AXA Equitable s Investment Edge Variable Annuity Core and Explore Model Portfolios

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1 Morningstar Investment Management AXA Equitable s Investment Edge Variable Annuity Core and Explore Model Portfolios Broad diversification, innovative characteristics, progressive risk management, in three core model portfolios that span the risk spectrum.

2 Our Process Asset allocation is the process of developing a diversified portfolio of differing types of investments in varying proportions in order to level out market swings. Diversification is the strategy of combining distinct types of investments in a portfolio in order to reduce overall portfolio risk. Our portfolios are rooted in a thorough analysis of long-term historical performance and relationships between asset classes, which dictates the mix of stocks, bonds, and cash; allowing us to target specified risk/reward profiles to suit investor s objectives. Each portfolio confers the benefits of a sophisticated investment solution: disciplined asset allocation, access to a wide array of traditional investment strategies, including alternatives, and proactive portfolio management. That s why AXA Equitable has teamed up with Morningstar Associates, LLC, to bring you the Investment Edge Variable Annuity Core and Explore Model Portfolios.

3 A More Diversified Model Portfolio AXA Equitable s Investment Edge Variable Annuity Core and Explore Model Portfolios are professionally managed diversified models that invest in a wide array of asset classes and alternative investments that seek to maximize return for a given level of risk. With these models, clients have access to professional money management usually limited to institutional investors. The Fund Specific Models are precise solutions developed to implement the strategic asset allocation models using the existing investment options available in Investment Edge today. The Core Model Portfolios are comprised of traditional asset classes such as stock and bond portfolios. In addition, the Explore portion adds exposure to alternative investments. Alternative investments are difficult to define and implement as part of a diversified portfolio. We applied our knowledge of how these investments behave versus traditional asset classes to create AXA Equitable s Investment Edge Variable Annuity Core and Explore Model Portfolios. Why do we consider exploring alternative investments? Here are some of the reasons: The Marketplace Today Alternative investments have long been seen as the secret weapon of institutional investors providing their portfolios with the potential for higher returns and protection in down markets. Today, innovations in the mutual fund and exchange-traded funds marketplace have allowed alternative investments to become more mainstream, thereby addressing the demand of investors who seek an allocation to alternatives within the context of broad asset allocation model. While opinions vary on exactly what makes an investment alternative, the most difficult questions for investors: What are considered alternative investments? What is the benefit of adding these to a traditional portfolio? How much exposure should one have to alternative investments? What are Alternative Investments? Morningstar defines alternatives as those strategies or asset classes that provide: unique sources of risk and return, typically show low correlation with traditional stocks and bonds, and ultimately, the potential for better risk-adjusted returns in a portfolio. It is important to note that what is considered an alternative investment today may not be tomorrow. Once an investment becomes mainstream, it may no longer be considered an alternative. The Morningstar Investment Management group further breaks down the definition of alternative investments into two categories: Alternative Alpha These are investment strategies with low correlations to traditional investments. Examples include long/short equity, merger arbitrage, and managed futures. Alternative Beta These are asset classes with low correlations to traditional investments. Examples include global infrastructure and private equity. Characteristic of Alternative Investments Potential for higher risk-adjusted returns Relatively low correlation to traditional investments Less liquid than traditional investments Access limited to individual investors Exposure to real, hard or financial assets A History of Research on Alternatives The Morningstar Investment Management group has extensively researched alternative asset classes. Our studies show that once alternative assets are introduced into an investment opportunity set, the efficient frontier of possible portfolios shifts outward and upward that is, portfolios become more efficient from a risk/return perspective.

4 AXA Equitable s Investment Edge Variable Annuity Core and Explore Model Portfolios The AXA Equitable s Investment Edge Core and Explore Model Portfolios address the complexities of identifying an appropriate mix to liquid alternative investments. It is a multi-asset, optimized solution viewed as a core portfolio, with exposure to five alternative asset classes that provide the potential to improve the risk-return profile of the entire portfolio. Moderate The Moderate portfolio strives to provide a balance between income and capital appreciation by allocating between equity, fixed income, and alternatives. Moderate Aggressive The Moderate Aggressive portfolio strives to provide longterm capital appreciation by investing in equities with some exposure to fixed income and alternatives. Aggressive The Aggressive portfolio strives to provide long-term growth of capital through an allocation predominantly of domestic and international equity and alternatives with a limited exposure to fixed income. U.S. Stocks Non-U.S. Stocks Global REITS U.S. Bonds Non-U.S. Bonds 2 0 Emerging Markets Debt 4 0 Alternatives Total Investment Fund Name ClearBridge Variable Aggressive Growth Portfolio MFS Value Series Fidelity VIP Mid Cap Portfolio AB VPS Small/Mid Cap Value Portfolio Invesco V.I. Small Cap Equity Fund 5 Invesco V.I. International Growth Fund MFS International Value Portfolio Lazard Retirement Emerging Markets Equity Portfolio Invesco V.I. Global Real Estate Fund PIMCO VIT Emerging Markets Bond Portfolio 2 0 Templeton Global Bond VIP Fund 5 0 Lord Abbett Bond Debenture 2 0 EQ/PIMCO Global Real Return Janus Aspen Flexible Bond Delaware VIP Limited-Term Diversified Income Series ALPS/Red Rocks Listed Private Equity Portfolio 0 6 Guggenheim VIF Global Managed Futures Strategy Fund EQ/GAMCO Mergers and Acquisitions PIMCO VIT CommodityRealReturn Strategy Portfolio Putnam VT Absolute Return Total Model Portfolio Composition as of July 2015

5 Inside Our Investment Process For each alternative investment option, we developed estimated future returns, standard deviations, and correlations. Capital Markets Assumptions Ibbotson Associates respected asset class research forms the building blocks of our portfolios starting with real-world data on how asset classes perform over time. Strategic Asset Allocation In this step, we created the asset class models by determining the optimal weight for each alternative asset class as part of an overall investment portfolio. Manager Selection Our investment professionals meet personally with managers and evaluate their investment styles using a five-pillar system to identify the most appropriate strategies to include in our models. Portfolio Construction Each potential holding undergoes careful scrutiny including risk and expense reviews to help determine if it s a good fit within a portfolio. Ongoing Monitoring As markets change, so do our portfolios. Our investment team monitors the asset allocation annually, adjusting the policy weights based on updated capital market assumptions. A well-diversified portfolio may allow investors to mitigate some of the risks associated with investing. By investing a portion of a portfolio in a number of different asset classes, portfolio volatility may be reduced. Diversification does not eliminate the risk of experiencing investment losses. Diversification does not guarantee a profit or provide protection during a declining market. The AXA Equitable s Investment Edge Variable Annuity Core and Explore Model Portfolios may include funds deploying the following alternative strategies. It is important to note that the below strategies are more aggressive ways of striving to enhance the risk/return profile of the Portfolios as compared to traditional funds. They typically include non-traditional investments and may utilize complex trading strategies, therefore you should carefully consider their unique characteristics, fees, liquidity, and risks before investing in the Portfolios. Because the values of any of the funds using these strategies may fluctuate, you could lose money investing in these Portfolios. Since the positions of the funds using these strategies will fluctuate, it is possible that their values will experience periods of volatility. Long-Short Equity Combines a long position (number of contracts bought exceeds number sold) in one security with a short position (number of contracts sold exceeds number bought) in another. While the funds using this strategy are attempting to protect their portfolios against market declines, they are susceptible to stock investing risks, short sale risks and leverage risks. Share prices will be affected by market activity and declines are possible. Merger Arbitrage Seeks to profit from the successful completion of combining corporate organizations. The process commonly used to execute this approach involves purchasing shares of an announced acquisition target company at a discount to their expected value upon completion of the acquisition. Hedging strategies are utilized to potentially reduce market exposure and volatility. However, fluctuating market activity, regulations, uncompleted mergers, leverage use, and changes in interest rates are some risks of this strategy. Global Macro Establishes long (number of contracts bought exceeds number sold) with a short (number of contracts sold exceeds number bought) exposures around the globe to take advantage of what the manager believes to be attractive opportunities. May invest in fixed income and equities securities, a wide variety of derivative instruments, and commodities-related investments. Investments will likely have significant exposure to foreign investments and may be concentrated in a geographic region or country. This may increase the risks associated with currency fluctuations, and economic and political risks. Managed Futures An investment strategy that typically involve going long (number of contracts bought exceeds number sold) or short (number of contracts sold exceed number bought) in futures contracts for underlying assets such as commodities, currencies, and fixed income. This strategy may be highly speculative and subject to loss of capital due to leverage. Managed futures can be highly volatile, illiquid, and may charge relativity high fees and expenses. Listed Private Equity strategies that may involve investing in companies that engage in venture capital, leveraged buyouts, corporate restructuring, and mezzanine financing or purchasing shares of privately held companies. Private companies may not publicly disclose all relevant information and may have non-diversified investment portfolios. Other risks include liquidity, market risks, and increase volatility. Listed Infrastructure strategies that may involve investing in the listed stocks of infrastructure-related companies (transportation, communication, energy and other essential services) around the world. Risks include use of leverage, interest rate risk, economic and political risks, and regulatory risks.

6 About Investment Edge Investment Edge helps you potentially grow your wealth and keep more of what you earn. It allows you to take advantage of: r Diversification to capture growth opportunities and help manage volatility with 120+ traditional and alternative investments. r Tax deferral to defer current taxes and promote growth. r Tax-efficient distributions to adjust your income flow with flexible options available through Income Edge. r Death Benefit to preserve a legacy for your family. This product is designed for investors who want tax-deferred growth potential as they seek wealth for retirement and other life goals. Investment activity in Investment Edge does not generate current income taxes, allowing greater wealth-building opportunities than taxable accounts can offer. Investment Edge offers Income Edge, a feature that allows you to take income on a more tax efficient basis. Income Edge is available for no additional fee that allows investors in non-qualified contracts to elect a customized payment program. When elected, Income Edge is designed to pay out the entire account value via scheduled payments over a set period of time and a portion of each payment is a return of your cost basis and thus excludable from taxes. The Income Edge payment program does not represent a life contingent annuitization of the Investment Edge contract. With a life contingent annuitization, the account value is applied to provide periodic payments for life and the Investment Edge contract and all its benefits terminate. After Income Edge election, extra withdrawals are fully taxable and those in excess of the annual 10% free withdrawal amount will continue to be subject to a withdrawal charge if they are made during the withdrawal charge period. If the contract owner dies after Income Edge is elected, scheduled payments will continue to the beneficiary and any specified form of death benefit payout that you have selected will be invalidated. There are additional restrict-ions and limitations, including age restrictions and the payout period being limited to specific time periods. Please see the prospectus for more information including Investment Edge fees and charges. It should be noted that Income Edge is not the only way to take payments that are only partially taxed as this may be accomplished through annuitization of the annuity contract. Unlike a life contingent annuitization, Income Edge allows for a form of annuity payment that is designed to pay out the entire value of the contract via scheduled payments over a set period of time and provides continuous access to the contract s account value. AXA is the brand name of AXA Equitable Financial Services, LLC and its family of companies, including AXA Equitable Life Insurance Company (NY, NY), AXA Advisors, LLC, and AXA Distributors, LLC. AXA S.A. is a French holding company for a group of international insurance and financial services companies, including AXA Equitable Financial Services, LLC. The obligations of AXA Equitable Life Insurance Company are backed solely by its claims-paying ability. Please note that these models are provided for informational purposes only. The investment options noted in this content are a partial list of the available Investment Edge investment options. Investment option allocation decisions should be based on each individual investor s risk tolerance. Diversification and asset allocation do not ensure a profit or protect against market loss. It should be noted that Income Edge is not the only way to take payments that are only partially taxed as this may be accomplished through annuitization of the annuity contract. Income Edge is not a guaranteed income benefit. Payments from Income Edge are based on account value and duration. A combination of adverse investment performance, additional withdrawals, and contract fees may reduce the payout period selected. A variable annuity is a long-term, tax-deferred accumulation product. In essence, annuities are contractual agreements in which payment(s) are made to an insurance company, which agrees to pay out an income at a later date. There are contract limitations and fees and charges associated with annuities, which include, but are not limited to, mortality and expense risk charges, sales and withdrawal charges, administrative fees, and charges for optional benefits. Amounts in a variable annuity s investment portfolios are subject to fluctuation in value and market risk, including loss of principal. A financial professional can provide cost information and complete details. Withdrawals are subject to normal income tax treatment and, if taken prior to age 59 1/2, may also be subject to an additional 10% federal tax. This document must be preceded or accompanied by a current prospectus. Please consider the charges, risks, expenses, and investment objectives carefully before purchasing a variable annuity or making an investment option selection. The withdrawal charge declines from 6% to % over five years for the Investment Edge contract. Investing in international securities involves special additional risks. These risks include, but are not limited to, currency risk, political risk, and risk associated with varying accounting standards. Investing in emerging markets may accentuate these risks. Portfolios that invest in stocks of small and mid-size companies involve additional risks. Small and mid-size companies typically have a higher risk of failure, and are not as well established as larger blue-chip companies. Historically, small and mid-size company stocks have experienced a greater degree of market volatility than the overall market average. Bonds are subject to interest rate risk. As the prevailing level of bond interest rates rise, the value of bonds already held in a portfolio declines. Portfolios that hold bonds are subject to declines and increases in value due to general changes in interest rates. Portfolios that invest in lower-rated debt securities (commonly referred to as junk bonds) involve additional risks because of the lower credit quality of the securities in the portfolio. The investor should be aware of the possible higher level of volatility, and increased risk of default. Money Market Portfolios are not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC). The investor should note that portfolios that invest in real estate involve risks such as refinancing, economic impact on industry, changes in property values and dependency on management skills. Portfolios that feature AXA Equitable s proprietary managed-volatility strategy (or may invest in underlying portfolios that feature this strategy) utilize futures and options to manage equity exposure when market volatility increases above specific thresholds set for the portfolio. It wis not possible to manage volatility fully or perfectly, which could cause these portfolios to underperform or experience losses.

7 Please read the prospectus and any applicable supplements, and consider this information carefully before purchasing a contract. There are certain contract limitations and restrictions associated with an Investment Edge contract. For costs and complete details of coverage, speak to your financial professional/ insurance licensed registered representative. Certain types of contracts, features and benefits may not be available in all jurisdictions. AXA Equitable offers other variable annuity contracts with different fees, charges and features. Not every contract is available through the same selling broker/dealer. AXA Equitable, its distributors and their respective representatives do not provide tax, accounting or legal advice. Any tax statements contained herein were not intended or written to be used, and cannot be used, for the purpose of avoiding U.S. federal, state or local tax penalties. Please consult your own independent advisors as to any tax, accounting or legal statements made herein. All contract and rider guarantees, including optional benefits and any fixed subaccount crediting rates or annuity payout rates, are backed by the claimspaying ability of AXA Equitable. They are not backed by the broker/dealer from which this annuity is purchased, by the insurance agency from which this annuity is purchased or any affiliates of those entities and none makes any representations or guarantees regarding the claims-paying ability of AXA Equitable. Investment Edge is a registered service mark of AXA Equitable Life Insurance Company. Investment Edge July 2015 version is issued by AXA Equitable Life Insurance Company, New York, NY Co-distributed by affiliates AXA Advisors, LLC and AXA Distributors, LLC (members FINRA, SIPC). Contract form #s ICC1IEBASE1, ICC1IEBASE2 and any state variations The Morningstar Investment Management group includes Morningstar Associates, LLC, Ibbotson Associates, Inc., and Morningstar Investment Services, Inc., all registered investment advisors and wholly owned subsidiaries of Morningstar, Inc. All investment advisory services described herein are provided by one or more of the registered investment advisor subsidiaries. Important Information Investments in securities are subject to investment risk, including possible loss of principal. Prices of securities may fluctuate from time to time and may even become valueless. Before making any investment decision, customers should read and consider all the relevant investment products offering documents and information. Clients should also seriously consider if the investment is suitable for them by referencing their own financial position, investment objectives, and risk profile before making any investment decision. Investing in alternative strategies may involve a greater degree of investment risk than traditional investment strategies. Alternative strategies generally have increased market, economic, political and currency instability risks than traditional investments. They may be more volatile, less liquid, less transparent, and subject to looser governmental and accounting regulations than traditional investments and may not be suitable for all investors. Neither diversification nor asset allocation ensure a profit or guarantee against a loss. Morningstar Associates, LLC does not guarantee that the results of its advice, recommendations, or the objectives of your portfolio will be achieved. Morningstar Associates, LLC does not guarantee that negative returns can or will be avoided in any of its portfolios. An investment made in a security may differ substantially from its historical performance and as a result, you may incur a loss. Past performance is no guarantee of future results. Variable Annuities: Are Not a Deposit of Any Bank Are Not FDIC Insured Are Not Insured by Any Federal Government Agency Are Not Guaranteed by Any Bank or Savings Association May Go Down in Value

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