQIGB 3

71 EQ Advisors Trust SM EQ/International Equity Index Portfolio Class IA and IB Shares Summary Prospectus dated May 1, 2013 Before you invest, you may want to review the Portfolio s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio s current Prospectus and Statement of Additional Information ( SAI ), dated May 1, 2013, and the Portfolio s audited financial statements included in its annual report to shareholders dated December 31, 2012, are incorporated by reference into this Summary Prospectus. You can find the Portfolio s Prospectus, SAI and other information about the Portfolio online at You can also get this information at no cost by calling or by sending an request to [email protected]. This Summary Prospectus is intended for use in connection with a variable contract as defined in Section 817(d) of the Internal Revenue Code ( Contracts ) and certain other eligible investors and is not intended for use by other investors. Investment Objective: Seeks to achieve a total return (before expenses) that approximates the total return performance of a composite index comprised of 40% DJ EuroSTOXX 50 Index, 25% FTSE 100 Index, 25% TOPIX Index, and 10% S&P/ASX 200 Index, including reinvestment of dividends, at a risk level consistent with that of the composite index. FEES AND EXPENSES OF THE PORTFOLIO The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table below does not reflect any fees and expenses associated with variable life insurance contracts and variable annuity certificates and contracts ( Contracts ), which would increase overall fees and expenses. See the 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 of your investment) EQ/International Equity Index Portfolio Class IA Shares Class IB Shares Management Fee 0.40% 0.40% Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% Other Expenses 0.14% 0.14% Total Annual Portfolio Operating Expenses 0.79% 0.79% Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other portfolios. The Example assumes that you invest $10,000 in the Portfolio for the periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses remain the same. This Example does not reflect any Contract-related fees and expenses including redemption fees (if any) at the Contract level. If such fees and expenses were reflected, the total expenses would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years Class IA Shares $81 $252 $439 $978 Class IB Shares $81 $252 $439 $978 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 fund operating expenses or in the example, affect the Portfolio s performance. During the most recent fiscal year, the Portfolio s portfolio turnover rate was 5% of the average value of the Portfolio. INVESTMENTS, RISKS, AND PERFORMANCE Principal Investment Strategy: Under normal circumstances the Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, in equity securities of companies represented in the FTSE 100 Index ( FTSE 100 ), TOPIX Index ( TOPIX ), DJ EuroSTOXX 50 Index ( EuroSTOXX 50 ), and S&P/ASX 200 Index ( S&P/ASX 200 ). The Portfolio intends to allocate its assets approximately 25% to securities in the FTSE 100, 25% to securities in the TOPIX, 40% to securities in the EuroSTOXX 50, and 10% to securities in the S&P/ASX 200. Actual allocations may vary by up to 3%. The FTSE 100 Index is a market capitalization-weighted index representing the performance of the 100 largest UK-domiciled blue chip companies. The TOPIX Index is a capitalization-weighted index of all companies listed on the First Section of the Tokyo Stock Exchange. The DJ EuroSTOXX 50 Index index covers 60% of the free float market capitalization of the EURO STOXX Total Market Index, which in turn covers approximately 95% of the free-float market capitalization of the investable universe in the Eurozone. The S&P/ASX 200 Index represents the 200 largest and most liquid publicly listed companies in Australia. The Portfolio s investments will be selected by a stratified sampling construction process in which the Adviser selects a subset of the companies represented in each index based on the Adviser s analysis of key risk factors and other characteristics. Such factors include industry weightings, market capitalizations, return variability, and yields. This strategy is commonly referred to as an indexing strategy. AXA Equitable Funds Management Group, LLC ( FMG LLC or the Manager ) has been granted relief by the Securities and Exchange Commission to hire, terminate and replace Advisers and amend advisory agreements subject to the approval of the Board of Trustees and without obtaining shareholder approval. However, the Manager may not enter into an advisory agreement on behalf of the Portfolio with an affiliated person of the Manager, such as AllianceBernstein L.P., unless the advisory agreement is approved by the Portfolio s shareholders. EQIEI 1

72 The Manager is responsible for overseeing Advisers and recommending their hiring, termination and replacement to the Board of Trustees. Principal Risks: An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You may lose money by investing in the Portfolio. Performance may be affected by one or more of the following risks. Equity Risk: In general, stocks and other equity security values fluctuate, and sometimes widely fluctuate, in response to changes in 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 with investing in U.S. securities. Foreign markets, particularly emerging markets, may be less liquid, more volatile and subject to less government supervision than domestic markets. Security values also may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. Differences between U.S. and foreign legal, political and economic systems, regulatory regimes and market practices also may impact security values and it may take more time to clear and settle trades involving foreign securities. Currency Risk: Investments in foreign currencies and in securities that trade in, or receive revenues in, foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar. Any such decline may erode or reverse any potential gains from an investment in securities denominated in foreign currency or may widen existing loss. Currency rates may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention by governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the U.S. or abroad. Index Strategy Risk: A Portfolio that employs an index strategy generally invests in the securities included in the relevant index or a representative sample of such securities regardless of market trends. Such a portfolio generally will not modify its index strategy to respond to changes in the economy, which means that it may be particularly susceptible to a general decline in the market segment relating to the relevant index. In addition, although the index strategy attempts to closely track its benchmark index, the Portfolio may not invest in all of the securities in the index. Also, the Portfolio s fees and expenses will reduce the Portfolio s returns, unlike those of the benchmark index. Cash flow into and out of the Portfolio, portfolio transaction costs, changes in the securities that comprise the index, and the Portfolio s valuation procedures also may affect the Portfolio s performance. Therefore, there can be no assurance that the performance of the index strategy will match that of the benchmark index. Risk/Return Bar Chart and Table The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio s performance from year to year and by showing how the Portfolio s average annual total returns for the past one, five and ten years through December 31, 2012 compared to the returns of a broad-based market index. The additional broad-based market indexes show how the Portfolio s performance compared with the returns of other indexes that have characteristics relevant to the Portfolio s investment strategies, including volatility managed indexes. Past performance is not an indication of future performance. The performance results do not reflect any Contract-related fees and expenses, which would reduce the performance results. The table below includes the performance of an additional market index that more closely reflects the securities in which the Portfolio invests. Calendar Year Annual Total Returns Class IB 35.27% 18.10% 15.33% 23.55% 11.69% 27.45% 5.24% % % % Best quarter (% and time period) Worst quarter (% and time period) 25.05% (2009 2nd Quarter) 26.12% (2008 4th Quarter) Average Annual Total Returns One Year Five Years Ten Years EQ/International Equity Index Portfolio Class IA Shares 16.22% 7.43% 5.73% EQ/International Equity Index Portfolio Class IB Shares 16.14% 7.63% 5.51% MSCI EAFE Index (reflects no deduction for fees or expenses) 17.32% 3.69% 8.21% 40% EuroSTOXX 50/25% FTSE 100/25% TOPIX/10% S&P/ASX 200 (reflects no deduction for fees, expenses, or taxes) 16.04% 4.14% N/A 2012 Large-Cap Company Risk: Larger more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. EQIEI 2

73 WHO MANAGES THE PORTFOLIO Investment Manager: FMG LLC Portfolio Managers: The members of the team that are jointly and primarily responsible for the selection, monitoring and oversight of the Portfolio s Adviser are: shares generally will not be taxable to its shareholders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax information. PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES Name Kenneth T. Kozlowski, CFP, CLU, ChFC Alwi Chan, CFA Xavier Poutas, CFA Title Executive Vice President and Chief Investment Officer FMG LLC Senior Vice President and Deputy Chief Investment Officer of FMG LLC Assistant Portfolio Manager of FMG LLC Date Began Managing the Portfolio May 2011 May 2009 May 2011 This Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and its related companies may make payments to a sponsoring insurance company (or its affiliates) or other financial intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. Adviser: AllianceBernstein L.P. ( AllianceBernstein ) Portfolio Manager: The individual primarily responsible for the management of the Portfolio is: Name Judith DeVivo Title Senior Vice President and Portfolio Manager of AllianceBernstein Date Began Managing the Portfolio December 2010 PURCHASE AND REDEMPTION OF PORTFOLIO SHARES The Portfolio s shares are currently sold only to insurance company separate accounts in connection with Contracts issued by AXA Equitable Life Insurance Company ( AXA Equitable ), AXA Life and Annuity Company, other affiliated or unaffiliated insurance companies and to The AXA Equitable 401(k) Plan. Shares also may be sold to other tax-qualified retirement plans, to other portfolios managed by FMG LLC that currently sell their shares to such accounts and plans and other investors eligible under applicable tax regulations. The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares. TAX INFORMATION The Portfolio currently sells its shares only to insurance company separate accounts, qualified plans and other investors eligible under applicable tax regulations. Accordingly, distributions the Portfolio makes of its net investment income and net realized gains most or all of which it intends to distribute annually and redemptions or exchanges of Portfolio EQIEI 3

74 EQ Advisors Trust SM EQ/International Value PLUS Portfolio Class IA and IB Shares Summary Prospectus dated May 1, 2013 Before you invest, you may want to review the Portfolio s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio s current Prospectus and Statement of Additional Information ( SAI ), dated May 1, 2013, and the Portfolio s audited financial statements included in its annual report to shareholders dated December 31, 2012, are incorporated by reference into this Summary Prospectus. You can find the Portfolio s Prospectus, SAI and other information about the Portfolio online at You can also get this information at no cost by calling or by sending an request to [email protected]. This Summary Prospectus is intended for use in connection with a variable contract as defined in Section 817(d) of the Internal Revenue Code ( Contracts ) and certain other eligible investors and is not intended for use by other investors. Investment Objective: Seeks to provide current income and long-term growth of income, accompanied by growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio. FEES AND EXPENSES OF THE PORTFOLIO The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table below does not reflect any fees and expenses associated with variable life insurance contracts and variable annuity certificates and contracts ( Contracts ), which would increase overall fees and expenses. See the 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 of your investment) EQ/International Value PLUS Portfolio Class IA Shares Class IB Shares Management Fee 0.60% 0.60% Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% Other Expenses 0.20% 0.20% Total Annual Portfolio Operating Expenses 1.05% 1.05% Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other portfolios. The Example assumes that you invest $10,000 in the Portfolio for the periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses remain the same. This Example does not reflect any Contract-related fees and expenses including redemption fees (if any) at the Contract level. If such fees and expenses were reflected, the total expenses would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years Class IA Shares $107 $334 $579 $1,283 Class IB Shares $107 $334 $579 $1,283 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 fund operating expenses or in the example, affect the Portfolio s performance. During the most recent fiscal year, the Portfolio s portfolio turnover rate was 8% of the average value of the Portfolio. INVESTMENTS, RISKS, AND PERFORMANCE Principal Investment Strategy: The Portfolio s assets normally are allocated among two investment managers, each of which manages its portion of the Portfolio using a different but complementary investment strategy. One portion of the Portfolio is actively managed by an Adviser ( Active Allocated Portion ) and one portion of the Portfolio seeks to track the performance of a particular index ( Index Allocated Portion ). Under normal circumstances, the Active Allocated Portion consists of approximately 25-35% of the Portfolio s net assets and the Index Allocated Portion consists of approximately 65-75% of the Portfolio s net assets. Approximately 10% of the Portfolio s assets may be invested in exchangetraded funds ( Underlying ETFs ) that meet the investment criteria of the Portfolio. The Underlying ETFs in which the Portfolio may invest may be changed from time to time without notice or shareholder approval. Under normal circumstances the Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, in equity securities. The Active Allocated Portion primarily invests in common stocks, but it also may invest in other equity securities that the Adviser believes provide opportunities for income accompanied by growth of capital. The Active Allocated Portion seeks to invest in securities of foreign companies including companies in emerging market countries that have a market capitalization in excess of $1 billion at the time of purchase. In choosing investments for the Active Allocated Portion, the Adviser utilizes a bottom up investment approach to analyze investment opportunities and in conjunction with a top down investment theme to look for what it believes to be truly undervalued companies. As part of its investment process the Adviser to the Active Allocated Portion considers the following factors: the selection of stocks with strong and sustainable market positions; undervalued assets and franchise value; EQIVP 1

75 secular trends which drive market expansion an understanding of the country, its culture and stock market environment; and on-the-ground regional research. As part of its selection process, the Adviser to the Active Allocated Portion looks for companies that exhibit value characteristics which include low price/earnings multiples relative to other investment opportunities; an above average, long-term earnings expectation that is not reflected in the price. Under normal circumstances, the Active Allocated Portion invests in at least ten foreign markets to seek to ensure diversification. The Index Allocated Portion of the Portfolio seeks to track the performance (before fees and expenses) of a composite index comprised of 40% DJ EuroSTOXX 50 Index, 25% FTSE 100 Index, 25% TOPIX Index, and 10% S&P/ASX 200 Index, including reinvestment of dividends, at a risk level consistent with that of the composite index. This strategy is commonly referred to as an indexing strategy. Generally, each portion of the Index Allocated Portion uses a replication technique, although in certain instances a sampling approach may be utilized. The Index Allocated Portion also may invest in other instruments, such as futures and options contracts, that provide comparable exposure as the indexes without buying the underlying securities comprising the index. AXA Equitable Funds Management Group, LLC ( FMG LLC or the Manager ) also may utilize futures and options, such as exchange-traded futures and options contracts on securities indices, to manage equity exposure. They also provide a means to manage the Portfolio s equity exposure without having to buy or sell securities. When market volatility is increasing above specific thresholds set for the Portfolio, the Manager may limit equity exposure either by reducing investments in securities, shorting or selling long futures and options positions on an index, increasing cash levels, and/or shorting an index. During such times, the Portfolio s exposure to equity securities may be significantly less than that of a traditional equity portfolio. Although these actions are intended to reduce the overall risk of investing in the Portfolio, they may result in periods of underperformance. The Portfolio may invest up to 25% of its assets in derivatives. It is anticipated that the Portfolio s derivative instruments will consist primarily of exchange-traded futures and options contracts on securities indices, but the Portfolio also may utilize other types of derivatives. The Portfolio s investments in derivatives may be deemed to involve the use of leverage because the Portfolio is not required to invest the full market value of the contract upon entering into the contract but participates in gains and losses on the full contract price. The use of derivatives also may be deemed to involve the use of leverage because the heightened price sensitivity of some derivatives to market changes may magnify the Portfolio s gain or loss. The Portfolio may maintain a significant percentage of its assets in cash and cash equivalent instruments, some of which may serve as margin or collateral for the Portfolio s obligations under derivative transactions. The Manager has been granted relief by the Securities and Exchange Commission to hire, terminate and replace Advisers and amend advisory agreements subject to the approval of the Board of Trustees and without obtaining shareholder approval. However, the Manager may not enter into an advisory agreement on behalf of the Portfolio with an affiliated person of the Manager, such as AllianceBernstein L.P., unless the advisory agreement is approved by the Portfolio s shareholders. The Manager is responsible for overseeing Advisers and recommending their hiring, termination and replacement to the Board of Trustees. Principal Risks: An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You may lose money by investing in the Portfolio. Performance may be affected by one or more of the following risks. Cash Management Risk: Upon entering into certain derivatives contracts, such as futures contracts, and to maintain open positions in certain derivatives contracts, the Portfolio may be required to post collateral for the contract, the amount of which may vary. As such, the Portfolio may maintain cash balances, including foreign currency balances, which may be significant, with counterparties such as the Trust s custodian or its affiliates. The Portfolio is thus subject to counterparty risk and credit risk with respect to these arrangements. Custom Benchmark Risk: Two of the benchmarks against which the Portfolio s performance is measured, the Volatility Managed Index International and the Volatility Managed Index International Proxy, were created by the Manager to show how the Portfolio s performance compares with the returns of volatility managed indices. There is no guarantee that the Portfolio will outperform these or any benchmarks. Derivatives Risk: A Portfolio s investments in derivatives may rise or fall more rapidly than other investments. Changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, and a Portfolio could lose more than the principal amount invested. In addition, it may be difficult or impossible for the portfolio to purchase or sell certain derivatives in sufficient amounts to achieve the desired level of exposure, which may result in a loss or may be costly to the portfolio. Derivatives also may be subject to certain other risks such as leveraging risk, interest rate risk, credit risk, the risk that a counterparty may be unable or unwilling to honor its obligations, and the risk of mispricing or improper valuation. Derivatives also may not behave as anticipated by the Portfolio, especially in abnormal market conditions. Equity Risk: In general, stocks and other equity security values fluctuate, and sometimes widely fluctuate, in response to changes in a company s financial condition as well as general market, economic and political conditions and other factors. Exchange Traded Funds Risk: When a Portfolio invests in ETFs, it will indirectly bear fees and expenses charged by the ETF, in addition to the advisory and other fees paid directly by the Portfolio. A Portfolio s investment in an ETF involves other considerations. For example, shares of ETFs are listed and traded on securities exchanges and in over-the-counter markets, and the purchase and sale of these shares involve transaction fees and commissions. Also, even though the market price of an ETF is derived from the securities it owns, such price at any given time may be at, below or above the ETF s net asset value. In addition, many ETFs invest in securities included in, or representative of, underlying indexes regardless of investment merit or market trends and, therefore, these ETFs do not change their investment strategies to respond to changes in the economy, which means that an ETF may be particularly susceptible to a general decline in the market segment relating to the relevant index. There is also EQIVP 2

76 the risk that an ETF s performance may not match that of the relevant index. In addition, it is also possible that an active trading market for an ETF may not develop or be maintained, in which case the liquidity and value of a Portfolio s investment in the ETF could be substantially and adversely affected. Foreign Securities Risk: Investments in foreign securities, including depositary receipts, involve risks not associated with investing in U.S. securities. Foreign markets, particularly emerging markets, may be less liquid, more volatile and subject to less government supervision than domestic markets. Security values also may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. Differences between U.S. and foreign legal, political and economic systems, regulatory regimes and market practices also may impact security values and it may take more time to clear and settle trades. Currency Risk: Investments in foreign currencies and in securities that trade in, or receive revenues in, foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar. Currency rates may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention by governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the U.S. or abroad. Emerging Markets Risk: There are greater risks involved in investing in emerging market countries and/or their securities markets. Investments in these countries and/or markets may present market, credit, currency, liquidity, legal, political, technical and other risks different from, or greater than, the risks of investing in developed countries. In addition, the risks associated with investing in a narrowly defined geographic area are generally more pronounced with respect to investments in emerging market countries. Futures Contract Risk: The primary risks associated with the use of futures contracts are (a) the imperfect correlation between the change in market value of the instruments held by a Portfolio and the price of the futures contract; (b) liquidity risks, including the possible absence of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses (potentially unlimited) caused by unanticipated market movements; (d) an adviser s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that a counterparty will default in the performance of its obligations; (f) if a Portfolio has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Portfolio may have to sell securities at a time when it may be disadvantageous to do so; and (g) transaction costs associated with investments in futures contracts may be significant, which could cause or increase losses or reduce gains. Index Strategy Risk: A Portfolio that employs an index strategy generally invests in the securities included in the relevant index or a representative sample of such securities regardless of market trends. Such a portfolio generally will not modify its index strategy to respond to changes in the economy, which means that it may be particularly susceptible to a general decline in the market segment relating to the relevant index. In addition, although the index strategy attempts to closely track its benchmark index, the Portfolio may not invest in all of the securities in the index. Also, the Portfolio s fees and expenses will reduce the Portfolio s returns, unlike those of the benchmark index. Cash flow into and out of the Portfolio, portfolio transaction costs, changes in the securities that comprise the index, and the Portfolio s valuation procedures also may affect the Portfolio s performance. Therefore, there can be no assurance that the performance of the index strategy will match that of the benchmark. Investment Style Risk: An Adviser may use a particular style or set of styles in this case value styles to select investments. Those styles may be out of favor or may not produce the best results over short or longer time periods. Value stocks are subject to the risks that notwithstanding that a stock is selling at a discount to a its perceived true worth, the market will never fully recognize their intrinsic value. In addition, there is the risk that a stock judged to be undervalued may actually be appropriately priced. They may also increase the volatility of the Portfolio s share price. Large-Cap Company Risk: Larger more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. Leveraging Risk: When a Portfolio leverages its holdings, the value of an investment in that Portfolio will be more volatile and all other risks will tend to be compounded. For example, a Portfolio may take on leveraging risk when it engages in derivatives transactions (such as futures and options investments), invests in collateral from securities loans or borrows money. A Portfolio may experience leveraging risk in connection with investments in derivatives because its investments in derivatives may be purchased with a fraction of the assets that would be needed to purchase the securities directly, so that the remainder of the assets may be invested in other investments. Such investments may have the effect of leveraging a Portfolio because the Portfolio may experience gains or losses not only on its investments in derivatives, but also on the investments purchased with the remainder of the assets. If the value of a Portfolio s investments in derivatives is increasing, this could be offset by declining values of the Portfolio s other investments. Conversely, it is possible that the rise in the value of a Portfolio s non-derivative investments could be offset by a decline in the value of the Portfolio s investments in derivatives. In either scenario, a Portfolio may experience losses. In a market where the value of a Portfolio s investments in derivatives is declining and the value of its other investments is declining, the Portfolio may experience substantial losses. Short Position Risk: A Portfolio may engage in short sales and may enter into derivative contracts that have a similar economic effect (e.g., taking a short position in a futures contract). A Portfolio will incur a loss as a result of a short position if the price of the asset sold short increases in value between the date of the short position sale and the date on which an offsetting position is purchased. Short positions may be considered speculative transactions and involve special risks that could cause or increase losses or reduce gains, including greater reliance on the investment adviser s ability to accurately anticipate the future value of a security or instrument, potentially higher transaction costs, and imperfect correlation between the actual and desired level of exposure. Because a Portfolio s potential loss on a short position arises from increases in the value of the asset sold short, the extent of such loss, like the price of the asset sold short, is theoretically unlimited. EQIVP 3

77 Volatility Management Risk: The Manager from time to time employs various volatility management techniques, including the use of futures and options to manage equity exposure. The success of the Portfolio s volatility management strategy will be subject to the Manager s ability to correctly assess the degree of correlation between the performance of the relevant market index and the metrics used by the Manager to measure market volatility. Since the characteristics of many securities change as markets change or time passes, the success of the Portfolio s volatility management strategy also will be subject to the Manager s ability to continually recalculate, readjust, and execute volatility management techniques (such as options and futures transactions) in an efficient manner. In addition, because market conditions change, sometimes rapidly and unpredictably, the success of the volatility management strategy will be subject to the Manager s ability to execute the strategy in a timely manner. Moreover, volatility management strategies may increase portfolio transaction costs, which could cause or increase losses or reduce gains. For a variety of reasons, the Manager may not seek to establish a perfect correlation between the relevant market index and the metrics that the Manager uses to measure market volatility. In addition, it is not possible to manage volatility fully or perfectly. Any one or more of these factors may prevent the Portfolio from achieving the intended volatility management or could cause the Portfolio to underperform or experience losses. Risk/Return Bar Chart and Table The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio s performance from year to year and by showing how the Portfolio s average annual total returns for the past one, five and ten years through December 31, 2012 compared to the returns of a broad-based market index. The additional broad-based market indexes show how the Portfolio s performance compared with the returns of other indexes that have characteristics relevant to the Portfolio s investment strategies, including volatility managed indexes. Past performance is not an indication of future performance. Prior to February 1, 2011, this Portfolio consisted entirely of an actively managed Portfolio of equity securities. The performance results do not reflect any Contract-related fees and expenses, which would reduce the performance results. The table below includes the performance of an additional market index that more closely reflects the securities in which the Portfolio invests. Average Annual Total Returns One Year Five Years Ten Years EQ/International Value PLUS Portfolio Class IA Shares 17.26% 4.76% 6.61% EQ/International Value PLUS Portfolio Class IB Shares 17.37% 4.95% 6.37% MSCI EAFE Index (reflects no deduction for fees or expenses) 17.32% 3.69% 8.21% Volatility Managed Index International (reflects no deduction for fees or expenses) 16.71% 1.35% 9.47% 40% EuroSTOXX 50 Index/25% FTSE 100 Index/25% TOPIX Index/10% S&P/ASX 200 Index (reflects no deduction for fees, expenses, or taxes) 16.04% 4.14% N/A Volatility Managed Index International Proxy (reflects no deduction for fees, expenses, or taxes) 15.93% 1.01% N/A WHO MANAGES THE PORTFOLIO Investment Manager: FMG LLC Portfolio Managers: The members of the team that are jointly and primarily responsible for (i) the selection, monitoring and oversight of the Portfolio s Advisers, (ii) allocating assets among the Portfolio s Allocated Portions, (iii) managing the Portfolio s equity exposure and (iv) the selection of investments in exchange traded funds for the Portfolio s ETF Allocated Portion are: Name Kenneth T. Kozlowski, CFP, CLU, ChFC Alwi Chan, CFA Xavier Poutas, CFA Title Executive Vice President and Chief Investment Officer of FMG LLC Senior Vice President and Deputy Chief Investment Officer of FMG LLC Assistant Portfolio Manager of FMG LLC Date Began Managing the Portfolio February 2011 February 2011 May 2011 Calendar Year Annual Total Returns Class IB 28.01% 30.64% 25.66% 21.73% 10.79% 10.22% 6.00% 17.37% % % Best quarter: (% and time period) Worst quarter: (% and time period) 26.15% (2009 2nd Quarter) 22.09% (2011 3rd Quarter) EQIVP 4

78 Adviser: Northern Cross, LLC ( Northern Cross ) Portfolio Managers: The members of the team that are jointly and primarily responsible for the management of the Active Allocated Portion of the Portfolio are: Name Howard Appleby Jean-Francois Ducrest James LaTorre Edward E. Wendell, Jr. Title Principal and Portfolio Manager of Northern Cross Principal and Portfolio Manager of Northern Cross Principal and Portfolio Manager of Northern Cross Principal and Portfolio Manager of Northern Cross Date Began Managing the Portfolio February 2011 February 2011 February 2011 February 2011 Adviser: BlackRock Investment Management LLC ( BlackRock ) Portfolio Managers: The members of the team that are jointly and primarily responsible for the management of the Index Allocated Portion of the Portfolio are: TAX INFORMATION The Portfolio currently sells its shares only to insurance company separate accounts, qualified plans and other investors eligible under applicable tax regulations. Accordingly, distributions the Portfolio makes of its net investment income and net realized gains most or all of which it intends to distribute annually and redemptions or exchanges of Portfolio shares generally will not be taxable to its shareholders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax information. PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES This Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and its related companies may make payments to a sponsoring insurance company (or its affiliates) or other financial intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. Name Edward Corallo Christopher Bliss Greg Savage Title Managing Director of BlackRock Managing Director and Portfolio Manager of BlackRock Managing Director and Portfolio Manager of BlackRock Date Began Managing the Portfolio February 2011 May 2011 May 2012 PURCHASE AND REDEMPTION OF PORTFOLIO SHARES The Portfolio s shares are currently sold only to insurance company separate accounts in connection with Contracts issued by AXA Equitable Life Insurance Company ( AXA Equitable ), AXA Life and Annuity Company, other affiliated or unaffiliated insurance companies and to The AXA Equitable 401(k) Plan. Shares also may be sold to other tax-qualified retirement plans, to other portfolios managed by FMG LLC that currently sell their shares to such accounts and plans and other investors eligible under applicable tax regulations. The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares. EQIVP 5

79 EQ Advisors Trust SM EQ/Large Cap Growth PLUS Portfolio Class IA and IB Shares Summary Prospectus dated May 1, 2013 Before you invest, you may want to review the Portfolio s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio s current Prospectus and Statement of Additional Information ( SAI ), dated May 1, 2013, and the Portfolio s audited financial statements included in its annual report to shareholders dated December 31, 2012, are incorporated by reference into this Summary Prospectus. You can find the Portfolio s Prospectus, SAI and other information about the Portfolio online at You can also get this information at no cost by calling or by sending an request to [email protected]. This Summary Prospectus is intended for use in connection with a variable contract as defined in Section 817(d) of the Internal Revenue Code ( Contracts ) and certain other eligible investors and is not intended for use by other investors. Investment Objective: Seeks to provide long-term capital growth with an emphasis on risk-adjusted returns and managing volatility in the Portfolio. FEES AND EXPENSES OF THE PORTFOLIO The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table below does not reflect any fees and expenses associated with variable life insurance contracts and variable annuity certificates and contracts ( Contracts ), which would increase overall fees and expenses. See the 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 of your investment) EQ/Large Cap Growth PLUS Portfolio Class IA Shares Class IB Shares Management Fee 0.50% 0.50% Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% Other Expenses 0.18% 0.18% Acquired Fund Fees and Expenses 0.02% 0.02% Total Annual Portfolio Operating Expenses 0.95% 0.95% Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other portfolios. The Example assumes that you invest $10,000 in the Portfolio for the periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses remain the same. This Example does not reflect any Contract-related fees and expenses including redemption fees (if any) at the Contract level. If such fees and expenses were reflected, the total expenses would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years Class IA Shares $97 $303 $525 $1,166 Class IB Shares $97 $303 $525 $1,166 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 fund operating expenses or in the example, affect the Portfolio s performance. During the most recent fiscal year, the Portfolio s portfolio turnover rate was 28% of the average value of the Portfolio. INVESTMENTS, RISKS, AND PERFORMANCE Principal Investment Strategy: Under normal circumstances, the Portfolio intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in securities of large-cap companies (or other financial instruments that derive their value from the securities of such companies). For this Portfolio, large-cap companies mean those companies with market capitalizations within the range of at least one of the following indices at the time of purchase: S&P 500 Index (market capitalization range of approximately $1.65 billion - $500.5 billion as of December 31, 2012), Russell 1000 Index (market capitalization range of approximately $ million - $500.5 billion as of December 31, 2012), S&P 100 Index (market capitalization range of approximately $17.6 billion - $500.5 billion as of December 31, 2012) Morningstar Large Core Index (market capitalization range of approximately $11.05 billion - $ billion as of December 31, 2012), NYSE 100 Index (market capitalization $21.08 billion - $ billion as of December 31, 2012). The Portfolio s assets normally are allocated among three investment managers, each of which manages its portion of the Portfolio using a different but complementary investment strategy. One portion of the Portfolio is actively managed by an Adviser ( Active Allocated Portion ); one portion of the Portfolio seeks to track the performance of a particular index ( Index Allocated Portion ); and one portion of the Portfolio invests in exchange-traded funds ( ETFs ) ( ETF Allocated Portion ). Under normal circumstances, the Active Allocated Portion consists of approximately 30% of the Portfolio s net assets, the Index Allocated Portion consists of approximately 60% of the Portfolio s net assets and the ETF Allocated Portion consists of approximately 10% of the Portfolio s net assets. The Active Allocated Portion primarily invests in common stocks, but it also may invest in other equity securities that the Adviser believes EQLCGP 1

80 provide opportunities for capital appreciation. The Active Allocated Portion may also invest up to 25% of its total assets in securities of foreign issuers (which may include up to 15% of its total assets in emerging market countries at the time of purchase), which may be publicly traded in the United States or on a foreign exchange, and may be denominated in a foreign currency. The Active Allocated Portion also may engage in active and frequent trading to achieve the Portfolio s investment objective. In choosing investments, the Adviser utilizes a focus style, which concentrates the Active Allocated Portion s investments in a core position of companies selected for their growth potential. The Adviser uses an approach that combines top-down macro-economic analysis with bottom-up security selection. The top-down approach may take into consideration macro-economic factors such as, without limitation, interest rates, inflation, monetary policy, fiscal policy, demographics, the regulatory environment and the global competitive landscape. Through this top-down analysis, the Adviser seeks to identify sectors, industries and companies that may benefit from the overall trends the Adviser has observed. The Adviser then looks for individual companies or securities that are expected to offer earnings growth potential that may not be recognized by the market at large. This is called bottom-up security selection. The Adviser may sell, or reduce the holdings in, a security for a variety of reasons, such as to invest in a company believed to offer superior investment opportunities. The Index Allocated Portion of the Portfolio seeks to track the performance (before fees and expenses) of the Russell 1000 Growth with minimal tracking error. This strategy is commonly referred to as an indexing strategy. Generally, the Index Allocated Portion uses a full replication technique, although in certain instances a sampling approach may be utilized for a portion of the Index Allocated Portion. The Index Allocated Portion also may invest in other instruments, such as futures and options contracts, that provide comparable exposure as the index without buying the underlying securities comprising the index. AXA Equitable Funds Management Group, LLC ( FMG LLC or the Manager ) also may utilize futures and options, such as exchange-traded futures and options contracts on securities indices, to manage equity exposure. Futures and options can provide exposure to the performance of a securities index without buying the underlying securities comprising the index. They also provide a means to manage the Portfolio s equity exposure without having to buy or sell securities. When market volatility is increasing above specific thresholds set for the Portfolio, the Manager may limit equity exposure either by reducing investments in securities, shorting or selling long futures and options positions on an index, increasing cash levels, and/or shorting an index. During such times, the Portfolio s exposure to equity securities may be significantly less than that of a traditional equity portfolio. Although these actions are intended to reduce the overall risk of investing in the Portfolio, they may result in periods of underperformance. The Portfolio may invest up to 25% of its assets in derivatives. It is anticipated that the Portfolio s derivative instruments will consist primarily of exchange-traded futures and options contracts on securities indices, but the Portfolio also may utilize other types of derivatives. The Portfolio s investments in derivatives may be deemed to involve the use of leverage because the Portfolio is not required to invest the full market value of the contract upon entering into the contract but participates in gains and losses on the full contract price. The use of derivatives also may be deemed to involve the use of leverage because the heightened price sensitivity of some derivatives to market changes may magnify the Portfolio s gain or loss. It is not generally expected, however, that the Portfolio will be leveraged by borrowing money for investment purposes. In addition, the Portfolio generally does not intend to use leverage to increase its net investment exposure above approximately 100% of the Portfolio s net asset value or below 0%. The Portfolio may maintain a significant percentage of its assets in cash and cash equivalent instruments, some of which may serve as margin or collateral for the Portfolio s obligations under derivative transactions. The ETF Allocated Portion invests in ETFs (the Underlying ETFs ) that meet the investment criteria of the Portfolio as a whole. The Underlying ETFs in which the ETF Allocated Portion may invest may be changed from time to time without notice or shareholder approval. The Manager has been granted relief by the Securities and Exchange Commission to hire, terminate and replace Advisers and amend advisory agreements subject to the approval of the Board of Trustees and without obtaining shareholder approval. However, the Manager may not enter into an advisory agreement on behalf of the Portfolio with an affiliated person of the Manager, such as AllianceBernstein L.P., unless the advisory agreement is approved by the Portfolio s shareholders. The Manager is responsible for overseeing Advisers and recommending their hiring, termination and replacement to the Board of Trustees. Principal Risks: An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You may lose money by investing in the Portfolio. Performance may be affected by one or more of the following risks. Cash Management Risk: Upon entering into certain derivatives contracts, such as futures contracts, and to maintain open positions in certain derivatives contracts, the Portfolio may be required to post collateral for the contract, the amount of which may vary. As such, the Portfolio may maintain cash balances, including foreign currency balances, which may be significant, with counterparties such as the Trust s custodian or its affiliates. The Portfolio is thus subject to counterparty risk and credit risk with respect to these arrangements. Custom Benchmark Risk: One of the benchmarks against which the Portfolio s performance is measured, the Volatility Managed Index Large Cap Growth was created by the Manager to show how the Portfolio s performance compares with the returns of a volatility managed index, there is no guarantee that the Portfolio will outperform this or any benchmark. Derivatives Risk: A Portfolio s investments in derivatives may rise or fall more rapidly than other investments. Changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, and a Portfolio could lose more than the principal amount invested. In addition, it may be difficult or impossible for the portfolio to purchase or sell certain derivatives in sufficient amounts to achieve the desired level of exposure, which may result in a loss or may be costly to the portfolio. Derivatives also may be subject to certain other risks such as leveraging risk, interest rate risk, credit risk, the risk that a counterparty may be unable or unwilling to honor its obligations, and the risk of mispricing or improper valuation. Derivatives also may not behave as anticipated by the Portfolio, especially in abnormal market conditions. EQLCGP 2

81 Equity Risk: In general, stocks and other equity security values fluctuate, and sometimes widely fluctuate, in response to changes in a company s financial condition as well as general market, economic and political conditions and other factors. Exchange Traded Funds Risk: When a Portfolio invests in ETFs, it will indirectly bear fees and expenses charged by the ETF, in addition to the advisory and other fees paid directly by the Portfolio. A Portfolio s investment in an ETF involves other considerations. For example, shares of ETFs are listed and traded on securities exchanges and in over-the-counter markets, and the purchase and sale of these shares involve transaction fees and commissions. Also, even though the market price of an ETF is derived from the securities it owns, such price at any given time may be at, below or above the ETF s net asset value. In addition, many ETFs invest in securities included in, or representative of, underlying indexes regardless of investment merit or market trends and, therefore, these ETFs do not change their investment strategies to respond to changes in the economy, which means that an ETF may be particularly susceptible to a general decline in the market segment relating to the relevant index. There is also the risk that an ETF s performance may not match that of the relevant index. In addition, it is also possible that an active trading market for an ETF may not develop or be maintained, in which case the liquidity and value of a Portfolio s investment in the ETF could be substantially and adversely affected. Foreign Securities Risk: Investments in foreign securities, including depositary receipts, involve risks not associated with investing in U.S. securities. Foreign markets, particularly emerging markets, may be less liquid, more volatile and subject to less government supervision than domestic markets. Security values also may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. Differences between U.S. and foreign legal, political and economic systems, regulatory regimes and market practices also may impact security values and it may take more time to clear and settle trades involving foreign securities. Currency Risk: Investments in foreign currencies and in securities that trade in, or receive revenues in, foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar. Any such decline may erode or reverse any potential gains from an investment in securities denominated in foreign currency or may widen existing loss. Currency rates may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention by governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the U.S. or abroad. Emerging Markets Risk: There are greater risks involved in investing in emerging market countries and/or their securities markets. Investments in these countries and/or markets may present market, credit, currency, liquidity, legal, political, technical and other risks different from, or greater than, the risks of investing in developed countries. In addition, the risks associated with investing in a narrowly defined geographic area are generally more pronounced with respect to investments in emerging market countries. Futures Contract Risk: The primary risks associated with the use of futures contracts are (a) the imperfect correlation between the change in market value of the instruments held by a Portfolio and the price of the futures contract; (b) liquidity risks, including the possible absence of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses (potentially unlimited) caused by unanticipated market movements; (d) an adviser s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that a counterparty will default in the performance of its obligations; (f) if a Portfolio has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Portfolio may have to sell securities at a time when it may be disadvantageous to do so; and (g) transaction costs associated with investments in futures contracts may be significant, which could cause or increase losses or reduce gains. Index Strategy Risk: A Portfolio that employs an index strategy generally invests in the securities included in the relevant index or a representative sample of such securities regardless of market trends. Such a portfolio generally will not modify its index strategy to respond to changes in the economy, which means that it may be particularly susceptible to a general decline in the market segment relating to the relevant index. In addition, although the index strategy attempts to closely track its benchmark index, the Portfolio may not invest in all of the securities in the index. Also, the Portfolio s fees and expenses will reduce the Portfolio s returns, unlike those of the benchmark index. Cash flow into and out of the Portfolio, portfolio transaction costs, changes in the securities that comprise the index, and the Portfolio s valuation procedures also may affect the Portfolio s performance. Therefore, there can be no assurance that the performance of the index strategy will match that of the benchmark index. Investment Style Risk: An Adviser may use a particular style or set of styles in this case growth styles to select investments. Those styles may be out of favor or may not produce the best results over short or longer time periods. Growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks. Growth investing also is subject to the risk that the stock price of one or more companies will fall or will fail to appreciate as anticipated, regardless of movements in the securities market. Growth stocks also tend to be more volatile than value stocks, so in a declining market their prices may decrease more than value stocks in general. They also may increase the volatility of the Portfolio s share price. Large-Cap Company Risk: Larger more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. Leveraging Risk: When a Portfolio leverages its holdings, the value of an investment in that Portfolio will be more volatile and all other risks will tend to be compounded. For example, a Portfolio may take on leveraging risk when it engages in derivatives transactions, invests in collateral from securities loans or borrows money. A Portfolio may experience leveraging risk in connection with investments in derivatives because its investments in derivatives may be purchased with a fraction of the assets that would be needed to purchase the securities directly, so that the remainder of the assets may be invested in other investments. Such investments may have the effect of leveraging a Portfolio because the Portfolio may experience gains or losses not only on its investments in derivatives, but also on the EQLCGP 3

82 investments purchased with the remainder of the assets. If the value of a Portfolio s investments in derivatives is increasing, this could be offset by declining values of the Portfolio s other investments. Conversely, it is possible that the rise in the value of a Portfolio s non-derivative investments could be offset by a decline in the value of the Portfolio s investments in derivatives. In either scenario, a Portfolio may experience losses. In a market where the value of a Portfolio s investments in derivatives is declining and the value of its other investments is declining, the Portfolio may experience substantial losses. Portfolio Turnover Risk: High portfolio turnover (generally, turnover, in excess of 100% in any given fiscal year) may result in increased transaction costs to a Portfolio, which may result in higher fund expenses and lower total return. Short Position Risk: A Portfolio may engage in short sales and may enter into derivative contracts that have a similar economic effect (e.g., taking a short position in a futures contract). A Portfolio will incur a loss as a result of a short position if the price of the asset sold short increases in value between the date of the short position sale and the date on which an offsetting position is purchased. Short positions may be considered speculative transactions and involve special risks that could cause or increase losses or reduce gains, including greater reliance on the investment adviser s ability to accurately anticipate the future value of a security or instrument, potentially higher transaction costs, and imperfect correlation between the actual and desired level of exposure. Because a Portfolio s potential loss on a short position arises from increases in the value of the asset sold short, the extent of such loss, like the price of the asset sold short, is theoretically unlimited. Volatility Management Risk: The Manager from time to time employs various volatility management techniques, including the use of futures and options to manage equity exposure. The success of the Portfolio s volatility management strategy will be subject to the Manager s ability to correctly assess the degree of correlation between the performance of the relevant market index and the metrics used by the Manager to measure market volatility. Since the characteristics of many securities change as markets change or time passes, the success of the Portfolio s volatility management strategy also will be subject to the Manager s ability to continually recalculate, readjust, and execute volatility management techniques (such as options and futures transactions) in an efficient manner. In addition, because market conditions change, sometimes rapidly and unpredictably, the success of the volatility management strategy will be subject to the Manager s ability to execute the strategy in a timely manner. Moreover, volatility management strategies may increase portfolio transaction costs, which could cause or increase losses or reduce gains. For a variety of reasons, the Manager may not seek to establish a perfect correlation between the relevant market index and the metrics that the Manager uses to measure market volatility. In addition, it is not possible to manage volatility fully or perfectly. Any one or more of these factors may prevent the Portfolio from achieving the intended volatility management or could cause the Portfolio to underperform or experience losses. Risk/Return Bar Chart and Table The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio s performance from year to year and by showing how the Portfolio s average annual total returns for the past one, five and ten years through December 31, 2012 compared to the returns of a broad-based market index. The additional broad-based market index shows how the Portfolio performance compared with the returns of a volatility managed index. Past performance is not an indication of future performance. The performance results do not reflect any Contract-related fees and expenses, which would reduce the performance results. Calendar Year Annual Total Returns Class IB 29.33% 12.63% 15.66% 9.00% 7.77% % 34.77% % 13.76% -3.66% Best quarter (% and time period) Worst quarter (% and time period) 16.31% (2003 2nd Quarter) 21.65% (2008 4th Quarter) Average Annual Total Returns One Year Five Years Ten Years EQ/Large Cap Growth PLUS Portfolio Class IA Shares 13.70% 1.11% 7.79% EQ/Large Cap Growth PLUS Portfolio Class IB Shares 13.76% 0.87% 7.53% Russell 1000 Growth Index (reflects no deduction for fees, expenses, or taxes) 15.26% 3.12% 7.52% Volatility Managed Index Large Cap Growth (reflects no deduction for fees, expenses, or taxes) 15.68% 5.65% 9.03% WHO MANAGES THE PORTFOLIO Investment Manager: FMG LLC Portfolio Managers: The members of the team that are jointly and primarily responsible for (i) the selection, monitoring and oversight of the Portfolio s Advisers, (ii) allocating assets among the Portfolio s Allocated Portions, (iii) managing the Portfolio s equity exposure and (iv) the selection of investments in exchange traded funds for the Portfolio s ETF Allocated Portion are: Name Kenneth T. Kozlowski, CFP, CLU, ChFC Alwi Chan, CFA Xavier Poutas, CFA Title Executive Vice President and Chief Investment Officer of FMG LLC Senior Vice President and Deputy Chief Investment Officer of FMG LLC Assistant Portfolio Manager of FMG LLC Date Began Managing the Portfolio May 2007 May 2009 May 2011 EQLCGP 4

83 Adviser: Marsico Capital Management, LLC ( Marsico ) Portfolio Manager: The members of the team that are jointly and primarily responsible for the management of the Active Allocated Portion of the Portfolio are: Name Thomas F. Marsico Coralie Witter, CFA Title Chief Investment Officer of Marsico Portfolio Manager and Senior Analyst of Marsico Date Began Managing the Portfolio May 2007 May 2011 Adviser: BlackRock Investment Management, LLC ( BlackRock ) Portfolio Managers: The members of the team that are jointly and primarily responsible for the management of the Index Allocated Portion of the Portfolio are: PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES This Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and its related companies may make payments to a sponsoring insurance company (or its affiliates) or other financial intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. Name Title Date Began Managing the Portfolio Edward Corallo Managing Director of BlackRock May 2010 Christopher Bliss Greg Savage Managing Director and Portfolio Manager of BlackRock Managing Director and Portfolio Manager of BlackRock May 2011 May 2012 PURCHASE AND REDEMPTION OF PORTFOLIO SHARES The Portfolio s shares are currently sold only to insurance company separate accounts in connection with Contracts issued by AXA Equitable Life Insurance Company ( AXA Equitable ), AXA Life and Annuity Company, other affiliated or unaffiliated insurance companies and to The AXA Equitable 401(k) Plan. Shares also may be sold to other tax-qualified retirement plans, to other portfolios managed by FMG LLC that currently sell their shares to such accounts and plans and other investors eligible under applicable tax regulations. The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares. TAX INFORMATION The Portfolio currently sells its shares only to insurance company separate accounts, qualified plans and other investors eligible under applicable tax regulations. Accordingly, distributions the Portfolio makes of its net investment income and net realized gains most or all of which it intends to distribute annually and redemptions or exchanges of Portfolio shares generally will not be taxable to its shareholders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax information. EQLCGP 5

84 EQ Advisors Trust SM EQ/Large Cap Value PLUS Portfolio Class IA and IB Shares Summary Prospectus dated May 1, 2013 Before you invest, you may want to review the Portfolio s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio s current Prospectus and Statement of Additional Information ( SAI ), dated May 1, 2013, and the Portfolio s audited financial statements included in its annual report to shareholders dated December 31, 2012, are incorporated by reference into this Summary Prospectus. You can find the Portfolio s Prospectus, SAI and other information about the Portfolio online at You can also get this information at no cost by calling or by sending an request to [email protected]. This Summary Prospectus is intended for use in connection with a variable contract as defined in Section 817(d) of the Internal Revenue Code ( Contracts ) and certain other eligible investors and is not intended for use by other investors. Investment Objective: Seeks to achieve long-term growth of capital with an emphasis on risk-adjusted returns and managing volatility in the Portfolio. FEES AND EXPENSES OF THE PORTFOLIO The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table below does not reflect any fees and expenses associated with variable life insurance contracts and variable annuity certificates and contracts ( Contracts ), which would increase overall fees and expenses. See the 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 of your investment) EQ/Large Cap Value PLUS Portfolio Class IA Shares Class IB Shares Management Fee 0.48% 0.48% Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% Other Expenses 0.18% 0.18% Total Annual Portfolio Operating Expenses 0.91% 0.91% Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other portfolios. The Example assumes that you invest $10,000 in the Portfolio for the periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses remain the same. This Example does not reflect any Contract-related fees and expenses including redemption fees (if any) at the Contract level. If such fees and expenses were reflected, the total expenses would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years Class IA Shares $93 $290 $504 $1,120 Class IB Shares $93 $290 $504 $1,120 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 fund operating expenses or in the example, affect the Portfolio s performance. During the most recent fiscal year, the Portfolio s portfolio turnover rate was 25% of the average value of the Portfolio. INVESTMENTS, RISKS, AND PERFORMANCE Principal Investment Strategy: Under normal circumstances, the Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, in securities of large-cap companies (or other financial instruments that derive their value from the securities of such companies). For this Portfolio, large-cap companies mean those companies with market capitalizations within the range of at least one of the following indices at the time of purchase: S&P 500 Index (market capitalization range of approximately $1.65 billion - $500.5 billion as of December 31, 2012), Russell 1000 Index (market capitalization range of approximately $ million - $500.5 billion as of December 31, 2012), S&P 100 Index (market capitalization range of approximately $17.6 billion - $500.5 billion as of December 31, 2012) Morningstar Large Core Index (market capitalization range of approximately $11.05 billion - $ billion as of December 31, 2012), NYSE 100 Index (market capitalization $21.08 billion - $ billion as of December 31, 2012). The Portfolio s assets normally are allocated among three investment managers, each of which manages its portion of the Portfolio using a different but complementary investment strategy. One portion of the Portfolio is actively managed by an Adviser ( Active Allocated Portion ) and one portion of the Portfolio seeks to track the performance of a particular index ( Index Allocated Portion ); and one portion of the Portfolio invests in exchange-traded funds ( ETFs ) ( ETF Allocated Portion ). Under normal circumstances, the Active Allocated Portion consists of approximately 30% of the Portfolio s net assets and the Index Allocated Portion consists of approximately 60% of the Portfolio s net assets and the ETF Allocated Portion consists of approximately 10% of the Portfolio s net assets. EQLCVP 1

85 The Active Allocated Portion of the Portfolio primarily invests in equity securities of large-cap companies as defined above. The Portfolio may engage in active and frequent trading of portfolio securities to achieve its investment objective. In managing the Active Allocated Portion, the Adviser uses a valueoriented, bottom-up approach (individual stock selection) to find companies that have: (1) low price to earnings ratio; (2) high yield,; (3) unrecognized assets; (4) the possibility of management change; and (5) the prospect of improved profitability. The Adviser may sell a security for a variety of reasons, including to invest in a company believed to offer superior investment opportunities. The Index Allocated Portion of the Portfolio seeks to track the performance (before fees and expenses) of the Russell 1000 Value Index with minimal tracking error. This strategy is commonly referred to as an indexing strategy. Generally, the Index Allocated Portion uses a full replication technique, although in certain instances a sampling approach may be utilized for a portion of the Index Allocated Portion. The Index Allocated Portion also may invest in other instruments, such as futures and options contracts, that provide comparable exposure as the index without buying the underlying securities comprising the index. AXA Equitable Funds Management Group, LLC ( FMG LLC or the Manager ) also may utilize futures and options, such as exchange-traded futures and options contracts on securities indices, to manage equity exposure. Futures and options can provide exposure to the performance of a securities index without buying the underlying securities comprising the index. They also provide a means to manage the Portfolio s equity exposure without having to buy or sell securities. When market volatility is increasing above specific thresholds set for the Portfolio, the Manager may limit equity exposure either by reducing investments in securities, shorting or selling long futures and options positions on an index, increasing cash levels, and/or shorting an index. During such times, the Portfolio s exposure to equity securities may be significantly less than that of a traditional equity portfolio. Although these actions are intended to reduce the overall risk of investing in the Portfolio, they may result in periods of underperformance. The Portfolio may invest up to 25% of its assets in derivatives. It is anticipated that the Portfolio s derivative instruments will consist primarily of exchange-traded futures and options contracts on securities indices, but the Portfolio also may utilize other types of derivatives. The Portfolio s investments in derivatives may be deemed to involve the use of leverage because the Portfolio is not required to invest the full market value of the contract upon entering into the contract but participates in gains and losses on the full contract price. The use of derivatives also may be deemed to involve the use of leverage because the heightened price sensitivity of some derivatives to market changes may magnify the Portfolio s gain or loss. It is not generally expected, however, that the Portfolio will be leveraged by borrowing money for investment purposes. In addition, the Portfolio generally does not intend to use leverage to increase its net investment exposure above approximately 100% of the Portfolio s net asset value or below 0%. The Portfolio may maintain a significant percentage of its assets in cash and cash equivalent instruments, some of which may serve as margin or collateral for the Portfolio s obligations under derivative transactions. The ETF Allocated Portion invests in ETFs (the Underlying ETFs ) that meet the investment criteria of the Portfolio as a whole. The Underlying ETFs in which the ETF Allocated Portion may invest may be changed from time to time without notice or shareholder approval. The Manager has been granted relief by the Securities and Exchange Commission to hire, terminate and replace Advisers and amend advisory agreements subject to the approval of the Board of Trustees and without obtaining shareholder approval. However, the Manager may not enter into an advisory agreement on behalf of the Portfolio with an affiliated person of the Manager, such as AllianceBernstein L.P., unless the advisory agreement is approved by the Portfolio s shareholders. The Manager is responsible for overseeing Advisers and recommending their hiring, termination and replacement to the Board of Trustees. Principal Risks: An investment in the Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You may lose money by investing in the Portfolio. Performance may be affected by one or more of the following risks. Cash Management Risk: Upon entering into certain derivatives contracts, such as futures contracts, and to maintain open positions in certain derivatives contracts, the Portfolio may be required to post collateral for the contract, the amount of which may vary. As such, the Portfolio may maintain cash balances, including foreign currency balances, which may be significant, with counterparties such as the Trust s custodian or its affiliates. The Portfolio is thus subject to counterparty risk and credit risk with respect to these arrangements. Custom Benchmark Risk: One of the benchmarks against which the Portfolio s performance is measured, the Volatility Managed Index Large Cap Value, was created by the Manager to show how the Portfolio s performance compares with the returns of a volatility managed index. There is no guarantee that the Portfolio will outperform this or any benchmark. Derivatives Risk: The Portfolio s investments in derivatives may rise or fall more rapidly than other investments. Changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the Portfolio could lose more than the principal amount invested. In addition, it may be difficult or impossible for the portfolio to purchase or sell certain derivatives in sufficient amounts to achieve the desired level of exposure, which may result in a loss or may be costly to the portfolio. Derivatives also may be subject to certain other risks such as leveraging risk, interest rate risk, credit risk, the risk that a counterparty may be unable or unwilling to honor its obligations, and the risk of mispricing or improper valuation. Derivatives also may not behave as anticipated by the Portfolio, especially in abnormal market conditions. Equity Risk: In general, stocks and other equity security values fluctuate, and sometimes widely fluctuate, in response to changes in a company s financial condition as well as general market, economic and political conditions and other factors. Exchange Traded Funds Risk: When a Portfolio invests in ETFs, it will indirectly bear fees and expenses charged by the ETF, in addition to the advisory and other fees paid directly by the Portfolio. A Portfolio s investment in an ETF involves other considerations. For example, shares of ETFs are listed and traded on securities exchanges and in over-the-counter EQLCVP 2

86 markets, and the purchase and sale of these shares involve transaction fees and commissions. Also, even though the market price of an ETF is derived from the securities it owns, such price at any given time may be at, below or above the ETF s net asset value. In addition, many ETFs invest in securities included in, or representative of, underlying indexes regardless of investment merit or market trends and, therefore, these ETFs do not change their investment strategies to respond to changes in the economy, which means that an ETF may be particularly susceptible to a general decline in the market segment relating to the relevant index. There is also the risk that an ETF s performance may not match that of the relevant index. In addition, it is also possible that an active trading market for an ETF may not develop or be maintained, in which case the liquidity and value of a Portfolio s investment in the ETF could be substantially and adversely affected. Futures Contract Risk: The primary risks associated with the use of futures contracts are (a) the imperfect correlation between the change in market value of the instruments held by a Portfolio and the price of the futures contract; (b) liquidity risks, including the possible absence of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses (potentially unlimited) caused by unanticipated market movements; (d) an adviser s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that a counterparty will default in the performance of its obligations; (f) if a Portfolio has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Portfolio may have to sell securities at a time when it may be disadvantageous to do so; and (g) transaction costs associated with investments in futures contracts may be significant, which could cause or increase losses or reduce gains. Index Strategy Risk: A Portfolio that employs an index strategy generally invests in the securities included in the relevant index or a representative sample of such securities regardless of market trends. Such a portfolio generally will not modify its index strategy to respond to changes in the economy, which means that it may be particularly susceptible to a general decline in the market segment relating to the relevant index. In addition, although the index strategy attempts to closely track its benchmark index, the Portfolio may not invest in all of the securities in the index. Also, the Portfolio s fees and expenses will reduce the Portfolio s returns, unlike those of the benchmark index. Cash flow into and out of the Portfolio, portfolio transaction costs, changes in the securities that comprise the index, and the Portfolio s valuation procedures also may affect the Portfolio s performance. Therefore, there can be no assurance that the performance of the index strategy will match that of the benchmark index. Investment Style Risk: An Adviser may use a particular style or set of styles in this case value styles to select investments. Those styles may be out of favor or may not produce the best results over short or longer time periods. Value stocks are subject to the risks that notwithstanding that a stock is selling at a discount to a its perceived true worth, the market will never fully recognize their intrinsic value. In addition, there is the risk that a stock judged to be undervalued may actually be appropriately priced. They may also increase the volatility of the Portfolio s share price. Large-Cap Company Risk: Larger more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. Leveraging Risk: When a Portfolio leverages its holdings, the value of an investment in that Portfolio will be more volatile and all other risks will tend to be compounded. For example, a Portfolio may take on leveraging risk when it engages in derivatives transactions, invests in collateral from securities loans or borrows money. A Portfolio may experience leveraging risk in connection with investments in derivatives because its investments in derivatives may be purchased with a fraction of the assets that would be needed to purchase the securities directly, so that the remainder of the assets may be invested in other investments. Such investments may have the effect of leveraging a Portfolio because the Portfolio may experience gains or losses not only on its investments in derivatives, but also on the investments purchased with the remainder of the assets. If the value of a Portfolio s investments in derivatives is increasing, this could be offset by declining values of the Portfolio s other investments. Conversely, it is possible that the rise in the value of a Portfolio s non-derivative investments could be offset by a decline in the value of the Portfolio s investments in derivatives. In either scenario, a Portfolio may experience losses. In a market where the value of a Portfolio s investments in derivatives is declining and the value of its other investments is declining, the Portfolio may experience substantial losses. Portfolio Turnover Risk: High portfolio turnover (generally, turnover, in excess of 100% in any given fiscal year) may result in increased transaction costs to a Portfolio, which may result in higher fund expenses and lower total return. Short Position Risk: A Portfolio may engage in short sales and may enter into derivative contracts that have a similar economic effect (e.g., taking a short position in a futures contract). A Portfolio will incur a loss as a result of a short position if the price of the asset sold short increases in value between the date of the short position sale and the date on which an offsetting position is purchased. Short positions may be considered speculative transactions and involve special risks that could cause or increase losses or reduce gains, including greater reliance on the investment adviser s ability to accurately anticipate the future value of a security or instrument, potentially higher transaction costs, and imperfect correlation between the actual and desired level of exposure. Because a Portfolio s potential loss on a short position arises from increases in the value of the asset sold short, the extent of such loss, like the price of the asset sold short, is theoretically unlimited. Volatility Management Risk: The Manager from time to time employs various volatility management techniques, including the use of futures and options to manage equity exposure. The success of the Portfolio s volatility management strategy will be subject to the Manager s ability to correctly assess the degree of correlation between the performance of the relevant market index and the metrics used by the Manager to measure market volatility. Since the characteristics of many securities change as markets change or time passes, the success of the Portfolio s volatility management strategy also will be subject to the Manager s ability to continually recalculate, readjust, and execute volatility management techniques (such as options and futures transactions) in an efficient manner. In addition, because market conditions change, EQLCVP 3

87 sometimes rapidly and unpredictably, the success of the volatility management strategy will be subject to the Manager s ability to execute the strategy in a timely manner. Moreover, volatility management strategies may increase portfolio transaction costs, which could cause or increase losses or reduce gains. For a variety of reasons, the Manager may not seek to establish a perfect correlation between the relevant market index and the metrics that the Manager uses to measure market volatility. In addition, it is not possible to manage volatility fully or perfectly. Any one or more of these factors may prevent the Portfolio from achieving the intended volatility management or could cause the Portfolio to underperform or experience losses. Risk/Return Bar Chart and Table The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio s performance from year to year and by showing how the Portfolio s average annual total returns for the past one, five and ten years through December 31, 2012 compared to the returns of a broad-based market index. The additional broad-based market index shows how the Portfolio performance compared with the returns of a volatility managed index. Past performance is not an indication of future performance. The performance results do not reflect any Contract-related fees and expenses, which would reduce the performance results. Calendar Year Annual Total Returns Class IB 28.73% 13.46% 5.42% 21.41% 20.34% -4.55% 12.76% % % % Best quarter (% and time period) Worst quarter (% and time period) 17.58% (2009 3rd Quarter) 24.24% (2008 4th Quarter) Average Annual Total Returns One Year Five Years Ten Years EQ/Large Cap Value PLUS Portfolio Class IA Shares 15.83% 3.07% 4.45% EQ/Large Cap Value PLUS Portfolio Class IB Shares 15.86% 3.29% 4.20% Russell 1000 Value Index (reflects no deduction for fees, expenses, or taxes) 17.51% 0.59% 7.38% Volatility Managed Index Large Cap Value (reflects no deduction for fees, expenses, or taxes) 16.80% 4.33% 8.95% 2012 WHO MANAGES THE PORTFOLIO Investment Manager: FMG LLC Portfolio Managers: The members of the team that are jointly and primarily responsible for the (i) selection, monitoring and oversight of the Portfolio s Advisers, (ii) allocating assets among the Portfolio s Allocated Portions, (iii) managing the Portfolio s equity exposure and (iv) selection of investments in exchange traded funds for the Portfolio s ETF Allocated Portion are: Name Kenneth T. Kozlowski, CFP, CLU, ChFC Alwi Chan, CFA Xavier Poutas, CFA Title Executive Vice President and Chief Investment Officer of FMG LLC Senior Vice President and Deputy Chief Investment Officer of FMG LLC Assistant Portfolio Manager of FMG LLC Adviser: AllianceBernstein L.P. ( AllianceBernstein ) Date Began Managing the Portfolio December 2008 May 2009 May 2011 Portfolio Managers: The members of the team that are jointly and primarily responsible for the management of the Active Allocated Portion of the Portfolio are: Name Joseph Gerard Paul Gregory Powell Christopher W. Marx Title Senior Vice President/ Chief Investment Officer North AmericanValue Equities at AllianceBernstein Senior Vice President/ Director of Research U.S. Large Cap Value Equities at AllianceBernstein Senior Portfolio Manager at AllianceBernstein Date Began Managing the Portfolio October 2009 May 2011 January 2010 Portfolio Manager: The Index Allocated Portion of the Portfolio is managed by: Name Judith DeVivo Title Senior Vice President and Portfolio Manager of AllianceBernstein PURCHASE AND REDEMPTION OF PORTFOLIO SHARES Date Began Managing the Portfolio December 2008 The Portfolio s shares are currently sold only to insurance company separate accounts in connection with Contracts issued by AXA Equitable Life Insurance Company ( AXA Equitable ), AXA Life and Annuity Company, other affiliated or unaffiliated insurance companies and to The AXA EQLCVP 4

88 Equitable 401(k) Plan. Shares also may be sold to other tax-qualified retirement plans, to other portfolios managed by FMG LLC that currently sell their shares to such accounts and plans and other investors eligible under applicable tax regulations. The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares. TAX INFORMATION The Portfolio currently sells its shares only to insurance company separate accounts, qualified plans and other investors eligible under applicable tax regulations. Accordingly, distributions the Portfolio makes of its net investment income and net realized gains most or all of which it intends to distribute annually and redemptions or exchanges of Portfolio shares generally will not be taxable to its shareholders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax information. PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES This Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and its related companies may make payments to a sponsoring insurance company (or its affiliates) or other financial intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. EQLCVP 5

89 EQ Advisors Trust SM EQ/Money Market Portfolio Class IA and IB Shares Summary Prospectus dated May 1, 2013 Before you invest, you may want to review the Portfolio s Prospectus, which contains more information about the Portfolio and its risks. The Portfolio s current Prospectus and Statement of Additional Information ( SAI ), dated May 1, 2013, and the Portfolio s audited financial statements included in its annual report to shareholders dated December 31, 2012, are incorporated by reference into this Summary Prospectus. You can find the Portfolio s Prospectus, SAI and other information about the Portfolio online at You can also get this information at no cost by calling or by sending an request to [email protected]. This Summary Prospectus is intended for use in connection with a variable contract as defined in Section 817(d) of the Internal Revenue Code ( Contracts ) and certain other eligible investors and is not intended for use by other investors. Investment Objective: Seeks to obtain a high level of current income, preserve its assets and maintain liquidity. FEES AND EXPENSES OF THE PORTFOLIO The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table below does not reflect any fees and expenses associated with variable life insurance contracts and variable annuity certificates and contracts ( Contracts ), which would increase overall fees and expenses. See the 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 of your investment) EQ/Money Market Portfolio Class IA Shares Class IB Shares Management Fee 0.34% 0.34% Distribution and/or Service Fees (12b-1 fees) 0.25% 0.25% Other Expenses 0.13% 0.13% Total Annual Portfolio Operating Expenses 0.72% 0.72% Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other portfolios. The Example assumes that you invest $10,000 in the Portfolio for the periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio s operating expenses remain the same. This Example does not reflect any Contract-related fees and expenses including redemption fees (if any) at the Contract level. If such fees and expenses were reflected, the total expenses would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years Class IA Shares $74 $230 $401 $894 Class IB Shares $74 $230 $401 $894 INVESTMENTS, RISKS, AND PERFORMANCE Principal Investment Strategy: The Portfolio invests primarily in a diversified portfolio of high-quality U.S. dollar-denominated money market instruments. The Portfolio will maintain a dollar-weighted average portfolio maturity of 60 days or less. The instruments in which the Portfolio invests include: marketable obligations of, or guaranteed as to the timely payment of principal and interest by, the U.S. Government, its agencies or instrumentalities; certificates of deposit, bankers acceptances, bank notes, time deposits and interest bearing savings deposits issued or guaranteed by: (a) domestic banks (including their foreign branches) or savings and loan associations having total assets of more than $1 billion and which are Federal Deposit Insurance Corporation ( FDIC ) members in the case of banks, or insured by the FDIC, in the case of savings and loan associations; or (b) foreign banks (either by their foreign or U.S. branches) having total assets of at least $5 billion and having an issue of either (i) commercial paper rated at least A-1 by Standard & Poor s Ratings Services ( S&P ) or Prime-1 by Moody s Investors Service, Inc. ( Moody s ) or (ii) long term debt rated at least AA by S&P or Aa by Moody s; commercial paper (rated at least A-1 by S&P or Prime-1 by Moody s or, if not rated, issued by domestic or foreign companies having outstanding debt securities rated at least AA by S&P or Aa by Moody s) and participation interests in loans extended by banks to such companies; mortgage-backed and asset-backed securities that have remaining maturities of less than one year; corporate debt obligations with remaining maturities of less than one year, rated at least AA by S&P or Aa by Moody s, as well as corporate debt obligations rated at least A by S&P or Moody s, provided the corporation also has outstanding an issue of commercial paper rated at least A-1 by S&P or Prime-1 by Moody s; floating rate or master demand notes; and repurchase agreements covering securities in which the Portfolio may invest. EQMM 1

90 If the Adviser believes a security held by the Portfolio is no longer deemed to present minimal credit risk, the Portfolio will dispose of the security as soon as practicable unless the Trust s Board of Trustees determines that such action would not be in the best interest of the Portfolio. Purchases of securities that are unrated must be ratified by the Board of Trustees. Because the market value of debt obligations fluctuates as an inverse function of changing interest rates, the Portfolio seeks to minimize the effect of such fluctuations by investing only in instruments with a remaining maturity of 397 calendar days or less at the time of investment. Time deposits with maturities greater than seven days are considered to be illiquid securities. The Portfolio may make use of various other investment strategies, including investing up to 20% of its total assets in U.S. dollar- denominated money market instruments of foreign branches of foreign banks. Normally, the Portfolio invests at least 25% of its net assets in bank obligations. It is not anticipated that any Portfolio affiliate will purchase any distressed assets from the Portfolio, make a capital infusion, enter into a capital support agreement or take other actions to prevent the per share value of the Portfolio from falling below $ The credit quality of the securities held by the Portfolio can change rapidly in certain market environments, and the default of a single holding could have the potential to cause significant NAV deterioration. The Portfolio s NAV can be severely impacted by forced selling during periods of high redemption pressures and/or illiquid markets. In addition, the actions of a few large investors in the Portfolio may have a significant adverse effect on other shareholders. As prevailing market conditions and the economic environment warrant, and at the discretion of the Portfolio s Adviser, a percentage of the Portfolio s total net assets may be un-invested. During such periods, un-invested assets will be held in cash in the Portfolio s custody account. Cash assets held in the Portfolio s custody account may be subject to credit and counterparty risk. Cash assets held in the Portfolio s custody account are not income-generating and would impact the Portfolio s current yield. Without limitation, such a strategy may be deemed advisable during periods where the interest rate on newly-issued U.S. Treasury securities is extremely low or where no interest rate is paid at all, or when Treasuries are in short supply, or due to a dislocation in the Treasury or broader fixed income markets. A low-interest rate environment may prevent the Portfolio from providing a positive yield, cause the Portfolio to pay Portfolio expenses out of Portfolio assets or impair the Portfolio s ability to maintain a stable $1.00 NAV. AXA Equitable may, in its sole discretion, maintain a temporary defensive position with respect to the Portfolio. Although not required to do so, as a temporary defensive measure, AXA Equitable Funds Management Group, LLC ( FMG LLC or the Manager ) may waive or cause to be waived fees owed by the Portfolio, in attempting to maintain a stable $1.00 NAV. The Manager has been granted relief by the Securities and Exchange Commission to hire, terminate and replace Advisers and amend advisory agreements subject to the approval of the Board of Trustees and without obtaining shareholder approval. However, the Manager may not enter into an advisory agreement on behalf of the Portfolio with an affiliated person of the Manager, such as AllianceBernstein L.P., unless the advisory agreement is approved by the Portfolio s shareholders. The Manager is responsible for overseeing Advisers and recommending their hiring, termination and replacement to the Board of Trustees. Principal Risks: An investment in the Portfolio is not guaranteed, is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Portfolio. Performance may be affected by one or more of the following risks. Banking Industry Sector Risk: To the extent a Portfolio invests in the banking industry, it is exposed to the risks generally associated with such industry, including interest rate risk, credit risk and the risk that regulatory developments relating to the banking industry may affect its investment. Credit Risk: The risk that the issuer or the guarantor of a fixed income security, or the counterparty to a derivatives contract, repurchase agreement, loan of portfolio securities or other transaction, is unable or unwilling, or is perceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or otherwise honor its obligations. Securities are subject to varying degrees of credit risk, which are often reflected in their credit ratings. Foreign Securities Risk: Investments in U.S. dollar denominated securities of foreign issuers or U.S. affiliates of foreign issuers may be subject to additional risks not faced by domestic issuers. These risks include political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, imposition of taxes or other restrictions on payment of principal and interest and regulatory issues facing issuers in such foreign countries. Interest Rate Risk: The risk that fixed income securities will decline in value because of changes in interest rates. When interest rates decline, the value of a Portfolio s debt securities generally rises. Conversely, when interest rates rise, the value of a Portfolio s debt securities generally declines. A Portfolio with a longer average duration will be more sensitive to changes in interest rates than a fund with a shorter average duration. Loan Participation and Assignments Risk: A Portfolio s investments in loan participations and assignments are subject to the risk that the financial institution acting as agent for all interests in a loan might fail financially. It is also possible that the Portfolio could be held liable, or may be called upon to fulfill other obligations, as a co-lender. Money Market Risk: Although a money market fund is designed to be a relatively low risk investment, it is not free of risk. Despite the short maturities and high credit quality of a money market portfolio s investments, increases in interest rates and deteriorations in the credit quality of the instruments the portfolio has purchased may reduce the portfolio s yield and can cause the price of a money market security to decrease. In addition, a money market portfolio is subject to the risk that the value of an investment may be eroded over time by inflation. Mortgage-Backed and Asset-Backed Securities Risk: The risk that the principal on mortgage- and asset-backed securities held by a EQMM 2

91 Portfolio will be prepaid, which generally will reduce the yield and market value of these securities. If interest rates fall, the rate of prepayments tends to increase as borrowers are motivated to pay off debt and refinance at new lower rates. Rising interest rates may increase the risk of default by borrowers and tend to extend the duration of these securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, a Portfolio that holds these types of securities may experience additional volatility and losses. This is known as extension risk. Moreover, declines in the credit quality of and defaults by the issuers of mortgage- and asset-backed securities or instability in the markets for such securities may affect the value and liquidity of such securities, which could result in losses to the Portfolio. Risk/Return Bar Chart and Table The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio s performance from year to year and by showing how the Portfolio s average annual total returns for the past one, five and ten years through December 31, 2012 compared to the returns of a broad-based market index. Past performance is not an indication of future performance. The performance results do not reflect any Contract-related fees and expenses, which would reduce the performance results. Calendar Year Annual Total Returns Class IB 0.57% 0.77% 2.65% 4.46% 4.71% 2.13% % 0.00% 0.01% 0.00% Best quarter (% and time period) Worst quarter (% and time period) 1.18% (2006 3rd Quarter) 0.00% (2012 4th Quarter) Average Annual Total Returns One Year Five Years Ten Years EQ/Money Market Portfolio Class IA Shares 0.00% 0.54% 1.69% EQ/Money Market Portfolio Class IB Shares 0.00% 0.42% 1.51% Bank of America Merrill Lynch 3-Month Treasury Bill Index (reflects no deduction for fees, expenses, or taxes) 0.11% 0.52% 1.78% The Portfolio s 7-day yield as of December 31, 2012 was 0.00% WHO MANAGES THE PORTFOLIO Investment Manager: FMG LLC Adviser: The Dreyfus Corporation ( Dreyfus ) PURCHASE AND REDEMPTION OF PORTFOLIO SHARES The Portfolio s shares are currently sold only to insurance company separate accounts in connection with Contracts issued by AXA Equitable Life Insurance Company ( AXA Equitable ), AXA Life and Annuity Company, other affiliated or unaffiliated insurance companies and to The AXA Equitable 401(k) Plan. Shares also may be sold to other tax-qualified retirement plans, to other portfolios managed by FMG LLC that currently sell their shares to such accounts and plans and other investors eligible under applicable tax regulations. The Portfolio does not have minimum initial or subsequent investment requirements. Shares of the Portfolio are redeemable on any business day upon receipt of a request. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. Please refer to your Contract prospectus for more information on purchasing and redeeming Portfolio shares. TAX INFORMATION The Portfolio currently sells its shares only to insurance company separate accounts, qualified plans and other investors eligible under applicable tax regulations. Accordingly, distributions the Portfolio makes of its net investment income and net realized gains most or all of which it intends to distribute annually and redemptions or exchanges of Portfolio shares generally will not be taxable to its shareholders (or to the holders of underlying Contracts or plan participants or beneficiaries). See the prospectus for your Contract for further tax information. PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES This Portfolio is not sold directly to the general public but instead is offered as an underlying investment option for Contracts and retirement plans and to other eligible investors. The Portfolio and its related companies may make payments to a sponsoring insurance company (or its affiliates) or other financial intermediary for distribution and/or other services. These payments may create a conflict of interest by influencing the insurance company or other financial intermediary and your financial adviser to recommend the Portfolio over another investment or by influencing an insurance company to include the Portfolio as an underlying investment option in the Contract. The prospectus (or other offering document) for your Contract may contain additional information about these payments. EQMM 3

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95 DEPARTMENT OF LABOR NOTICE AXA Equitable Life Insurance Company ( AXA Equitable ) retains any earnings on amounts held in its general account. These amounts include funds that are pending investment under insurance products as well as funds that have been disbursed from insurance products pending presentment for payment to the client, transferral to another insurance product or mutual fund, if permitted under applicable law, or the client s financial institution. Earnings on such amounts are generally at institutional money market rates. Investment and distribution options are described in the applicable variable insurance product prospectus, as amended to date, which either accompanies this notice or has been previously provided to you. Generally, funds received in good order before the close of any business day (as defined in the product prospectus) will be credited to the specified investment option effective on that day. Funds that are pending investment include any amounts for which AXA Equitable has not yet received adequate instructions, documentation or the completed requirements necessary to enable it to allocate funds as directed by the contract owner. Funds that are awaiting investment will be allocated as directed by the contract owner effective on the business day that falls on or next follows the date AXA Equitable receives the completed instructions, documentation or requirements. AXA Equitable will receive any investment earnings through the end of the business day on which funds are allocated. When AXA Equitable receives a request for any permissible distribution from an insurance product, which may include requests for partial withdrawals, loans, annuitization or death benefit payments, or full surrenders, as applicable, such distribution will be effective on the date we receive the request in good order. AXA Equitable will transfer any applicable separate account amounts to its general account on the process date, regardless of the effective date and send a check to the distributee or commence direct transfer of funds on that date. Amounts will remain in AXA Equitable s general account until the date the check is presented for payment or the direct transfer of funds is complete, the timing of which is beyond AXA Equitable s control. AXA Equitable will receive any investment earnings during the period such amounts remain in the general account. Upon request, the owner of the insurance product may receive from AXA Equitable a periodic report summarizing the status of any outstanding distributions, and the length of time such distributions tend to remain outstanding.* *Not necessary for IRAs. DOL v1

96 2013 AXA Equitable Life Insurance Company. All rights reserved Avenue of the Americas, New York, NY 10104, (212) Pro (5/13) RRD# Cat. # (5/13)