AXA Conservative-Plus Allocation Portfolio Release Date:03-31-2018

..........................................................................................................................................................................................................................................................................................................................................Portfolio BenchmarkS&P 500 TR USD

Morningstar CategoryBenchmarkMorningstar Mod Con Tgt Risk TR USD

Morningstar CategoryAllocation--30% to 50% Equity

Overall Morningstar Rating™ Morningstar Return Morningstar RiskBelow Average Below Average

Out of 423 Allocation--30% to 50% Equity funds. An investment's overall Morningstar Rating, based on itsrisk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-yearRatings. See disclosure for details.

Investment Objective & Strategyfrom investment's prospectus

The investment seeks to achieve current income and growth of capital, with a greater emphasis on current income. The fund pursues its investment objective by investing in other mutual funds managed by AXA Equitable Funds Management Group, LLC ("FMG LLC" or "Adviser") and sub-advised by one or more investment sub-advisers ("Sub-Adviser"). It invests approximately 60% of its assets in the fixed income asset class and approximately 40% of its assets in the equity asset class through investments in underlying funds. The target allocation to investment grade and high yield bond asset categories may include securities of both U.S. and foreign issuers.

Morningstar Proprietary Statistics as of 03-31-18Fund Rank

Percentile

Morningstar

Rating™

Out of # of

Investments

YTD 41 5381 Year 64 5113 Year 63 4235 Year 68 35410 Year 93 261

OperationsInitial Share Class InceptionDate

07-31-03

Fund Inception Date 07-31-03Advisor FMG LLCSubadvisorIssuer AXA Equitable

Portfolio Manager(s)

Kenneth Kozlowski. Since 2003.Alwi Chan. Since 2011.Xavier Poutas. Since 2011.

Principal Risks* as of 02-28-18Credit and Counterparty, Foreign Securities, Loss of Money, NotFDIC Insured, Interest Rate, Market/Market Volatility, EquitySecurities, Futures, High-Yield Securities, Underlying Fund/Fund of Funds, Derivatives, Conflict of Interest, Investment-Grade Securities, Management, Small Cap, Mid-Cap, Large Cap

*For Principal Risk definitions, refer to the prospectus or visitwww.axa-equitable.com/Morningstar-Principal-Risks

Portfolio AnalysisComposition as of 02-28-18 % Net

U.S. Stocks 29.8Non-U.S. Stocks 9.8Bonds 56.9Cash 3.4Other 0.1

..........................................................................................-100 -50 0 50 100 Total 100.0

Top 10 Holdings as of 02-28-18 % Assets

EQ/Intermediate Government Bond K 23.90EQ/Core Bond Index K 17.34ATM Large Cap Managed Volatility K 10.80EQ/PIMCO Ultra Short Bd K 9.01ATM International Managed Volatility K 4.00.......................................................................................................Multimanager Core Bond K 2.93AXA Large Cap Core Managed Volatil K 2.70EQ/MFS International Growth K 2.57EQ/Quality Bond PLUS K 2.44AXA Large Cap Growth Managed Vol K 2.32

.......................................................................................................Total Number of Holdings 36Annual Turnover Ratio % 10.00Total Fund Assets ($mil) 1,335.06

Risk Measures as of 03-31-18 Port Avg Rel S&P 500TR USD

Rel Cat

3 Yr Std Dev 4.18 0.41 0.813 Yr Beta 0.66 0.863 Yr Sharpe Ratio 0.68 0.68 1.083 Yr Alpha -0.79 0.713 Yr R-squared 96.77 1.09......................................................................................................Income Ratio 0.863-Yr Information Ratio -1.19 1.12

Statistics as of 02-28-18 Port Avg Rel S&P 500TR USD

Rel Cat

P/E Ratio 18.44 1.09 1.08P/B Ratio 2.43 0.86 1.07P/C Ratio 9.71 0.78 1.11GeoAvgCap ($mil) 41,007.07 0.44 0.97

Equity as of 02-28-18 % Mkt Cap

Giant 42.63.................................................Large 28.69Medium 15.32Small 9.49.................................................Micro 3.86

Fixed Income as of 02-28-18

Avg Eff Duration 2.98Avg Eff Maturity 4.23Avg Wtd Price 98.34

Morningstar Equity Sectors as of 02-28-18 % Fund

Cyclical 38.26.......................................................................................................

Basic Materials 4.55Consumer Cyclical 12.53Financial Services 18.29Real Estate 2.89

Sensitive 37.75.......................................................................................................

Communication Services 2.77Energy 5.51Industrials 12.18Technology 17.29

Defensive 23.98.......................................................................................................

Consumer Defensive 8.51Healthcare 12.93Utilities 2.54

Volatility Analysis

Low Moderate High

Investment

Category

In the past, this investment has shown a relatively small rangeof price fluctuations relative to other investments. Based on thismeasure, currently more than two-thirds of all investmentshave shown higher levels of risk. Consequently, this investmentmay appeal to investors looking for a conservative investmentstrategy.

NotesPerformance history and ratings may reflect the results of prior subadvisers and may not be representative of the current subadviser'sstrategy. *Principal risks have been determined by Morningstar based on a review of the portfolio's prospectus and the prospectuses of otherportfolios that Morningstar had identified as being similar. Please refer to the portfolio's prospectus, which may be found at www.axa-equitablefunds.com.S&P 500 TR USD The index measures the performance of 500 widely held stocks in US equity market. Standard and Poor's choosesmember companies for the index based on market size, liquidity and industry group representation. Included are the stocks ofindustrial, financial, utility, and transportation companies. Since mid 1989, this composition has been more flexible and the numberof issues in each sector has varied. It is market capitalization-weighted.Morningstar Mod Con Tgt Risk TR USD The Morningstar Target Risk Index family is designed to meet the needs of investorswho would like to maintain a target level of equity exposure through a portfolio diversified across equities, bonds and inflation-hedged instruments. The Morningstar Moderately Conservative Target Risk Index seeks approximately 40% exposure to globalequity markets.

See the Disclosure pages in the back of this document for important information on the Morningstar Rating and specific investment risks.©2018 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its contentproviders; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damagesor losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com.

GE-127589(08/2019)

When used as supplemental sales literature, the InvestmentProfile for this portfolio must be preceded or accompanied bythe appropriate variable annuity or variable life currentprospectus (if applicable to the particular annuity or life productoffered), as well as these disclosure pages. Portfolio statisticsand rankings are subject to change and have not been adjustedfor insurance-related charges and expenses associated withthe life insurance policies or variable annuity contracts. Certainproducts may offer portfolio share classes that are different thanthose reported in this Investment Profile and could haverankings that are higher or lower than those shown. AXAEquitable contracts Morningstar Inc., for a fee, as a third-partyadvisor to produce this Investment Profile. In this capacity,Morningstar independently provides analysis on the underlyinginvestment options for AXA Equitable. AXA Equitable and itsaffiliates have not independently verified this information.Portfolios that feature AXA Equitable's proprietary managed-volatility strategy (or may invest in underlying portfolios thatfeature this strategy) utilize futures and options to manageequity exposure when market volatility increases above specificthresholds set for the portfolio. It is not possible to managevolatility fully or perfectly, which could cause these portfoliosto underperform or experience losses.

Morningstar Rating™The Morningstar Rating™ for funds, or "star rating", iscalculated for managed products (including mutual funds,variable annuity and variable life subaccounts, exchange-tradedfunds, closed-end funds, and separate accounts) with at leasta three-year history. Exchange-traded funds and open-endedmutual funds are considered a single population for comparativepurposes. It is calculated based on a Morningstar Risk-AdjustedReturn measure that accounts for variation in a managedproduct's monthly excess performance, placing more emphasison downward variations and rewarding consistentperformance.The Morningstar Rating does not include anyadjustment for sales loads. The top 10% of products in eachproduct category receive 5 stars, the next 22.5% receive 4stars, the next 35% receive 3 stars, the next 22.5% receive 2stars, and the bottom 10% receive 1 star. The OverallMorningstar Rating for a managed product is derived from aweighted average of the performance figures associated withits three-, five-, and 10-year (if applicable) Morningstar Ratingmetrics. The weights are: 100% three-year rating for 36-59months of total returns, 60% five-year rating/40% three-yearrating for 60-119 months of total returns, and 50% 10-yearrating/30% five-year rating/20% three-year rating for 120 ormore months of total returns. While the 10-year overall starrating formula seems to give the most weight to the 10-yearperiod, the most recent three-year period actually has thegreatest impact because it is included in all three rating periods.For private funds, the Morningstar Rating presented ishypothetical, because Morningstar does not independentlyanalyze private funds. Rather, the rating is assigned as a meansto compare these funds with the universe of mutual funds thatMorningstar rates. The evaluation of this investment does notaffect the retail mutual fund data published by Morningstar.Morningstar provides adjusted historical returns and anExtended Performance Rating for some underlying portfolios inits universe. This means that any share class that doesn't havea 1, 3-, 5-, or 10-year performance history may receive a

hypothetical Morningstar Rating based on the oldest survivingshare class of the portfolio. First, Morningstar computes theportfolios' new return stream by appending an adjusted returnhistory of the oldest share class. Next, the ExtendedPerformance Rating is determined by comparing the adjusted-historical returns to the current underlying portfolio universe toidentify placement in the bell curve used to assign theMorningstar Rating. Past performance is no guarantee of futureresults.

Morningstar ReturnThe Morningstar Return rates a fund’s performance relative toother managed products in its Morningstar Category. It is anassessment of a product's excess return over a risk-free rate(the return of the 90-day Treasury Bill) in comparison with theproducts in its Morningstar category. In each Morningstarcategory, the top 10% of products earn a High MorningstarReturn (High), the next 22.5% Above Average (+Avg), themiddle 35% Average (Avg), the next 22.5% Below Average (-Avg), and the bottom 10% Low (Low). Morningstar Return ismeasured for up to three time periods (three, five, and 10 years).These separate measures are then weighted and averaged toproduce an overall measure for the product. Products with lessthan three years of performance history are not rated.

Morningstar RiskMorningstar Risk evaluates a fund’s downside volatility relativeto that of other products in its Morningstar Category. It is anassessment of the variations in monthly returns, with anemphasis on downside variations, in comparison with theproducts in its Morningstar category. In each Morningstarcategory, the 10% of products with the lowest measured riskare described as Low Risk (Low), the next 22.5% BelowAverage (-Avg), the middle 35% Average (Avg), the next 22.5%Above Average (+Avg), and the top 10% High (High).Morningstar Risk is measured for up to three time periods(three, five, and 10 years). These separate measures are thenweighted and averaged to produce an overall measure for theproduct. Products with less than three years of performancehistory are not rated.

Risk Measures and StatisticsMorningstar chooses the applicable benchmark for computingthe risk measures and statistics. This index may differ from thebenchmark index or the indices in the underlying prospectus.The index is an unmanaged portfolio of specified securities anddoes not reflect any expenses. It is not possible to invest directlyin an index. Standard Deviation: Standard deviation is a statisticalmeasure of the volatility of the portfolio's returns. Beta: Beta is a measure of a portfolio's sensitivity to marketmovements. A portfolio with a beta greater than 1 is morevolatile than the market, and a portfolio with a beta less than 1is less volatile than the market. Sharpe Ratio: Sharpe ratio uses standard deviation and excessreturn to determine reward per unit of risk. Alpha: Alpha measures the difference between a portfolio'sactual returns and its expected performance, given its level ofrisk (as measured by beta). R-squared: R-squared reflects the percentage of a portfolio'smovements that are explained by movements in its benchmark

index, showing the degree of correlation between the portfolioand the benchmark. Income Ratio: Income ratio reveals the percentage of currentincome earned per share. The income ratio can be used as agauge of how much of the total return comes from income. Information Ratio: Information Ratio is a risk-adjustedperformance measure. The information ratio is a special versionof the Sharpe Ratio in that the benchmark doesn't have to bethe risk-free rate. Price/Earnings (P/E) Ratio: Price/Earnings Ratio is a stock'scurrent price divided by the company's trailing 12-monthearnings per share. Price/Book (P/B) Ratio: Price/Book Ratio is the weightedaverage of the price/book ratios of all the stocks in a portfolio. Price/Cash (P/C) Ratio: Price/Cash Ratio represents theweighted average of the price/cash flow ratios of the stocks ina portfolio. Geometric Average Cap (GeoAvgCap): Geometric AverageCap is the geometric mean of the market capitalization for allof the stocks the portfolio owned.

Volatility AnalysisMorningstar Volatility Rank is an investment's 3-year standarddeviation overall percentile rank within its US open-end, variableannuity/variable life fund, or variable annuity/variable lifesubaccount universe. The investment with the lowest standarddeviation receives a rank of 1. We then classify investmentportfolios as having one of three volatility levels relative to alltypes of mutual funds: Low, Moderate, and High. Investmentswith wider ranges of returns are labeled "high", as they areconsidered riskier than "low" volatility investments, which havehad smaller ranges of returns. We also show where theportfolio's category lands. For portfolios that haven't been inexistence for three years, we simply show the categoryaverage.

Morningstar Style Box™The Morningstar Style Box reveals a fund's investment style asof the date noted on this report. For equity funds the verticalaxis shows the market capitalization of the long stocks ownedand the horizontal axis shows investment style (value, blend,or growth).For fixed-income funds, the vertical axis shows the credit qualityof the long bonds owned and the horizontal axis shows interestrate sensitivity as measured by a bond's effective duration.Morningstar seeks credit rating information from fundcompanies on a periodic basis (e.g., quarterly). In compilingcredit rating information Morningstar accepts credit ratingsreported by fund companies that have been issued by allNationally Recognized Statistical Rating Organizations(NRSROs). For a list of all NRSROs, please visit http://www.sec.gov/divisions/marketreg/ratingagency.htm.Additionally, Morningstar accepts foreign credit ratings fromwidely recognized or registered rating agencies. If two ratingorganizations/agencies have rated a security, fund companiesare to report the lower rating; if three or more organizations/agencies have rated a security, fund companies are to reportthe median rating, and in cases where there are more than twoorganization/agency ratings and a median rating does not exist,fund companies are to use the lower of the two middle ratings.PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does

Disclosure

Variable Products: Are not a deposit of any Bank Are not FDIC insured Are not insured by Any Federal Government Agency Are not guaranteed By AnyBank or Savings Association May Go Down in Value

©2018 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) maynot be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use ofinformation. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com.

it issue a credit rating on the fund. An NRSRO or rating agencyratings can change from time-to-time. For credit quality,Morningstar combines the credit rating information provided bythe fund companies with an average default rate calculation tocome up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughlycorresponds to the scale used by a leading NRSRO. Bond fundsare assigned a style box placement of "low", "medium", or "high"based on their average credit quality. Funds with a low creditquality are those whose weighted-average credit quality isdetermined to be less than "BBB-"; medium are those less than"AA-", but greater or equal to "BBB-"; and high are those witha weighted-average credit quality of "AA-" or higher. Whenclassifying a bond portfolio, Morningstar first maps the NRSROcredit ratings of the underlying holdings to their respectivedefault rates (as determined by Morningstar's analysis of actualhistorical default rates). Morningstar then averages thesedefault rates to determine the average default rate for the entirebond fund. Finally, Morningstar maps this average default rateto its corresponding credit rating along a convex curve. Forinterest-rate sensitivity, Morningstar obtains from fundcompanies the average effective duration. Generally,Morningstar classifies a fixed-income fund's interest-ratesensitivity based on the effective duration of the MorningstarCore Bond Index (MCBI), which is currently three years. Theclassification of Limited will be assigned to those funds whoseaverage effective duration is between 25% to 75% of MCBI'saverage effective duration; funds whose average effectiveduration is between 75% to 125% of the MCBI will be classifiedas Moderate; and those that are at 125% or greater of theaverage effective duration of the MCBI will be classified asExtensive. For municipal bond funds, Morningstar also obtainsfrom fund companies the average effective duration. In thesecases static breakpoints are utilized. These breakpoints are asfollows: (i) Limited: 4.5 years or less; (ii) Moderate: more than4.5 years but less than 7 years; and (iii) Extensive: more than7 years. In addition, for non-US taxable and non-US domiciledfixed income funds static duration breakpoints are used: (i)Limited: less than or equal to 3.5 years; (ii) Moderate: greaterthan 3.5 and less than equal to 6 years; (iii) Extensive: greaterthan 6 years.

Credit Analysis Ratings data provided to Morningstar reflect ratings assignedby one of the Nationally Recognized Statistical RatingOrganizations (NRSRO). Bonds not rated by an NRSRO areincluded in the not rated (NR) category. Bonds with multipleratings are classified according to the Barclays Capital GlobalFamily of Indices ratings rules (i.e. Lowest rating used for bondswith two ratings. Middle rating used for bonds with more thantwo ratings.)

Average Effective DurationAverage effective duration is a measure of a fund's interest-ratesensitivity--the longer a fund's duration, the more sensitive thefund is to shifts in interest rates. Duration is determined by aformula that includes coupon rates and bond maturities. Smallcoupons tend to increase duration, while shorter maturities andhigher coupons shorten duration. The relationship betweenfunds with different durations is straightforward: A fund withduration of 10 years is twice as volatile as a fund with five-year

duration. Origin: Morningstar surveys fund companies for thisdata on a quarterly basis.

Average Effective MaturityAverage effective maturity is a weighted average of all thematurities of the bonds in a portfolio, computed by weightingeach bond's effective maturity by the market value of thesecurity. Average effective maturity takes into consideration allmortgage prepayments, puts, and adjustable coupons.Because Morningstar uses fund company calculations for thisfigure and because different companies use varying interest-rate assumptions in determining call likelihood and timing, weask that companies not adjust for call provisions. Longer-maturity funds are generally considered more interest-ratesensitive than their shorter counterparts. Origin: Morningstarsurveys fund companies for this data on a quarterly basis.

Average Weighted PriceAverage Weighted Price is calculated from the fund's portfolioby weighing the price of each bond by its relative size in theportfolio. This number reveals if the fund favors bonds selling atprices above or below face value (discount or premiumsecurities, respectively). A higher number indicates a biastoward premiums. This statistic is expressed as a percentageof par (face) value. Origin: Morningstar surveys fund companiesfor this data on a quarterly basis. Asset Allocation Portfolios: Portfolios that seek to accomplishdual goals of income and capital appreciation by investing in avariety of securities in different asset classes. Many of theseportfolios are structured as a "fund of funds" which is a portfoliothat specializes in buying shares of other portfolios rather thanindividual securities. The "fund of funds" structure may havehigher costs than if you invested directly in the underlyingportfolios.Credit Risk: Certain investments may involve credit risk. Creditrisk is the risk that the issuer or the guarantor of a fixed incomesecurity, or the counterparty to a derivatives contract,repurchase agreement, loan of portfolio securities or othertransaction, is unable or unwilling, or is perceived (whether bymarket participants, ratings agencies, pricing services orotherwise) as unable or unwilling, to make timely principal and/or interest payments, or otherwise honor its obligations.Derivatives Risk: Derivatives are subject to a number of risk suchas leverage risk, liquidity risk, interest rate risk, market risk,credit risk and also involve the risk of mispricing or impropervaluation. The Portfolio's investments in derivatives may rise orfall more rapidly than other investments.Foreign Securities Portfolios/Emerging Market Portfolios: Theinvestor should note that portfolios that invest in foreignsecurities involve special additional risks. These risks include,but are not limited to, currency risk, political risk, and riskassociated with varying accounting standards. Investing inemerging markets may accentuate these risks.Growth Portfolios: Investing in growth stocks is based upon aportfolio manager's subjective assessment of fundamentals orthe companies he or she believes offer the potential for priceappreciation. This style of investing involves risks and investorscan lose money.High-Yield Bond Portfolios: The investor should note thatportfolios that invest in lower-rated debt securities (commonlyreferred to as junk bonds) involve additional risks because of

the lower credit quality of the securities in the portfolio. Theinvestor should be aware of the possible higher level of volatility,and increased risk of default.Large Cap Portfolios: Investments in large-cap companies mayinvolve the risk that larger more established companies may beunable to respond quickly to new competitive challenges suchas changes in technology and consumer tastes.Mid Cap Portfolios: The investor should note that portfolios thatinvest in companies with market capitalizations below $10billion involve additional risks. The securities of thesecompanies may be more volatile and less liquid than thesecurities of larger companies.Money Market Portfolios: Money Market Portfolios are notinsured or guaranteed by the Federal Deposit InsuranceCorporation (FDIC).Non-Diversified Portfolios: The investor should note thatportfolios that invest more of their assets in a single issuerinvolve additional risks, including share price fluctuations,because of the increased concentration of investments.Real Estate Portfolios: The investor should note that portfoliosthat invest in real estate involve risks such as refinancing,economic impact on industry, changes in property values anddependency on management skills.Sector Portfolios: The investor should note that portfolios thatinvest exclusively in one sector or industry involve additionalrisks. The lack of industry diversification subjects the investorto increased industry-specific risks.Small Cap Portfolios: The investor should note that portfoliosthat invest in stocks of small companies involve additional risks.Smaller companies typically have a higher risk of failure, andare not as well established as larger blue-chip companies.Historically, smaller-company portfolios have experienced agreater degree of market volatility than the overall marketaverage.Value Portfolios: Stock selection is based upon the portfoliomanager's assessment of fundamentals of the companies thathe/she believes to be undervalued. This style of investing mayincrease the volatility of the portfolio and may not produce theintended results over short or long time periods. Larger, moreestablished companies may not be able to attain higher growthrates of smaller companies, especially during extended periodsof economic expansion.Variable annuities and variable life products are issued by AXAEquitable Life Insurance Company or MONY Life InsuranceCompany of America (MLOA) and are co-distributed throughAXA Distributors, LLC and AXA Advisors, LLC. All companiesare affiliated. These products have restrictions and limitations.For costs and complete details, call your financial professional."AXA" is the brand name of AXA Equitable Financial Services,LLC and its family of companies, including AXA Equitable LifeInsurance Company (NY, NY), MONY Life Insurance Companyof America (AZ stock company, administrative office: JerseyCity, NJ), AXA Advisors, LLC, and AXA Distributors, LLC. AXAS.A. is a French holding company for a group of internationalinsurance and financial services companies, including AXAEquitable Financial Services, LLC. The obligations of AXAEquitable Life Insurance Company are backed solely by itsclaims-paying ability.

Disclosure

Variable Products: Are not a deposit of any Bank Are not FDIC insured Are not insured by Any Federal Government Agency Are not guaranteed By AnyBank or Savings Association May Go Down in Value

©2018 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) maynot be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use ofinformation. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com.