Structured Capital Strategies^sm

Are you worried about the market? Are you concerned that you may not meet your retirement goals? You are not alone. Many people share the same apprehension. Many investors are striving to protect their retirement savings against further losses.

AXA Equitable can help you get back into equities.

Structured Capital Strategies, a variable annuity from AXA Equitable, packages a structured growth strategy with tax deferral. There are several investment options, some of which allow you to participate in the upside potential of indices that track certain domestic, international and commodities markets, which have a built-in protection feature.*

Structured Capital Strategies can help you build long-term wealth with a structured growth strategy through upside market potential and some downside protection* through AXA Equitable, a trusted name in the financial services industry for over 150 years.

*You are protected from some downside risk. If the negative return is in excess of the Segment Buffer, there is risk of loss of principal.

What is a Variable Annuity?

A variable annuity such as Structured Capital Strategies^SM is a long-term financial product designed for retirement purposes. Simply stated, a variable annuity is a contract between you and an insurance company that lets you pursue the accumulation of assets through equities and other investment options. You may then take payments or lump sum amount at a later date. In Structured Capital Strategies^SM, you invest to accumulate value on a tax-deferred basis in one or more of our variable investment options and/or in one of the Segments comprising the Structured Investment Option. There are fees and charges associated with Structured Capital Strategies^SM, which include a contract fee that covers administrative expenses, sales expenses and certain expense risks.

You should carefully consider your investment objectives and the charges, risks, and expenses of the Structured Capital Strategies, as stipulated in the prospectus, before investing. For a prospectus containing this and other information, please contact your Financial Professional. Read it carefully before investing or sending money.

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The innovative choice of offerings in Structured Capital Strategies allows you to participate in the upside potential of indices that track the domestic, international and commodities markets.

To learn more about the different Structured Investment Options, click on an investment option and find out if this is the best option for you. 

S&P 500 Price Return Index
Russell 2000 Index^®
MSCI EAFE Price Return Index
London Gold Market Fixing Ltd. PM Fix Price/USD
NYMEX West Texas Intermediate Crude Oil Generic Front Month Futures
Variable Investment Options

Structured Investment Options:

S&P 500 Price Return Index
The S&P 500 Index comprises of 500 of the largest companies in leading industries of the U.S. economy. Larger, more established companies may not be able to attain potentially higher growth rates of smaller companies, especially during extended periods of economic expansion.

Russell 2000 Index®

The Russell 2000 Index tracks the performance of small-cap companies. Stock of small and mid-size companies have less liquidity than those of larger companies and are subject to greater price volatility than the overall stock market. Smaller company stocks involve a greater risk than is customarily associated with more established companies.

MSCI EAFE Price Return Index

The MSCI EAFE Index is a sampling of securities deemed by MSCI as designed to measure the equity market performance of the developed European, Australasian and Far East (EAFE) markets. This index is comprises of over 1000 international stocks from 22 countries. Australasia includes Australia, New Zealand and neighboring islands of the South Pacific. International securities carry additional risk, including currency exchange fluctuation and different government regulations, economic conditions or accounting standards.

London Gold Market Fixing Ltd. PM Fix Price/USD¹

The London Gold Market Fixing Ltd. PM Fix Price/USD is international benchmark for the price of Gold. Because this Investment Segment is tracked to the commodities industry it can be significantly affected by commodity process, world events, import controls, worldwide competition, government regulations and economic conditions. Apart from the risk associated with general commodity investing, there are risks to investing in the common stocks of commodity producing companies. You should be willing to accept the risks that come with exposure to foreign and emerging markets, including political, economic and currency volatility.

NYMEX West Texas Intermediate Crude Oil Generic Front Month Futures¹

On the New York Mercantile Exchange, the West Texas Intermediate Crude Oil Generic Front Month Futures is the underlying commodity index of oil futures contracts. Risks involved with futures contracts include imperfect correlation between the change in the market value of the stocks held in the portfolio and the prices of futures contracts and options, and the possible lack of a liquid secondary market for futures or options, and the resulting inability to close a futures contract prior to its maturity date. Also, index options, over-the-counter options and options on futures are exposed to additional volatility and potential losses.

Variable Investment Options

Depending on your investment outlook and risk tolerance, you may elect to invest in one or more of the Variable Investment Options. Unlike the Structured Investment Option, these investments do not have a Performance Cap Rate, Segment Buffer or Segment Maturity. (Click on the Protection Tab for more information about the Performance Cap Rate, Segment Buffers and Segment Maturity.) There are fees associated with these options, however, you still benefit from tax deferral.

EQ/Equity 500 Index

This investment seeks to emulate the total returns of the S&P 500® index, which is a leading index made up of 500 of the largest U.S. companies. The companies in the S&P 500® have market capitalizations¹⁰ of $10 billion or more. They also span various industries, providing diversification.

In an attempt to best mirror the S&P 500®, equities are also purchased in the exact proportion that they are in the index. As a result, the portfolio is fairly representative of the overall stock market in size, growth rate and price. Returns are usually similar to those of the S&P 500® Index.

EQ/Core Bond Index

This portfolio seeks to achieve returns that approximate the total return of the Barclays Capital U.S. Aggregate Bond Index, which covers the U.S. investment-grade, fixed rate taxable bond market. Included in this portfolio you’ll find government and credit securities, asset–backed securities, commercial mortgage-based securities and agency mortgage pass-through securities which are securities consisting of a pool of mortgage loans. A pass through security passes from the original bank through a government agency or investment bank to investors.

Holdings are primarily intermediate-term bonds, with average durations of more than three and a half years and less than six years. As a result, the portfolio is less sensitive to interest rate volatility than portfolios holding securities with longer durations.

EQ/Money Market
The EQ/Money Market Portfolio is designed to maintain a stable price of $1 per share. The portfolio pays interest earned through investments in CDs, bankers’ acceptances, bank notes, time deposits and interest bearing savings deposits. The portfolio invests at least 25% of net assets in bank obligations and 20% of new assets in U.S. dollar-denominated money market instruments of foreign branches of foreign banks.\

An investment in a money market variable investment option is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the money market variable investment option seeks to preserve the value of your investment at $1.00 per unit, it is possible to lose money by investing in the Fund. 

¹Available in IRA contracts only and not available in all jurisdictions.

S&P®, Standard & Poor’s®, S&P 500® and Standard & Poor’s 500® are trademarks of Standard & Poor’s Financial Services LLC (“Standard & Poor’s”) and have been licensed for use by AXA Equitable. Structured Capital Strategies^SM is not sponsored, endorsed, sold or promoted by Standard & Poor’s and Standard & Poor’s does not make any representation regarding the advisability of investing in Structured Capital Strategies^SM.

The S&P 500 Price Return Index comprises 500 of the largest companies in leading industries of the U.S. economy. Larger, more established companies may not be able to attain potentially higher growth rates of smaller companies, especially during extended periods of economic expansion.

The Russell 2000 Price Return Index is a trademark of Russell Investments and has been licensed for use by AXA Equitable. The Product is not sponsored, endorsed, sold or promoted by Russell Investments and Russell Investments makes no representation regarding the advisability of investing in the Product.

The Product referred to herein is not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such Product or any index on which such Product is based. The prospectus contains a more detailed description of the limited relationship MSCI has with AXA Equitable and any related products.

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Once you have selected a Structured Investment Option that best suits your investment goals and tolerance, you now have the ability to choose maturity options, or Segment Duration, which also includes a downside protection* feature, called a Segment Buffer.

Segment Type: Combination of the index option, duration and buffer you choose are what distinguishes your investment option.

Before the Segment Start Date, your money will be held in a Segment Type Holding Account. This account holds all contributions and transfers until you become invested in the Segment. The holding account is the EQ/Money Market Variable Investment Option.

Segment Buffer: Built-in protection feature, in which AXA Equitable will absorb up to the first -10%, -20% or -30% of any loss. You will absorb the loss in excess of your Segment Buffer*.

Generally falling on the 15th of the month,¹ the Segment is established. Keep in mind, once your money is invested in a Segment, you cannot transfer from the Segment into another investment option until Segment Maturity.

The Segment Start Date is also the same day the Segment’s Performance Cap Rate is set by AXA Equitable. The Performance Cap Rate is the ceiling on the Segment’s Rate of Return. For example, if the index rate of return is 22% and the Performance Cap Rate is 20%, your actual Segment Rate of Return would be 20%.

Because the Performance Cap Rate will not be known until your money is transferred into a Segment, which means you will not know in advance the upper limit on the return, you may set a Performance Cap Threshold. Simply stated, the Performance Cap Threshold is the minimum cap you require of a Segment before investing in it. If your

Performance Cap Threshold is higher than the Segment’s Performance Cap Rate, your money will continue to be held in the Segment Type Holding Account until it is met. 

There is a risk of a substantial loss of your principal because you agree to absorb all losses to the extent they exceed the protection provided by the Structured Investment Option at maturity. If you would like guarantee of principal, we offer other products that provide such guarantees.

Segment Duration: Segment Start Date to Segment Maturity Date, available in one, three and five years.

When your Segment matures, you have the following options available to you on the date of maturity.

• Transfer to the same Segment Type: Your maturity value can be transferred to the Holding Account of the same Segment Type for investment into the next available Segment. If no action is taken by you, this option is your default.
• Transfer to a new Segment Type: Your maturity value can be transferred into the Holding Account(s) of a different Segment Type(s) chosen by you for investment on the Segment Start Date.
• Transfer to the Variable Investment Options: Your maturity value can be transferred into the Variable Investment Options of your choice.

At maturity, your Segment Maturity Value is calculated using your Segment Rate of Return, which is based on the Index’s Performance Rate of Return, adjusted by the Segment Buffer or Performance Cap Rate. Keep in mind, your Segment performance is not an annual rate of return, but is measured from the day you invest to the day your Segment matures. It is important to know that you may lose principal if a negative return is in excess of the Segment Buffer.

At any time you have the option to withdraw your money. Withdrawals may be subject to contractual withdrawal charges, normal income tax treatment, may be subject to an additional 10% federal income tax penalty and subject to a Segment Interim Value. Please refer to the prospectus for more detailed information on the Segment Interim Value.

The Segment Interim Value is the value of your investment prior to the Segment Maturity Date. The Segment Interim Value may be lower than your original investment in the Segment even where the index is higher at the time of the withdrawal , prior to the maturity, than at the time of the original investment. Partial withdrawals are permitted. Unless otherwise requested, withdrawals are taken in the following order on a pro-rata basis:

• Variable Investment Options (VIOs)
• Segment Type Holding Account(s)
• Segment(s)

For information about AXA Equitable’s Performance Cap Rates,click here.  

*You are protected from some downside risk. If the negative return is in excess of the Segment Buffer, there is a risk of loss of principal.

¹The Segment Start Date may be delayed by holidays or other events that may affect the exchanges on which the indices are traded.

The Structured Investment Option and the Variable Investment Options are subject to investment risks, including the possible loss of principal invested. There is a risk of substantial loss of principal for losses beyond the Segment Buffer because you agree to absorb all losses that exceed the Segment Buffer. Your Segment Rate of Return may be limited by the Performance Cap Rate, which may be lower than it would otherwise if you invested directly in the applicable index. The Performance Cap Rate is not known before the Segment starts. Therefore, you will not know in advance in the upper limit on the return that may be credited to your Segment. Negative consequences may apply, if for any reason, amounts invested in a Segment are removed before the Segment Maturity Date. AXA Equitable, upon advance notice to you, may discontinue, suspend or change contributions and transfers among investment options, Segment offerings, or make other changes in contribution and transfer requirements and limitations.

It is important to know that variable annuities are subject to investment risks, including the possible loss of principal invested. Withdrawals from your contract value may be subject to withdrawal charges. The taxable portion of any withdrawal from an annuity contract is ordinary income, not capital gain. Withdrawals will come from any gain in the contract first for income tax purposes. An additional 10% federal income tax penalty may also apply to withdrawals taken before age 59½.

AXA Equitable, upon advance notice to you, may discontinue, suspend or change contributions and transfers among investment options, Segment offerings or make other changes in contribution and transfer requirements and limitations. There is a risk of substantial loss of principal for losses beyond the Segment Buffer because you agree to absorb all losses that exceed the Segment Buffer. Your Segment Rate of Return may be limited by the Performance Cap Rate, which may be lower than it would otherwise if you invested directly in the applicable index. The Performance Cap Rate is not known before the Segment starts. Therefore, you will not know in advance the upper limit on the return that may be credited to your Segment. Negative consequences may apply if for any reason amounts invested in a Segment are removed before the Segment Maturity Date. Withdrawals from an annuity contract are taxable as ordinary income, not as capital gain and, if made prior to age 59½, may be subject to an additional 10% federal income tax penalty. Withdrawals may also be subject to contractual withdrawal charges. The contractual withdrawal charge declines from 5% over a five-year period for the Structured Capital Strategies^SM Variable Annuity Series B. For tax purposes, withdrawals will come from any gain in the contract first. See the Structured Capital Strategies^SM Fact Card and Prospectus for additional information on fees and charges associated with Structured Capital Strategies^SM.

Certain types of contracts and features will not be available in all jurisdictions. For costs and complete details of coverage, speak to your financial professional. We offer other variable annuity contracts with different fees, charges and features. Not every contract is available through the same selling broker/dealer.

Structured Capital Strategies^SM is a service mark of AXA Equitable Life Insurance Company, New York, NY 10104. Structured Capital Strategies^SM variable annuities are issued by AXA Equitable Life Insurance Company, New York, NY 10104. Co-distributed by affiliates AXA Advisors, LLC and AXA Distributors, LLC, New York, NY 10104. You can contact us at (212) 554-1234 to find out the availability of other contracts.

Contract form #s: 2010PCSBASE-I-A/B and 2010PCSBASE-A/B and any state variations

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